Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Entity Registrant Name | BANCOLOMBIA SA |
Entity Central Index Key | 1,071,371 |
Entity Filer Category | Large Accelerated Filer |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Trading Symbol | CIB |
Entity Common Stock, Shares Outstanding | 509,704,584 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |||
ASSETS | |||||
Cash and cash equivalents | $ 18,165,644 | $ 20,460,245 | |||
Financial assets Investments | 16,377,253 | 13,060,653 | |||
Derivative financial instruments | 1,134,372 | 1,677,970 | |||
Financial assets investments and derivative financial instruments | 17,511,625 | 14,738,623 | |||
Loans and advances to customers and financial Institutions | 160,468,094 | 151,747,486 | |||
Allowance for loans and advances and lease losses | (8,223,103) | (6,621,911) | |||
Loans and advances to customers and financial institutions, net | 152,244,991 | 145,125,575 | |||
Assets held for sale and inventories, net | 377,003 | 273,187 | |||
Investment in associates and joint ventures | 1,565,059 | [1] | 1,298,246 | [2] | |
Investment property | 1,657,409 | [3] | 1,581,689 | ||
Premises and equipment, net | 3,127,405 | 3,115,697 | |||
Goodwill and intangible assets, net | 6,631,424 | 6,694,037 | |||
Deferred tax, net | 148,614 | 222,862 | |||
Other assets, net | 2,479,037 | 2,750,883 | |||
TOTAL ASSETS | 203,908,211 | 196,261,044 | |||
LIABILITIES | |||||
Deposits by customers | 131,959,215 | 124,624,011 | |||
Interbank deposits | 1,084,591 | 341,856 | |||
Repurchase agreements and other similar secured borrowing | [4] | 3,236,128 | 1,924,010 | ||
Liabilities relating to assets held for sale | 102,976 | 0 | |||
Derivative financial instruments | 945,853 | 1,312,450 | |||
Borrowings from other financial institutions | 13,822,152 | 18,905,843 | |||
Debt securities in issue | 19,648,714 | 18,704,809 | |||
Preferred shares | 582,985 | 581,972 | |||
Current tax | 161,966 | 124,802 | |||
Deferred tax, net | 1,440,198 | 1,325,354 | |||
Employees benefit plans | 697,401 | 650,802 | |||
Other liabilities | 5,796,482 | 5,288,155 | |||
TOTAL LIABILITIES | 179,478,661 | 173,784,064 | |||
EQUITY | |||||
Share capital | 480,914 | 480,914 | |||
Additional paid-in-capital | 4,857,454 | 4,857,454 | |||
Appropriated reserves | 9,045,155 | 7,472,409 | |||
Retained earnings | 6,183,182 | 6,380,657 | |||
Accumulated other comprehensive income, net of tax | 2,546,259 | [5] | 2,076,149 | [6] | |
STOCKHOLDERS’ EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY | 23,112,964 | 21,267,583 | |||
Non-controlling interest | 1,316,586 | 1,209,397 | |||
TOTAL EQUITY | 24,429,550 | 22,476,980 | |||
TOTAL LIABILITIES AND EQUITY | $ 203,908,211 | $ 196,261,044 | |||
[1] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | ||||
[2] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | ||||
[3] | Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). | ||||
[4] | Total repo liabilities have maturities of less than 30 days. | ||||
[5] | Corresponds to the accumulated other comprehensive income as of December 31, 2017. | ||||
[6] | Corresponds to the accumulated other comprehensive income as of December 31, 2016. |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Interest on loans and financial leases | |||||
Commercial | $ 8,027,598 | $ 7,952,627 | $ 5,487,993 | ||
Consumer | 3,822,743 | 3,069,124 | 2,333,173 | ||
Small business loans | 237,266 | 236,979 | 188,438 | ||
Mortgage | 1,831,716 | 1,767,761 | 1,396,002 | ||
Leasing | 2,054,262 | 1,993,851 | 1,547,634 | ||
Interest income on loans and financial leases | 15,973,585 | 15,020,342 | 10,953,240 | ||
Interest income on overnight and market funds | 26,779 | 20,968 | 14,564 | ||
Interest and valuation on investments | 685,313 | 707,495 | 301,840 | ||
Total interest and valuation | 16,685,677 | 15,748,805 | 11,269,644 | ||
Interest expenses | (6,232,986) | (6,053,100) | (4,037,941) | ||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 10,452,691 | 9,695,705 | 7,231,703 | ||
Credit impairment charges on loans and advances and financial leases, net | (3,468,699) | (2,643,710) | (1,667,680) | ||
Credit impairment recoveries (charges) on off balance sheet credit instruments | 6,854 | (87,442) | (7,421) | ||
Total credit impairment charges, net | (3,461,845) | (2,731,152) | (1,675,101) | ||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 6,990,846 | 6,964,553 | 5,556,602 | ||
Fees and commission income | 3,586,907 | 3,285,235 | 2,790,557 | ||
Fees and commission expenses | (1,082,714) | (966,271) | (797,513) | ||
Total fees and commission, net | 2,504,193 | 2,318,964 | 1,993,044 | ||
Other operating income | 1,632,346 | 1,487,123 | 1,372,702 | ||
Dividends received, and share of profits of equity method investees | 266,170 | 176,692 | 211,574 | ||
Impairment charges on joint venture | (173,339) | 0 | 0 | ||
Total operating income, net | 11,220,216 | 10,947,332 | 9,133,922 | ||
Operating expenses | |||||
Salaries and employee benefits | (2,792,015) | (2,808,931) | (2,255,391) | ||
Other administrative and general expenses | (2,979,863) | (2,651,334) | (2,237,598) | ||
Wealth tax, contributions and other tax burden | [1] | (727,661) | (741,184) | (675,387) | |
Impairment, depreciation and amortization | (478,883) | (517,809) | (477,285) | [2] | |
Other expenses | (249,023) | (259,792) | (252,626) | ||
Total operating expenses | (7,227,445) | (6,979,050) | (5,898,287) | ||
Profit before tax | 3,992,771 | 3,968,282 | 3,235,635 | ||
Income tax | (1,238,598) | (1,176,832) | (649,250) | ||
Profit for the year from continuing operations | 2,754,173 | 2,791,450 | 2,586,385 | ||
Net income from discontinued operations | 0 | 163,497 | 22,513 | ||
Net income | 2,754,173 | 2,954,947 | 2,608,898 | ||
Net income attributable to equity holders of the Parent Company | 2,615,000 | 2,865,328 | 2,518,890 | ||
Non-controlling interest | $ 139,173 | $ 89,619 | $ 90,008 | ||
Basic and Diluted earnings per share to common shareholders | $ 2,780 | $ 3,040 | $ 2,680 | ||
From continuing operations | 2,780 | 2,870 | 2,656 | ||
From discontinued operations | $ 0 | $ 170 | $ 24 | ||
[1] | See note 11 Income taxes. | ||||
[2] | The Bank inadvertently inverted the label of the amounts reported for Operating Expenses and Depreciation and Amortization in 2015. There was no impact in total operating expenses or profit before tax. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Statement of comprehensive income [abstract] | ||||||
Net income | $ 2,754,173 | $ 2,954,947 | $ 2,608,898 | |||
Other comprehensive income/(loss) that will not be reclassified to net income | ||||||
Remeasurement (loss)/income related to defined benefit liability | 3,753 | 626 | (59,434) | |||
Related tax | (3,725) | (10,966) | 9,312 | |||
Net of tax amount | 28 | (10,340) | (50,122) | |||
Investments at fair value through other comprehensive income (FVTOCI): | ||||||
Gain on investments transferred to retained earnings upon disposal | [1] | 0 | (42,414) | 0 | ||
Transfer within equity upon merger of equity investments | [2] | (38,420) | 0 | 0 | ||
Unrealized gain | 67,515 | 250,690 | 128,271 | |||
Related tax | 9,789 | 24,341 | 9,052 | |||
Net of tax amount | 38,884 | 232,617 | 137,323 | |||
Total other comprehensive income that will not be reclassified to net income, net of tax | 38,912 | 222,277 | 87,201 | |||
Foreign currency translation adjustments: | ||||||
Exchange differences arising on translating the foreign operations | 412,878 | [3] | (672,684) | [4] | 3,091,491 | |
Gain or loss on net investment hedge in foreign operations | 36,762 | 327,272 | (1,665,422) | |||
Gain reclassified to statement of income on acquisition of a foreign operation | [5] | 0 | 0 | (18,394) | ||
Related tax | (6,895) | 0 | 0 | |||
Net of tax amount | 442,745 | (345,412) | 1,407,675 | |||
Net (loss)/gain on cash flow hedges | [6] | 0 | (12,112) | 6,378 | ||
Net of tax amount | 0 | (12,112) | 6,378 | |||
Unrealized (loss) on investments in associates and joint ventures using equity method | (11,547) | (1,718) | (23,781) | |||
Net of tax amount | (11,547) | [7] | (1,718) | [8],[9] | (23,781) | |
Total other comprehensive gains/(loss) that may be reclassified to net income, net of tax | 431,198 | (359,242) | 1,390,272 | |||
Other comprehensive income/(loss), net of tax | 470,110 | (136,965) | 1,477,473 | |||
Total comprehensive income attributable to: | 3,224,283 | 2,817,982 | 4,086,371 | |||
Equity holders of the Parent Company | 3,085,110 | 2,728,363 | 3,996,363 | |||
Non-controlling interests | $ 139,173 | $ 89,619 | $ 90,008 | |||
[1] | On May 31, 2016, the Bank completed the process for the sale of all of its minority stake in Cifin S.A. This sale, involved various financial institutions as sellers, including Bancolombia S.A., and TransUnion Netherlands II B.V., as buyer. | |||||
[2] | Likewise, during 2017, the Bank transferred from OCI to retained earnings the amount of COP 38,420 mainly due to the merger between Bolsa de Valores de Colombia BVC and Deceval. The Bank held equity investments of both issuers designated as at FVTOCI. | |||||
[3] | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017. | |||||
[4] | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016. | |||||
[5] | On December 30, 2015 the Bank acquired an additional 20% equity interest of the Grupo Agromercantil Holding (GAH) from BAM Financial Corporation, obtaining control. This item corresponds to the reclassification of the respective currency traslation adjustment in the GAH investment as an associate as of December 31, 2015. See Note 8 Goodwill and Intangible assets, net. | |||||
[6] | In 2016 the Bank's subsidiary, Banistmo, discontinued cash flow hedge accounting. For further information see Note 5.2. Derivatives Financial Instruments. | |||||
[7] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. | |||||
[8] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. | |||||
[9] | See Consolidated Statement of Comprehensive income |
CONSOLIDATED STATEMENT OF COMP5
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 30, 2015 | ||
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, before tax | [1] | $ 38,420 | |
Merger [Member] | |||
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, before tax | $ 38,420 | ||
Grupo Agromercantil Holding [member] | |||
Percentage of voting equity interests acquired | 20.00% | ||
[1] | Likewise, during 2017, the Bank transferred from OCI to retained earnings the amount of COP 38,420 mainly due to the merger between Bolsa de Valores de Colombia BVC and Deceval. The Bank held equity investments of both issuers designated as at FVTOCI. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - COP ($) $ in Millions | Total | Share Capital [Member] | Additional Paid in capital [Member] | Appropriated Reserves [Member] | Translation adjustment [Member] | Investments At fair value Through OCI [Member] | Cash flow Hedge Reserve [Member] | Associates [Member] | Empolyee Benefits [Member] | Retained earnings [Member] | Attributable To owners Of Parent Company [Member] | Non-Controlling interest [Member] | |
Balance at Dec. 31, 2014 | $ 17,366,480 | $ 480,914 | $ 4,857,454 | $ 5,130,861 | $ 745,381 | $ (29,311) | $ 5,734 | $ 34,021 | $ (20,184) | $ 5,667,037 | $ 16,871,907 | $ 494,573 | |
Dividend payment | (798,316) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (798,316) | (798,316) | 0 | |
Legal reserve movements | 0 | 0 | 0 | 308,442 | 0 | 0 | 0 | 0 | 0 | (308,442) | 0 | 0 | |
Release of reserves by law | 0 | 0 | 0 | (288,386) | 0 | 0 | 0 | 0 | 0 | 288,386 | 0 | 0 | |
Increase of reserves by law | 0 | 0 | 0 | 377,470 | 0 | 0 | 0 | 0 | 0 | (377,470) | 0 | 0 | |
Non-controlling interest | [1] | 543,889 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 543,889 | ||
Other movements | [2] | 0 | 0 | 348,992 | 0 | 0 | 0 | 0 | 0 | (348,992) | 0 | ||
Recognition of GAH's gross put obligation | [3] | (368,776) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (368,776) | (368,776) | 0 |
Net income | 2,608,898 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,097,161 | 2,097,161 | 90,008 | |
Other comprehensive income | 1,477,473 | 0 | 0 | 0 | 1,407,675 | 137,323 | 6,378 | (23,781) | (50,122) | 0 | 1,477,473 | 0 | |
Balance at Dec. 31, 2015 | 20,407,919 | 480,914 | 4,857,454 | 5,877,379 | 2,153,056 | 108,012 | 12,112 | 10,240 | (70,306) | 5,850,588 | 19,279,449 | 1,128,470 | |
Dividend payment | (796,517) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (796,517) | (796,517) | 0 | |
Legal reserve movements | 0 | 0 | 0 | 1,554,425 | 0 | 0 | 0 | 0 | 0 | (1,554,425) | 0 | 0 | |
Release of reserves by law | 0 | 0 | 0 | (377,471) | 0 | 0 | 0 | 0 | 0 | 377,471 | 0 | 0 | |
Increase of reserves by law | 0 | 0 | 0 | 421,730 | 0 | 0 | 0 | 0 | 0 | (421,730) | 0 | 0 | |
Sale of financial instruments | 0 | 0 | 0 | 0 | 0 | (42,414) | 0 | 0 | 0 | 42,414 | 0 | 0 | |
Non-controlling interest | (8,692) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,692) | |
Other reserves | [4] | 0 | 0 | 0 | (3,654) | 0 | 0 | 0 | 0 | 0 | 3,654 | 0 | 0 |
Net income | 2,954,947 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,865,328 | 2,865,328 | 89,619 | |
Other comprehensive income | (136,965) | 0 | 0 | 0 | (345,412) | 275,031 | (12,112) | (1,718) | (10,340) | 13,874 | (80,677) | 0 | |
Balance at Dec. 31, 2016 | 22,476,980 | 480,914 | 4,857,454 | 7,472,409 | 1,807,644 | 340,629 | $ 0 | 8,522 | (80,646) | 6,380,657 | 21,267,583 | 1,209,397 | |
Dividend payment | (856,419) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (856,419) | (856,419) | 0 | ||
Legal reserve movements | 0 | 0 | 0 | 1,914,464 | 0 | 0 | 0 | 0 | (1,914,464) | 0 | 0 | ||
Release of reserves by law | (421,730) | 0 | 0 | (421,730) | 0 | 0 | 0 | 0 | 0 | (421,730) | 0 | ||
Increase of reserves by law | 0 | 0 | 0 | 77,398 | 0 | 0 | 0 | 0 | (77,398) | 0 | 0 | ||
Sale of financial instruments | 0 | 0 | 0 | 0 | 0 | (38,420) | 0 | 0 | 38,420 | 0 | 0 | ||
Non-controlling interest | (31,984) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (31,984) | ||
Other reserves | [4] | 0 | 0 | 0 | 2,614 | 0 | 0 | 0 | 0 | (2,614) | 0 | 0 | |
Net income | 2,754,173 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,615,000 | 2,615,000 | 139,173 | ||
Other comprehensive income | 470,110 | 0 | 0 | 0 | 442,745 | 77,304 | (11,547) | 28 | 0 | 508,530 | 0 | ||
Balance at Dec. 31, 2017 | $ 24,429,550 | $ 480,914 | $ 4,857,454 | $ 9,045,155 | $ 2,250,389 | $ 379,513 | $ (3,025) | $ (80,618) | $ 6,183,182 | $ 23,112,964 | $ 1,316,586 | ||
[1] | The increase in the category of non-controlling interest is due to the inclusion of GAH in the consolidated financial statements, see Note 8. Goodwill and Intangible Assets, net. | ||||||||||||
[2] | This item includes appropriation of profits at the end of the first semester of the Bank’s subsidiaries that have prepared semi-annual financial statements. | ||||||||||||
[3] | Due to contractual terms, the non-controlling interest of GAH is entitled to sell its interest to the Bank. See Note 8. Goodwill and Intagible Assets, net. | ||||||||||||
[4] | This item corresponds to the dynamic reserves of Banistmo S.A. |
CONSOLIDATED STATEMENT OF CHAN7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Preference shares [member] | |||
Number of shares outstanding | 452,122,416 | 452,122,416 | 452,122,416 |
Dividends paid, ordinary shares per share | $ 950 | $ 888 | $ 830 |
Revaluation surplus [member] | |||
Number of shares outstanding | 509,704,584 | 509,704,584 | 509,704,584 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOW - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Statement of cash flows [abstract] | ||||||
Net income | $ 2,754,173 | $ 2,954,947 | $ 2,608,898 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 433,033 | 482,902 | 481,558 | |||
Equity method | [2] | (253,602) | [1] | (60,254) | [3] | (122,477) |
Deferred tax expense | 193,568 | 457,611 | 296,535 | |||
Credit impairment charges on loans and advances and financial leases | 3,879,559 | 3,248,517 | 2,190,333 | |||
Credit impairment charges (recovery) on off balance sheet credit instruments | (6,854) | 92,453 | 26,254 | |||
Gain on sales on assets held for sale and inventories | (40,600) | (60,294) | (8,453) | |||
Gains on sale of mortgage loans and other assets | 0 | 0 | (2,247) | |||
Valuation gain on investment securities | (736,075) | (721,984) | (478,387) | |||
(Gain) loss on sale of investment in subsidiary | 2,700 | (260,279) | 18,643 | |||
Valuation (gain) losses on derivative contracts | 39,750 | (159,422) | (558,972) | |||
Wealth tax (expenses) | 51,220 | 146,931 | 162,302 | |||
Income tax (expenses) | 1,045,030 | 821,796 | 351,648 | |||
Other non-cash ítems | 202,829 | (1,170) | (45,408) | |||
Net interest | (9,919,699) | (9,389,915) | (7,140,043) | |||
Change in operating assets and liabilities: | ||||||
Decrease in derivative financial instruments | 135,595 | 263,966 | 64,456 | |||
Decrease (increase) in accounts receivable | 338,211 | 263,871 | (680,752) | |||
Increase in loans and advances to customers and financial institutions | (11,266,789) | (10,853,224) | (15,036,979) | |||
Increase in other assets | (23,083) | (47,200) | (465,403) | |||
(Decrease) increase in accounts payable | (629,990) | 445,570 | (359,628) | |||
Increase in other liabilities | 189,655 | 263,729 | 535,817 | |||
Increase in deposits by customers | 8,456,681 | 5,117,996 | 9,797,802 | |||
Decrease in estimated liabilities and provisions | (16,608) | (56,741) | (7,842) | |||
Net changes in investment securities recognized at fair value through profit or loss | (1,599,641) | 1,485,514 | 1,729,280 | |||
Proceeds from sales of assets held for sale | 331,645 | 272,830 | 185,777 | |||
Wealth tax paid | (51,220) | (146,931) | (162,302) | |||
Income tax paid | (199,127) | (192,045) | (159,795) | |||
Dividend received | 80,651 | 90,569 | 192,911 | |||
Interest received | 15,347,265 | 14,370,840 | 12,214,438 | |||
Interest paid | (5,798,689) | (5,229,165) | (3,771,238) | |||
Net cash provided by operating activities | 2,939,588 | 3,601,418 | 1,856,726 | |||
Cash flows from investment activities: | ||||||
Purchases of debt securities at amortized cost | (3,122,872) | (2,077,078) | (1,768,079) | |||
Proceeds from maturities of debt securities at amortized cost | 2,167,450 | 2,365,976 | 1,713,200 | |||
Purchase of Grupo Agromercantil Holding, net of cash acquired | 0 | 0 | 783,803 | |||
Purchases of equity instruments and interests in associates and joint ventures | (305,650) | (487,782) | (9,602) | |||
Proceeds from equity instruments and interests in associates and joint ventures | 7,479 | 53,488 | 229,488 | |||
Restitution of associates' capital contributions | 2,495 | 0 | 0 | |||
Purchases of premises and equipment and investment properties | (1,132,015) | (1,082,522) | (961,827) | |||
Proceeds from sales of premises and equipment and investment properties | 568,744 | 552,471 | 289,721 | |||
Net cash outflow from sales of investments in subsidiaries | 0 | (219,218) | [4] | (248) | ||
Net cash outflow from liquidation of investments in subsidiaries | (1,534) | [5] | (93) | 0 | ||
Purchase of other long-term assets | (92,177) | (132,869) | (134,471) | |||
Net cash (used in) provided by investing activities | (1,908,080) | (1,027,627) | 141,985 | |||
Cash flows from financing activities: | ||||||
Increase (decrease) in repurchase agreements and other similar secured borrowing | 1,313,442 | 706,341 | (898,652) | |||
Proceeds from borrowings from other financial institutions | 12,190,496 | 13,594,292 | 13,533,749 | |||
Repayment of borrowings from other financial institutions | (17,042,665) | (13,744,676) | (13,132,534) | |||
Placement of debt securities in issue | [6] | 3,013,426 | 3,039,485 | 2,452,213 | ||
Payment of debt securities in issue | (1,969,399) | (3,099,039) | (1,372,837) | |||
Redemption of preferred shares by Banistmo | 0 | 0 | (28,081) | |||
Dividends paid | (1,126,209) | (840,242) | (785,332) | |||
Net cash used in financing activities | [7] | (3,620,909) | (343,839) | (231,474) | ||
Effect of exchange rate changes on cash and cash equivalents | 294,800 | (575,284) | 3,571,557 | |||
(Decrease) increase in cash and cash equivalents | (2,589,401) | 2,229,952 | 1,767,237 | |||
Cash and cash equivalents at beginning of year | 20,460,245 | 18,805,577 | 13,466,783 | |||
Cash and cash equivalents at end of year | $ 18,165,644 | $ 20,460,245 | $ 18,805,577 | |||
[1] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[2] | For further information, see note 7 investments in associates and joint ventures | |||||
[3] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[4] | Corresponds to the net amount of cash received from the sale of Compañía de Financiamiento TUYA S.A. amounting to COP 9,517 and the balance of cash and cash equivalents held by the company at the transaction date amounting to COP 228,735. | |||||
[5] | Corresponds to the net amount of cash received from the liquidation of Leasing Perú S.A. and Fondo de Inversión en Arrendamiento Operativo - Renting Perú amounting to COP 16,838 and COP 3,757, respectively, and the balance of cash and cash equivalents held by the companies at the transaction date amounting to COP 17,903 and COP 4,226, respectively. | |||||
[6] | The issuance costs paid by Bancolombia S.A. amounted to USD 15,535. For further information see Note 17. Debt securities in issue. | |||||
[7] | For further information about the conciliation of the balances of liabilities from financing activities, see Note 28. Liabilities from financing activities. |
CONSOLIDATED STATEMENT OF CASH9
CONSOLIDATED STATEMENT OF CASH FLOW (Parenthetical) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Statement of cash flows [line items] | ||||
Cash flows from losing control of subsidiaries or other businesses, classified as investing activities | $ (1,534) | [1] | $ (93) | $ 0 |
Cash and cash equivalents | 18,165,644 | 20,460,245 | 18,805,577 | |
Transfer of loans and goods to foreclosed assets and inventories | 331,057 | 487,122 | 185,042 | |
Compania de Financiamiento Tuya Sa [member] | ||||
Statement of cash flows [line items] | ||||
Cash flows from losing control of subsidiaries or other businesses, classified as investing activities | 9,517 | |||
Cash and cash equivalents | 228,735 | |||
Leasing Peru S.A. [Member] | ||||
Statement of cash flows [line items] | ||||
Cash flows from losing control of subsidiaries or other businesses, classified as investing activities | 16,838 | |||
Cash and cash equivalents in subsidiary or businesses acquired or disposed | 17,903 | |||
Fondo de Inversion en Arrendamiento Operativo - Renting Peru [Member] | ||||
Statement of cash flows [line items] | ||||
Cash flows from losing control of subsidiaries or other businesses, classified as investing activities | 3,757 | |||
Cash and cash equivalents in subsidiary or businesses acquired or disposed | 4,226 | |||
Bancolombia S A [Member] | ||||
Statement of cash flows [line items] | ||||
Payments for debt issue costs | $ 15,535 | |||
[1] | Corresponds to the net amount of cash received from the liquidation of Leasing Perú S.A. and Fondo de Inversión en Arrendamiento Operativo - Renting Perú amounting to COP 16,838 and COP 3,757, respectively, and the balance of cash and cash equivalents held by the companies at the transaction date amounting to COP 17,903 and COP 4,226, respectively. |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of reporting entity [Abstract] | |
Disclosure of reporting entity [text block] | NOTE 1. REPORTING ENTITY Bancolombia S.A., hereinafter the Parent Company, is a credit establishment, listed in the Colombia Stock Exchange (BVC) and, as well as in New York Stock Exchange (NYSE), since 1981 and 1995, respectively. The Parent Company's main location is in Medellin (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales, was originally constituted under the name Colombian Industrial Bank (BIC) according to public deed number 388, date January 24, 1945, from the First Notary's Office of Medellin, authorized by the Superintendence of Finance of Colombia (“SFC”). On April 3, 1998, by means of public deed No. 633, BIC merged with Bank of Colombia S.A., and the resulting organization of that merger was named Bancolombia S.A. Bancolombia S.A.’s business purpose is to carry out all operations, transactions, acts and services inherent to the Banking business through banking establishments that carry its name and according to all applicable legislation. The Parent Company may own interests in other corporations, wherever authorized by law, according to all terms and requirements, limits or conditions established therein. The Parent Company and its subsidiaries (on consolidated basis referred to as the “Bank”) include the following operating segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment banking, Brokerage, Off Shore and Others. The activities carried out by each operating segment of the Bank are described in Note 3, Operating segments. The duration of the Parent Company contemplated in the bylaws is until December 8, 2044, but it can be dissolved or renewed before the conclusion of that period. The operating license was authorized definitively by the SFC according to Resolution number 3140 on September 24, 1993. Through public deed number 1,124 of September 30, 2016, from the fourthteenth Notary’s Office of Medellin, duly registered in the Camara de Comercio de Medellín, a merger was completed between the Parent Company (absorbing entity) and Leasing Bancolombia S.A. (absorbed entity). As a result of the merger, the Parent Company became the holder of all the rights and obligations of Leasing Bancolombia S.A. and continues to offer its clients the portfolio of leasing products and services under the brand "Leasing Bancolombia, una marca Bancolombia". The Bank has 31,061 employees, and operates through 1,153 offices, 10,349 banking Correspondents and 590 Mobile service spots in Colombian territory. The Bank also has an agency in Panama City, Panama, and representative offices in Peru and Guatemala. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Significant Accounting Policies [Abstract] | |
Disclosure of significant accounting policies [text block] | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES A. Basis for preparation The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRIC). The preparation of financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed, recognizing the revision in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, equity investments measured at fair value through other comprehensive income (“OCI”) and derivative instruments. Likewise the carrying value of assets and liabilities recognized that are designated as hedged items in a fair value hedge, is adjusted for changes in fair value attributable to the hedged risk. The consolidated financial statements are stated in Colombian pesos and its figures are stated in millions, except earnings per share, diluted earning per share and the market exchange rate, which are stated in Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. The Parent Company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separated financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the stockholders. A. Presentation of financial statements The Bank presents the consolidated statement of financial position ordered by liquidity and the consolidated statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset, unless such compensation is permitted or required by any accounting standard or interpretation, and are described in the Bank's policies. The statement of comprehensive income presents net income and items of other comprehensive income classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows. B. Consolidation 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of and for the periods ended on December 31, 2017 and 2016. The Parent Company consolidates the financial results of the entities on which it exerts control. In accordance with IFRS 10, a subsidiary is an organization controlled by any of the companies that comprise The Bank, as long as it has: · Power over the investee that give it the ability to direct their relevant activities that significantly affect its performance. · Exposure or rights to variable returns for its involvement with the investee. · Ability to use its power over the investee to affect the investor return amounts. ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Leasing Bancolombia S.A compañía de financiamiento (1) Colombia Leasing - - 100.00% Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81% 98.81% 98.81% Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00% 100.00% 100.00% Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00% 100.00% 100.00% Compañía de Financiamiento Tuya S.A. (2) Colombia Financial services - - 99.99% Renting Colombia S.A.S (Before Renting Colombia S.A.) Colombia Operating leasing 100.00% 100.00% 100.00% Transportempo S.A.S. Colombia Transportation 100.00% 100.00% 100.00% Valores Simesa S.A. Colombia Investments 68.57% 68.57% 68.57% Inversiones CFNS S.A.S. Colombia Investments 99.94% 99.94% 99.94% BIBA Inmobiliaria S.A.S. Colombia Real estate broker 100.00% 100.00% 100.00% Vivayco S.A.S. (3) Colombia Portfolio Purchase - - 74.95% FCP Fondo Colombia Inmobiliario. Colombia Real estate broker 63.47% 62.55% 50.21% Patrimonio Autonomo Cartera LBC. (4) Colombia Loan management - - 100.00% Prosicol S.A.S . (5) Colombia Pre-operating stage - 68.57% 68.57% Fideicomiso "Lote Abelardo Castro". Colombia Mercantil trust 68.23% 68.23% 68.23% ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Bancolombia Panamá S.A. Panama Banking 100.00% 100.00% 100.00% Valores Bancolombia Panamá S.A. (6) Panama Securities brokerage - - 100.00% Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00% 100.00% 100.00% Banagrícola S.A. Panama Holding 99.16% 99.16% 99.16% Banistmo S.A. Panama Banking 100.00% 100.00% 100.00% Banistmo Investment Corporation S.A. Panama Trust 100.00% 100.00% 100.00% Financomer S.A. Panama Financial services 100.00% 100.00% 100.00% Leasing Banistmo S.A. Panama Leasing 100.00% 100.00% 100.00% Valores Banistmo S.A. Panama Purchase and sale of securities 100.00% 100.00% - Suvalor Panamá Fondos de Inversión S.A. (6) Panama Holding 100.00% 100.00% 100.00% Suvalor Renta Fija Internacional Largo Plazo S.A. (6) Panama Collective investment fund 100.00% 100.00% 100.00% Suvalor Renta Fija Internacional Corto Plazo S.A. (6) Panama Collective investment fund 100.00% 100.00% 100.00% Financiera Flash S.A. (7) Panama Financial services - - 100.00% Grupo Financomer S.A. (7) Panama Financial services - - 100.00% Securities Banistmo S.A. (8) Panama Purchase and sale of securities - - 100.00% Banistmo Asset Management Inc. (9) Panama Purchase and sale of securities - 100.00% 100.00% Banistmo Capital Markets Group Inc. (10) Panama Purchase and sale of securities 100.00% 100.00% 100.00% Van Dyke Overseas Corp. (10) Panama Real estate broker 100.00% 100.00% 100.00% Inmobiliaria Bickford S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Williamsburg International Corp. (10) Panama Real estate broker 100.00% 100.00% 100.00% Anavi Investment Corporation S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Desarrollo de Oriente S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Steens Enterpresies S.A. (10) Panama Portfolio holder 100.00% 100.00% 100.00% Ordway Holdings S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Grupo Agromercantil Holding S.A. Panama Holding 60.00% 60.00% 60.00% Banco Agrícola S.A. El Salvador Banking 97.36% 97.36% 97.36% Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37% 97.36% 97.36% Credibac S.A. de C.V. El Salvador Credit card services 97.36% 97.36% 97.36% Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89% 98.89% 98.89% Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Investments 98.89% 98.89% 98.89% ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89% 98.89% - Arrendamiento Operativo CIB S.A.C. (11) Peru Operating leasing 100.00% 100.00% 100.00% Fondo de Inversión en Arrendamiento Operativo - Renting Perú (12) Peru Operating leasing 100.00% 100.00% 100.00% Capital Investments SAFI S.A. (11) Peru Trust 100.00% 100.00% 100.00% FiduPerú S.A. Sociedad Fiduciaria (11) Peru Trust 98.81% 98.81% 98.81% Leasing Perú S.A. (12) Peru Leasing 100.00% 100.00% 100.00% Banagrícola Guatemala S.A. Guatemala Outsourcing 99.16% 99.16% 99.16% Banco Agromercantil de Guatemala S.A. Guatemala Banking 60.00% 60.00% 60.00% Seguros Agromercantil de Guatemala S.A. Guatemala Insurance company 59.17% 59.17% 59.17% Financiera Agromercantil S.A. Guatemala Financial services 60.00% 60.00% 60.00% Agrovalores S.A. Guatemala Securities brokerage 60.00% 60.00% 60.00% Tarjeta Agromercantil S.A. (13) Guatemala Credit Card - 60.00% 60.00% Arrendadora Agromercantil S.A. Guatemala Operating Leasing 60.00% 60.00% 60.00% Agencia de Seguros y Fianzas Agromercantil S.A. Guatemala Insurance company 60.00% 60.00% 60.00% Asistencia y Ajustes S.A. Guatemala Services 60.00% 60.00% 60.00% Serproba S.A. Guatemala Maintenance and remodelling services 60.00% 60.00% 60.00% Servicios de Formalización S.A. Guatemala Loans formalization 60.00% 60.00% 60.00% Conserjeria, Mantenimiento y Mensajería S.A. Guatemala Maintenance services 60.00% 60.00% 60.00% Media Plus S.A. Guatemala Advertising and marketing 60.00% 60.00% 60.00% Mercom Bank Ltd. Barbados Banking 60.00% 60.00% 60.00% New Alma Enterprises Ltd. Bahamas Investments 60.00% 60.00% 60.00% Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00% 100.00% 100.00% Bancolombia Caymán S.A. Cayman Islands Banking 100.00% 100.00% 100.00% Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.16% 99.16% 99.16% (1) Investment absorbed by Bancolombia S.A. Corp during 2016. (2) During 2016, the Bank sold 50% of the shares of the Compañía de Financiamiento Tuya S.A.to Grupo Exito, therefore it became a joint business of Grupo Bancolombia. See Note 7: 'Investments in associates and Joint Ventures'. (3) Investment liquidated by Inversiones CFNS S.A.S. during 2016. (4) Investment liquidated as result of fusion of Bancolombia S.A. and Leasing Bancolombia during 2016. (5) Investment sold by Valores Simesa S.A. during 2017. (6) Investment initially acquired by Banistmo S.A. and subsequently merged with Valores Banistmo S.A during 2016. (7) Investment absorbed by Financomer S.A. during 2016. (8) Investment absorbed by Valores Banistmo S.A. during 2016. (9) Investment absorbed by Banistmo Capital Markets Group, Inc. during 2017. (10) Investments in non-operational stage. (11) Investment classified as assets held for sale. See Note 12. Assets held for sale and Inventories. (12) Investment in legal liquidation process. (13) Investment liquidates by Grupo Agromercantil Holding S.A. during 2017. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. Non-controlling interests in controlled entities are presented in equity separately from the Parent Company stockholders equity. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income There are restrictions on the ability of the Parent Company to obtain distributions of capital, due to the regulatory requirements of its subsidiaries in Panama. Banistmo and Bancolombia Panama have net assets before intercompany eliminations amounting to COP 6,872,171 and COP 6,360,729 at December 31, 2017 and 2016, respectively. The loans and financial leases granted by those subsidiaries are subject to prudential regulation in Panama issued by the Panamanian Superintency of Banks to maintain minimum reserves as a countercyclical capital buffer. For the years ended at December 31, 2017 and 2016, the reserves recognized amounted to COP 616,814 and COP 523,376. These requirements restrict the ability of the aforementioned subsidiaries to make remittances of dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. 2. Transactions between entities under common control: Combination of entities under common control, ie transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3- Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8, the Bank has developed an accounting policy considering pronouncement of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquiree’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. 3. Investments in associates and joint ventures. An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill. Goodwill is included in the carrying amount of the investment and it is not amortized. The requirements of IAS 39 are applied to determine whether it is necessary to recognize any impairment loss with respect to the Bank’s investment in an associate or a joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset. Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher value between its value in use and its fair value less costs of disposal, and their carrying value. The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recongnize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture. When the Bank's share of losses of an associate or joint venture exceeds the Bank's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank's net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends received and share of profits of equity method investees”, in accordance with the Bank's participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation recognized directly in equity and other comprehensive income of the associate or joint venture are considered in the consolidated statement of equity and consolidated statement of comprehensive income. The dividends received in cash from the associate or joint venture reduce the investment carrying value. When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remained at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a part interest in the associate or joint venture, is recognized in net income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in the arrangements in accordance with the IFRSs applicable for the particular assets, liabilities revenues and expenses. If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3 Business Combinations or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, The Bank will apply all of the principles on business combinations accounting in IFRS 3. In this case the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. At least once per year goodwill is tested for impairment. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. 5. Funds administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. Name Country % of ownership interest held by the Bank, 2017 % of ownership interest held by the Bank, 2016 % of ownership interest held by the Bank, 2015 Assets managed December 2017 December 2016 FCP Fondo Colombia Inmobiliario Colombia 63.47% 62.55% 50.21% 2,698,224 2,009,382 Fideicomiso “lote Abelardo Castro” Colombia 68.23% 68.23% 99.50% 10,343 10,172 Suvalor Panamá Fondo de Inversión Panamá 100.00% 100.00% 100.00% 224 225 Fondo de Inversión en Arrendamiento Operativo Renting Perú Perú 100.00% 100.00% 100.00% - 31 For all the aforementioned funds, the Bank has participated in the design of the structured entity, establishes operating and financial decisions of the funds and it is exposed to variable returns such as dividends or returns paid in quarterly installments. The commissions earned by the management of funds that are not consolidated are included in the statement of income as “Fees and commission income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the Parent Company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The option for recognition is made on a investment by investment basis. Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. 6.1. Significant non-controlling interest FCP Colombia Inmobiliario As of December 31, 2017 and 2016, the portion of the non-controlling interest in the FCP Colombia Inmobiliario was 36.53% and 37.45% respectively, reason for which is considered as a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Colombia Inmobiliario is Bogotá (Colombia). As of December 31, 2017 and 2016, there were no dividends declared by this subsidiary. In contrast, there were returns paid in quarterly installments due to the nature of its business, which mainly comprises long- term investment in real state, considered as low-risk portfolio. December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Assets 2,698,224 2,009,382 1,550,219 Liabilities 1,048,867 655,315 661,973 Net assets 1,649,357 1,354,067 888,247 Condensed statement of income Income Valuation of investment properties 81,816 52,543 94,810 Valuation of trust rights 53,143 12,903 9,302 Rents 135,135 120,811 104,379 Profits of equity method investees 144,146 - - Other income 4,493 2,616 19,318 Total Income 418,733 188,873 227,809 Expenses Interest on loans 68,900 67,558 52,451 Trust fees 322 9,004 8,819 Other expenses 86,270 49,078 36,936 Total Expenses 155,492 125,640 98,206 Net Income 263,241 63,233 129,603 Condensed cash flow Net cash (used in) provided by operating activities (394) (372) (82) Net cash (used in) provided by investing activities - - - Net cash (used in) provided by financing activities 409 375 82 Cash and cash equivalents at beginning of year 3 - - Cash and cash equivalents at end of year 18 3 - The information above is the amount before inter-company eliminations. As of December 31, 2017, 2016 and 2015, the profit allocated to non-controlling interest amounted to COP 96,179, COP 23,701 and COP 69,074, respectively. As of December 31, 2017, 2016 and 2015, the accumulated non-controlling interest of the FCP Colombia Inmobiliario amounted to COP 602,548, COP 507,115 and COP 442,314, respectively. Grupo Agromercantil Holding S.A. On December 30, 2015 the Bank Acquired 60.00% of Grupo Agromercantil Holding S.A. (GAH). As of December 30, 2016, the portion of ownership in GAH by the non controlling interest was 40.00%, reason for which is considered as a significant non-controlling interest for the Bank and its subsidiaries. Guatemala is the principal place of business of GAH and its subsidiaries. December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Assets 12,191,869 11,795,358 12,137,258 Liabilities 10,847,895 10,477,427 10,792,953 Equity 1,343,974 1,317,931 1,344,305 Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 389,463 393,972 - Total fees and commission, net 101,565 58,745 - Other operating income 54,246 55,942 - Dividends received and equity method 608 779 - Total operating income, net 545,882 509,438 - Operating expenses (445,038) (435,430) - Income tax (21,546) (11,197) - Net income 79,298 62,811 - Condensed cash flow Net cash (used in) provided by operating activities 192,850 (136,878) - Net cash (used in) provided by investing activities (1,427) (4,157) - Net cash (used in) provided by financing activities (87,103) (77,684) - Cash and cash equivalents at beginning of year 1,098,861 1,359,176 - Cash and cash equivalents at end of year 1,203,181 1,140,457 - Other comprehensive income Investments at fair value through OCI 2,241 3,682 - Translation adjustment 15,758 (64,195) (537,196) Others (3,042) 6,959 - Total other comprehensive income 14,957 (53,554) (537,196) For the year 2017, 2016 and 2015, the dividends received from Grupo Agromercantil amounted to COP 39,482, COP 46,416 and COP 33,403, respectively. Use of estimates and judgments The preparation of consolidated financial statements requires the Bank's management to make judgments, estimates and assumptions that affect the application of accounting policies and the recognized amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgments or changes in assumptions are disclosed in the notes to the consolidated financial statements. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates if assumptions and conditions change. The significant accounting policies that the Bank uses in preparing its consolidated financial statements are detailed below: 1. Impairment testing of CGU including goodwill: The Bank tests goodwill recognized upon business combinations for impairment at least annually. The impairment test for goodwill involves estimates and significant judgments, including the identification of cash generating units and the allocation of goodwill based on the expectations of which the Bank will benefit from the acquisition. The fair value of the acquired companies is sensitive to changes in the valuation models assumptions. Adverse changes in any of the factors underlying these assumptions could lead the Bank to record a goodwill impairment charge. Management believes that the assumptions and estimates used are reasonable and supportable in the existing market environment and commensurate with the risk profile of the assets valued. See Note 8, for further information related to carrying amount, valuation methodologies, key assumptions and the allocation of goodwill. 2. Deferred tax: Deferred tax assets and liabilities are recorded on deductible or levied temporary differences originating between tax and accounting bases, taking into account the valid tax rules applicable in each country where The Bank has operations. Due to the changing conditions of the political, social and economic environment, the constant amendments to tax legislation and the permanent changes in the tax principles, determining the tax bases for the deferred tax involves difficult judgments to estimate future gains, offsets or tax deductions. The determination of the deferred tax is considered a crucial accounting policy, since its determination involves future estimations of gains that may be affected by changes in economic, social and political conditions, and tax authorities. For more information relating to the nature of deferred tax assets and liabilities recognized by The Bank, please see Note 11. 3. Provisions and contingent liabilities: The Bank is subject to contingent liabilities, including those arising from judicial, regulatory and arbitration proceedings and tax and other claims arising from the conduct of the Bank’s business activities. These contingencies are evaluated based on management’s best estimates and provisions are established for legal and other claims by assessing the likelihood of the loss actually occurring as probable, possible or remote. Provisions are recorded when all the information available indicates that it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation before the statement of financial position date and the amounts may be reasonably estimated. The Bank engages internal and external experts in assessing probability and in estimating any amounts involved. Throughout the life of a contingency, the Bank may learn of additional information that can affect assessments regarding probability or the estimates of amounts involved; changes in these assessments can lead to changes in recorded provisions. The Bank considers the estimates used to determine the provisions for contingent liabilities are critical estimates because the probability of their occurrence and the amounts that the Bank may be required to pay are based on the Bank’s judgment and its internal and external experts, which will not necessarily coincide with the future outcome of the proceedings. For further information regarding legal proceedings and contingencies and its carrying amounts. See Note 20. 4. Impairment for credit risk: Determining the allowance for loan losses requires a significant amount of management judgment and estimates in, among others, identifying impaired loans, determining customers’ ability to pay and estimating the fair value of underlying collateral or the expected future cash flows to be received. The Bank assesses if an asset or a group of financial assets is impaired and if impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The estimates are considered as critical accounting judgments because: (i) they are highly susceptible to change from period to period as the assumptions about future default rates and valuation of potential losses relating to impaired loans and advances are based on recent performance experience, and (ii) any significant difference between the Bank’s estimated losses (as reflected in the provisions) and actual losses would require the Bank to record provisions which, if significantly different, could have a material impact on its future financial condition and results of operations. The Bank’s assumptions about estimated losses are based on past performance, past customer behavior, the credit quality of recent underwritten business and general economic conditions, which are not necessarily an indication of future losses. (see section Risk Management). 5. Fair value of financial assets and liabilities: Financial assets and liabilities recorded at fair value on the Bank’s statement of financial position include debt and equity securities and derivatives classified at fair value through profit or loss and equity securities which the Bank has made an irrevocable election to present in other comprehensive income changes in its fair |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Operating Segment [Abstract] | |
Disclosure of operating segments [text block] | NOTE 3. OPERATING SEGMENTS Operating segments are defined as components of an entity about which separate financial information is available and that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assessing performance. The segment information has been prepared following the Bank’s accounting policies as described in the summary of significant accounting policies in Note 2 Significant accounting policies and has been presented consistently with the internal reports provided to the CODM. The CODM uses a variety of information and key financial data on a segment basis to assess the performance and make decision regarding the investment and allocation of resources, such as: ⋅ Net interest margin (Net margin on financial instruments divided by average interest-earning assets). ⋅ Return on average total assets (Net income divided by average total assets). ⋅ Return on average stockholders’ equity. ⋅ Efficiency ratio (Operating expenses as a percentage of interest, fees, services and other operating income). ⋅ Asset Quality and loans coverage ratios. The Bank includes the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Off Shore and All other segments. The factors used to identify the Bank’s reportable segments are the nature of the products and services provided by the subsidiaries and the geographical locations where the subsidiaries are domiciled, in line with the CODM’s operating decisions related to the results of each segment. The Bank’s operating segments are comprised as follows: ⋅ Banking Colombia This segment provides retail and corporate banking products and services to individuals, companies and national and local governments in Colombia. The Bank’s strategy in Colombia is to grow with these clients based on value added and long-term relationships. In order to offer specialized services to individuals and small and medium size enterprises (SMEs), the Bank´s retail sales force targets the clients classified as: Personal, Private, Entrepreneurs, Foreign Residents and SMEs. The Bank´s corporate and government sales force targets and specializes in companies with more than COP 16,000 million in revenue in nine economic sectors: Agribusiness, Commerce, Manufacturing of Supplies and Materials, Media, Financial Services, Non-Financial Services, Construction, Government and Natural Resources. Tuya S.A. was discontinued in the year ending as of December 31, 2016. The segment information reported on the next pages does not include any amounts for that discontinued operation, which is described in more detail in note 30 discounted operations This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Colombia. ⋅ Banking Panama This segment provides retail and commercial banking products and services to individuals and companies in Panama through the Banistmo operation. This segment includes all the operations of Banistmo and its subsidiaries, which are managed and monitored by the CODM on a consolidated basis. This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Panama. ⋅ Banking El Salvador This segment provides retail and commercial banking products and services to individuals, companies and national and local governments in El Salvador through Banco Agrícola S.A. Banking El Salvador also includes operations of the following subsidiaries: Arrendadora Financiera S.A., Credibac S.A. de CV, Valores Banagricola S.A. de C.V. This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in El Salvador. ⋅ Banking Guatemala This segment provides retail and commercial banking and insurance products and services to individuals, companies and national and local governments in Guatemala through Banco Agromercantil de Guatemala S.A. Banking Guatemala also includes operations of the following subsidiaries: Mercom Bank Ltd., Seguros Agromercantil S.A., Financiera Agromercantil S.A., Agrovalores S.A., Tarjeta Agromercantil S.A. This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Guatemala. ⋅ Trust This segment provides trust and asset management services to clients in Colombia and Peru through Fiduciaria Bancolombia and FiduPerú S.A. Sociedad Fiduciaria. The main products offered by this segment include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services, and corporate trust. Investment in FiduPerú S.A. is classified as Asset held for sale in Statement of Financial Position. For further information, see note 12 Assets held for sale and inventories. ⋅ Investment banking This segment provides corporate and project finance advisory, underwriting, capital markets services and private equity management through Banca de Inversión Bancolombia S.A. Its customers include private and publicly-held corporations as well as government institutions. ⋅ Brokerage This segment provides brokerage, investment advisory and private banking services to individuals and institutions through Valores Bancolombia S.A. Comisionista de Bolsa. It sells and distributes equities, futures, foreign currencies, fixed income securities, mutual funds and structured products. ⋅ Off Shore This segment provides a complete line of offshore banking services to Colombian and foreign customers through Bancolombia Panamá S.A., Bancolombia Caymán S.A., and Bancolombia Puerto Rico International, Inc. It offers loans to private sector companies, trade financing, leases financing and financing for industrial projects, as well as a complete portfolio of cash management products, such as checking accounts, international collections and payments. Through these subsidiaries, the Bank also offers investment opportunities in U.S. dollars, savings and checking accounts, time deposits, and investment funds to its high net worth clients and private banking customers. ⋅ All other segments This segment provides financial and operational leases activities, including cross-border and international leasing services to clients in Colombia, Central America, Mexico and Brazil. Bancolombia offers these services mainly through the following Subsidiaries: Renting Colombia S.A.S., Arrendamiento Operativo CIB S.A.C., Transportempo S.A.S. and Capital Investment Safi S.A. This segment also includes results from small operation of particular investment vehicles of Bancolombia: Valores Simesa S.A., BIBA Inmobiliaria S.A.S., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa, Banagrícola S.A., Inversiones Financieras Banco Agrícola and others. The investment in Arrendamiento Operativo CIB S.A.C. and Capital Investment Safi S.A. are classified as Asset held for sale in Statement of Financial Position. For further information, see note 12 Assets held for sale and inventories. Financial performance by operating segment: The CODM reviews the performance of the Bank using the following financial information by operating segment: For the year ended December 31, 2017 Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Trust Investment banking (1) Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation (2) Total after eliminations In millions of COP Total interest and valuation 12,984,301 1,495,446 882,806 865,038 794 94 8,916 444,649 10,201 16,692,245 (6,568) 16,685,677 Interest income on loans and financial leases 12,576,159 1,374,398 830,050 767,986 - - - 412,418 13,000 15,974,011 (426) 15,973,585 Total Debt investments 602,304 93,154 31,582 100,193 193 94 15,147 16,329 735 859,731 - 859,731 Derivatives (54,156) 438 - - - - (7,661) 6,085 (289) (55,583) (6,084) (61,667) Total liquidity operations (140,006) 27,456 21,174 (3,141) 601 - 1,430 9,817 (3,245) (85,914) (58) (85,972) Interest expenses (4,791,976) (523,312) (256,994) (348,726) (102) - (72) (226,304) (85,928) (6,233,414) 428 (6,232,986) Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 8,192,325 972,134 625,812 516,312 692 94 8,844 218,345 (75,727) 10,458,831 (6,140) 10,452,691 Total credit impairment charges, net (3,196,065) (46,468) (110,018) (125,877) (549) 466 (147) 6,541 1,696 (3,470,421) 8,576 (3,461,845) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 4,996,260 925,666 515,794 390,435 143 560 8,697 224,886 (74,031) 6,988,410 2,436 6,990,846 Revenues (Expenses) from transactions with other operating segments of the Bank (59,884) (26,837) (963) (972) (33,024) 16,209 53,075 101,327 (48,931) - - - Total fees and commission income, net 1,588,246 205,645 170,834 101,565 283,666 28,695 96,703 16,270 12,569 2,504,193 - 2,504,193 Other operating income 673,850 7,784 (6,405) 54,246 13,560 1,886 (11,647) 5,280 874,126 1,612,680 19,666 1,632,346 Dividends received, and share of profits of equity method investees (53,141) 7,038 324 608 18,249 (70,114) 12,278 (239,328) (61,156) (385,242) 651,412 266,170 Joint venture impairment - - - - - (173,339) - - - (173,339) - (173,339) Total operating income, net 7,145,331 1,119,296 679,584 545,882 282,594 (196,103) 159,106 108,435 702,577 10,546,702 673,514 11,220,216 Operating expenses (3) (4,717,591) (569,219) (383,002) (343,646) (113,482) (34,100) (101,255) (56,593) (430,212) (6,749,100) 538 (6,748,562) Impairment, depreciation and amortization (147,034) (55,197) (34,671) (101,392) (540) (133) (1,398) (967) (137,377) (478,709) (174) (478,883) Total operating expenses (4,864,625) (624,416) (417,673) (445,038) (114,022) (34,233) (102,653) (57,560) (567,589) (7,227,809) 364 (7,227,445) Profit before tax 2,280,706 494,880 261,911 100,844 168,572 (230,336) 56,453 50,875 134,988 3,318,893 673,878 3,992,771 (1) Includes imparment recognition in joint venture Compañía de Financiamiento Tuya S.A.For more information see Note 7 Investments in associates and joint ventures (2) Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. (3) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2016 Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Trust Investment banking Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation (1) Total after eliminations In millions of COP Total interest and valuation 11,586,785 1,399,852 901,757 869,329 827 136 17,160 442,107 30,299 15,248,252 500,553 15,748,805 Interest income on loans and financial leases 11,196,951 1,284,986 844,687 763,031 - - - 431,381 25,819 14,546,855 473,487 15,020,342 Total Debt investments 464,504 94,284 48,264 96,081 283 136 18,094 16,205 3,145 740,996 1,718 742,714 Derivatives (10,197) 3,274 - 5,323 - - (2,113) (7) (1,030) (4,750) - (4,750) Total liquidity operations (64,473) 17,308 8,806 4,894 544 - 1,179 (5,472) 2,365 (34,849) 25,348 (9,501) Interest expenses (4,542,701) (457,611) (252,011) (348,219) (20) - (33) (252,030) (99,991) (5,952,616) (100,484) (6,053,100) Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 7,044,084 942,241 649,746 521,110 807 136 17,127 190,077 (69,692) 9,295,636 400,069 9,695,705 Total credit impairment charges, net ( (367,781) (55,985) (127,839) (164) (423) (25) (52,294) 871 (2,401,488) (329,664) (2,731,152) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,246,236 574,460 593,761 393,271 643 (287) 17,102 137,783 (68,821) 6,894,148 70,405 6,964,553 Revenues (Expenses) from transactions with other operating segments of the Bank (65,915) (20,600) (3,054) 701 (22,893) 12,891 38,677 99,914 (39,721) - - - Total fees and commission income, net 1,269,298 180,286 158,262 58,745 238,745 19,821 80,060 27,502 13,724 2,046,443 272,521 2,318,964 Other operating income 603,860 18,828 1,302 55,942 13,500 2,285 (9,923) 15,961 874,978 1,576,733 (89,610) 1,487,123 Dividends received, and share of profits of equity method investees (264,715) 4,692 711 779 16,873 202,062 32,567 (269,096) (175,595) (451,722) 628,414 176,692 Total operating income, net 6,788,764 757,666 750,982 509,438 246,868 236,772 158,483 12,064 604,565 10,065,602 881,730 10,947,332 Operating expenses (2) (4,150,984) (589,535) (390,309) (323,001) (87,951) (26,662) (110,317) (60,688) (400,243) (6,139,690) (321,551) (6,461,241) Impairment, depreciation and amortization (147,261) (62,459) (50,323) (112,429) (612) (93) (1,980) (972) (137,672) (513,801) (4,008) (517,809) Total operating expenses (4,298,245) (651,994) (440,632) (435,430) (88,563) (26,755) (112,297) (61,660) (537,915) (6,653,491) (325,559) (6,979,050) Profit before tax 2,490,519 105,672 310,350 74,008 158,305 210,017 46,186 (49,596) 66,650 3,412,111 556,171 3,968,282 (1) Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. (2) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2015 Banking Colombia Banking Panama Banking El Salvador Trust Investment banking Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation (1) Total after eliminations In millions of COP Total interest and valuation 8,992,368 1,119,540 728,582 626 287 21,157 291,249 112,858 11,266,667 2,977 11,269,644 Interest income on loans and financial leases 8,785,739 1,041,780 706,582 - - - 310,077 109,062 10,953,240 - 10,953,240 Total Debt investments 249,459 64,466 19,747 185 287 14,999 15,502 1,425 366,070 - 366,070 Derivatives 50,362 2,704 - - - 5,161 (26,392) - 31,835 - 31,835 Total liquidity operations (93,192) 10,590 2,253 441 - 997 (7,938) 2,371 (84,478) 2,977 (81,501) Interest expenses (3,192,822) (363,373) (187,743) (367) (236) (652) (215,592) (77,156) (4,037,941) - (4,037,941) Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 5,799,546 756,167 540,839 259 51 20,505 75,657 35,702 7,228,726 2,977 7,231,703 Total credit impairment charges, net (1,509,519) (82,344) (26,933) (3,204) 127 (177) (49,830) (3,219) (1,675,099) (2) (1,675,101) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 4,290,027 673,823 513,906 (2,945) 178 20,328 25,827 32,483 5,553,627 2,975 5,556,602 Revenues (Expenses) from transactions with other operating segments of the Bank (68,915) (6,098) (8,475) (21,833) 2,355 31,734 95,495 (24,263) - - - Total fees and commission income, net 1,347,999 136,372 140,398 218,190 29,327 78,124 32,325 10,334 1,993,069 (25) 1,993,044 Other operating income 483,556 104,448 24 16,507 2,080 (6,325) 16,281 772,959 1,389,530 (16,828) 1,372,702 Dividends received, and share of profits of equity method investees (40,115) 69,127 1,716 13,573 40,018 (1,473) (141,261) (159,583) (217,998) 429,572 211,574 Total operating income, net 6,012,552 977,672 647,569 223,492 73,958 122,388 28,667 631,930 8,718,228 415,694 9,133,922 Operating expenses (2) (3,836,019) (606,582) (330,362) (85,918) (22,635) (111,255) (73,425) (354,811) (5,421,007) 5 (5,421,002) Impairment, depreciation and amortization (3) (247,446) (49,590) (27,761) (466) (93) (1,274) (17,254) (133,401) (477,285) - (477,285) Total operating expenses (4,083,465) (656,172) (358,123) (86,384) (22,728) (112,529) (90,679) (488,212) (5,898,292) 5 (5,898,287) Profit before tax 1,929,087 321,500 289,446 137,108 51,230 9,859 (62,012) 143,718 2,819,936 415,699 3,235,635 (1) Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. (2) Includes staff costs, administration and general expenses, contributions and other tax burdens and others. (3) The Bank inadvertently inverted the label of the amounts reported for Operating Expenses and Depreciation and Amortization in 2015. There was no impact in total operating expenses or profit before tax. The following table presents financial information of the total assets and liabilities by operating segment: For the year ended December 31, 2017 In millions of COP Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Trust Investment banking Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation Total after eliminations Total assets 142,207,844 28,119,504 12,978,363 12,191,869 493,078 1,423,883 283,171 16,503,973 8,767,762 222,969,447 (19,061,236) 203,908,211 Total liabilities (125,534,492) (25,040,470) (11,318,266) (10,847,895) (80,904) (48,192) (56,789) (12,284,687) (2,300,511) (187,512,206) 8,033,545 (179,478,661) For the year ended December 31, 2016 In millions of COP Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Trust Investment banking Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation Total after eliminations Total assets 133,756,071 27,224,292 12,967,451 11,795,358 412,350 1,462,616 289,563 18,169,041 8,392,706 214,469,448 (18,208,404) 196,261,044 Total liabilities (117,840,080) (24,525,160) (11,278,967) (10,477,427) (74,729) (119,090) (51,937) (14,462,907) (2,145,663) (180,975,960) 7,191,896 (173,784,064) The following table presents financial information of the investments in associates and joint ventures by operating segment: For the year ended December 31, 2017 (1) Banking Colombia Banking El Salvador Trust Investment banking All other segments Total In millions of COP Investments in associates and joint ventures 305,187 10,532 226,761 248,156 774,423 1,565,059 Equity method 45,976 316 34,921 21,724 150,665 253,602 (1) As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. For the year ended December 31, 2016 (1) Banking Colombia Banking El Salvador Trust Investment banking All other segments Total In millions of COP Investments in associates and joint ventures 284,516 9,888 208,963 361,079 433,800 1,298,246 Equity method 34,425 702 26,128 (3,923) 2,922 60,254 (1) As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. For additional information related to investment in associates and joint ventures, see Note 7 Investments in associates and joint ventures. The following table presents material non-cash items other than depreciation and amortization by segment: For the year ended December 31, 2017 Banking Colombia Banking Panamá Banking El Salvador Banking Guatemala Trust Investment Banking Brokerage Off shore All other segments Total In millions of COP Restructured loans that were transferred to foreclosed assets 163,274 39,486 16,191 7,157 - - - - 24,030 250,138 Provisions 3,422,531 165,651 162,877 138,297 548 (467) 147 (4,449) (5,576) 3,879,559 For the year ended December 31, 2016 Banking Colombia Banking Panamá Banking El Salvador Banking Guatemala Trust Investment Banking Brokerage Off shore All other segments Total In millions of COP Restructured loans that were transferred to foreclosed assets 130,892 44,484 35,466 95,891 - - - - 97,452 404,185 Provisions 2,130,261 381,531 104,864 127,370 164 423 (34) 48,977 5,565 2,799,121 For the year ended December 31, 2015 Banking Colombia Banking Panama Banking El Salvador Trust Off shore All other segments Total In millions of COP Restructured loans that were transferred to foreclosed assets 97,456 8,102 18,819 - - 60,665 185,042 Provisions 1,921,873 114,425 65,037 3,241 67,347 8,536 2,180,459 Information about products and services The Bank does not report revenues from external customers for each product and service or each group of similar products and services, because the information is not available and the cost to develop it is excessive. Geographic information The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the interest and valuation was originated: As of December 31, Geographic information 2017 2016 2015 Interest and valuation Long-lived assets (1) Interest and valuation Long-lived assets (1) Interest and valuation In millions of COP Colombia 13,108,005 4,353,782 11,695,937 4,180,137 9,335,345 Panama 1,986,741 297,832 1,898,058 414,451 1,470,692 Puerto Rico 68,556 388 56,519 551 43,672 Peru (2) 658 115,840 15,753 112,209 19,810 El Salvador 883,538 280,562 902,371 397,065 729,258 Costa Rica - 80 - 99 - Guatemala 866,049 166,662 870,283 259,072 - Total 16,913,547 5,215,146 15,438,921 5,363,584 11,598,777 Eliminations and translation adjustment (220,667) 5,999,471 309,884 6,075,268 (329,133) Total, net 16,692,880 11,214,617 15,748,805 11,438,852 11,269,644 (1) Included foreclosed assets presented within other assets in the statement of financial position, premises and equipment, Investment property and goodwill. (2) Investments in FiduPerú, Arrendamiento Operativo CIB S.A.C. and Capital Investment Safi S.A. are classified as Asset held for sale in Statement of Financial Position. For further information, see Note 12 Assets held for sale and inventories |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of cash and cash equivalents [Abstract] | |
Disclosure of restricted cash and cash equivalents [text block] | NOTE 4. CASH AND CASH EQUIVALENTS December 31, 2017 December 31, 2016 In millions of COP Cash and balances at central bank Cash 5,099,252 5,501,532 Due from central banks (1) 6,567,030 5,503,911 Due from other private financial entities 3,541,644 4,908,886 Checks on hold 141,370 102,525 Remittances of domestic negotiated checks in transit 173,827 200,053 Total cash and due from banks 15,523,123 16,216,907 Money market transactions: Interbank assets 1,761,460 1,606,506 Reverse repurchase agreements and other similar secured loans 881,061 2,636,832 Total money market transactions: 2,642,521 4,243,338 Total cash and cash equivalents 18,165,644 20,460,245 (1) As of December 31, 2017 and 2016, there is restricted cash amounting to COP 192,036 and COP 171,561, respectively, included in other assets on the statement of financial position, which represents margin deposits pledged as collateral for derivative contracts traded through clearing houses. As of December 31, 2017, cash and cash equivalents held by FiduPerú S.A. Sociedad Fiduciaria, Arrendamiento Operativo CIB S.A.C and Capital Investment SAFI S.A. amounting to COP 12,951, COP 6,092 and COP 29, respectively, were classified as assets held for sale. For further information see Note 12. Assets held for sale and inventories. |
FINANCIAL ASSETS INVESTMENTS AN
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial assets investments and derivatives [Abstract] | |
Disclosure of financial instruments [text block] | NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES 5.1 Financial assets investments The Bank’s securities portfolios at fair value and at amortized cost are listed below, as of December 31, 2017 and 2016: As of December 31, 2017 Debt securities Measurement methodology Total carrying value Fair value through profit or loss Amortized cost In millions of COP Securities issued by the Colombian Government 7,003,147 12,965 7,016,112 Securities issued by Foreign Governments 2,471,994 1,050,855 3,522,849 Securities issued by Government entities 36,038 1,926,554 1,962,592 Securities issued by other financial institutions 1,052,776 225,431 1,278,207 Corporate Bonds (1) 137,900 941,763 1,079,663 Total debt securities 10,701,855 4,157,568 14,859,423 Total equity securities 1,517,830 Total financial assets invesments 16,377,253 (1) Debt securities classified as Corporate Bonds, increased by 104.75% between December 31, 2017 and 2016 due to the purchase of Alternegy S.A. bonds by Banistmo on December 21 of 2017, which have a carrying value of COP 446,047. Banistmo acted as joint arranger with Banco General and underwriters of the bonds issued by Alternergy for an amount of up to US$320 million. As of December 31, 2016 Debt securities Measurement methodology Total carrying value Fair value through profit or loss Amortized cost In millions of COP Securities issued by the Colombian Government 4,904,152 - 4,904,152 Securities issued by Foreign Governments 2,429,192 984,675 3,413,867 Securities issued by Government entities 11,904 1,532,784 1,544,688 Securities issued by other financial institutions 1,080,368 201,523 1,281,891 Corporate Bonds 111,946 415,937 527,883 Total debt securities 8,537,562 3,134,919 11,672,481 Total equity securities 1,388,172 Total financial assets invesments 13,060,653 As of December 31, 2017 Less than 1 year Between 1 and 3 years Between 3 and 5 years Greater than 5 years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 2,163,682 3,299,116 1,164,689 375,660 7,003,147 Securities issued by Foreign Governments 962,640 408,586 736,105 364,663 2,471,994 Securities issued by Government entities 11,134 14,825 6,946 3,133 36,038 Securities issued by other financial institutions 157,434 250,395 143,353 501,594 1,052,776 Corporate bonds 35,255 16,027 21,419 65,199 137,900 Subtotal 3,330,145 3,988,949 2,072,512 1,310,249 10,701,855 Securities at amortized cost Securities issued by the Colombia Government - 12,965 - - 12,965 Securities issued by Foreign Governments 241,944 184,454 415,229 209,228 1,050,855 Securities issued by Government entities 1,909,363 17,191 - - 1,926,554 Securities issued by other financial institutions 117,075 68,166 40,190 - 225,431 Corporate bonds 26,668 15,945 148,684 750,466 941,763 Subtotal 2,295,050 298,721 604,103 959,694 4,157,568 Total debt securities 5,625,195 4,287,670 2,676,615 2,269,943 14,859,423 As of December 31, 2016 Less than 1 year Between 1 and 3 years Between 3 and 5 years Greater than 5 years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 1,719,326 1,883,790 981,208 319,828 4,904,152 Securities issued by Foreign Governments 925,499 532,628 192,947 778,118 2,429,192 Securities issued by Government entities 77 2,704 5,193 3,930 11,904 Securities issued by other financial institutions 172,571 135,157 87,153 685,487 1,080,368 Corporate bonds 15,818 8,069 15,968 72,091 111,946 Subtotal 2,833,291 2,562,348 1,282,469 1,859,454 8,537,562 Securities at amortized cost Securities issued by Foreign Governments 103,889 105,032 507,817 267,937 984,675 Securities issued by Government entities 1,523,571 9,213 - - 1,532,784 Securities issued by other financial institutions 57,623 113,150 - 30,750 201,523 Corporate bonds - 70,464 - 345,473 415,937 Subtotal 1,685,083 297,859 507,817 644,160 3,134,919 Total debt securities 4,518,374 2,860,207 1,790,286 2,503,614 11,672,481 For further information related to disclosures of the fair value of securities, please see Note 29 Fair value of assets and liabilities. Equity securities Carrying amount December 31, 2017 December 31, 2016 In millions of COP Total of securities at fair value through profit or loss 988,455 895,425 Total of securities at fair value through OCI 529,375 492,747 Total equity securities 1,517,830 1,388,172 The investment securities held by Capital Investment SAFI S.A. y FiduPerú S.A. were considered as assets held for sale at 2017, amounting to COP 1,345 y COP 1,141 respectively. In 2016, those investment securities are mesured at fair value through profit or loss. For further information, see Note 12 Assets held for sale and inventories. The Bank has recognized in the consolidated statement of comprehensive income COP 38,884 in 2017, COP 232,617 in 2016 and COP 137,323 in 2015 related to equity securities and trust funds at fair value through OCI. See consolidated statement of comprehensive income. Equity securities that have been designated to be measured at fair value through OCI are considered strategic for the Bank and, thus, there is no intention to sell them in the foreseeable future and that is the main reason for using this presentation alternative. Equity securities Carrying amount December 31, 2017 December 31, 2016 In millions of COP Securities at fair value through OCI : Equity securities listed in Colombia (1) 76,178 17,479 Equity securities listed elsewhere 5,766 10,732 Equity securities unlisted 447,431 464,536 Total equity securities at fair value through OCI 529,375 492,747 ( 1) Equity securities measured at fair value through other comprenhensive income (OCI) and listed in Colombia, increased between December 31, 2017 and 2016 due to the merger between Bolsa de Valores de Colombia (listed company) and Deceval (unlisted). The new investment in Bolsa de Valores de Colombia is classified as listed in Colombia. During 2017 and 2016 no impairment loss was recognized on equity securities. Dividends received from equity investments at fair value through OCI held as of December 31, 2017, 2016 and 2015 amounted to COP 11,951, COP 9,317 and COP 9,605, respectively. See Note 24.5 Dividends received, and share of profits of equity method investees Equity investments do not have a specific maturity date; therefore, they are not included in the maturity detail. As of December 31, 2017 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in repo operations Securities issued by the Colombian Government Greater twelve months TES - Fixed rate 1,744,736 Securities issued by the Colombian Government Between six and twelve months TES - Fixed rate 877,673 Subtotal investments pledged as collateral in repo operations 2,622,409 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Greater twelve months TES - Fixed rate 78,688 Securities issued by the Colombian Government Between six and twelve months TES - Fixed rate 40,247 Subtotal investments pledged as collateral in derivative operations 118,935 Total securities pledged as collateral 2,741,344 As of December 31, 2016 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in repo operations Securities issued by the Colombian Government Greater 12 months TES-Fixed rate 783,688 Securities issued by the Colombian Government Between 3 and 6 months TES-Fixed rate 63,102 Securities issued by the Colombian Government Between 6 and 12 months TES-Fixed rate 3,212 Securities issued by the Colombian Government Less than 3 months TES-Fixed rate 68,648 Subtotal investments pledged as collateral in repo operations 918,650 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Greater 12 months TES-Fixed rate 147,221 Securities issued by the Colombian Government Between 3 and 6 months TES- Fixed rate 22,037 Securities issued by the Colombian Government Between 6 and 12 months TES-Fixed rate 2,263 Securities issued by the Colombian Government Less than 3 months TES-Fixed rate 47,285 Subtotal investments pledged as collateral in derivative operations 218,806 Total securities pledged as collateral 1,137,456 5.2 Derivative financial instruments The Bank derivative activities do not give rise to significant open positions in portfolios of derivatives. The Bank enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options or swaps where the underlying are exchange rates, interest rates and securities. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform. For further information related to the objectives, policies and processes for managing the Bank’s risk, please see Note 31 Risk Management. Derivatives December 31, 2017 December 31, 2016 In Millions of COP Forwards Assets Foreign exchange contracts 172,310 313,566 Equity contracts 372 3,425 Subtotal Assets 172,682 316,991 Liabilities Foreign exchange contracts (142,976) (323,923) Equity contracts (4,470) (3,110) Subtotal Liabilities (147,446) (327,033) Total Forwards 25,236 (10,042) Swaps Assets Foreign exchange contracts 672,558 1,127,474 Interest rate contracts 274,137 186,208 Subtotal Assets 946,695 1,313,682 Liabilities Foreign exchange contracts (505,823) (749,082) Interest rate contracts (275,641) (192,344) Subtotal Liabilities (781,464) (941,426) Total Swaps 165,231 372,256 Options Assets Foreign exchange contracts 14,995 47,297 Subtotal Assets 14,995 47,297 Liabilities Foreign exchange contracts (16,943) (42,961) Subtotal Liabilities (16,943) (42,961) Total Options (1,948) 4,336 Futures Liabilities Equity contracts - (1,030) Subtotal Liabilities - (1,030) Total Futures - (1,030) Derivative Assets 1,134,372 1,677,970 Derivative Liabilities (945,853) (1,312,450) Total, net 188,519 365,520 Derivatives December 31, 2017 December 31, 2016 In Millions of COP Forwards Assets Foreign exchange contracts 11,618,005 14,466,226 Equity contracts 1,010,557 696,348 Subtotal Assets 12,628,562 15,162,574 Liabilities Foreign exchange contracts (10,276,967) (13,637,335) Equity contracts (1,796,020) (676,226) Subtotal Liabilities (12,072,987) (14,313,561) Total Forwards 555,575 849,013 Swaps Assets Foreign exchange contracts 6,188,880 6,021,266 Interest rate contracts 16,315,701 15,109,435 Subtotal Assets 22,504,581 21,130,701 Liabilities Foreign exchange contracts (4,163,466) (3,614,135) Interest rate contracts (15,850,149) (13,249,703) Subtotal Liabilities (20,013,615) (16,863,838) Total Swaps 2,490,966 4,266,863 Options Assets Foreign exchange contracts 697,346 1,186,605 Subtotal Assets 697,346 1,186,605 Liabilities Foreign exchange contracts (682,197) (1,171,719) Subtotal Liabilities (682,197) (1,171,719) Total Options 15,149 14,886 Futures Assets Foreign exchange contracts 3,772,283 3,078,756 Equity contracts 175,500 316,000 Subtotal Assets 3,947,783 3,394,756 Liabilities Equity contracts - (117,235) Subtotal Liabilities - (117,235) Total Futures 3,947,783 3,277,521 Derivative Assets 39,778,272 40,874,636 Derivative Liabilities (32,768,799) (32,466,353) Total, net 7,009,473 8,408,283 As of December 31, 2017 Forwards Swaps Options Futures Total In millions of COP Assets 172,682 946,695 14,995 - 1,134,372 Up to 1 year 170,299 240,690 14,229 - 425,218 From 1 to 3 years 2,383 339,934 766 - 343,083 Over 3 years - 366,071 - - 366,071 Liabilities (147,446) (781,464) (16,943) - (945,853) Up to 1 year (141,326) (135,749) (15,836) - (292,911) From 1 to 3 years (6,120) (321,708) (1,107) - (328,935) Over 3 years - (324,007) - - (324,007) Total 25,236 165,231 (1,948) - 188,519 As of December 31, 2016 Forwards Swaps Options Futures Total In millions of COP Assets 316,991 1,313,682 47,297 - 1,677,970 Up to 1 year 309,036 490,848 44,478 - 844,362 From 1 to 3 years 7,900 444,120 2,819 - 454,839 Over 3 years 55 378,714 - - 378,769 Liabilities (327,033) (941,426) (42,961) (1,030) (1,312,450) Up to 1 year (311,382) (167,025) (40,686) (1,030) (520,123) From 1 to 3 years (15,623) (431,814) (2,275) - (449,712) Over 3 years (28) (342,587) - - (342,615) Total (10,042) 372,256 4,336 (1,030) 365,520 Collateral for derivatives December 31, 2017 December 31, 2016 In millions of COP Collateral 264,700 343,334 Hedge accounting The Bank, through Banistmo, has entered into derivatives to manage its interest risk. Those derivatives are designated as hedging instruments to protect the Bank against changes in the fair value of Banistmo´s position in debt securities issued by the Panamanian Government (fair value hedge). In order to protect against interest risk due to changes in cash flows related to Banitmo’s portfolio of floating-rate deposits (cash flow hedge), Banistmo entered into cash flow hedge contracts until March 2016, when the hedging relationship was discontinued. The hedge effectiveness assessment is performed on a monthly basis consistently throughout the hedging relationship. For fair value hedges, the changes in value of the hedging derivative, as well as the changes in value of the related hedged item concerning to the risk hedged, are reflected in the statement of income in the line “Interest and valuation on investments”. Fair value hedging As of December 31, 2017 and 2016, Banistmo has designated 12 and 8 asset derivative contracts (Interest rate swaps), respectively, as fair value hedging instruments with maturity dates ranging from September 2019 to December 2027. As of December 31, 2017 and 2016, Banistmo has designated 5 and 6 liability derivative contracts (Interest rate swaps), respectively, as fair value hedging instruments with maturity dates ranging from September 2019 to April 2026. December 31, 2017 December 31, 2016 In millions of COP Notional amount 304,159 305,862 Fair value (1,769) (5,170) December 31, 2017 December 31, 2016 In thousands of USD Notional amount 101,930 101,930 Fair value (593) (1,723) All fair value hedging instruments are included in the line “Derivative financial instruments” in the statement of financial position. December 31, 2017 December 31, 2016 In millions of COP Notional amount 304,159 305,862 Fair value 341,229 340,511 December 31, 2017 December 31, 2016 In thousands of USD Notional amount 101,930 101,930 Fair value 114,353 113,477 The amount of hedge ineffectiveness of fair value hedges amounted to COP 3,094 COP 2,779 and COP (3,110) for the periods ended December 31, 2017, 2016 and 2015, respectively. The change in fair value of the hedging instrument used as the basis for recognising hedge ineffectiveness for the period ended December 31, 2017 and 2016 amounting to COP 2,614 and COP 3,493, respectively Cash flow hedging As of December 31, 2016 the Bank had reclassified from other comprehensive income to net income the net amount of COP (12,112) arising from the settlement of the derivative contract swap interest rate designated as cash flow hedge. As of December 31, 2015 the Bank had reclassified from other comprehensive income to net income the net amount of COP 6,378 in connection with the effective portion of the cash flow hedges. Banistmo entered into cash flow hedge contracts until March 2016. The Bank has not carried out new cash flow hedge operations. Net foreign investment Exchange differences relating to the translation of the results and net assets of Banistmo operations from its functional currency (dollar) to the Bank's presentation currency (Colombian pesos) are recognized directly in other comprehensive income by the Parent Company. Gains and losses on debt securities in issue which were designated as hedging instruments for hedges of net investments in foreign operations are included in the foreign currency translation reserve. The adjustment recognized in other comprehensive income amounted to COP 36,762, COP 327,272 and COP (1,665,422), for the years ended at December 31, 2017, 2016 and 2015, respectively. Offsetting of derivatives The Bank enters into International Swaps and Derivatives Association (ISDA) master netting agreements or similar agreements with substantially all of the Bank’s derivative counterparties. Where legally enforceable, and depending on the Bank’s intention, these master netting agreements give the Bank, in the event of default by the counterparty, the right to liquidate securities and cash equivalents held as collateral and to offset receivables and payables with the same counterparty. The table below presents derivative instruments subject to enforceable master netting agreements and other similar agreements but not offset in the statement of financial position as of December 31, 2017 and 2016 by derivative and by risk: As of December 31, 2017 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 672,558 (505,823) Forwards 172,310 (142,976) Options 14,995 (16,943) Interest rate contracts Swaps 274,137 (275,641) Equity contracts Forwards 372 (4,470) Gross derivative assets/liabilities 1,134,372 (945,853) Offsetting of derivatives - - Derivative financial instruments in statement of financial position 1,134,372 (945,853) Master netting agreements (894,863) 945,853 Cash collateral received/paid (239,509) - Total derivative financial instruments assetss/ liabilities - - As of December 31, 2016 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 1,127,474 (749,082) Forwards 313,566 (323,923) Options 47,297 (42,961) Interest rate contracts Swaps 186,208 (192,344) Equity contracts Forwards 3,425 (3,110) Futures - (1,030) Gross derivative assets/liabilities 1,677,970 (1,312,450) Offsetting of derivatives - - Derivative financial instruments in statement of financial position 1,677,970 (1,312,450) Master netting agreements (1,221,565) 1,312,450 Cash collateral received/paid (343,334) - Total derivative financial instruments assetss/ liabilities 113,071 - For further information about offsetting of other financial assets and liabilities see Note 15 Interbank deposits and repurchase agreements and other similar secured borrowing. |
LOANS AND ADVANCES TO CUSTOMERS
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Loans And Advances To Customers Explanatory [Abstract] | |
Disclosure of loans and advances to customers [text block] | NOTE 6. LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET Loans and financial leasing operating portfolio Composition December 31, 2017 December 31, 2016 In millions of COP Commercial (1) 88,997,241 86,259,708 Consumer 27,646,114 23,925,279 Mortgage 20,512,208 19,155,852 Financial Leases 22,248,951 21,343,923 Small Business Loans 1,063,580 1,062,724 Total gross loans and Financial Leases 160,468,094 151,747,486 Total allowance (8,223,103) (6,621,911) Total Net Loans and financial leases 152,244,991 145,125,575 (1) Includes loans to financial institutions amounting to COP 7,862,401 and COP 6,217,825 as of December 31, 2017 and December 31, 2016, respectively. For more details on the composition of the loans and financial leasing operations portfolio, see Note 31 Risk Management. Allowance for loans losses As of December 31, 2017 Concept Commercial Consumer Mortgage Financial Leases Small business loans Total In millions of COP +Balance at beginning of period 3,499,791 1,791,123 653,936 567,046 110,015 6,621,911 + Provisions for loan losses (1) 3,594,310 2,310,518 284,392 276,687 119,690 6,585,597 - Charges-off (792,145) (1,302,630) (37,677) (77,762) (65,086) (2,275,300) - Recoveries (1) (1,783,649) (510,684) (253,578) (133,986) (24,141) (2,706,038) +/- Translation adjustment (4,127) 3,502 (1,972) (583) 113 (3,067) = Balance at end of year 4,514,180 2,291,829 645,101 631,402 140,591 8,223,103 (1) The provision for loan losses, net COP 3,879,559 differs from the COP 3,468,699 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 410,860 due to the recovery of charged-off loans. As of December 31, 2016 Concept Commercial Consumer Mortgage Financial Leases Small business loans Total In millions of COP +Balance at beginning of period 2,694,965 1,321,281 572,772 579,151 80,586 5,248,755 +Allowance for loan of PA Leasing - - - 27,825 - 27,825 + Provisions for loan losses (1) 2,684,559 1,922,315 225,291 221,694 95,272 5,149,131 - Charges-off (489,573) (902,400) (24,619) (74,900) (41,710) (1,533,202) - Recoveries (1) (1,379,288) (525,510) (109,912) (180,537) (23,645) (2,218,892) +/- Translation adjustment (10,872) (24,563) (9,596) (6,187) (488) (51,706) = Balance at end of year 3,499,791 1,791,123 653,936 567,046 110,015 6,621,911 (1) The provision for loan losses, net COP 2,930,239 differs from the COP 2,643,710 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 286,529 due to the recovery of charged-off loans. The sale of Compañia de Financiamiento Tuya S.A took place on October 31, 2016. The amounts recognized until that date are presented in the line “Net income from discontinued operations” of the Statement of Income, the following table is the movement associated with this company: Concept December 31, 2016 +Balance at beginning of period 351,375 + Provisions for loan losses (*) 465,947 - Charges-off (228,757) - Recoveries (*) (147,668) = Balance at end of year 440,897 (*) The provision for loan losses net of COP 318,279 differs from the COP 323,290 presented in “Credit impairment charges on loans and advances and financial leases, net" in note 30. Discontinued operations, in the amount of COP 5,011 due to provision on off balance sheet credit exposures that is accounted for as a liability under IAS 37. As of December 31, 2015 Concept Commercial Consumer Mortgage Financial Leases Small business loans Total In millions of COP +Balance at beginning of period 2,360,488 1,479,460 456,983 415,766 76,560 4,789,257 - Discontinued operations (1) - (282,098) - - - (282,098) + Provisions for loan losses (2) 2,671,337 697,282 145,663 498,092 47,880 4,060,254 - Charges-off (711,257) (629,628) (12,765) (31,723) (36,682) (1,422,055) - Recoveries (2) (1,709,293) (64,340) (63,632) (328,183) (9,947) (2,175,395) +/- Translation adjustment 83,690 120,605 46,523 25,199 2,775 278,792 = Balance at end of year 2,694,965 1,321,281 572,772 579,151 80,586 5,248,755 (1) As of December 31, 2015, Compañía de Financiamiento Tuya S.A. was considered as a discontinued operation, see Note 30 Discontinued Operation. In October 2016, this sale was completed. (2) The provision for loan losses, net COP 1,884,859 differs from the COP 1,667,680 presented in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income in the amount of COP 217,179 due to the recovery of charged-off loans. The changes in the allowance for loan losses for Tuya as of December 31, 2015 is as follows: Concept December 31, 2015 +Balance at beginning of period 282,098 + Provisions for loan losses (*) 446,614 - Charges-off (236,196) - Recoveries (*) (141,141) = Balance at end of year 351,375 (*) The provision for loan losses net of COP 305,473 differs from the COP 324,309 presented in “Credit impairment charges on loans and advances and financial leases, net” in note 30 discontinued operations, in the amount of COP 18,836 due to the expense of the contingent component of credit cards. Leasing operations: Finance leases - lessor The Bank has subscribed lease agreements as lessor. These leases arrangements involve machinery and equipment, computer equipment, automobile and furniture and fixtures and their terms range between one and twenty years, as follows: As of December 31, 2017 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Within 1 year 759,852 526,604 Over 1 year, but less than 5 years 7,842,992 6,188,894 Over 5 years 22,212,438 15,533,453 Total gross investment in finance lease receivable/ present value of minimum payments 30,815,282 22,248,951 Less: Future financial income (1) (8,566,331) - Present value of payments receivable 22,248,951 22,248,951 Minimum non-collectable payments impairment (447,361) (447,361) Total 21,801,590 21,801,590 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments As of December 31, 2016 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Within 1 year 835,177 570,504 Over 1 year, but less than 5 years 8,597,818 6,667,322 Over 5 years 20,699,269 14,106,097 Total gross investment in finance lease receivable/ present value of minimum payments 30,132,264 21,343,923 Less: Future financial income (1) (8,788,341) - Present value of payments receivable 21,343,923 21,343,923 Minimum non-collectable payments impairment (518,992) (518,992) Total 20,824,931 20,824,931 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments Unsecured residual value (*) The following table sets the unsecured residual values by type of asset as of December 31, 2017 and 2016: Type of asset December 31, 2017 December 31, 2016 In millions of COP Automobile 26,841 4,264 Technology 20,921 19,061 Machinery and equipment 8,627 41,244 Furniture and fixtures 62 45 Total 56,451 64,614 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor. Operating leases - lessor Certain of the Bank’s subsidiaries leases assets to third parties under non-cancelable leases arrangements. Assets provided through operating leases are recorded as property, plant and equipment. The terms established for these agreements range from one to ten years. The following table presents the information of minimum payments by lease to be received: December 31, 2017 December 31, 2016 In millions of COP Within 1 year 110,993 140,883 Over 1 year, but less than 5 years 960,037 823,035 Over 5 years 154,996 138,769 Total 1,226,026 1,102,687 |
INVESTMENTS IN ASSOCIATES AND J
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Interests In Other Entities Explanatory [Abstract] | |
Disclosure of interests in other entities [text block] | NOTE 7. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The following table presents information regarding the Bank’s investments in associates and joint ventures: Composition December 31, 2017 December 31, 2016 In millions of COP Investments in associates (1) 1,327,610 940,364 Investments in Joint ventures 237,449 357,882 Total 1,565,059 1,298,246 (1) As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. The following are the investments in associates that the Bank holds as of December 31, 2017 and 2016: As of December 31, 2017 Investments in Associates Company Name Main activity Country % of Ownership interest Included in earnings (1) Total OCI (2) OCI (Equity method) (3) OCI (4) Carrying amount In millions of COP PA Viva Malls Development and operation of commercial spaces Colombia 49.00% (5) 144,146 - - - 757,886 Protección S.A. Administration of pension funds and severances Colombia 20.58% 72,576 12,465 1,236 - 471,312 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98% 3,305 (1,389) (768) - 35,346 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36% 1,906 (651) - - 17,951 Internacional Ejecutiva de Aviación S.A.S. * Aircraft and aircraft travel Colombia 33.33% 1,071 209 - - 10,707 Concesiones CCFC S.A. Construction of public works through an awarding system Colombia 25.50% 6,756 (756) (3) - 9,383 ACH Colombia S.A. * Electronic transfer services Colombia 19.94% 3,109 (952) - - 7,338 Reintegra S.A.S. * Collections and recovery of portfolio Colombia 46.00% 1,471 1,742 (1,754) - 7,155 Servicio Salvadoreño de Protección, S. A. de C.V. * Custodial services and transfer of monetary types El Salvador 24.40% 418 (727) 238 153 6,219 Servicios Financieros, S.A. de C.V. * Processing of financial transactions and electronic payment methods El Salvador 46.72% (226) 9 - (5) 3,302 ACH de El Salvador, S. A. de C.V. * Electronic transfer services El Salvador 24.40% 123 6 - (1) 1,011 Panamerican Pharmaceutical Holding Inc .(6) Advisory services, consultation, representation, agent for individuals or company Panama 21.00% (1,171) (1,417) 196 (67) - Avefarma S.A.S (6) Manufacture and distribution of glass packing for pharmaceutical products Colombia 21.00% 6,307 (11,704) (10,831) - - Glassfarma Tech S.A.S (6) Manufacturing, elaboration and commercialization of packages and pharmaceutical products Colombia 21.00% (458) 127 139 - - Net investments in associates 239,333 (3,038) (11,547) (7) 80 1,327,610 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2017 . (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017. (5) As of December 31, 2017 the increses of ownership interest is related to capital contributions during the year 2017 (6) As of December 31, 2017 the Bank classified the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc as "assets held for sale", due to the fact that the management has currently been implementing a plan to sell these assets. See note 12 assets held for sale and inventories. (7) See Consolidated Statement of Comprehensive income. (*) For the purposes of applying the equity method of accounting, financial statements at November 30, 2017 have been used, except for Redeban Multicolor S.A., for which we use the financial statements ended at October 31, 2017. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2017. As of December 31, 2016 Investments in Associates Company Name Main activity Country % of Ownership interest Included in earnings (1) Total OCI (2) OCI (Equity method) (3) OCI (4) Carrying amount In millions of COP Protección S.A.* Administration of pension funds and severances Colombia 20.58% 54,304 11,229 725 - 434,318 PA Viva Malls (5) Development and operation of commercial spaces Colombia 30.68% - - - - 388,595 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98% 2,619 (621) 11 - 35,930 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36% 319 (651) (49) - 17,006 Avefarma S.A.S* Manufacture and distribution of glass packing for pharmaceutical products Colombia 21.00% (2,378) (873) (1,202) - 12,079 Panamerican Pharmaceutical Holding Inc.* Advisory services, consultation, representation, agent for individuals or company Panama 21.00% (1,196) (1,613) (1,863) 2,934 9,820 Internacional Ejecutiva de Aviación S.A.S.* A ircraft and aircraft travel Colombia 33.33% 1,038 209 209 - 9,636 Reintegra S.A.S.* Collections and recovery of portfolio Colombia 46.00% (1,309) 3,496 805 - 8,604 ACH Colombia S.A.* Electronic transfer services Colombia 19.94% 3,129 (952) (878) - 6,223 Concesiones CCFC S.A.* Construction of public works through an awarding system Colombia 25.50% 6,606 (753) (4) - 5,742 Servicio Salvadoreño de Protección, S. A. de C.V.* Custodial services and transfer of monetary types El Salvador 24.40% 436 (965) 957 13 5,448 Servicios Financieros, S.A. de C.V.* Processing of financial transactions and electronic payment methods El Salvador 46.72% 56 9 (93) 62 3,550 Glassfarma Tech S.A.S* Manufacturing, elaboration and commercialization of packages and pharmaceutical products Colombia 21.00% 425 (12) (348) - 2,522 ACH de El Salvador, S. A. de C.V.* Electronic transfer services El Salvador 24.40% 210 6 (58) 20 891 Multiactivos S.A. (6) Securitization of non-mortgage assets Colombia - 183 - 70 - - Concesiones Urbanas S.A. (winding up) (7) Construction of civil engineering projects Colombia - (141) - - - - Net investments in associates 64,301 8,509 (1,718) (8) 3,029 940,364 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2016. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016. (5) PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate. (6) On October 19, 2016 Multiactivos S.A was wound up. (7) On November 23, 2016 Concesiones Urbanas S.A was wound up. (8) See Consolidated Statement of Comprehensive income (*) For the purposes of applying the equity method of accounting, financial statements at November 30, 2016 have been used, due to the fact that no more recent financial information was available. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2016. The following is additional information regarding the Bank’s most significant associates as of December 31, 2017 and 2016: As of December 31, 2017 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millions of COP PA Viva Malls (1) 1,262,837 29,499 380,612 235,647 35,278 Protección S.A. (2) 2,125,552 663,326 1,227,139 343,345 36,825 Titularizadora Colombiana S.A. Hitos 614,032 487,073 35,714 8,161 3,121 As of December 31, 2016 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millions of COP Protección S.A. (2) 1,901,016 618,573 1,115,206 226,554 34,163 Titularizadora Colombiana S.A. Hitos 500,950 371,827 34,185 8,019 3,873 (1) The difference between the net assets of P.A. Viva Malls multiplied by the Bank’s percentage of ownership which amounted to COP 604,336 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents an adjustment amounted to COP 153,550 related to contractual terms with respect to the recognition of benefits. (2) The difference between the net assets of Protección S.A. multiplied by the Bank’s percentage of ownership which amounted to COP 300,926 and COP 263,927 for the years ended at December 31, 2017 and 2016, respectively and the carrying amount of the Bank’s interest in the associate; represents the goodwill recognized by the Bank amounting to COP 170,434. As of December 31, 2017 and 2016, there are no restrictions on the ability of the associates to transfer funds to the Bank in the form of cash dividends. The following are the Joint ventures that the Bank holds as of December 31, 2017 and 2016: December 31, 2017 Company Name Main activity Country % of Ownership interest Included (1) Total OCI (2) OCI (Equity method) (3 ) Carrying amount In millions of COP Compañía de financiamiento Tuya S.A (4) Financing company Colombia 50.00% 20,778 - - 225,548 Puntos Colombia S.A.S (5) Administration of the customers loyalty Colombia 50.00% (1,787) - - 7,213 Servicios de Aceptación S.A Network data transmission services Colombia 50.00% 1,663 - - 4,688 Fideicomiso Ruta del Sol - compartimento A (6) Investment in infrastructure projects Colombia 50.00% (6,385) 13 - - Net investments in joint ventures 14,269 13 - 237,449 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2017. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. (4) On December 2017, given the continued impairment of the consumer loans portfolio of the company during 2017, the Bank management performed a valuation, to establish the fair value of the Compañía de Financiamiento TUYA S.A.As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the statement of income for COP 173,339. See note 29 Fair value for assets and liabilities. (5) In June 2017, Banca de Inversión Bancolombia formed a joint venture with Grupo Éxito. The purpose of the company is the developing and administration of customer. (6) Given the losses of Fideicomiso Ruta del Sol - compartimento A for the year 2017, the recognition of the equity method resulting in a reduction of the total book value of the investment. December 31, 2016 Company Name Main activity Country % of Ownership interest Included (1) Total OCI (2) OCI (Equity method) (3 ) Carrying amount In millions of COP Compañía de financiamiento Tuya S.A (4) Financing company Colombia 50% (7,801) - - 348,480 Fideicomiso Ruta del Sol - compartimento A Investment in infrastructure projects Colombia 50% 778 13 - 6,376 Servicios de Aceptación S.A (5) Network data transmission services Colombia 50% 2,976 - - 3,026 Net investments in joint ventures (4,047) 13 - 357,882 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2016. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. (4) On October 30, 2016 the Bank sold 50% of Compañía de Financiemiento TUYA S.A. The table above presents the recognition of the Equity Method after loss of control. The difference between the net assets of Tuya multiplied by the Bank’s percentage of ownership which amounted to COP 22,550 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 275,930. (5) In June 2016. Joint venture with First Data was created with the purpose of generating an alliance that promotes the business of using credit and debit cards in commercial establishments. The following is complementary information regarding the Bank’s most significant joint ventures as of December 31, 2017 and 2016: December 31, 2017 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millons of COP Compañía de financiamiento TUYA S.A. 2,571,106 2,293,239 1,344,712 41,556 371 December 31, 2016 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millons of COP Compañía de financiamiento TUYA S.A. 2,474,730 2,329,631 1,153,155 (13,257) - As of December 31, 2017, the Bank recorded a contingent liability COP 12,342 regarding its interest in Fideicomiso Ruta del Sol - Compartimiento A. As of December 31, 2015 the Bank has recognized COP 122,477 as equity method in the statement of income, COP 23,781 as other comprehensive income from equity method and COP 1,514 as other comprehensive income from currency translation adjustment. Additionally, during 2015, the Bank received dividends amounting to COP 30,320 from its significant associates. As of December 31, 2017 and 2016, there are no restrictions on the ability of the joint ventures to transfer funds to the Bank in the Form of cash dividends. |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of intangible assets and goodwill [text block] | NOTE 8. GOODWILL AND INTANGIBLE ASSETS, NET December 31, 2017 December 31, 2016 In millions of COP Intangible assets 535,465 563,942 Goodwill 6,095,959 6,130,095 Total 6,631,424 6,694,037 8.1. Intangible assets As of December 31, 2017 Cost Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2017 17,741 503,094 324,495 845,330 Acquisitions - 70,681 - 70,681 Write off - (24,296) - (24,296) Foreign currency translation adjustment (99) (1,798) (1,807) (3,704) Balance at December 31, 2017 17,642 547,681 322,688 888,011 Amortization Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2017 (2,533) (204,296) (74,559) (281,388) Write off - 44,690 - 44,690 Amortization expense (2,493) (50,673) (63,586) (116,752) Foreign currency translation adjustment (14) 1,008 (90) 904 Balance at December 31, 2017 (5,040) (209,271) (138,235) (352,546) Intangible assets at December 31, 2017, net 12,602 338,410 184,453 535,465 As of December 31, 2016 Cost Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2016 18,620 1,032,334 340,582 1,391,536 Acquisitions - 122,729 - 122,729 Write off (1) - (636,826) - (636,826) Foreign currency translation adjustment (879) (15,143) (16,087) (32,109) Balance at December 31, 2016 17,741 503,094 324,495 845,330 1. In 2016, the Parent Company noticed that some licenses, software and computer applications amounting to COP 549,191 were recognized on the balance sheet even though their useful life were completely amortized and the Bank did not use them for several years. This amount has been written off. Amortization Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2016 - (783,950) - (783,950) Write off - 641,989 - 641,989 Amortization expense (2,578) (71,540) (75,658) (149,776) Foreign currency translation adjustment 45 9,205 1,099 10,349 Balance at December 31, 2016 (2,533) (204,296) (74,559) (281,388) Intangible assets at December 31, 2016, net 15,208 298,798 249,936 563,942 As of December 31, 2017 and 2016, the Bank does not have intangible assets with restricted ownership, intangible assets pledged as collateral or contractual agreements for the acquisition of this class of assets. Research and development costs related to software development During the period ending at December 31, 2017, 2016 and 2015, the Bank incurred in costs that are directly related to software development amounted to COP 422, COP 16,715 and COP 8,344. These costs were incurred during the analysis and design of particular solutions in connection with the updating and replacement of the mortgage core factoring and the implementation of SQL Reporting Services. The expenses were recorded mainly as fees paid in the line ‘Other administrative and general expenses’ of the consolidated statement of income. Intangibles which did not meet the criteria to be recognized as assets As of December 31, 2017, 2016 and 2015, the Bank has recognized in the statement of income the amount of COP 23,180, COP 16,217 and 3,583, related to expenditures which were not recognized as intangible assets. These expenses were not recorded as assets due to the lack of characterists to be reliably identifiable, and those assets do not support critical processes to be recognized as intangible assets. 8.2 Goodwill December 31, 2017 December 31, 2016 In millions of COP Balance at beginning of the year, net 6,130,095 6,484,669 Effect of change in foreign exchange rate (34,136) (354,574) Balance at end of the year, net 6,095,959 6,130,095 The Bank tests goodwill recognized as a result of business combinations for impairment at least annually using a process that begins with an estimation of the recoverable amount of a group of cash-generation units equal to the operating segment. Recoverable amount is determined by management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. Determination of recoverable amount requires management to make assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; the assessment of the appropriate discount rate; estimation of the recoverable amount of cash-generation units; and the valuation of the separable assets of each business whose goodwill is being reviewed. Operating segment Goodwill 2017 Valuation Methodology Key Assumptions Discount Rate (real) Growth rate (real) Banking El Salvador COP 842,126 Discounted 5 years plan 12.30% 3.40% Banking Panama COP 4,557,380 Discounted 5 years plan 8.90% 6.70% Banking Guatemala COP 696,453 Discounted 5 years plan 11.30% 5.30% In 2017 and 2016, the Bank tested the aforementioned goodwill for impairment purposes at operating segment levels: Banking Panama, Banking El Salvador and Banking Guatemala. Each operating segment represent a group of cash generating units. Evaluating the goodwill impairment at an operating segment level ensure the alignment with the approach used by the CODM to make decisions about resources to be allocated to the segments and assess its performance. Sensitivity analysis: In order to assess the impact of changes in certain significant inputs as the discount rate and the growth rate in the operating segments’ recoverable amount, the Bank made a sensitivity analysis of these inputs through the definition of alternative scenarios with their future evolution. The tables below present the estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis: Banking Panama Growth rate Discount rate 9.15% 8.90% 8.65% 6.70% COP 9,750,408 COP 10,939,812 COP 12,435,319 Discount rate Growth rate 6.45% 6.70% 6.95% 8.90% COP 10,161,356 COP 10,939,812 COP 11,917,875 Banking El Salvador Growth rate Discount rate 12.55% 12.30% 12,05% 3.40% COP 2,520,931 COP 2,588,656 COP 2,660,269 Discount rate Growth rate 3.15% 3.40% 3.65% 12.30% COP 2,564,330 COP 2,588,656 COP 2,614,375 Banking Guatemala Growth rate Discount rate 11.55% 11.30% 11.05% 5.30% COP 2,239,238 COP 2,339,936 COP 2,449,482 Discount rate Growth rate 5.05% 5.30% 5.55% 11.30% COP 2,295,042 COP 2,339,936 COP 2,388,737 As of December 31, 2016 Banking Panama Growth rate Discount rate 9.75% 9.50% 9.25% 6.60% COP 8,690,384 COP 9,444,020 COP 10,339,834 Discount rate Growth rate 6.35% 6.60% 6.85% 9.50% COP 8,950,634 COP 9,444,020 COP 10,030,497 Growth rate Discount rate 12.45% 12.20% 11.95% 3.40% COP 2,736,320 COP 2,803,464 COP 2,874,488 Discount rate Growth rate 3.15% 3.40% 3.65% 12.20% COP 2,774,994 COP 2,803,464 COP 2,833,601 Banking Guatemala Growth rate Discount rate 11.85% 11.60% 11.35% 5.30% COP 2,096,380 COP 2,187,604 COP 2,286,466 Discount rate Growth rate 5.05% 5.30% 5.55% 11.60% COP 2,150,867 COP 2,187,604 COP 2,227,376 The Bank considers goodwill as an asset with indefinite useful life. 8.3 Agromercantil Group Holding (GAH) acquisition On December 18, 2012, Bancolombia Panama S.A. (a subsidiary of Bancolombia S.A.) and BAM Financial Corporation (BFC), entered into a stock purchase agreement, pursuant to which Bancolombia Panama agreed to purchase from BFC a 40% stake in the capital stock of the Panamanian company Grupo Agromercantil Holding (GAH). On October 1, 2013, after obtaining the required regulatory authorizations Bancolombia Panama acquired 40% of the common stock of GAH. The consideration paid by Bancolombia was USD 217,000 in cash. Likewise, the agreement set forth a series of call options held by Bancolombia Panama and put options held by BFC, with which after 5 years since that date Bancolombia Panama had the right to buy and BFC the obligation to sell, the number of voting shares required to hold 51% of the total share capital of GAH, on the other hand, during 5 years since the effective date, BFC had the right to sell and Bancolombia Panama the obligation to buy, any number of voting shares; however, the option never could be for a number of shares that would result in a 50%/50% of ownership over GAH as of October 2013. In September 2015, the Share Purchase Agreement aforementioned was modified, BFC agreed to sell 40,540,000 common shares of Grupo Agromercantil (equivalent to 20% of the subscribed and paid capital) to Bancolombia Panama. The consideration paid in cash by Bancolombia Panama was USD 151,500. The acquisition achieved in stages of GAH and its subsidiaries was accounted for under the acquisition method in accordance with IFRS 3. Accordingly, the Bank remeasured its previously held equity interest in GAH at its acquisition-date fair value and recognized the resulting gain or loss considering any other comprehensive income previously recorded related to currency translation adjustment and equity method adjustment. The purchase price was allocated to the acquired assets and liabilities based on their estimated fair values at the acquisition date. All acquired loans were also recorded at fair value. Goodwill of USD 233,396 (COP 735,073) was calculated as the purchase premium after adjusting for the fair value of net assets acquired, and the related deferred tax amounts of USD 28,954 (COP 91,191). |
PREMISES AND EQUIPMENT, NET
PREMISES AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of property, plant and equipment [text block] | NOTE 9. PREMISES AND EQUIPMENT, NET As of December 31, 2017 Premises and equipment Balance at January 1, 2017 Roll - forward Balance at December 31, 2017 Acquisitions Expenses depreciation Disposals Assets classified as held for sale Subsidiary liquidation Effect of changes in foreign exchange rate In millions of COP Land Cost 334,499 4,050 - (904) - - (283) 337,362 Construction in progress Cost 32,883 48,849 - (76,066) - - (537) 5,129 Buildings Cost 1,185,296 130,766 - (27,041) - (5,973) 21,491 1,304,539 Accumulated depreciation (259,400) - (29,451) 3,449 - - 284 (285,118) Furniture and fixtures Cost 572,699 40,187 - (12,647) (111) (37) 1,184 601,275 Accumulated depreciation (300,731) - (39,912) 9,317 95 30 (2,853) (334,054) Computer equipment Cost 717,464 100,939 - (29,301) (6,025) (39) (562) 782,476 Accumulated depreciation (477,339) - (73,772) 46,358 5,740 18 1,019 (497,976) Vehicles Cost 1,461,628 650,232 - (305,457) (318,880) (32,845) (43,969) 1,410,709 Accumulated depreciation (387,491) (2,866) (144,159) 14,022 113,100 15,740 20,378 (371,276) Airplane Cost 60,614 - - (59,614) - - (1,000) - Accumulated depreciation (6,227) - (356) 6,480 - - 103 - Ongoing Imports Cost 1,929 6,472 - (4,744) - - (155) 3,502 Leasehold improvements Cost 248,358 61,284 - (7,812) - - (4,330) 297,500 Accumulated depreciation (68,485) - (28,631) (29,723) - - 176 (126,663) Total premises and equipment - cost 4,615,370 1,042,779 - (523,586) (325,016) (38,894) (28,161) 4,742,492 Total premises and equipment - accumulated depreciation (1,499,673) (2,866) (316,281) 49,903 118,935 15,788 19,107 (1,615,087) Total premises and equipment, net 3,115,697 1,039,913 (316,281) (473,683) (206,081) (23,106) (9,054) 3,127,405 As of December 31, 2016 Premises and equipment Balance at January 1, 2016 Roll - forward Balance at December 31, 2016 Acquisitions Transfers Expenses - depreciation Disposals Assets classified as held for sale Effect of changes in foreign exchange rate In millions of COP Land Cost 355,907 - - - (8,692) - (12,716) 334,499 Construction in progress Cost 61,322 34,428 - - (59,873) (1) (766) (2,228) 32,883 Buildings Cost 1,185,109 88,506 - - (43,997) (24,293) (20,029) 1,185,296 Accumulated depreciation (269,316) (54) - (31,007) 16,942 13,569 10,466 (259,400) Furniture and fixtures Cost 531,176 74,117 2,029 - (19,962) - (14,661) 572,699 Accumulated depreciation (270,193) (1,243) (866) (43,150) 7,176 - 7,545 (300,731) Computer equipment Cost 761,961 92,723 2,348 - (120,241) (3,309) (16,018) 717,464 Accumulated depreciation (484,520) (1,338) (606) (89,771) 83,763 2,864 12,269 (477,339) Vehicles Cost 1,240,211 682,070 146 - (278,175) (185,937) 3,313 1,461,628 Accumulated depreciation (342,606) (134) (20) (141,290) 9,889 89,872 (3,202) (387,491) Airplane Cost 63,619 - - - - - (3,005) 60,614 Accumulated depreciation (4,126) - - (2,336) - - 235 (6,227) Ongoing Imports Cost 21,192 59,777 - - (54,598) - (24,442) 1,929 Leasehold improvements Cost 283,666 23,055 - - (43,640) - (14,723) 248,358 Accumulated depreciation (81,136) - - (21,704) 31,598 - 2,757 (68,485) Total premises and equipment - cost 4,504,163 1,054,676 4,523 - (629,178) (214,305) (104,509) 4,615,370 Total premises and equipment - accumulated depreciation (1,451,897) (2,769) (1,492) (329,258) 149,368 106,305 30,070 (1,499,673) Total premises and equipment, net 3,052,266 1,051,907 3,031 (329,258) (479,810) (108,000) (74,439) 3,115,697 (1) The amount corresponds to the activation of elements in the Banco Agricola’s headquater construction. As of December 31, 2017 and 2016, there were no contractual commitments for the purchase of premises and equipment, or premises and equipment pledged as collateral. As of December 31, 2017 and 2016, the assessment made by the Bank indicates there is no evidence of impairment of its premises and equipment. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of investment property [text block] | NOTE 10. INVESTMENT PROPERTIES The table below sets forth the reconciliation between the initial balance account and the balance at the end of the period, at fair value: December 31, 2017 December 31, 2016 In millions of COP Balance at the beginning of the year 1,581,689 1,505,046 Acquisitions 92,102 29,034 Sales/Write-offs (71,955) (72,682) Classified to Assets held for sale - (29,008) Gains on valuation (1) 55,573 149,299 Balance at the end of the period (2) 1,657,409 1,581,689 (1) See note 24.4. Other operating income. (2) Between December 31, 2016 and 2017 there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 29 Fair value of assets and liabilities. The valuation adjustments recorded by the Bank's related to its investment properties are detailed below: As of December 31, 2017 Type of asset Balance at the beginning of the year Appraisals Net increase (decrease) in investment properties Adjusted fair value at the end of the year (1) In millions of COP Buildings 1,355,717 49,721 7,847 1,413,285 Lands 225,972 5,852 12,300 244,124 Total 1,581,689 55,573 20,147 1,657,409 As of December 31, 2016 Type of asset Balance at the beginning of the year Appraisals Net increase (decrease) in investment properties Classified to assets held for sale Adjusted fair value at the end of the year (1) In millions of COP Buildings 1,275,566 52,543 27,608 - 1,355,717 Lands 229,480 96,756 (71,256) (29,008) 225,972 Total 1,505,046 149,299 (43,648) (29,008) 1,581,689 (1) Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). Amounts recognized in the statement of income for the period. The table sets forth the main income recorded by the Bank related to its investment properties: December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Income from rentals 77,964 66,838 89,389 Operating expenses due to: Investment properties that generated income through rentals 21,012 21,254 11,693 Investment properties that did not generate income through rentals 2,295 2,495 2,539 Currently, there are no restrictions on the use or income derived from the buildings or lands that the Bank has as investment property. The fair value of the Bank’s investment properties for the year ending at December 31, 2017 and December 31, 2016, has been recorded according to the assessment made by independent external consulting companies that have the appropriate capacity and experience in performing those assessments. The appraisers are either approved by the Property Market Auctions of Colombia or foreign appraisers, who are required to provide a second signature by a Colombia appraiser accredited by the Property Market Auctions. Fair value appraisals are carried out in accordance with IFRS 13. The reports made by the external consulting company contain the description of the valuation methodologies used, and key assumptions such as: discount rates, calculation of applied expenses and income approach, among others. The fair value of the investment properties is based on the comparative market approach, which reflects the prices of recent transactions with similar characteristics. Upon determining the fair value of these investment properties, the greater and best use of these investment properties is their present use. For further information about measurements techniques and inputs used by consulting companies, please see Note 29 Fair Value of assets and liabilities. As of December 31, 2017 and 2016, the Bank does not have investment properties held under financial leases. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Income Tax [Abstract] | |
Disclosure of income tax [text block] | NOTE 11. INCOME TAX The income tax is recognized in each country where the Bank has operations, in accordance with the tax regulations in force in each of the jurisdictions. The deferred tax asset and liability is recognized based on the temporary differences arising from the future estimate of tax and accounting effects attributable to differences between assets and liabilities in the Financial Statements and its tax base. In order to adequately comply with tax obligations on a timely basis, the Bank constantly analyzes and interprets current tax legislation that is applicable to its operations. Components recognized in the Income Statement for the period: December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Current tax Fiscal year 1,041,454 813,355 346,556 Previous fiscal years 3,967 2,519 6,159 Total current tax 1,045,421 815,874 352,715 Deferred tax Fiscal year 193,177 360,958 296,535 Total deferred tax 193,177 360,958 296,535 Total tax 1,238,598 1,176,832 649,250 Components recognized in Other Comprehensive Income (OCI) December 31, 2017 In millions of COP Amount before taxes Expenses or (income) per tax Net taxes Remeasurement loss related to defined benefit liability 3,753 (3,725) 28 Net profit (loss) by financial instruments measured at fair value 29,095 9,789 38,884 Gain or loss on net investment hedge in foreign operations 449,640 (6,895) 442,745 Net 482,488 (831) 481,657 See Other Comprehensive Income December 31, 2016 In millions of COP Amount before taxes Expenses or (income) per tax Net taxes Remeasurement loss related to defined benefit liability 626 (10,966) (10,340) Net profit (loss) by financial instruments measured at fair value 208,276 24,341 232,617 Net 208,902 13,375 222,277 See Other Comprehensive Income December 31, 2015 In millions of COP Amount before taxes Expenses or (income) per tax Net taxes Remeasurement loss related to defined benefit liability (59,434) 9,312 (50,122) Net profit (loss) by financial instruments measured at fair value 128,271 9,052 137,323 Net 68,837 18,364 87,201 See Other Comprehensive Income 11.3. Other disclosures 11.3.1. Explanation of applicable rates The following are nominal rates of the income tax in each of the countries where the Bank has operations that are subject to income tax: Companies domiciled in Colombia 2017 2016 2015 Income 34% 25% 25% CREE 0% 9% 9% Surcharge 6% 6% 5% Total 40% 40% 39% Companies domiciled in other countries 2015 2016 2017 2018 2019 As from 2020 Companies from Peru Income 30% 28% 29.5% 29.5% 29.5% 29.5% Companies from Panama Income 25% 25% 25% 25% 25% 25% Companies from El Salvador Income 30% 30% 30% 30% 30% 30% Companies from Guatemala Income 25% 25% 25% 25% 25% 25% Amount of temporary differences in subsidiaries, branches, associates on which no charged deferred tax has been recognized December 31, 2017 December 31, 2016 In millions of COP Temporary differences Local Subsidiaries (1,043,724) (234,975) Foreign Subsidiaries (4,533,672) (4,547,623) In accordance with IAS 12, no deferred tax was recognized due to the fact that management are able to control the future time when those differences are reverted, and that this is not expected to take place in the foreseeable future. 11.3.3. Temporary differences to December 31, 2017 December 31, 2017 December 31, 2017 December 31, 2016 December 31, 2016 In millions of COP Company Deferred tax asset Deferred tax liability Deferred tax asset Deferred tax liability Arrendadora Financiera S.A. 299 - - (87) Arrendamiento Operativo CIB S.A.C. - - 370 - Bagrícola Costa Rica S.A. 56 - 68 - Grupo Agromercantil Holding - (29,924) - (38,622) Banca de Inversión Bancolombia S.A. - (26,432) - (99,504) Banco Agrícola S.A. 46,328 - 43,594 - Bancolombia S.A. - (1,368,062) - (1,152,726) Banistmo S.A. y Filiales 96,533 - 166,421 - BIBA Inmobiliaria S.A.S. - (5) - (10) Fideicomiso “Lote Abelardo Castro” - (188) - (171) Fiduciaria Bancolombia S.A. 1,808 - 6,483 - FiduPerú S.A Sociedad Fiduciaria - - 165 - Inversiones CFNS S.A.S. - (700) - (1,042) Renting Colombia S.A.S. - (5,466) - (19,753) Transportempo S.A.S 509 - 285 - Valores Banagricola S.A. 10 - - - Valores Bancolombia S.A. 3,071 - 5,476 - Valores Simesa S.A. - (9,421) - (13,439) Net Deferred Tax by Company 148,614 (1,440,198) 222,862 (1,325,354) Net Deferred Tax (1,291,584) (1,102,492) 11.3.4. Assets and Liabilities deferred tax without netting per company Deferred tax summary in Balance accounts December 31, 2016 With effects on the statement of income and Foreign currency translation adjustments With OCI effects Eliminations Reclassifications December 31, 2017 In millions of COP Deferred tax asset 757,874 (167,907) 15,021 (3,122) 999 602,865 Deferred tax liability (1,860,366) (7,014) (14,190) (15,939) 3,060 (1,894,449) Net deferred tax (1,102,492) (174,921) 831 (19,061) 4,059 (1,291,584) The deferred tax disclosed in section 11.1 corresponds to deferred tax assets and liabilities without eliminations in the amount of COP 174,921, plus eliminations in the amount of COP 19,061, less the difference for foreign currency translation adjustments that is contained in the movement of balance sheet accounts of COP (805). With effects on the statement of income December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax asset: Premises and equipment 19,721 7,258 8,690 21,153 Employee benefits 152,070 9,252 18,706 161,524 Municipal tax liabilities 16,385 16,385 - - Impairment evaluation 252,181 285,854 238,583 204,910 Offset of tax credits 31,394 200 37,269 68,463 Financial obligations 59,967 9,176 1,072 51,863 Investment valuation 6,846 6,846 81 81 Foreclosed Assets 118.894 119,177 283 - Other deductions 71.792 37,179 16,613 51,226 Total deferred tax asset 729,250 491,327 321,297 559,220 December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax liability: Premises and equipment (230,202) 29,875 33,223 (233,550) Leasing re-expression (279,733) - 175,877 (455,610) Impairment evaluation (225,635) 221,704 2,481 (6,412) Equity securities valuation (153,886) 73,171 40,495 (121,210) Derivatives valuation (124,737) 68,011 - (56,726) Goodwill (587,094) 20,434 192,228 (758,888) Foreclosed Assets (25,160) 6,733 29,082 (47,509) Other deductions (138,235) 63,114 29,549 (104,670) Total deferred tax liability (1,764,682) 483,042 502,935 (1,784,575) Impact on Other Comprehensive Income December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax asset Employee benefits 28,624 1,958 10,084 36,750 Investment hedge in foreign operations - - 6,895 6,895 Total deferred tax asset 28,624 1,958 16,979 43,645 December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax liability Employee benefits - 150 4,551 (4,401) Debt securities valuation (39) 39 41 (41) Investment valuation (95,645) 6 9,793 (105,432) Total deferred tax liability (95,684) 195 14,385 (109,874) In accordance with the financial projections, we expect to generate enough net income in the future to compensate for items registered as deductible deferred tax. These estimates are based on financial projections that were prepared taking into account the information of Grupo Bancolombia's economic research about the economic environment expected over the next five years. The main indicators on which the models are based are GDP growth, portfolio growth and interest rates. In addition to these elements, the company's long-term strategy is also taken into consideration. 11.3.5. Future consequences of dividends from local subsidiaries According to the historical behavior of dividends and current tax regulations, they would not be taxed in the event that the Parent Company receives dividends from its local subsidiaries. Conciliation of the effective tax rate Conciliation of the tax rate December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Accounting earnings 3,992,771 3,968,282 3,235,635 Tax applicable to the nominal rate 1,597,108 1,587,313 1,261,898 Non-deductible expenses for determining taxable profit (loss) 356,350 255,435 290,291 Accounting and not fiscal expenses (income) for determining taxable profit (loss) (179,605) (217,056) (822,513) Differences in tax bases 341,828 (348,985) (149,502) Tax and not accounting expenses (income) for determining taxable profit (loss) (23,844) 23,381 352,543 Revenues from ordinary activities exempt from taxation (181,406) (121,917) (172,466) Income from ordinary activities not constituting income or occasional earnings from taxation (130,272) (111,027) (66,459) Other fiscal deductions (184,620) (107,083) (168.970) Repayments on commercial credit (233,004) - - Surplus of tax depreciation (177,936) (20,323) (2,083) Foreign profits taxed at other rates (218,785) 72,144 99,398 Other effects of the tax rate from reconciling accounting earnings and tax expenses (income) 272,784 164,950 27,113 Total Tax 1,238,598 1,176,832 649,250 December 31, 2016 December 31, 2015 In millions of COP Earnings before taxes 266,072 21,446 Total income and CREE taxes (2,961) 21,635 Total deferred tax (99,614) (22,702) Total tax (102,575) (1,067) Net profit of discontinued operations 163,497 22,513 * For 2017 no operations were discontinued. 11.4. Potential consequences on the payment of dividends If the Parent Company, or any of its subsidiaries, distributes dividends, these would be subject to the tax regulations of each of the countries where they are enacted. 11.5. Tax contingent liabilities and assets Having analyzed the fiscal positions adopted in the declarations subject to review by the fiscal authority, Grupo Bancolombia believes it to be necessary to continue to recognize the uncertain position for the tax year of 2014 for the financial statements as of December 31, 2017. 11.6. Fiscal credits The following is the detail of the Tax loss carryforward and excesses of presumptive income on net income in the group entities, which have not been used up to December 31, 2017. Base Tax deferred asset recognized In millions of COP 207,395 68,463 11.7. Tax regulations applicable to current and deferred taxes for fiscal years 2015, 2016 and 2017. 11.7.1. Companies domiciled in Colombia Current tax a) Starting from the tax year of 2017, current tax is calculated based on the accounting information provided under the framework of the technical accounting regulations currently in force in Colombia and established by Decree No. 2420 of 2015 and its subsequent amendments. Up until the tax year of 2016, current tax was calculated based on the accounting information prepared in accordance with the standards provided under Decree No. 2649 and 2650 of 1993, the technical standards established by the Financial Superintendence of Colombia; consequently, taxes are calculated using a combination of bases depending on the year of the transaction. b) Occasional earnings are handled separately from ordinary income and taxed at a rate of 10%. c) The basis for calculating ordinary income tax cannot be less than three point five percent (3.5%) of liquid assets on the last day of the previous fiscal year. Wealth tax In its statement of financial position, Grupo Bancolombia recognized the payment of the wealth tax contributions corresponding to the current tax year of 2017, in accordance with the Law No. 1739 of 2014. 11.7.2. Companies domiciled in other countries Current tax is calculated based on the accounting information provided by the current technical accounting frameworks in each of the jurisdictions where Grupo Bancolombia operates. 11.7.3. Deferred Tax Deferred tax as of December 31, 2017 was calculated based on the applicable fiscal regulations in every country where Grupo Bancolombia operates, using tax rates that apply to the tax years in which they expect to realize their assets and settle their liabilities. |
ASSETS HELD FOR SALE AND INVENT
ASSETS HELD FOR SALE AND INVENTORIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Assets Held For Sale And Inventories [Abstract] | |
Assets Held For Sale And Inventories [text block] | NOTE 12. ASSETS HELD FOR SALE AND INVENTORIES Assets held for sale and inventories December 31, 2017 December 31, 2016 In millions of COP Inventories, net 164,516 140,137 Assets held for sale 212,487 133,050 Total inventories and assets held for sale, net 377,003 273,187 12.1 Inventories Due to the nature of the financial services provided by some subsidiaries of the Bank, when assets provided through operating or financial leases to third parties that do not exercise the purchase option or do not have a purchase option, once the agreement expires those assets are recorded as inventories, considering that in the course of the ordinary activities performed by such subsidiaries, those assets are routinely sold. Inventories December 31, 2017 December 31, 2016 In millions of COP Lands and buildings 117,339 90,166 Vehicles 45,741 50,843 Machinery 16,252 11,045 Total inventory cost 179,332 152,054 Impairment (14,816) (11,917) Total inventories, net 164,516 140,137 Impairment is recognized based on market price fluctuation due to the fact that the fair value is determined by the offering price less cost to sell. There are no inventories pledged as collateral for liabilities as of December 31, 2017 and 2016. 12.2 Assets held for sale The assets recognized by the Bank as assets held for sale correspond to machinery, equipment, motor vehicles, technology, and investment property, among others that have been received as foreclosed assets. The Bank's assets held for sale have a current plan to sale, which contains the details of the selling price allocation and the advertising and marketing plan of the assets. Furthermore, the plan specifies the conditions to proceed with the selling process, consisting of an offer made by the customer and then, the Management's approval to perform the sale. As of December 31, 2017 Assets held for sale Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Others Segment Total In millions of COP Machinery and equipment 8,099 3,362 - 39 - 11,500 Cost 8,972 3,422 - 39 - 12,433 Impairment (873) (60) - - - (933) Real estate for residential purposes 8,346 12,257 2,586 665 - 23,854 Cost 8,431 12,859 2,645 885 - 24,820 Impairment (85) (602) (59) (220) - (966) Real estate different from residential properties 295 952 - 155 - 1,402 Cost 295 952 - 178 24 1,449 Impairment - - - (23) (24) (47) Investments held for sale - - - - 18,413 18,413 Cost (1) - - - - 18,413 18,413 Impairment - - - - - - Assets related to Investments held for sale - - - - 157,318 157,318 Cost (2) - - - - 157,318 157,318 Impairment - - - - - - Total assets held for sale 16,740 16,571 2,586 859 175,731 212,487 1. In December 2017, the administration launched the execution of a sale plan for the investments associated with Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., for this reason the investments are presented as "non-current assets held for sale". According to the sales plan, the sale is expected to occur before the end of year 2018. 2. These assets corresponded to Arrendamiento Operativo CIB S.A.C.; Capital Investments SAFI S.A. and FiduPerú S.A. Sociedad Fiduciaria. For the companies Arrendamiento Operativo CIB S.A.C.; Capital Investments SAFI S.A. and FiduPerú S.A. Sociedad Fiduciaria, the Bank has the intention to sell them. Therefore the Bank expects that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. As a result, these companies are disclosed in the Statement of Financial Position as assets held for sale. The sale is highly probable and those companies are available for immediate sale subject only to customary terms for sale. In this regard, Bank is managing all the necessary authorizations to carry out the sale such as the approval of the Peruvian Superintendence of Banking and Insurance. December 31, 2017 In millons of COP Assets Cash and cash equivalents 19,072 Financial assets investment 2,486 Premises and equipment, net 109,469 Prepaid expenses 101 Tax receivables 8,028 Deferred tax 1,103 Assets held for sale 4,691 Other assets 12,368 Total assets 157,318 Liabilities Borrowings from other financial institutions 90,109 Tax liabilities 611 Deferred tax liabilities 4,908 Other liabilities 7,348 Total liabilities 102,976 Assets held for sale Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Others Segment Total In millions of COP Machinery and equipment 3,726 2,361 - 24 3,355 9,466 Cost 3,871 2,671 - 26 3,355 9,923 Impairment (145) (310) - (2) - (457) Real estate for residential purposes 3,862 15,036 1,096 677 - 20,671 Cost 4,031 15,160 1,114 825 - 21,130 Impairment (169) (124) (18) (148) - (459) Real estate different from residential properties 28,587 2,093 - 185 72,048 102,913 Cost 29,861 2,093 - 185 72,048 104,187 Impairment (1,274) - - - - (1,274) Total assets held for sale 36,175 19,490 1,096 886 75,403 133,050 Assets held for sale had an impairment amounting COP 1,946 and COP 2,190 as of December 31, 2017 and December 31, 2016, respectively. The aforementioned impairment was mainly due to observable transactions with a sale price below the carrying value of assets less the estimated costs to sell. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Other Assets [Abstract] | |
Disclosure Of Other Assets Explanatorys [text Block] | NOTE 13. OTHER ASSETS As of December 31, 2017 and 2016 the Bank’s other assets consist of: Other Assets December 31, 2017 December 31, 2016 In millions of COP Tax advance 480,523 581,152 Marketable and non-marketable for sale assets 328,877 337,243 Other receivables (1) 291,235 480,255 Prepaid expenses 287,550 310,759 Advances to asset purchases 251,561 94,150 Assets pledged as collateral 192,036 171,561 Receivables related to abandoned accounts (2) 147,228 110,944 Interbank Borrowings not classified as cash equivalents 125,963 159,398 Receivable Sales of goods and service 117,540 137,248 Commission receivables 97,710 72,002 Commission for letters of credit 72,927 94,835 Balance in credit card clearning house 66,788 63,018 Operating leases 38,653 39,150 Debtors 10,510 18,911 Taxes receivable 7,199 4,474 Interest receivable 1,128 8,794 Others 33,370 100,838 Total other assets 2,550,798 2,784,732 Allowance others (71,761) (33,849) Total other assets, net 2,479,037 2,750,883 (1) As of December 31, 2017 corresponds to conciliatory items on correspondent banks and mortgage-backed securities´ interest; for December 2016, mainly comprised of insurance claims and cash short and over. (2) The item corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia). |
DEPOSITS FROM COSTUMERS
DEPOSITS FROM COSTUMERS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Deposits From Customers [Abstract] | |
Disclosure of deposits from customers [text block] | NOTE 14. DEPOSITS FROM COSTUMERS The detail of the deposits as of December 31, 2017 and 2016 is as follows: Deposits December 31, 2017 December 31, 2016 In millions of COP Saving accounts 54,255,583 48,693,702 Time deposits 53,961,586 52,673,385 Checking accounts 22,065,647 21,443,002 Other deposits 1,676,399 1,813,922 Total 131,959,215 124,624,011 The following table details the time deposits (‘CDT’) issued by the Bank: CDT Effective interest rate December 31, 2017 Modality Minimum Maximum Carrying value Fair value In millions of COP Less than 6 Months 0.10% 6.96% 7,536,280 7,535,719 Equal to 6 months and less than 12 months 0.20% 8.03% 5,711,157 5,718,827 Equal to 12 months and less than 18 months 0.20% 9.03% 8,062,290 8,146,366 Equal to or greater than 18 months 0.01% 18.29% 32,651,859 33,381,189 Total 53,961,586 54,782,101 CDT Effective interest rate December 31, 2016 Modality Minimum Maximum Carrying value Fair value In millions of COP Less than 6 Months 0.01% 8.86% 10,495,536 10,458,936 Equal to 6 months and less than 12 months 0.20% 9.63% 7,612,216 7,629,195 Equal to 12 months and less than 18 months 0.01% 10.01% 5,345,522 5,391,407 Equal to or greater than 18 months 0.01% 18.29% 29,220,111 29,666,246 Total 52,673,385 53,145,784 The detail of CDT’s issued by the Bank by maturity is as follows: December 31, 2017 Period Carrying value Fair value In millions of COP Less than one year 36,416,439 36,701,555 1 to 3 years 10,525,956 10,727,828 3 to 5 years 5,367,765 5,592,750 More than 5 years 1,651,426 1,759,968 Total 53,961,586 54,782,101 December 31, 2016 Period Carrying value Fair value In millions of COP Less than one year 34,442,445 34,626,003 1 to 3 years 10,698,266 10,815,760 3 to 5 years 5,401,074 5,505,403 More than 5 years 2,131,600 2,198,618 Total 52,673,385 53,145,784 |
INTERBANK DEPOSITS AND REPURCHA
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Abstract] | |
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [text Block] | NOTE 15. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING Interbank and repurchase agreements and other similar secured borrowing December 31, 2017 December 31, 2016 In millions of COP Interbank Deposits Interbank liabilities 1,084,591 341,856 Total interbank 1,084,591 341,856 Repurchase agreements and other similar secured borrowing Short selling operations 607,536 880,705 Temporary transfer of securities 2,628,592 918,470 Repurchase agreements - 124,835 Total Repurchase agreements and other similar secured borrowing (1) 3,236,128 1,924,010 Total money market transactions 4,320,719 2,265,866 (1) Total repo liabilities have maturities of less than 30 days. Offsetting of Repurchase and Resale Agreements For the Bank and its Colombian subsidiaries, substantially all of repurchase and resale activities are transacted under legally enforceable repurchase agreements that give the Bank, in the event of default by the counterparty, the right to liquidate securities held with the same counterparty. However, the local law for certain jurisdictions outside of Colombia is unclear to determine the enforceability of offsetting rights. The Bank does not offset repurchase and resale transactions with the same counterparty on the consolidated statement of financial position. As of December 31, 2017 Assets / liabilities gross Amounts offset in the statement of financial position Net balance presented in the statement of financial position Financial instruments as collaterals Assets / liabilities net In millions of COP Securities purchased under resale agreements (1) 881,061 - 881,061 (881,061) - Securities sold under repurchase agreements (3,236,128) - (3,236,128) 3,236,128 - Total repurchase and resale agreements (2,355,067) - (2,355,067) 2,355,067 - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. As of December 31, 2016 Assets / liabilities gross Amounts offset in the statement of financial position Net balance presented in the statement of financial position Financial instruments as collaterals Assets / liabilities net In millions of COP Securities purchased under resale agreements (1) 2,643,707 - 2,643,707 (2,643,707) - Securities sold under repurchase agreements (1,924,010) - (1,924,010) 1,924,010 - Total repurchase and resale agreements 719,697 - 719,697 (719,697) - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. For further information about offsetting of other financial assets and liabilities see Note 5 Financial assets investments and derivatives. |
BORROWINGS FROM OTHER FINANCIAL
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Borrowings Explanatory [Abstract] | |
Disclosure of borrowings [text block] | NOTE 16. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS Borrowings from other financial institutions December 31, 2017 December 31, 2016 In millions of COP Obligations granted by domestic banks 5,863,702 5,616,934 Obligations granted by foreign banks (1) 7,958,450 13,288,909 Total 13,822,152 18,905,843 (1) The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 243.2 million as of December 31, 2017 and USD 251.5 million as of December 31, 2016, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding. The Bank will reclassify the liability to equity if the put expires unexercised. For further information see Note 8.3. Acquisition of Grupo Agromercantil Holding (GAH). As of December 31, 2017 Financial entity Rate Maximum Rate Minimum December 31, 2017 In millions of COP Financiera de Desarrollo Territorial (Findeter) 11.30% 1.05% 2,587,598 Banco De Comercio Exterior De Colombia (Bancoldex) 10.86% 1.76% 1,528,435 Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) 14.90% 1.05% 728,558 Other private financial entities 8.89% 0.07% 1,019,111 Total 5,863,702 As of December 31, 2016 Financial entity Rate Maximum Rate Minimum December 31, 2016 In millions of COP Financiera de Desarrollo Territorial (Findeter) 12.77% 1.29% 2,404,521 Banco De Comercio Exterior De Colombia (Bancoldex) 12.48% 0.06% 1,591,035 Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) 12.38% 1.39% 642,775 Other private financial entities 11.86% 2.28% 978,603 Total 5,616,934 Domestic December 31, 2017 December 31, 2016 In millions of COP Amount expected to be settled: More than twelve months after the reporting period 5,288,364 5,234,565 No more than twelve months after the reporting period 575,338 382,369 Total 5,863,702 5,616,934 As of December 31, 2017 Financial entity Rate Maximum Rate Minimum December 31, 2017 In millions of COP Financing with correspondent banks 5.66% 1.48% 7,341,713 Corporación Andina de Fomento (CAF) 3.84% 1.85% 311,730 Banco Latinoamericano de Comercio Exterior (Bladex) 4.10% 1.90% 269,946 Banco Interamericano de Desarrollo (BID) 3.96% 3.96% 35,061 Total 7,958,450 As of December 31, 2016 Financial entity Rate Maximum Rate Minimum December 31, 2016 In millions of COP Financing with correspondent banks 9.71% 0.88% 12,129,817 Corporación Andina de Fomento (CAF) 4.04% 2.67% 745,086 Banco Latinoamericano de Comercio Exterior (Bladex) 3.83% 1.24% 278,392 Banco Interamericano de Desarrollo (BID) 3.96% 1.54% 135,614 Total 13,288,909 Foreign December 31, 2017 December 31, 2016 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 7,037,043 9,559,568 More than twelve months after the reporting period 921,407 3,729,341 Total 7,958,450 13,288,909 |
DEBT SECURITIES IN ISSUE
DEBT SECURITIES IN ISSUE | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of debt securities in issue [Abstract] | |
Disclosure of debt instruments [text block] | NOTE 17. DEBT SECURITIES IN ISSUE Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2017 Issuer Currency Face value Balance Rate Range Bancolombia S.A. Local COP 5,162,515 5,247,501 5.59%-IPC (1) +7% Bancolombia S.A. Foreign USD 3,242,405 9,532,927 1.90%-6.31% Banco Agrícola S.A. Foreign USD 547,000 1,622,238 5.36%-7.99% Bancolombia Panamá S.A. Foreign USD 260,310 784,567 1.90%-2.90% Grupo Agromercantil Holding S.A. Foreign USD 302,264 910,270 0.25%-7.25% Banismo S.A. y filiales Foreign USD 519,300 1,551,211 2.65%-3.65% Total 19,648,714 (1) Consumer price index. As of December 31, 2016 Issuer Currency Face value Balance Rate Range Bancolombia S.A. Local COP 5,458,619 5,562,900 5.49%-IPC (1) Bancolombia S.A. Foreign USD 3,246,970 9,814,915 5.54%-7.84% Banco Agrícola S.A. Foreign USD 530,000 1,581,348 4.25%-6.75% Bancolombia Panamá S.A. Foreign USD 272,282 826,069 1.30%-2.65% Grupo Agromercantil Holding S.A. Foreign USD 302,272 919,577 0.25%-7.25% Total 18,704,809 (1) Consumer price index. The breakdown of the Bank securities in issue by maturity is as follows: As of December 31, 2017 Issuer Less than a year 1 to 3 years 3 to 5 years more than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - 163,778 2,410,209 2,573,987 Ordinary bonds - - 802 2,672,712 2,673,514 Foreign currency Subordinated bonds (1) - - - 6,156,094 6,156,094 Ordinary bonds 535,020 758,879 44,740 6,906,480 8,245,119 Total 535,020 758,879 209,320 18,145,495 19,648,714 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. As of December 31, 2016 Issuer Less than a year 1 to 3 years 3 to 5 years more than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - 495,614 1,875,068 2,370,682 Ordinary bonds - 13 390,016 2,802,189 3,192,218 Foreign currency Subordinated bonds (1) 6,816 - 912,760 6,807,909 7,727,485 Ordinary bonds 826,069 - 970,751 3,617,604 5,414,424 Total 832,885 13 2,769,141 15,102,770 18,704,809 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. The following is a schedule of the debt securities in issue by maturity: Issuer December 31, 2017 December 31, 2016 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 2,352,801 2,018,995 More than twelve months after the reporting period 17,295,913 16,685,814 Total 19,648,714 18,704,809 As of December 31, 2017 and 2016, there were no covenants linked to the aforementioned securities in issue, nor were any of these instruments past due by the Bank in relation to its financial obligations. Issuance of Banistmo Bonds On September 12, 2017 Banistmo issued international bonds with a rate of 3.65% for a total amount of USD 500,000 due in 2022. The bonds were sold at a price of 99.778% with an initial return of 3.73%. The carrying amount recognized was USD 519,842. Subordinated Notes Offering On October 18, 2017, the Bank priced the public offering of USD 750,000 in aggregate principal amount of its Subordinated Notes due October 18, 2027. The Notes have a 10-year maturity, an optional redemption right on the fifth year and a coupon of 4.875%, payable semi-annually on April 18 and October 18 of each year, beginning on April 18, 2018. In connection with the Notes Offering, the Bank acquired USD 360,912 of its Notes due 2020 and USD 321,152 of its Notes due 2022, issued on July 26, 2010 and September 4, 2012, respectively, through a private exchange followed by a Dealer Intermediated Tender Offer. During the transaction, the Bank maintained a third party financial entity as a principal, which was responsible for the execution of the transfer and the exchange. In this regard the Bank has recognized as non-extinguishment the modification of the debt securities in issue corresponding to a portion of the Notes due 2020 and Notes due 2022, then the fees associated with the modified debt instrument amounted to USD 4,303 and, along with the unamortized premium or discount amounted to USD 11,233, were amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the interest method. Green Bonds Offering On December 5, 2016, Bancolombia S.A. completed the offering of ordinary bonds in an aggregate principal amount of COP 350,000 with a term of 7 years and a rate of IBR + 2.20% monthly (30/360). The bonds are referred to as Green Bonds because the proceeds from the offering will be used to finance sustainability projects to combat the climate changes, associated with renewable energies and sustainable constructions. For information related with the disclosures of fair value of the debt securities in issued, see Note 29 fair value of assets and liabilities. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefit plans [Abstract] | |
Disclosure of employee benefits [text block] | NOTE 18. EMPLOYEE BENEFIT PLANS Post-employment and long-term benefit plans December 31, 2017 December 31, 2016 In millions of COP Defined benefit pension plan 131,589 129,931 Severance obligation 38,041 51,289 Retirement Pension Premium Plan and Senior Management Pension Plan Premium 119,526 105,158 Other long term benefits 408,245 364,424 Post-employment and long-term benefit plans 697,401 650,802 Other employment benefit plans Diecember 31, 2017 December 31, 2016 In millions of COP Current severance obligation (1) 106,334 104,352 Other bonuses and short-term benefits 336,285 336,018 Other employment benefit plans 442,619 440,370 (1) See severance obligation These benefits include all types of payments that the Bank provides to its employees. The recognition of liabilities related to post-employment and long-term employee benefit plans is based on actuarial computations which involve judgments and assumptions made by management (with the assistance of actuaries) related to the future macroeconomic and employee demographic factors, among others, which will not necessarily coincide with the future outcome of such factors. As of December 31, 2015, the amount recognized through Profit and Losses, due to benefit employee plans' current service cost and interest cost, was COP 114,808; on the other hand, COP 52,895 was recognized through other comprehensive income as a result of the net actuarial gain or loss due to change in assumptions, demographic experience and foreign currency translation effect. Bonuses and short-term benefits As of December 31, 2017 and 2016, the amounts of COP 336,285 and COP 336,018, respectively, were recognized by the Bank as bonuses related to private agreements in connection with the employees' variable compensation. Post-employment benefits Defined benefit pension plan Colombia Under Colombian law, employee pension obligations are managed as a defined contribution plan since 1990. The Bank’s legal retirement benefit obligation as of December 31, 2017 and 2016 relates to retired employees who rendered services to the Bank before the current regulations took effect. Under this unfunded plan, benefits are based on length of service and level of compensation. As of December 2017, 673 participants were covered by this plan, and as of December 2016, 693 participants. For purposes of the projected assessment of the pension plan obligation, in the absence of a deep market of high quality corporate debt, the sovereign bond curve of the Colombian Government is used, with maturity similar to the residual life of the obligation of the projected benefit. The net cost of pensions is accounted for in the statement of income as “salaries and employee benefits”, and includes the interest costs and cost of current service. Unfunded defined benefit pension plan of the Parent Company 2017 2016 In millions of COP Present value of the obligation as of January 1 123,282 120,543 Interest cost 8,117 8,998 Benefits paid (11,553) (11,114) Net actuarial (gain) / loss due to changes in demographic assumptions 2,216 514 Net actuarial (gain) / loss due to plan experience 3,418 4,341 Defined obligation, unfunded as of December 31 125,480 123,282 Panama The pension plan for Banistmo and its subsidiaries provides defined benefits based on average salary paid during the most recent 120 months before retirement and years of service of certain employees entitled to receive the benefits. The pension benefit vests after 10 years of service. As of December 31, 2017 and 2016, there were 62 participants (31 participants with deferred benefits and 31 participants receiving benefits), and 64 participants covered by the Plan (2 active participants, 31 participants with deferred benefits and 31 participants receiving benefits) respectively: 2017 2016 In millions of COP Present value of the obligation as of January 1 6,649 6,688 Interest cost 198 230 Actuarial (gain)/loss - experience 68 446 Actuarial (gain)/loss - financial assumptions 61 190 Benefits paid from plan assets (825) (584) Foreign currency translation effect (42) (321) Defined obligation, unfunded as of December 31 6,109 6,649 Severance obligation Colombia Under Colombian labor regulations, employees hired before 1990 are entitled to receive one month’s salary for each year of service. This benefit accumulates and is paid to the employees upon their termination or retirement from the Bank, calculated based on the employees’ last salary base; however, employees may request advances against this benefit at any time. In 1990, the Colombian government revised its labor regulations for new employees to permit companies, subject to the approval of the employees, to transfer this severance obligation annually to private pension funds (this scheme of employee benefits is known as the current severance obligation). The Bank’s severance obligations relate to employees hired before 1990. As of December 2017 and 2016, 572 and 707 participants respectively, were covered by this plan. Defined benefit severance obligation plan 2017 2016 In millions of COP Present value of the obligation as of January 1 51,289 52,209 Current cost of service 2,562 2,144 Interest cost 3,419 4,020 Benefits paid (11,298) (10,233) Net actuarial (gain) / loss due to assumption changes and plan experience (7,931) 3,149 Defined obligation, unfunded as of December 31 38,041 51,289 Current severance regimen 106,334 104,352 Total 144,375 155,641 Retirement Pension Premium Plan and Senior Management Pension Plan Premium Colombia Under Colombian labor regulations, employers and employees are entitled to negotiate compensation, other than the retirement benefit prescribed by law, by means of private agreements. The Bank’s employees participating in defined contribution plans are entitled to receive, on their retirement date, a one-time payment at the time based on the salary of the employee at their retirement date. On the other hand, the Bank has established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date based on the number of years of service to the organization. El Salvador By means of Decree 592 of 2013, under Salvadorian labor regulations, employees are entitled to receive 15 days of salary for each year of service. This benefit is payable upon retirement, resignation, unjustified dismissal, death and disability. As of December 31, 2017 and 2016, there were 2,940 and 2,899 participants respectively, covered by the plan. Additionally, employees of Banco Agrícola and its subsidiaries that were 50 years of age (45 for females) as of March 31, 2005 are entitled through a private agreement to receive one month of salary per year of service, net of the benefit established under Legislative Decree 592 in case of termination due to voluntary retirement. As of December 31, 2017 there were not participants, and 2016, there was 1 participant covered by the plan. Guatemala Grupo Agromercantil Holding has established a retirement pension plan for its employees. Under this plan, the employees are entitled to receive a lifetime payment of 50% of their monthly nominal wage, if they are 70 years old and have 30 years of service, or if they are 65 years old and have 40 years of service. On the other hand, the employees are entitled to receive a lifetime payment of 70% of their monthly nominal wage, if they are 70 years old and have 40 years of service, or they are 65 years old and have 45 years of service. Retirement Pension Premium Plan and Senior Management Pension Plan Premium 2017 2016 In millions of COP Present value of the obligation as of January 1 105,158 95,331 Current service cost 7,294 10,597 Interest cost 6,881 7,211 Benefits paid (1,224) (14,933) First time application effect of IAS 19 to new defined benefit obligation of Transportempo at December 31, 2017 (1) 237 - Net actuarial (gain) / loss due to assumption changes and plan experience 1,195 7,093 Foreign currency translation effect (15) (141) Defined obligation, unfunded as of December 31 119,526 105,158 (1) Pursuant to a private agreement reached between Transportempo and its employees, the Bank’s subsidiary has decided to recognize a new employee benefit plan based on the employees’ seniority and their current salary at the moment when the service is vested. Other long term benefits Other long term benefits 2017 2016 In millions of COP Present value of the obligation as of January 1 364,424 271,651 Current service cost 37,433 29,190 Interest cost 26,329 18,940 Benefits paid (38,671) (39,092) Unfunded benefit obligation assumed for GAH at December 31, 2017 (1) 340 - First time application effect of IAS 19 to new defined benefit obligation of Renting at December 31, 2017 ( 2) 614 - Net actuarial (gain) / loss due to assumption changes and plan experience 16,893 84,247 (3) Foreign currency translation effect 883 (512) Defined obligation, unfunded as of December 31 408,245 364,424 (1) Former employees have been incorporated again in the Company’s payroll due to the private agreement reached between Comamesa (a Guatemalan subsidiary of GAH) and Serviva (security supplier). (2) Pursuant to a private agreement reached between Renting and its employees, the Bank’s subsidiary has decided to recognize a new employee benefit plan based on the employees’ seniority and their current salary at the moment when the service is vested. (3) As a result of the acquisition of control of Grupo Agromercantil Holding in 2015, the Bank assumed the obligations related to the termination indemnity plan of Banco Agromercantil de Guatemala, Consejería, Mantenimiento y Mensajería, Seguros Agromercantil (subsidiaries of Grupo Agromercantil Holding). Plan Assets - Panama The Bank, through its subsidiary Banistmo, has established a plan with assets to secure benefits promised by Banistmo to the employees entitled to receive the Pension Plan under the terms described above and to comply with Panama labor code, which specify the terms for securing the payments to be made in the event of an employee’s termination (voluntary or involuntary) or upon retirement (termination indemnity plan). Banistmo’s pension and post-retirement plan assets consider investments in fixed-term deposits and cash and due from banks, in order to reduce the investment risk. The plan assets are managed by a trustee (third party). Likewise, the assets allocation is periodically reviewed by Banistmo and, when necessary, adjusted according to the investment strategy. The plan's investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3. The expected return on assets assumption represents the long term rate of return based on analysis of historical returns, historical asset class volatilities and the fund’s past experience. Banistmo asset plan December 31, 2017 December 31, 2016 In millions of COP Employee pension plan 4,765 5,565 Total 4,765 5,565 2017 2016 In millions of COP Fair value of assets as of January 1 5,565 6,087 Interest income on plan assets 123 209 Return on plan assets greater/(less) than discount rate (58) 130 Benefits paid (825) (584) Foreign currency translation effect (40) (277) Fair value assets as of December 31 4,765 5,565 Defined contribution plans Defined contribution plans 2017 2016 In millions of COP Pension 171,713 159,525 Current severance regimen 79,246 74,816 Total 250,959 234,341 Colombia Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 6.60% 6.90% Rate of wage increase 7.00% 9.00% Projected inflation 4.00% 6.50% Bancolombia Panama Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 3.00% 3.10% Rate of wage increase 3.00% 3.00% Projected inflation 2.00% 2.00% Banistmo Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 3.00% 3.10% Expected long-term rate of return on plan assets 2.10% 6.00% Rate of wage increase 3.00% 3.00% El Salvador Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 3.60% 5.10% Rate of wage increase 2.50% 3.00% Projected inflation 1.50% 2.00% Guatemala Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 8.20% 8.20% Rate of wage increase 5.00% 5.03% Projected inflation 4.00% 4.00% In 2017, the assumption of mortality used in the preparation of the assessment of the estimated liabilities is based on tables RP-2000, CSO-80 and RV-08, which reflect average ages of mortality from 32-75 years. The rate used to discount the obligation of the defined benefit plan to reflect the duration of the labor liabilities as of December 2017 corresponds to the yield of sovereign bonds of each country where the plan is established, either Colombia, Panama, Guatemala and El Salvador, as applicable, since the market transactions of these countries involving corporate bonds of high quality have no high levels of activity. The assumption of the rate of inflation is based on the long term projection of the Central Bank of Colombia, Panama, Guatemala and El Salvador. The nature of the risks related to the obligations aforementioned are summarized below: Investment risk The present value of the obligation for the defined benefits plan is calculated using a discount rate determined with reference to high quality sovereign yields of each country. Currently, the plan includes investment in financial instruments that are not vulnerable to market risks Interest rate risks A reduction of the bond interest rates will increase the obligation of the plan Longevity risk The present value of the obligation of the defined benefit plan is calculated with reference to the highest estimate of the mortality of participants during their time of employment. An increase in the life expectancy of the participants will increase the plan obligation Salary risk The present value of the obligation of the benefit plan is calculated with reference to the future salaries of the participants. As such, an increase in the participants' wages will increase the obligation of the plan Estimated payment of future benefits Years Pension Benefits Other benefits In millions of COP 2018 12,604 58,550 2019 12,672 55,384 2020 12,698 55,847 2021 12,649 65,396 2022 12,507 72,098 2023 to 2027 58,148 357,577 Sensitivity analysis Defined Benefit Obligations (DBO) was calculated using the Projected Unit Credit method. Obligations and expenses will change in the future as a result of future changes in the methods of projection and assumption, participant information, plan provisions and regulations, or as resulting from future gains and losses. Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (4,542) Discount rate 6.10% 0.50% decrease 4,864 Salary increases 3.90% 0.50% increase 5,280 Salary increases 2.90% 0.50% decrease (4,964) Mortality Table RV-08 ("Valid Rentiers”") One year increase in life expectancy 5,085 Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (4,854) Discount rate 6.10% 0.50% decrease 5,348 Salary increases 6.40% 0.50% increase 5,390 Salary increases 5.40% 0.50% decrease (4,935) Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (980) Discount rate 6.10% 0.50% decrease 1,023 Salary increases 6.40% 0.50% increase 2,228 Salary increases 5.40% 0.50% decrease (2,156) Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (987) Discount rate 6.10% 0.50% decrease 1,040 Salary increases 6.40% 0.50% increase 1,331 Salary increases 5.40% 0.50% decrease (1,246) Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.50% 0.50% increase (269) Discount rate 2.50% 0.50% decrease 357 Mortality Table RP-2000 One year increase in life expectancy 207 Other long term benefits Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (11,179) Discount rate 6.10% 0.50% decrease 11,938 Salary increases 6.40% 0.50% increase 11,961 Salary increases 5.40% 0.50% decrease (11,303) Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 4.10% 0.50% increase (661) Discount rate 3.10% 0.50% decrease 720 Salary increases 3.00% 0.50% increase 121 Salary increases 2.00% 0.50% decrease (157) Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.70% 0.50% increase (1,775) Discount rate 7.70% 0.50% decrease 2,011 Salary increases 5.50% 0.50% increase 1,398 Salary increases 4.50% 0.50% decrease (1,267) Mortality Table RP-2000 (M&F) One year increase in life expectancy 593 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Other Liabilities Explanatory [Abstract] | |
Disclosure Of Other Liabilities Explanatory [text Block] | NOTE 19. OTHER LIABILITIES Other liabilities consist of the following: Other liabilities December 31, 2017 December 31, 2016 In millions of COP Payables 1,838,806 1,281,907 Suppliers 1,254,484 1,289,495 Advances (1) 393,007 442,567 Collection services 377,288 316,016 Security contributions 356,498 329,098 Employee benefits and bonuses (2) 319,073 277,635 Salaries and other labor obligations 266,944 322,010 Deferred interests 203,681 149,360 Advances in leasing operations and loans 171,421 133,603 Provisions (3) 84,294 107,813 Dividends (4) 16,182 228,004 Other (5) 514,804 410,647 Total 5,796,482 5,288,155 1. For the year 2017 and 2016 advances includes the amount received by the Bank in balances related to insurance operations amounting to COP 54,967 and COP 47,549, respectively, balances held by court order amounting to COP 50,152 and COP 52,205, respectively, gain on derivatives first day valuation amounting to COP 39,706 and COP 51,271, respectively and excess cash amounting to COP 9,012 and COP 12,584, respectively. Additionally, the line includes balances of credit cards charges pending to be applied amounting to COP 10,116 and COP 12,580 2. For further information related to other employee benefit plans, see Note 18 "Employees benefit plans". 3. See Note 20 "Provisions and contingents liabilities". 4. The decrease is due to the fact that the payment of dividends approved at the ordinary annual shareholders' meeting for the year 2016 was fulfilled before December 31,2017 and for year 2016 , corresponds to the last payment of dividends approved at the ordinary annual shareholders' meeting held in 2015. 5. Includes an income tax provision amounting to COP 353,338 related with a potential exposure for the fiscal year 2014, out of which there were unrecognized tax benefits amounting to COP 201,554 in income tax liabilities related to tax positions. The 2014 income tax return has been subject to review from the tax authority since April 23, 2015. |
PROVISIONS AND CONTINGENT LIABI
PROVISIONS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Provisions And Contingent Liabilities [Abstract] | |
Disclosure of other provisions, contingent liabilities and contingent assets [text block] | NOTE 20. PROVISIONS AND CONTINGENT LIABILITIES 20.1 Provisions The following tables show the detail of the provisions: As of December 31, 2017 Judicial proceedings Administrative proceedings Financial guarantees Total In millions of COP Initial balance at January 1, 2017 29,135 1,312 77,366 107,813 Additions recognized in the year 23,396 302 55,539 79,237 Provisions used during the period (10,623) - - (10,623) Provisions reversed during the period (11,504) - (80,615) (92,119) Foreign currency translation adjustment (90) - - (90) Effect of discounted cash flows 98 (22) - 76 Final balance at December 31, 2017 30,412 1,592 52,290 84,294 As of December 31, 2016 Judicial proceedings Administrative proceedings Financial guarantees Total In millions of COP Initial balance at January 1, 2016 19,147 336 52,720 72,203 Additions recognized in the year 17,000 1,032 71,564 89,596 Provisions used during the period (3,444) (56) - (3,500) Provisions reversed during the period (3,512) - (46,918) (50,430) Foreign currency translation adjustment (243) - - (243) Effect of discounted cash flows 187 - - 187 Final balance at December 31, 2016 29,135 1,312 77,366 107,813 Judicial proceedings The judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suits, civil actions within criminal prosecutions and executive proceedings against the Bank. In the opinion of management, after receiving pertinent legal advice, the payments that will be made by these processes will not generate significant losses in addition to the provisions recognized as of December 31, 2017, the Bank does not expect to obtain any kind of reimbursement from judicial proceedings raised against it and, therefore, has not recognized any assets for that purpose. Administrative proceedings The constituted provisions correspond to proceedings related to equity tax for the year 2011. Financial guarantees In order to meet the needs of its customers, the Bank issues financial standby letters of credit and bank guarantees. These are commitments issued by the Bank to guarantee the performance of a customer to a third party and are mainly issued to guarantee agreements established between parties from the energy sector, private sector and public procurement contracts. The Bank expects most of those guarantees provided to expire before they are used. The events or circumstances that would require the Bank to perform under a guarantee are determined by the type of guarantee: Guarantees for the energy sector The Bank shall be responsible before the guarantee’s beneficiary in the following situations: • • Guarantees for public procurement The amount guaranteed should be reimbursed by the Bank to the beneficiary of the guarantee which is a Government entity, in case the contractor breaches the agreed terms or its legal obligations. Commitment issued by the Bank to guarantee the performance of a customer from the private sector The amount guaranteed should be reimbursed to the beneficiary of the guarantee in case of breach of agreed covenants by the customer guaranteed or upon its financial insolvency. As of December 31, 2017 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 960,268 Guarantees greater than 1 month and up to 3 months 1,230,687 Guarantees greater than 3 months and up to 1 year 2,946,250 Guarantees greater than 1 year and up to 3 years 1,224,061 Guarantees greater than 3 year and up to 5 years 149,238 Guarantees greater than 5 years 191,139 Total 6,701,643 As of December 31, 2016 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 635,033 Guarantees greater than 1 month and up to 3 months 959,385 Guarantees greater than 3 months and up to 1 year 3,007,832 Guarantees greater than 1 year and up to 3 years 1,228,289 Guarantees greater than 3 year and up to 5 years 367,298 Guarantees greater than 5 years 146,167 Total 6,344,004 The total amount outstanding is the maximum potential payments which represent a “worse-case scenario”, and do not reflect expected results. 20.2 Contingent liabilities The contingencies higher than USD 5,000 against the Bank, with significant importance to be disclose in notes to the financial statements as of December 31, 2017 are presented below: Bancolombia Constitutional public interest action claim by Carlos Julio Aguilar and others This constitutional public interest action was filed by the plaintiff arguing that the restructuring of financial obligations by Departamento del Valle and the performance plan executed, allegedly violates the collective rights to public administration’s morality and the protection of the public funds of Departamento del Valle. The claim seeks USD 10,123. This process merged to the constitutional public interest action filed by Carlos Aponte and, as of December 31, 2017, is in its taking of evidence stage pending for an expert opinion and no provisions have been made. Administrative Claim by the Municipality of Chía (with Bancolombia S.A. entailed as joint litigant) The finance of the waste water treatment plant PTAR Chía I Delicias Sur, was structured through a commercial lease between Bancolombia and the Municipality of Chía. The plaintiff filed suit against GEHS Global Environment and Health Solutions de Colombia, claiming for a declaration of contractual breach and damages. As the claim is related to the commercial lease, the Bank was entailed to the claim as joint litigant of the defending party. The claim seeks USD 6,173. Revocatory Action claim by Interbolsa S.A. The plaintiff claims the revocation of a payment received by Bancolombia form Interbolsa S.A. regarding an obligation owed to Bancolombia. The claim seeks USD 4,692. Banitsmo Ordinary claim filed by Melenao Mora and Said Diaz against Banistmo The plaintiff claims the payment of costs and damages resulting from a criminal proceeding filed by Banistmo against Melenao Mora for alleged criminal acts (issuance of credit lines to enterprises where Melenao Mora and Said Diaz figured as legal representative). The claim seeks U.S. 20,000. As of December 31, 2017 the claim is in taking of evidence stage. Our external counsel has labeled this contingency as remote. Ordinary claim filed by Deniss Rafael Perez Perozo and others. Promotara Terramar (a HSBC client) received USD 299,858 in payments through Visa Gift Cards issued by U.S Bank, as partial payment for two apartments in Panama City. The Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity promoted by Promotara Terramar. Therefore, pursuant to the Business Establishments Affiliate Agreement, HSBC held from Promotara Terramar´s accounts USD 286,900; nevertheless, after further investigations the money was refunded. The plaintiff claims a compensation payment of over USD 5,000,000. As of December 31, 2017, the process is suspended and pending of taking of evidence stage. Our external counsel has labeled this contingency as remote. Banco Agromercantil Superintendencia de Administración Tributaria The Superintendency Of Tax Administration of Guatemala (Superintendencia de Administración Tributaria de Guatemala) filed a claim against Banco Agromercantil in order to obtain an adjustment with respect to Banco Agromercantil´s income tax for the year 2014. The claim seeks USD 13,000. The bank was notified of the confirmation of the adjustments requested by the Superintendency. The bank filed an appeal action against the decision . ARRENDADORA FINANCIERA S.A. ARFINSA FILIAL DE BANCO AGRÍCOLA Corporación de Alimentos S.A. de CV The plaintiffs claim damages derived from funds wrongfully delivered to third parties that were not entitled to receiving said funds. The claim seeks U.S 6,454. As of December 31, 2017 the process is in its taking of evidence stage. Our external counsel has labeled this contingency as remote. |
CAPITAL
CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Capital [Abstract] | |
Disclosure of classes of share capital [text block] | NOTE 21. CAPITAL December 31, 2017 December 31, 2016 Authorized shares 1,400,000,000 1,400,000,000 Subscribed and paid-in shares: Ordinary shares with a nominal value of COP 500 pesos 509,704,584 509,704,584 Preferred shares with dividend without voting rights with nominal value of COP 500 pesos 452,122,416 452,122,416 Total shares 961,827,000 961,827,000 Subscribed and paid capital (nominal value) $ 480,914 $ 480,914 Dividends declared The declaration, amount and payment of dividends are based on Bancolombia S.A’s unconsolidated net income. Dividends must be approved at the ordinary annual shareholders’ meeting upon the recommendation of the Board of Directors. Under the Colombian Commercial Code, after payment of income taxes and appropriation of legal and other reserves, and after setting off losses from prior fiscal years, Bancolombia must distribute to its stockholders at least 50.00% of its annual net income or 70.00% of its annual net income if the total amount of reserves exceeds its outstanding capital, unless such minimum percentages are waived by an affirmative vote of the holders of 78.00% of the shares present at the stockholders’ meeting. Such dividend distribution must be made to all stockholders, in cash or in issued stock of Bancolombia, as may be determined by the stockholders, and within a year from the date of the ordinary annual stockholders’ meeting in which the dividend was declared. The payment of dividends must be made in cash during the next year since the date when the Annual Meeting takes place and for all the stockholder's. If the payment is made in the Bank's own equity securities instead of cash, that situation has to be approved by the 80.00% of the subscribed common shareholders and the 80.00% of the subscribed preferred shares. Dividends declared with respect to net income earned in: Cash dividends per share (Stated in COP) 2017 1,020 2016 950 2015 888 2014 830 2013 776 2012 754 Preferred shares Holders of preferred shares are entitled to receive dividends based on the profits of the preceding fiscal year, after deducting losses affecting the capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing for any other reserve, of a minimum preferred dividend equal to one per cent (1.00%) yearly of the subscription price of the preferred share, provided this dividend is higher than the dividend assigned to common shares, if this is not the case, the dividend shall be increased to an amount that is equal to the per share dividend on the common shares. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares. Payment of the preferred dividend shall be made at the time and in the manner established in the general shareholders’ meeting and with the priority indicated by Colombian law. Any stock dividend payable in common shares requires the approval of 80.00% or more of the shares present at a shareholders’ meeting, which will include 80.00% or more of the outstanding preferred shares. In the event that none of the holders of preferred shares is present at such meeting, a stock dividend may only be paid to the holders of common shares that approve such a payment. |
APPROPRIATED RESERVES
APPROPRIATED RESERVES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Appropriated Reserves [Abstract] | |
Disclosure Of Reserves And Other Equity Interest Explanatorys [text block] | NOTE 22. APPROPRIATED RESERVES As of December 31, 2017 and 2016 the appropriated retained earnings consist of the following: Concept December 31, 2017 December 31, 2016 In millions of COP Appropriation of net income (1) 8,709,922 6,871,092 For Fiscal provisions (3) 196,318 551,341 (2) Others 138,915 49,976 Total Appropiated reserves 9,045,155 7,472,409 (1) The legal reserve fulfills two objetives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. (2) Pursuant to Decree 2336 of 1995, a reserve was established until 2016 for profits related to the valuation of investmentes held for trading purposes by the Bank. (3) Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders must be established for the 70% of the diference between the accounting and the tax depreciation, when the tax depreciation is greater than the accounting depreciation. |
UNCONSOLIDATED STRUCTURED ENTIT
UNCONSOLIDATED STRUCTURED ENTITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of unconsolidated structured entities [abstract] | |
Disclosure of unconsolidated structured entities [text block] | NOTE 23. UNCONSOLIDATED STRUCTURED ENTITIES Nature and risks associated with the Bank’s interests in unconsolidated structured entities The term "unconsolidated structured entities" refers to all structured entities that are not controlled by the Bank. The Bank manages transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities. The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2017 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 2,110,967 120,320,401 122,431,368 The Bank’s interest-assets Investments at fair value through profit or loss 252,881 - 252,881 Investments at fair value through other comprehensive income 187,471 - 187,471 Loans and advances to customers - 3,626,152 3,626,152 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 440,352 3,626,152 4,066,504 The Bank’s maximum exposure 440,352 3,626,152 4,066,504 As of December 31, 2016 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,621,035 111,580,219 113,201,254 The Bank’s interest-assets Investments at fair value through profit or loss 295,536 - 295,536 Investments at fair value through other comprehensive income 196,131 - 196,131 Loans and advances to customers - 3,125,459 3,125,459 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 491,667 3,125,459 3,617,126 The Bank’s maximum exposure 491,667 3,125,459 3,617,126 The Bank invests in asset-backed securities issued by securitization entities for which underlying assets are mortgages originated by financial institutions. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and accounted for as investment at fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. The Bank does not expect significant changes in those ratings. Also, the Bank retain beneficial interests in the form of servicing fees on the securitized mortgages. Revenues generated by the Bank´s asset management business, are derived from the following type of business lines: related trusts, mutual funds sold to individuals, corporate trusts, escrow accounts, private equity funds, and delegated tailor-made mandates from third parties. Generally, the revenues correspond to the fees received from the management of resources that are invested in several instruments, management of properties and premises related to real estate projects in progress. Likewise, fees from management of resources pledged by clients in order to guarantee commitments and obligations with third parties. Finally, fees from management of resources of government agencies and entities. On the other hand, there is no an additional exposure to loss, such as funding commitments with regards to the Bank’s involvement with those entities. |
OPERATING INCOME AND OPERATING
OPERATING INCOME AND OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating income and operating expense [Abstract] | |
Disclosure of other operating income (expense) [text block] | NOTE 24. OPERATING INCOME AND OPERATING EXPENSES 24.1 Interest and valuation on investment 2017 2016 2015 In millions of COP Debt investments, net 159,890 163,311 71,091 Net gains from investment activities at fair value through income statement Debt investments 699,841 579,403 294,979 Derivatives (61,667) (4,750) 31,835 Spot transactions 3,517 (22,831) (48,961) Repos (116,268) (7,638) (50,081) Others - - 2,977 Total net gains from investment activities at fair value through profit and loss 525,423 544,184 230,749 Total Interest on investment securities 685,313 707,495 301,840 24.2. Interest expenses 2017 2016 2015 In millions of COP Deposits (4,279,316) (3,878,528) (2,415,187) Debt securities in issue (1,191,000) (1,335,192) (1,057,748) Financial borrowings (672,472) (723,385) (454,326) Preferred shares (58,714) (58,714) (58,714) Borrowings from other financial institutions (15,860) (6,345) (6,836) Other interest (15,624) (50,936) (45,130) Interest expenses (6,232,986) (6,053,100) (4,037,941) Net interest income includes interest earned on loans, ‘repos’ and investments less interest beared on deposits by customers, debt securities in issued, borrowing from other financial institutions and ‘repos’. At December 31, 2017, 2016 and 2015, net interest income amounted to COP 10,639,007 COP 10,202,433 and COP 7,723,704, respectively. 24.3 Fees and commissions Fees and other service income: Fees and commissions income 2017 2016 2015 In millions of COP Credit and debit card fees 1,164,380 1,092,919 1,015,253 Banking services 885,512 816,839 630,616 Bancassurance 408,248 336,692 260,224 Trust 359,651 294,499 265,215 Collections 228,580 229,940 203,772 Acceptances and guarantees 55,365 55,724 44,539 Checks 48,010 51,974 55,861 Brokerage 20,618 23,431 23,453 Others 416,543 383,217 291,624 Fees and commissions income 3,586,907 3,285,235 2,790,557 For the years ended December 31, 2015 Compañía de Financiamiento Tuya, as a discontinued operation, had fees and commissions income amounting to COP 388,306. For further information see Note 30. Discontinued operations. Fees and commissions expenses 2017 2016 2015 In millions of COP Banking services (396,264) (354,640) (298,415) Call center and website (291,602) (260,006) (190,110) Others (394,848) (351,625) (308,988) Fees and commissions expenses (1,082,714) (966,271) (797,513) Total fees and commissions income, net 2,504,193 2,318,964 1,993,044 As of December 31, 2015 Compañía de Financiamiento Tuya, as a discontinued operation, had a balance of fees and commissions expenses amounting to COP 152,500. For further information see Note 30. Discontinued operations. 24.4 Other operating income Other operating income 2017 2016 2015 In millions of COP Operating leases 563,861 493,486 448,754 Net foreign exchange 294,068 132,292 (157,933) Services 164,150 167,914 165,737 Other reversals 140,012 37,767 8,110 Investment property valuation 55,573 149,299 150,176 Insurance (1) 49,640 49,679 - Gains on sale of assets 40,600 60,282 8,408 Derivatives foreign exchange contracts 21,917 164,172 527,137 Penalties for failure to contract 19,881 14,634 14,963 Hedging (3,678) (5,985) (20,509) Others 286,322 223,583 227,859 Total Other operating income 1,632,346 1,487,123 1,372,702 (1) Corresponds to income from Seguros Agromercantil insurance operations. See Note 8: Goodwill and Intangible assets, net. 24.5 Dividends received, and share of profits of equity method investees The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 In millions of COP Dividends (1) 32,248 39,785 23,833 Equity investments (2) (19,680) 77,799 95,595 Equity method (3) 253,602 60,254 122,477 Gains (Losses) on sale of Discontinued Operations - (1,146) (30,331) Total dividends received, and share of profits of equity method investees 266,170 176,692 211,574 (1) Dividends received from equity investments at fair value through profit or loss as of 31, December of 2017, 2016 and 2015 amount COP 20,297, COP 30,468 and COP 14,228, respectively. Dividends from equity investments at fair value through OCI amount COP 11,951, COP 9,317 and 9,605, respectively. (2) As of December 31, 2017 there is a lost in equity investments due to decrease of fair value in portfolio measured at fair value through profit or loss held by Banagricola S.A. (3) For further information, see note 7 investments in associates and joint ventures |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating expenses [Abstract] | |
Disclosure of general and administrative expense [text block] | NOTE 25. OPERATING EXPENSES 25.1. Other administrative and general expenses The detail for administrative and general expenses for the years ended December 31, 2017, 2016 and 2015 is as follows: Other administrative and general expenses 2017 2016 2015 In millions of COP Maintenance and repairs 530,284 448,017 356,655 Others fees 427,517 411,521 256,852 Insurance 303,501 286,384 244,274 Leasing 244,956 246,445 218,394 Transport 158,561 154,220 138,084 Disputes, fines and sanctions (1) 139,146 52,441 58,821 Frauds and claims (2) 134,087 72,860 81,836 Data processing 130,125 101,347 46,536 Advertising 127,142 120,046 113,821 Public services 107,727 114,840 94,295 Cleaning and security services 92,359 93,336 65,867 Communications 67,201 61,943 55,003 Contributions and affiliations 60,320 59,406 50,709 Properties improvements and installation 59,121 55,307 58,141 Useful and stationery 58,145 61,699 42,232 Travel expenses 38,037 37,112 34,998 Production and supply cards 32,975 29,532 15,509 Trust 25,901 13,176 10,637 Legal and financial consultant 25,855 29,435 18,785 Real estate management 21,817 19,262 18,428 Board of directors and audit fee 20,450 20,926 19,223 Donations 17,048 18,338 13,031 Storage services 16,162 14,157 14,918 Activities Joint Operations 9,650 8,805 3,988 Public relations 5,912 5,101 3,270 Legal expenses 4,112 7,232 22,923 Temporary services 3,907 5,897 4,078 Others 117,845 102,549 176,290 Total other administrative and general expenses 2,979,863 2,651,334 2,237,598 Wealth tax, contributions and other tax burden (3) 727,661 741,184 675,387 (1) The increase in disputes, fines and sanctions during the year 2017 is caused by the recognition of an income tax provision related with a potential exposure for the fiscal year 2014, out of which there were unrecognized tax benefits amounting to COP 201,554 in income tax liabilities related to tax positions. The 2014 income tax return has been subject to review from the tax authority since April 23, 2015. (2) The increase in frauds and claims during the year 2017 is mainly explained for a higher operational risk in virtual transactions and transactions with credit and debit cards. (3) See note 11 Income taxes. 25.2. Impairment, depreciation and amortization Impairment, depreciation and amortization 2017 2016 2015 In millions of COP Impairment of the other assets (1) 45,850 38,775 16,797 Depreciation of premises and equipment 316,281 329,258 306,689 Amortization of intangible assets 116,752 149,776 153,799 Total impairment, depreciation and amortization 478,883 517,809 477,285 (1) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2017, 2016 and 2015 is presented in the table below: 2017 2016 2015 In millions of COP Banking Colombia 33,661 15,078 22,255 Banking Panamá 5,495 1,934 (2,303) Banking El Salvador 3,363 19,705 (3,253) Banking Guatemala 1,939 2,118 - All other segments 1,418 - 98 Off Shore (26) (60) - Total 45,850 38,775 16,797 |
EARNING PER SHARE (_EPS_)
EARNING PER SHARE (‘EPS’) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Earnings per share [text block] | NOTE 26. EARNING PER SHARE (‘EPS’) Basic EPS is calculated by reducing the income from continuing operations by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period, considering the allocation of remaining earnings to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. EPS is determined by dividing the total earnings allocated to each security by the weighted average number of common shares outstanding. Diluted EPS assumes the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Bank has no dilutive potential common shares as of December 31, 2017, 2016 and 2015. 2017 2016 2015 Income from continuing operations before attribution of non-controlling interests 2,754,173 2,791,450 2,586,385 Less: Non-controlling interests from continuing operations 139,173 89,619 90,008 Net income from continuing operations 2,615,000 2,701,831 2,496,377 Income from operations and disposals of discontinued operations, net of taxes - 163,497 22,513 Less: Non-controlling interests from discontinuing operations - - - Net income attributable to the controlling interest 2,615,000 2,865,328 2,518,890 Less: Preferred dividends declared 370,983 342,825 316,548 Less: Allocation of undistributed earnings to preferred stockholders 827,126 972,955 836,383 Continuing operations 827,126 896,100 825,800 Discontinued operations - 76,855 10,583 Net income allocated to common shareholders for basic and diluted EPS 1,416,891 1,549,548 1,365,959 Weighted average number of common shares outstanding used in basic EPS calculation (In millions) 510 510 510 Basic and Diluted earnings per share to common shareholders 2,780 3,040 2,680 From continuing operations 2,780 2,870 2,656 From discontinuing operations - 170 24 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party transactions [Abstract] | |
Disclosure of related party [text block] | NOTE 27. RELATED PARTY TRANSACTIONS Framework under IFRS IAS 24 Related Party Disclosures requires that an entity discloses: (a) Transactions with its related parties; and (b) Relationships between a parent and its subsidiaries irrespective of whether there have been transactions between them. Under IAS 24, an entity must disclose transactions with its related parties, outstanding balances, including commitments, recognized in the consolidated and separate financial statements of a parent or investors with joint control of, or significant influence over, an investee presented in accordance with IFRS 10. Under this standard parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or one other party controls both. This definition applies to the Bank in the cases below: · Stockholders with ownership interest higher than 20% of the Bank’s capital: Grupo de Inversiones Suramericana S.A. Fondo Bancolombia ADR Program. · Members of Board of Directors and Senior Management, understood as the president and corporate Vice-presidents, as well as their close relatives and the companies in which they have a participation of 50% or more. · Associates and joint ventures for which the Bank provides commercial banking services and deposits. For these purposes all companies that have been included companies in which the Bank has significant influence (in all cases, the Bank has between 20% and 50% share of capital). In addition, and in accordance with External Circular 067 of 2001 issued by the Financial Superintendence of Colombia, the Bank should disclose as transactions with related parties, the transactions with shareholders that have interest equal or higher than 10% of the Bank’s capital. The Parent Company provides banking and financial services to its related parties in order to satisfy their liquidity needs, and except for the intercompany merger agreement described above, these transactions are conducted on similar terms to third-party transactions and are not individually material. Between the Parent Company and its related parties, during the periods ending at December 31, 2017, 2016 and 2015, there were no: Loans that for its contractual terms do not represent a lending transaction. Loans with interest rates different to those that are ordinarily paid or charged to third parties in similar conditions of term, risk, etc. No guarantees, pledges or commitments have been given or received in respect of the aforementioned transactions. Stockholders with an interest equal or higher than 10% of the Bank’s capital Directors and senior management Associates and joint venture In millions of COP Assets Investments - - 1,855,511 Loans and advances to customers and financial entities, net 423,706 17,342 124,592 Assets held for sale and inventories - - 18,413 (1) Other assets - 2 127,022 (2) Total assets 423,706 17,344 2,125,538 Liabilities Deposits 363,335 4,363 163,932 Other liabilities - 3 92 Total liabilities 363,335 4,366 164,024 Income Interest and other operating income 6,989 419 11,224 Dividends - - 48,403 Others - - 51,613 Net income 6,989 419 111,240 Expenses Interests and other operating expenses 5,603 269 20,139 Fees - 1,109 19 Others - 53 29,431 Total expenses 5,603 1,431 49,589 (1) Investment classified as held for sale. See Note 12. Assets held for sale and Inventories. (2) This ítem includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana. As of December 31, 2016 Stockholders with an interest equal or higher than 10% of the Bank’s capital Directors and senior management Associates and joint venture (1) In millions of COP Assets Investments - - 1,688,543 Loans and advances to customers and financial entities, net 246,245 15,709 36,262 Other assets - 389 64,078 Total assets 246,245 16,098 1,788,883 Liabilities Deposits 145,266 3,750 230,176 Other liabilities - - 31,941 Total Liabilities 145,266 3,750 262,117 Income Interest and other operating income 8,951 931 6,089 Dividends - - 49,627 Others - - 51,586 Net income 8,951 931 107,302 Expenses Interests and other operating expenses 430 767 13,912 Fees - 1,001 5 Others - - 37,370 Total expenses 430 1,768 51,287 (1) This ítem includes operations held between Bancolombia S.A. and Compañía de Financiamiento Tuya S.A. since November 1, 2016 when the Bank lost control of Tuya S.A. Furthermore, the item includes operations held between Bancolombia S.A. and Sociedad Servicios de Aceptación S.A.S. since June, 2016, when that company was set up. As of December 31, 2015 Stockholders with an interest equal or higher than 10% of the Bank’s capital Directors and senior management Associates and joint venture In millions of COP Income Interest and other operating income - 1,389 22,588 Dividends - - 45,736 Others - - 14 Net income - 1,389 68,338 Expenses Interests and other operating expenses 16 23 4,879 Fees - 792 - Others - - 1,006 Total expenses 16 815 5,885 During the years ending December 31, 2017, 2016 and 2015, the Bank paid fees to the directors COP 1,109, COP 1,001 and COP 792 , respectively, The Parent company, which is also the ultimate parent company, is Bancolombia S.A. Transactions between companies included in consolidation Note 2.C and the Parent company meet the definition of related party transactions, and were eliminated from the consolidated financial statements. Financial Conglomerate Operations In 2017, the Financial Conglomerates Law - Law 870 of September 21, was issued in Colombia, this law defines the scope of the supervision and regulation of financial conglomerates in Colombia. In accordance with the law, the conformation of financial conglomerates includes entities under share control and entities under subordination due to significant influence of a financial holding company, a modality that is materialized when the shareholding structure of the entity substracts the rights to vote of certain shareholders. As a consequence of the definition of subordination under significant influence, the Bank, despite not having the status of subordinate, nor being under the share control of Grupo de Inversiones Suramericana (Grupo Sura), will be part of the financial conglomerate that has Grupo Sura as a financial holding. This definition of Financial Conglomerate under the terms of Law 870, has no effects on tax, accounting, labor or other provisions. Therefore, the definition of control included in the Colombian law (Law 222 of 1995) and the framework of IFRS 10 for purposes of its application in Colombia, were not modified. Due to the fact that the Bank belongs to the conglomerate and as a complement to the disclosures established by NIC 24, December 31, 2017 In millons of COP Assets Investments 376,171 Loans and advances to customers and financial entities, net 191,278 Other assets 8 Total assets 567,457 Liabilities Deposits 1,015,523 Other liabilities 1,882 Total liabilities 1,017,405 Income Interest and other operating income 488,190 Dividends 15,021 Net income 503,211 Expenses Interests and other operating expenses 32,568 Fees 4 Others 4,788 Total expenses 37,360 In 2016, through public deed number 1,124, a merger between the Parent Company (absorbing entity) and Leasing Bancolombia S.A. (absorbed entity) was completed, with the objective of taking advantage of synergies and complementarities between the two entities, seeking greater efficiencies and delivering a better value proposition to clients. As a result of the merger, Bancolombia became the holder of all the rights and obligations of Leasing Bancolombia and continues to offer its clients the portfolio of leasing products and services. As a result of the merger, on September 30, 2016, the Parent company recognized in its statement of financial position the assets and liabilities at their carrying value in Leasing Bancolombia’s financial statements, including the portfolio loans and financial leasing contracts amounting to COP 15,186,102, cash and cash equivalents amounting to COP 295,852 and other assets amounting to COP 1,097,058. On the other hand, the Parent company assumed liabilities in deposits from customers amounting to COP 8,944,845, debt securities in issued amounting to COP 2,387,940 and other liabilities amounting to COP 3,117,115. |
LIABILITIES FROM FINANCING ACTI
LIABILITIES FROM FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of liabilities from financing activities [Abstract] | |
Disclosure of information that enables users of financial statements to evaluate changes in liabilities arising from financing activities [text block] | NOTE 28. LIABILITIES FROM FINANCING ACTIVITIES The following table presents the conciliation of the balances of liabilities from financing activities as of December 31, 2017: Balance as of January 1, 2017 Cash flows Non-cash changes Balance as of December 31, 2017 Foreign currency translation adjustment Interests accrued Other movements Liabilities from financing activities In millions of COP Repurchase agreements and other similar secured borrowing 1,924,010 1,313,442 (1,324) - - 3,236,128 Borrowings from other financial institutions (1) 18,905,843 (5,883,247) (177,290) 1,075,716 (98,870) (2) 13,822,152 Debt securities in issue (1) 18,704,809 (40,069) (73,652) 1,056,024 1,602 19,648,714 Preferred shares (3) 581,972 (57,701) - - 58,714 582,985 Total liabilities from financing activities 40,116,634 (4,667,575) (252,266) 2,131,740 (38,554) 37,289,979 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and debt securities in issue include the interests paid during the year amounting to COP 1,031,078 and COP 1,084,096, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The amount of COP (98,870) is mainly comprised by the reclassification of liabilities relating to assets held for sale. (3) The cash flow amounting to COP 57,701 corresponds to the minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of fair value of assets and liabilities [Abstract] | |
Disclosure of fair value measurement [text block] | NOTE 29. FAIR VALUE OF ASSETS AND LIABILITIES December 31, 2017 December 31, 2016 Carrying amount Fair Value Carrying amount Fair Value In millions of COP Assets Debt securities at fair value 10,701,855 10,701,855 8,537,562 8,537,562 Debt securities at amortized cost 4,157,568 4,131,688 3,134,919 3,115,477 Equity securities at fair value 1,517,830 1,517,830 1,388,172 1,388,172 Derivative financial instruments 1,134,372 1,134,372 1,677,970 1,677,970 Loans and advances to customers and financial institutions, net (1) 152,244,991 149,162,071 145,125,575 141,595,210 Investment property 1,657,409 1,657,409 1,581,689 1,581,689 Invesments in associates and joint ventures 757,886 757,886 388,595 388,595 Equity securities - Assets held for sale 2,486 2,486 - - Total 172,174,397 169,065,597 161,834,482 158,284,675 Liabilities Deposits by customers 131,959,215 132,779,730 124,624,011 125,096,410 Interbank deposits 1,084,591 1,084,591 341,856 341,856 Repurchase agreements and other similar secured borrowing 3,236,128 3,236,128 1,924,010 1,924,010 Derivative financial instruments 945,853 945,853 1,312,450 1,312,450 Borrowings from other financial institutions 13,822,152 13,822,152 18,905,843 18,905,843 Preferred shares 582,985 662,999 581,972 565,676 Debt securities in issue 19,648,714 20,769,890 18,704,809 19,071,085 Total 171,279,638 173,301,343 166,394,951 167,217,330 (1) The amount of COP 140,398,685 disclosed as the fair value of the line “Loans and advances to customers and financial institutions, net” in the Bank’s annual report in 2016 has been changed for COP 141,595,210 due to changes introduced in the methodology used by the Bank to estimate the fair value of the loan portfolio in the year 2017. · Fair value hierarchy IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS the financial instruments are classified as follows: Level 1: Level 2: Level 3 • Valuation process for fair value measurements The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Infovalmer) to the Bank. All methodologies and procedures developed by the pricing services provider are supervised by the Financial Superintendence of Colombia, which has not objected to them. On a daily basis, the Financial Operations Officer verifies the valuation of investments, and the Proprietary Trading Desk’s Risk Management area reports the results of the portfolio’s valuation. Fair value measurement Assets a. Debt securities The Bank assigns price to those debt investments, using the prices provided by the official pricing services provider (Infovalmer) and assigns the appropriate level according to the procedure described above, (Hierarchy of fair value section). For securities not traded or over-the-counter such as certain bonds issued by other financial institutions, the Bank generally determines fair value utilizing internal valuation and standard techniques. These techniques include determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time bandings, which match the timings of the cash flows and maturities of the instruments. b. Equity securities The Bank performs the market price valuation of their investments in variable income using the prices provided by the official pricing services provider (Infovalmer) and classifies those investments according to the procedure described above. (Hierarchy of fair value section). Likewise, the fair value of unlisted equity securities is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, and if necessary considered, are subject to appropriate discounts for lack of liquidity or marketability. Interests in investment funds, trusts and collective portfolios are valued using the investment unit value determined by the fund management company. For investment funds where the underlying assets are investment properties, the investment unit value depends on the investment properties value, determined as described in verbatim “i. Investment property”. c. Derivative Financial Instruments The Bank holds positions in standardized derivatives, such as futures over local stocks, over specific TES references and over the TRM. These instruments are valuated according to the information provided by Infovalmer, which perfectly matches the information provided by the Clearing and Settlement House. Additionally, the Bank holds positions in OTC derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs. d. Credit valuation adjustment The Bank measures the effects of the credit risk of its counterparties and its own creditworthiness in determining fair value of the swap, option and forward derivatives. Counterparty credit-risk adjustments are applied to derivatives when the Bank’s position is a derivative asset and the Bank’s credit risk is incorporated when the position is a derivative liability. The Bank attempts to mitigate credit risk to third parties which are international banks by entering into master netting agreements. When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral. The Bank generally calculates the asset’s credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (“CDS”). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in Colombia. The Bank also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if the Bank believes market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Bank’s credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by the Bank in foreign currency. For derivatives transacted with local financial institutions, the Bank calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the Colombian financial market. e. Impaired loans measured at fair value The Bank measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset. For vehicles under leasing arrangements, the Bank uses an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions. Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices. For real estate properties, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (The appraisal is estimated based on either of three approaches: cost, sale comparison and income approach). f. Assets held for sale measured at fair value less cost of sale The Bank measured certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly by real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process. g. Mortgage-backed securities (“TIPS”) and Asset-Backed securities The Bank invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. Fair values were estimated using discounted cash flows models where the main key economic assumptions used are estimates of prepayment rates and resultant weighted average lives of the securitized mortgage portfolio, probability of default and interest rate curves. These items are classified as Level 2 and level 3. h. Investments in associates and joint ventures measured at fair value The Bank recognizes its investment in PA Viva Malls as an associated at fair value. The estimated amount is provided by fund manager as the variation of the units according to the units owned by the Fondo Colombia Inmobiliario. The associate’s assets are comprised of investment properties which are measured using the following techniques: comparable prices, discounted cash flows, replacement cost and direct capitalization. For further information about techniques methodologies and inputs used by the external party see “Quantitative Information about Level 3 Fair Value Measurements”. i. Investment property The Bank’s investment property are valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs. Assets and liabilities measured at fair value on a recurring basis Financial Assets Type of instrument December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Investment securities Debt securities Securities issued by the Colombian Government 6,013,860 989,287 - 7,003,147 4,400,952 503,200 - 4,904,152 Securities issued or secured by Government entities 9,186 26,852 - 36,038 3,163 8,741 - 11,904 Securities issued by other financial institutions 177,531 578,196 297,049 1,052,776 146,025 529,244 405,099 1,080,368 Securities issued by Foreign Governments 1,196,963 1,275,031 - 2,471,994 1,044,629 1,384,563 - 2,429,192 Corporate bonds 33,800 100,982 3,118 137,900 19,614 77,403 14,929 111,946 Total Debt securities 7,431,340 2,970,348 300,167 10,701,855 5,614,383 2,503,151 420,028 8,537,562 Equity securities 145,250 28,976 1,343,604 1,517,830 189,363 20,131 1,178,678 1,388,172 Total equity securities 145,250 28,976 1,343,604 1,517,830 189,363 20,131 1,178,678 1,388,172 Derivative financial instruments Forwards Foreign exchange contracts - 78,189 94,121 172,310 - 187,682 125,884 313,566 Equity contracts - 357 15 372 - 2,816 609 3,425 Total forwards - 78,546 94,136 172,682 - 190,498 126,493 316,991 Swaps Foreign exchange contracts - 482,330 190,228 672,558 - 856,742 270,732 1,127,474 Interest rate contracts 8,171 220,027 45,939 274,137 4,497 158,342 23,369 186,208 Total swaps 8,171 702,357 236,167 946,695 4,497 1,015,084 294,101 1,313,682 Options Foreign exchange contracts - 746 14,249 14,995 - 5,633 41,664 47,297 Total options - 746 14,249 14,995 - 5,633 41,664 47,297 Total derivative financial instruments 8,171 781,649 344,552 1,134,372 4,497 1,211,215 462,258 1,677,970 Investment properties Buildings - - 1,413,285 1,413,285 - - 1,355,717 1,355,717 Lands - - 244,124 244,124 - - 225,972 225,972 Total investment properties - - 1,657,409 1,657,409 - - 1,581,689 1,581,689 Investment in associates PA Viva Malls - - 757,886 757,886 - - 388,595 388,595 Total investment in associates and joint ventures - - 757,886 757,886 - - 388,595 388,595 Equity securities - Assets held for sale Assets held for sale - - 2,486 2,486 - - - - Total Equity securities - Assets held for sale - - 2,486 2,486 - - - - Total 7,584,761 3,780,973 4,406,104 15,771,838 5,808,243 3,734,497 4,031,248 13,573,988 Type of instrument December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Derivative financial instruments Forwards Foreign exchange contracts - (122,424) (20,552) (142,976) - (304,756) (19,167) (323,923) Equity contracts - (3,955) (515) (4,470) - (2,838) (272) (3,110) Total forwards - (126,379) (21,067) (147,446) - (307,594) (19,439) (327,033) Swaps Foreign exchange contracts - (459,789) (46,034) (505,823) - (708,354) (40,728) (749,082) Interest rate contracts (9,347) (252,660) (13,634) (275,641) (7,828) (178,743) (5,773) (192,344) Total swaps (9,347) (712,449) (59,668) (781,464) (7,828) (887,097) (46,501) (941,426) Options Foreign exchange contracts - (16,943) - (16,943) - (42,961) - (42,961) Total options - (16,943) - (16,943) - (42,961) - (42,961) Futures Equity contracts - - - - (1,030) - - (1,030) Total futures - - - - (1,030) - - (1,030) Total derivative financial instruments (9,347) (855,771) (80,735) (945,853) (8,858) (1,237,652) (65,940) (1,312,450) Total (9,347) (855,771) (80,735) (945,853) (8,858) (1,237,652) (65,940) (1,312,450) Fair value of assets and liabilities that are not measured at fair value in the Statement of Financial Position Assets Type of instrument December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Debt securities Securities issued by the Colombian Government - 12,967 - 12,967 - - - - Securities issued or secured by Government entities 17,204 528,395 1,350,175 1,895,774 9,336 344,200 1,154,372 1,507,908 Securities issued by other financial institutions 194,606 21,871 12,007 228,484 172,125 15,421 18,033 205,579 Securities issued by Foreign Governments 748,060 302,795 - 1,050,855 822,598 162,626 - 985,224 Corporate bonds 231,601 49,694 662,313 943,608 199,331 - 217,435 416,766 Total Debt securities 1,191,471 915,722 2,024,495 4,131,688 1,203,390 522,247 1,389,840 3,115,477 Loans and advances to customers and financial institutions, net (1) - - 149,162,071 149,162,071 - - 141,595,210 141,595,210 Total 1,191,471 915,722 151,186,566 153,293,759 1,203,390 522,247 142,985,050 144,710,687 Liabilities Type of instruments December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Deposits by customers - (30,440,868) (102,338,862) (132,779,730) - (20,534,986) (104,561,424) (125,096,410) Interbank deposits - - (1,084,591) (1,084,591) - - (341,856) (341,856) Repurchase agreements and other similar secured borrowing - - (3,236,128) (3,236,128) - - (1,924,010) (1,924,010) Borrowings from other financial institutions - - (13,822,152) (13,822,152) - - (18,905,843) (18,905,843) Preferred shares - - (662,999) (662,999) - - (565,676) (565,676) Debt securities in issue (8,999,118) (9,548,502) (2,222,270) (20,769,890) (7,068,228) (10,228,190) (1,774,667) (19,071,085) Total (8,999,118) (39,989,370) (123,367,002) (172,355,490) (7,068,228) (30,763,176) (128,073,476) (165,904,880) (1) The amount of COP 140,398,685 disclosed as the fair value of the line “loans and advances to customers and financial institutions, net” in the Bank’s annual report in 2016 has been changed for COP 141,595,210 due to changes introduced in the methodology used by the Bank to estimate the fair value of the loan portfolio in the year 2017. IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting. The financial instruments below are not recorded at fair value on a recurring and nonrecurring basis: Short-term financial instruments Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers’ acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding. Deposits from customers The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date. Interbank deposits and repurchase agreements and other similar secured borrowings Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development bank borrowings have also been valued at their carrying amount because they bear interest at variable rates. Borrowings from other financial institutions The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows was discounted using reference curves formed by the weighted average of the Bank’s deposit rates. Debt securities in issue The fair value of debt securities in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and the Bank’s creditworthiness. Preferred shares In the valuation of the liability component of preferred shares related to the minimum dividend of 1% of the subscription price, the Bank uses the Gordon model to price the obligation, taking into account its own credit risk, which is measured using the market spread based on observable inputs such as quoted prices of sovereign debt. The Gordon Model is commonly used to determine the intrinsic value of a stock based on a future series of dividends that are estimated by the Bank and grow at a constant rate considering the Bank’s own perspectives of the payout ratio. Loans and advances to customers and financial institutions Estimating the fair value of loans and advances to customers is considered an area of considerable uncertainty as there is no observable market. The loan portfolio is stratified into tranches and loans segments suchs as commercial, small business loans, mortgage and consumer. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit’s principal and interest projected cash flows to the maturity date. Subsequently, the projected cash flows are discounted using reference curves according to the type of loan and its maturity date. Items Measured at fair value on a non-recurring basis December 31, 2017 December 31, 2016 Fair-value hierarchy Total fair Value Fair-value hierarchy Total fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Machinery and equipment - - 11,500 11,500 - - 9,466 9,466 Real estate for residential purposes - - 23,854 23,854 - - 20,671 20,671 Real estate different from residential properties - - 1,402 1,402 - - 102,913 102,913 Collateralized loans - - 5,417,875 5,417,875 - - 1,543,513 1,543,513 Total - - 5,454,631 5,454,631 - - 1,676,563 1,676,563 Investment in Associates TUYA As mentioned in Note 7. Investments in associates and joint ventures, during 2017 the Bank has recognized an impairment on TUYA. The valuation of TUYA SA was made through an exercise of comparable multiples, using the price / book value multiple as reference. A list of comparable companies that have a similar economic activity to the company valued was taken. Taking into account that several of the comparable companies are in a different geography, adjustments were made to the multiple to reflect this situation. The most sensitive assumptions used by the Bank in determining the fair value of Tuya were the valuation trading multiple and the discount rate used. The valuation trading multiple was 1.29x and it was computed using a lineal regression model, the Tuya’s expected return rate used by the expert was 12.13% December 31, 2017 December 31, 2016 Fair-value hierarchy Total fair Value Fair-value hierarchy Total fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Investment in Associates - TUYA - - 225,548 225,548 - - - - Total - - 225,548 225,548 - - - - Changes in Level 3 Fair-Value Category As of December 31, 2017 Balance, January 1, 2017 Included in earnings OCI Purchases / reclassifications Settlement Prepaids Transfers in to Level 3 Transfers out of Level 3 Balance, December 31, 2017 In millions of COP Debt securities at fair value Securities issued or secured by other financial entities 405,099 (70,416) - 52,316 (58,999) - - (30,951) 297,049 Corporate bonds 14,929 (4,211) - 5,999 (10,869) (72) - (2,658) 3,118 Total 420,028 (74,627) - 58,315 (69,868) (72) - (33,609) 300,167 Derivative financial instruments Foreign exchange contracts 378,385 353 - 231,260 (378,053) - 103 (36) 232,012 Interest rate contracts 17,596 - - 34,067 (17,596) - (1,762) - 32,305 Equity contracts 337 - - (500) (337) - - - (500) Total 396,318 353 - 264,827 (395,986) - (1,659) (36) 263,817 Equity securities Equity securities 1,178,678 107,848 26,736 116,743 (41,948) - 6,950 (51,403) 1,343,604 Total 1,178,678 107,848 26,736 116,743 (41,948) - 6,950 (51,403) 1,343,604 Investment in associates PA Viva Malls 388,595 108,868 - 262,918 (2,495) - - - 757,886 Total 388,595 108,868 - 262,918 (2,495) - - - 757,886 Equity securities - Assets held for sale Assets held for sale - - - 1,345 - - 1,141 - 2,486 Total - - - 1,345 - - 1,141 - 2,486 As of December 31, 2016 Balance, January 1, 2016 Included in earnings OCI Purchases Settlement Prepaids Transfers in to Level 3 Transfers out of Level 3 Balance, December 31, 2016 In millions of COP Debt securities at fair value Securities issued or secured by other financial entities 629,994 (64,739) - 77,263 (239,769) - 2,350 - 405,099 Other investments 10,065 9,160 - 62 (6,954) - 2,596 - 14,929 Total 640,059 (55,579) - 77,325 (246,723) - 4,946 - 420,028 Derivative financial instruments Foreign exchange contracts 726,609 (22,727) - 125,632 (495,525) - 21,267 23,129 378,385 Interest rate contracts 9,319 (3,170) - 5,014 (1,858) - 6,004 2,287 17,596 Equity contracts - - - 337 - - - - 337 Total 735,928 (25,897) - 130,983 (497,383) - 27,271 25,416 396,318 Equity securities Equity securities 978,751 (75,573) 46,035 282,604 (53,139) - - - 1,178,678 Total 978,751 (75,573) 46,035 282,604 (53,139) - - - 1,178,678 Investment in associates PA Viva Malls - - - 388,595 - - - - 388,595 Total - - - 388,595 - - - - 388,595 Level 3 Fair Value Rollforward The following were the significant Level 3 transfers for the period December 31, 2016 to 2017: Transfer of COP 30,951 in 2017 from Level 3 to Level 2 Securities issued or secured by other financial entities. A change was observed in the marking days for the margin methodology. In 2016, these securities have an updated margin for a period exceeding 365 days, and for 2017, these were less than 365 days, therefore the actual level is 2. Transfers of COP 51,403 in 2017 from level 3 to level 1 equity securities, are mainly explained by the change in the fair value level of Deceval, since the valuation underlying asset as of December 31, 2017 equals the quoted price of Bolsa de Valores de Colombia at the end of the year, due to the merger between both companies in 2017. The transfer of COP 23,129 in 2016 from Level 3 to Level 2 foreing exchange contracts, primarily linked to an increase in their market liquidity and the observability of prices. As of December 31, 2017 and 2016, unrealized gains and losses on debt securities were COP 73,505 and COP 55,191; Equity Securities COP 116,051 and COP 75,347 respectively. Transfers between Level 1 and Level 2 of the Fair Value Hierarchy During the years ended December 31, 2017 and 2016, the Bank transferred securities amounting to COP 2,700 Securities issued or secured by Colombian Government, from Level 1 to Level 2 primarily, because such securities decreased their liquidity and were traded more frequently to comprise an active market. During the years ended December 31, 2016 and 2015, the Bank transferred securities amounting to COP 5,647 securities issued by other financial institutions and COP 9,510 related to corporative bonds, respectively, from Level 2 to Level 1 primarily, because such securities increased their liquidity and were traded more frequently to comprise an active market. All transfers are assumed to occur at the end of the reporting period. Quantitative Information about Level 3 Fair Value Measurements The fair value of financial instruments are, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market transactions in the same instrument and are not based on observable market data. Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would change the fair values and therefore a valuation adjustment would be recognized in profit or loss. Favorable and unfavorable changes are determined on the basis of changes in the value of the instrument as a result of varying the levels of the unobservable input as described in the table below. As of December 31,2017 Financial instrument Fair Value Valuation technique Significant unobservable input Range of inputs Weighted average Sensitivity 100 basis point increase Sensitivity 100 basis point decrease Amounts in millions of COP Debt securities Securities issued by other financial institutions TIPS 236,236 Discounted cash flow Yield 0.43% to 10.35% 0.63% 225,867 235,382 Liquidity risk Premium 0% to 10.35% 4.48% 226,007 235,228 Prepayment Speed n/a n/a 231,087 230,152 Other bonds 41,776 Discounted cash flow Yield (0.11%) to 0.76% 0.81% 35,305 38,282 Securitizations 10,919 Discounted cash flow Yield 2.24% to (3.43%) (1.19%) 10,825 11,014 Time deposit 8,118 Discounted cash flow Yield 1.77% to 1.86% 1.81% 8,056 8,184 Securities issued by other financial institutions 297,049 Corporate bonds 3,118 Discounted cash flow Yield (0.11%) to 0.76% 0.81% 3,292 2,985 Total debt securities 300,167 Equity securities Equity securities 1,343,604 Price-based Price n/a n/a n/a n/a Derivative financial instruments Options 14,249 Black-Scholes Recovery rate 0.06% to 23.75% 4.99% 14,142 14,280 Forward 73,069 Discounted cash flow Credit spread 0% to 16.54% 2.41% 72,886 73,263 Swaps 176,499 Discounted cash flow Credit spread 0% to 21.31% 1.95% 170,701 182,343 Investment in associates P.A Viva Malls 757,886 Price-based Price n/a n/a n/a n/a Equity securities - Assets held for sale Assets held for sale 2,486 Price-based Price n/a n/a n/a n/a As of December 31,2016 Financial instrument Fair Value Valuation technique Significant unobservable input Range of inputs Weighted average Sensitivity 100 basis point increase Sensitivity 100 basis point decrease Amounts in millions of COP Debt securities Securities issued by other financial institutions TIPS 22,651 Discounted cash flow Yield (0.23%) to 0.76% 0.32% 22,484 22,807 Liquidity risk Premium 0% to 10.35% 9.58% 22,377 22,687 Prepayment Speed n/a n/a 22,557 22,509 Other bonds 75,862 Discounted cash flow Yield 0.75% to 1.20% 2.14% 68,621 73,182 Debt securities 2,350 Discounted cash flow Yield (0.12%) (0.12%) 2,297 2,388 Asset-backed securities 16,895 Discounted cash flow Yield (0.12%) 1.65% 16,766 17,056 Securities issued by other financial institutions 117,758 Corporate bonds 14,929 Discounted cash flow Yield (0.24%) (0.24%) 3,448 2,124 Total debt securities 132,687 Equity securities Equity securities 1,178,678 Price-based Price n/a n/a n/a n/a Derivative fiancial instruments Options 41,496 Black-Scholes Recovery rate 25.00% 25.00% 41,668 41,661 Forward 106,921 Discounted cash flow Credit spread 0% to 20.05% 5.01% 106,759 107,346 Swaps 201,185 Discounted cash flow Credit spread 0% to 23.44% 5.86% 200,098 202,279 Investment in associates P.A Viva Malls 388,595 Price-based Price n/a n/a n/a n/a The following table sets forth information about valuation techniques used in the measurement of the fair value investment properties of the Bank, the significant unobservable inputs and the respective sensivity: Methodology Valuation technique Significant unobservable input Description of sensitivity Sales Comparison Approach - SCA The fair value assessment is based on the examination of prices at which similar properties in the same area recently sold. Since no two properties are identical the measurement valuation must take into account adjustments for the differences between the sold properties and those held by the Bank to earn rentals or for capital appreciation. Comparable Prices The weighted average rates used in the capitalization methodology for revenues for 2016 are: • Direct capitalization: initial rate 8.30% • Discounted cash flow: discount rate: 11.46%, terminal rate: 8.76%. The same weighted rates as December 31 2017 were: • Direct capitalization: initial rate 8.12% • Discounted cash flow: discount rate: 11.36%, terminal rate: 8.55%. The ratio between monthly gross income and real estate value (rental rate) considering the differences in placements and individual factors between properties and in a weighted way is 0.75% for 2017 and 0.77% for 2016. An increase (Light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, light, normal, considerable) in the fair value of the asset, and vice versa. An increase (Light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa. Income Approach Used to estimate the fair value of the property by taking future net cash flows and discounting them at the capitalization rate. Direct Capitalization Cost approach Used to estimate the fair value of the property considering the cost to replace or build a property at the same or equal conditions of the asset to be measured, deducting th |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of discontinued operations [Abstract] | |
Disclosure of discontinued operations [text block] | NOTE 30. DISCONTINUED OPERATIONS Compañía de financiamiento Tuya S.A is a private entity oriented to offer lines of credit directed to individuals, corporate credit cards, vehicle loan and payroll loans among others, as a result of which Tuya has achieved a significant market share position in the consumer loan market in Colombia. On October 31, 2016 Bancolombia S.A, announced that, after obtaining all the required regulatory approvals, the sale agreement announced in a press release on July 1, 2015, pursuant to which Bancolombia S.A (“Bancolombia”), the Fondo de Empleados of Grupo Bancolombia - FEBANC and Fundacion Bancolombia, (together, the “Sellers”), transferred to Almacenes Éxito S.A (“Almacenes Exito”) and Almacenes Éxito Inversiones S.A.S (together, the “Buyers”) 50% of the shares of Compañia de Financiamiento Tuya S.A (“Tuya”), entered into effect. The total purchase price of the transaction was COP 79,017. As a result of this transaction: 1. Tuya is jointly controlled by the strategic partners since October 30, 2016. 2. Tuya’s shares formerly owned by the Bank will now be owned by Bancolombia S.A. and its subsidiaries Banca de Inversión Bancolombia S.A. Corporación Financiera and BIBA Inmobiliaria SAS. 3. Tuya’s assets and liabilities were derecognized at their carrying amounts at October 31, 2016, which is considered the date when the Bank’s control was lost. Likewise the Bank recognized the fair value of the non-controlling interest in Tuya amounting to COP 343,108 as a joint venture. The fair value of the consideration received amounted to COP 79,017 and as a result of this transaction the Bank recognized an income by COP 263,770 (associated with the remeasurement of the fair value) in the statement of income in the line “Income from discontinued operations”, and the related occasional earning tax amounted to COP 659 and the deferred income tax amounted to COP 99,614. Analysis of the results of discontinued operations: Ten months ended October 31, 2016 Year ended December 31, 2015 In millons of COP Interest income on loans 408,233 403,382 Overnight and market funds 320 53 Interest and valuation on investment 1,246 698 Total interest and valuation 409,799 404,133 Interest expense (106,110) (74,919) Net margin on financial instruments 303,689 329,214 Credit impairment charges on loans, net (323,290) (324,309) Net interest and valuation income after provision for loans and financial leases (19,601) 4,905 Fees and other service income, net 244,193 235,806 Other operating income 1,365 267 Total income, net 225,957 240,978 Total operating expenses (221,310) (219,532) Profit before tax 4,647 21,446 Income tax (2,961) 1,067 Net income from discontinued operations 1,686 22,513 Assets classified as held for sale December 31, 2015 In millions of COP Assets Cash and balances at central bank 207,963 Financial assets investments 31,265 Loans and advances to customers 1,831,773 Allowance for loan and lease losses (351,375) Intangible assets 2,267 Premises and equipment 5,746 Prepayments 724 Tax receivables 11,152 Deferred tax 32,726 Other assets 48,738 Total Assets 1,820,979 Liabilities Deposit from customers 1,266,305 Borrowings from other financial institutions 378 Debt securities in issue 150,032 Currrent Tax 1,535 Deferred tax liabilities 28,503 Other liabilities 158,380 Total liabilities 1,605,133 Net assets classified as held for sale 215,846 Cash flow from discontinued operations 2015 In millions of COP Cash flows provided by operating activities: Net Income 22,508 Total net income adjustments 308,945 Net changes of assets and liabilities (243,153) Net cash provided by operating activities 88,300 Cash flows provided by (used in) investing activities: Net cash provided by (used in) investing activities 12,259 Cash flows used in financing activities: Net cash used in financing activities (42,823) Net increased in cash 57,736 Cash at the beginning of the year 150,225 Cash at the end of the year 207,961 |
RISK MANAGEMENT
RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Risk Management [Abstract] | |
Disclosure Of Risk Management [Text Block] | NOTE 31. RISK MANAGEMENT The Bank’s comprehensive risk management is developed in compliance with current regulations and internal standards as defined by the Board of Directors, in relation to market, credit/ counterparty, liquidity and operational risk. The Board of Directors reviews and approves the resources, structure and processes of the Bank associated with risk management, and the development of its supervisory functions has the support of the Risk Committee in charge of the approval, monitoring and control of policies, methodologies, tools, guidelines and strategies for the identification, measurement, control and mitigation of risks. The Risk Corporate Vicepresidency professionals manage the different risks inherent to the activities undertaken in the fulfillment of their responsibilities. 31.1 Credit risk Credit risk Credit risk is the risk of an economic loss to the Bank due to a non-fulfillment of financial obligations by a customer or counterparty, and arises principally from the decline on borrower´s creditworthiness or changes in the business climate. December 31, 2017 Maximum exposure Collateral Net exposure In millions of COP Loans and Advances 160,468,094 (71,122,738) 89,345,356 Commercial 88,997,241 (42,593,800) 46,403,441 Consumer 27,646,114 (5,915,201) 21,730,913 Mortgage 20,512,208 (18,991,957) 1,520,251 Small Business Loans 1,063,580 (652,227) 411,353 Financial Leases 22,248,951 (2,969,553) 19,279,398 Off-Balance Sheet Exposures 22,360,075 - 22,360,075 Financial Guarantees 6,701,643 - 6,701,643 Loan Commitments 15,658,432 - 15,658,432 Other Financial Instruments (1) 16,837,677 (2,867,247) 13,970,430 Debt Securities 14,859,423 (2,741,345) 12,118,078 Derivatives 457,940 (125,902) 332,038 Equity Securities (2) 1,520,314 - 1,520,314 Total 199,665,846 (73,989,985) 125,675,861 December 31, 2016 Maximum exposure Collateral Net exposure In millions of COP Loans and Financial Leases 151,747,486 (68,627,160) 83,120,326 Commercial 86,259,708 (28,801,285) 57,458,423 Consumer 23,925,279 (5,917,791) 18,007,488 Mortgage 19,155,852 (18,193,999) 961,853 Small Business Loans 1,062,724 (296,816) 765,908 Financial Leases 21,343,923 (15,417,269) 5,926,654 Off-Balance Sheet Exposures 15,499,545 - 15,499,545 Financial Guarantees 6,344,004 - 6,344,004 Loan Commitments 9,155,541 - 9,155,541 Other Financial Instruments (1) 13,900,216 (1,384,764) 12,515,452 Debt Securities 11,705,563 (1,137,457) 10,568,106 Derivatives 779,829 (247,307) 532,522 Equity Securities 1,414,824 - 1,414,824 Total 181,147,247 (70,011,924) 111,135,323 (1) Collateral Held (-) and Collateral Pledged (+). (2) Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. Maximum exposure to credit risk of the loans and advances refers to the carrying amount at the end of the period. It does not take into account any collateral received or any other credit risk mitigates. Maximum exposure to credit risk of financial guarantees corresponds to the total amount guaranteed at the end of the period. This amount represents the worst case scenario and does not reflect the expected results. Maximum exposure to derivatives refers to the fair value at the end of the period, without considering any guarantee received or any other credit risk mitigates. Maximum exposure to credit risk of debt securities and equity securities refers to the carrying amount at the end of the period without considering any guarantee received. a. Credit Risk Management - Loans and Advances Risk management during the credit life cycle is developed through the fulfillment of the policies, procedures and methodologies stipulated in the Credit Risk Administration System, in accordance with the strategy approved by the Board of Directors for monitoring and controlling credit risk. The Credit Risk Administration System also contains the general criteria to evaluate, classify, measure and mitigate credit risk. In addition, the credit risk department has developed methodologies and manuals that specify the policies and procedures for different products and segments managed by the Bank. To maintain credit quality and manage the risk arising from its lending activities, the Bank has established general loan policies, including the following: · Credit exposure limits: It contains guidelines with regards to the establishment of credit exposure limits. It is set in fulfillment of legal requirements and according to Bancolombia internal guidelines. · Origination policies: These policies aim to acquire ample and sufficient knowledge of the characteristics of potential borrowers and to select them properly. The riskiness of the borrowers is determined using credit rating models. These models use information such the character, reputation and credit history of the borrower, the type of business the borrower engages in, the borrower’s ability to repay the loan, and information received from the credit risk bureaus. The credit risk rating system is also used in determining the allowance for loans and advances and lease losses. Loan applications, depending on their amount, are presented for approval at the level of management authority required. · Collaterals policies : For the purpose of mitigating risk associated with non-fulfillment of obligations agreed upon by the borrower, the Bank has established policies for the valuation of collateral received as well as for the determination of the maximum loan amount that can be granted against the value of the collateral. · Allowance policies: the objective of this policy is to fulfil legal requirements and the Bank’s business policies. In addition, this policy is meant to provide the guidelines to perform client’s status analysis and take the necessary actions in order to mitigate credit risk the Bank is exposed to. · Monitoring policies: Contains various monitoring procedures, portfolio reports and policies for the purpose of overseeing, in an adequate and timely manner, the evolution of credit risk. These procedures include a continuous process of classification and reassessment of credit operations and they maintain consistency with the policies implemented for granting loans. · Portfolio recovery policies: Through the definition of these policies, the organization aims to establish those mechanisms that allow it to anticipate the action to be taken in the event of possible delays and minimize the impact resulting from non-fulfillment of payment or delays by the borrower. Additionally, the aspects established in this policy delimit what the organization has defined as collection management and that make it possible to obtain information to improve the origination policies and the allowances for loans and advances and lease losses models. Management of credit risk is carried out in all of the credit life cycle. These processes are defined in the following way: · Origination: Knowing the borrower, payment capacity analysis, payment behavior and credit approval and structure. · Monitoring: Knowing the borrower’s situation during the life of the credit. · Recovery: Collection management during the different stages of the same credit. In order to withstand the credit origination processes, the Bank develops scoring and rating models based on statistical information or criteria from experts, which differentiate the risk levels of potential borrowers in order to support the decision making process. The Risk Corporate Vice Presidency is in charge of defining and documenting the specific characteristics of the models being utilized, as well as the parameters, variables to use in each case and the cut-off points that are applied per situation in the process of issuing credit. On an annual basis at the minimum, the Risk Corporate Vice Presidency must perform backtesting 1 In addition to the evaluation and qualification of the portfolio, the monthly allowance for loans and advances and lease losses serves to measure the present condition of the portfolio, the methodologies used for its calculation serve as a tool to evaluate risk, be it in a collective or individual manner. Collective evaluation of the portfolio applies the following parameters for measuring risk: probability of default (PD), loss given default (LGD) and exposure at default (EAD). The individual risk analysis is applied to impaired borrowers with significant loan carrying amount larger than COP 5.000 million (USD 1.5 million for foreign subsidiaries); the evaluation relies on the borrower’s projected cash flows. The basic projection assumptions are based on a qualitative analysis and are supported by the AEC 2 Annual backtesting must be performed on the allowances for loans and advances and lease losses models for the purpose of maintaining suitable hedge levels in accordance with the Bank’s risk appetite. The Bank is continuously monitoring the concentration of the risk groups, as well as carrying out a daily control of the exposure to different economic groups, evaluating the legal limits of indebtedness in order to fulfill the norms established about the concentration limits. The Bank performs international references determined by the rankings of external risks that allow the analysis of concentration levels in different geographic areas. On the other hand, at the legal level, the Bank is governed by the concepts and methodologies established by the external norms regarding the construction, administration and control of the concentration of economic groups. The following classifications are established for the analysis of concentration: · By country : based on the country that the loans were originated. · By sector: done according to the sectorial sub-segmentation defined by the Bank based mainly on the code CIIU 3 · By categories: refers to the portfolio categories of each agreement (commercial, financial leases, consumer loans, small business loans and mortgages). · By economic group: according to the characteristics of economic groups as established by regulations. · By maturity: consistent with the remaining term to loan maturity. · By past due days: this concentration evaluates loans that are more than one month overdue. 1 Statistical procedures used to validate the quality and accuracy of a model, through the comparison of actual results and risk measures generated by the models. 2 AEC: “Administración Especial de Clientes”. It’s a committee that meets periodically to identify current situations or anticipate future situations that might generate a possible deterioration in the client’s. 3 CIIU: International Standard Industrial Classification of All Economic Activities. b. Credit Quality Analysis - Loans and Financial Leases Rating System for Credit Risk Management Its principal aim is to determine the risk profile of the borrower, which is obtained through a rating. The rating for corporate loans is assigned principally based on the analysis of the interrelation of both qualitative and quantitative elements that can affect the fulfillment of the financial commitments acquired by a borrower. They take information on the financial statements, profit and loss statement, historical payment behavior both with the Bank and with other entities, and qualitative information on variables that are not explicit in the financial statements. The rating model is applied at the origination of the loan and is updated by a central qualification office to undertake a periodical evaluation of the loan portfolio, during the months of May and November each year. In the case of a retail customer, granting and behavior scoring models are used in order to identify the level of risk associated with the borrower. These models include information as personal details, financial information, historical behavior, the total number of credit products and external information from credit bureaus. As the subsidiaries have their own internal rating models, for purposes of assessing the consolidated credit risk in a homogeneous bases, the Bank has established the following categories of risk in order to classify borrowers according to their payment behavior: Category Description A- Normal Risk Loans and advances in this category are appropriately serviced. The borrower’s financial statements or its projected cash flows, as well as all other credit information available to the Bank, reflect adequate paying capacity. B- Acceptable Risk Loans and advances in this category are acceptably serviced and guaranty protected, but there are weaknesses in the payment capacity of the borrower which may potentially affect, on a temporary or permanent basis, the borrower’s ability to pay or its projected cash flows, to the extent that, if not timely corrected, would affect the normal servicing of the loans and advances. C- Appreciable Risk Loans and advances in this category represent insufficiencies in the borrower’s paying capacity or in the projected cash flow, which may compromise the normal servicing of the loans and advances. D- Significant Risk Loans and advances in this category have the same deficiencies as loans in category C, but to a larger extent; consequently, the probability of collection is highly doubtful. E- Unrecoverable Loans and advances in this category are deemed uncollectible. Description of Loans and Financial Leases In order to evaluate and manage credit risk, the credits and financial leasing operations have been classified as: · Commercial and Financial Leases: Loans granted to individuals or companies in order to carry out organized economic activities and are not classified as small business loans. Segment Incomes/Sales Business Companies with annual sales > = COP 20,000 M and < COP 45,000 M except for Banco Agrícola, which places borrowers with annual sales >= USD 1M and < USD 25 M and their main activity is in El Salvador. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M or with more than three projects. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold as their main activity, with annual sales > COP 45,000 M or more than five projects Corporate Companies with annual sales >= COP 45,000 M., Banistmo places borrowers with annual sales >to USD 10 M in this classification and Banco Agrícola places borrowers with annual sales >= USD 25 M and their main activity is in El Salvador. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level. SME Annual sales < COP 20,000 M, with a classification between small, medium, large and plus except for Banistmo which place companies that do not surpass USD 10 M in annual sales in this classification. · Consumer: Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows: Classification Vehicles Credits granted for the acquisition of vehicles. The vehicle financed is used as collateral for the loan. Credit cards Rolling credit limits for the acquisition of consumer goods, utilized by means of a plastic card. Payroll loans It is a credit line attached to an authorized individual payroll amount. Others loans Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. The counterparty of this portfolio is mainly made up of individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · Mortgage: These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or to build a home. These loans include loans denominated in local units or local currency that are guaranteed by a senior mortgage on the property and that are financed with a total repayment term of 5 to 30 years. The counterparty of the mortgage loan is mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · Small Business Loans: These are issued for the purpose of encouraging the activities of small business and most comply with the segmentation conditions. The borrower of this portfolio is mainly made up of individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income. Analysis of the behavior and impairment of the loan portfolio and financial lease operations As of December 31, 2017, bank’s total loan portfolio shows a moderate growth, explained mainly by Bancolombia and Banistmo. The disbursements presented an increase of 13.00% compared to the previous year, equivalent to an increase of 5.75% of the portfolio valued in pesos. The events that are worth to highlight in 2017 were: lower macroeconomic dynamics in Colombia and Panamá, in addition to credit impairments in Colombian sectors as natural resources, infrastructure, massive transport systems and the SME segment, triggering a direct impact on the portfolio, evidenced in all credit lines. The previous described events led to an increase in the 30-day past due loan ratio (consolidated), from 3.31% in 2016 to 4.49% for 2017. · Commercial loans and finance lease amounted to COP 111,250 billion, which represented an increase of 3.39% with respect to 2016. Its 30-day past due loan ratio was 3.39%, explained mainly by credit impairments of certain corporate clients with significant credit exposure, in addition to the generalized credit deterioration of the SME segment in Colombia. · Consumer loans stood at COP 27,650 billion, which represented an increase of 15.55% with respect to 2016. Its 30-day past due loan ratio was 5.88%. · Mortgage loans came to COP 20,510 billion, which represented an increase of 7.08% with respect to 2016. Its 30-day past due loan ratio was 7.92%. · Microcredit portfolio ended at COP 1,060 billion, which represented an increase of 0.08% with respect to 2016. Its 30-day past due loan ratio was 12.86%. · In order to monitor credit risk associated with clients, Grupo Bancolombia has established regular meetings conducted by a committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors as the economic activity, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. During 2017, risk level 4 was created for nonperforming clients without any financial, operational or commercial viability, where the objective is to obtain the highest possible portfolio recovery by judicial means, in order to reduce or end the commercial relationship given their inability to pay. Watch List December 31 2017 Million COP Risk Level Amount % Allowance Level 1 - Low Risk 4,938,711 2.00% 114,361 Level 2 - Medium Risk 1,641,169 5.00% 81,796 Level 3 - High Risk 3,806,554 33.00% 1,264,077 Level 4 - High Risk 1,509,014 76.00% 1,150,212 Total 11,895,448 22.00% 2,610,447 Watch List December 31 2016 Million COP Risk Level Amount % Allowance Level 1 Low Risk 3,738,353 3.00% 124,139 Level 2 Medium Risk 1,623,733 3.00% 46,627 Level 3 and 4 High Risk 4,461,571 30.00% 1,316,480 Total 9,823,657 15.00% 1,487,246 Loans and Financial Leases Collateral The Bank obtains collateral for loans and leases in order to mitigate credit risk by foreclosing the collateral when the borrower cannot fully repaid the loan or lease. Collateral is considered in the determination of the allowance for loans and advances and lease losses when it complies with the following conditions: · Their fair value is enough to cover the exposure of the obligation and was established according to technical and objective criteria. · The entity is granted a preference or an improved right to obtain the payment of the obligation, becoming an effective collateral. · Its performance is reasonably possible. · They are a payment source that sufficiently attends to the credit as per the requirement of the Bank. · When the borrower is a government entity, the collateral has to have a pledge certificate issued by the appropriate authority. The Bank has defined the criteria for the collateral enforceability, which are established according to the classification of loan portfolio. Besides, the Bank has set guidelines to value collaterals and the frequency of such valuations, as well as those guidelines related to the legalization, registry and maintenance of the collateral. Likewise, the Bank has defined the criteria for insurability, custody and the necessary procedures for their cancellation. The update of the fair value of mortgages and vehicles collaterals for the loan portfolio is made between one and three years of agreement with the policy. The methodology used to estimate the fair value of the properties is applied by external and independent entities. Updating the fair value of the vehicles is done through guides and valid values commonly used as reference to set the value of a vehicle. The fair value of real state and vehicles are classified in levels 2 and 3 depending on the observability and significance of the inputs used in the valuation techniques according to the hierarchy established by IFRS 13. December 31, 2017 Amount Covered by Collateral In Millions of COP Nature of the Collateral Commercial Consumer Mortgage Financial Leasing Small Business Total Real Estate and Residential 19,529,154 1,572,455 18,959,433 - 273,248 40,334,290 Goods Given in Real Estate Leasing 7,725,197 - - 2,392,075 - 10,117,272 Goods Given in Leasing Other Than Real Estate 5,124,246 112,724 - 577,447 - 5,814,417 Stand by Letters of Credit 455,793 - - - - 455,793 Security Deposits 779,008 300,730 - - 56,588 1,136,326 Guarantee Fund 2,583,354 147 - - 301,045 2,884,546 Sovereign of the Nation 12,710 - - - - 12,710 Collection Rights 3,220,882 41,597 - - 1,119 3,263,598 Other Collateral (Pledges) 3,163,456 3,887,548 32,524 31 20,227 7,103,786 Without Guarantee (Uncovered Balance) 46,403,441 21,730,913 1,520,251 19,279,398 411,353 89,345,356 Total loans and financial leases 88,997,241 27,646,114 20,512,208 22,248,951 1,063,580 160,468,094 December 31, 2016 Amount Covered by Collateral In Millions of COP Nature of the Collateral Commercial Consumer Mortgage Financial Leasing Small Business Total Real Estate and Residential 18,359,267 1,493,231 17,862,248 - 215,889 37,930,635 Goods Given in Real Estate Leasing - - - 9,231,286 - 9,231,286 Goods Given in Leasing Other Than Real Estate - - - 6,185,983 - 6,185,983 Stand by Letters of Credit 206,453 - - - - 206,453 Security Deposits 1,015,605 280,543 - - 59,029 1,355,177 Guarantee Fund 2,542,666 53 308,532 - 348 2,851,599 Sovereign of the Nation 25,421 - - - - 25,421 Collection Rights 2,896,981 35,816 - - 1,230 2,934,027 Other Collateral (Pledges) 3,754,892 4,108,148 23,219 - 20,320 7,906,579 Without Guarantee (Uncovered Balance) 57,458,423 18,007,488 961,853 5,926,654 765,908 83,120,326 Total loans and financial leases 86,259,708 23,925,279 19,155,852 21,343,923 1,062,724 151,747,486 Foreclosed assets and other credit mitigants Assets received in lieu of payment (foreclosed assets) are recognized on the statement of financial position when current possession of the asset takes place. Foreclosed assets represented by immovable or movable property are received based on a commercial valuation. Foreclosed assets such as equity securities and other financial assets, are received based on market value. During 2017 and 2016, foreclosed assets received amounted to COP 331,057 and COP 487,122, respectively. The Bank classifies foreclosed assets after acknowledgment of the exchange operation according to the intention of use, as follows: · Non-current assets held for sale. · Other marketable assets. · Other non-marketable assets. · Financial instruments (investments). · Inventories. · Premises and equipment. The enforcement of collaterals classified as non-current assets held for sale are those expected to be sold in the following 12 months. When there are market restrictions that do not allow their realization in less than 12 months and this period is extended, retroactive depreciation must be charged to results and the asset value will be reduced by the depreciation value. c. Risk Concentration Loans and Advances The analysis of credit risk concentration is done by monitoring the portfolio by groups such as: maturity loan, past due loan, loan categories and loan by sector and risk country, as shown here: · Loans concentration by category Composition December 31 2017 December 31, 2016 In millions of COP Commercial 88,997,241 86,259,708 Corporate 58,661,267 55,862,353 SME 17,184,059 16,521,808 Others 13,151,915 13,875,547 Consumer 27,646,114 23,925,279 Credit card 6,255,277 7,784,658 Vehicle 2,915,705 3,058,653 Payroll loans 6,970,783 5,080,660 Others 11,504,349 8,001,308 Mortgage 20,512,208 19,155,852 VIS 1 5,491,926 5,017,520 Non- VIS 15,020,282 14,138,332 Financial Leases 22,248,951 21,343,923 Small Business Loan 1,063,580 1,062,724 Loans and advances to customers and financial institutions 160,468,094 151,747,486 Allowance for loans and advances and lease losses (8,223,103) (6,621,911) Total net loan and financial leases 152,244,991 145,125,575 1 · Concentration of loan by maturity December 31, 2017 Maturity Less Than 1 Year Between 1 and 3 Years Between 3 and 5 Years Greater Than 5 Years Total In millions of COP Commercial 26,641,770 19,583,956 13,561,261 29,210,254 88,997,241 Corporate 17,054,923 11,588,101 8,533,725 21,484,518 58,661,267 SME 5,568,251 5,684,612 2,973,761 2,957,435 17,184,059 Others 4,018,596 2,311,243 2,053,775 4,768,301 13,151,915 Consumer 1,393,022 4,826,773 12,035,699 9,390,620 27,646,114 Credit card 761,294 1,104,571 2,384,220 2,005,192 6,255,277 Vehicle 67,118 718,610 1,499,980 629,997 2,915,705 Payroll loans 52,087 692,079 1,325,911 4,900,706 6,970,783 Others 512,523 2,311,513 6,825,588 1,854,725 11,504,349 Mortgage 50,102 148,851 389,456 19,923,799 20,512,208 VIS 12,238 40,182 93,917 5,345,589 5,491,926 Non-VIS 37,864 108,669 295,539 14,578,210 15,020,282 Financial Leases 3,101,344 2,698,394 3,546,370 12,902,843 22,248,951 Small business loans 232,596 479,646 182,893 168,445 1,063,580 Total gross loans and financial leases 31,418,834 27,737,620 29,715,679 71,595,961 160,468,094 December 31, 2016 Maturity Less Than 1 Year Between 1 and 3 Years Between 3 and 5 Years Greater Than 5 Years Total In millions of COP Commercial 18,011,992 22,458,578 13,494,101 32,295,037 86,259,708 Corporate 9,679,076 14,032,332 8,385,002 23,765,943 55,862,353 SME 4,549,984 5,711,371 3,145,824 3,114,629 16,521,808 Others 3,782,932 2,714,875 1,963,275 5,414,465 13,875,547 Consumer 692,986 4,873,973 9,713,953 8,644,367 23,925,279 Credit card 189,648 1,465,599 2,363,351 3,766,060 7,784,658 Vehicle 68,174 644,217 1,516,701 829,561 3,058,653 Payroll loans 46,849 589,925 1,314,077 3,129,809 5,080,660 Others 388,315 2,174,232 4,519,824 918,937 8,001,308 Mortgage 37,068 130,429 309,167 18,679,188 19,155,852 VIS 11,151 45,615 81,807 4,878,947 5,017,520 Non-VIS 25,917 84,814 227,360 13,800,241 14,138,332 Financial Leases 3,389,108 2,719,026 3,168,629 12,067,160 21,343,923 Small business loans 128,025 604,831 161,559 168,309 1,062,724 Total gross loans and financial leases 22,259,179 30,786,837 26,847,409 71,854,061 151,747,486 · Concentration by past due days December 31, 2017 Past-due Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days More Than 360 Days Total In millions of COP Commercial 85,747,936 570,412 130,613 1,573,899 974,381 88,997,241 Consumer 25,942,380 764,098 236,509 584,789 118,338 27,646,114 Mortgage 18,751,121 752,336 140,188 396,227 472,336 20,512,208 Financial Leases 21,480,161 215,685 61,700 238,030 253,375 22,248,951 Small Business Loan 916,298 39,178 12,753 70,977 24,374 1,063,580 Total 152,837,896 2,341,709 581,763 2,863,922 1,842,804 160,468,094 December 31, 2016 Past-due Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days More Than 360 Days Total In millions of COP Commercial 84,353,343 361,110 116,876 857,622 570,757 86,259,708 Consumer 22,624,937 609,278 168,018 443,530 79,516 23,925,279 Mortgage 17,746,163 639,346 132,330 284,214 353,799 19,155,852 Financial Leases 20,695,617 149,214 25,238 160,557 313,297 21,343,923 Small Business Loan 943,393 42,941 11,639 46,382 18,369 1,062,724 Total 146,363,453 1,801,889 454,101 1,792,305 1,335,738 151,747,486 · Concentration of loans by economic sector December 31, 2017 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 3,533,671 2,171,525 5,705,196 Petroleum and Mining Products 909,127 65,991 975,118 Food, Beverages and Tobacco 5,640,910 808,493 6,449,403 Chemical Production 3,341,248 172,763 3,514,011 Government 3,780,686 151,879 3,932,565 Construction 15,464,605 5,164,321 20,628,926 Commerce and Tourism 17,115,018 6,520,546 23,635,564 Transport and Communications 8,307,712 602,962 8,910,674 Public Services 5,180,634 2,472,215 7,652,849 Consumer Services 31,367,376 16,719,168 48,086,544 Commercial Services 16,248,665 3,993,836 20,242,501 Other Industries and Manufactured Products 6,367,961 4,366,782 10,734,743 Total 117,257,613 43,210,481 160,468,094 December 31, 2016 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 3,360,479 2,210,219 5,570,698 Petroleum and Mining Products 1,670,126 96,463 1,766,589 Food, Beverages and Tobacco 4,992,305 556,798 5,549,103 Chemical Production 3,184,196 218,010 3,402,206 Government 3,426,089 204,429 3,630,518 Construction 14,122,163 4,496,434 18,618,597 Commerce and Tourism 15,953,310 6,056,928 22,010,238 Transport and Communications 7,484,105 740,379 8,224,484 Public Services 5,013,469 4,626,201 9,639,670 Consumer Services 28,673,632 13,116,938 41,790,570 Commercial Services 15,186,857 5,753,166 20,940,023 Other Industries and Manufactured Products 6,141,378 4,463,412 10,604,790 Total 109,208,109 42,539,377 151,747,486 · Credit concentration by country December 31, 2017 Country Loans and advances % Participation Allowance for loans and advances and lease losses % Participation Colombia 112,862,226 70.30% 7,164,085 87.10% Panama 28,722,853 17.90% 507,181 6.20% El Salvador 9,120,415 5.70% 358,258 4.40% Puerto Rico 847,767 0.50% 14,941 0.20% Guatemala 8,902,627 5.50% 177,895 2.10% Other countries 12,206 0.10% 743 0.00% Total 160,468,094 100.00% 8,223,103 100.00% December 31, 2016 Country Loans and advances % Participation Allowance for loans and advances and lease losses % Participation Colombia 102,011,845 67.22% 5,369,122 81.08% Panama 31,216,172 20.57% 783,883 11.84% El Salvador 8,879,815 5.85% 345,364 5.22% Puerto Rico 1,220,689 0.80% 10,218 0.15% Peru 140,114 0.09% 9,958 0.15% Guatemala 8,265,518 5.45% 102,772 1.55% Other countries 13,333 0.02% 594 0.01% Total 151,747,486 100.00% 6,621,911 100.00% · Credit concentration by economic group As of December 31, 2017 and 2016, concentration of the 20 largest economic groups amounted to COP 19.2 billion and COP 17.3 billion, respectively. This exposure corresponds to all credit active operations of these groups. d. Credit quality Loans and Advances December 31 2017 Risk Category Current loans without impairment Past due loan without impairment Current loans that are impaired Past due and impaired loans Total In millions of COP A- Normal Risk 139,543,463 224,259 783,333 7,108 140,558,163 B- Acceptable Risk 5,986,958 1,265,787 1,848,716 88,508 9,189,969 C- Appreciable Risk 9,770 715 2,932,948 901,271 3,844,704 D- Significant Risk - - 1,167,928 3,289,030 4,456,958 E- Unrecoverable Risk 52 - 564,728 1,853,520 2,418,300 Total 145,540,243 1,490,761 7,297,653 6,139,437 160,468,094 December 31, 2016 Risk Category Current loans without impairment Past due loan without impairment Current loans that are impaired Past due and impaired loans Total In millions of COP A- Normal Risk 134,686,374 183,232 1,590,500 11,110 136,471,216 B- Acceptable Risk 4,810,882 861,347 1,574,761 72,370 7,319,360 C- Appreciable Risk - - 2,603,480 979,191 3,582,671 D- Significant Risk 1,247 - 696,641 1,801,383 2,499,271 E- Unrecoverable Risk - - 532,715 1,342,253 1,874,968 Total 139,498,503 1,044,579 6,998,097 4 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of subsequent events [Abstract] | |
Disclosure of events after reporting period [text block] | NOTE 32. SUBSEQUENT EVENTS The consolidated financial statements were approved by the Board of Directors on April 23, 2018 On March 14, 2018 the General stockholders meeting approved the Board of Directors’ profit distribution proposal and declared a dividend equal to COP 1,020 per share to be paid in quarterly instalment payments. The Bank has evaluated subsequent events as at December 31, 2017, and determined that is not necessary to add further information. |
SIGNIFICANT ACCOUNTING POLICI42
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Significant Accounting Policies [Abstract] | |
Basis for preparation | A. Basis for preparation The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRIC). The preparation of financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed, recognizing the revision in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, equity investments measured at fair value through other comprehensive income (“OCI”) and derivative instruments. Likewise the carrying value of assets and liabilities recognized that are designated as hedged items in a fair value hedge, is adjusted for changes in fair value attributable to the hedged risk. The consolidated financial statements are stated in Colombian pesos and its figures are stated in millions, except earnings per share, diluted earning per share and the market exchange rate, which are stated in Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. The Parent Company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separated financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the stockholders. |
Presentation of financial statements | A. Presentation of financial statements The Bank presents the consolidated statement of financial position ordered by liquidity and the consolidated statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset, unless such compensation is permitted or required by any accounting standard or interpretation, and are described in the Bank's policies. The statement of comprehensive income presents net income and items of other comprehensive income classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows. |
Consolidation | B. Consolidation 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of and for the periods ended on December 31, 2017 and 2016. The Parent Company consolidates the financial results of the entities on which it exerts control. In accordance with IFRS 10, a subsidiary is an organization controlled by any of the companies that comprise The Bank, as long as it has: · Power over the investee that give it the ability to direct their relevant activities that significantly affect its performance. · Exposure or rights to variable returns for its involvement with the investee. · Ability to use its power over the investee to affect the investor return amounts. ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Leasing Bancolombia S.A compañía de financiamiento (1) Colombia Leasing - - 100.00% Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81% 98.81% 98.81% Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00% 100.00% 100.00% Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00% 100.00% 100.00% Compañía de Financiamiento Tuya S.A. (2) Colombia Financial services - - 99.99% Renting Colombia S.A.S (Before Renting Colombia S.A.) Colombia Operating leasing 100.00% 100.00% 100.00% Transportempo S.A.S. Colombia Transportation 100.00% 100.00% 100.00% Valores Simesa S.A. Colombia Investments 68.57% 68.57% 68.57% Inversiones CFNS S.A.S. Colombia Investments 99.94% 99.94% 99.94% BIBA Inmobiliaria S.A.S. Colombia Real estate broker 100.00% 100.00% 100.00% Vivayco S.A.S. (3) Colombia Portfolio Purchase - - 74.95% FCP Fondo Colombia Inmobiliario. Colombia Real estate broker 63.47% 62.55% 50.21% Patrimonio Autonomo Cartera LBC. (4) Colombia Loan management - - 100.00% Prosicol S.A.S . (5) Colombia Pre-operating stage - 68.57% 68.57% Fideicomiso "Lote Abelardo Castro". Colombia Mercantil trust 68.23% 68.23% 68.23% ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Bancolombia Panamá S.A. Panama Banking 100.00% 100.00% 100.00% Valores Bancolombia Panamá S.A. (6) Panama Securities brokerage - - 100.00% Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00% 100.00% 100.00% Banagrícola S.A. Panama Holding 99.16% 99.16% 99.16% Banistmo S.A. Panama Banking 100.00% 100.00% 100.00% Banistmo Investment Corporation S.A. Panama Trust 100.00% 100.00% 100.00% Financomer S.A. Panama Financial services 100.00% 100.00% 100.00% Leasing Banistmo S.A. Panama Leasing 100.00% 100.00% 100.00% Valores Banistmo S.A. Panama Purchase and sale of securities 100.00% 100.00% - Suvalor Panamá Fondos de Inversión S.A. (6) Panama Holding 100.00% 100.00% 100.00% Suvalor Renta Fija Internacional Largo Plazo S.A. (6) Panama Collective investment fund 100.00% 100.00% 100.00% Suvalor Renta Fija Internacional Corto Plazo S.A. (6) Panama Collective investment fund 100.00% 100.00% 100.00% Financiera Flash S.A. (7) Panama Financial services - - 100.00% Grupo Financomer S.A. (7) Panama Financial services - - 100.00% Securities Banistmo S.A. (8) Panama Purchase and sale of securities - - 100.00% Banistmo Asset Management Inc. (9) Panama Purchase and sale of securities - 100.00% 100.00% Banistmo Capital Markets Group Inc. (10) Panama Purchase and sale of securities 100.00% 100.00% 100.00% Van Dyke Overseas Corp. (10) Panama Real estate broker 100.00% 100.00% 100.00% Inmobiliaria Bickford S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Williamsburg International Corp. (10) Panama Real estate broker 100.00% 100.00% 100.00% Anavi Investment Corporation S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Desarrollo de Oriente S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Steens Enterpresies S.A. (10) Panama Portfolio holder 100.00% 100.00% 100.00% Ordway Holdings S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Grupo Agromercantil Holding S.A. Panama Holding 60.00% 60.00% 60.00% Banco Agrícola S.A. El Salvador Banking 97.36% 97.36% 97.36% Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37% 97.36% 97.36% Credibac S.A. de C.V. El Salvador Credit card services 97.36% 97.36% 97.36% Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89% 98.89% 98.89% Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Investments 98.89% 98.89% 98.89% ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89% 98.89% - Arrendamiento Operativo CIB S.A.C. (11) Peru Operating leasing 100.00% 100.00% 100.00% Fondo de Inversión en Arrendamiento Operativo - Renting Perú (12) Peru Operating leasing 100.00% 100.00% 100.00% Capital Investments SAFI S.A. (11) Peru Trust 100.00% 100.00% 100.00% FiduPerú S.A. Sociedad Fiduciaria (11) Peru Trust 98.81% 98.81% 98.81% Leasing Perú S.A. (12) Peru Leasing 100.00% 100.00% 100.00% Banagrícola Guatemala S.A. Guatemala Outsourcing 99.16% 99.16% 99.16% Banco Agromercantil de Guatemala S.A. Guatemala Banking 60.00% 60.00% 60.00% Seguros Agromercantil de Guatemala S.A. Guatemala Insurance company 59.17% 59.17% 59.17% Financiera Agromercantil S.A. Guatemala Financial services 60.00% 60.00% 60.00% Agrovalores S.A. Guatemala Securities brokerage 60.00% 60.00% 60.00% Tarjeta Agromercantil S.A. (13) Guatemala Credit Card - 60.00% 60.00% Arrendadora Agromercantil S.A. Guatemala Operating Leasing 60.00% 60.00% 60.00% Agencia de Seguros y Fianzas Agromercantil S.A. Guatemala Insurance company 60.00% 60.00% 60.00% Asistencia y Ajustes S.A. Guatemala Services 60.00% 60.00% 60.00% Serproba S.A. Guatemala Maintenance and remodelling services 60.00% 60.00% 60.00% Servicios de Formalización S.A. Guatemala Loans formalization 60.00% 60.00% 60.00% Conserjeria, Mantenimiento y Mensajería S.A. Guatemala Maintenance services 60.00% 60.00% 60.00% Media Plus S.A. Guatemala Advertising and marketing 60.00% 60.00% 60.00% Mercom Bank Ltd. Barbados Banking 60.00% 60.00% 60.00% New Alma Enterprises Ltd. Bahamas Investments 60.00% 60.00% 60.00% Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00% 100.00% 100.00% Bancolombia Caymán S.A. Cayman Islands Banking 100.00% 100.00% 100.00% Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.16% 99.16% 99.16% (1) Investment absorbed by Bancolombia S.A. Corp during 2016. (2) During 2016, the Bank sold 50% of the shares of the Compañía de Financiamiento Tuya S.A.to Grupo Exito, therefore it became a joint business of Grupo Bancolombia. See Note 7: 'Investments in associates and Joint Ventures'. (3) Investment liquidated by Inversiones CFNS S.A.S. during 2016. (4) Investment liquidated as result of fusion of Bancolombia S.A. and Leasing Bancolombia during 2016. (5) Investment sold by Valores Simesa S.A. during 2017. (6) Investment initially acquired by Banistmo S.A. and subsequently merged with Valores Banistmo S.A during 2016. (7) Investment absorbed by Financomer S.A. during 2016. (8) Investment absorbed by Valores Banistmo S.A. during 2016. (9) Investment absorbed by Banistmo Capital Markets Group, Inc. during 2017. (10) Investments in non-operational stage. (11) Investment classified as assets held for sale. See Note 12. Assets held for sale and Inventories. (12) Investment in legal liquidation process. (13) Investment liquidates by Grupo Agromercantil Holding S.A. during 2017. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. Non-controlling interests in controlled entities are presented in equity separately from the Parent Company stockholders equity. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income There are restrictions on the ability of the Parent Company to obtain distributions of capital, due to the regulatory requirements of its subsidiaries in Panama. Banistmo and Bancolombia Panama have net assets before intercompany eliminations amounting to COP 6,872,171 and COP 6,360,729 at December 31, 2017 and 2016, respectively. The loans and financial leases granted by those subsidiaries are subject to prudential regulation in Panama issued by the Panamanian Superintency of Banks to maintain minimum reserves as a countercyclical capital buffer. For the years ended at December 31, 2017 and 2016, the reserves recognized amounted to COP 616,814 and COP 523,376. These requirements restrict the ability of the aforementioned subsidiaries to make remittances of dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. 2. Transactions between entities under common control: Combination of entities under common control, ie transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3- Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8, the Bank has developed an accounting policy considering pronouncement of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquiree’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. 3. Investments in associates and joint ventures. An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recongnize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture. When the Bank's share of losses of an associate or joint venture exceeds the Bank's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank's net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends received and share of profits of equity method investees”, in accordance with the Bank's participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation recognized directly in equity and other comprehensive income of the associate or joint venture are considered in the consolidated statement of equity and consolidated statement of comprehensive income. The dividends received in cash from the associate or joint venture reduce the investment carrying value. When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remained at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a part interest in the associate or joint venture, is recognized in net income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in the arrangements in accordance with the IFRSs applicable for the particular assets, liabilities revenues and expenses. If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3 Business Combinations or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, The Bank will apply all of the principles on business combinations accounting in IFRS 3. In this case the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. At least once per year goodwill is tested for impairment. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. 5. Funds administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. Name Country % of ownership interest held by the Bank, 2017 % of ownership interest held by the Bank, 2016 % of ownership interest held by the Bank, 2015 Assets managed December 2017 December 2016 FCP Fondo Colombia Inmobiliario Colombia 63.47% 62.55% 50.21% 2,698,224 2,009,382 Fideicomiso “lote Abelardo Castro” Colombia 68.23% 68.23% 99.50% 10,343 10,172 Suvalor Panamá Fondo de Inversión Panamá 100.00% 100.00% 100.00% 224 225 Fondo de Inversión en Arrendamiento Operativo Renting Perú Perú 100.00% 100.00% 100.00% - 31 For all the aforementioned funds, the Bank has participated in the design of the structured entity, establishes operating and financial decisions of the funds and it is exposed to variable returns such as dividends or returns paid in quarterly installments. The commissions earned by the management of funds that are not consolidated are included in the statement of income as “Fees and commission income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the Parent Company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The option for recognition is made on a investment by investment basis. Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. 6.1. Significant non-controlling interest FCP Colombia Inmobiliario As of December 31, 2017 and 2016, the portion of the non-controlling interest in the FCP Colombia Inmobiliario was 36.53% and 37.45% respectively, reason for which is considered as a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Colombia Inmobiliario is Bogotá (Colombia). As of December 31, 2017 and 2016, there were no dividends declared by this subsidiary. In contrast, there were returns paid in quarterly installments due to the nature of its business, which mainly comprises long- term investment in real state, considered as low-risk portfolio. December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Assets 2,698,224 2,009,382 1,550,219 Liabilities 1,048,867 655,315 661,973 Net assets 1,649,357 1,354,067 888,247 Condensed statement of income Income Valuation of investment properties 81,816 52,543 94,810 Valuation of trust rights 53,143 12,903 9,302 Rents 135,135 120,811 104,379 Profits of equity method investees 144,146 - - Other income 4,493 2,616 19,318 Total Income 418,733 188,873 227,809 Expenses Interest on loans 68,900 67,558 52,451 Trust fees 322 9,004 8,819 Other expenses 86,270 49,078 36,936 Total Expenses 155,492 125,640 98,206 Net Income 263,241 63,233 129,603 Condensed cash flow Net cash (used in) provided by operating activities (394) (372) (82) Net cash (used in) provided by investing activities - - - Net cash (used in) provided by financing activities 409 375 82 Cash and cash equivalents at beginning of year 3 - - Cash and cash equivalents at end of year 18 3 - The information above is the amount before inter-company eliminations. As of December 31, 2017, 2016 and 2015, the profit allocated to non-controlling interest amounted to COP 96,179, COP 23,701 and COP 69,074, respectively. As of December 31, 2017, 2016 and 2015, the accumulated non-controlling interest of the FCP Colombia Inmobiliario amounted to COP 602,548, COP 507,115 and COP 442,314, respectively. Grupo Agromercantil Holding S.A. On December 30, 2015 the Bank Acquired 60.00% of Grupo Agromercantil Holding S.A. (GAH). As of December 30, 2016, the portion of ownership in GAH by the non controlling interest was 40.00%, reason for which is considered as a significant non-controlling interest for the Bank and its subsidiaries. Guatemala is the principal place of business of GAH and its subsidiaries. December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Assets 12,191,869 11,795,358 12,137,258 Liabilities 10,847,895 10,477,427 10,792,953 Equity 1,343,974 1,317,931 1,344,305 Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 389,463 393,972 - Total fees and commission, net 101,565 58,745 - Other operating income 54,246 55,942 - Dividends received and equity method 608 779 - Total operating income, net 545,882 509,438 - Operating expenses (445,038) (435,430) - Income tax (21,546) (11,197) - Net income 79,298 62,811 - Condensed cash flow Net cash (used in) provided by operating activities 192,850 (136,878) - Net cash (used in) provided by investing activities (1,427) (4,157) - Net cash (used in) provided by financing activities (87,103) (77,684) - Cash and cash equivalents at beginning of year 1,098,861 1,359,176 - Cash and cash equivalents at end of year 1,203,181 1,140,457 - Other comprehensive income Investments at fair value through OCI 2,241 3,682 - Translation adjustment 15,758 (64,195) (537,196) Others (3,042) 6,959 - Total other comprehensive income 14,957 (53,554) (537,196) For the year 2017, 2016 and 2015, the dividends received from Grupo Agromercantil amounted to COP 39,482, COP 46,416 and COP 33,403, respectively. |
Use of estimates and judgments | Use of estimates and judgments The preparation of consolidated financial statements requires the Bank's management to make judgments, estimates and assumptions that affect the application of accounting policies and the recognized amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgments or changes in assumptions are disclosed in the notes to the consolidated financial statements. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates if assumptions and conditions change. The significant accounting policies that the Bank uses in preparing its consolidated financial statements are detailed below: 1. Impairment testing of CGU including goodwill: The Bank tests goodwill recognized upon business combinations for impairment at least annually. The impairment test for goodwill involves estimates and significant judgments, including the identification of cash generating units and the allocation of goodwill based on the expectations of which the Bank will benefit from the acquisition. The fair value of the acquired companies is sensitive to changes in the valuation models assumptions. Adverse changes in any of the factors underlying these assumptions could lead the Bank to record a goodwill impairment charge. Management believes that the assumptions and estimates used are reasonable and supportable in the existing market environment and commensurate with the risk profile of the assets valued. See Note 8, for further information related to carrying amount, valuation methodologies, key assumptions and the allocation of goodwill. 2. Deferred tax: Deferred tax assets and liabilities are recorded on deductible or levied temporary differences originating between tax and accounting bases, taking into account the valid tax rules applicable in each country where The Bank has operations. Due to the changing conditions of the political, social and economic environment, the constant amendments to tax legislation and the permanent changes in the tax principles, determining the tax bases for the deferred tax involves difficult judgments to estimate future gains, offsets or tax deductions. The determination of the deferred tax is considered a crucial accounting policy, since its determination involves future estimations of gains that may be affected by changes in economic, social and political conditions, and tax authorities. For more information relating to the nature of deferred tax assets and liabilities recognized by The Bank, please see Note 11. 3. Provisions and contingent liabilities: The Bank is subject to contingent liabilities, including those arising from judicial, regulatory and arbitration proceedings and tax and other claims arising from the conduct of the Bank’s business activities. These contingencies are evaluated based on management’s best estimates and provisions are established for legal and other claims by assessing the likelihood of the loss actually occurring as probable, possible or remote. Provisions are recorded when all the information available indicates that it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation before the statement of financial position date and the amounts may be reasonably estimated. The Bank engages internal and external experts in assessing probability and in estimating any amounts involved. Throughout the life of a contingency, the Bank may learn of additional information that can affect assessments regarding probability or the estimates of amounts involved; changes in these assessments can lead to changes in recorded provisions. The Bank considers the estimates used to determine the provisions for contingent liabilities are critical estimates because the probability of their occurrence and the amounts that the Bank may be required to pay are based on the Bank’s judgment and its internal and external experts, which will not necessarily coincide with the future outcome of the proceedings. For further information regarding legal proceedings and contingencies and its carrying amounts. See Note 20. 4. Impairment for credit risk: Determining the allowance for loan losses requires a significant amount of management judgment and estimates in, among others, identifying impaired loans, determining customers’ ability to pay and estimating the fair value of underlying collateral or the expected future cash flows to be received. The Bank assesses if an asset or a group of financial assets is impaired and if impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The estimates are considered as critical accounting judgments because: (i) they are highly susceptible to change from period to period as the assumptions about future default rates and valuation of potential losses relating to impaired loans and advances are based on recent performance experience, and (ii) any significant difference between the Bank’s estimated losses (as reflected in the provisions) and actual losses would require the Bank to record provisions which, if significantly different, could have a material impact on its future financial condition and results of operations. The Bank’s assumptions about estimated losses are based on past performance, past customer behavior, the credit quality of recent underwritten business and general economic conditions, which are not necessarily an indication of future losses. (see section Risk Management). 5. Fair value of financial assets and liabilities: Financial assets and liabilities recorded at fair value on the Bank’s statement of financial position include debt and equity securities and derivatives classified at fair value through profit or loss and equity securities which the Bank has made an irrevocable election to present in other comprehensive income changes in its fair value. To increase consistency and comparability in fair value measurements and related disclosures, IFRS 13 Fair value measurement Level 1: Instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price represents actual and regularly occurring market transactions. Level 2: Level 3: All transfers between the aforementioned levels are assumed to occur at the end of the reporting period The measurement of the fair value of financial instruments generally involves a higher degree of complexity and requires the application of judgments especially when the models use unobservable inputs (level 3) based on the assumptions that would be used in the market to determinate the price for assets or liabilities. For further details, as carrying amount and sensitivity disclosures, please see Note 29 ‘Fair value of assets and liabilities’. For the periods ended December 31, 2017 and 2016 there have been no significant changes in estimates and judgements made at end-year other than those indicated in financial statements. 6. Measurement of Employee benefits: The measurement of post-employment benefit obligations and long-term employee benefits carries a wide variety of premises and it is dependent upon a series of assumptions of future events. The projected unit credit method is used to determine the present value of the obligation for the defined benefits and its associated cost. Future measurements of obligations may differ to those presented in the financial statements, among others, due to changes in economic and demographic assumptions and significant events. For further information, see Note 18. 7. Consolidation of structured entities: Structured entity (SE) is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. To determine whether the Bank controls and consequently consolidates an entity that has been designed as a SE, the Bank assesses the design and the purpose of the entity. It is also considered whether the Bank, or another involved party with power over the relevant activities, is acting as a principal in its own right or as an agent on behalf of others. Whenever there is a change in the substance of the relationship with the SE the Bank performs a re-assessment of control to determine if consolidation is applicable. The total assets of unconsolidated SE in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests is presented in Note 23 unconsolidated structured entities. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 1. Accounting Pronouncements Applicable in 2017 During 2017, the following standards have been adopted by the Bank without having a significant impact: Amendment to IAS 7: Cash flows' statement - Breakdown Initiative: Management evaluated the impact of the amendment and made the necessary adjustments in its processes to make the adequate presentation of the information in the Financial Statements of Cash Flow and its accompanying notes according to the requirement of the financial liabilities breakdown in financing activities. See note 28 liabilities from financial activities'. a) Each of the entities that form The Bank assess that there is sufficient tax gain, related to the same tax authority and in the same period in which deductible temporary differences are reverted (or in the periods in which tax loss, coming from a deferred tax asset, may be offset with previous or later gain), to assess if there will be sufficient tax gain (income) in future periods. b) When each of the entities that form The Bank has the possibility to use opportunities of tax planning to create tax gain (income) in future periods. Said amendments and their impact were independently assessed in the separate financial statements according to the tax and financial projections and their effect was reflected in each of the separate financial statements. The effective date for this amendment is January 1, 2017 with prospective application, although early adoption is allowed Annual improvements to IFRS Cycle 2014-2016: IFRS 12 Disclosure of interests in other entities: None of these amendments to standards had a material effect on the Banks's financial statements. 2. Recently Issued Accounting Pronouncements Applicable in Future Periods Annual improvements to IFRS Cycle 2014-2016: IFRS 1 First-time Adoption of International Financial Reporting Standards: No impact is estimated in the Group's financial statements as a result of this amendment. IAS 28 Investments in associates and joint ventures: Managment is evaluating the impact of the modification in the Bank´s statement of financial position and disclosures. Annual improvements to IFRS Cycle 2015-2017: Amendments to IFRS 3 Business combination: Managment is evaluating the impact of the modification in the Bank´s statement of financial position and disclosures. Amendments to IFRS 11 Join Arrangements Managment is evaluating the impact of the modification in the Bank´s statement of financial position and disclosures. Amendments to IAS 12 Income taxes Management is evaluating the impact of the changes that the amendment of IAS 12 has on the Group, in its statement of financial position and disclosures. According to IASB, these amendments apply for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted Amendments to IAS 23 Borrowing Costs: No impact is estimated in the Group's financial statements as a result of this amendment. IFRS 9, Financial Instruments: • Classification and measurement: The classification of financial liabilities and their subsequent measurement has remained unchanged in relation to IAS 39, except for those liabilities designated at fair value through profit and loss for which it is stipulated how to account for the changes in the credit risk in other comprehensive income. The Bank has early adopted IFRS 9 as issued in November 2013, which includes only Fair value through profit or loss and amortized cost as measurement categories attributable to financial assets, based on the business model and the contractual cash flow characteristics; In addition, the option to make an irrevocable election at initial recognition for particular investments in equity instruments to present subsequent changes in fair value in other comprehensive income. The following table summarizes the main items of the Bank's balance sheet representing financial assets and their classification under IFRS 9, 2013 and indicates the expected classifications once the Bank is applying IFRS 9, 2014: Current Classification before January 1, 2018 with IFRS 9, 2013 Classification after January 1, 2018 with adoption of IFRS 9, 2014 Assets AC* FVPL** FVOCI*** CA* FVPL** FVOCI*** Cash and cash equivalents X X Credit portfolio and financial leasing X X Debt securities X X X X X Equity investments X X Investments in associates and joint ventures at fair value X X *AC = Amortized cost **FVPL = Fair value with changes in results ***FVOCI= Fair value with changes in other comprehensive results. · Impairment: IFRS 9 makes significant changes in the assessment of the impairment of the value of financial instruments and therefore their associated risk, going from an incurred loss model to one of expected credit loss. This new regulation also proposes the definition of a model that identifies a Significant Increase in Credit Risk (SICR) in an instrument prior to the identification of objective evidence of impairment (EOD) and for which a loss, the life time of the asset should be measured. In this regard, Grupo Bancolombia established the quantitative and qualitative criteria through which it is possible to identify significant increases in the credit risk of an instrument. The impairment-related requirements apply for financial assets measured at amortized cost and fair value with changes in OCI (FVOCI), whose business model is intended to receive contractual and / or sale flows (as for lease accounts receivable, loan commitments and financial guarantees). The Bank, in accordance with IFRS 9, estimates the Expected Credit Loss (ECL) based on the present value of the difference between contractual cash flows and expected cash flows of the instrument, estimated through collective methodologies or individual analysis. The ECL amount will be updated on each presentation date to reflect changes in the portfolio's credit risk since the initial recognition. Through the methodological implementation plan, the necessary adaptations to IFRS 9 were made, including the changes required in its provision calculation model, in order to comply with the expected impairment and loss requirements established by the international standard. For this, new processes and procedures were created, impairment policies were updated and a control environment aligned with the SOX requirements was designed. Impairment measurements were made through collective and individual evaluation models, with sufficient sophistication required for each portfolio. Collective models include parameters of probability of default at 12 months, life time probability of default, loss given default and exposure at default with the inclusion of the prospective criteria. The individual analysis methodology is applied in significant exposures and includes the evaluation of weighted loss scenarios, taking into account the macroeconomic expectations and the particular conditions of each debtor. ⋅ Impact of IFRS 9 transition: The impact of the adoption of IFRS 9 is recognized in the initial equity as of January 1, 2018 and was estimated based on calculations made in the consolidated financial statements as of December 31, 2017; as a result an increase was observed in the Bank’s allowance, which ranged between COP 470 billion and COP 730 billion. This estimate could vary mainly due to: ⋅ Estimates of ECL models (Expected Credit Loss) are being refined. ⋅ The Bank is finalizing the tests and evaluations of the controls of the new systems and processes. ⋅ Hedge accounting: These requirements align hedge accounting more closely with risk management, establish a more principle-based approach to hedge accounting and address inconsistencies and weaknesses in the hedge accounting model in IAS 39. Entities have been provided with an accounting policy option between applying the hedge accounting requirements of IFRS 9 or continuing with the application of the existing hedge accounting requirements of IAS 39 for all hedge accounting, as the project on macro hedge accounting has not yet been completed. In consequence, the Bank opted for continuing the application of IAS 39 requirements for hedge accounting. ⋅ Impact of IFRS 9 transition - Liabilities: The Bank expects a low impact corresponding to the remeasurement of the modified financial liabilities that did not result in derecognition, due to the clarification of the IASB contained in the amendment of IFRS 9 - Characteristics of early cancellation with negative compensation. IFRS 15, Revenue from Contracts with Customers: In the process of implementing IFRS 15 in the Bancolombia Bank, the contracts agreed with clients were reviewed, in order to establish the impacts on the separation of the components included in them. For this purpose, the following activities were carried out: · Evaluation of promised services in contracts, identifying performance obligations. · Evaluation of the performance obligations of each contract and whether there are impacts for compliance with the new standard. · Analysis of concessions, incentives, bonuses, price adjustments clauses, penalties, discounts and refunds or similar elements contained in the agreements made. · Identification of possible variable compensations included in the contracts and determination as to whether the recognition of the same is being carried out appropriately. · Analysis of loyalty programs with customers and packages (product grouping) and whether they have impacts for compliance with the new standard. · Identification and determination of internal post-implementation controls to ensure compliance with accounting and disclosure requirements based on new products and services that are developed within the Bank to meet the financial needs of its customers. At the date of initial application, the Bank evaluated the contracts and commitments established with clients, identifying compliance with the five steps established in IFRS 15 and evaluating the impact on recognition within their Financial Statements, as follows: 1. Identification of the contract with the customer 2. Identification of the contract obligations: 3. Price Setting: 4. Price Distribution : 5. Satisfaction of the Obligations: The Bank has evaluated and updated its internal controls over financial reporting in regards to the identification of contracts, in particular, assessed the characteristics of performance obligations to ensure that the recognition of income is adequately carried out in light of the standard. In carrying out the above activities, it was identified that there are no impacts that generate changes to the recognition of income for the Bancolombia Bank given that the accounting procedures are in accordance with the provisions of IFRS 15 and therefore, there is no financial effect by the implementation of the new standard, the adjustments to the information disclosures will be made as established in the regulatory framework IFRS15. IFRS 16, Leases : (a) (b) Management is evaluating the impact of the adoption of IFRS 16 on the Bank, in its financial position statement and disclosures. The Bank expectes to apply this standard when it become effective on January 1, 2019. To date, the inventory of active contracts has been made in order to determine which will impact the implementation of the standard and then quantify it. Likewise, the most optimum technological alternative is being evaluated to enable the administration of the information and ensure proper registration according to the requirements of the standard IFRS 17, Insurance: This IFRS is mandatory for periods beginning on or after 1 January 2021. Advance application is allowed. Management has assessed the impact of the adoption of IFRS 17 on the Bank's financial statements and disclosures, without identifying a material effect on its current financial position or disclosures. Amendments to IAS 40 - Investment Property: The Bank evaluated the proposed amendment in the standard by determining that the events described therein regarding changes in the use of Investment Property have not taken place in the Bank and its subsidiaries, therefore, the new requirements in IAS 40 will be applied prospectively for new operations as of January 1, 2018, at the moment that transfers of properties with these characteristics are done. IFRIC 22 Transactions in Foreign Currency and Advance Payments: Management assessed the impact of the Bank's interpretation on its financial statements and disclosures by modifying the accounting recognition of administrative payments whose change does not generate a material impact. The Bank's other accounting procedures do not show any impact since advances made in foreign currency comply with the guidelines of IFRIC 22 . IFRIC 23 uncertainty over income tax treatments: This applies to all accounting aspects of the income tax when there is uncertainty regarding the treatment of an element, including the tax gain or loss, the assets and liabilities tax bases, tax loss and credit and tax rates. This interpretation shall become enforceable for the annual periods commencing as of January 1, 2019. The Bank shall reflect the effect of an uncertain tax position in regard to the income tax, when it will be concluded that it is unlikely that the tax authority accepts an uncertain tax treatment and, therefore, it will likely pay amounts relating to the uncertain tax treatment. |
Functional and presentation currency | 1. Functional and presentation currency Items included in the financial statements of each of the Bank’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Colombian pesos, which is the functional currency for the Parent Company, and the presentation currency for the consolidated financial statements. All transactions and balances in other currency than pesos are considered as foreign currency. |
Transactions and balances in foreign currency | 2. Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are generally recognized in net income. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at cost are held at the exchange rate of transaction date, while those which are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognized in other comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognized in net income, any exchange component of that gain or loss shall be recognized in net income. |
Foreign subsidiaries | 3. Foreign subsidiaries The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Bank´s presentation currency are translated into the presentation currency as follows: · assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position · income and expenses for each statement of income and statement of other comprehensive income are translated at average exchange rates, and · all resulting exchange differences are recognized in other comprehensive income in Translation adjustment reserve. As part of the consolidation process, exchange differences arising from debt securities in issue and the portion of other financial instruments designated as hedges of foreign operations that are determined to be an effective hedge, are recognized in other comprehensive income in Translation adjustment reserve. When a foreign operation is sold or any debt securities in issue forming part of the net investment are repaid, the associated exchange differences are reclassified to net income, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate. The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: |
Cash and cash equivalents | 4. Cash and cash equivalents The Bank considers cash and cash equivalents to include cash and balances at central bank, interbank assets and reverse repurchase agreements and other similar secured lending that have original maturities since its acquisition date up to 90 days, as shown in Note 4. |
Security deposits. | 5. Security deposits. Security deposits are assets pledged as collateral that correspond to cash guarantees made by the Bank to other financial institutions. The carrying amount is increased when a margin call is issued or when it is necessary to increase the trading quota; conversely, it is decreased when the aim is to lower that quota. The security deposits are recognized as other assets in the consolidated statement of financial position at the amount paid in favor of the counterpart and this assets are not subjet to interest recognition. |
Business combinations and goodwill | 6. Business combinations and goodwill Business combinations are those transactions where an acquirer obtains control of a business (e.g. an acquisition or merger). Business combinations are accounted for using the acquisition method as follows: a) Identifiable acquired assets, liabilities and contingent liabilities assumed in the acquisition are recognized at fair value at the date of acquisition; b) Acquisition costs are recognized in the consolidated statement of income as expenses in the periods in which the costs are incurred and the services are received; c) and goodwill is recognized as an asset in the consolidated statement of financial position. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Bank (If any). Goodwill is measured as the excess of the sum of the consideration transferred, the value of any non-controlled interest and, when applicable, the fair value of any previous equity interest in the acquiree, over the net fair value of the acquired assets, liabilities or contingent liabilities assumed at the date of acquisition. For each business combination, at the date of acquisition, the Bank measures the non-controlling interest by the proportional share of the identifiable assets acquired, as well as liabilities and contingent liabilities assumed by the acquired company, or by their fair value. Any contingent consideration in a business combination is classified as a liability or as equity and is recognized at fair value at the date of acquisition, the liability is remeasured at subsequent reporting dates in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets, and the consideration classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. The goodwill acquired in a business combination is allocated, at the date of acquisition, to the Bank's cash-generating units (or group of cash generating units) which are expected to benefit from the combination, regardless of whether other assets or liabilities of the acquiree are assigned to those units or group of units. For business combinations achieved in stages, any previous equity interest held by the Bank in the acquiree is remeasured at its fair value at the date of acquisition and any resulting gain (or loss) is reported in the consolidated statement of income or other comprehensive income, as appropriate. Amounts previously recognized in other comprehensive income that must be recycle through net income in relation with such investments are reclassified to the consolidated statement of income, as if such investment had been sold. When the associate has other comprehensive income, which is not reclassified to profit or loss, the amounts are not reclassified when the investment is sold. When the Bank enters into a option contract to acquire totally o partially the amount of shares in a subsidiary held by non-controlling interest, that entitles the non-controlling interest to sell its interest in the subsidiary to the Bank, the Bank analyzes whether the ownership risks and rewards remain with the non-controlling interest or have been transferred to the Bank. The non-controlling interest is recognized to the extent the risks and rewards of ownership of those shares remain with them. Irrespective of whether the non-controlling interest is recognized, a financial liability is recorded for the present value of the redemption amount. Subsequent changes to the liability are recognized in net income. The Bank will reclassify the liability to equity if the put option expires unexercised. |
Financial instruments | Financial instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 7.1. Recognition of financial assets and liabilities Financial assets and liabilities are recognized in the statement of financial position when the Bank becomes a party of the contractual provisions of the instrument. This includes conventional purchases and sales, which are those purchases and sales of financial assets that require the delivery of assets within the time frame established by regulation or convention in the marketplace. The Bank uses settlement date accounting for regular way contracts when recording financial asset transactions. 7.2. Offsetting of financial instruments Financial assets and financial liabilities are reported on a net basis on the statement of financial position if and only if (i) there is currently a legally enforceable right to set off the recognized amounts and (ii) there is intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Bank does not offset income and expenses, unless required or permitted by an IFRS. 7.3. Fair value The fair value of all financial assets and liabilities is determined at the statement of financial position date, for recognition or disclosure in the notes to the financial statements. To determine fair value, characteristics of the asset or liability are taken into account in the same way that market participants would use when pricing the asset or liability at the measurement date; at estimating, is taken into consideration: - Based on quoted prices (unadjusted) in active markets for identical assets or liabilities to which the Bank can access at the measurement date (level 1). - Based on inputs of valuation methodologies commonly used by the market participants, these inputs are other than quoted prices included with in level 1 that are observable for the assets or liabilities, either directly or indirectly; considering inputs as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities like interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads, and market-corroborated inputs (level 2). - Based on internal valuation techniques of discounted cash flow and other valuation methodologies, using unobservable inputs estimated by the Bank for the assets or liabilities, in the absence of observable inputs (level 3). The accounting judgments used in determining fair value related to matters such as liquidity risk, credit risk and volatility. The changes in estimates related to these factors could affect the recognized fair value of the financial instruments. In Note 29 Fair Value of Assets and Liabilities analysis is provided of the fair values of financial instruments and non-financial assets and liabilities, including further details about the measurement of fair value. |
Financial assets | 7.4. Financial assets At initial recognition, the Bank measures financial assets at fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs directly attributable to the acquisition of the financial assets. Financial assets are then classified considering their subsequent measurement at fair value or amortized cost, respectively, on the basis of the business model for managing the financial assets and the contractual cash flow characteristics of the instrument. In addition, for particular investments in equity instruments, in accordance with IFRS 9 (2013), the Bank made the irrevocable election to present subsequent changes in fair value in other comprehensive income. 7.4.1 Money market operations Interbank assets and interbank deposits These are funds that the Bank lends to other financial institutions or borrows from the Central Bank and other financial institutions. The transactions in an asset position with maturity of up to ninety days are measured at fair value and classified as cash equivalents. The operations in an asset position with maturity greater than ninety days and all the operations in a liability position are measured at amortized cost and presented as “Other assets” or “interbank deposits”, respectively. Repurchase agreements and other similar secured transactions · Asset Position Asset position refers to transactions accounted for as collateralized lending in which the Bank purchases securities with an agreement to resell them back to the seller at a stated price plus interest at a specified date, not exceeding one year. Repos in asset position are initially recognized at the consideration paid and they are subsequently measured at amortized cost. The difference between the purchase value and resale price is recorded in net interest income and accrued over the life of the agreement using the effective interest rate method. · Liability Position Liability position refers to transactions accounted for as collateralized borrowing in which the Bank sells debt securities with an agreement to repurchase them back from the buyer at a stated price plus interest at a specified date, not exceeding one year. The securities sold under those agreements are not derecognized from the statement of financial position when the Bank substantially retains all of the risks and rewards of the securities. However, the securities are disclosed as pledged assets. The amounts received are initially recognized, at fair value, as a financial liability and subsequently measured at amortized cost. The difference between the sale value and the repurchase value is treated as interest expense and accrued over the life of the agreement by the effective interest rate method. 7.4.2 Debt and equity securities Securities at amortized cost Debt securities are classified at amortized cost only if the asset is maintained within a business model whose objective is to hold it in order to collect contractual cash flows and the contractual terms of the security give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; Its interest income is recognized using the effective interest rate method. The effective interest method is a method used to calculate the amortized cost of an asset and to assign the income or cost in interest during the relevant period. The effective interest rate is the discount rate at which the present value of future estimated cash payments or those received through the expected life of the financial instrument, or, when appropriate, in a shorter time frame, are equal to the net carrying value at the beginning. To calculate the effective interest rate, the Bank estimates cash flows considering all the contractual terms of the financial instrument, including transaction costs and premiums granted minus commissions and discounts, but without considering future credit losses. Securities at fair value through profit or loss These are equity securities and debt securities that are not subsequently measured at amortized cost. The difference between the current fair value and the immediately preceding fair value of the respective security is recorded as a higher or lower value of the asset, affecting the statement of income. 7.4.3 Equity instruments at fair value through other comprehensive income The Bank has made an irrevocable election to present in other comprehensive income, subsequent changes in fair value of some equity instruments that are not held for trading; dividends from this type of instrument are recognized in net income only when the entity’s right to receive payment of the dividend is established. 7.4.4 Loans and advances to customers and financial institutions, leases and other receivables These are financial assets that consist primarily of corporate loans, personal loans (including mainly consumer finance and overdrafts), residential mortgage loans and financial leases. The Bank established that loans, advances to customers and other receivables are held within a business model whose objective is to hold them in order to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They are initially measured at fair value, plus transaction costs and origination fees that are directly attributable to the acquisition. They are subsequently measured at amortized cost using the effective interest rate method. 7.4.5 Impairment of financial assets at amortized cost At the end of every period, the Bank assesses whether there is objective evidence that a financial asset or group of financial assets measured at amortized cost are impaired; impairment is recognized as a result of one or more events that occurred, after the initial recognition of the financial asset, where the loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Indicators that the financial asset is impaired include historical performance data, particular characteristics of the borrower, fair value of collateral, the borrower’s debt to other entities, macroeconomic factors and financial information, a significant financial difficulty of the borrower, whether the borrower will likely to declare bankruptcy or financial restructuring, or any breach of contract, such as a default or delinquency in interest or principal payments. 7.4.5.1 Impairment of loans The Bank individually reviews impaired loans superior to five billion Colombian pesos (USD 1.5 million for foreign subsidiaries), analyzing the debt profile of each debtor, the guarantees granted and information on the credit behavior in the sector. Financial assets are considered significant when, based on current or past information and events, it is likely that the entity will not be able to recover the amounts described in the original contract, including the interests and commissions agreed upon in the contract. When a significant financial asset has been identified as impaired, the amount of the loss is measured as the balance due minus the current net value of the estimated future cash flows. To estimate these flows, basic projected hypotheses are used based on qualitative analysis and backed up by information obtained from the Special Client Administration Committee as well as approvals made with Commerce Managers. When it is determined that a fundamental source of credit collection is a guarantee, the amount of loss is estimated as the balance due minus the fair value of the guarantee minus the estimated selling costs. For credits that are not considered individually significant and for the portfolio of individually significant credits that are not considered impaired, a collective evaluation is carried out. Portfolios of financial assets with similar characteristics are grouped, using statistical techniques based on the analysis of historical losses to determine an estimated percentage of losses that have been incurred by those assets on the balance date. The percentages of historical losses used in the process are updated to incorporate the most recent data of the current economic conditions, the performance trends by industry or region, or the concentration of obligations in each portfolio of financial assets by segment, and any other relevant information that may affect the provision of loss estimate for financial assets. The financial assets are removed from the balance from the provision when they are considered non-recoverable. The recoveries of financial assets previously discounted are recorded as an increase in the provision. Quantification of the losses incurred takes into account three fundamental factors: exposure at default, the probability of default and the loss caused by default: · Exposure at default: It is understood as the exposed balance of assets to the current capital balance, interest and accounts receivable. In the case of products whose nature is revolving and that have an available quota that is susceptible to be used in its entirety according to loan contracts subscribed with clients, this parameter indicates over-use which can be incurred in the event of client default. · Probability of default (PD): This is the probability that the debtor fails to fulfill their obligations of capital and/or interest payment over a period of twelve months. This is linked to the rating/scoring of each debtor/operation. A hybrid model is used to estimate the probabilities of defaulting based on a through-the-cycle defaulting probability model, and then these probabilities are changed using the following parameters: The LIP (Loss identification Period) parameter changes the probability of defaulting to losses incurred. LIP is the time between the moment of an event that causes a loss and the moment when that loss becomes significant on an individual level. The analysis of LIPs is made based on homogeneous risk portfolios. Macroeconomic adjustment: this parameter converts the through-the-cycle (TTC) defaulting probability model into a point-in-time (PIT) model, using an adjustment that reflects the effect of the current conditions. Given that defaulting probability is estimated using a database that contains precedents of historical losses in a complete economic cycle, the macroeconomic adjustment allows suppression of effects from the conditions of the historical period that no longer exist. In the specific case of doubtful assets, the allocated probability of default is 100%. The classification of an asset as “doubtful” is made because of a non-payment of 90 days or more (180 days for the Banistmo mortgage portfolio), as well as in cases that there is no non-payment, but where there are doubts about the solvency of the debtor. · Loss given default (LGD): This is defined as the economic impairment in which the entity would incur in the event of any instance of default. This depends mainly upon the characteristics of the debtor and upon the valuation of guarantees or collateral associated with the operation. Once a debt or collection of debts is classed as impaired, the interest revenues are still accounted for using the applicable rate of interest for the discount for future cashflows in order to measure loss due to depreciation. 7.4.6 Restructured financial assets Loan restructuring is an alternative to achieve a proper collection management. It must be understood as a resource of atypical use to standardize the behavior of a portfolio, using a new contractual agreement between the parties. Such agreement aims to modify the originally established conditions in order to allow the proper attention to the loan in the light of the real or potential impairment in the debtor’s payment ability. The loan restructuring is implemented through amendments to the contractual terms, rates and payment terms. In any case, at the restructuring time, all the collateral must be preserved and if possible, the Bank’s position should be improved by obtaining new guarantees or guarantors that support the obligations. In the restructuring, real and personal property can be received as foreclosed assets to cancel partially the obligations. Likewise, the Bank can grant discounts on interest or other related receivables. If necessary, the discount can be applied to loan principal, either because the guarantees or payment sources do not have coverage on total loan or because the agreement does not permit full recovery of the total balance. The terms are reviewed in each negotiation to determine if the client should continue in the portfolio and if so, the terms to restore the business relationship after a certain time. If as a result of restructuring, the financial asset is derecognized, costs and fees are recognized in net income, as well the difference between the value in the balance sheet and the consideration received. In the case in which the modified financial asset is not derecognized, the costs and fees are deferred and will be amortized by the remaining life of the modified asset. Before the commencement of the restructuring process, the Bank should perform an analysis of the debtor’s projected cash flow in order to evaluate the capacity to pay the proposed plan. Restructuring loans are classified as follows: Private Agreement These are restructuring based on agreement with the client resulting from, after negotiations between the two parties, without any legal special scheme adopted by the debtor. Regulated by the law agreements These are restructuring that result from legal bankruptcy and insolvency procedures or corporate restructuring agreements acquired by the client. 7.4.7 Leasing 7.4.7.1 The Bank as lessee The assets taken for lease under financial leases are recognized at the lower of the fair value of the leased assets and the present value of the minimum lease payments. Such assets are recognized as premises and equipment in the statement of financial position. The assets leased under financial leases are depreciated throughout their life using the straight line method. However, if there is no reasonable certainty that the Bank will obtain the property at the end of the lease term, the asset is depreciated throughout its life or the lease term, whichever is shorter. The lease payments are divided between interest and debt reduction. The finance charges are recorded in the consolidated statement of income. The payments for operating leases are recognized on a straight line basis over the term of the lease as expenses in the statement of income during the lease term. Lease incentives received are recognized as an integral part of the total lease expenses over the term of the lease. 7.4.7.2 The Bank as lessor The lease agreements entered into by the Bank are classified at the initial recognition as financial or operating leases. The Bank classifies a lease as a financial lease when according to the agreement substantially, all the inherent risks and benefits are transferred to the lessee and are recognized as the sum of the minimum payments to be received and any unguaranteed residual value discounted at the lease interest rate is recorded as part of the loan. Otherwise, the lease is classified as an operating lease, which is classified in the statement of financial position as premises and equipment. The initial direct costs incurred in the negotiation of an operating lease are added to the carrying value of the leased assets and recorded as a cost during the lease term on the same basis as the lease income. The contingent rents of the leases are recorded as income in the period in which they are obtained. Among the risks transferred are the possibilities of losses through underutilization, technological obsolescence, decrease in profitability or changes in the economic environment. Among the benefits derived from the use are the expectation of profit over the economic life of the asset and eventually, the appreciation of its residual value or realization of the asset. The following are indications of transfer of risk and rewards of ownership to the lessee: · The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10.00% of the fair value of the asset upon termination of the lease. · The term of the lease covers most of the economic life of the asset when the minimum lease term represents 75.00% or more of the economic life of the leased asset. · At the inception of the lease, the present value of the minimum lease payments amounts to at least 90.00% of the fair value of the leased asset. · The leased assets are of such a specialized nature that only the lessee has the possibility of using them without making significant modifications. If during the lease term, the lessor and the lessee decide to modify the initial conditions, and the agreed changes result in a different classification, then the modified agreement will be considered a new lease with new clauses that will lead to the classification of a financial or operating lease, as appropriate. |
Financial liabilities | 7.5. Financial liabilities At initial recognition, the Bank measures its financial liabilities at fair value. The transaction costs that are directly attributable to the financial liability are deducted from its fair value if the instruments are subsequently recognized at amortized cost, or will be recognized in the statement of income if the liabilities are measured at fair value. . Derivative liabilities are measured at fair value through profit and loss and the gains or losses of those liabilities are recognized in the statement of income for subsequent measurements. Non-derivative financial liabilities are measured at amortized cost using the effective interest rate. Interest expenses are recognized in the statement of income unless it is a financial liability designated as at fair value through profit or loss, for which is required to present the effects of changes in the liability’s credit risk in other comprehensive income. 7.5.1 Compound instruments Compound financial instruments that comprise both a liability and equity component must be separated and accounted for separately. Therefore, for initial measurement, the liability component is the fair value of a similar liability which doesn´t have an equity component (determined by discounting future cash flows using the market rate at the date of the issuance). The difference between the fair value of the liability component and the fair value of the compound financial instrument considered as a whole is the residual value assigned to the equity component. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. The liability component corresponds to the preferred dividend related to 1% of the subscription price, which is the payment of the minimum dividend on the preferred shares for each period in accordance with the Bank’s bylaws. 7.5.2 Financial guarantee contracts and loan commitments In order to meet the needs of its customers, the Bank issues financial standby letters of credit, bank guarantees and loan commitments. Loan commitments are those agreements under which the bank has an irrevocable obligation to grant the loan. The financial guarantee contracts issued by the Bank are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due to accordance with the original or modified terms of a debt instrument. Both financial guarantee contracts and loan commitments are initially recognized as liability at fair value, which is normally the fee received, adjusted for the directly attributable transaction costs incurred. Such contracts are measured at the higher between the provision amount measured according to IAS 37 -Provisions, contingent liabilities and contingent assets and the amount initially recognized less, when proceeds, the accumulated amortization recognized according IAS 18 - Revenues Income derived from guarantees is recognized as fees and commission income in the statement of income over the term of the contract. |
Derecognition of financial assets and liabilities | 7.6 Derecognition of financial assets and liabilities Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Bank has transferred substantially all the risks and rewards of ownership or in which the Bank neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. On derecognition of a financial asset, the difference between: (a) the carrying amount (measured at the date of derecognition) and (b) the consideration received (including any new asset obtained less any new liability assumed) is recognized in net income. In transactions in which the Bank neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, the Bank continues to recognize the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred financial asset. A financial liability is removed from the statement of financial position when it is extinguished, that is when the obligation is discharged, cancelled or expired. Debt exchange The Bank assesses whether the instruments subject to exchange are substantially different from each other, considering qualitative aspects such as currencies, terms, rates, conditions of subordination, regulatory framework, among others; and quantitative, in which is evaluated whether the present value of discounted cash flows under the conditions of the new instruments (including any commission paid net of any commission received) and using the original effective interest rate to calculate the discount, is at least 10 percent different from the discounted present value of the cash flows that still remain of the original financial liability. When it is concluded that the instruments subject to debt exchange are not substantially different, the transaction is recognized as a modification of the debt. In this case, incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability, in accordance with its subsequent measurement at Amortized Cost. In debt exchanges that are considered substantially different, the financial instrument is derecognized and a new financial liability is recognized. 7.6.1 Written-Off loan portfolio balances and related allowances Type Length of delinquency Consumer 180 days, 450 for vehicles in BAM, 720 for loans with mortgage guarantee in Banco Agricola Commercial 360 days Small Business Loan 180 days, 720 for loans with guarantee in Banistmo Mortgage 1.620 days. For Banistmo and Banco Agrícola from 720 days. BAM 1440 days. Among the reasons underlying the portfolio's non-recoverability are the estimated recovery time of the obligation and the probable recovery percentage given the existence or lack of collaterals. When default conditions are present, it is initially necessary to evaluate whether the collaterals that support the loan generate a reasonable expectation of recovery; if so, the necessary steps are taken to realize of the collateral prior to writing-off; in cases where the collateral net fair value indicates that there are no reasonable expectations of recovery, loans are written-off. In most mortgage loan cases, there is still a high probability of recovery after the delinquency. |
Derivatives financial instruments | 7.7. Derivatives financial instruments A financial derivative is an instrument whose value changes in response to changes in a variable such as an interest rate, exchange rate, the price of a financial instrument, a credit rating or a credit index. This instrument requires no initial investment or it is smaller than would be required for other financial instruments with a similar response to changes in market conditions, and it is generally settled at a future date. The Bank carries out derivative transactions to facilitate the business of clients related to the management of their market and credit risk; managing the exposure in its own position to changes in interest rates and risks in exchange rates; or to obtain benefits from changes in valuations experienced by these instruments in the market. Derivatives are recognized and measured at fair value through profit or loss, unless such derivatives are designated as hedging instruments in cash flow hedges or in a hedge of a net investment in a foreign operation. In those cases, the effective portion of changes in the fair value of the derivatives are recognized in other comprehensive income 7.7.1 Hedge accounting Fair value hedges are used by the Bank, through its Panamanian subsidiary, Banistmo, to protect against changes in the fair value of investment securities that are attributable to interest rate variability. Cash flow hedges are used mainly to reduce the variability in cash flows of deposits issued by Banistmo caused by interest rate changes. When the hedging relationship is considered to be highly effective, the changes in value of the hedging derivative are accounted for according to their classification as fair value hedges, cash flow hedges and hedges of net investment in foreign operations, as set in the paragraph below. The Bank assesses at the inception of the hedge and on a monthly basis during the life of the instrument, whether the hedge used in the transaction is expected to be highly effective (prospective effectiveness), and considers the actual effectiveness of the hedge on an ongoing basis (retrospective effectiveness). The Bank discontinues the hedge accounting when the hedging instrument expires or is sold, terminated or exercised, the hedge no longer meets the criteria for hedge accounting or if hedge designation is revoked. When hedge accounting for a fair value hedge is terminated the previous adjustments related to the changes in fair value of the hedged item are subsequently recorded in the consolidated statement of income in the same manner as other components of the carrying amount of that asset. Before the establishment of the hedge accounting, The Bank documents the relationship between hedged items and hedging instruments, as well as its risk management objectives and hedging strategies, which are approved by the Risk Management Committee as the body designated by the Board of Directors. Hedge relationships, are classified and accounted for in the following way: Fair value hedges: are designated to protect against the exposure to changes in the fair value of recognized assets or liabilities or unrecognized firm commitments. Changes in the fair value of derivatives that are designated and qualify as hedging instruments in fair value hedges are recorded in the statement of income as interest and valuation on investments. The change in fair value of the hedged item attributable to the hedged risk is uncluded as part of the carrying value of the hedged item, and it is also recognized in the aforementioned item of statement of income. For fair value hedges that are related to items accounted for at amortized cost, the adjustments to the carrying value are amortized through the statement of income during the remaining term until their expiry. The amortization of the effective interest rate will be able to begin as long as there is an adjustment to the carrying value of the hedged item, but it will have to begin at the latest when the hedged item is no longer adjusted by changes to its fair value attributable to the risk that is being hedged. The amortization of the adjustments to the carrying value is based on the effective interest rate recalculated on the starting date of the amortization. If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the statement of income. If the hedge instrument expires or it is sold, terminated or exercised, or when the hedge no longer meets the criteria for hedge accounting, the Bank discontinues prospectively the hedge accounting. For the items hedged at amortized cost, the difference between the carrying value of the item hedged at the completion of the hedge and the nominal value are amortized using the effective rate method during the time surplus of the original terms of the hedge. If the hedged item is derecognized, the remaining value to amortize is recognized immediately in the statement of income. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with corresponding gain or loss recognized in net income. Cash flow hedges: The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income. The ineffective portion of the gain or loss on the hedging instrument is recognized in the statement of income. If the hedging instrument expires or is sold, terminated or exercised, without replacement or rollover into another hedging instrument, or if its hedging designation is revoked, any accumulated gain or loss previously recognized in OCI remains in OCI, until the planned operation or the firm commitment affects the result. Hedge accounting is discontinued when the Bank revokes the hedging relationship, when the hedging isntrument expires or is sold, terminated, or excercised, or when no longer quilifies for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time remains in equity and is recognised in other comprehensive income when the forecast transaction is ultimately recognised in net income. When a forecast transaction is no longer expected to occur, the gain or loss acumulated in equity is recognised inmediately in net income. Hedges of a net investment in a foreign operation: |
Premises and equipment and depreciation | Premises and equipment include tangible items that are held for use, for rental to others, or for administrative purposes and are expected to be used for more than one period. Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The depreciable amount is the cost of an asset less its residual value. Asset group Useful life range Buildings 10 to 75 years Furniture and fixtures 5 to 20 years Computer equipment 3 to 20 years Equipment and machinery 3 to 40 years Vehicles 3 to 6 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. When there is a significant change, the depreciation and the charge to the statement of income are adjusted based on the new estimation. Assets classified as premises and equipment are subject to impairment tests when events or circumstances occur indicating that the carrying amount of the assets may not be recoverable An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount and is recognized in the statement of income as ‘ impairment, depreciation and amortization’. When the carrying value exceeds the recoverable value, the carrying value is adjusted to its recoverable value, modifying the future charges for depreciation, according to its new remaining useful life. In a similar way, when indications exist that the value of an asset has been recovered, reversal of an impairment loss is recognized immediately in net income and consequently the future charges for the asset’s depreciation are adjusted. In any case, the reversal of the impairment loss of assets cannot increase its carrying value above the amount that it would have if impairment losses in previous periods had not been recognized. For the purposes of assessing impairment, assets are grouped at the smallest identifiable group that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). The evaluation can be carried out at individual asset level when the fair value less the cost of sale can be reliably determined and the value in use is estimated to be close to its fair value less costs to sell and fair value less costs to sell can be determined Maintenance expenses of the premises and equipment are recognized as an expense in the period in which they are incurred and are registered in the consolidated statement of income as administrative and general expenses. Gains and losses in the sale of premises and equipment are registered in the consolidated statement of income as other operating income other expenses. |
Investment properties | 9. Investment properties Land and buildings that the Bank holds to earn rentals or for capital appreciation or both rather than for their use in the supply of services or sale in the ordinary course of business are recognized as investment properties. The investment properties are measured initially at cost, including the transaction costs. The carrying value includes the cost of replacement or substitution of a part of an investment property at the time in which the cost is incurred, if the cost meets the recognition criteria; and it excludes the daily maintenance costs of the investment property which are included in the statement of income as “Other expenses”. After the initial recognition, the investment properties are measured at fair value which reflects the market conditions at the statement of financial position date. The gains and losses that arise from changes in the fair values of investment properties are included in the statement of income as ‘Other operating income’. The investment properties are derecognized, either at the moment of their disposal, or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the net disposal proceeds of the investment properties and the carrying value is recognized in net income in the period the disposal occurs. Transfers to or from the investment properties are only made when there is a change in its use. For a transfer from an investment property to premises and equipment, the cost taken into account for its subsequent accounting is the fair value at the time of the change in use. If a premises and equipment becomes an investment property, it will be accounted for at its fair value. |
Intangible assets | 10. Intangible assets An intangible asset is an identifiable non-monetary asset with no physical appearance. Separately acquired intangible assets are measured initially at their cost. The cost of intangible assets acquired in business combinations is their fair value at the date of acquisition. After the initial recognition, the intangible assets are accounted for at cost less any accumulated amortization and any accumulated impairment loss. The costs of internally generated intangible assets, excluding the costs from development that meet the recognition criteria, are not capitalized and the expense is reflected in the statement of income as it is incurred. The useful lives of intangible assets are determined as finite or indefinite. The intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. The Bank assesses its intangible assets in order to identify whether any indications of impairment exist, as well as possible reversal of previous impairment losses. The amortization period and the amortization method for intangible assets with a finite useful life are reviewed at least at the close of each period. The expected changes in the useful life or in the pattern of consumption of the future economic benefits of the asset are accounted for when changing the period or amortization method, as appropriate, and they are treated as changes in the accounting estimates. The amortization expense of intangible assets with finite useful lives is recognized in the statement of income. The useful lives of the intangible assets with finite life ranges between 1 and 10 years. Intangible assets with indefinite useful lives are not subject to amortization, but are periodically tested in order to identify any impairment, either individually or at the cash-generating unit level. The assessment of the indefinite life is reviewed annually to determine if it continues being valid. In the event that the assessment were not valid, the change from indefinite useful life to finite useful life is recognized prospectively. The gain or loss that arises when an intangible asset is derecognized are measured as the difference between the disposal value and the carrying value of the asset, and is recognized in the statement of income. The Bank’s intangible assets comprise mainly intangibles of finite useful life: licenses, software and computer applications, client relationships and the legal stability agreement signed with the Ministry of Finance and Public Credit (See note 19 Income tax), customer relationships and patents. Intangibles of indefinite useful life comprise Goodwill. 10.1 Research and development costs The research costs are recorded as expenses as they are incurred. Costs directly related to the development of a stand-alone project are recognized as intangible assets when the following criteria are met: ⋅ It is technical feasible of to complete the intangible asset so that it will be available for use or sale; ⋅ Management intends to complete the intangible asset and use or sell it; ⋅ There is an ability to use or sell the intangible asset; ⋅ It can be demonstrated how the asset will generate probable future economic benefits; ⋅ Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and ⋅ The expenditure attributable to the intangible asset during its development can be reliably measured. In the statement of financial position, the related capitalized costs are recorded at cost less accumulated depreciation and accumulated impairment losses. Costs are capitalized during the application development stage and amortized on a straight line basis since the beginning of the production stage over the period of expected future economic benefits. During the development period, the asset is subjected to annual impairment tests to determine if impairment indications exists. The research and development costs that do not qualify for capitalization are recorded as expenses in the income of the period. |
Inventories | Inventories The inventories of returned property are those assets that come from an early termination of a lease (returned property s) or those upon which the lease has already concluded (premises and equipment), which are expected to be sold in the normal course of business. These are controlled by the Bank and are expected to generate future economic benefits. The inventory of returned property is recognized as an asset from the date in which the Bank assumes the risks and benefits of the inventories. The cost of it can be reliably measured and it is probable that it will generate future economic benefits. The inventories of returned property are valued using the specific identification method and their costs include the carrying value at the time the asset is returned. The carrying value of returned property is measured at the lower of cost and net realisable value (NRV). The net realisable value is the estimated selling price in the ordinary course of business less its estimated costs to make the sale. The adjustment in the carrying value to reflect the NVR, is recognized in the statement of income of the period in which the goods are returned. The value of any reversion that comes from an increase in the NVR in which the increase occurs is recognized as a lower expense in the period. Other new inventories are measured initially at acquisition cost which comprises the sum of the purchase price, the import costs (if applicable), the non-recoverable taxes paid, the storage, the transport costs, and other attributable or necessary costs for their acquisition, less discounts, reductions or similar items. Those inventories do not include selling costs. The Bank must review the NRV of its inventories, at least annually or whenever necessary by market conditions. Any write-down adjustment must be recognized directly in the statement of income. |
Assets held for sale and discontinued operations | 12. Assets held for sale and discontinued operations A non-current asset or a disposal group of assets are classified as held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets or groups of assets are shown separately in the statement of financial position at the lower of their carrying value and their fair value less costs to sell and they are not depreciated nor amortized from the date of their classification. The held for sale condition is met if the assets or group of assets are available, in their current condition, for immediate sale and the sale transaction is highly probable and is expected to be completed within the year following the date of classification. The Bank perform the measurement of the assets held for sale at the statement of financial position date. However these assets are evaluated quarterly if exist impairment indicators that imply review of the carrying value recorded in the accounts. If those indications are identified, impairment losses are recognized for the difference between the carrying and recoverable amount of an asset as ‘Impairment, depreciation and amortization’ in the statement of income. A discontinued operation is a component of an entity that has been disposed of, or is classified as held for sale and, represents a separate major line of business or a geographical area of operations, is part of a single coordinated and individual plan to dispose a separate major line of business or geographical area of operations or is a subsidiary acquired exclusively with a view to resale. Income and expenses coming from a discontinued operation must be disclosed separately from those coming from continued operations, in a single item after the income tax, in the consolidated statement of income of the current period and comparatively with previous period even though the Bank retains a non-controlling interest in the subsidiary after the sale. |
Impairment of non-financial assets, cash-generating units and goodwill | 13. Impairment of non-financial assets, cash-generating units and goodwill The Bank evaluates whether there is any indication that on a stand-alone basis, cash-generating units are impaired at the end of each period. If some indication of impairment does exist, the Bank estimates the recoverable amount of the assets and the loss by impairment. Regardless of whether impairment indicators exist, goodwill must be tested annually for impairment. If an asset does not generate cash flows that are independent from the rest of the assets or group of assets, the recoverable amount is determined by the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The amount of impairment losses recognized in net income during the period are included in the Statement of income as “Impairment, depreciation and amortization” |
Other assets | 14. Other assets The bank presents as other assets, among other things, (a) the expenses paid in advance incurred in the development of its business, in order to receive future services, which are amortized during the period in which services are received or the costs or expenses are recorded and (b) foreclosed assets that do not comply with what is required to be recognized as assets held for sale and that there are no plans to use it in the supply of services or for administrative purposes. Foreclosed assets are initially recognized at the lower of net amount of the charge-off financial assets and net realizable value of the foreclosed asset (the net realizable value will be the estimated selling price of the asset or its awarding value, less the estimated costs necessary to carry out its sale), pending the obtaining of a plan for its commercialization. For this group of assets, it is evidence of impairment that they remain in the statement of financial position for a period greater than one year from their reception date without obtaining a buyer, despite permanently seeking their realization, even adjusting their selling price. Foreclosed assets are subsequently assessed to determine whether an impairment lost must be recognized. In the case of arising events that are beyond the control of the Bank and that make remote the realization of these assets, they are identified as "non-tradable" and a completely impairment is carried out |
Employee benefits | Employee benefits 15.1 Short term benefits The Bank grants to its employee’s short term benefits such as bonuses, salaries, accrued performance costs and social security that are expected to be wholly settled within 12 months. Expenses related to these benefits are recognized over the period in which the employees provide the services to which the payments relate. 15.2 Other long term employee benefits The Bank grants to its employees seniority bonuses as long term employee benefits whose payment is not expected within the 12 months following the end of the annual period in which the employees have rendered their services. These benefits are projected up to the date of payment and are discounted through the Projected Unit Credit method. The cost of long term employee benefits is allocated across the period from the time the employee was hired the Bank and the expected date of obtaining the benefit. 15.3 Pensions and other post-employment benefits Defined contribution plans The Bank pays contribution monthly to pension funds, due to legal requirements and it will have no legal obligation to pay further contributions. The Bank recognizes contributions in the statement of income. Any contributions unpaid at the statement of financial position date are included as a liability. Defined benefit plans They are post-employment benefit plans in which the Bank has the legal or implicit obligation to take responsibility for the payments of benefits that have agreed. The Bank makes an actuarial valuation on the base of the projected unit credit method and a risk-free rate which reflects current market assessments of the time value of money in each country. |
Provisions, contingent liabilities and contingent assets | 16. Provisions, contingent liabilities and contingent assets Provisions are recorded when the Bank has a present obligation (legal or constructive) as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are determined by the management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period and it is discounted using a risk-free rate which reflects current market assessments of the time value of money in each country, treasury bonds (TES) 1 The amounts recognized in the statement of income, correspond mainly to: Provisions for loan commitments and financial guarantee contracts; and Provisions for legal proceedings, classified as probable to be decided against the Bank. Possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Bank, or a present obligation that arise from past events but are not recognized because it is not probable, that an outflow of resources embodying economic benefits will be required to settle the obligations or the amount of the obligations cannot be measured with sufficient reliability are not recognized in the financial statement but instead are disclosed as contingent liabilities, unless the possibility of an outflow of resources embodying economic benefits is remote, in which case no disclosure is required. Possible assets that arise from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Bank, are not recognized in the financial statement; instead are disclosed as contingent assets where an inflow of economic benefits is probable. When the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. 1 It refers to the interest rate of treasury bonds (TES), representative of the nation's public debt. |
Customer loyalty program | 17. Customer loyalty program The Bank maintains a credit card loyalty program to provide incentives to its customers. The program allows customers to purchase goods and services, based on the exchange of awards points, which are awarded based on purchases using the Bank's credit cards and the fulfillment of certain conditions established in such program. Points redemption for prizes is carried out by a third party. According to IFRIC 13, the expenses of the Bank's commitments with its clients arising from this program are recognized as a lower value of the fee and other service income, considering the total number of points that can be redeemed over the accumulated prizes and taking into account the probability of redemptions. |
Revenue recognition | Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits flow to the Bank and that the revenue can be measured reliably. 18.1. Interest income and expenses For all financial instruments measured at amortized cost, interest income and interest expenses are recognized using the effective interest rate. The effective interest rate is the rate that exactly discounts future estimated cash flows payments through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying value of the financial liability or asset. The computation takes into account all the contractual conditions of the financial instrument (for example, prepayment options) and includes incremental fees or expenses that are directly attributed to the instrument and are an integral part of the Effective Interest Rate (EIR), but not future credit losses. For debt securities at fair value, gains and losses arising from changes in fair value are included in the statement of income as ‘Interest and valuation on investments’ 18.2. Fees and commission income The Bancolombia Group charges fees for the services it provides to its customers. Fee income can be divided into the following three categories: Income from fees that are an integral part of the effective interest rate of a financial instrument: Commissions for loan commitments that have a high probability of being used are deferred (together with any incremental cost) via the effective interest rate once the loan is granted (in accordance with section 18.1). If the commitment expires and no loan is made, the fee is recognized as income at the time of termination. The opening fees received for the issuance of a financial liability measured at amortized cost are included in the effective interest rate of the financial instrument and its recognition as income is generated during the estimated life of the asset. Commissions obtained from the services that are provided during a certain period of time: Fees accrued for the transference of services during a period of time. The payments include income from commissions and asset management, custody and other administration and advisory commissions. In loan commitments when it is not possible to demonstrate the probability that a loan will be used, the opening fees of the loan are recognized in income statement during the commitment period on a straight line basis. Fee and commission recognized on the performance of a significant act: Fees arising from the negotiation or participation in the negotiation of a transaction for a third party, such as the acquisition of shares or other securities or the purchase or sale of businesses, are recognized at the closing of the underlying transaction. Commissions or fee components that are linked to a specified performance are recognized after the corresponding criteria are met. 18.3. Dividend revenue For the investments that are not associates or joint ventures, dividends are recognized when the right to payment of the Bank is established, which is generally when the stockholders declares the dividend. These are included in the statement of income as Dividends received and share of profits of equity method investees. 18.4. Total operating income, net The income derived from commercial operations ( trading |
Income tax | 19. Income tax The Bank recognizes, when appropriate, deferred tax assets and liabilities by the future estimate of tax effects attributable to differences between book values of assets, liabilities and their tax bases. Deferred tax assets and liabilities are measured based on the tax rate that, in accordance with the valid tax laws in each country where The Bank has operations, must be applied in the year in which the deferred tax assets and liabilities are realized or settled. The future effects of changes in tax laws or tax rates are recognized in the deferred taxes as from the date of publication of the law providing for such changes. Tax bases for deferred tax must be calculated by factoring in the definition of IAS 12 and the value of the assets and liabilities that will be realized or settled in the future according to the valid tax laws of each of the countries where the Bank has operations. Deferred tax liabilities due to deductible temporary differences associated with investments in subsidiary and associated entities or shares in joint ventures, are recognized except when the Bank is able to control the period in which the deductible temporary difference is reverted. Furthermore, it is likely that it will not be reverted in the foreseeable future. Deferred tax assets, identified with temporary differences, are only recognized if it is considered likely that The Bank is going to have sufficient taxable income in the future that allow it to be recovered. Tax credit from fiscal losses and surplus amounts from the presumptive income on the net income are recognized as a deferred asset, provided that it is likely that The Bank is going to generate future net income to allow their offset. The deferred tax is recorded as debit or credit according to the result of each of the companies that form The Bank and for the purpose of disclosure on the Statement of Financial Position it is disclosed as net. The income tax expense is recognized on the consolidated income statement under the heading Income Tax, except when referring to amounts directly recognized in the OCI (Other Comprehensive Income). Regulatory changes in tax laws and in tax rates are recognized in the consolidated income statement under the Income Tax heading in the period when such rule becomes enforceable. Interest and fines are recognized on the consolidated income statement under the overhead and administrative expenses heading. The Bank periodically assesses the tax positions adopted in tax returns and according to the results of the tax audits held by the control entity determines possible tax eventualities provided it has a present obligation and it is likely that The Bank must part with economic resources to cancel the obligation, for which purpose there must be a reliable estimate of the amount of the obligation. The recorded sums are based on the estimated fair amount that is expected to cover the amount expected to be paid in the future. Revisions of tax returns must be documented, as well as any uncertain tax positions that are taken in them. Transfer prices policy The Bank recognizes operations with economic links applying the Arm's Length Principle. These operations are documented and reported to the tax administration |
Operating segments | 20. Operating segments Operating segments are defined as components of the Bank for which separate financial information is available that is regularly used by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Bank manages and measures the performance of its operations through the operating segments using the same accounting policies described in the summary of significant accounting policies described in Note 2. |
Earnings per share | 21. Earnings per share The basic earnings per share are calculated by dividing net income attributable to the ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the period. To calculate diluted earnings per share, the net income attributable to ordinary equity holders, and the weighted average number of outsanding shares is adjusted by the dilutive effects inherent to potential ordinary shares. |
Paid-in capital | 22. Paid-in capital Corresponds to the greater amount paid by the shareholders on the nominal value of the share. |
SIGNIFICANT ACCOUNTING POLICI43
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Significant Accounting Policies [Line Items] | |
Disclosure Of Basis Of Consolidation Explanatorys [text block] | The Parent Company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Leasing Bancolombia S.A compañía de financiamiento (1) Colombia Leasing - - 100.00% Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81% 98.81% 98.81% Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00% 100.00% 100.00% Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00% 100.00% 100.00% Compañía de Financiamiento Tuya S.A. (2) Colombia Financial services - - 99.99% Renting Colombia S.A.S (Before Renting Colombia S.A.) Colombia Operating leasing 100.00% 100.00% 100.00% Transportempo S.A.S. Colombia Transportation 100.00% 100.00% 100.00% Valores Simesa S.A. Colombia Investments 68.57% 68.57% 68.57% Inversiones CFNS S.A.S. Colombia Investments 99.94% 99.94% 99.94% BIBA Inmobiliaria S.A.S. Colombia Real estate broker 100.00% 100.00% 100.00% Vivayco S.A.S. (3) Colombia Portfolio Purchase - - 74.95% FCP Fondo Colombia Inmobiliario. Colombia Real estate broker 63.47% 62.55% 50.21% Patrimonio Autonomo Cartera LBC. (4) Colombia Loan management - - 100.00% Prosicol S.A.S . (5) Colombia Pre-operating stage - 68.57% 68.57% Fideicomiso "Lote Abelardo Castro". Colombia Mercantil trust 68.23% 68.23% 68.23% ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Bancolombia Panamá S.A. Panama Banking 100.00% 100.00% 100.00% Valores Bancolombia Panamá S.A. (6) Panama Securities brokerage - - 100.00% Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00% 100.00% 100.00% Banagrícola S.A. Panama Holding 99.16% 99.16% 99.16% Banistmo S.A. Panama Banking 100.00% 100.00% 100.00% Banistmo Investment Corporation S.A. Panama Trust 100.00% 100.00% 100.00% Financomer S.A. Panama Financial services 100.00% 100.00% 100.00% Leasing Banistmo S.A. Panama Leasing 100.00% 100.00% 100.00% Valores Banistmo S.A. Panama Purchase and sale of securities 100.00% 100.00% - Suvalor Panamá Fondos de Inversión S.A. (6) Panama Holding 100.00% 100.00% 100.00% Suvalor Renta Fija Internacional Largo Plazo S.A. (6) Panama Collective investment fund 100.00% 100.00% 100.00% Suvalor Renta Fija Internacional Corto Plazo S.A. (6) Panama Collective investment fund 100.00% 100.00% 100.00% Financiera Flash S.A. (7) Panama Financial services - - 100.00% Grupo Financomer S.A. (7) Panama Financial services - - 100.00% Securities Banistmo S.A. (8) Panama Purchase and sale of securities - - 100.00% Banistmo Asset Management Inc. (9) Panama Purchase and sale of securities - 100.00% 100.00% Banistmo Capital Markets Group Inc. (10) Panama Purchase and sale of securities 100.00% 100.00% 100.00% Van Dyke Overseas Corp. (10) Panama Real estate broker 100.00% 100.00% 100.00% Inmobiliaria Bickford S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Williamsburg International Corp. (10) Panama Real estate broker 100.00% 100.00% 100.00% Anavi Investment Corporation S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Desarrollo de Oriente S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Steens Enterpresies S.A. (10) Panama Portfolio holder 100.00% 100.00% 100.00% Ordway Holdings S.A. (10) Panama Real estate broker 100.00% 100.00% 100.00% Grupo Agromercantil Holding S.A. Panama Holding 60.00% 60.00% 60.00% Banco Agrícola S.A. El Salvador Banking 97.36% 97.36% 97.36% Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37% 97.36% 97.36% Credibac S.A. de C.V. El Salvador Credit card services 97.36% 97.36% 97.36% Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89% 98.89% 98.89% Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Investments 98.89% 98.89% 98.89% ENTITY JURISDICTION OF INCORPORATION BUSINESS PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2017 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2016 PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK 2015 Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89% 98.89% - Arrendamiento Operativo CIB S.A.C. (11) Peru Operating leasing 100.00% 100.00% 100.00% Fondo de Inversión en Arrendamiento Operativo - Renting Perú (12) Peru Operating leasing 100.00% 100.00% 100.00% Capital Investments SAFI S.A. (11) Peru Trust 100.00% 100.00% 100.00% FiduPerú S.A. Sociedad Fiduciaria (11) Peru Trust 98.81% 98.81% 98.81% Leasing Perú S.A. (12) Peru Leasing 100.00% 100.00% 100.00% Banagrícola Guatemala S.A. Guatemala Outsourcing 99.16% 99.16% 99.16% Banco Agromercantil de Guatemala S.A. Guatemala Banking 60.00% 60.00% 60.00% Seguros Agromercantil de Guatemala S.A. Guatemala Insurance company 59.17% 59.17% 59.17% Financiera Agromercantil S.A. Guatemala Financial services 60.00% 60.00% 60.00% Agrovalores S.A. Guatemala Securities brokerage 60.00% 60.00% 60.00% Tarjeta Agromercantil S.A. (13) Guatemala Credit Card - 60.00% 60.00% Arrendadora Agromercantil S.A. Guatemala Operating Leasing 60.00% 60.00% 60.00% Agencia de Seguros y Fianzas Agromercantil S.A. Guatemala Insurance company 60.00% 60.00% 60.00% Asistencia y Ajustes S.A. Guatemala Services 60.00% 60.00% 60.00% Serproba S.A. Guatemala Maintenance and remodelling services 60.00% 60.00% 60.00% Servicios de Formalización S.A. Guatemala Loans formalization 60.00% 60.00% 60.00% Conserjeria, Mantenimiento y Mensajería S.A. Guatemala Maintenance services 60.00% 60.00% 60.00% Media Plus S.A. Guatemala Advertising and marketing 60.00% 60.00% 60.00% Mercom Bank Ltd. Barbados Banking 60.00% 60.00% 60.00% New Alma Enterprises Ltd. Bahamas Investments 60.00% 60.00% 60.00% Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00% 100.00% 100.00% Bancolombia Caymán S.A. Cayman Islands Banking 100.00% 100.00% 100.00% Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.16% 99.16% 99.16% (1) Investment absorbed by Bancolombia S.A. Corp during 2016. (2) During 2016, the Bank sold 50% of the shares of the Compañía de Financiamiento Tuya S.A.to Grupo Exito, therefore it became a joint business of Grupo Bancolombia. See Note 7: 'Investments in associates and Joint Ventures'. (3) Investment liquidated by Inversiones CFNS S.A.S. during 2016. (4) Investment liquidated as result of fusion of Bancolombia S.A. and Leasing Bancolombia during 2016. (5) Investment sold by Valores Simesa S.A. during 2017. (6) Investment initially acquired by Banistmo S.A. and subsequently merged with Valores Banistmo S.A during 2016. (7) Investment absorbed by Financomer S.A. during 2016. (8) Investment absorbed by Valores Banistmo S.A. during 2016. (9) Investment absorbed by Banistmo Capital Markets Group, Inc. during 2017. (10) Investments in non-operational stage. (11) Investment classified as assets held for sale. See Note 12. Assets held for sale and Inventories. (12) Investment in legal liquidation process. (13) Investment liquidates by Grupo Agromercantil Holding S.A. during 2017. |
Disclosure of detailed information about the consolidated funds [text block] | The Bank consolidates the following funds: Name Country % of ownership interest held by the Bank, 2017 % of ownership interest held by the Bank, 2016 % of ownership interest held by the Bank, 2015 Assets managed December 2017 December 2016 FCP Fondo Colombia Inmobiliario Colombia 63.47% 62.55% 50.21% 2,698,224 2,009,382 Fideicomiso “lote Abelardo Castro” Colombia 68.23% 68.23% 99.50% 10,343 10,172 Suvalor Panamá Fondo de Inversión Panamá 100.00% 100.00% 100.00% 224 225 Fondo de Inversión en Arrendamiento Operativo Renting Perú Perú 100.00% 100.00% 100.00% - 31 |
Explanation of initial application of IFRS 9 [text block] | The following table summarizes the main items of the Bank's balance sheet representing financial assets and their classification under IFRS 9, 2013 and indicates the expected classifications once the Bank is applying IFRS 9, 2014: Current Classification before January 1, 2018 with IFRS 9, 2013 Classification after January 1, 2018 with adoption of IFRS 9, 2014 Assets AC* FVPL** FVOCI*** CA* FVPL** FVOCI*** Cash and cash equivalents X X Credit portfolio and financial leasing X X Debt securities X X X X X Equity investments X X Investments in associates and joint ventures at fair value X X *AC = Amortized cost **FVPL = Fair value with changes in results ***FVOCI= Fair value with changes in other comprehensive results. |
Disclosure of effect of changes in foreign exchange rates [text block] | The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: December 31, 2017 December 31, 2016 December 31, 2015 Closing exchange rate 2,984.00 3,000.71 3,149.47 Average rate for the period ended at 2,951.21 3,053.20 2,746.55 |
Loans receivable, delinquency conditions [text block] | Type Length of delinquency Consumer 180 days, 450 for vehicles in BAM, 720 for loans with mortgage guarantee in Banco Agricola Commercial 360 days Small Business Loan 180 days, 720 for loans with guarantee in Banistmo Mortgage 1.620 days. For Banistmo and Banco Agrícola from 720 days. BAM 1440 days. |
Disclosure of detailed information about useful lives of property plant and equipment [text block] | The estimated useful lives for each asset group are: Asset group Useful life range Buildings 10 to 75 years Furniture and fixtures 5 to 20 years Computer equipment 3 to 20 years Equipment and machinery 3 to 40 years Vehicles 3 to 6 years |
FCP Fondo Colombia Inmobiliario S.A. [Member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Disclosure of non-controlling interests [text block] | The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2017, 2016 and 2015, related to the FCP Colombia Inmobiliario: December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Assets 2,698,224 2,009,382 1,550,219 Liabilities 1,048,867 655,315 661,973 Net assets 1,649,357 1,354,067 888,247 Condensed statement of income Income Valuation of investment properties 81,816 52,543 94,810 Valuation of trust rights 53,143 12,903 9,302 Rents 135,135 120,811 104,379 Profits of equity method investees 144,146 - - Other income 4,493 2,616 19,318 Total Income 418,733 188,873 227,809 Expenses Interest on loans 68,900 67,558 52,451 Trust fees 322 9,004 8,819 Other expenses 86,270 49,078 36,936 Total Expenses 155,492 125,640 98,206 Net Income 263,241 63,233 129,603 Condensed cash flow Net cash (used in) provided by operating activities (394) (372) (82) Net cash (used in) provided by investing activities - - - Net cash (used in) provided by financing activities 409 375 82 Cash and cash equivalents at beginning of year 3 - - Cash and cash equivalents at end of year 18 3 - |
Agromercantil Holding [Member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Disclosure of non-controlling interests [text block] | The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2017, 2016 and 2015 of Grupo Agromercantil Holding. December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Assets 12,191,869 11,795,358 12,137,258 Liabilities 10,847,895 10,477,427 10,792,953 Equity 1,343,974 1,317,931 1,344,305 Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 389,463 393,972 - Total fees and commission, net 101,565 58,745 - Other operating income 54,246 55,942 - Dividends received and equity method 608 779 - Total operating income, net 545,882 509,438 - Operating expenses (445,038) (435,430) - Income tax (21,546) (11,197) - Net income 79,298 62,811 - Condensed cash flow Net cash (used in) provided by operating activities 192,850 (136,878) - Net cash (used in) provided by investing activities (1,427) (4,157) - Net cash (used in) provided by financing activities (87,103) (77,684) - Cash and cash equivalents at beginning of year 1,098,861 1,359,176 - Cash and cash equivalents at end of year 1,203,181 1,140,457 - Other comprehensive income Investments at fair value through OCI 2,241 3,682 - Translation adjustment 15,758 (64,195) (537,196) Others (3,042) 6,959 - Total other comprehensive income 14,957 (53,554) (537,196) |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Operating Segment [Abstract] | |
Disclosure of entity's operating segments [text block] | The CODM reviews the performance of the Bank using the following financial information by operating segment: For the year ended December 31, 2017 Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Trust Investment banking (1) Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation (2) Total after eliminations In millions of COP Total interest and valuation 12,984,301 1,495,446 882,806 865,038 794 94 8,916 444,649 10,201 16,692,245 (6,568) 16,685,677 Interest income on loans and financial leases 12,576,159 1,374,398 830,050 767,986 - - - 412,418 13,000 15,974,011 (426) 15,973,585 Total Debt investments 602,304 93,154 31,582 100,193 193 94 15,147 16,329 735 859,731 - 859,731 Derivatives (54,156) 438 - - - - (7,661) 6,085 (289) (55,583) (6,084) (61,667) Total liquidity operations (140,006) 27,456 21,174 (3,141) 601 - 1,430 9,817 (3,245) (85,914) (58) (85,972) Interest expenses (4,791,976) (523,312) (256,994) (348,726) (102) - (72) (226,304) (85,928) (6,233,414) 428 (6,232,986) Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 8,192,325 972,134 625,812 516,312 692 94 8,844 218,345 (75,727) 10,458,831 (6,140) 10,452,691 Total credit impairment charges, net (3,196,065) (46,468) (110,018) (125,877) (549) 466 (147) 6,541 1,696 (3,470,421) 8,576 (3,461,845) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 4,996,260 925,666 515,794 390,435 143 560 8,697 224,886 (74,031) 6,988,410 2,436 6,990,846 Revenues (Expenses) from transactions with other operating segments of the Bank (59,884) (26,837) (963) (972) (33,024) 16,209 53,075 101,327 (48,931) - - - Total fees and commission income, net 1,588,246 205,645 170,834 101,565 283,666 28,695 96,703 16,270 12,569 2,504,193 - 2,504,193 Other operating income 673,850 7,784 (6,405) 54,246 13,560 1,886 (11,647) 5,280 874,126 1,612,680 19,666 1,632,346 Dividends received, and share of profits of equity method investees (53,141) 7,038 324 608 18,249 (70,114) 12,278 (239,328) (61,156) (385,242) 651,412 266,170 Joint venture impairment - - - - - (173,339) - - - (173,339) - (173,339) Total operating income, net 7,145,331 1,119,296 679,584 545,882 282,594 (196,103) 159,106 108,435 702,577 10,546,702 673,514 11,220,216 Operating expenses (3) (4,717,591) (569,219) (383,002) (343,646) (113,482) (34,100) (101,255) (56,593) (430,212) (6,749,100) 538 (6,748,562) Impairment, depreciation and amortization (147,034) (55,197) (34,671) (101,392) (540) (133) (1,398) (967) (137,377) (478,709) (174) (478,883) Total operating expenses (4,864,625) (624,416) (417,673) (445,038) (114,022) (34,233) (102,653) (57,560) (567,589) (7,227,809) 364 (7,227,445) Profit before tax 2,280,706 494,880 261,911 100,844 168,572 (230,336) 56,453 50,875 134,988 3,318,893 673,878 3,992,771 (1) Includes imparment recognition in joint venture Compañía de Financiamiento Tuya S.A.For more information see Note 7 Investments in associates and joint ventures (2) Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. (3) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2016 Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Trust Investment banking Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation (1) Total after eliminations In millions of COP Total interest and valuation 11,586,785 1,399,852 901,757 869,329 827 136 17,160 442,107 30,299 15,248,252 500,553 15,748,805 Interest income on loans and financial leases 11,196,951 1,284,986 844,687 763,031 - - - 431,381 25,819 14,546,855 473,487 15,020,342 Total Debt investments 464,504 94,284 48,264 96,081 283 136 18,094 16,205 3,145 740,996 1,718 742,714 Derivatives (10,197) 3,274 - 5,323 - - (2,113) (7) (1,030) (4,750) - (4,750) Total liquidity operations (64,473) 17,308 8,806 4,894 544 - 1,179 (5,472) 2,365 (34,849) 25,348 (9,501) Interest expenses (4,542,701) (457,611) (252,011) (348,219) (20) - (33) (252,030) (99,991) (5,952,616) (100,484) (6,053,100) Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 7,044,084 942,241 649,746 521,110 807 136 17,127 190,077 (69,692) 9,295,636 400,069 9,695,705 Total credit impairment charges, net ( (367,781) (55,985) (127,839) (164) (423) (25) (52,294) 871 (2,401,488) (329,664) (2,731,152) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,246,236 574,460 593,761 393,271 643 (287) 17,102 137,783 (68,821) 6,894,148 70,405 6,964,553 Revenues (Expenses) from transactions with other operating segments of the Bank (65,915) (20,600) (3,054) 701 (22,893) 12,891 38,677 99,914 (39,721) - - - Total fees and commission income, net 1,269,298 180,286 158,262 58,745 238,745 19,821 80,060 27,502 13,724 2,046,443 272,521 2,318,964 Other operating income 603,860 18,828 1,302 55,942 13,500 2,285 (9,923) 15,961 874,978 1,576,733 (89,610) 1,487,123 Dividends received, and share of profits of equity method investees (264,715) 4,692 711 779 16,873 202,062 32,567 (269,096) (175,595) (451,722) 628,414 176,692 Total operating income, net 6,788,764 757,666 750,982 509,438 246,868 236,772 158,483 12,064 604,565 10,065,602 881,730 10,947,332 Operating expenses (2) (4,150,984) (589,535) (390,309) (323,001) (87,951) (26,662) (110,317) (60,688) (400,243) (6,139,690) (321,551) (6,461,241) Impairment, depreciation and amortization (147,261) (62,459) (50,323) (112,429) (612) (93) (1,980) (972) (137,672) (513,801) (4,008) (517,809) Total operating expenses (4,298,245) (651,994) (440,632) (435,430) (88,563) (26,755) (112,297) (61,660) (537,915) (6,653,491) (325,559) (6,979,050) Profit before tax 2,490,519 105,672 310,350 74,008 158,305 210,017 46,186 (49,596) 66,650 3,412,111 556,171 3,968,282 (1) Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. (2) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2015 Banking Colombia Banking Panama Banking El Salvador Trust Investment banking Brokerage Off shore All other segments Total before eliminations Adjustments for consolidation (1) Total after eliminations In millions of COP Total interest and valuation 8,992,368 1,119,540 728,582 626 287 21,157 291,249 112,858 11,266,667 2,977 11,269,644 Interest income on loans and financial leases 8,785,739 1,041,780 706,582 - - - 310,077 109,062 10,953,240 - 10,953,240 Total Debt investments 249,459 64,466 19,747 185 287 14,999 15,502 1,425 366,070 - 366,070 Derivatives 50,362 2,704 - - - 5,161 (26,392) - 31,835 - 31,835 Total liquidity operations (93,192) 10,590 2,253 441 - 997 (7,938) 2,371 (84,478) 2,977 (81,501) Interest expenses (3,192,822) (363,373) (187,743) (367) (236) (652) (215,592) (77,156) (4,037,941) - (4,037,941) Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 5,799,546 756,167 540,839 259 51 20,505 75,657 35,702 7,228,726 2,977 7,231,703 Total credit impairment charges, net (1,509,519) (82,344) (26,933) (3,204) 127 (177) (49,830) (3,219) (1,675,099) (2) (1,675,101) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 4,290,027 673,823 513,906 (2,945) 178 20,328 25,827 32,483 5,553,627 2,975 5,556,602 Revenues (Expenses) from transactions with other operating segments of the Bank (68,915) (6,098) (8,475) (21,833) 2,355 31,734 95,495 (24,263) - - - Total fees and commission income, net 1,347,999 136,372 140,398 218,190 29,327 78,124 32,325 10,334 1,993,069 (25) 1,993,044 Other operating income 483,556 104,448 24 16,507 2,080 (6,325) 16,281 772,959 1,389,530 (16,828) 1,372,702 Dividends received, and share of profits of equity method investees (40,115) 69,127 1,716 13,573 40,018 (1,473) (141,261) (159,583) (217,998) 429,572 211,574 Total operating income, net 6,012,552 977,672 647,569 223,492 73,958 122,388 28,667 631,930 8,718,228 415,694 9,133,922 Operating expenses (2) (3,836,019) (606,582) (330,362) (85,918) (22,635) (111,255) (73,425) (354,811) (5,421,007) 5 (5,421,002) Impairment, depreciation and amortization (3) (247,446) (49,590) (27,761) (466) (93) (1,274) (17,254) (133,401) (477,285) - (477,285) Total operating expenses (4,083,465) (656,172) (358,123) (86,384) (22,728) (112,529) (90,679) (488,212) (5,898,292) 5 (5,898,287) Profit before tax 1,929,087 321,500 289,446 137,108 51,230 9,859 (62,012) 143,718 2,819,936 415,699 3,235,635 (1) Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. (2) Includes staff costs, administration and general expenses, contributions and other tax burdens and others. (3) The Bank inadvertently inverted the label of the amounts reported for Operating Expenses and Depreciation and Amortization in 2015. There was no impact in total operating expenses or profit before tax. |
Disclosure of detailed information about investments in associates and joint venture [text block] | The following table presents financial information of the investments in associates and joint ventures by operating segment: For the year ended December 31, 2017 (1) Banking Colombia Banking El Salvador Trust Investment banking All other segments Total In millions of COP Investments in associates and joint ventures 305,187 10,532 226,761 248,156 774,423 1,565,059 Equity method 45,976 316 34,921 21,724 150,665 253,602 (1) As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. |
Disclosure of detailed information about investments not in associates and joint venture [text block] | For the year ended December 31, 2016 (1) Banking Colombia Banking El Salvador Trust Investment banking All other segments Total In millions of COP Investments in associates and joint ventures 284,516 9,888 208,963 361,079 433,800 1,298,246 Equity method 34,425 702 26,128 (3,923) 2,922 60,254 (1) As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. |
Disclosure of detailed information about material non-cash items [text block] | The following table presents material non-cash items other than depreciation and amortization by segment: For the year ended December 31, 2017 Banking Colombia Banking Panamá Banking El Salvador Banking Guatemala Trust Investment Banking Brokerage Off shore All other segments Total In millions of COP Restructured loans that were transferred to foreclosed assets 163,274 39,486 16,191 7,157 - - - - 24,030 250,138 Provisions 3,422,531 165,651 162,877 138,297 548 (467) 147 (4,449) (5,576) 3,879,559 For the year ended December 31, 2016 Banking Colombia Banking Panamá Banking El Salvador Banking Guatemala Trust Investment Banking Brokerage Off shore All other segments Total In millions of COP Restructured loans that were transferred to foreclosed assets 130,892 44,484 35,466 95,891 - - - - 97,452 404,185 Provisions 2,130,261 381,531 104,864 127,370 164 423 (34) 48,977 5,565 2,799,121 For the year ended December 31, 2015 Banking Colombia Banking Panama Banking El Salvador Trust Off shore All other segments Total In millions of COP Restructured loans that were transferred to foreclosed assets 97,456 8,102 18,819 - - 60,665 185,042 Provisions 1,921,873 114,425 65,037 3,241 67,347 8,536 2,180,459 |
Disclosure of detailed information about Bank's total interest and valuation [text block] | The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the interest and valuation was originated: As of December 31, Geographic information 2017 2016 2015 Interest and valuation Long-lived assets (1) Interest and valuation Long-lived assets (1) Interest and valuation In millions of COP Colombia 13,108,005 4,353,782 11,695,937 4,180,137 9,335,345 Panama 1,986,741 297,832 1,898,058 414,451 1,470,692 Puerto Rico 68,556 388 56,519 551 43,672 Peru (2) 658 115,840 15,753 112,209 19,810 El Salvador 883,538 280,562 902,371 397,065 729,258 Costa Rica - 80 - 99 - Guatemala 866,049 166,662 870,283 259,072 - Total 16,913,547 5,215,146 15,438,921 5,363,584 11,598,777 Eliminations and translation adjustment (220,667) 5,999,471 309,884 6,075,268 (329,133) Total, net 16,692,880 11,214,617 15,748,805 11,438,852 11,269,644 (1) Included foreclosed assets presented within other assets in the statement of financial position, premises and equipment, Investment property and goodwill. (2) Investments in FiduPerú, Arrendamiento Operativo CIB S.A.C. and Capital Investment Safi S.A. are classified as Asset held for sale in Statement of Financial Position. For further information, see Note 12 Assets held for sale and inventories |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of cash and cash equivalents [Abstract] | |
Disclosure of detailed information about statement of cash flow and statement of financial position [text block] | For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: December 31, 2017 December 31, 2016 In millions of COP Cash and balances at central bank Cash 5,099,252 5,501,532 Due from central banks (1) 6,567,030 5,503,911 Due from other private financial entities 3,541,644 4,908,886 Checks on hold 141,370 102,525 Remittances of domestic negotiated checks in transit 173,827 200,053 Total cash and due from banks 15,523,123 16,216,907 Money market transactions: Interbank assets 1,761,460 1,606,506 Reverse repurchase agreements and other similar secured loans 881,061 2,636,832 Total money market transactions: 2,642,521 4,243,338 Total cash and cash equivalents 18,165,644 20,460,245 (1) |
FINANCIAL ASSETS INVESTMENTS 46
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial assets investments and derivatives [Line Items] | |
Disclosure Of Financial Assets Explanatory [Text Block] | The detail of the carrying value of the debt securities is as follows: As of December 31, 2017 Debt securities Measurement methodology Total carrying value Fair value through profit or loss Amortized cost In millions of COP Securities issued by the Colombian Government 7,003,147 12,965 7,016,112 Securities issued by Foreign Governments 2,471,994 1,050,855 3,522,849 Securities issued by Government entities 36,038 1,926,554 1,962,592 Securities issued by other financial institutions 1,052,776 225,431 1,278,207 Corporate Bonds (1) 137,900 941,763 1,079,663 Total debt securities 10,701,855 4,157,568 14,859,423 Total equity securities 1,517,830 Total financial assets invesments 16,377,253 (1) Debt securities classified as Corporate Bonds, increased by 104.75% between December 31, 2017 and 2016 due to the purchase of Alternegy S.A. bonds by Banistmo on December 21 of 2017, which have a carrying value of COP 446,047. Banistmo acted as joint arranger with Banco General and underwriters of the bonds issued by Alternergy for an amount of up to US$320 million. As of December 31, 2016 Debt securities Measurement methodology Total carrying value Fair value through profit or loss Amortized cost In millions of COP Securities issued by the Colombian Government 4,904,152 - 4,904,152 Securities issued by Foreign Governments 2,429,192 984,675 3,413,867 Securities issued by Government entities 11,904 1,532,784 1,544,688 Securities issued by other financial institutions 1,080,368 201,523 1,281,891 Corporate Bonds 111,946 415,937 527,883 Total debt securities 8,537,562 3,134,919 11,672,481 Total equity securities 1,388,172 Total financial assets invesments 13,060,653 |
Disclosure of detailed information about debt securities portfolio [Text Block] | The following tables set forth the debt securities portfolio by maturity: As of December 31, 2017 Less than 1 year Between 1 and 3 years Between 3 and 5 years Greater than 5 years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 2,163,682 3,299,116 1,164,689 375,660 7,003,147 Securities issued by Foreign Governments 962,640 408,586 736,105 364,663 2,471,994 Securities issued by Government entities 11,134 14,825 6,946 3,133 36,038 Securities issued by other financial institutions 157,434 250,395 143,353 501,594 1,052,776 Corporate bonds 35,255 16,027 21,419 65,199 137,900 Subtotal 3,330,145 3,988,949 2,072,512 1,310,249 10,701,855 Securities at amortized cost Securities issued by the Colombia Government - 12,965 - - 12,965 Securities issued by Foreign Governments 241,944 184,454 415,229 209,228 1,050,855 Securities issued by Government entities 1,909,363 17,191 - - 1,926,554 Securities issued by other financial institutions 117,075 68,166 40,190 - 225,431 Corporate bonds 26,668 15,945 148,684 750,466 941,763 Subtotal 2,295,050 298,721 604,103 959,694 4,157,568 Total debt securities 5,625,195 4,287,670 2,676,615 2,269,943 14,859,423 As of December 31, 2016 Less than 1 year Between 1 and 3 years Between 3 and 5 years Greater than 5 years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 1,719,326 1,883,790 981,208 319,828 4,904,152 Securities issued by Foreign Governments 925,499 532,628 192,947 778,118 2,429,192 Securities issued by Government entities 77 2,704 5,193 3,930 11,904 Securities issued by other financial institutions 172,571 135,157 87,153 685,487 1,080,368 Corporate bonds 15,818 8,069 15,968 72,091 111,946 Subtotal 2,833,291 2,562,348 1,282,469 1,859,454 8,537,562 Securities at amortized cost Securities issued by Foreign Governments 103,889 105,032 507,817 267,937 984,675 Securities issued by Government entities 1,523,571 9,213 - - 1,532,784 Securities issued by other financial institutions 57,623 113,150 - 30,750 201,523 Corporate bonds - 70,464 - 345,473 415,937 Subtotal 1,685,083 297,859 507,817 644,160 3,134,919 Total debt securities 4,518,374 2,860,207 1,790,286 2,503,614 11,672,481 |
Disclosure of detailed information about fair value of equity securities [Text Block] | The following table shows the fair value of equity securities: Equity securities Carrying amount December 31, 2017 December 31, 2016 In millions of COP Total of securities at fair value through profit or loss 988,455 895,425 Total of securities at fair value through OCI 529,375 492,747 Total equity securities 1,517,830 1,388,172 |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [text block] | The following table details the equity instruments designated at fair value through other comprehensive income analyzed by listing status: Equity securities Carrying amount December 31, 2017 December 31, 2016 In millions of COP Securities at fair value through OCI : Equity securities listed in Colombia (1) 76,178 17,479 Equity securities listed elsewhere 5,766 10,732 Equity securities unlisted 447,431 464,536 Total equity securities at fair value through OCI 529,375 492,747 ( 1) Equity securities measured at fair value through other comprenhensive income (OCI) and listed in Colombia, increased between December 31, 2017 and 2016 due to the merger between Bolsa de Valores de Colombia (listed company) and Deceval (unlisted). The new investment in Bolsa de Valores de Colombia is classified as listed in Colombia. |
Disclosure of detailed information about securities pledged [Text Block] | The detail of the securities pledged as collateral as of December 31, 2017 and 2016 is as follows: As of December 31, 2017 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in repo operations Securities issued by the Colombian Government Greater twelve months TES - Fixed rate 1,744,736 Securities issued by the Colombian Government Between six and twelve months TES - Fixed rate 877,673 Subtotal investments pledged as collateral in repo operations 2,622,409 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Greater twelve months TES - Fixed rate 78,688 Securities issued by the Colombian Government Between six and twelve months TES - Fixed rate 40,247 Subtotal investments pledged as collateral in derivative operations 118,935 Total securities pledged as collateral 2,741,344 As of December 31, 2016 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in repo operations Securities issued by the Colombian Government Greater 12 months TES-Fixed rate 783,688 Securities issued by the Colombian Government Between 3 and 6 months TES-Fixed rate 63,102 Securities issued by the Colombian Government Between 6 and 12 months TES-Fixed rate 3,212 Securities issued by the Colombian Government Less than 3 months TES-Fixed rate 68,648 Subtotal investments pledged as collateral in repo operations 918,650 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Greater 12 months TES-Fixed rate 147,221 Securities issued by the Colombian Government Between 3 and 6 months TES- Fixed rate 22,037 Securities issued by the Colombian Government Between 6 and 12 months TES-Fixed rate 2,263 Securities issued by the Colombian Government Less than 3 months TES-Fixed rate 47,285 Subtotal investments pledged as collateral in derivative operations 218,806 Total securities pledged as collateral 1,137,456 |
Disclosure of detailed information about bank’s derivatives by type of risk [Text Block] | The following table sets forth for the Bank’s derivatives by type of risk as of December 31, 2017 and 2016: Derivatives December 31, 2017 December 31, 2016 In Millions of COP Forwards Assets Foreign exchange contracts 172,310 313,566 Equity contracts 372 3,425 Subtotal Assets 172,682 316,991 Liabilities Foreign exchange contracts (142,976) (323,923) Equity contracts (4,470) (3,110) Subtotal Liabilities (147,446) (327,033) Total Forwards 25,236 (10,042) Swaps Assets Foreign exchange contracts 672,558 1,127,474 Interest rate contracts 274,137 186,208 Subtotal Assets 946,695 1,313,682 Liabilities Foreign exchange contracts (505,823) (749,082) Interest rate contracts (275,641) (192,344) Subtotal Liabilities (781,464) (941,426) Total Swaps 165,231 372,256 Options Assets Foreign exchange contracts 14,995 47,297 Subtotal Assets 14,995 47,297 Liabilities Foreign exchange contracts (16,943) (42,961) Subtotal Liabilities (16,943) (42,961) Total Options (1,948) 4,336 Futures Liabilities Equity contracts - (1,030) Subtotal Liabilities - (1,030) Total Futures - (1,030) Derivative Assets 1,134,372 1,677,970 Derivative Liabilities (945,853) (1,312,450) Total, net 188,519 365,520 |
Disclosure of derivative financial instruments [text block] | The table below present the notional amounts of the derivatives contracts as of December 31, 2017 and 2016: Derivatives December 31, 2017 December 31, 2016 In Millions of COP Forwards Assets Foreign exchange contracts 11,618,005 14,466,226 Equity contracts 1,010,557 696,348 Subtotal Assets 12,628,562 15,162,574 Liabilities Foreign exchange contracts (10,276,967) (13,637,335) Equity contracts (1,796,020) (676,226) Subtotal Liabilities (12,072,987) (14,313,561) Total Forwards 555,575 849,013 Swaps Assets Foreign exchange contracts 6,188,880 6,021,266 Interest rate contracts 16,315,701 15,109,435 Subtotal Assets 22,504,581 21,130,701 Liabilities Foreign exchange contracts (4,163,466) (3,614,135) Interest rate contracts (15,850,149) (13,249,703) Subtotal Liabilities (20,013,615) (16,863,838) Total Swaps 2,490,966 4,266,863 Options Assets Foreign exchange contracts 697,346 1,186,605 Subtotal Assets 697,346 1,186,605 Liabilities Foreign exchange contracts (682,197) (1,171,719) Subtotal Liabilities (682,197) (1,171,719) Total Options 15,149 14,886 Futures Assets Foreign exchange contracts 3,772,283 3,078,756 Equity contracts 175,500 316,000 Subtotal Assets 3,947,783 3,394,756 Liabilities Equity contracts - (117,235) Subtotal Liabilities - (117,235) Total Futures 3,947,783 3,277,521 Derivative Assets 39,778,272 40,874,636 Derivative Liabilities (32,768,799) (32,466,353) Total, net 7,009,473 8,408,283 |
Disclosure of detailed information about contractual life of derivative [Text Block] | The following table sets forth the remaining contractual life of the derivative portfolio: As of December 31, 2017 Forwards Swaps Options Futures Total In millions of COP Assets 172,682 946,695 14,995 - 1,134,372 Up to 1 year 170,299 240,690 14,229 - 425,218 From 1 to 3 years 2,383 339,934 766 - 343,083 Over 3 years - 366,071 - - 366,071 Liabilities (147,446) (781,464) (16,943) - (945,853) Up to 1 year (141,326) (135,749) (15,836) - (292,911) From 1 to 3 years (6,120) (321,708) (1,107) - (328,935) Over 3 years - (324,007) - - (324,007) Total 25,236 165,231 (1,948) - 188,519 As of December 31, 2016 Forwards Swaps Options Futures Total In millions of COP Assets 316,991 1,313,682 47,297 - 1,677,970 Up to 1 year 309,036 490,848 44,478 - 844,362 From 1 to 3 years 7,900 444,120 2,819 - 454,839 Over 3 years 55 378,714 - - 378,769 Liabilities (327,033) (941,426) (42,961) (1,030) (1,312,450) Up to 1 year (311,382) (167,025) (40,686) (1,030) (520,123) From 1 to 3 years (15,623) (431,814) (2,275) - (449,712) Over 3 years (28) (342,587) - - (342,615) Total (10,042) 372,256 4,336 (1,030) 365,520 |
Disclosure Of Collaterals Explanatorys [Text Block] | The table below presents the cash collateral amounts posted under derivatives contracts as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 In millions of COP Collateral 264,700 343,334 |
Disclosure of detailed information about hedging instruments [text block] | The notional amount and the fair value of those instruments are as follows: December 31, 2017 December 31, 2016 In millions of COP Notional amount 304,159 305,862 Fair value (1,769) (5,170) December 31, 2017 December 31, 2016 In thousands of USD Notional amount 101,930 101,930 Fair value (593) (1,723) |
Disclosure of detailed information about hedged item explanatory [Text Block] | The following table sets forth the notional amount and fair value of the hedged item recognized in the statement of financial position as ‘Financial assets investments’, as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 In millions of COP Notional amount 304,159 305,862 Fair value 341,229 340,511 December 31, 2017 December 31, 2016 In thousands of USD Notional amount 101,930 101,930 Fair value 114,353 113,477 |
Disclosure of offsetting of financial assets and financial liabilities [text block] | The table below presents derivative instruments subject to enforceable master netting agreements and other similar agreements but not offset in the statement of financial position as of December 31, 2017 and 2016 by derivative and by risk: As of December 31, 2017 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 672,558 (505,823) Forwards 172,310 (142,976) Options 14,995 (16,943) Interest rate contracts Swaps 274,137 (275,641) Equity contracts Forwards 372 (4,470) Gross derivative assets/liabilities 1,134,372 (945,853) Offsetting of derivatives - - Derivative financial instruments in statement of financial position 1,134,372 (945,853) Master netting agreements (894,863) 945,853 Cash collateral received/paid (239,509) - Total derivative financial instruments assetss/ liabilities - - As of December 31, 2016 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 1,127,474 (749,082) Forwards 313,566 (323,923) Options 47,297 (42,961) Interest rate contracts Swaps 186,208 (192,344) Equity contracts Forwards 3,425 (3,110) Futures - (1,030) Gross derivative assets/liabilities 1,677,970 (1,312,450) Offsetting of derivatives - - Derivative financial instruments in statement of financial position 1,677,970 (1,312,450) Master netting agreements (1,221,565) 1,312,450 Cash collateral received/paid (343,334) - Total derivative financial instruments assetss/ liabilities 113,071 - |
LOANS AND ADVANCES TO CUSTOME47
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Loans And Advances To Customers Explanatory [Abstract] | |
Disclosure of loans and advances to banks [text block] | The following is the composition of the loans and financial leasing operations portfolio as of December 31, 2017 and 2016: Composition December 31, 2017 December 31, 2016 In millions of COP Commercial (1) 88,997,241 86,259,708 Consumer 27,646,114 23,925,279 Mortgage 20,512,208 19,155,852 Financial Leases 22,248,951 21,343,923 Small Business Loans 1,063,580 1,062,724 Total gross loans and Financial Leases 160,468,094 151,747,486 Total allowance (8,223,103) (6,621,911) Total Net Loans and financial leases 152,244,991 145,125,575 (1) Includes loans to financial institutions amounting to COP 7,862,401 and COP 6,217,825 as of December 31, 2017 and December 31, 2016, respectively. |
Disclosure of allowance for credit losses [text block] | The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2017, 2016 and 2015: As of December 31, 2017 Concept Commercial Consumer Mortgage Financial Leases Small business loans Total In millions of COP +Balance at beginning of period 3,499,791 1,791,123 653,936 567,046 110,015 6,621,911 + Provisions for loan losses (1) 3,594,310 2,310,518 284,392 276,687 119,690 6,585,597 - Charges-off (792,145) (1,302,630) (37,677) (77,762) (65,086) (2,275,300) - Recoveries (1) (1,783,649) (510,684) (253,578) (133,986) (24,141) (2,706,038) +/- Translation adjustment (4,127) 3,502 (1,972) (583) 113 (3,067) = Balance at end of year 4,514,180 2,291,829 645,101 631,402 140,591 8,223,103 (1) The provision for loan losses, net COP 3,879,559 differs from the COP 3,468,699 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 410,860 due to the recovery of charged-off loans. As of December 31, 2016 Concept Commercial Consumer Mortgage Financial Leases Small business loans Total In millions of COP +Balance at beginning of period 2,694,965 1,321,281 572,772 579,151 80,586 5,248,755 +Allowance for loan of PA Leasing - - - 27,825 - 27,825 + Provisions for loan losses (1) 2,684,559 1,922,315 225,291 221,694 95,272 5,149,131 - Charges-off (489,573) (902,400) (24,619) (74,900) (41,710) (1,533,202) - Recoveries (1) (1,379,288) (525,510) (109,912) (180,537) (23,645) (2,218,892) +/- Translation adjustment (10,872) (24,563) (9,596) (6,187) (488) (51,706) = Balance at end of year 3,499,791 1,791,123 653,936 567,046 110,015 6,621,911 (1) The provision for loan losses, net COP 2,930,239 differs from the COP 2,643,710 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 286,529 due to the recovery of charged-off loans. The sale of Compañia de Financiamiento Tuya S.A took place on October 31, 2016. The amounts recognized until that date are presented in the line “Net income from discontinued operations” of the Statement of Income, the following table is the movement associated with this company: Concept December 31, 2016 +Balance at beginning of period 351,375 + Provisions for loan losses (*) 465,947 - Charges-off (228,757) - Recoveries (*) (147,668) = Balance at end of year 440,897 (*) The provision for loan losses net of COP 318,279 differs from the COP 323,290 presented in “Credit impairment charges on loans and advances and financial leases, net" in note 30. Discontinued operations, in the amount of COP 5,011 due to provision on off balance sheet credit exposures that is accounted for as a liability under IAS 37. As of December 31, 2015 Concept Commercial Consumer Mortgage Financial Leases Small business loans Total In millions of COP +Balance at beginning of period 2,360,488 1,479,460 456,983 415,766 76,560 4,789,257 - Discontinued operations (1) - (282,098) - - - (282,098) + Provisions for loan losses (2) 2,671,337 697,282 145,663 498,092 47,880 4,060,254 - Charges-off (711,257) (629,628) (12,765) (31,723) (36,682) (1,422,055) - Recoveries (2) (1,709,293) (64,340) (63,632) (328,183) (9,947) (2,175,395) +/- Translation adjustment 83,690 120,605 46,523 25,199 2,775 278,792 = Balance at end of year 2,694,965 1,321,281 572,772 579,151 80,586 5,248,755 (1) As of December 31, 2015, Compañía de Financiamiento Tuya S.A. was considered as a discontinued operation, see Note 30 Discontinued Operation. In October 2016, this sale was completed. (2) The provision for loan losses, net COP 1,884,859 differs from the COP 1,667,680 presented in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income in the amount of COP 217,179 due to the recovery of charged-off loans. The changes in the allowance for loan losses for Tuya as of December 31, 2015 is as follows: Concept December 31, 2015 +Balance at beginning of period 282,098 + Provisions for loan losses (*) 446,614 - Charges-off (236,196) - Recoveries (*) (141,141) = Balance at end of year 351,375 (*) The provision for loan losses net of COP 305,473 differs from the COP 324,309 presented in “Credit impairment charges on loans and advances and financial leases, net” in note 30 discontinued operations, in the amount of COP 18,836 due to the expense of the contingent component of credit cards. |
Disclosure of finance lease and operating lease by lessor [text block] | As of December 31, 2017 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Within 1 year 759,852 526,604 Over 1 year, but less than 5 years 7,842,992 6,188,894 Over 5 years 22,212,438 15,533,453 Total gross investment in finance lease receivable/ present value of minimum payments 30,815,282 22,248,951 Less: Future financial income (1) (8,566,331) - Present value of payments receivable 22,248,951 22,248,951 Minimum non-collectable payments impairment (447,361) (447,361) Total 21,801,590 21,801,590 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments As of December 31, 2016 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Within 1 year 835,177 570,504 Over 1 year, but less than 5 years 8,597,818 6,667,322 Over 5 years 20,699,269 14,106,097 Total gross investment in finance lease receivable/ present value of minimum payments 30,132,264 21,343,923 Less: Future financial income (1) (8,788,341) - Present value of payments receivable 21,343,923 21,343,923 Minimum non-collectable payments impairment (518,992) (518,992) Total 20,824,931 20,824,931 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments |
Disclosure of detailed information about unsecured residual values by type of asset explanatory [Text Block] | The following table sets the unsecured residual values by type of asset as of December 31, 2017 and 2016: Type of asset December 31, 2017 December 31, 2016 In millions of COP Automobile 26,841 4,264 Technology 20,921 19,061 Machinery and equipment 8,627 41,244 Furniture and fixtures 62 45 Total 56,451 64,614 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor. |
Disclosure of maturity analysis of operating lease payments [text block] | The following table presents the information of minimum payments by lease to be received: December 31, 2017 December 31, 2016 In millions of COP Within 1 year 110,993 140,883 Over 1 year, but less than 5 years 960,037 823,035 Over 5 years 154,996 138,769 Total 1,226,026 1,102,687 |
INVESTMENTS IN ASSOCIATES AND48
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Interests In Other Entities Explanatory [Abstract] | |
Disclosure of detailed information of investment In associates and joint ventures [text block] | The following table presents information regarding the Bank’s investments in associates and joint ventures: Composition December 31, 2017 December 31, 2016 In millions of COP Investments in associates (1) 1,327,610 940,364 Investments in Joint ventures 237,449 357,882 Total 1,565,059 1,298,246 (1) As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. |
Disclosure of interests in associates [text block] | The following are the investments in associates that the Bank holds as of December 31, 2017 and 2016: As of December 31, 2017 Investments in Associates Company Name Main activity Country % of Ownership interest Included in earnings (1) Total OCI (2) OCI (Equity method) (3) OCI (4) Carrying amount In millions of COP PA Viva Malls Development and operation of commercial spaces Colombia 49.00% (5) 144,146 - - - 757,886 Protección S.A. Administration of pension funds and severances Colombia 20.58% 72,576 12,465 1,236 - 471,312 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98% 3,305 (1,389) (768) - 35,346 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36% 1,906 (651) - - 17,951 Internacional Ejecutiva de Aviación S.A.S. * Aircraft and aircraft travel Colombia 33.33% 1,071 209 - - 10,707 Concesiones CCFC S.A. Construction of public works through an awarding system Colombia 25.50% 6,756 (756) (3) - 9,383 ACH Colombia S.A. * Electronic transfer services Colombia 19.94% 3,109 (952) - - 7,338 Reintegra S.A.S. * Collections and recovery of portfolio Colombia 46.00% 1,471 1,742 (1,754) - 7,155 Servicio Salvadoreño de Protección, S. A. de C.V. * Custodial services and transfer of monetary types El Salvador 24.40% 418 (727) 238 153 6,219 Servicios Financieros, S.A. de C.V. * Processing of financial transactions and electronic payment methods El Salvador 46.72% (226) 9 - (5) 3,302 ACH de El Salvador, S. A. de C.V. * Electronic transfer services El Salvador 24.40% 123 6 - (1) 1,011 Panamerican Pharmaceutical Holding Inc .(6) Advisory services, consultation, representation, agent for individuals or company Panama 21.00% (1,171) (1,417) 196 (67) - Avefarma S.A.S (6) Manufacture and distribution of glass packing for pharmaceutical products Colombia 21.00% 6,307 (11,704) (10,831) - - Glassfarma Tech S.A.S (6) Manufacturing, elaboration and commercialization of packages and pharmaceutical products Colombia 21.00% (458) 127 139 - - Net investments in associates 239,333 (3,038) (11,547) (7) 80 1,327,610 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2017 . (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017. (5) As of December 31, 2017 the increses of ownership interest is related to capital contributions during the year 2017 (6) As of December 31, 2017 the Bank classified the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc as "assets held for sale", due to the fact that the management has currently been implementing a plan to sell these assets. See note 12 assets held for sale and inventories. (7) See Consolidated Statement of Comprehensive income. (*) For the purposes of applying the equity method of accounting, financial statements at November 30, 2017 have been used, except for Redeban Multicolor S.A., for which we use the financial statements ended at October 31, 2017. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2017. As of December 31, 2016 Investments in Associates Company Name Main activity Country % of Ownership interest Included in earnings (1) Total OCI (2) OCI (Equity method) (3) OCI (4) Carrying amount In millions of COP Protección S.A.* Administration of pension funds and severances Colombia 20.58% 54,304 11,229 725 - 434,318 PA Viva Malls (5) Development and operation of commercial spaces Colombia 30.68% - - - - 388,595 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98% 2,619 (621) 11 - 35,930 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36% 319 (651) (49) - 17,006 Avefarma S.A.S* Manufacture and distribution of glass packing for pharmaceutical products Colombia 21.00% (2,378) (873) (1,202) - 12,079 Panamerican Pharmaceutical Holding Inc.* Advisory services, consultation, representation, agent for individuals or company Panama 21.00% (1,196) (1,613) (1,863) 2,934 9,820 Internacional Ejecutiva de Aviación S.A.S.* A ircraft and aircraft travel Colombia 33.33% 1,038 209 209 - 9,636 Reintegra S.A.S.* Collections and recovery of portfolio Colombia 46.00% (1,309) 3,496 805 - 8,604 ACH Colombia S.A.* Electronic transfer services Colombia 19.94% 3,129 (952) (878) - 6,223 Concesiones CCFC S.A.* Construction of public works through an awarding system Colombia 25.50% 6,606 (753) (4) - 5,742 Servicio Salvadoreño de Protección, S. A. de C.V.* Custodial services and transfer of monetary types El Salvador 24.40% 436 (965) 957 13 5,448 Servicios Financieros, S.A. de C.V.* Processing of financial transactions and electronic payment methods El Salvador 46.72% 56 9 (93) 62 3,550 Glassfarma Tech S.A.S* Manufacturing, elaboration and commercialization of packages and pharmaceutical products Colombia 21.00% 425 (12) (348) - 2,522 ACH de El Salvador, S. A. de C.V.* Electronic transfer services El Salvador 24.40% 210 6 (58) 20 891 Multiactivos S.A. (6) Securitization of non-mortgage assets Colombia - 183 - 70 - - Concesiones Urbanas S.A. (winding up) (7) Construction of civil engineering projects Colombia - (141) - - - - Net investments in associates 64,301 8,509 (1,718) (8) 3,029 940,364 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2016. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016. (5) PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate. (6) On October 19, 2016 Multiactivos S.A was wound up. (7) On November 23, 2016 Concesiones Urbanas S.A was wound up. (8) See Consolidated Statement of Comprehensive income (*) For the purposes of applying the equity method of accounting, financial statements at November 30, 2016 have been used, due to the fact that no more recent financial information was available. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2016. |
Disclosure of associates [text block] | As of December 31, 2017 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millions of COP PA Viva Malls (1) 1,262,837 29,499 380,612 235,647 35,278 Protección S.A. (2) 2,125,552 663,326 1,227,139 343,345 36,825 Titularizadora Colombiana S.A. Hitos 614,032 487,073 35,714 8,161 3,121 As of December 31, 2016 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millions of COP Protección S.A. (2) 1,901,016 618,573 1,115,206 226,554 34,163 Titularizadora Colombiana S.A. Hitos 500,950 371,827 34,185 8,019 3,873 (1) The difference between the net assets of P.A. Viva Malls multiplied by the Bank’s percentage of ownership which amounted to COP 604,336 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents an adjustment amounted to COP 153,550 related to contractual terms with respect to the recognition of benefits. (2) The difference between the net assets of Protección S.A. multiplied by the Bank’s percentage of ownership which amounted to COP 300,926 and COP 263,927 for the years ended at December 31, 2017 and 2016, respectively and the carrying amount of the Bank’s interest in the associate; represents the goodwill recognized by the Bank amounting to COP 170,434. |
Disclosure of interests in joint arrangements [text block] | The following are the Joint ventures that the Bank holds as of December 31, 2017 and 2016: December 31, 2017 Company Name Main activity Country % of Ownership interest Included (1) Total OCI (2) OCI (Equity method) (3 ) Carrying amount In millions of COP Compañía de financiamiento Tuya S.A (4) Financing company Colombia 50.00% 20,778 - - 225,548 Puntos Colombia S.A.S (5) Administration of the customers loyalty Colombia 50.00% (1,787) - - 7,213 Servicios de Aceptación S.A Network data transmission services Colombia 50.00% 1,663 - - 4,688 Fideicomiso Ruta del Sol - compartimento A (6) Investment in infrastructure projects Colombia 50.00% (6,385) 13 - - Net investments in joint ventures 14,269 13 - 237,449 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2017. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. (4) On December 2017, given the continued impairment of the consumer loans portfolio of the company during 2017, the Bank management performed a valuation, to establish the fair value of the Compañía de Financiamiento TUYA S.A.As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the statement of income for COP 173,339. See note 29 Fair value for assets and liabilities. (5) In June 2017, Banca de Inversión Bancolombia formed a joint venture with Grupo Éxito. The purpose of the company is the developing and administration of customer. (6) Given the losses of Fideicomiso Ruta del Sol - compartimento A for the year 2017, the recognition of the equity method resulting in a reduction of the total book value of the investment. December 31, 2016 Company Name Main activity Country % of Ownership interest Included (1) Total OCI (2) OCI (Equity method) (3 ) Carrying amount In millions of COP Compañía de financiamiento Tuya S.A (4) Financing company Colombia 50% (7,801) - - 348,480 Fideicomiso Ruta del Sol - compartimento A Investment in infrastructure projects Colombia 50% 778 13 - 6,376 Servicios de Aceptación S.A (5) Network data transmission services Colombia 50% 2,976 - - 3,026 Net investments in joint ventures (4,047) 13 - 357,882 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees (2) Corresponds to the accumulated other comprehensive income as of December 31, 2016. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. (4) On October 30, 2016 the Bank sold 50% of Compañía de Financiemiento TUYA S.A. The table above presents the recognition of the Equity Method after loss of control. The difference between the net assets of Tuya multiplied by the Bank’s percentage of ownership which amounted to COP 22,550 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 275,930. (5) In June 2016. Joint venture with First Data was created with the purpose of generating an alliance that promotes the business of using credit and debit cards in commercial establishments. |
Disclosure of joint ventures [text block] | The following is complementary information regarding the Bank’s most significant joint ventures as of December 31, 2017 and 2016: December 31, 2017 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millons of COP Compañía de financiamiento TUYA S.A. 2,571,106 2,293,239 1,344,712 41,556 371 December 31, 2016 Company Name Assets Liabilities Income from ordinary activities Profits (loss) Dividends In millons of COP Compañía de financiamiento TUYA S.A. 2,474,730 2,329,631 1,153,155 (13,257) - |
GOODWILL AND INTANGIBLE ASSET49
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure Of Detailed Information Of Intangible Assets And Goodwill [Text Block] | Intangibles assets and goodwill are as follows: December 31, 2017 December 31, 2016 In millions of COP Intangible assets 535,465 563,942 Goodwill 6,095,959 6,130,095 Total 6,631,424 6,694,037 |
Disclosure of detailed information about intangible assets [text block] | The following table sets forth the Bank's intangible assets as of December 31, 2017 and 2016, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2017 Cost Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2017 17,741 503,094 324,495 845,330 Acquisitions - 70,681 - 70,681 Write off - (24,296) - (24,296) Foreign currency translation adjustment (99) (1,798) (1,807) (3,704) Balance at December 31, 2017 17,642 547,681 322,688 888,011 Amortization Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2017 (2,533) (204,296) (74,559) (281,388) Write off - 44,690 - 44,690 Amortization expense (2,493) (50,673) (63,586) (116,752) Foreign currency translation adjustment (14) 1,008 (90) 904 Balance at December 31, 2017 (5,040) (209,271) (138,235) (352,546) Intangible assets at December 31, 2017, net 12,602 338,410 184,453 535,465 As of December 31, 2016 Cost Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2016 18,620 1,032,334 340,582 1,391,536 Acquisitions - 122,729 - 122,729 Write off (1) - (636,826) - (636,826) Foreign currency translation adjustment (879) (15,143) (16,087) (32,109) Balance at December 31, 2016 17,741 503,094 324,495 845,330 1. In 2016, the Parent Company noticed that some licenses, software and computer applications amounting to COP 549,191 were recognized on the balance sheet even though their useful life were completely amortized and the Bank did not use them for several years. This amount has been written off. Amortization Trademarks Licenses, software and computer applications Client relationships Total In millions of COP Balance at January 1, 2016 - (783,950) - (783,950) Write off - 641,989 - 641,989 Amortization expense (2,578) (71,540) (75,658) (149,776) Foreign currency translation adjustment 45 9,205 1,099 10,349 Balance at December 31, 2016 (2,533) (204,296) (74,559) (281,388) Intangible assets at December 31, 2016, net 15,208 298,798 249,936 563,942 |
Disclosure of reconciliation of changes in goodwill [text block] | The following table sets forth an analysis of the activity in the goodwill account: December 31, 2017 December 31, 2016 In millions of COP Balance at beginning of the year, net 6,130,095 6,484,669 Effect of change in foreign exchange rate (34,136) (354,574) Balance at end of the year, net 6,095,959 6,130,095 |
Disclosure of information for cash-generating units [text block] | The key assumptions used by management in determining the recoverable amount are: Operating segment Goodwill 2017 Valuation Methodology Key Assumptions Discount Rate (real) Growth rate (real) Banking El Salvador COP 842,126 Discounted 5 years plan 12.30% 3.40% Banking Panama COP 4,557,380 Discounted 5 years plan 8.90% 6.70% Banking Guatemala COP 696,453 Discounted 5 years plan 11.30% 5.30% |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [text block] | As of December 31, 2017 Banking Panama Growth rate Discount rate 9.15% 8.90% 8.65% 6.70% COP 9,750,408 COP 10,939,812 COP 12,435,319 Discount rate Growth rate 6.45% 6.70% 6.95% 8.90% COP 10,161,356 COP 10,939,812 COP 11,917,875 Banking El Salvador Growth rate Discount rate 12.55% 12.30% 12,05% 3.40% COP 2,520,931 COP 2,588,656 COP 2,660,269 Discount rate Growth rate 3.15% 3.40% 3.65% 12.30% COP 2,564,330 COP 2,588,656 COP 2,614,375 Banking Guatemala Growth rate Discount rate 11.55% 11.30% 11.05% 5.30% COP 2,239,238 COP 2,339,936 COP 2,449,482 Discount rate Growth rate 5.05% 5.30% 5.55% 11.30% COP 2,295,042 COP 2,339,936 COP 2,388,737 As of December 31, 2016 Banking Panama Growth rate Discount rate 9.75% 9.50% 9.25% 6.60% COP 8,690,384 COP 9,444,020 COP 10,339,834 Discount rate Growth rate 6.35% 6.60% 6.85% 9.50% COP 8,950,634 COP 9,444,020 COP 10,030,497 Banking El Salvador Growth rate Discount rate 12.45% 12.20% 11.95% 3.40% COP 2,736,320 COP 2,803,464 COP 2,874,488 Discount rate Growth rate 3.15% 3.40% 3.65% 12.20% COP 2,774,994 COP 2,803,464 COP 2,833,601 Banking Guatemala Growth rate Discount rate 11.85% 11.60% 11.35% 5.30% COP 2,096,380 COP 2,187,604 COP 2,286,466 Discount rate Growth rate 5.05% 5.30% 5.55% 11.60% COP 2,150,867 COP 2,187,604 COP 2,227,376 |
PREMISES AND EQUIPMENT, NET (Ta
PREMISES AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | As of December 31, 2017 and 2016 the premises and equipment consisted of the following: As of December 31, 2017 Premises and equipment Balance at January 1, 2017 Roll - forward Balance at December 31, 2017 Acquisitions Expenses depreciation Disposals Assets classified as held for sale Subsidiary liquidation Effect of changes in foreign exchange rate In millions of COP Land Cost 334,499 4,050 - (904) - - (283) 337,362 Construction in progress Cost 32,883 48,849 - (76,066) - - (537) 5,129 Buildings Cost 1,185,296 130,766 - (27,041) - (5,973) 21,491 1,304,539 Accumulated depreciation (259,400) - (29,451) 3,449 - - 284 (285,118) Furniture and fixtures Cost 572,699 40,187 - (12,647) (111) (37) 1,184 601,275 Accumulated depreciation (300,731) - (39,912) 9,317 95 30 (2,853) (334,054) Computer equipment Cost 717,464 100,939 - (29,301) (6,025) (39) (562) 782,476 Accumulated depreciation (477,339) - (73,772) 46,358 5,740 18 1,019 (497,976) Vehicles Cost 1,461,628 650,232 - (305,457) (318,880) (32,845) (43,969) 1,410,709 Accumulated depreciation (387,491) (2,866) (144,159) 14,022 113,100 15,740 20,378 (371,276) Airplane Cost 60,614 - - (59,614) - - (1,000) - Accumulated depreciation (6,227) - (356) 6,480 - - 103 - Ongoing Imports Cost 1,929 6,472 - (4,744) - - (155) 3,502 Leasehold improvements Cost 248,358 61,284 - (7,812) - - (4,330) 297,500 Accumulated depreciation (68,485) - (28,631) (29,723) - - 176 (126,663) Total premises and equipment - cost 4,615,370 1,042,779 - (523,586) (325,016) (38,894) (28,161) 4,742,492 Total premises and equipment - accumulated depreciation (1,499,673) (2,866) (316,281) 49,903 118,935 15,788 19,107 (1,615,087) Total premises and equipment, net 3,115,697 1,039,913 (316,281) (473,683) (206,081) (23,106) (9,054) 3,127,405 As of December 31, 2016 Premises and equipment Balance at January 1, 2016 Roll - forward Balance at December 31, 2016 Acquisitions Transfers Expenses - depreciation Disposals Assets classified as held for sale Effect of changes in foreign exchange rate In millions of COP Land Cost 355,907 - - - (8,692) - (12,716) 334,499 Construction in progress Cost 61,322 34,428 - - (59,873) (1) (766) (2,228) 32,883 Buildings Cost 1,185,109 88,506 - - (43,997) (24,293) (20,029) 1,185,296 Accumulated depreciation (269,316) (54) - (31,007) 16,942 13,569 10,466 (259,400) Furniture and fixtures Cost 531,176 74,117 2,029 - (19,962) - (14,661) 572,699 Accumulated depreciation (270,193) (1,243) (866) (43,150) 7,176 - 7,545 (300,731) Computer equipment Cost 761,961 92,723 2,348 - (120,241) (3,309) (16,018) 717,464 Accumulated depreciation (484,520) (1,338) (606) (89,771) 83,763 2,864 12,269 (477,339) Vehicles Cost 1,240,211 682,070 146 - (278,175) (185,937) 3,313 1,461,628 Accumulated depreciation (342,606) (134) (20) (141,290) 9,889 89,872 (3,202) (387,491) Airplane Cost 63,619 - - - - - (3,005) 60,614 Accumulated depreciation (4,126) - - (2,336) - - 235 (6,227) Ongoing Imports Cost 21,192 59,777 - - (54,598) - (24,442) 1,929 Leasehold improvements Cost 283,666 23,055 - - (43,640) - (14,723) 248,358 Accumulated depreciation (81,136) - - (21,704) 31,598 - 2,757 (68,485) Total premises and equipment - cost 4,504,163 1,054,676 4,523 - (629,178) (214,305) (104,509) 4,615,370 Total premises and equipment - accumulated depreciation (1,451,897) (2,769) (1,492) (329,258) 149,368 106,305 30,070 (1,499,673) Total premises and equipment, net 3,052,266 1,051,907 3,031 (329,258) (479,810) (108,000) (74,439) 3,115,697 (1) The amount corresponds to the activation of elements in the Banco Agricola’s headquater construction. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of significant adjustments to valuation obtained [text block] | The table below sets forth the reconciliation between the initial balance account and the balance at the end of the period, at fair value: December 31, 2017 December 31, 2016 In millions of COP Balance at the beginning of the year 1,581,689 1,505,046 Acquisitions 92,102 29,034 Sales/Write-offs (71,955) (72,682) Classified to Assets held for sale - (29,008) Gains on valuation (1) 55,573 149,299 Balance at the end of the period (2) 1,657,409 1,581,689 (1) See note 24.4. Other operating income. (2) Between December 31, 2016 and 2017 there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 29 Fair value of assets and liabilities. |
Disclosure of detailed information about investment property [text block] | The valuation adjustments recorded by the Bank's related to its investment properties are detailed below: As of December 31, 2017 Type of asset Balance at the beginning of the year Appraisals Net increase (decrease) in investment properties Adjusted fair value at the end of the year (1) In millions of COP Buildings 1,355,717 49,721 7,847 1,413,285 Lands 225,972 5,852 12,300 244,124 Total 1,581,689 55,573 20,147 1,657,409 As of December 31, 2016 Type of asset Balance at the beginning of the year Appraisals Net increase (decrease) in investment properties Classified to assets held for sale Adjusted fair value at the end of the year (1) In millions of COP Buildings 1,275,566 52,543 27,608 - 1,355,717 Lands 229,480 96,756 (71,256) (29,008) 225,972 Total 1,505,046 149,299 (43,648) (29,008) 1,581,689 (1) Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). |
Rental income from investment property, net of direct operating expense [Text Block] | The table sets forth the main income recorded by the Bank related to its investment properties: December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Income from rentals 77,964 66,838 89,389 Operating expenses due to: Investment properties that generated income through rentals 21,012 21,254 11,693 Investment properties that did not generate income through rentals 2,295 2,495 2,539 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Income Tax [Abstract] | |
Disclosure Of Detailed Information About Income tax components recognized in income statement [Text Block] | Components recognized in the Income Statement for the period: December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Current tax Fiscal year 1,041,454 813,355 346,556 Previous fiscal years 3,967 2,519 6,159 Total current tax 1,045,421 815,874 352,715 Deferred tax Fiscal year 193,177 360,958 296,535 Total deferred tax 193,177 360,958 296,535 Total tax 1,238,598 1,176,832 649,250 |
Disclosure Of Detailed Information About Income Tax Components Recognized In Other Comprehensive Income [Text Block] | Components recognized in Other Comprehensive Income (OCI) December 31, 2017 In millions of COP Amount before taxes Expenses or (income) per tax Net taxes Remeasurement loss related to defined benefit liability 3,753 (3,725) 28 Net profit (loss) by financial instruments measured at fair value 29,095 9,789 38,884 Gain or loss on net investment hedge in foreign operations 449,640 (6,895) 442,745 Net 482,488 (831) 481,657 See Other Comprehensive Income December 31, 2016 In millions of COP Amount before taxes Expenses or (income) per tax Net taxes Remeasurement loss related to defined benefit liability 626 (10,966) (10,340) Net profit (loss) by financial instruments measured at fair value 208,276 24,341 232,617 Net 208,902 13,375 222,277 See Other Comprehensive Income December 31, 2015 In millions of COP Amount before taxes Expenses or (income) per tax Net taxes Remeasurement loss related to defined benefit liability (59,434) 9,312 (50,122) Net profit (loss) by financial instruments measured at fair value 128,271 9,052 137,323 Net 68,837 18,364 87,201 See Other Comprehensive Income |
Disclosure Of Detailed Information about Applicable Tax Rates [Text Block] | 2017 2016 2015 Income 34% 25% 25% CREE 0% 9% 9% Surcharge 6% 6% 5% Total 40% 40% 39% Companies domiciled in other countries 2015 2016 2017 2018 2019 As from 2020 Companies from Peru Income 30% 28% 29.5% 29.5% 29.5% 29.5% Companies from Panama Income 25% 25% 25% 25% 25% 25% Companies from El Salvador Income 30% 30% 30% 30% 30% 30% Companies from Guatemala Income 25% 25% 25% 25% 25% 25% |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Amount of temporary differences in subsidiaries, branches, associates on which no charged deferred tax has been recognized December 31, 2017 December 31, 2016 In millions of COP Temporary differences Local Subsidiaries (1,043,724) (234,975) Foreign Subsidiaries (4,533,672) (4,547,623) |
Disclosure of deferred taxes [text block] | December 31, 2017 December 31, 2017 December 31, 2016 December 31, 2016 In millions of COP Company Deferred tax asset Deferred tax liability Deferred tax asset Deferred tax liability Arrendadora Financiera S.A. 299 - - (87) Arrendamiento Operativo CIB S.A.C. - - 370 - Bagrícola Costa Rica S.A. 56 - 68 - Grupo Agromercantil Holding - (29,924) - (38,622) Banca de Inversión Bancolombia S.A. - (26,432) - (99,504) Banco Agrícola S.A. 46,328 - 43,594 - Bancolombia S.A. - (1,368,062) - (1,152,726) Banistmo S.A. y Filiales 96,533 - 166,421 - BIBA Inmobiliaria S.A.S. - (5) - (10) Fideicomiso “Lote Abelardo Castro” - (188) - (171) Fiduciaria Bancolombia S.A. 1,808 - 6,483 - FiduPerú S.A Sociedad Fiduciaria - - 165 - Inversiones CFNS S.A.S. - (700) - (1,042) Renting Colombia S.A.S. - (5,466) - (19,753) Transportempo S.A.S 509 - 285 - Valores Banagricola S.A. 10 - - - Valores Bancolombia S.A. 3,071 - 5,476 - Valores Simesa S.A. - (9,421) - (13,439) Net Deferred Tax by Company 148,614 (1,440,198) 222,862 (1,325,354) Net Deferred Tax (1,291,584) (1,102,492) 11.3.4. Assets and Liabilities deferred tax without netting per company Deferred tax summary in Balance accounts December 31, 2016 With effects on the statement of income and Foreign currency translation adjustments With OCI effects Eliminations Reclassifications December 31, 2017 In millions of COP Deferred tax asset 757,874 (167,907) 15,021 (3,122) 999 602,865 Deferred tax liability (1,860,366) (7,014) (14,190) (15,939) 3,060 (1,894,449) Net deferred tax (1,102,492) (174,921) 831 (19,061) 4,059 (1,291,584) The deferred tax disclosed in section 11.1 corresponds to deferred tax assets and liabilities without eliminations in the amount of COP 174,921, plus eliminations in the amount of COP 19,061, less the difference for foreign currency translation adjustments that is contained in the movement of balance sheet accounts of COP (805). With effects on the statement of income December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax asset: Premises and equipment 19,721 7,258 8,690 21,153 Employee benefits 152,070 9,252 18,706 161,524 Municipal tax liabilities 16,385 16,385 - - Impairment evaluation 252,181 285,854 238,583 204,910 Offset of tax credits 31,394 200 37,269 68,463 Financial obligations 59,967 9,176 1,072 51,863 Investment valuation 6,846 6,846 81 81 Foreclosed Assets 118.894 119,177 283 - Other deductions 71.792 37,179 16,613 51,226 Total deferred tax asset 729,250 491,327 321,297 559,220 December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax liability: Premises and equipment (230,202) 29,875 33,223 (233,550) Leasing re-expression (279,733) - 175,877 (455,610) Impairment evaluation (225,635) 221,704 2,481 (6,412) Equity securities valuation (153,886) 73,171 40,495 (121,210) Derivatives valuation (124,737) 68,011 - (56,726) Goodwill (587,094) 20,434 192,228 (758,888) Foreclosed Assets (25,160) 6,733 29,082 (47,509) Other deductions (138,235) 63,114 29,549 (104,670) Total deferred tax liability (1,764,682) 483,042 502,935 (1,784,575) Impact on Other Comprehensive Income December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax asset Employee benefits 28,624 1,958 10,084 36,750 Investment hedge in foreign operations - - 6,895 6,895 Total deferred tax asset 28,624 1,958 16,979 43,645 December 31, 2016 Realization Increase December 31, 2017 In millions of COP Deferred tax liability Employee benefits - 150 4,551 (4,401) Debt securities valuation (39) 39 41 (41) Investment valuation (95,645) 6 9,793 (105,432) Total deferred tax liability (95,684) 195 14,385 (109,874) |
Reconciliation of accounting profit multiplied by applicable tax rates [Text Block] | Conciliation of the effective tax rate Conciliation of the tax rate December 31, 2017 December 31, 2016 December 31, 2015 In millions of COP Accounting earnings 3,992,771 3,968,282 3,235,635 Tax applicable to the nominal rate 1,597,108 1,587,313 1,261,898 Non-deductible expenses for determining taxable profit (loss) 356,350 255,435 290,291 Accounting and not fiscal expenses (income) for determining taxable profit (loss) (179,605) (217,056) (822,513) Differences in tax bases 341,828 (348,985) (149,502) Tax and not accounting expenses (income) for determining taxable profit (loss) (23,844) 23,381 352,543 Revenues from ordinary activities exempt from taxation (181,406) (121,917) (172,466) Income from ordinary activities not constituting income or occasional earnings from taxation (130,272) (111,027) (66,459) Other fiscal deductions (184,620) (107,083) (168.970) Repayments on commercial credit (233,004) - - Surplus of tax depreciation (177,936) (20,323) (2,083) Foreign profits taxed at other rates (218,785) 72,144 99,398 Other effects of the tax rate from reconciling accounting earnings and tax expenses (income) 272,784 164,950 27,113 Total Tax 1,238,598 1,176,832 649,250 |
Disclosure Of Discontinued Operations Explanatorys [Text Block] | December 31, 2016 December 31, 2015 In millions of COP Earnings before taxes 266,072 21,446 Total income and CREE taxes (2,961) 21,635 Total deferred tax (99,614) (22,702) Total tax (102,575) (1,067) Net profit of discontinued operations 163,497 22,513 * For 2017 no operations were discontinued. |
Disclosure Of Detailed Information About Tax Credit Carry forwards [Text Block] | Base Tax deferred asset recognized In millions of COP 207,395 68,463 |
ASSETS HELD FOR SALE AND INVE53
ASSETS HELD FOR SALE AND INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Assets Held For Sale And Inventories [Abstract] | |
Disclosure of Assets Held For Sale And Inventories [text block] | The breakdown of inventories and assets held for sale of the Bank is as follows: Assets held for sale and inventories December 31, 2017 December 31, 2016 In millions of COP Inventories, net 164,516 140,137 Assets held for sale 212,487 133,050 Total inventories and assets held for sale, net 377,003 273,187 |
Disclosure of inventories [text block] | The Bank's inventories at December 31, 2017 and 2016, are summarized as follows: Inventories December 31, 2017 December 31, 2016 In millions of COP Lands and buildings 117,339 90,166 Vehicles 45,741 50,843 Machinery 16,252 11,045 Total inventory cost 179,332 152,054 Impairment (14,816) (11,917) Total inventories, net 164,516 140,137 |
Disclosure of Assets Held For Sale By Operating Segment [Text Block] | The total balance of assets held for sale, by operating segment, are detailed below: As of December 31, 2017 Assets held for sale Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Others Segment Total In millions of COP Machinery and equipment 8,099 3,362 - 39 - 11,500 Cost 8,972 3,422 - 39 - 12,433 Impairment (873) (60) - - - (933) Real estate for residential purposes 8,346 12,257 2,586 665 - 23,854 Cost 8,431 12,859 2,645 885 - 24,820 Impairment (85) (602) (59) (220) - (966) Real estate different from residential properties 295 952 - 155 - 1,402 Cost 295 952 - 178 24 1,449 Impairment - - - (23) (24) (47) Investments held for sale - - - - 18,413 18,413 Cost (1) - - - - 18,413 18,413 Impairment - - - - - - Assets related to Investments held for sale - - - - 157,318 157,318 Cost (2) - - - - 157,318 157,318 Impairment - - - - - - Total assets held for sale 16,740 16,571 2,586 859 175,731 212,487 1. In December 2017, the administration launched the execution of a sale plan for the investments associated with Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., for this reason the investments are presented as "non-current assets held for sale". According to the sales plan, the sale is expected to occur before the end of year 2018. 2. These assets corresponded to Arrendamiento Operativo CIB S.A.C.; Capital Investments SAFI S.A. and FiduPerú S.A. Sociedad Fiduciaria. As of December 31, 2016 Assets held for sale Banking Colombia Banking Panama Banking El Salvador Banking Guatemala Others Segment Total In millions of COP Machinery and equipment 3,726 2,361 - 24 3,355 9,466 Cost 3,871 2,671 - 26 3,355 9,923 Impairment (145) (310) - (2) - (457) Real estate for residential purposes 3,862 15,036 1,096 677 - 20,671 Cost 4,031 15,160 1,114 825 - 21,130 Impairment (169) (124) (18) (148) - (459) Real estate different from residential properties 28,587 2,093 - 185 72,048 102,913 Cost 29,861 2,093 - 185 72,048 104,187 Impairment (1,274) - - - - (1,274) Total assets held for sale 36,175 19,490 1,096 886 75,403 133,050 |
Disclosure of detailed information about assets and liabilities classified as held for sale [Table Text Block] | The breakdown of the major classes of assets and liabilities classified as held for sale is as follows: December 31, 2017 In millons of COP Assets Cash and cash equivalents 19,072 Financial assets investment 2,486 Premises and equipment, net 109,469 Prepaid expenses 101 Tax receivables 8,028 Deferred tax 1,103 Assets held for sale 4,691 Other assets 12,368 Total assets 157,318 Liabilities Borrowings from other financial institutions 90,109 Tax liabilities 611 Deferred tax liabilities 4,908 Other liabilities 7,348 Total liabilities 102,976 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Other Assets [Abstract] | |
Disclosure of detailed information about other assets [Text Block] | As of December 31, 2017 and 2016 the Bank’s other assets consist of: Other Assets December 31, 2017 December 31, 2016 In millions of COP Tax advance 480,523 581,152 Marketable and non-marketable for sale assets 328,877 337,243 Other receivables (1) 291,235 480,255 Prepaid expenses 287,550 310,759 Advances to asset purchases 251,561 94,150 Assets pledged as collateral 192,036 171,561 Receivables related to abandoned accounts (2) 147,228 110,944 Interbank Borrowings not classified as cash equivalents 125,963 159,398 Receivable Sales of goods and service 117,540 137,248 Commission receivables 97,710 72,002 Commission for letters of credit 72,927 94,835 Balance in credit card clearning house 66,788 63,018 Operating leases 38,653 39,150 Debtors 10,510 18,911 Taxes receivable 7,199 4,474 Interest receivable 1,128 8,794 Others 33,370 100,838 Total other assets 2,550,798 2,784,732 Allowance others (71,761) (33,849) Total other assets, net 2,479,037 2,750,883 (1) As of December 31, 2017 corresponds to conciliatory items on correspondent banks and mortgage-backed securities´ interest; for December 2016, mainly comprised of insurance claims and cash short and over. (2) The item corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia). |
DEPOSITS FROM COSTUMERS (Tables
DEPOSITS FROM COSTUMERS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Deposits From Customers [Abstract] | |
Disclosure of detailed information about deposits [Text Block] | The detail of the deposits as of December 31, 2017 and 2016 is as follows: Deposits December 31, 2017 December 31, 2016 In millions of COP Saving accounts 54,255,583 48,693,702 Time deposits 53,961,586 52,673,385 Checking accounts 22,065,647 21,443,002 Other deposits 1,676,399 1,813,922 Total 131,959,215 124,624,011 |
Disclosure of deposits from banks [text block] | The following table details the time deposits (‘CDT’) issued by the Bank: CDT Effective interest rate December 31, 2017 Modality Minimum Maximum Carrying value Fair value In millions of COP Less than 6 Months 0.10 % 6.96 % 7,536,280 7,535,719 Equal to 6 months and less than 12 months 0.20 % 8.03 % 5,711,157 5,718,827 Equal to 12 months and less than 18 months 0.20 % 9.03 % 8,062,290 8,146,366 Equal to or greater than 18 months 0.01 % 18.29 % 32,651,859 33,381,189 Total 53,961,586 54,782,101 CDT Effective interest rate December 31, 2016 Modality Minimum Maximum Carrying value Fair value In millions of COP Less than 6 Months 0.01 % 8.86 % 10,495,536 10,458,936 Equal to 6 months and less than 12 months 0.20 % 9.63 % 7,612,216 7,629,195 Equal to 12 months and less than 18 months 0.01 % 10.01 % 5,345,522 5,391,407 Equal to or greater than 18 months 0.01 % 18.29 % 29,220,111 29,666,246 Total 52,673,385 53,145,784 |
Disclosure of detailed information about maturity period of CDT's issued by the bank [Text Block] | The detail of CDT’s issued by the Bank by maturity is as follows: December 31, 2017 Period Carrying value Fair value In millions of COP Less than one year 36,416,439 36,701,555 1 to 3 years 10,525,956 10,727,828 3 to 5 years 5,367,765 5,592,750 More than 5 years 1,651,426 1,759,968 Total 53,961,586 54,782,101 December 31, 2016 Period Carrying value Fair value In millions of COP Less than one year 34,442,445 34,626,003 1 to 3 years 10,698,266 10,815,760 3 to 5 years 5,401,074 5,505,403 More than 5 years 2,131,600 2,198,618 Total 52,673,385 53,145,784 |
INTERBANK DEPOSITS AND REPURC56
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Abstract] | |
Disclosure of detailed information about money market operations recognized as liabilities [Text Block] | The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2017 December 31, 2016 In millions of COP Interbank Deposits Interbank liabilities 1,084,591 341,856 Total interbank 1,084,591 341,856 Repurchase agreements and other similar secured borrowing Short selling operations 607,536 880,705 Temporary transfer of securities 2,628,592 918,470 Repurchase agreements - 124,835 Total Repurchase agreements and other similar secured borrowing (1) 3,236,128 1,924,010 Total money market transactions 4,320,719 2,265,866 (1) Total repo liabilities have maturities of less than 30 days. |
Disclosure of detailed information about repurchases and resale transactions [Text Block] | The table below presents repurchases and resale transactions included in the consolidated statement of financial position at December 31, 2017 and 2016: As of December 31, 2017 Assets / liabilities gross Amounts offset in the statement of financial position Net balance presented in the statement of financial position Financial instruments as collaterals Assets / liabilities net In millions of COP Securities purchased under resale agreements (1) 881,061 - 881,061 (881,061) - Securities sold under repurchase agreements (3,236,128) - (3,236,128) 3,236,128 - Total repurchase and resale agreements (2,355,067) - (2,355,067) 2,355,067 - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. As of December 31, 2016 Assets / liabilities gross Amounts offset in the statement of financial position Net balance presented in the statement of financial position Financial instruments as collaterals Assets / liabilities net In millions of COP Securities purchased under resale agreements (1) 2,643,707 - 2,643,707 (2,643,707) - Securities sold under repurchase agreements (1,924,010) - (1,924,010) 1,924,010 - Total repurchase and resale agreements 719,697 - 719,697 (719,697) - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. |
BORROWINGS FROM OTHER FINANCI57
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Borrowings Explanatory [Abstract] | |
Disclosure of detailed information about borrowings [text block] | As of December 31, 2017 and 2016, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2017 December 31, 2016 In millions of COP Obligations granted by domestic banks 5,863,702 5,616,934 Obligations granted by foreign banks (1) 7,958,450 13,288,909 Total 13,822,152 18,905,843 (1) The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 243.2 million as of December 31, 2017 and USD 251.5 million as of December 31, 2016, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding. The Bank will reclassify the liability to equity if the put expires unexercised. For further information see Note 8.3. Acquisition of Grupo Agromercantil Holding (GAH). |
Disclosure of detailed information about Obligations granted by domestic banks [Text Block] | Obligations granted by domestic banks As of December 31, 2017 Financial entity Rate Maximum Rate Minimum December 31, 2017 In millions of COP Financiera de Desarrollo Territorial (Findeter) 11.30% 1.05% 2,587,598 Banco De Comercio Exterior De Colombia (Bancoldex) 10.86% 1.76% 1,528,435 Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) 14.90% 1.05% 728,558 Other private financial entities 8.89% 0.07% 1,019,111 Total 5,863,702 As of December 31, 2016 Financial entity Rate Maximum Rate Minimum December 31, 2016 In millions of COP Financiera de Desarrollo Territorial (Findeter) 12.77% 1.29% 2,404,521 Banco De Comercio Exterior De Colombia (Bancoldex) 12.48% 0.06% 1,591,035 Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) 12.38% 1.39% 642,775 Other private financial entities 11.86% 2.28% 978,603 Total 5,616,934 |
Disclosure of detailed information about maturities of financial obligations with domestic banks [Text Block] | The maturities of financial obligations with domestic banks as of December 31, 2017 and 2016, are the following: Domestic December 31, 2017 December 31, 2016 In millions of COP Amount expected to be settled: More than twelve months after the reporting period 5,288,364 5,234,565 No more than twelve months after the reporting period 575,338 382,369 Total 5,863,702 5,616,934 |
Disclosure of detailed information about Obligations granted by foreign banks [Text Block] | Obligations granted by foreign banks As of December 31, 2017 Financial entity Rate Maximum Rate Minimum December 31, 2017 In millions of COP Financing with correspondent banks 5.66% 1.48% 7,341,713 Corporación Andina de Fomento (CAF) 3.84% 1.85% 311,730 Banco Latinoamericano de Comercio Exterior (Bladex) 4.10% 1.90% 269,946 Banco Interamericano de Desarrollo (BID) 3.96% 3.96% 35,061 Total 7,958,450 As of December 31, 2016 Financial entity Rate Maximum Rate Minimum December 31, 2016 In millions of COP Financing with correspondent banks 9.71% 0.88% 12,129,817 Corporación Andina de Fomento (CAF) 4.04% 2.67% 745,086 Banco Latinoamericano de Comercio Exterior (Bladex) 3.83% 1.24% 278,392 Banco Interamericano de Desarrollo (BID) 3.96% 1.54% 135,614 Total 13,288,909 |
Disclosure of detailed information about maturities of financial obligations with foreign banks [Text Block] | The maturities of the financial obligations with foreign entities as of December 31, 2017 and 2016 are the following: Foreign December 31, 2017 December 31, 2016 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 7,037,043 9,559,568 More than twelve months after the reporting period 921,407 3,729,341 Total 7,958,450 13,288,909 |
DEBT SECURITIES IN ISSUE (Table
DEBT SECURITIES IN ISSUE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of debt securities in issue [Abstract] | |
Disclosure of detailed information about bonds issued to different entities [text block] | Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2017 Issuer Currency Face value Balance Rate Range Bancolombia S.A. Local COP 5,162,515 5,247,501 5.59%-IPC (1) +7% Bancolombia S.A. Foreign USD 3,242,405 9,532,927 1.90%-6.31% Banco Agrícola S.A. Foreign USD 547,000 1,622,238 5.36%-7.99% Bancolombia Panamá S.A. Foreign USD 260,310 784,567 1.90%-2.90% Grupo Agromercantil Holding S.A. Foreign USD 302,264 910,270 0.25%-7.25% Banismo S.A. y filiales Foreign USD 519,300 1,551,211 2.65%-3.65% Total 19,648,714 (1) Consumer price index. As of December 31, 2016 Issuer Currency Face value Balance Rate Range Bancolombia S.A. Local COP 5,458,619 5,562,900 5.49%-IPC (1) Bancolombia S.A. Foreign USD 3,246,970 9,814,915 5.54%-7.84% Banco Agrícola S.A. Foreign USD 530,000 1,581,348 4.25%-6.75% Bancolombia Panamá S.A. Foreign USD 272,282 826,069 1.30%-2.65% Grupo Agromercantil Holding S.A. Foreign USD 302,272 919,577 0.25%-7.25% Total 18,704,809 (1) Consumer price index. |
Disclosure of detailed information about breakdown of the Bank securities in issue by maturity [text block] | The breakdown of the Bank securities in issue by maturity is as follows: As of December 31, 2017 Issuer Less than a year 1 to 3 years 3 to 5 years more than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - 163,778 2,410,209 2,573,987 Ordinary bonds - - 802 2,672,712 2,673,514 Foreign currency Subordinated bonds (1) - - - 6,156,094 6,156,094 Ordinary bonds 535,020 758,879 44,740 6,906,480 8,245,119 Total 535,020 758,879 209,320 18,145,495 19,648,714 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. As of December 31, 2016 Issuer Less than a year 1 to 3 years 3 to 5 years more than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - 495,614 1,875,068 2,370,682 Ordinary bonds - 13 390,016 2,802,189 3,192,218 Foreign currency Subordinated bonds (1) 6,816 - 912,760 6,807,909 7,727,485 Ordinary bonds 826,069 - 970,751 3,617,604 5,414,424 Total 832,885 13 2,769,141 15,102,770 18,704,809 |
Disclosure of detailed information about debt securities in issue by maturity [text block] | (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. The following is a schedule of the debt securities in issue by maturity: Issuer December 31, 2017 December 31, 2016 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 2,352,801 2,018,995 More than twelve months after the reporting period 17,295,913 16,685,814 Total 19,648,714 18,704,809 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of detailed information about post-employment benefit plans [Text Block] | The following table shows liabilities relating to post-employment benefit plans: Post-employment and long-term benefit plans December 31, 2017 December 31, 2016 In millions of COP Defined benefit pension plan 131,589 129,931 Severance obligation 38,041 51,289 Retirement Pension Premium Plan and Senior Management Pension Plan Premium 119,526 105,158 Other long term benefits 408,245 364,424 Post-employment and long-term benefit plans 697,401 650,802 |
Disclosure of defined benefit plans [text block] | Short-term employment benefit plans recognized in the statement of financial position in the line “other liabilities” consist of the following: Other employment benefit plans Diecember 31, 2017 December 31, 2016 In millions of COP Current severance obligation (1) 106,334 104,352 Other bonuses and short-term benefits 336,285 336,018 Other employment benefit plans 442,619 440,370 (1) See severance obligation |
Disclosure of detailed information about periodic net cost of plans previously mentioned and charges credits recognized in consolidated statement of income [Text Block] | The components of the periodic net cost of the plans previously mentioned and the total of charges (credits) recognized in the consolidated statement of income are as follows: Banistmo asset plan December 31, 2017 December 31, 2016 In millions of COP Employee pension plan 4,765 5,565 Total 4,765 5,565 |
Disclosure of detailed information about change in plan assets [Text Block] | The following table details the change in plan assets: 2017 2016 In millions of COP Fair value of assets as of January 1 5,565 6,087 Interest income on plan assets 123 209 Return on plan assets greater/(less) than discount rate (58) 130 Benefits paid (825) (584) Foreign currency translation effect (40) (277) Fair value assets as of December 31 4,765 5,565 |
Disclosure of detailed information about expense recognized in Salaries and employee benefits [Text Block] | The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: Defined contribution plans 2017 2016 In millions of COP Pension 171,713 159,525 Current severance regimen 79,246 74,816 Total 250,959 234,341 |
Disclosure of additional information about defined benefit plans [text block] | The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows: Colombia Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 6.60% 6.90% Rate of wage increase 7.00% 9.00% Projected inflation 4.00% 6.50% Bancolombia Panama Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 3.00% 3.10% Rate of wage increase 3.00% 3.00% Projected inflation 2.00% 2.00% Banistmo Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 3.00% 3.10% Expected long-term rate of return on plan assets 2.10% 6.00% Rate of wage increase 3.00% 3.00% El Salvador Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 3.60% 5.10% Rate of wage increase 2.50% 3.00% Projected inflation 1.50% 2.00% Guatemala Main projected assumptions December 31, 2017 December 31, 2016 Discount rate 8.20% 8.20% Rate of wage increase 5.00% 5.03% Projected inflation 4.00% 4.00% |
Disclosure of information about maturity profile of defined benefit obligation [text block] | The payments of benefits, which reflect future service rendered, are considered to be paid as follows: Years Pension Benefits Other benefits In millions of COP 2018 12,604 58,550 2019 12,672 55,384 2020 12,698 55,847 2021 12,649 65,396 2022 12,507 72,098 2023 to 2027 58,148 357,577 |
Bancolombia [Member] | Pension plan premium [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Pension Plan Banistmo Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.50% 0.50% increase (269) Discount rate 2.50% 0.50% decrease 357 Mortality Table RP-2000 One year increase in life expectancy 207 |
Pension plan [member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of defined benefit plans [text block] | Unfunded defined benefit pension plan of the Parent Company 2017 2016 In millions of COP Present value of the obligation as of January 1 123,282 120,543 Interest cost 8,117 8,998 Benefits paid (11,553) (11,114) Net actuarial (gain) / loss due to changes in demographic assumptions 2,216 514 Net actuarial (gain) / loss due to plan experience 3,418 4,341 Defined obligation, unfunded as of December 31 125,480 123,282 Funded defined benefit pension plan of Banistmo 2017 2016 In millions of COP Present value of the obligation as of January 1 6,649 6,688 Interest cost 198 230 Actuarial (gain)/loss - experience 68 446 Actuarial (gain)/loss - financial assumptions 61 190 Benefits paid from plan assets (825) (584) Foreign currency translation effect (42) (321) Defined obligation, unfunded as of December 31 6,109 6,649 |
Pension plan [member] | Bancolombia [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Pension plan Bancolombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (4,542) Discount rate 6.10% 0.50% decrease 4,864 Salary increases 3.90% 0.50% increase 5,280 Salary increases 2.90% 0.50% decrease (4,964) Mortality Table RV-08 ("Valid Rentiers”") One year increase in life expectancy 5,085 |
Severance obligation [member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of defined benefit plans [text block] | The balances recognized in the statement of financial position are listed below: Defined benefit severance obligation plan 2017 2016 In millions of COP Present value of the obligation as of January 1 51,289 52,209 Current cost of service 2,562 2,144 Interest cost 3,419 4,020 Benefits paid (11,298) (10,233) Net actuarial (gain) / loss due to assumption changes and plan experience (7,931) 3,149 Defined obligation, unfunded as of December 31 38,041 51,289 Current severance regimen 106,334 104,352 Total 144,375 155,641 |
Severance obligation [member] | Bancolombia [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (980) Discount rate 6.10% 0.50% decrease 1,023 Salary increases 6.40% 0.50% increase 2,228 Salary increases 5.40% 0.50% decrease (2,156) |
Retirement and senior management pension plan [member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of defined benefit plans [text block] | The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan and Senior Management Pension Plan Premium 2017 2016 In millions of COP Present value of the obligation as of January 1 105,158 95,331 Current service cost 7,294 10,597 Interest cost 6,881 7,211 Benefits paid (1,224) (14,933) First time application effect of IAS 19 to new defined benefit obligation of Transportempo at December 31, 2017 (1) 237 - Net actuarial (gain) / loss due to assumption changes and plan experience 1,195 7,093 Foreign currency translation effect (15) (141) Defined obligation, unfunded as of December 31 119,526 105,158 (1) Pursuant to a private agreement reached between Transportempo and its employees, the Bank’s subsidiary has decided to recognize a new employee benefit plan based on the employees’ seniority and their current salary at the moment when the service is vested. |
Retirement and senior management pension plan [member] | Bancolombia [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Senior Management Pension Plan Premium Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (987) Discount rate 6.10% 0.50% decrease 1,040 Salary increases 6.40% 0.50% increase 1,331 Salary increases 5.40% 0.50% decrease (1,246) |
Senior Management Pension Plan Premium [Member] | Bancolombia [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (4,854) Discount rate 6.10% 0.50% decrease 5,348 Salary increases 6.40% 0.50% increase 5,390 Salary increases 5.40% 0.50% decrease (4,935) |
Other long term benefits [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of defined benefit plans [text block] | In addition to legal benefits and the aforementioned post-employment benefits, the Bank grants to its employees other benefits based on the employees’ seniority. For the periods ended December 31, 2017 and December 31, 2016, the reconciliation of the other long term benefits is set below: Other long term benefits 2017 2016 In millions of COP Present value of the obligation as of January 1 364,424 271,651 Current service cost 37,433 29,190 Interest cost 26,329 18,940 Benefits paid (38,671) (39,092) Unfunded benefit obligation assumed for GAH at December 31, 2017 (1) 340 - First time application effect of IAS 19 to new defined benefit obligation of Renting at December 31, 2017 ( 2) 614 - Net actuarial (gain) / loss due to assumption changes and plan experience 16,893 84,247 (3) Foreign currency translation effect 883 (512) Defined obligation, unfunded as of December 31 408,245 364,424 (1) Former employees have been incorporated again in the Company’s payroll due to the private agreement reached between Comamesa (a Guatemalan subsidiary of GAH) and Serviva (security supplier). (2) Pursuant to a private agreement reached between Renting and its employees, the Bank’s subsidiary has decided to recognize a new employee benefit plan based on the employees’ seniority and their current salary at the moment when the service is vested. (3) As a result of the acquisition of control of Grupo Agromercantil Holding in 2015, the Bank assumed the obligations related to the termination indemnity plan of Banco Agromercantil de Guatemala, Consejería, Mantenimiento y Mensajería, Seguros Agromercantil (subsidiaries of Grupo Agromercantil Holding). |
Other long term benefits [Member] | Colombia [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.10% 0.50% increase (11,179) Discount rate 6.10% 0.50% decrease 11,938 Salary increases 6.40% 0.50% increase 11,961 Salary increases 5.40% 0.50% decrease (11,303) |
Other long term benefits [Member] | El Salvador [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 4.10% 0.50% increase (661) Discount rate 3.10% 0.50% decrease 720 Salary increases 3.00% 0.50% increase 121 Salary increases 2.00% 0.50% decrease (157) |
Other long term benefits [Member] | Guatemala [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Guatemala Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.70% 0.50% increase (1,775) Discount rate 7.70% 0.50% decrease 2,011 Salary increases 5.50% 0.50% increase 1,398 Salary increases 4.50% 0.50% decrease (1,267) Mortality Table RP-2000 (M&F) One year increase in life expectancy 593 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Other Liabilities Explanatory [Abstract] | |
Disclosure of detailed information about other liabilities [Text Block] | Other liabilities consist of the following: Other liabilities December 31, 2017 December 31, 2016 In millions of COP Payables 1,838,806 1,281,907 Suppliers 1,254,484 1,289,495 Advances (1) 393,007 442,567 Collection services 377,288 316,016 Security contributions 356,498 329,098 Employee benefits and bonuses (2) 319,073 277,635 Salaries and other labor obligations 266,944 322,010 Deferred interests 203,681 149,360 Advances in leasing operations and loans 171,421 133,603 Provisions (3) 84,294 107,813 Dividends (4) 16,182 228,004 Other (5) 514,804 410,647 Total 5,796,482 5,288,155 1. For the year 2017 and 2016 advances includes the amount received by the Bank in balances related to insurance operations amounting to COP 54,967 and COP 47,549, respectively, balances held by court order amounting to COP 50,152 and COP 52,205, respectively, gain on derivatives first day valuation amounting to COP 39,706 and COP 51,271, respectively and excess cash amounting to COP 9,012 and COP 12,584, respectively. Additionally, the line includes balances of credit cards charges pending to be applied amounting to COP 10,116 and COP 12,580 2. For further information related to other employee benefit plans, see Note 18 "Employees benefit plans". 3. See Note 20 "Provisions and contingents liabilities". 4. The decrease is due to the fact that the payment of dividends approved at the ordinary annual shareholders' meeting for the year 2016 was fulfilled before December 31,2017 and for year 2016 , corresponds to the last payment of dividends approved at the ordinary annual shareholders' meeting held in 2015. 5. Includes an income tax provision amounting to COP 353,338 related with a potential exposure for the fiscal year 2014, out of which there were unrecognized tax benefits amounting to COP 201,554 in income tax liabilities related to tax positions. The 2014 income tax return has been subject to review from the tax authority since April 23, 2015. |
PROVISIONS AND CONTINGENT LIA61
PROVISIONS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Provisions And Contingent Liabilities [Abstract] | |
Disclosure of provisions [text block] | The following tables show the detail of the provisions: As of December 31, 2017 Judicial proceedings Administrative proceedings Financial guarantees Total In millions of COP Initial balance at January 1, 2017 29,135 1,312 77,366 107,813 Additions recognized in the year 23,396 302 55,539 79,237 Provisions used during the period (10,623) - - (10,623) Provisions reversed during the period (11,504) - (80,615) (92,119) Foreign currency translation adjustment (90) - - (90) Effect of discounted cash flows 98 (22) - 76 Final balance at December 31, 2017 30,412 1,592 52,290 84,294 As of December 31, 2016 Judicial proceedings Administrative proceedings Financial guarantees Total In millions of COP Initial balance at January 1, 2016 19,147 336 52,720 72,203 Additions recognized in the year 17,000 1,032 71,564 89,596 Provisions used during the period (3,444) (56) - (3,500) Provisions reversed during the period (3,512) - (46,918) (50,430) Foreign currency translation adjustment (243) - - (243) Effect of discounted cash flows 187 - - 187 Final balance at December 31, 2016 29,135 1,312 77,366 107,813 |
Disclosure of commitments [text block] | The amount guaranteed should be reimbursed to the beneficiary of the guarantee in case of breach of agreed covenants by the customer guaranteed or upon its financial insolvency. As of December 31, 2017 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 960,268 Guarantees greater than 1 month and up to 3 months 1,230,687 Guarantees greater than 3 months and up to 1 year 2,946,250 Guarantees greater than 1 year and up to 3 years 1,224,061 Guarantees greater than 3 year and up to 5 years 149,238 Guarantees greater than 5 years 191,139 Total 6,701,643 As of December 31, 2016 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 635,033 Guarantees greater than 1 month and up to 3 months 959,385 Guarantees greater than 3 months and up to 1 year 3,007,832 Guarantees greater than 1 year and up to 3 years 1,228,289 Guarantees greater than 3 year and up to 5 years 367,298 Guarantees greater than 5 years 146,167 Total 6,344,004 |
CAPITAL (Tables)
CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Capital [Abstract] | |
Disclosure of issued capital [text block] | The subscribed and paid-in capital is the following: December 31, 2017 December 31, 2016 Authorized shares 1,400,000,000 1,400,000,000 Subscribed and paid-in shares: Ordinary shares with a nominal value of COP 500 pesos 509,704,584 509,704,584 Preferred shares with dividend without voting rights with nominal value of COP 500 pesos 452,122,416 452,122,416 Total shares 961,827,000 961,827,000 Subscribed and paid capital (nominal value) $ 480,914 $ 480,914 |
Disclosure of dividends [text block] | Dividends declared with respect to net income earned in: Cash dividends per share (Stated in COP) 2017 1,020 2016 950 2015 888 2014 830 2013 776 2012 754 |
APPROPRIATED RESERVES (Tables)
APPROPRIATED RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Appropriated Reserves [Abstract] | |
Disclosure of reserves within equity [text block] | As of December 31, 2017 and 2016 the appropriated retained earnings consist of the following: Concept December 31, 2017 December 31, 2016 In millions of COP Appropriation of net income (1) 8,709,922 6,871,092 For Fiscal provisions (3) 196,318 551,341 (2) Others 138,915 49,976 Total Appropiated reserves 9,045,155 7,472,409 (1) The legal reserve fulfills two objetives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. (2) Pursuant to Decree 2336 of 1995, a reserve was established until 2016 for profits related to the valuation of investmentes held for trading purposes by the Bank. (3) Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders must be established for the 70% of the diference between the accounting and the tax depreciation, when the tax depreciation is greater than the accounting depreciation. |
UNCONSOLIDATED STRUCTURED ENT64
UNCONSOLIDATED STRUCTURED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of unconsolidated structured entities [abstract] | |
Disclosure of interests in unconsolidated structured entities [text block] | The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2017 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 2,110,967 120,320,401 122,431,368 The Bank’s interest-assets Investments at fair value through profit or loss 252,881 - 252,881 Investments at fair value through other comprehensive income 187,471 - 187,471 Loans and advances to customers - 3,626,152 3,626,152 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 440,352 3,626,152 4,066,504 The Bank’s maximum exposure 440,352 3,626,152 4,066,504 As of December 31, 2016 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,621,035 111,580,219 113,201,254 The Bank’s interest-assets Investments at fair value through profit or loss 295,536 - 295,536 Investments at fair value through other comprehensive income 196,131 - 196,131 Loans and advances to customers - 3,125,459 3,125,459 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 491,667 3,125,459 3,617,126 The Bank’s maximum exposure 491,667 3,125,459 3,617,126 |
OPERATING INCOME AND OPERATIN65
OPERATING INCOME AND OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating income and operating expense [Abstract] | |
Disclosure of interest income [text block] | The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 In millions of COP Debt investments, net 159,890 163,311 71,091 Net gains from investment activities at fair value through income statement Debt investments 699,841 579,403 294,979 Derivatives (61,667) (4,750) 31,835 Spot transactions 3,517 (22,831) (48,961) Repos (116,268) (7,638) (50,081) Others - - 2,977 Total net gains from investment activities at fair value through profit and loss 525,423 544,184 230,749 Total Interest on investment securities 685,313 707,495 301,840 |
Disclosure of interest expense [text block] | The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 In millions of COP Deposits (4,279,316) (3,878,528) (2,415,187) Debt securities in issue (1,191,000) (1,335,192) (1,057,748) Financial borrowings (672,472) (723,385) (454,326) Preferred shares (58,714) (58,714) (58,714) Borrowings from other financial institutions (15,860) (6,345) (6,836) Other interest (15,624) (50,936) (45,130) Interest expenses (6,232,986) (6,053,100) (4,037,941) |
Disclosure of detailed information about Fees and commissions [Text Block] | The following table sets forth the detail of fees and other services, for the years ended December 31, 2017, 2016 and 2015: Fees and other service income: Fees and commissions income 2017 2016 2015 In millions of COP Credit and debit card fees 1,164,380 1,092,919 1,015,253 Banking services 885,512 816,839 630,616 Bancassurance 408,248 336,692 260,224 Trust 359,651 294,499 265,215 Collections 228,580 229,940 203,772 Acceptances and guarantees 55,365 55,724 44,539 Checks 48,010 51,974 55,861 Brokerage 20,618 23,431 23,453 Others 416,543 383,217 291,624 Fees and commissions income 3,586,907 3,285,235 2,790,557 Fees and other service expenses Fees and commissions expenses 2017 2016 2015 In millions of COP Banking services (396,264) (354,640) (298,415) Call center and website (291,602) (260,006) (190,110) Others (394,848) (351,625) (308,988) Fees and commissions expenses (1,082,714) (966,271) (797,513) Total fees and commissions income, net 2,504,193 2,318,964 1,993,044 |
Disclosure of other operating income [text block] | Other operating income 2017 2016 2015 In millions of COP Operating leases 563,861 493,486 448,754 Net foreign exchange 294,068 132,292 (157,933) Services 164,150 167,914 165,737 Other reversals 140,012 37,767 8,110 Investment property valuation 55,573 149,299 150,176 Insurance (1) 49,640 49,679 - Gains on sale of assets 40,600 60,282 8,408 Derivatives foreign exchange contracts 21,917 164,172 527,137 Penalties for failure to contract 19,881 14,634 14,963 Hedging (3,678) (5,985) (20,509) Others 286,322 223,583 227,859 Total Other operating income 1,632,346 1,487,123 1,372,702 (1) Corresponds to income from Seguros Agromercantil insurance operations. See Note 8: Goodwill and Intangible assets, net. |
Disclosure of detailed information about dividends received and share of profits of equity method investees [Text Block] | The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2017, 2016 and 2015: 2017 2016 2015 In millions of COP Dividends (1) 32,248 39,785 23,833 Equity investments (2) (19,680) 77,799 95,595 Equity method (3) 253,602 60,254 122,477 Gains (Losses) on sale of Discontinued Operations - (1,146) (30,331) Total dividends received, and share of profits of equity method investees 266,170 176,692 211,574 (1) Dividends received from equity investments at fair value through profit or loss as of 31, December of 2017, 2016 and 2015 amount COP 20,297, COP 30,468 and COP 14,228, respectively. Dividends from equity investments at fair value through OCI amount COP 11,951, COP 9,317 and 9,605, respectively. (2) As of December 31, 2017 there is a lost in equity investments due to decrease of fair value in portfolio measured at fair value through profit or loss held by Banagricola S.A. (3) For further information, see note 7 investments in associates and joint ventures |
OPERATING EXPENSES (Tables)
OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating expenses [Abstract] | |
Disclosure Of detailed information on other administrative and general expenses [Text Block] | The detail for administrative and general expenses for the years ended December 31, 2017, 2016 and 2015 is as follows: Other administrative and general expenses 2017 2016 2015 In millions of COP Maintenance and repairs 530,284 448,017 356,655 Others fees 427,517 411,521 256,852 Insurance 303,501 286,384 244,274 Leasing 244,956 246,445 218,394 Transport 158,561 154,220 138,084 Disputes, fines and sanctions (1) 139,146 52,441 58,821 Frauds and claims (2) 134,087 72,860 81,836 Data processing 130,125 101,347 46,536 Advertising 127,142 120,046 113,821 Public services 107,727 114,840 94,295 Cleaning and security services 92,359 93,336 65,867 Communications 67,201 61,943 55,003 Contributions and affiliations 60,320 59,406 50,709 Properties improvements and installation 59,121 55,307 58,141 Useful and stationery 58,145 61,699 42,232 Travel expenses 38,037 37,112 34,998 Production and supply cards 32,975 29,532 15,509 Trust 25,901 13,176 10,637 Legal and financial consultant 25,855 29,435 18,785 Real estate management 21,817 19,262 18,428 Board of directors and audit fee 20,450 20,926 19,223 Donations 17,048 18,338 13,031 Storage services 16,162 14,157 14,918 Activities Joint Operations 9,650 8,805 3,988 Public relations 5,912 5,101 3,270 Legal expenses 4,112 7,232 22,923 Temporary services 3,907 5,897 4,078 Others 117,845 102,549 176,290 Total other administrative and general expenses 2,979,863 2,651,334 2,237,598 Wealth tax, contributions and other tax burden (3) 727,661 741,184 675,387 (1) The increase in disputes, fines and sanctions during the year 2017 is caused by the recognition of an income tax provision related with a potential exposure for the fiscal year 2014, out of which there were unrecognized tax benefits amounting to COP 201,554 in income tax liabilities related to tax positions. The 2014 income tax return has been subject to review from the tax authority since April 23, 2015. (2) The increase in frauds and claims during the year 2017 is mainly explained for a higher operational risk in virtual transactions and transactions with credit and debit cards. (3) See note 11 Income taxes. |
Disclosure of impairment depreciation and amortisation expense [Text Block] | 25.2. Impairment, depreciation and amortization Impairment, depreciation and amortization 2017 2016 2015 In millions of COP Impairment of the other assets (1) 45,850 38,775 16,797 Depreciation of premises and equipment 316,281 329,258 306,689 Amortization of intangible assets 116,752 149,776 153,799 Total impairment, depreciation and amortization 478,883 517,809 477,285 (1) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2017, 2016 and 2015 is presented in the table below: |
Disclosure of impairment of assets [text block] | (1) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2017, 2016 and 2015 is presented in the table below: 2017 2016 2015 In millions of COP Banking Colombia 33,661 15,078 22,255 Banking Panamá 5,495 1,934 (2,303) Banking El Salvador 3,363 19,705 (3,253) Banking Guatemala 1,939 2,118 - All other segments 1,418 - 98 Off Shore (26) (60) - Total 45,850 38,775 16,797 |
EARNING PER SHARE (_EPS_) (Tabl
EARNING PER SHARE (‘EPS’) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of earnings per share [text block] | The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2017, 2016 and 2015 (in millions of pesos, except per share data): 2017 2016 2015 Income from continuing operations before attribution of non-controlling interests 2,754,173 2,791,450 2,586,385 Less: Non-controlling interests from continuing operations 139,173 89,619 90,008 Net income from continuing operations 2,615,000 2,701,831 2,496,377 Income from operations and disposals of discontinued operations, net of taxes - 163,497 22,513 Less: Non-controlling interests from discontinuing operations - - - Net income attributable to the controlling interest 2,615,000 2,865,328 2,518,890 Less: Preferred dividends declared 370,983 342,825 316,548 Less: Allocation of undistributed earnings to preferred stockholders 827,126 972,955 836,383 Continuing operations 827,126 896,100 825,800 Discontinued operations - 76,855 10,583 Net income allocated to common shareholders for basic and diluted EPS 1,416,891 1,549,548 1,365,959 Weighted average number of common shares outstanding used in basic EPS calculation (In millions) 510 510 510 Basic and Diluted earnings per share to common shareholders 2,780 3,040 2,680 From continuing operations 2,780 2,870 2,656 From discontinuing operations - 170 24 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party transactions [Abstract] | |
Disclosure of transactions between related parties [text block] | As of December 31, 2017 Stockholders with an interest equal or higher than 10% of the Bank’s capital Directors and senior management Associates and joint venture In millions of COP Assets Investments - - 1,855,511 Loans and advances to customers and financial entities, net 423,706 17,342 124,592 Assets held for sale and inventories - - 18,413 (1) Other assets - 2 127,022 (2) Total assets 423,706 17,344 2,125,538 Liabilities Deposits 363,335 4,363 163,932 Other liabilities - 3 92 Total liabilities 363,335 4,366 164,024 Income Interest and other operating income 6,989 419 11,224 Dividends - - 48,403 Others - - 51,613 Net income 6,989 419 111,240 Expenses Interests and other operating expenses 5,603 269 20,139 Fees - 1,109 19 Others - 53 29,431 Total expenses 5,603 1,431 49,589 (1) Investment classified as held for sale. See Note 12. Assets held for sale and Inventories. (2) This ítem includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana. As of December 31, 2016 Stockholders with an interest equal or higher than 10% of the Bank’s capital Directors and senior management Associates and joint venture (1) In millions of COP Assets Investments - - 1,688,543 Loans and advances to customers and financial entities, net 246,245 15,709 36,262 Other assets - 389 64,078 Total assets 246,245 16,098 1,788,883 Liabilities Deposits 145,266 3,750 230,176 Other liabilities - - 31,941 Total Liabilities 145,266 3,750 262,117 Income Interest and other operating income 8,951 931 6,089 Dividends - - 49,627 Others - - 51,586 Net income 8,951 931 107,302 Expenses Interests and other operating expenses 430 767 13,912 Fees - 1,001 5 Others - - 37,370 Total expenses 430 1,768 51,287 (1) This ítem includes operations held between Bancolombia S.A. and Compañía de Financiamiento Tuya S.A. since November 1, 2016 when the Bank lost control of Tuya S.A. Furthermore, the item includes operations held between Bancolombia S.A. and Sociedad Servicios de Aceptación S.A.S. since June, 2016, when that company was set up. As of December 31, 2015 Stockholders with an interest equal or higher than 10% of the Bank’s capital Directors and senior management Associates and joint venture In millions of COP Income Interest and other operating income - 1,389 22,588 Dividends - - 45,736 Others - - 14 Net income - 1,389 68,338 Expenses Interests and other operating expenses 16 23 4,879 Fees - 792 - Others - - 1,006 Total expenses 16 815 5,885 |
Disclosure of detailed information about financial conglomerate operations [Text Block] | Bancolombia includes, as it follows, the operations carried out in 2017 on the related party chart of the Grupo Sura conglomerate. December 31, 2017 In millons of COP Assets Investments 376,171 Loans and advances to customers and financial entities, net 191,278 Other assets 8 Total assets 567,457 Liabilities Deposits 1,015,523 Other liabilities 1,882 Total liabilities 1,017,405 Income Interest and other operating income 488,190 Dividends 15,021 Net income 503,211 Expenses Interests and other operating expenses 32,568 Fees 4 Others 4,788 Total expenses 37,360 |
LIABILITIES FROM FINANCING AC69
LIABILITIES FROM FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of liabilities from financing activities [Abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | The following table presents the conciliation of the balances of liabilities from financing activities as of December 31, 2017: Balance as of January 1, 2017 Cash flows Non-cash changes Balance as of December 31, 2017 Foreign currency translation adjustment Interests accrued Other movements Liabilities from financing activities In millions of COP Repurchase agreements and other similar secured borrowing 1,924,010 1,313,442 (1,324) - - 3,236,128 Borrowings from other financial institutions (1) 18,905,843 (5,883,247) (177,290) 1,075,716 (98,870) (2) 13,822,152 Debt securities in issue (1) 18,704,809 (40,069) (73,652) 1,056,024 1,602 19,648,714 Preferred shares (3) 581,972 (57,701) - - 58,714 582,985 Total liabilities from financing activities 40,116,634 (4,667,575) (252,266) 2,131,740 (38,554) 37,289,979 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and debt securities in issue include the interests paid during the year amounting to COP 1,031,078 and COP 1,084,096, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The amount of COP (98,870) is mainly comprised by the reclassification of liabilities relating to assets held for sale. (3) The cash flow amounting to COP 57,701 corresponds to the minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. |
FAIR VALUE OF ASSETS AND LIAB70
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of fair value of assets and liabilities [Abstract] | |
Disclosure of detailed information about carrying amount and the fair value of the assets and liabilities [Text Block] | The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Carrying amount Fair Value Carrying amount Fair Value In millions of COP Assets Debt securities at fair value 10,701,855 10,701,855 8,537,562 8,537,562 Debt securities at amortized cost 4,157,568 4,131,688 3,134,919 3,115,477 Equity securities at fair value 1,517,830 1,517,830 1,388,172 1,388,172 Derivative financial instruments 1,134,372 1,134,372 1,677,970 1,677,970 Loans and advances to customers and financial institutions, net (1) 152,244,991 149,162,071 145,125,575 141,595,210 Investment property 1,657,409 1,657,409 1,581,689 1,581,689 Invesments in associates and joint ventures 757,886 757,886 388,595 388,595 Equity securities - Assets held for sale 2,486 2,486 - - Total 172,174,397 169,065,597 161,834,482 158,284,675 Liabilities Deposits by customers 131,959,215 132,779,730 124,624,011 125,096,410 Interbank deposits 1,084,591 1,084,591 341,856 341,856 Repurchase agreements and other similar secured borrowing 3,236,128 3,236,128 1,924,010 1,924,010 Derivative financial instruments 945,853 945,853 1,312,450 1,312,450 Borrowings from other financial institutions 13,822,152 13,822,152 18,905,843 18,905,843 Preferred shares 582,985 662,999 581,972 565,676 Debt securities in issue 19,648,714 20,756,154 18,704,809 19,071,085 Total 171,279,638 173,287,607 166,394,951 167,217,330 |
Disclosure of fair value measurement of assets [text block] | The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2017 and 2016: Financial Assets Type of instrument December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Investment securities Debt securities Securities issued by the Colombian Government 6,013,860 989,287 - 7,003,147 4,400,952 503,200 - 4,904,152 Securities issued or secured by Government entities 9,186 26,852 - 36,038 3,163 8,741 - 11,904 Securities issued by other financial institutions 177,531 578,196 297,049 1,052,776 146,025 529,244 405,099 1,080,368 Securities issued by Foreign Governments 1,196,963 1,275,031 - 2,471,994 1,044,629 1,384,563 - 2,429,192 Corporate bonds 33,800 100,982 3,118 137,900 19,614 77,403 14,929 111,946 Total Debt securities 7,431,340 2,970,348 300,167 10,701,855 5,614,383 2,503,151 420,028 8,537,562 Equity securities 145,250 28,976 1,343,604 1,517,830 189,363 20,131 1,178,678 1,388,172 Total equity securities 145,250 28,976 1,343,604 1,517,830 189,363 20,131 1,178,678 1,388,172 Derivative financial instruments Forwards Foreign exchange contracts - 78,189 94,121 172,310 - 187,682 125,884 313,566 Equity contracts - 357 15 372 - 2,816 609 3,425 Total forwards - 78,546 94,136 172,682 - 190,498 126,493 316,991 Swaps Foreign exchange contracts - 482,330 190,228 672,558 - 856,742 270,732 1,127,474 Interest rate contracts 8,171 220,027 45,939 274,137 4,497 158,342 23,369 186,208 Total swaps 8,171 702,357 236,167 946,695 4,497 1,015,084 294,101 1,313,682 Options Foreign exchange contracts - 746 14,249 14,995 - 5,633 41,664 47,297 Total options - 746 14,249 14,995 - 5,633 41,664 47,297 Total derivative financial instruments 8,171 781,649 344,552 1,134,372 4,497 1,211,215 462,258 1,677,970 Investment properties Buildings - - 1,413,285 1,413,285 - - 1,355,717 1,355,717 Lands - - 244,124 244,124 - - 225,972 225,972 Total investment properties - - 1,657,409 1,657,409 - - 1,581,689 1,581,689 Investment in associates PA Viva Malls - - 757,886 757,886 - - 388,595 388,595 Total investment in associates and joint ventures - - 757,886 757,886 - - 388,595 388,595 Equity securities - Assets held for sale Assets held for sale - - 2,486 2,486 - - - - Total Equity securities - Assets held for sale - - 2,486 2,486 - - - - Total 7,584,761 3,780,973 4,406,104 15,771,838 5,808,243 3,734,497 4,031,248 13,573,988 |
Disclosure of fair value measurement of liabilities [text block] | Type of instrument December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Derivative financial instruments Forwards Foreign exchange contracts - (122,424) (20,552) (142,976) - (304,756) (19,167) (323,923) Equity contracts - (3,955) (515) (4,470) - (2,838) (272) (3,110) Total forwards - (126,379) (21,067) (147,446) - (307,594) (19,439) (327,033) Swaps Foreign exchange contracts - (459,789) (46,034) (505,823) - (708,354) (40,728) (749,082) Interest rate contracts (9,347) (252,660) (13,634) (275,641) (7,828) (178,743) (5,773) (192,344) Total swaps (9,347) (712,449) (59,668) (781,464) (7,828) (887,097) (46,501) (941,426) Options Foreign exchange contracts - (16,943) - (16,943) - (42,961) - (42,961) Total options - (16,943) - (16,943) - (42,961) - (42,961) Futures Equity contracts - - - - (1,030) - - (1,030) Total futures - - - - (1,030) - - (1,030) Total derivative financial instruments (9,347) (855,771) (80,735) (945,853) (8,858) (1,237,652) (65,940) (1,312,450) Total (9,347) (855,771) (80,735) (945,853) (8,858) (1,237,652) (65,940) (1,312,450) |
Disclosure of detailed information about Fair value of assets and liabilities that are not measured at fair value in the Statement of Financial Position [Text Block] | Assets Type of instrument December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Debt securities Securities issued by the Colombian Government - 12,967 - 12,967 - - - - Securities issued or secured by Government entities 17,204 528,395 1,350,175 1,895,774 9,336 344,200 1,154,372 1,507,908 Securities issued by other financial institutions 194,606 21,871 12,007 228,484 172,125 15,421 18,033 205,579 Securities issued by Foreign Governments 748,060 302,795 - 1,050,855 822,598 162,626 - 985,224 Corporate bonds 231,601 49,694 662,313 943,608 199,331 - 217,435 416,766 Total Debt securities 1,191,471 915,722 2,024,495 4,131,688 1,203,390 522,247 1,389,840 3,115,477 Loans and advances to customers and financial institutions, net (1) - - 149,162,071 149,162,071 - - 141,595,210 141,595,210 Total 1,191,471 915,722 151,186,566 153,293,759 1,203,390 522,247 142,985,050 144,710,687 Liabilities Type of instruments December 31, 2017 December 31, 2016 Fair value hierarchy Total fair value Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Deposits by customers - (30,440,868) (102,338,862) (132,779,730) - (20,534,986) (104,561,424) (125,096,410) Interbank deposits - - (1,084,591) (1,084,591) - - (341,856) (341,856) Repurchase agreements and other similar secured borrowing - - (3,236,128) (3,236,128) - - (1,924,010) (1,924,010) Borrowings from other financial institutions - - (13,822,152) (13,822,152) - - (18,905,843) (18,905,843) Preferred shares - - (662,999) (662,999) - - (565,676) (565,676) Debt securities in issue (8,999,118) (9,548,502) (2,222,270) (20,769,890) (7,068,228) (10,228,190) (1,774,667) (19,071,085) Total (8,999,118) (39,989,370) (123,367,002) (172,355,490) (7,068,228) (30,763,176) (128,073,476) (165,904,880) (1) The amount of COP 140,398,685 disclosed as the fair value of the line “loans and advances to customers and financial institutions, net” in the Bank’s annual report in 2016 has been changed for COP 141,595,210 due to changes introduced in the methodology used by the Bank to estimate the fair value of the loan portfolio in the year 2017. |
Disclosure of detailed information about items measured at fair value on a non-recurring basis [Text Block] | The Bank measured certain foreclosed assets held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: December 31, 2017 December 31, 2016 Fair-value hierarchy Total fair Value Fair-value hierarchy Total fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Machinery and equipment - - 11,500 11,500 - - 9,466 9,466 Real estate for residential purposes - - 23,854 23,854 - - 20,671 20,671 Real estate different from residential properties - - 1,402 1,402 - - 102,913 102,913 Collateralized loans - - 5,417,875 5,417,875 - - 1,543,513 1,543,513 Total - - 5,454,631 5,454,631 - - 1,676,563 1,676,563 |
Disclosure of detailed information about investment in associates [Text Block] | December 31, 2017 December 31, 2016 Fair-value hierarchy Total fair Value Fair-value hierarchy Total fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 In millions of COP Investment in Associates - TUYA - - 225,548 225,548 - - - - Total - - 225,548 225,548 - - - - |
Disclosure of detailed information about Changes in Level 3 Fair-Value Category [Text Block] | The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2017 and 2016: As of December 31, 2017 Balance, January 1, 2017 Included in earnings OCI Purchases / reclassifications Settlement Prepaids Transfers in to Level 3 Transfers out of Level 3 Balance, December 31, 2017 In millions of COP Debt securities at fair value Securities issued or secured by other financial entities 405,099 (70,416) - 52,316 (58,999) - - (30,951) 297,049 Corporate bonds 14,929 (4,211) - 5,999 (10,869) (72) - (2,658) 3,118 Total 420,028 (74,627) - 58,315 (69,868) (72) - (33,609) 300,167 Derivative financial instruments Foreign exchange contracts 378,385 353 - 231,260 (378,053) - 103 (36) 232,012 Interest rate contracts 17,596 - - 34,067 (17,596) - (1,762) - 32,305 Equity contracts 337 - - (500) (337) - - - (500) Total 396,318 353 - 264,827 (395,986) - (1,659) (36) 263,817 Equity securities Equity securities 1,178,678 107,848 26,736 116,743 (41,948) - 6,950 (51,403) 1,343,604 Total 1,178,678 107,848 26,736 116,743 (41,948) - 6,950 (51,403) 1,343,604 Investment in associates PA Viva Malls 388,595 108,868 - 262,918 (2,495) - - - 757,886 Total 388,595 108,868 - 262,918 (2,495) - - - 757,886 Equity securities - Assets held for sale Assets held for sale - - - 1,345 - - 1,141 - 2,486 Total - - - 1,345 - - 1,141 - 2,486 As of December 31, 2016 Balance, January 1, 2016 Included in earnings OCI Purchases Settlement Prepaids Transfers in to Level 3 Transfers out of Level 3 Balance, December 31, 2016 In millions of COP Debt securities at fair value Securities issued or secured by other financial entities 629,994 (64,739) - 77,263 (239,769) - 2,350 - 405,099 Other investments 10,065 9,160 - 62 (6,954) - 2,596 - 14,929 Total 640,059 (55,579) - 77,325 (246,723) - 4,946 - 420,028 Derivative financial instruments Foreign exchange contracts 726,609 (22,727) - 125,632 (495,525) - 21,267 23,129 378,385 Interest rate contracts 9,319 (3,170) - 5,014 (1,858) - 6,004 2,287 17,596 Equity contracts - - - 337 - - - - 337 Total 735,928 (25,897) - 130,983 (497,383) - 27,271 25,416 396,318 Equity securities Equity securities 978,751 (75,573) 46,035 282,604 (53,139) - - - 1,178,678 Total 978,751 (75,573) 46,035 282,604 (53,139) - - - 1,178,678 Investment in associates PA Viva Malls - - - 388,595 - - - - 388,595 Total - - - 388,595 - - - - 388,595 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | As of December 31,2017 Financial instrument Fair Value Valuation technique Significant unobservable input Range of inputs Weighted average Sensitivity 100 basis point increase Sensitivity 100 basis point decrease Amounts in millions of COP Debt securities Securities issued by other financial institutions TIPS 236,236 Discounted cash flow Yield 0.43% to 10.35% 0.63% 225,867 235,382 Liquidity risk Premium 0% to 10.35% 4.48% 226,007 235,228 Prepayment Speed n/a n/a 231,087 230,152 Other bonds 41,776 Discounted cash flow Yield (0.11%) to 0.76% 0.81% 35,305 38,282 Securitizations 10,919 Discounted cash flow Yield 2.24% to (3.43%) (1.19%) 10,825 11,014 Time deposit 8,118 Discounted cash flow Yield 1.77% to 1.86% 1.81% 8,056 8,184 Securities issued by other financial institutions 297,049 Corporate bonds 3,118 Discounted cash flow Yield (0.11%) to 0.76% 0.81% 3,292 2,985 Total debt securities 300,167 Equity securities Equity securities 1,343,604 Price-based Price n/a n/a n/a n/a Derivative financial instruments Options 14,249 Black-Scholes Recovery rate 0.06% to 23.75% 4.99% 14,142 14,280 Forward 73,069 Discounted cash flow Credit spread 0% to 16.54% 2.41% 72,886 73,263 Swaps 176,499 Discounted cash flow Credit spread 0% to 21.31% 1.95% 170,701 182,343 Investment in associates P.A Viva Malls 757,886 Price-based Price n/a n/a n/a n/a Equity securities - Assets held for sale Assets held for sale 2,486 Price-based Price n/a n/a n/a n/a As of December 31,2016 Financial instrument Fair Value Valuation technique Significant unobservable input Range of inputs Weighted average Sensitivity 100 basis point increase Sensitivity 100 basis point decrease Amounts in millions of COP Debt securities Securities issued by other financial institutions TIPS 22,651 Discounted cash flow Yield (0.23%) to 0.76% 0.32% 22,484 22,807 Liquidity risk Premium 0% to 10.35% 9.58% 22,377 22,687 Prepayment Speed n/a n/a 22,557 22,509 Other bonds 75,862 Discounted cash flow Yield 0.75% to 1.20% 2.14% 68,621 73,182 Debt securities 2,350 Discounted cash flow Yield (0.12%) (0.12%) 2,297 2,388 Asset-backed securities 16,895 Discounted cash flow Yield (0.12%) 1.65% 16,766 17,056 Securities issued by other financial institutions 117,758 Corporate bonds 14,929 Discounted cash flow Yield (0.24%) (0.24%) 3,448 2,124 Total debt securities 132,687 Equity securities Equity securities 1,178,678 Price-based Price n/a n/a n/a n/a Derivative fiancial instruments Options 41,496 Black-Scholes Recovery rate 25.00% 25.00% 41,668 41,661 Forward 106,921 Discounted cash flow Credit spread 0% to 20.05% 5.01% 106,759 107,346 Swaps 201,185 Discounted cash flow Credit spread 0% to 23.44% 5.86% 200,098 202,279 Investment in associates P.A Viva Malls 388,595 Price-based Price n/a n/a n/a n/a |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of discontinued operations [Abstract] | |
Disclosure of detailed information about the analysis of the results of discontinued operations [Text Block] | Results of operations as of October 31, 2016 and as of December 31, 2015, recognized in the Consolidated Statement of Income as Net income from discontinued operations, are the following: Ten months ended October 31, 2016 Year ended December 31, 2015 In millons of COP Interest income on loans 408,233 403,382 Overnight and market funds 320 53 Interest and valuation on investment 1,246 698 Total interest and valuation 409,799 404,133 Interest expense (106,110) (74,919) Net margin on financial instruments 303,689 329,214 Credit impairment charges on loans, net (323,290) (324,309) Net interest and valuation income after provision for loans and financial leases (19,601) 4,905 Fees and other service income, net 244,193 235,806 Other operating income 1,365 267 Total income, net 225,957 240,978 Total operating expenses (221,310) (219,532) Profit before tax 4,647 21,446 Income tax (2,961) 1,067 Net income from discontinued operations 1,686 22,513 |
Disclosure of assets classified as held for sale of discontinued operations [Text Block] | At December 31, 2015 Compañía de financiamiento Tuya was composed of assets and liabilities as presented below: |
Disclosure of cash flow from discontinued operations [Text Block] | For the year ended December 31, 2015 Compañía de Financiamiento Tuya S.A. had the following cash flows: 2015 In millions of COP Cash flows provided by operating activities: Net Income 22,508 Total net income adjustments 308,945 Net changes of assets and liabilities (243,153) Net cash provided by operating activities 88,300 Cash flows provided by (used in) investing activities: Net cash provided by (used in) investing activities 12,259 Cash flows used in financing activities: Net cash used in financing activities (42,823) Net increased in cash 57,736 Cash at the beginning of the year 150,225 Cash at the end of the year 207,961 |
RISK MANAGEMENT (Tables)
RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Risk Management [Line Items] | |
Disclosure of credit risk exposure [text block] | The information below contains the maximum exposure to credit risk: December 31, 2017 Maximum exposure Collateral Net exposure In millions of COP Loans and Advances 160,468,094 (71,122,738) 89,345,356 Commercial 88,997,241 (42,593,800) 46,403,441 Consumer 27,646,114 (5,915,201) 21,730,913 Mortgage 20,512,208 (18,991,957) 1,520,251 Small Business Loans 1,063,580 (652,227) 411,353 Financial Leases 22,248,951 (2,969,553) 19,279,398 Off-Balance Sheet Exposures 22,360,075 - 22,360,075 Financial Guarantees 6,701,643 - 6,701,643 Loan Commitments 15,658,432 - 15,658,432 Other Financial Instruments (1) 16,837,677 (2,867,247) 13,970,430 Debt Securities 14,859,423 (2,741,345) 12,118,078 Derivatives 457,940 (125,902) 332,038 Equity Securities (2) 1,520,314 - 1,520,314 Total 199,665,846 (73,989,985) 125,675,861 December 31, 2016 Maximum exposure Collateral Net exposure In millions of COP Loans and Financial Leases 151,747,486 (68,627,160) 83,120,326 Commercial 86,259,708 (28,801,285) 57,458,423 Consumer 23,925,279 (5,917,791) 18,007,488 Mortgage 19,155,852 (18,193,999) 961,853 Small Business Loans 1,062,724 (296,816) 765,908 Financial Leases 21,343,923 (15,417,269) 5,926,654 Off-Balance Sheet Exposures 15,499,545 - 15,499,545 Financial Guarantees 6,344,004 - 6,344,004 Loan Commitments 9,155,541 - 9,155,541 Other Financial Instruments (1) 13,900,216 (1,384,764) 12,515,452 Debt Securities 11,705,563 (1,137,457) 10,568,106 Derivatives 779,829 (247,307) 532,522 Equity Securities 1,414,824 - 1,414,824 Total 181,147,247 (70,011,924) 111,135,323 (1) Collateral Held (-) and Collateral Pledged (+). (2) Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. |
Disclosure of Credit Risk Management, Borrower Portfolio Variables Explanatory [Text Block] | The borrower of this portfolio is mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification: Segment Incomes/Sales Business Companies with annual sales > = COP 20,000 M and < COP 45,000 M except for Banco Agrícola, which places borrowers with annual sales >= USD 1M and < USD 25 M and their main activity is in El Salvador. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M or with more than three projects. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold as their main activity, with annual sales > COP 45,000 M or more than five projects Corporate Companies with annual sales >= COP 45,000 M., Banistmo places borrowers with annual sales >to USD 10 M in this classification and Banco Agrícola places borrowers with annual sales >= USD 25 M and their main activity is in El Salvador. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level. SME Annual sales < COP 20,000 M, with a classification between small, medium, large and plus except for Banistmo which place companies that do not surpass USD 10 M in annual sales in this classification. |
Summary of Amounts and Allowance of Financial Assets Explanatory [Text Block] | During 2017, risk level 4 was created for nonperforming clients without any financial, operational or commercial viability, where the objective is to obtain the highest possible portfolio recovery by judicial means, in order to reduce or end the commercial relationship given their inability to pay. Watch List December 31 2017 Million COP Risk Level Amount % Allowance Level 1 - Low Risk 4,938,711 2.00% 114,361 Level 2 - Medium Risk 1,641,169 5.00% 81,796 Level 3 - High Risk 3,806,554 33.00% 1,264,077 Level 4 - High Risk 1,509,014 76.00% 1,150,212 Total 11,895,448 22.00% 2,610,447 Watch List December 31 2016 Million COP Risk Level Amount % Allowance Level 1 Low Risk 3,738,353 3.00% 124,139 Level 2 Medium Risk 1,623,733 3.00% 46,627 Level 3 and 4 High Risk 4,461,571 30.00% 1,316,480 Total 9,823,657 15.00% 1,487,246 |
Disclosure of collateral [text block] | The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: December 31, 2017 Amount Covered by Collateral In Millions of COP Nature of the Collateral Commercial Consumer Mortgage Financial Leasing Small Business Total Real Estate and Residential 19,529,154 1,572,455 18,959,433 - 273,248 40,334,290 Goods Given in Real Estate Leasing 7,725,197 - - 2,392,075 - 10,117,272 Goods Given in Leasing Other Than Real Estate 5,124,246 112,724 - 577,447 - 5,814,417 Stand by Letters of Credit 455,793 - - - - 455,793 Security Deposits 779,008 300,730 - - 56,588 1,136,326 Guarantee Fund 2,583,354 147 - - 301,045 2,884,546 Sovereign of the Nation 12,710 - - - - 12,710 Collection Rights 3,220,882 41,597 - - 1,119 3,263,598 Other Collateral (Pledges) 3,163,456 3,887,548 32,524 31 20,227 7,103,786 Without Guarantee (Uncovered Balance) 46,403,441 21,730,913 1,520,251 19,279,398 411,353 89,345,356 Total loans and financial leases 88,997,241 27,646,114 20,512,208 22,248,951 1,063,580 160,468,094 December 31, 2016 Amount Covered by Collateral In Millions of COP Nature of the Collateral Commercial Consumer Mortgage Financial Leasing Small Business Total Real Estate and Residential 18,359,267 1,493,231 17,862,248 - 215,889 37,930,635 Goods Given in Real Estate Leasing - - - 9,231,286 - 9,231,286 Goods Given in Leasing Other Than Real Estate - - - 6,185,983 - 6,185,983 Stand by Letters of Credit 206,453 - - - - 206,453 Security Deposits 1,015,605 280,543 - - 59,029 1,355,177 Guarantee Fund 2,542,666 53 308,532 - 348 2,851,599 Sovereign of the Nation 25,421 - - - - 25,421 Collection Rights 2,896,981 35,816 - - 1,230 2,934,027 Other Collateral (Pledges) 3,754,892 4,108,148 23,219 - 20,320 7,906,579 Without Guarantee (Uncovered Balance) 57,458,423 18,007,488 961,853 5,926,654 765,908 83,120,326 Total loans and financial leases 86,259,708 23,925,279 19,155,852 21,343,923 1,062,724 151,747,486 |
Disclosure Of Loans And Advances To Customer Explanatorys [Text Block] | The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories are as follows: Composition December 31 2017 December 31, 2016 In millions of COP Commercial 88,997,241 86,259,708 Corporate 58,661,267 55,862,353 SME 17,184,059 16,521,808 Others 13,151,915 13,875,547 Consumer 27,646,114 23,925,279 Credit card 6,255,277 7,784,658 Vehicle 2,915,705 3,058,653 Payroll loans 6,970,783 5,080,660 Others 11,504,349 8,001,308 Mortgage 20,512,208 19,155,852 VIS 1 5,491,926 5,017,520 Non- VIS 15,020,282 14,138,332 Financial Leases 22,248,951 21,343,923 Small Business Loan 1,063,580 1,062,724 Loans and advances to customers and financial institutions 160,468,094 151,747,486 Allowance for loans and advances and lease losses (8,223,103) (6,621,911) Total net loan and financial leases 152,244,991 145,125,575 1 |
Disclosure Of Detailed Information of Maturity Analysis of Loans And Receivables [Text Block] | The following table shows the ranges of maturity, understood as the remaining term for the completion of the contract of loans and financial leases: December 31, 2017 Maturity Less Than 1 Year Between 1 and 3 Years Between 3 and 5 Years Greater Than 5 Years Total In millions of COP Commercial 26,641,770 19,583,956 13,561,261 29,210,254 88,997,241 Corporate 17,054,923 11,588,101 8,533,725 21,484,518 58,661,267 SME 5,568,251 5,684,612 2,973,761 2,957,435 17,184,059 Others 4,018,596 2,311,243 2,053,775 4,768,301 13,151,915 Consumer 1,393,022 4,826,773 12,035,699 9,390,620 27,646,114 Credit card 761,294 1,104,571 2,384,220 2,005,192 6,255,277 Vehicle 67,118 718,610 1,499,980 629,997 2,915,705 Payroll loans 52,087 692,079 1,325,911 4,900,706 6,970,783 Others 512,523 2,311,513 6,825,588 1,854,725 11,504,349 Mortgage 50,102 148,851 389,456 19,923,799 20,512,208 VIS 12,238 40,182 93,917 5,345,589 5,491,926 Non-VIS 37,864 108,669 295,539 14,578,210 15,020,282 Financial Leases 3,101,344 2,698,394 3,546,370 12,902,843 22,248,951 Small business loans 232,596 479,646 182,893 168,445 1,063,580 Total gross loans and financial leases 31,418,834 27,737,620 29,715,679 71,595,961 160,468,094 December 31, 2016 Maturity Less Than 1 Year Between 1 and 3 Years Between 3 and 5 Years Greater Than 5 Years Total In millions of COP Commercial 18,011,992 22,458,578 13,494,101 32,295,037 86,259,708 Corporate 9,679,076 14,032,332 8,385,002 23,765,943 55,862,353 SME 4,549,984 5,711,371 3,145,824 3,114,629 16,521,808 Others 3,782,932 2,714,875 1,963,275 5,414,465 13,875,547 Consumer 692,986 4,873,973 9,713,953 8,644,367 23,925,279 Credit card 189,648 1,465,599 2,363,351 3,766,060 7,784,658 Vehicle 68,174 644,217 1,516,701 829,561 3,058,653 Payroll loans 46,849 589,925 1,314,077 3,129,809 5,080,660 Others 388,315 2,174,232 4,519,824 918,937 8,001,308 Mortgage 37,068 130,429 309,167 18,679,188 19,155,852 VIS 11,151 45,615 81,807 4,878,947 5,017,520 Non-VIS 25,917 84,814 227,360 13,800,241 14,138,332 Financial Leases 3,389,108 2,719,026 3,168,629 12,067,160 21,343,923 Small business loans 128,025 604,831 161,559 168,309 1,062,724 Total gross loans and financial leases 22,259,179 30,786,837 26,847,409 71,854,061 151,747,486 |
Disclosure of details of credit portfolio by main economic activity of borrower [Text Block] | The following is the detail of the credit portfolio by main economic activity of the borrower: December 31, 2017 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 3,533,671 2,171,525 5,705,196 Petroleum and Mining Products 909,127 65,991 975,118 Food, Beverages and Tobacco 5,640,910 808,493 6,449,403 Chemical Production 3,341,248 172,763 3,514,011 Government 3,780,686 151,879 3,932,565 Construction 15,464,605 5,164,321 20,628,926 Commerce and Tourism 17,115,018 6,520,546 23,635,564 Transport and Communications 8,307,712 602,962 8,910,674 Public Services 5,180,634 2,472,215 7,652,849 Consumer Services 31,367,376 16,719,168 48,086,544 Commercial Services 16,248,665 3,993,836 20,242,501 Other Industries and Manufactured Products 6,367,961 4,366,782 10,734,743 Total 117,257,613 43,210,481 160,468,094 December 31, 2016 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 3,360,479 2,210,219 5,570,698 Petroleum and Mining Products 1,670,126 96,463 1,766,589 Food, Beverages and Tobacco 4,992,305 556,798 5,549,103 Chemical Production 3,184,196 218,010 3,402,206 Government 3,426,089 204,429 3,630,518 Construction 14,122,163 4,496,434 18,618,597 Commerce and Tourism 15,953,310 6,056,928 22,010,238 Transport and Communications 7,484,105 740,379 8,224,484 Public Services 5,013,469 4,626,201 9,639,670 Consumer Services 28,673,632 13,116,938 41,790,570 Commercial Services 15,186,857 5,753,166 20,940,023 Other Industries and Manufactured Products 6,141,378 4,463,412 10,604,790 Total 109,208,109 42,539,377 151,747,486 |
Disclosure of details of loans and financial leases by country [Text Block] | The table below shows the concentration of the loans and advances by country. Loans are presented based on the country that they were originated: December 31, 2017 Country Loans and advances % Participation Allowance for loans and advances and lease losses % Participation Colombia 112,862,226 70.30% 7,164,085 87.10% Panama 28,722,853 17.90% 507,181 6.20% El Salvador 9,120,415 5.70% 358,258 4.40% Puerto Rico 847,767 0.50% 14,941 0.20% Guatemala 8,902,627 5.50% 177,895 2.10% Other countries 12,206 0.10% 743 0.00% Total 160,468,094 100.00% 8,223,103 100.00% December 31, 2016 Country Loans and advances % Participation Allowance for loans and advances and lease losses % Participation Colombia 102,011,845 67.22% 5,369,122 81.08% Panama 31,216,172 20.57% 783,883 11.84% El Salvador 8,879,815 5.85% 345,364 5.22% Puerto Rico 1,220,689 0.80% 10,218 0.15% Peru 140,114 0.09% 9,958 0.15% Guatemala 8,265,518 5.45% 102,772 1.55% Other countries 13,333 0.02% 594 0.01% Total 151,747,486 100.00% 6,621,911 100.00% |
Disclosure of financial assets that are either past due or impaired [text block] | The following table shows information about current, past due and impaired loans: December 31 2017 Risk Category Current loans without impairment Past due loan without impairment Current loans that are impaired Past due and impaired loans Total In millions of COP A- Normal Risk 139,543,463 224,259 783,333 7,108 140,558,163 B- Acceptable Risk 5,986,958 1,265,787 1,848,716 88,508 9,189,969 C- Appreciable Risk 9,770 715 2,932,948 901,271 3,844,704 D- Significant Risk - - 1,167,928 3,289,030 4,456,958 E- Unrecoverable Risk 52 - 564,728 1,853,520 2,418,300 Total 145,540,243 1,490,761 7,297,653 6,139,437 160,468,094 December 31, 2016 Risk Category Current loans without impairment Past due loan without impairment Current loans that are impaired Past due and impaired loans Total In millions of COP A- Normal Risk 134,686,374 183,232 1,590,500 11,110 136,471,216 B- Acceptable Risk 4,810,882 861,347 1,574,761 72,370 7,319,360 C- Appreciable Risk - - 2,603,480 979,191 3,582,671 D- Significant Risk 1,247 - 696,641 1,801,383 2,499,271 E- Unrecoverable Risk - - 532,715 1,342,253 1,874,968 Total 139,498,503 1,044,579 6,998,097 4,206,307 151,747,486 |
Analysis of age of financial assets that are past due but not impaired [text block] | December 31, 2017 Past-due Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days More Than 360 Days Total In millions of COP Commercial 85,747,936 570,412 130,613 1,573,899 974,381 88,997,241 Consumer 25,942,380 764,098 236,509 584,789 118,338 27,646,114 Mortgage 18,751,121 752,336 140,188 396,227 472,336 20,512,208 Financial Leases 21,480,161 215,685 61,700 238,030 253,375 22,248,951 Small Business Loan 916,298 39,178 12,753 70,977 24,374 1,063,580 Total 152,837,896 2,341,709 581,763 2,863,922 1,842,804 160,468,094 December 31, 2016 Past-due Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days More Than 360 Days Total In millions of COP Commercial 84,353,343 361,110 116,876 857,622 570,757 86,259,708 Consumer 22,624,937 609,278 168,018 443,530 79,516 23,925,279 Mortgage 17,746,163 639,346 132,330 284,214 353,799 19,155,852 Financial Leases 20,695,617 149,214 25,238 160,557 313,297 21,343,923 Small Business Loan 943,393 42,941 11,639 46,382 18,369 1,062,724 Total 146,363,453 1,801,889 454,101 1,792,305 1,335,738 151,747,486 |
Disclosure Of Detailed Information About Impaired Loans And Financial Leases [Text Block] | The table below shows impaired loans and advances according to their type of evaluation: December 31, 2017 Individual Evaluation Collective Evaluation Carrying Amount Allowance Carrying Amount Allowance In millions of COP Commercial 4,544,324 2,059,356 3,546,504 1,782,385 Consumer 10,839 10,839 2,337,640 1,403,499 Mortgage - - 1,115,785 489,414 Financial Leases 641,228 298,947 1,105,208 202,940 Small Business Loan - - 135,562 99,798 Total 5,196,391 2,369,142 8,240,699 3,978,036 December 31, 2016 Individual Evaluation Collective Evaluation Carrying Amount Allowance Carrying Amount Allowance In millions of COP Commercial 4,547,366 1,767,139 2,245,077 1,121,557 Consumer 4,586 1,153 1,820,092 1,025,668 Mortgage - - 1,215,061 474,479 Financial Leases 454,477 265,920 815,043 144,318 Small Business Loan - - 102,702 73,594 Total 5,006,429 2,034,212 6,197,975 2,839,616 |
Disclosure of detailed information about credit quality analysis of the group [Text Block] | Credit Quality Analysis of the Group Debt Securities Equity Derivatives 1 2017 2016 2017 2016 2017 2016 Maximum Exposure to Credit Risk Low Risk 12,475,888 9,134,939 780,870 792,323 349,375 765,355 Medium Risk 1,842,454 1,695,848 - 11,111 181 94 High Risk 336,054 647,709 10,939 602 1,679 1,640 Without Rating 205,027 227,067 728,504 610,788 106,705 12,741 Total 14,859,423 11,705,563 1,520,313 1,414,824 457,940 779,830 1 For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value. |
Disclosure of detailed information about maximum exposure level to the credit risk [Text Block] | ⋅ Maximum exposure level to the credit risk given for: Maximum Exposure Collateral * Net Exposure 2017 2016 2017 2016 2017 2016 Maximum Exposure to Credit Risk Debt Securities 14,859,423 11,705,563 (2,741,345) (1,137,457) 12,118,078 10,568,106 Derivatives ** 457,940 779,829 (125,902) (247,307) 332,038 532,522 Equity 1,520,313 1,414,824 - - 1,520,313 1,414,824 Total 16,837,676 13,900,216 (2,867,247) (1,384,764) 13,970,429 12,515,452 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** * Debt Securities Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% |
Disclosure of detailed information about individual evaluation of impairment at the end of the period for other financial instruments [Text Block] | The information corresponding to the individual evaluation of impairment at the end of the period for other financial instruments, is detailed as follows: Debt Securities Exposure Impairment Final Exposure 2017 2016 2017 2016 2017 2016 Maximum Exposure to Credit Risk Fair Value 10,701,855 8,538,974 - - 10,701,855 8,538,974 Amortized Cost 4,158,766 3,166,589 1,198 - 4,157,568 3,166,589 Total 14,860,621 11,705,563 1,198 - 14,859,423 11,705,563 Equity Exposure Impairment Final Exposure 2017 2016 2017 2016 2017 2016 Maximum Exposure to Credit Risk Fair Value through profit or loss 990,788 895,425 - - 990,788 895,425 Fair Value through OCI 529,525 519,399 - - 529,525 519,399 Total 1,520,313 1,414,824 - - 1,520,313 1,414,824 |
Disclosure of detailed information about risk exposure by economic sector and risk country [Text Block] | Risk exposure by economic sector and risk country: Debt Securities Equity Derivatives 3 2017 2016 2017 2016 2017 2016 Maximum Exposure to Credit Risk Sector Concentration Corporate 3,020,087 2,148,173 1,340,844 1,193,132 95,138 187,171 Financial 1,054,303 979,201 91,904 186,123 317,232 545,990 Government 10,785,033 8,578,189 - - - - Funds e ETF - - 87,565 35,569 45,570 46,668 Total 14,859,423 11,705,563 1,520,313 1,414,824 457,940 779,829 Concentration by Location North America 710,592 344,173 8,658 - 130,303 294,317 Latam 12,643,832 11,352,383 1,494,750 1,407,845 294,237 369,401 Europe - 9,007 - 6,979 33,400 55,572 Others (Includes Funds and ETF) 1,504,999 - 16,905 - - 60,539 Total 14,859,423 11,705,563 1,520,313 1,414,824 457,940 779,829 1 ISDA: is a trade organization of participants in the market for which has created a standardized contract (the ISDA Master Agreement) to enter into derivatives transactions. 2 GMRA: It is a model legal agreement designed for parties transacting repos and is published by the International Capital Market Association (ICMA), which is the body representing the bond and repo markets in Europe. 3 For derivatives transactions counterparty risk is revealed as long as the valuation is positive. Therefore, the value described here differs from the book value. |
Disclosure of detailed information about sensitivity of interest rate [Text Block] | Zone Band Modified Duration Changes in Interest Rates (pbs) Lower Limit Upper Limit Legal Currency UVR Foreign Currency Zone 1 1 0 0.08 274 274 100 2 0.08 0.25 268 274 100 3 0.25 0.5 259 274 100 4 0.5 1 233 274 100 Zone 2 5 1 1.9 222 250 90 6 1.9 2.8 222 250 80 7 2.8 3.6 211 220 75 Zone 3 8 3.6 4.3 211 220 75 9 4.3 5.7 172 200 70 10 5.7 7.3 162 170 65 11 7.3 9.3 162 170 60 12 9.3 10.6 162 170 60 13 10.6 12 162 170 60 14 12 20 162 170 60 15 20 162 170 60 |
Disclosure of Currency risk explanatory [Text Block] | The VaR model uses a sensitivity factor to calculate the probability of loss due to fluctuations in the price of stocks, funds and currencies in which the Bank maintains a position. As previously indicated, the methodology used in these financial statements to measure such risk consists of computing VaR, which is derived by multiplying the position by the maximum probable variation in the price of such positions (“?p”). The (“?p”) is determined by the SFC, as shown in the following table: Currency Sensitivity Factor (1) United States Dollar 12.49% Euro 11.00% Other currencies 13.02% Equity and Fund Risk 14.70% (1) Update of currency risk exposure sensitivity factors (Dollar EEUU 5.5% to 12.49%, Euro 6% to 11.00% and other currencies 8% to 13.02%). |
Disclosure of market risk [text block] | The following table presents the total change on market risk and every risk factor. December 2017 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate 283,548 289,811 303,876 269,572 Exchange Rate 559,362 488,395 883,924 330,108 Share Price 70,758 76,632 84,059 70,758 Collective Portfolios 173,236 156,335 174,373 34,558 Total Value at Risk 1,086,904 1,011,173 1,406,154 877,348 December 2016 (1) In millions of COP Factor December 31 Average Maximum Minimum Interest Rate 251,904 266,447 308,534 238,625 Exchange Rate 247,047 331,528 393,365 247,047 Share Price 61,120 61,811 76,438 55,264 Collective Portfolios 161,225 55,149 161,225 36,808 Total Value at Risk 721,296 714,935 827,564 627,812 (1) An update is presented in the amount official about Total Market Risk (VaR) calculated for the period ended at December 31 st |
Disclosure of detailed information about interest rate risk sensitivity in local currency [Text Block] | The chart below provides information about Bancolombia’s interest rate risk sensitivity in local currency (COP) at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 In millions of COP Assets sensitivity 100 bps 692,001 614,268 Liabilities sensitivity 100 bps 361,428 366,262 Net interest income sensitivity100 bps 330,573 248,006 The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 In millions of USD Assets sensitivity 100 bps 76 78 Liabilities sensitivity 100 bps 60 71 Net interest income sensitivity100 bps 16 7 |
Sensitivity analysis for types of market risk [text block] | Table 2. Share Price Sensitivity December 31, 2017 December 31, 2016 Fair Value 146,667 113,835 Delta 14.70% 14.70% Sensitivity 21,560 16,734 |
Disclosure of liquidity risk [text block] | The liquidity coverage ratio is presented as follows: Liquidity Coverage Ratio December 31, 2017 December 31, 2016 Net cash outflows into 30 days* 5,122,512 6,726,831 Liquid Assets 24,374,356 26,224,217 Liquidity coverage ratio 475.83% 389.85% * Net cash outflows into 30 days: (Interbank borrowings, Financial assets investments, Loans and advances to customers, Derivative financial instruments), minus 30 days contractual maturities of liabilities. Demand deposit Time deposits, Interbank deposits Borrowings from other financial institutions Debt securities, Derivative financial instruments. |
Disclosure of detailed information about liquid assets held by the bank [Text Block] | The following table shows the liquid assets held by Bank´s: Liquid Assets (1) December 31, 2017 December 31, 2016 High quality liquid assets* Cash 14,793,855 15,821,823 High quality liquid securities 7,963,343 7,844,716 Other Liquid Assets Other securities** 1,617,158 2,557,679 Total Liquid Assets 24,374,356 26,224,218 (1) Feature possesses the high liquidity available in all cases, and those liquid assets received by the Central Bank for its operations expansion and monetary contraction. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt securities. * High-quality liquid assets: ** Other Securities |
Disclosure of detailed information about contractual maturities of principal and interest balances of financial assets [Text Block] | The tables below set out the remaining contractual maturities of principal and interest balances of the Group’s financial assets: Contractual maturities of financial assets December 31, 2017 Financial Assets 0 - 1 Year 1- 3 Years 3- 5 Years More than 5 years Cash and balances with central bank 15,542,195 - - - Interbank borrowings - Repurchase agreements 2,805,467 - - - Financial assets investments 6,706,487 5,258,546 3,107,856 1,931,710 Loans and advances to customers 54,997,084 50,519,957 29,659,278 50,569,611 Derivative financial instruments 804,392 176,490 405,710 233,762 Total financial assets 80,855,625 55,954,993 33,172,844 52,735,083 Contractual maturities of financial assets December 31, 2016 Financial Assets 0 - 1 Year 1- 3 Years 3- 5 Years More than 5 years Cash and balances with central bank 16,216,907 - - - Interbank borrowings - Repurchase agreements 4,475,341 - - - Financial assets investments 5,438,351 3,805,890 2,025,553 2,016,014 Loans and advances to customers 55,098,988 48,180,287 27,881,140 49,141,494 Derivative financial instruments 1,437,057 274,065 202,543 533,265 Total financial assets 82,666,644 52,260,242 30,109,236 51,690,773 |
Disclosure of detailed information about contractual maturities of principal and interest balances of financial liabilities [Text Block] | The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial liabilities: Contractual maturities of financial liabilities December 31, 2017 Financial Liabilities 0 - 1 Year 1- 3 Years 3- 5 Years More than 5 years Demand deposit from customers 77,997,629 - - - Time deposits from customers 37,755,690 12,085,796 6,053,016 2,134,245 Interbank deposits-Repurchase agreements 3,861,258 524,880 - - Borrowings from other financial institutions 8,709,585 2,824,456 1,379,194 1,961,015 Debt securities in issue 3,210,313 5,676,708 8,460,302 8,050,023 Derivative financial instruments 670,817 117,485 383,380 229,804 Total financial liabilities 132,205,292 21,229,325 16,275,892 12,375,087 Contractual maturities of financial liabilities December 31, 2016 Financial Liabilities 0 - 1 Year 1- 3 Years 3- 5 Years More than 5 years Demand deposit from customers 70,136,704 - - - Time deposits from customers 36,297,356 12,465,672 6,362,963 2,778,373 Interbank deposits - Repurchase agreements 2,295,020 - - - Borrowings from other financial institutions 11,436,389 3,990,970 5,813,910 1,829,142 Debt securities in issue 2,965,927 4,626,491 8,380,097 9,083,988 Derivative financial instruments 1,072,980 194,556 165,462 528,894 Total financial liabilities 124,204,376 21,277,689 20,722,432 14,220,397 |
Disclosure of detailed information about contractual maturities of financial guarantees [Text Block] | The tables below set out the remaining contractual maturities of the Group’s financial guarantees December 31, 2017 0 - 1 Year 1- 3 Years 3- 5 Years More than 5 years Financial guarantees 5,137,205 1,224,061 149,238 191,139 December 31, 2016 0 - 1 Year 1- 3 Years 3- 5 Years More than 5 years Financial guarantees 4,602,250 1,228,289 367,298 146,167 |
Disclosure of compliance of regulatory capital and capital adequacy ratios [Text Block] | In spite of the above, the management has directed its efforts towards the equity strengthening as shown in table below. As of December 31, 2017 December 31 2016 In millions of COP Regulatory Capital and Capital Adequacy Ratios Basic Ordinary Equity 22,221,965 19,235,519 Deductions Basic Ordinary Equity (4,189,222) (4,193,122) Total Basic Ordinary Equity 18,032,743 15,042,397 Additional Equity 7,143,524 7,069,448 Total Regulatory Capital 25,176,267 22,111,845 Capital Ratios Primary capital to risk-weighted assets (Tier I) 10.15% 9.02% Secondary capital to risk-weighted assets (Tier II) 4.03% 4.24% Technical capital to risk-weighted assets 14.18% 13.26% |
Financial assets past due but not impaired [member] | |
Risk Management [Line Items] | |
Analysis of age of financial assets that are past due but not impaired [text block] | The following table shows the past due loans and advances without impairment: December 31, 2017 Current Loan Past Due Loan Period 0 - 30 Days 31 90 Days 91 120 Days 121 360 Days More Than 360 Days Total In millions of COP Commercial 80,724,673 181,441 135 163 1 80,906,413 Consumer 24,987,248 310,329 57 1 - 25,297,635 Mortgage 18,529,421 654,945 118,175 93,882 - 19,396,423 Financial Leases 20,396,114 106,099 231 - 71 20,502,515 Small Business Loan 902,787 25,231 - - - 928,018 Total 145,540,243 1,278,045 118,598 94,046 72 147,031,004 December 31, 2016 Current Loan Past Due Loan Period 0 - 30 Days 31 90 Days 91 120 Days 121 360 Days More Than 360 Days Total In millions of COP Commercial 79,287,627 178,350 - 1,287 1 79,467,265 Consumer 21,809,911 290,549 5 133 3 22,100,601 Mortgage 17,485,525 368,574 50,410 36,282 - 17,940,791 Financial Leases 19,880,982 89,573 395 2,557 100,896 20,074,403 Small Business Loan 930,432 29,590 - - - 960,022 Total 139,394,477 956,636 50,810 40,259 100,900 140,543,082 |
SIGNIFICANT ACCOUNTING POLICI73
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Leasing Bancolombia S.A. Compania de Financiamiento [Member] | ||||||
Country of incorporation of subsidiary | [1] | Colombia | ||||
The type of business of subsidiary | Leasing | |||||
Proportion of ownership interest in subsidiary | 0.00% | 0.00% | 100.00% | |||
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Trust | |||||
Proportion of ownership interest in subsidiary | 98.81% | 98.81% | 98.81% | |||
Banca de Inversion Bancolombia S.A. Corporacion Financiera [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Investment banking | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Valores Bancolombia S.A. Comisionista de Bolsa [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Securities brokerage | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Compania de financiamiento Tuya S.A [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Financial services | |||||
Proportion of ownership interest in subsidiary | 0.00% | 0.00% | 99.99% | |||
Renting Colombia S.A.S. before Renting Colombia S.A. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Operating leasing | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Transportempo S.A.S. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Transportation | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Valores Simesa S.A. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Investments | |||||
Proportion of ownership interest in subsidiary | 68.57% | 68.57% | 68.57% | |||
Inversiones CFNS S.A.S. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Investments | |||||
Proportion of ownership interest in subsidiary | 99.94% | 99.94% | 99.94% | |||
BIBA Inmobiliaria S.A.S. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Real estate broker | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Vivayco S.A.S. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Portfolio Purchase | |||||
Proportion of ownership interest in subsidiary | 0.00% | 0.00% | 74.95% | |||
FCP Fondo Colombia Inmobiliario. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Real estate broker | |||||
Proportion of ownership interest in subsidiary | 63.47% | 62.55% | 50.21% | |||
Patrimonio Autonomo Cartera LBC. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Loan management | |||||
Proportion of ownership interest in subsidiary | 0.00% | 0.00% | 100.00% | |||
Prosicol S.A.S. In liquidation [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Pre-operating stage | |||||
Proportion of ownership interest in subsidiary | 0.00% | 68.57% | 68.57% | |||
Fideicomiso Lote Abelardo Castro. [Member] | ||||||
Country of incorporation of subsidiary | Colombia | |||||
The type of business of subsidiary | Mercantil trust | |||||
Proportion of ownership interest in subsidiary | 68.23% | 68.23% | 68.23% | |||
Bancolombia Panama S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Valores Bancolombia Panama S.A. [Member] | ||||||
Country of incorporation of subsidiary | [2] | Panama | ||||
The type of business of subsidiary | [2] | Securities brokerage | ||||
Proportion of ownership interest in subsidiary | 0.00% | 0.00% | 100.00% | |||
Sistemas de Inversiones y Negocios S.A. Sinesa [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Investments | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Banagricola S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Holding | |||||
Proportion of ownership interest in subsidiary | 99.16% | 99.16% | 99.16% | |||
Banistmo S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Banistmo Investment Corporation S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Trust | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Financomer S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Financial services | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Leasing Banistmo S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Leasing | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Valores Banistmo S.A. before Valores Bancolombia Panama S.A. [Member] | ||||||
The type of business of subsidiary | Purchase and sale of securities | |||||
Banistmo Capital Markets Group Inc. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Purchase and sale of securities | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Williamsburg International Corp. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Real estate broker | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Van Dyke Overseas Corp. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Real estate broker | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Anavi Investment Corporation S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | [3] | Real estate broker | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Desarrollo de Oriente S.A. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Real estate broker | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Steens Enterpresies S.A. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Portfolio holder | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Ordway Holdings S.A. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Real estate broker | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Banistmo Asset Management Inc. [Member] | ||||||
Country of incorporation of subsidiary | [4] | Panama | ||||
The type of business of subsidiary | [4] | Purchase and sale of securities | ||||
Proportion of ownership interest in subsidiary | 0.00% | [4] | 100.00% | 100.00% | ||
Inmobiliaria Bickford S.A. [Member] | ||||||
Country of incorporation of subsidiary | [3] | Panama | ||||
The type of business of subsidiary | [3] | Real estate broker | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Financiera Flash S.A. [Member] | ||||||
Country of incorporation of subsidiary | [5] | Panama | ||||
The type of business of subsidiary | [5] | Financial services | ||||
Proportion of ownership interest in subsidiary | 0.00% | 0.00% | [5] | 100.00% | ||
Grupo Financomer S.A. [Member] | ||||||
Country of incorporation of subsidiary | [5] | Panama | ||||
The type of business of subsidiary | [5] | Financial services | ||||
Proportion of ownership interest in subsidiary | 0.00% | [1] | 0.00% | [5] | 100.00% | |
Securities Banistmo S.A. [Member] | ||||||
Country of incorporation of subsidiary | [6] | Panama | ||||
The type of business of subsidiary | [6] | Purchase and sale of securities | ||||
Proportion of ownership interest in subsidiary | 0.00% | [6] | 0.00% | [6] | 100.00% | |
Banco Agricola S.A. [Member] | ||||||
Country of incorporation of subsidiary | El Salvador | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 97.36% | 97.36% | 97.36% | |||
Arrendadora Financiera S.A. Arfinsa [Member] | ||||||
Country of incorporation of subsidiary | El Salvador | |||||
The type of business of subsidiary | Leasing | |||||
Proportion of ownership interest in subsidiary | 97.37% | 97.36% | 97.36% | |||
Credibac S.A. de C.V. [Member] | ||||||
Country of incorporation of subsidiary | El Salvador | |||||
The type of business of subsidiary | Credit card services | |||||
Proportion of ownership interest in subsidiary | 97.36% | 97.36% | 97.36% | |||
Valores Banagricola S.A. de C.V. [Member] | ||||||
Country of incorporation of subsidiary | El Salvador | |||||
The type of business of subsidiary | Securities brokerage | |||||
Proportion of ownership interest in subsidiary | 98.89% | 98.89% | 98.89% | |||
Inversiones Financieras Banco Agricola S.A. IFBA [Member] | ||||||
Country of incorporation of subsidiary | El Salvador | |||||
The type of business of subsidiary | Investments | |||||
Proportion of ownership interest in subsidiary | 98.89% | 98.89% | 98.89% | |||
Gestora de Fondos de Inversion Banagricola S.A. [Member] | ||||||
Country of incorporation of subsidiary | El Salvador | |||||
The type of business of subsidiary | Administers investment funds | |||||
Proportion of ownership interest in subsidiary | 98.89% | 98.89% | 0.00% | |||
Arrendamiento Operativo CIB S.A.C. [Member] | ||||||
Country of incorporation of subsidiary | [7] | Peru | ||||
The type of business of subsidiary | [7] | Operating leasing | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Fondo de Inversion en Arrendamiento Operativo - Renting Peru [Member] | ||||||
Country of incorporation of subsidiary | [8] | Peru | ||||
The type of business of subsidiary | [8] | Operating leasing | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Capital Investments SAFI S.A. [Member] | ||||||
Country of incorporation of subsidiary | [7] | Peru | ||||
The type of business of subsidiary | [7] | Trust | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
FiduPeru S.A. Sociedad Fiduciaria [Member] | ||||||
Country of incorporation of subsidiary | [7] | Peru | ||||
The type of business of subsidiary | [7] | Trust | ||||
Proportion of ownership interest in subsidiary | 98.81% | 98.81% | 98.81% | |||
Leasing Peru S.A. [Member] | ||||||
Country of incorporation of subsidiary | [8] | Peru | ||||
The type of business of subsidiary | [8] | Leasing | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Banagricola Guatemala S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Outsourcing | |||||
Proportion of ownership interest in subsidiary | 99.16% | 99.16% | 99.16% | |||
Banco Agromercantil de Guatemala S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Mercom Bank Ltd. [Member] | ||||||
Country of incorporation of subsidiary | Barbados | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Seguros Agromercantil de Guatemala S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Insurance company | |||||
Proportion of ownership interest in subsidiary | 59.17% | 59.17% | 59.17% | |||
Financiera Agromercantil S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Financial services | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Agrovalores S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Securities brokerage | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Tarjeta Agromercantil S.A. In liquidation [Member] | ||||||
Country of incorporation of subsidiary | [9] | Guatemala | ||||
The type of business of subsidiary | [9] | Credit Card | ||||
Proportion of ownership interest in subsidiary | 0.00% | [9] | 60.00% | 60.00% | ||
Arrendadora Agromercantil S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Operating Leasing | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Agencia de Seguros y Fianzas Agromercantil S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Insurance company | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Asistencia y Ajustes S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Services | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Serproba S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Maintenance and remodelling services | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Servicios de Formalizacion S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Loans formalization | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Conserjeria, Mantenimiento y Mensajeria S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Maintenance services | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Media Plus S.A. [Member] | ||||||
Country of incorporation of subsidiary | Guatemala | |||||
The type of business of subsidiary | Advertising and marketing | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
New Alma Enterprises Ltd. [Member] | ||||||
Country of incorporation of subsidiary | Bahamas | |||||
The type of business of subsidiary | Investments | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
Bancolombia Puerto Rico Internacional Inc. [Member] | ||||||
Country of incorporation of subsidiary | Puerto Rico | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Bancolombia Cayman S.A. [Member] | ||||||
Country of incorporation of subsidiary | Cayman Islands | |||||
The type of business of subsidiary | Banking | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Bagricola Costa Rica S.A. [Member] | ||||||
Country of incorporation of subsidiary | Costa Rica | |||||
The type of business of subsidiary | Investments | |||||
Proportion of ownership interest in subsidiary | 99.16% | 99.16% | 99.16% | |||
Valores Banistmo S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | ||||
Suvalor Panama Fondos de Inversion S.A. [Member] | ||||||
Country of incorporation of subsidiary | [2] | Panama | ||||
The type of business of subsidiary | [2] | Holding | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Suvalor Renta Fija Internacional Largo Plazo S.A. [Member] | ||||||
Country of incorporation of subsidiary | [2] | Panama | ||||
The type of business of subsidiary | [2] | Collective investment fund | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Suvalor Renta Fija Internacional Corto Plazo S.A. [Member] | ||||||
Country of incorporation of subsidiary | [2] | Panama | ||||
The type of business of subsidiary | [2] | Collective investment fund | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% | |||
Grupo Agromercantil Holding S.A. [Member] | ||||||
Country of incorporation of subsidiary | Panama | |||||
The type of business of subsidiary | Holding | |||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | |||
[1] | Investment absorbed by Bancolombia S.A. Corp during 2016. | |||||
[2] | Investment initially acquired by Banistmo S.A. and subsequently merged with Valores Banistmo S.A during 2016. | |||||
[3] | Investments in non-operational stage. | |||||
[4] | Investment absorbed by Banistmo Capital Markets Group, Inc. during 2017. | |||||
[5] | Investment absorbed by Financomer S.A. during 2016. | |||||
[6] | Investment absorbed by Valores Banistmo S.A. during 2016. | |||||
[7] | Investment classified as assets held for sale. See Note 12. Assets held for sale and Inventories. | |||||
[8] | Investment in legal liquidation process. | |||||
[9] | Investment liquidates by Grupo Agromercantil Holding S.A. during 2017. |
SIGNIFICANT ACCOUNTING POLICI74
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | $ 203,908,211 | $ 196,261,044 | |
FCP Fondo Colombia Inmobiliario [Member] | |||
Country of incorporation of subsidiary | Colombia | ||
Proportion of ownership interest in subsidiary | 63.47% | 62.55% | 50.21% |
Assets | $ 2,698,224 | $ 2,009,382 | $ 1,550,219 |
Su valor Panama Fondo de Inversion [Member] | |||
Country of incorporation of subsidiary | Panamá | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% |
Assets | $ 224 | $ 225 | |
Fideicomiso Lote Abelardo Castro. [Member] | |||
Country of incorporation of subsidiary | Colombia | ||
Proportion of ownership interest in subsidiary | 68.23% | 68.23% | 99.50% |
Assets | $ 10,343 | $ 10,172 | |
Fondo de Inversion en Arrendamiento Operativo - Renting Peru [Member] | |||
Country of incorporation of subsidiary | Perú | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% |
Assets | $ 0 | $ 31 |
SIGNIFICANT ACCOUNTING POLICI75
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of Significant Accounting Policies [Line Items] | ||||||
Assets | $ 203,908,211 | $ 196,261,044 | ||||
Liabilities | 179,478,661 | 173,784,064 | ||||
Profits of equity method investees | 266,170 | 176,692 | $ 211,574 | |||
Trust fees | 1,082,714 | 966,271 | 797,513 | |||
Other expenses | (249,023) | (259,792) | (252,626) | |||
Net Income | 2,754,173 | 2,954,947 | 2,608,898 | |||
Net cash provided by (used in) operating activities | 2,939,588 | 3,601,418 | 1,856,726 | |||
Net cash (used in) provided by investing activities | (1,908,080) | (1,027,627) | 141,985 | |||
Net cash (used in) provided by financing activities | [1] | (3,620,909) | (343,839) | (231,474) | ||
Cash and cash equivalents at beginning of year | 20,460,245 | 18,805,577 | 13,466,783 | |||
Cash and cash equivalents at end of year | 18,165,644 | 20,460,245 | 18,805,577 | |||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 10,452,691 | 9,695,705 | 7,231,703 | |||
Miscellaneous other operating income | 1,632,346 | 1,487,123 | 1,372,702 | |||
Operating expense | (7,227,445) | (6,979,050) | (5,898,287) | |||
Income tax | 1,238,598 | 1,176,832 | 649,250 | |||
Investments at fair value through OCI | (38,884) | (232,617) | (137,323) | |||
Translation adjustment | 412,878 | [2] | (672,684) | [3] | 3,091,491 | |
Total other comprehensive income | 470,110 | (136,965) | 1,477,473 | |||
FCP Fondo Colombia Inmobiliario S.A. [Member] | ||||||
Disclosure of Significant Accounting Policies [Line Items] | ||||||
Assets | 2,698,224 | 2,009,382 | 1,550,219 | |||
Liabilities | 1,048,867 | 655,315 | 661,973 | |||
Net assets | 1,649,357 | 1,354,067 | 888,247 | |||
Valuation of investment properties | 81,816 | 52,543 | 94,810 | |||
Valuation of trust rights | 53,143 | 12,903 | 9,302 | |||
Rents | 135,135 | 120,811 | 104,379 | |||
Profits of equity method investees | 144,146 | 0 | 0 | |||
Other income | 4,493 | 2,616 | 19,318 | |||
Total Income | 418,733 | 188,873 | 227,809 | |||
Interest on loans | 68,900 | 67,558 | 52,451 | |||
Trust fees | 322 | 9,004 | 8,819 | |||
Other expenses | 86,270 | 49,078 | 36,936 | |||
Total Expenses | 155,492 | 125,640 | 98,206 | |||
Net Income | 263,241 | 63,233 | 129,603 | |||
Net cash provided by (used in) operating activities | (394) | (372) | (82) | |||
Net cash (used in) provided by investing activities | 0 | 0 | 0 | |||
Net cash (used in) provided by financing activities | 409 | 375 | 82 | |||
Cash and cash equivalents at beginning of year | 3 | 0 | 0 | |||
Cash and cash equivalents at end of year | 18 | 3 | 0 | |||
Agromercantil Holding [Member] | ||||||
Disclosure of Significant Accounting Policies [Line Items] | ||||||
Assets | 12,191,869 | 11,795,358 | 12,137,258 | |||
Liabilities | 10,847,895 | 10,477,427 | 10,792,953 | |||
Net assets | 1,343,974 | 1,317,931 | 1,344,305 | |||
Trust fees | 101,565 | 58,745 | 0 | |||
Net Income | 79,298 | 62,811 | 0 | |||
Net cash provided by (used in) operating activities | 192,850 | (136,878) | 0 | |||
Net cash (used in) provided by investing activities | (1,427) | |||||
Net cash (used in) provided by financing activities | (87,103) | (77,684) | 0 | |||
Cash and cash equivalents at beginning of year | 1,098,861 | 1,359,176 | 0 | |||
Cash and cash equivalents at end of year | 1,203,181 | 1,098,861 | 1,359,176 | |||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 389,463 | 393,972 | 0 | |||
Miscellaneous other operating income | 54,246 | 55,942 | 0 | |||
Dividends received and equity method | 608 | 779 | 0 | |||
Total operating income, net | 545,882 | 509,438 | 0 | |||
Operating expense | (445,038) | (435,430) | 0 | |||
Income tax | (21,546) | (11,197) | 0 | |||
Investments at fair value through OCI | 2,241 | 3,682 | 0 | |||
Translation adjustment | 15,758 | (64,195) | (537,196) | |||
Others | (3,042) | 6,959 | 0 | |||
Total other comprehensive income | $ 14,957 | $ (53,554) | $ (537,196) | |||
[1] | For further information about the conciliation of the balances of liabilities from financing activities, see Note 28. Liabilities from financing activities. | |||||
[2] | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017. | |||||
[3] | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016. |
SIGNIFICANT ACCOUNTING POLICI76
SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
IFRS 9, 2013 [Member] | |||
Disclosure of Significant Accounting Policies [Line Items] | |||
Disclosure of classification of cash and cash equivalents | [1] | X | |
Disclosure of classification of debt securities | [1] | X | |
Disclosure of classification of equity investments | [1] | X | |
IFRS 9, 2014 [Member] | |||
Disclosure of Significant Accounting Policies [Line Items] | |||
Disclosure of classification of cash and cash equivalents | [1] | X | |
Disclosure of classification of debt securities | [1] | X | |
Disclosure of classification of equity investments | [1] | X | |
Financial assets at amortised cost, category [member] | IFRS 9, 2013 [Member] | |||
Disclosure of Significant Accounting Policies [Line Items] | |||
Disclosure of classification of credit portfolio and finance leasing | [2] | X | |
Disclosure of classification of debt securities | X | ||
Financial assets at amortised cost, category [member] | IFRS 9, 2014 [Member] | |||
Disclosure of Significant Accounting Policies [Line Items] | |||
Disclosure of classification of credit portfolio and finance leasing | [2] | X | |
Disclosure of classification of debt securities | [2] | X | |
Financial assets at fair value through other comprehensive income, category [member] | IFRS 9, 2013 [Member] | |||
Disclosure of Significant Accounting Policies [Line Items] | |||
Disclosure of classification of investments in associates and joint ventures at fair value | [3] | X | |
Financial assets at fair value through other comprehensive income, category [member] | IFRS 9, 2014 [Member] | |||
Disclosure of Significant Accounting Policies [Line Items] | |||
Disclosure of classification of debt securities | [3] | X | |
Disclosure of classification of investments in associates and joint ventures at fair value | [3] | X | |
[1] | FVPL = Fair value with changes in results | ||
[2] | AC = Amortized cost | ||
[3] | FVOCI= Fair value with changes in other comprehensive results. |
SIGNIFICANT ACCOUNTING POLICI77
SIGNIFICANT ACCOUNTING POLICIES (Details 4) - Number | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Significant Accounting Policies [Abstract] | |||
Closing exchange rate | 2,984 | 3,000.71 | 3,149.47 |
Average rate for the period ended at | 2,951.21 | 3,053.20 | 2,746.55 |
SIGNIFICANT ACCOUNTING POLICI78
SIGNIFICANT ACCOUNTING POLICIES (Details 5) | 12 Months Ended |
Dec. 31, 2017 | |
Consumer [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Loans Write off, Delinquency Conditions | 180 days, 450 for vehicles in BAM, 720 for loans with mortgage guarantee in Banco Agricola |
Corporate [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Loans Write off, Delinquency Conditions | 360 days |
Small Business Loan [Member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Loans Write off, Delinquency Conditions | 180 days, 720 for loans with guarantee in Banistmo |
Mortgage [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Loans Write off, Delinquency Conditions | 1.620 days. For Banistmo and Banco Agrícola from 720 days. BAM 1440 days. |
SIGNIFICANT ACCOUNTING POLICI79
SIGNIFICANT ACCOUNTING POLICIES (Details 6) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 10 to 75 years |
Furniture and fixtures [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 to 20 years |
Computer equipment [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 to 20 years |
Equipment and machinery [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 to 40 years |
Vehicles [member] | |
Disclosure of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 to 6 years |
SIGNIFICANT ACCOUNTING POLICI80
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) $ in Millions | 1 Months Ended | 12 Months Ended | 13 Months Ended | |||||
Dec. 30, 2015 | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2015COP ($) | Dec. 30, 2016 | Oct. 31, 2016 | Dec. 18, 2012 | |
Proportion of ownership interests held by non-controlling interests | 49.00% | |||||||
Profit (loss), attributable to non-controlling interests | $ 139,173,000,000 | $ 89,619,000,000 | $ 90,008,000,000 | |||||
Non-controlling interests | $ 1,316,586,000,000 | 1,209,397,000,000 | ||||||
Percentage of voting equity interests acquired | 50.00% | |||||||
Dividends received from associates, classified as investing activities | 30,320,000,000 | |||||||
Probability of default, significant unobservable inputs, assets | 100.00% | 100.00% | ||||||
Description of material leasing arrangements by lessee classified as operating lease | ⋅ The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10.00% of the fair value of the asset upon termination of the lease.⋅ The term of the lease covers most of the economic life of the asset when the minimum lease term represents 75.00% or more of the economic life of the leased asset.⋅ At the inception of the lease, the present value of the minimum lease payments amounts to at least 90.00% of the fair value of the leased asset. | ⋅ The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10.00% of the fair value of the asset upon termination of the lease.⋅ The term of the lease covers most of the economic life of the asset when the minimum lease term represents 75.00% or more of the economic life of the leased asset.⋅ At the inception of the lease, the present value of the minimum lease payments amounts to at least 90.00% of the fair value of the leased asset. | ||||||
Minimum Amount of Loans to Be Individually Assessed | $ 5,000,000,000 | $ 1.5 | ||||||
Preferred dividend as percentage of the subscription price | 1.00% | 1.00% | ||||||
Effective interest rate of financial instruments | 10.00% | |||||||
Bottom of range [member] | ||||||||
Intangible Assets With Useful Life | 1 year | 1 year | ||||||
Top of range [member] | ||||||||
Intangible Assets With Useful Life | 10 years | 10 years | ||||||
Banistmo [Member] | ||||||||
Assets (liabilities) | $ 6,872,171 | |||||||
Bancolombia Panama [Member] | ||||||||
Assets (liabilities) | 6,360,729 | |||||||
Capital reserve | $ 616,814 | $ 523,376 | ||||||
CP Colombia Inmobiliario S.A. [Member] | ||||||||
Proportion of ownership interest in subsidiary | 36.53% | 36.53% | 37.45% | |||||
Profit (loss), attributable to non-controlling interests | $ 96,179 | $ 23,701 | 69,074 | |||||
Non-controlling interests | $ 602,548 | $ 507,115 | $ 442,314 | |||||
Grupo Agromercantil Holding S.A. [Member] | ||||||||
Proportion of ownership interests held by non-controlling interests | 40.00% | 40.00% | ||||||
Proportion of ownership interest in subsidiary | 60.00% | 60.00% | 60.00% | 60.00% | ||||
Percentage of voting equity interests acquired | 60.00% | 40.00% | ||||||
Dividends received from associates, classified as investing activities | $ 39,482 | $ 46,416 | $ 33,403 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) - COP ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Operating segments [Line Items] | |||||||
Total interest and valuation | $ 16,685,677 | $ 15,748,805 | $ 11,269,644 | ||||
Interest income on loans and financial leases | 15,973,585 | 15,020,342 | 10,953,240 | ||||
Total Debt investments | 859,731 | 742,714 | 366,070 | ||||
Derivatives | (61,667) | (4,750) | 31,835 | ||||
Total liquidity operations | (85,972) | (9,501) | (81,501) | ||||
Interest expenses | (6,232,986) | (6,053,100) | (4,037,941) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 10,452,691 | 9,695,705 | 7,231,703 | ||||
Total credit impairment charges, net | (3,461,845) | (2,731,152) | (1,675,101) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 6,990,846 | 6,964,553 | 5,556,602 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | 0 | 0 | 0 | ||||
Total fees and commission income, net | 2,504,193 | 2,318,964 | 1,993,044 | ||||
Other operating income | 1,632,346 | 1,487,123 | 1,372,702 | ||||
Dividends received, and share of profits of equity method investees | 266,170 | 176,692 | 211,574 | ||||
Joint venture impairment | (173,339) | 0 | 0 | ||||
Total operating income, net | 11,220,216 | 10,947,332 | 9,133,922 | ||||
Operating expenses | (6,748,562) | [1] | (6,461,241) | [1] | (5,421,002) | [2] | |
Impairment, depreciation and amortization | (478,883) | (517,809) | (477,285) | [3] | |||
Total operating expenses | (7,227,445) | (6,979,050) | (5,898,287) | ||||
Profit before tax | 3,992,771 | 3,968,282 | 3,235,635 | ||||
Banking Colombia [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 12,984,301 | 11,586,785 | 8,992,368 | ||||
Interest income on loans and financial leases | 12,576,159 | 11,196,951 | 8,785,739 | ||||
Total Debt investments | 602,304 | 464,504 | 249,459 | ||||
Derivatives | (54,156) | (10,197) | 50,362 | ||||
Total liquidity operations | (140,006) | (64,473) | (93,192) | ||||
Interest expenses | (4,791,976) | (4,542,701) | (3,192,822) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 8,192,325 | 7,044,084 | 5,799,546 | ||||
Total credit impairment charges, net | (3,196,065) | (1,797,848) | (1,509,519) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 4,996,260 | 5,246,236 | 4,290,027 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | (59,884) | (65,915) | (68,915) | ||||
Total fees and commission income, net | 1,588,246 | 1,269,298 | 1,347,999 | ||||
Other operating income | 673,850 | 603,860 | 483,556 | ||||
Dividends received, and share of profits of equity method investees | (53,141) | (264,715) | (40,115) | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 7,145,331 | 6,788,764 | 6,012,552 | ||||
Operating expenses | (4,717,591) | [1] | (4,150,984) | [1] | (3,836,019) | [2] | |
Impairment, depreciation and amortization | (147,034) | (147,261) | (247,446) | [3] | |||
Total operating expenses | (4,864,625) | (4,298,245) | (4,083,465) | ||||
Profit before tax | 2,280,706 | 2,490,519 | 1,929,087 | ||||
Banking Panama [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 1,495,446 | 1,399,852 | 1,119,540 | ||||
Interest income on loans and financial leases | 1,374,398 | 1,284,986 | 1,041,780 | ||||
Total Debt investments | 93,154 | 94,284 | 64,466 | ||||
Derivatives | 438 | 3,274 | 2,704 | ||||
Total liquidity operations | 27,456 | 17,308 | 10,590 | ||||
Interest expenses | (523,312) | (457,611) | (363,373) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 972,134 | 942,241 | 756,167 | ||||
Total credit impairment charges, net | (46,468) | (367,781) | (82,344) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 925,666 | 574,460 | 673,823 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | (26,837) | (20,600) | (6,098) | ||||
Total fees and commission income, net | 205,645 | 180,286 | 136,372 | ||||
Other operating income | 7,784 | 18,828 | 104,448 | ||||
Dividends received, and share of profits of equity method investees | 7,038 | 4,692 | 69,127 | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 1,119,296 | 757,666 | 977,672 | ||||
Operating expenses | (569,219) | [1] | (589,535) | [1] | (606,582) | [2] | |
Impairment, depreciation and amortization | (55,197) | (62,459) | (49,590) | [3] | |||
Total operating expenses | (624,416) | (651,994) | (656,172) | ||||
Profit before tax | 494,880 | 105,672 | 321,500 | ||||
Banking El Salvador [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 882,806 | 901,757 | 728,582 | ||||
Interest income on loans and financial leases | 830,050 | 844,687 | 706,582 | ||||
Total Debt investments | 31,582 | 48,264 | 19,747 | ||||
Derivatives | 0 | 0 | 0 | ||||
Total liquidity operations | 21,174 | 8,806 | 2,253 | ||||
Interest expenses | (256,994) | (252,011) | (187,743) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 625,812 | 649,746 | 540,839 | ||||
Total credit impairment charges, net | (110,018) | (55,985) | (26,933) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 515,794 | 593,761 | 513,906 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | (963) | (3,054) | (8,475) | ||||
Total fees and commission income, net | 170,834 | 158,262 | 140,398 | ||||
Other operating income | (6,405) | 1,302 | 24 | ||||
Dividends received, and share of profits of equity method investees | 324 | 711 | 1,716 | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 679,584 | 750,982 | 647,569 | ||||
Operating expenses | (383,002) | [1] | (390,309) | [1] | (330,362) | [2] | |
Impairment, depreciation and amortization | (34,671) | (50,323) | (27,761) | [3] | |||
Total operating expenses | (417,673) | (440,632) | (358,123) | ||||
Profit before tax | 261,911 | 310,350 | 289,446 | ||||
Banking Guatemala [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 865,038 | 869,329 | |||||
Interest income on loans and financial leases | 767,986 | 763,031 | |||||
Total Debt investments | 100,193 | 96,081 | |||||
Derivatives | 0 | 5,323 | |||||
Total liquidity operations | (3,141) | 4,894 | |||||
Interest expenses | (348,726) | (348,219) | |||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 516,312 | 521,110 | |||||
Total credit impairment charges, net | (125,877) | (127,839) | |||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 390,435 | 393,271 | |||||
Revenues (Expenses) from transactions with other operating segments of the Bank | (972) | 701 | |||||
Total fees and commission income, net | 101,565 | 58,745 | |||||
Other operating income | 54,246 | 55,942 | |||||
Dividends received, and share of profits of equity method investees | 608 | 779 | |||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 545,882 | 509,438 | |||||
Operating expenses | [1] | (343,646) | (323,001) | ||||
Impairment, depreciation and amortization | (101,392) | (112,429) | |||||
Total operating expenses | (445,038) | (435,430) | |||||
Profit before tax | 100,844 | 74,008 | |||||
Trust [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 794 | 827 | 626 | ||||
Interest income on loans and financial leases | 0 | 0 | 0 | ||||
Total Debt investments | 193 | 283 | 185 | ||||
Derivatives | 0 | 0 | 0 | ||||
Total liquidity operations | 601 | 544 | 441 | ||||
Interest expenses | (102) | (20) | (367) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 692 | 807 | 259 | ||||
Total credit impairment charges, net | (549) | (164) | (3,204) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 143 | 643 | (2,945) | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | (33,024) | (22,893) | (21,833) | ||||
Total fees and commission income, net | 283,666 | 238,745 | 218,190 | ||||
Other operating income | 13,560 | 13,500 | 16,507 | ||||
Dividends received, and share of profits of equity method investees | 18,249 | 16,873 | 13,573 | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 282,594 | 246,868 | 223,492 | ||||
Operating expenses | (113,482) | [1] | (87,951) | [1] | (85,918) | [2] | |
Impairment, depreciation and amortization | (540) | (612) | (466) | [3] | |||
Total operating expenses | (114,022) | (88,563) | (86,384) | ||||
Profit before tax | 168,572 | 158,305 | 137,108 | ||||
Investment banking [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 94 | [4] | 136 | 287 | |||
Interest income on loans and financial leases | 0 | [4] | 0 | 0 | |||
Total Debt investments | 94 | [4] | 136 | 287 | |||
Derivatives | 0 | [4] | 0 | 0 | |||
Total liquidity operations | 0 | [4] | 0 | 0 | |||
Interest expenses | 0 | [4] | 0 | (236) | |||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 94 | [4] | 136 | 51 | |||
Total credit impairment charges, net | 466 | [4] | (423) | 127 | |||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 560 | [4] | (287) | 178 | |||
Revenues (Expenses) from transactions with other operating segments of the Bank | 16,209 | [4] | 12,891 | 2,355 | |||
Total fees and commission income, net | 28,695 | [4] | 19,821 | 29,327 | |||
Other operating income | 1,886 | [4] | 2,285 | 2,080 | |||
Dividends received, and share of profits of equity method investees | (70,114) | [4] | 202,062 | 40,018 | |||
Joint venture impairment | [4] | (173,339) | |||||
Total operating income, net | (196,103) | [4] | 236,772 | 73,958 | |||
Operating expenses | (34,100) | [1],[4] | (26,662) | [1] | (22,635) | [2] | |
Impairment, depreciation and amortization | (133) | [4] | (93) | (93) | [3] | ||
Total operating expenses | (34,233) | [4] | (26,755) | (22,728) | |||
Profit before tax | (230,336) | [4] | 210,017 | 51,230 | |||
Brokerage [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 8,916 | 17,160 | 21,157 | ||||
Interest income on loans and financial leases | 0 | 0 | 0 | ||||
Total Debt investments | 15,147 | 18,094 | 14,999 | ||||
Derivatives | (7,661) | (2,113) | 5,161 | ||||
Total liquidity operations | 1,430 | 1,179 | 997 | ||||
Interest expenses | (72) | (33) | (652) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 8,844 | 17,127 | 20,505 | ||||
Total credit impairment charges, net | (147) | (25) | (177) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 8,697 | 17,102 | 20,328 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | 53,075 | 38,677 | 31,734 | ||||
Total fees and commission income, net | 96,703 | 80,060 | 78,124 | ||||
Other operating income | (11,647) | (9,923) | (6,325) | ||||
Dividends received, and share of profits of equity method investees | 12,278 | 32,567 | (1,473) | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 159,106 | 158,483 | 122,388 | ||||
Operating expenses | (101,255) | [1] | (110,317) | [1] | (111,255) | [2] | |
Impairment, depreciation and amortization | (1,398) | (1,980) | (1,274) | [3] | |||
Total operating expenses | (102,653) | (112,297) | (112,529) | ||||
Profit before tax | 56,453 | 46,186 | 9,859 | ||||
Off shore [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 444,649 | 442,107 | 291,249 | ||||
Interest income on loans and financial leases | 412,418 | 431,381 | 310,077 | ||||
Total Debt investments | 16,329 | 16,205 | 15,502 | ||||
Derivatives | 6,085 | (7) | (26,392) | ||||
Total liquidity operations | 9,817 | (5,472) | (7,938) | ||||
Interest expenses | (226,304) | (252,030) | (215,592) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 218,345 | 190,077 | 75,657 | ||||
Total credit impairment charges, net | 6,541 | (52,294) | (49,830) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 224,886 | 137,783 | 25,827 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | 101,327 | 99,914 | 95,495 | ||||
Total fees and commission income, net | 16,270 | 27,502 | 32,325 | ||||
Other operating income | 5,280 | 15,961 | 16,281 | ||||
Dividends received, and share of profits of equity method investees | (239,328) | (269,096) | (141,261) | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 108,435 | 12,064 | 28,667 | ||||
Operating expenses | (56,593) | [1] | (60,688) | [1] | (73,425) | [2] | |
Impairment, depreciation and amortization | (967) | (972) | (17,254) | [3] | |||
Total operating expenses | (57,560) | (61,660) | (90,679) | ||||
Profit before tax | 50,875 | (49,596) | (62,012) | ||||
All other segments [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 10,201 | 30,299 | 112,858 | ||||
Interest income on loans and financial leases | 13,000 | 25,819 | 109,062 | ||||
Total Debt investments | 735 | 3,145 | 1,425 | ||||
Derivatives | (289) | (1,030) | 0 | ||||
Total liquidity operations | (3,245) | 2,365 | 2,371 | ||||
Interest expenses | (85,928) | (99,991) | (77,156) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | (75,727) | (69,692) | 35,702 | ||||
Total credit impairment charges, net | 1,696 | 871 | (3,219) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | (74,031) | (68,821) | 32,483 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | (48,931) | (39,721) | (24,263) | ||||
Total fees and commission income, net | 12,569 | 13,724 | 10,334 | ||||
Other operating income | 874,126 | 874,978 | 772,959 | ||||
Dividends received, and share of profits of equity method investees | (61,156) | (175,595) | (159,583) | ||||
Joint venture impairment | 0 | ||||||
Total operating income, net | 702,577 | 604,565 | 631,930 | ||||
Operating expenses | (430,212) | [1] | (400,243) | [1] | (354,811) | [2] | |
Impairment, depreciation and amortization | (137,377) | (137,672) | (133,401) | [3] | |||
Total operating expenses | (567,589) | (537,915) | (488,212) | ||||
Profit before tax | 134,988 | 66,650 | 143,718 | ||||
Total before elimination [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | 16,692,245 | 15,248,252 | 11,266,667 | ||||
Interest income on loans and financial leases | 15,974,011 | 14,546,855 | 10,953,240 | ||||
Total Debt investments | 859,731 | 740,996 | 366,070 | ||||
Derivatives | (55,583) | (4,750) | 31,835 | ||||
Total liquidity operations | (85,914) | (34,849) | (84,478) | ||||
Interest expenses | (6,233,414) | (5,952,616) | (4,037,941) | ||||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | 10,458,831 | 9,295,636 | 7,228,726 | ||||
Total credit impairment charges, net | (3,470,421) | (2,401,488) | (1,675,099) | ||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | 6,988,410 | 6,894,148 | 5,553,627 | ||||
Revenues (Expenses) from transactions with other operating segments of the Bank | 0 | 0 | 0 | ||||
Total fees and commission income, net | 2,504,193 | 2,046,443 | 1,993,069 | ||||
Other operating income | 1,612,680 | 1,576,733 | 1,389,530 | ||||
Dividends received, and share of profits of equity method investees | (385,242) | (451,722) | (217,998) | ||||
Joint venture impairment | (173,339) | ||||||
Total operating income, net | 10,546,702 | 10,065,602 | 8,718,228 | ||||
Operating expenses | (6,749,100) | [1] | (6,139,690) | [1] | (5,421,007) | [2] | |
Impairment, depreciation and amortization | (478,709) | (513,801) | (477,285) | [3] | |||
Total operating expenses | (7,227,809) | (6,653,491) | (5,898,292) | ||||
Profit before tax | 3,318,893 | 3,412,111 | 2,819,936 | ||||
Adjustments for consolidation [Member] | |||||||
Operating segments [Line Items] | |||||||
Total interest and valuation | [5] | (6,568) | 500,553 | 2,977 | |||
Interest income on loans and financial leases | [5] | (426) | 473,487 | 0 | |||
Total Debt investments | [5] | 0 | 1,718 | 0 | |||
Derivatives | [5] | (6,084) | 0 | 0 | |||
Total liquidity operations | [5] | (58) | 25,348 | 2,977 | |||
Interest expenses | [5] | 428 | (100,484) | 0 | |||
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments | [5] | (6,140) | 400,069 | 2,977 | |||
Total credit impairment charges, net | [5] | 8,576 | (329,664) | (2) | |||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments | [5] | 2,436 | 70,405 | 2,975 | |||
Revenues (Expenses) from transactions with other operating segments of the Bank | [5] | 0 | 0 | 0 | |||
Total fees and commission income, net | [5] | 0 | 272,521 | (25) | |||
Other operating income | [5] | 19,666 | (89,610) | (16,828) | |||
Dividends received, and share of profits of equity method investees | [5] | 651,412 | 628,414 | 429,572 | |||
Joint venture impairment | [5] | 0 | |||||
Total operating income, net | [5] | 673,514 | 881,730 | 415,694 | |||
Operating expenses | [5] | 538 | [1] | (321,551) | [1] | 5 | [2] |
Impairment, depreciation and amortization | [5] | (174) | (4,008) | 0 | [3] | ||
Total operating expenses | [5] | 364 | (325,559) | 5 | |||
Profit before tax | [5] | $ 673,878 | $ 556,171 | $ 415,699 | |||
[1] | Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. | ||||||
[2] | Includes staff costs, administration and general expenses, contributions and other tax burdens and others. | ||||||
[3] | The Bank inadvertently inverted the label of the amounts reported for Operating Expenses and Depreciation and Amortization in 2015. There was no impact in total operating expenses or profit before tax. | ||||||
[4] | Includes imparment recognition in joint venture Compañía de Financiamiento Tuya S.A.For more information see Note 7 Investments in associates and joint ventures | ||||||
[5] | Includes provisions, dividends, gains on sales and non-controlling interest and reclassification according to the analysis process used by the CODM. |
OPERATING SEGMENTS (Details 1)
OPERATING SEGMENTS (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Operating segments [Line Items] | ||
Total assets | $ 203,908,211 | $ 196,261,044 |
Total liabilities | 179,478,661 | 173,784,064 |
Banking Colombia [Member] | ||
Operating segments [Line Items] | ||
Total assets | 142,207,844 | 133,756,071 |
Total liabilities | (125,534,492) | (117,840,080) |
Banking Panama [Member] | ||
Operating segments [Line Items] | ||
Total assets | 28,119,504 | 27,224,292 |
Total liabilities | (25,040,470) | (24,525,160) |
Banking El Salvador [Member] | ||
Operating segments [Line Items] | ||
Total assets | 12,978,363 | 12,967,451 |
Total liabilities | (11,318,266) | (11,278,967) |
Banking Guatemala [Member] | ||
Operating segments [Line Items] | ||
Total assets | 12,191,869 | 11,795,358 |
Total liabilities | (10,847,895) | (10,477,427) |
Trust [Member] | ||
Operating segments [Line Items] | ||
Total assets | 493,078 | 412,350 |
Total liabilities | (80,904) | (74,729) |
Investment banking [Member] | ||
Operating segments [Line Items] | ||
Total assets | 1,423,883 | 1,462,616 |
Total liabilities | (48,192) | (119,090) |
Brokerage [Member] | ||
Operating segments [Line Items] | ||
Total assets | 283,171 | 289,563 |
Total liabilities | (56,789) | (51,937) |
Off shore [Member] | ||
Operating segments [Line Items] | ||
Total assets | 16,503,973 | 18,169,041 |
Total liabilities | (12,284,687) | (14,462,907) |
All other segments [Member] | ||
Operating segments [Line Items] | ||
Total assets | 8,767,762 | 8,392,706 |
Total liabilities | (2,300,511) | (2,145,663) |
Total before elimination [Member] | ||
Operating segments [Line Items] | ||
Total assets | 222,969,447 | 214,469,448 |
Total liabilities | (187,512,206) | (180,975,960) |
Adjustments for consolidation [Member] | ||
Operating segments [Line Items] | ||
Total assets | (19,061,236) | (18,208,404) |
Total liabilities | 8,033,545 | $ 7,191,896 |
Total after Before Elimination [Member] | ||
Operating segments [Line Items] | ||
Total assets | 203,908,211 | |
Total liabilities | $ (179,478,661) |
OPERATING SEGMENTS (Details 2)
OPERATING SEGMENTS (Details 2) - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | [1] | Dec. 31, 2016 | [2] | Dec. 31, 2015 | ||
Operating segments [Line Items] | ||||||
Investments in associates and joint ventures | $ 1,565,059 | $ 1,298,246 | ||||
Equity method | [3] | 253,602 | 60,254 | $ 122,477 | ||
Banking Colombia [Member] | ||||||
Operating segments [Line Items] | ||||||
Investments in associates and joint ventures | 305,187 | 284,516 | ||||
Equity method | 45,976 | 34,425 | ||||
Banking El Salvador [Member] | ||||||
Operating segments [Line Items] | ||||||
Investments in associates and joint ventures | 10,532 | 9,888 | ||||
Equity method | 316 | 702 | ||||
Trust [Member] | ||||||
Operating segments [Line Items] | ||||||
Investments in associates and joint ventures | 226,761 | 208,963 | ||||
Equity method | 34,921 | 26,128 | ||||
Investment banking [Member] | ||||||
Operating segments [Line Items] | ||||||
Investments in associates and joint ventures | 248,156 | 361,079 | ||||
Equity method | 21,724 | (3,923) | ||||
All other segment [Member] | ||||||
Operating segments [Line Items] | ||||||
Investments in associates and joint ventures | 774,423 | 433,800 | ||||
Equity method | $ 150,665 | $ 2,922 | ||||
[1] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[2] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[3] | For further information, see note 7 investments in associates and joint ventures |
OPERATING SEGMENTS (Details 3)
OPERATING SEGMENTS (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | $ 250,138 | $ 404,185 | $ 185,042 |
Provisions | 3,879,559 | 2,799,121 | 2,180,459 |
Banking Colombia [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 163,274 | 130,892 | 97,456 |
Provisions | 3,422,531 | 2,130,261 | 1,921,873 |
Banking Panama [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 39,486 | 44,484 | 8,102 |
Provisions | 165,651 | 381,531 | 114,425 |
Banking El Salvador [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 16,191 | 35,466 | 18,819 |
Provisions | 162,877 | 104,864 | 65,037 |
Banking Guatemala [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 7,157 | 95,891 | |
Provisions | 138,297 | 127,370 | |
Trust [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 0 | 0 | 0 |
Provisions | 548 | 164 | 3,241 |
Investment banking [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 0 | 0 | |
Provisions | (467) | 423 | |
Brokerage [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 0 | 0 | |
Provisions | 147 | (34) | |
Off shore [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 0 | 0 | 0 |
Provisions | (4,449) | 48,977 | 67,347 |
All other segments [Member] | |||
Operating segments [Line Items] | |||
Restructured loans that were transferred to foreclosed assets | 24,030 | 97,452 | 60,665 |
Provisions | $ (5,576) | $ 5,565 | $ 8,536 |
OPERATING SEGMENTS (Details 4)
OPERATING SEGMENTS (Details 4) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating segments [Line Items] | ||||
Interest and valuation | $ 16,685,677 | $ 15,748,805 | $ 11,269,644 | |
Long-lived assets | [1] | 11,214,617 | 11,438,852 | |
Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 16,913,547 | 15,438,921 | 11,598,777 | |
Long-lived assets | [1] | 5,215,146 | 5,363,584 | |
Segment Reconciling Items [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | (220,667) | 309,884 | (329,133) | |
Long-lived assets | [1] | 5,999,471 | 6,075,268 | |
Colombia [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 13,108,005 | 11,695,937 | 9,335,345 | |
Long-lived assets | [1] | 4,353,782 | 4,180,137 | |
Panama [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 1,986,741 | 1,898,058 | 1,470,692 | |
Long-lived assets | [1] | 297,832 | 414,451 | |
Puerto Rico [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 68,556 | 56,519 | 43,672 | |
Long-lived assets | [1] | 388 | 551 | |
Peru [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | [2] | 658 | 15,753 | 19,810 |
Long-lived assets | [1],[2] | 115,840 | 112,209 | |
El Salvador [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 883,538 | 902,371 | 729,258 | |
Long-lived assets | [1] | 280,562 | 397,065 | |
Costa Rica [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 0 | 0 | 0 | |
Long-lived assets | [1] | 80 | 99 | |
Guatemala [Member] | Operating Segments [Member] | ||||
Operating segments [Line Items] | ||||
Interest and valuation | 866,049 | 870,283 | $ 0 | |
Long-lived assets | [1] | $ 166,662 | $ 259,072 | |
[1] | Included foreclosed assets presented within other assets in the statement of financial position, premises and equipment, Investment property and goodwill. | |||
[2] | Investments in FiduPerú, Arrendamiento Operativo CIB S.A.C. and Capital Investment Safi S.A. are classified as Asset held for sale in Statement of Financial Position. For further information, see Note 12 Assets held for sale and inventories |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash and balances at central bank | ||||
Cash | $ 5,099,252 | $ 5,501,532 | ||
Due from the Colombian Central Bank | 6,567,030 | 5,503,911 | ||
Due from other private financial entities | 3,541,644 | 4,908,886 | ||
Checks on hold | 141,370 | 102,525 | ||
Remittances of domestic negotiated checks in transit | 173,827 | 200,053 | ||
Total cash and due from banks | 15,523,123 | 16,216,907 | ||
Money market transactions: | ||||
Interbank assets | 1,761,460 | 1,606,506 | ||
Reverse repurchase agreements and other similar secured loans | 881,061 | 2,636,832 | ||
Total money market transactions: | 2,642,521 | 4,243,338 | ||
Total cash and cash equivalents | $ 18,165,644 | $ 20,460,245 | $ 18,805,577 | $ 13,466,783 |
CASH AND CASH EQUIVALENTS (De87
CASH AND CASH EQUIVALENTS (Details Textual) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
cash and cash equivalent [Line Items] | ||||
Restricted cash and cash equivalents | $ 192,036 | $ 171,561 | ||
Cash and cash equivalents | $ 18,165,644 | $ 20,460,245 | $ 18,805,577 | $ 13,466,783 |
Mandatory reserve percentage in central bank [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Mandatory reserve percentage in central bank | 4.50% | |||
FiduPeru S.A. Sociedad Fiduciaria [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Cash and cash equivalents | $ 12,951 | |||
Arrendamiento Operativo CIB S.A.C. [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Cash and cash equivalents | 6,092 | |||
Capital Investments SAFI S.A. [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Cash and cash equivalents | $ 29 | |||
Grupo Agromercantil Holding [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Mandatory reserve percentage in central bank | 14.60% | |||
Bancolombia Panama S.A. and Banistmo S.A [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Mandatory reserve percentage in central bank | 30.00% | |||
Bottom of range [member] | Banco Agricola [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Mandatory reserve percentage in central bank | 1.00% | |||
Top of range [member] | Banco Agricola [Member] | ||||
cash and cash equivalent [Line Items] | ||||
Mandatory reserve percentage in central bank | 25.00% |
FINANCIAL ASSETS INVESTMENTS 88
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | $ 16,377,253 | $ 13,060,653 | |
Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 14,859,423 | 11,672,481 | |
Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 10,701,855 | 8,537,562 | |
Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 4,157,568 | 3,134,919 | |
Trading equity securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,517,830 | 1,388,172 | |
Trading equity securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 988,455 | 895,425 | |
Securities issued by the Colombian Government [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 7,016,112 | 4,904,152 | |
Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 7,003,147 | 4,904,152 | |
Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 12,965 | 0 | |
Securities issued by foreign governments [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 3,522,849 | 3,413,867 | |
Securities issued by foreign governments [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,471,994 | 2,429,192 | |
Securities issued by foreign governments [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,050,855 | 984,675 | |
Securities issued by other financial institutions [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,278,207 | 1,281,891 | |
Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,052,776 | 1,080,368 | |
Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 225,431 | 201,523 | |
Securities issued by government entities [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,962,592 | 1,544,688 | |
Securities issued by government entities [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 36,038 | 11,904 | |
Securities issued by government entities [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,926,554 | 1,532,784 | |
Corporate bonds [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,079,663 | [1] | 527,883 |
Corporate bonds [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 137,900 | [1] | 111,946 |
Corporate bonds [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | $ 941,763 | [1] | $ 415,937 |
[1] | Debt securities classified as Corporate Bonds, increased by 104.75% between December 31, 2017 and 2016 due to the purchase of Alternegy S.A. bonds by Banistmo on December 21 of 2017, which have a carrying value of COP 446,047. Banistmo acted as joint arranger with Banco General and underwriters of the bonds issued by Alternergy for an amount of up to US$320 million. |
FINANCIAL ASSETS INVESTMENTS 89
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | $ 16,377,253 | $ 13,060,653 | |
Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 14,859,423 | 11,672,481 | |
Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 10,701,855 | 8,537,562 | |
Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 4,157,568 | 3,134,919 | |
Securities issued by the Colombian Government [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 7,016,112 | 4,904,152 | |
Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 7,003,147 | 4,904,152 | |
Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 12,965 | 0 | |
Securities issued by Foreign Governments [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 3,522,849 | 3,413,867 | |
Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,471,994 | 2,429,192 | |
Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,050,855 | 984,675 | |
Securities issued by other financial institutions [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,278,207 | 1,281,891 | |
Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,052,776 | 1,080,368 | |
Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 225,431 | 201,523 | |
Securities issued by Government entities [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,962,592 | 1,544,688 | |
Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 36,038 | 11,904 | |
Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,926,554 | 1,532,784 | |
Corporate bonds [Member] | Debt securities [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,079,663 | [1] | 527,883 |
Corporate bonds [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 137,900 | [1] | 111,946 |
Corporate bonds [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 941,763 | [1] | 415,937 |
Less than 1 year [Member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 5,625,195 | 4,518,374 | |
Less than 1 year [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 3,330,145 | 2,833,291 | |
Less than 1 year [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,295,050 | 1,685,083 | |
Less than 1 year [Member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,163,682 | 1,719,326 | |
Less than 1 year [Member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 0 | ||
Less than 1 year [Member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 962,640 | 925,499 | |
Less than 1 year [Member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 241,944 | 103,889 | |
Less than 1 year [Member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 157,434 | 172,571 | |
Less than 1 year [Member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 117,075 | 57,623 | |
Less than 1 year [Member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 11,134 | 77 | |
Less than 1 year [Member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,909,363 | 1,523,571 | |
Less than 1 year [Member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 35,255 | 15,818 | |
Less than 1 year [Member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 26,668 | 0 | |
Between 1 and 3 years [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 4,287,670 | 2,860,207 | |
Between 1 and 3 years [member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 3,988,949 | 2,562,348 | |
Between 1 and 3 years [member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 298,721 | 297,859 | |
Between 1 and 3 years [member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 3,299,116 | 1,883,790 | |
Between 1 and 3 years [member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 12,965 | ||
Between 1 and 3 years [member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 408,586 | 532,628 | |
Between 1 and 3 years [member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 184,454 | 105,032 | |
Between 1 and 3 years [member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 250,395 | 135,157 | |
Between 1 and 3 years [member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 68,166 | 113,150 | |
Between 1 and 3 years [member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 14,825 | 2,704 | |
Between 1 and 3 years [member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 17,191 | 9,213 | |
Between 1 and 3 years [member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 16,027 | 8,069 | |
Between 1 and 3 years [member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 15,945 | 70,464 | |
Between 3 and 5 years [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,676,615 | 1,790,286 | |
Between 3 and 5 years [member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,072,512 | 1,282,469 | |
Between 3 and 5 years [member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 604,103 | 507,817 | |
Between 3 and 5 years [member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,164,689 | 981,208 | |
Between 3 and 5 years [member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 0 | ||
Between 3 and 5 years [member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 736,105 | 192,947 | |
Between 3 and 5 years [member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 415,229 | 507,817 | |
Between 3 and 5 years [member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 143,353 | 87,153 | |
Between 3 and 5 years [member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 40,190 | 0 | |
Between 3 and 5 years [member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 6,946 | 5,193 | |
Between 3 and 5 years [member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 0 | 0 | |
Between 3 and 5 years [member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 21,419 | 15,968 | |
Between 3 and 5 years [member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 148,684 | 0 | |
Greater than 5 years [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 2,269,943 | 2,503,614 | |
Greater than 5 years [member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 1,310,249 | 1,859,454 | |
Greater than 5 years [member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 959,694 | 644,160 | |
Greater than 5 years [member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 375,660 | 319,828 | |
Greater than 5 years [member] | Securities issued by the Colombian Government [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 0 | ||
Greater than 5 years [member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 364,663 | 778,118 | |
Greater than 5 years [member] | Securities issued by Foreign Governments [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 209,228 | 267,937 | |
Greater than 5 years [member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 501,594 | 685,487 | |
Greater than 5 years [member] | Securities issued by other financial institutions [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 0 | 30,750 | |
Greater than 5 years [member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 3,133 | 3,930 | |
Greater than 5 years [member] | Securities issued by Government entities [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 0 | 0 | |
Greater than 5 years [member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | 65,199 | 72,091 | |
Greater than 5 years [member] | Corporate bonds [Member] | Debt securities [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||
Financial assets | $ 750,466 | $ 345,473 | |
[1] | Debt securities classified as Corporate Bonds, increased by 104.75% between December 31, 2017 and 2016 due to the purchase of Alternegy S.A. bonds by Banistmo on December 21 of 2017, which have a carrying value of COP 446,047. Banistmo acted as joint arranger with Banco General and underwriters of the bonds issued by Alternergy for an amount of up to US$320 million. |
FINANCIAL ASSETS INVESTMENTS 90
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 2) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivatives [Line Items] | ||
Financial assets | $ 16,377,253 | $ 13,060,653 |
Trading equity securities [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Financial assets | 1,517,830 | 1,388,172 |
Financial assets at fair value through profit or loss, category [member] | Trading equity securities [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Financial assets | 988,455 | 895,425 |
Financial assets at fair value through other comprehensive income, category [member] | Trading equity securities [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Financial assets | $ 529,375 | $ 492,747 |
FINANCIAL ASSETS INVESTMENTS 91
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Securities at fair value through OCI: | |||
Total equity securities at fair value through OCI | $ 529,375 | $ 492,747 | |
Trading equity securities [member] | Listed In Colombia [Member] | |||
Securities at fair value through OCI: | |||
Total equity securities at fair value through OCI | [1] | 76,178 | 17,479 |
Trading equity securities [member] | Listed outside Colombia [Member] | |||
Securities at fair value through OCI: | |||
Total equity securities at fair value through OCI | 5,766 | 10,732 | |
Trading equity securities [member] | Unlisted [Member] | |||
Securities at fair value through OCI: | |||
Total equity securities at fair value through OCI | $ 447,431 | $ 464,536 | |
[1] | Equity securities measured at fair value through other comprenhensive income (OCI) and listed in Colombia, increased between December 31, 2017 and 2016 due to the merger between Bolsa de Valores de Colombia (listed company) and Deceval (unlisted). The new investment in Bolsa de Valores de Colombia is classified as listed in Colombia. |
FINANCIAL ASSETS INVESTMENTS 92
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 4) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | $ 2,741,344 | $ 1,137,456 |
Investments pledged as collateral in repo operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 2,622,409 | 918,650 |
Investments pledged as collateral in derivative operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 118,935 | 218,806 |
TES-Fixed rate [Member] | Greater 12 months | Investments pledged as collateral in repo operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 1,744,736 | 783,688 |
TES-Fixed rate [Member] | Greater 12 months | Investments pledged as collateral in derivative operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 78,688 | 147,221 |
TES-Fixed rate [Member] | Between 3 and 6 months | Investments pledged as collateral in repo operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 63,102 | |
TES-Fixed rate [Member] | Between 3 and 6 months | Investments pledged as collateral in derivative operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 22,037 | |
TES-Fixed rate [Member] | Between 6 and 12 months | Investments pledged as collateral in repo operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 877,673 | 3,212 |
TES-Fixed rate [Member] | Between 6 and 12 months | Investments pledged as collateral in derivative operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | $ 40,247 | 2,263 |
TES-Fixed rate [Member] | Less than 3 months | Investments pledged as collateral in repo operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | 68,648 | |
TES-Fixed rate [Member] | Less than 3 months | Investments pledged as collateral in derivative operations [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Total securities pledged as collateral | $ 47,285 |
FINANCIAL ASSETS INVESTMENTS 93
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 5) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | $ 1,134,372 | $ 1,677,970 |
Total, net | 188,519 | 365,520 |
Derivative financial liabilities | (945,853) | (1,312,450) |
Forward contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 172,682 | 316,991 |
Total, net | 25,236 | (10,042) |
Derivative financial liabilities | (147,446) | (327,033) |
Forward contract [member] | Foreign exchange contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 172,310 | 313,566 |
Derivative financial liabilities | (142,976) | (323,923) |
Forward contract [member] | Equity contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 372 | 3,425 |
Derivative financial liabilities | (4,470) | (3,110) |
Swap contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 946,695 | 1,313,682 |
Total, net | 165,231 | 372,256 |
Derivative financial liabilities | (781,464) | (941,426) |
Swap contract [member] | Foreign exchange contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 672,558 | 1,127,474 |
Derivative financial liabilities | (505,823) | (749,082) |
Swap contract [member] | Interest rate contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 274,137 | 186,208 |
Derivative financial liabilities | (275,641) | (192,344) |
Option contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 14,995 | 47,297 |
Total, net | (1,948) | 4,336 |
Derivative financial liabilities | (16,943) | (42,961) |
Option contract [member] | Foreign exchange contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 14,995 | 47,297 |
Derivative financial liabilities | (16,943) | (42,961) |
Futures contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 0 |
Total, net | 0 | (1,030) |
Derivative financial liabilities | 0 | (1,030) |
Futures contract [member] | Equity contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial liabilities | $ 0 | $ (1,030) |
FINANCIAL ASSETS INVESTMENTS 94
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 6) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | $ 7,009,473 | $ 8,408,283 |
Asset Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 39,778,272 | 40,874,636 |
Liability Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (32,768,799) | (32,466,353) |
Forward contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 555,575 | 849,013 |
Forward contract [member] | Foreign exchange contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 11,618,005 | 14,466,226 |
Forward contract [member] | Equity contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 1,010,557 | 696,348 |
Forward contract [member] | Asset Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 12,628,562 | 15,162,574 |
Forward contract [member] | Liability Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (12,072,987) | (14,313,561) |
Forward contract [member] | Foreign exchange contracts Liabilities [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (10,276,967) | (13,637,335) |
Forward contract [member] | Equity contracts Liabilities [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (1,796,020) | (676,226) |
Swap contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 2,490,966 | 4,266,863 |
Swap contract [member] | Foreign exchange contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 6,188,880 | 6,021,266 |
Swap contract [member] | Asset Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 22,504,581 | 21,130,701 |
Swap contract [member] | Liability Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (20,013,615) | (16,863,838) |
Swap contract [member] | Interest Rate contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 16,315,701 | 15,109,435 |
Swap contract [member] | Foreign exchange contracts Liabilities [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (4,163,466) | (3,614,135) |
Swap contract [member] | Interest Rate contracts Liabilities [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (15,850,149) | (13,249,703) |
Option contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 15,149 | 14,886 |
Option contract [member] | Foreign exchange contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 697,346 | 1,186,605 |
Option contract [member] | Asset Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 697,346 | 1,186,605 |
Option contract [member] | Liability Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (682,197) | (1,171,719) |
Option contract [member] | Foreign exchange contracts Liabilities [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | (682,197) | (1,171,719) |
Futures contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 3,947,783 | 3,277,521 |
Futures contract [member] | Foreign exchange contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 3,772,283 | 3,078,756 |
Futures contract [member] | Equity contracts Assets [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 175,500 | 316,000 |
Futures contract [member] | Asset Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 3,947,783 | 3,394,756 |
Futures contract [member] | Liability Contracts [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | 0 | (117,235) |
Futures contract [member] | Equity contracts Liabilities [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Notional amount | $ 0 | $ (117,235) |
FINANCIAL ASSETS INVESTMENTS 95
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 7) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | $ 1,134,372 | $ 1,677,970 |
Derivative financial liabilities | (945,853) | (1,312,450) |
Derivative financial Assets liabilities | 188,519 | 365,520 |
Up to 1 year [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 425,218 | 844,362 |
Derivative financial liabilities | (292,911) | (520,123) |
From 1 to 3 years [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 343,083 | 454,839 |
Derivative financial liabilities | (328,935) | (449,712) |
Over 3 years [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 366,071 | 378,769 |
Derivative financial liabilities | (324,007) | (342,615) |
Forward contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 172,682 | 316,991 |
Derivative financial liabilities | (147,446) | (327,033) |
Derivative financial Assets liabilities | 25,236 | (10,042) |
Forward contract [member] | Up to 1 year [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 170,299 | 309,036 |
Derivative financial liabilities | (141,326) | (311,382) |
Forward contract [member] | From 1 to 3 years [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 2,383 | 7,900 |
Derivative financial liabilities | (6,120) | (15,623) |
Forward contract [member] | Over 3 years [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 55 |
Derivative financial liabilities | 0 | (28) |
Swap contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 946,695 | 1,313,682 |
Derivative financial liabilities | (781,464) | (941,426) |
Derivative financial Assets liabilities | 165,231 | 372,256 |
Swap contract [member] | Up to 1 year [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 240,690 | 490,848 |
Derivative financial liabilities | (135,749) | (167,025) |
Swap contract [member] | From 1 to 3 years [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 339,934 | 444,120 |
Derivative financial liabilities | (321,708) | (431,814) |
Swap contract [member] | Over 3 years [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 366,071 | 378,714 |
Derivative financial liabilities | (324,007) | (342,587) |
Option contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 14,995 | 47,297 |
Derivative financial liabilities | (16,943) | (42,961) |
Derivative financial Assets liabilities | (1,948) | 4,336 |
Option contract [member] | Up to 1 year [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 14,229 | 44,478 |
Derivative financial liabilities | (15,836) | (40,686) |
Option contract [member] | From 1 to 3 years [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 766 | 2,819 |
Derivative financial liabilities | (1,107) | (2,275) |
Option contract [member] | Over 3 years [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Futures contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | (1,030) |
Derivative financial Assets liabilities | 0 | (1,030) |
Futures contract [member] | Up to 1 year [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | (1,030) |
Futures contract [member] | From 1 to 3 years [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Futures contract [member] | Over 3 years [Member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | $ 0 | $ 0 |
FINANCIAL ASSETS INVESTMENTS 96
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 8) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivative [Line Items] | ||
Collateral | $ 239,509 | $ 343,334 |
Derivatives Contracts [Member] | ||
Disclosure of financial assets investments and derivative [Line Items] | ||
Collateral | $ 264,700 | $ 343,334 |
FINANCIAL ASSETS INVESTMENTS 97
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 9) - Derivatives [member] $ in Millions, $ in Millions | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2016USD ($) |
Disclosure of financial assets investments and derivatives [Line Items] | ||||
Notional amount | $ 304,159 | $ 101,930 | $ 305,862 | $ 101,930 |
Fair value | $ (1,769) | $ (593) | $ (5,170) | $ (1,723) |
FINANCIAL ASSETS INVESTMENTS 98
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 10) - Derivative Hedged Item [Member] $ in Millions, $ in Millions | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2016USD ($) |
Disclosure of financial assets investments and derivatives [Line Items] | ||||
Notional amount | $ 304,159 | $ 101,930 | $ 305,862 | $ 101,930 |
Fair value | $ 341,229 | $ 114,353 | $ 340,511 | $ 113,477 |
FINANCIAL ASSETS INVESTMENTS 99
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details 11) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | $ 1,134,372 | $ 1,677,970 |
Deririvatives Liabilities | (945,853) | (1,312,450) |
Offsetting of derivatives, Derivatives Assets | 0 | 0 |
Offsetting of derivatives, Deririvatives Liabilities | 0 | 0 |
Net derivatives in statement of financial position, Derivatives Assets | 1,134,372 | 1,677,970 |
Net derivatives in statement of financial position, Deririvatives Liabilities | (945,853) | (1,312,450) |
Master netting agreements, Derivatives Assets | (894,863) | (1,221,565) |
Master netting agreements, Deririvatives Liabilities | 945,853 | 1,312,450 |
Cash collateral received/paid, Derivatives Assets | (239,509) | (343,334) |
Cash collateral received/paid, Deririvatives Liabilities | 0 | 0 |
Total derivatives assetss/ liabilities, Deririvatives Liabilities | 0 | 113,071 |
Total derivatives assetss/ liabilities, Deririvatives Liabilities | 0 | 0 |
Foreign exchange contracts [Member] | Swap contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | 672,558 | 1,127,474 |
Deririvatives Liabilities | (505,823) | (749,082) |
Foreign exchange contracts [Member] | Forward contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | 172,310 | 313,566 |
Deririvatives Liabilities | (142,976) | (323,923) |
Foreign exchange contracts [Member] | Option contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | 14,995 | 47,297 |
Deririvatives Liabilities | (16,943) | (42,961) |
Interest rate contracts [Member] | Swap contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | 274,137 | 186,208 |
Deririvatives Liabilities | (275,641) | (192,344) |
Equity contracts [Member] | Forward contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | 372 | 3,425 |
Deririvatives Liabilities | (4,470) | (3,110) |
Equity contracts [Member] | Futures contract [member] | ||
Disclosure of financial assets investments and derivatives [Line Items] | ||
Derivatives Assets | 0 | 0 |
Deririvatives Liabilities | $ 0 | $ (1,030) |
FINANCIAL ASSETS INVESTMENTS100
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details Textual) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017COP ($) | Dec. 31, 2016COP ($) | Dec. 31, 2015COP ($) | Dec. 21, 2017COP ($) | Dec. 21, 2017USD ($) | |||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets available-for-sale | $ 328,877,000,000 | $ 337,243,000,000 | |||||
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income | 38,884,000,000 | 232,617,000,000 | $ 137,323,000,000 | ||||
Reclassification adjustments on cash flow hedges for which hedged item affected profit or loss, net of tax | (12,112,000,000) | ||||||
Gains (losses) on cash flow hedges, net of tax | [1] | 0 | (12,112,000,000) | 6,378,000,000 | |||
Gain (loss) on change in fair value of hedged item used as basis for recognising hedge ineffectiveness | 2,614,000,000 | 3,493,000,000 | |||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | $ 36,762,000,000 | 327,272,000,000 | (1,665,422,000,000) | ||||
Percentage Increase In Corporate Bonds From Classification Of Debt Securities | 104.75% | ||||||
Financial assets | $ 16,377,253,000,000 | 13,060,653,000,000 | |||||
Notional amount | 7,009,473,000,000 | 8,408,283,000,000 | |||||
Fair value hedges [member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Gain (loss) on hedge ineffectiveness | 3,094,000,000 | 2,779,000,000 | (3,110,000,000) | ||||
Trading equity securities [member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Dividends received from investments accounted for using equity method, classified as investing activities | 11,951,000,000 | 9,317,000,000 | $ 9,605,000,000 | ||||
Financial assets | 1,517,830,000,000 | 1,388,172,000,000 | |||||
Debt securities [member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets | 14,859,423,000,000 | 11,672,481,000,000 | |||||
Debt securities [member] | Corporate bonds [Member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets | 1,079,663,000,000 | [2] | 527,883,000,000 | ||||
Financial assets at fair value through profit or loss, category [member] | FiduPeru S.A. Sociedad Fiduciaria [Member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets available-for-sale | 1,141,000,000 | ||||||
Financial assets at fair value through profit or loss, category [member] | Capital Investments SAFI S.A. [Member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets available-for-sale | 1,345,000,000 | ||||||
Financial assets at fair value through profit or loss, category [member] | Trading equity securities [member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets | 988,455,000,000 | 895,425,000,000 | |||||
Financial assets at fair value through profit or loss, category [member] | Debt securities [member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets | 10,701,855,000,000 | 8,537,562,000,000 | |||||
Financial assets at fair value through profit or loss, category [member] | Debt securities [member] | Corporate bonds [Member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets | $ 137,900,000,000 | [2] | $ 111,946,000,000 | ||||
Alternegy S.A. [Member] | Debt securities [member] | Corporate bonds [Member] | |||||||
Disclosure of financial assets investments and derivatives [Line Items] | |||||||
Financial assets | $ 446,047 | ||||||
Notional amount | $ 320 | ||||||
[1] | In 2016 the Bank's subsidiary, Banistmo, discontinued cash flow hedge accounting. For further information see Note 5.2. Derivatives Financial Instruments. | ||||||
[2] | Debt securities classified as Corporate Bonds, increased by 104.75% between December 31, 2017 and 2016 due to the purchase of Alternegy S.A. bonds by Banistmo on December 21 of 2017, which have a carrying value of COP 446,047. Banistmo acted as joint arranger with Banco General and underwriters of the bonds issued by Alternergy for an amount of up to US$320 million. |
LOANS AND ADVANCES TO CUSTOM101
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Debt instruments held | $ 160,468,094 | $ 151,747,486 | |
Loans and advances to customers | 152,244,991 | 145,125,575 | |
Commercial [Member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Debt instruments held | [1] | 88,997,241 | 86,259,708 |
Consumer loans [member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Debt instruments held | 27,646,114 | 23,925,279 | |
Mortage [Member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Debt instruments held | 20,512,208 | 19,155,852 | |
Financial leases [Member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Debt instruments held | 22,248,951 | 21,343,923 | |
Small Business Loans [Member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Debt instruments held | $ 1,063,580 | $ 1,062,724 | |
[1] | Includes loans to financial institutions amounting to COP 7,862,401 and COP 6,217,825 as of December 31, 2017 and December 31, 2016, respectively |
LOANS AND ADVANCES TO CUSTOM102
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | $ 6,621,911 | $ 5,248,755 | $ 4,789,257 | ||||
Allowance for loan of PA Leasing | 27,825 | ||||||
Discontinued operations | [1] | (282,098) | |||||
Provisions for loan losses | 6,585,597 | [2] | 5,149,131 | [3] | 4,060,254 | [4] | |
Charges-off | (2,275,300) | (1,533,202) | (1,422,055) | ||||
Recoveries | (2,706,038) | [2] | (2,218,892) | [3] | (2,175,395) | [4] | |
Translation adjustment | (3,067) | (51,706) | 278,792 | ||||
Balance | 8,223,103 | 6,621,911 | 5,248,755 | ||||
Compania de financiamiento Tuya S.A [Member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | 440,897 | 351,375 | 282,098 | ||||
Provisions for loan losses | 465,947 | [5] | 446,614 | [6] | |||
Charges-off | (228,757) | (236,196) | |||||
Recoveries | (147,668) | [5] | (141,141) | [6] | |||
Balance | 440,897 | 351,375 | |||||
Commercial [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | 3,499,791 | 2,694,965 | 2,360,488 | ||||
Allowance for loan of PA Leasing | 0 | ||||||
Discontinued operations | [1] | 0 | |||||
Provisions for loan losses | 3,594,310 | [2] | 2,684,559 | [3] | 2,671,337 | [4] | |
Charges-off | (792,145) | (489,573) | (711,257) | ||||
Recoveries | (1,783,649) | [2] | (1,379,288) | [3] | (1,709,293) | [4] | |
Translation adjustment | (4,127) | (10,872) | 83,690 | ||||
Balance | 4,514,180 | 3,499,791 | 2,694,965 | ||||
Consumer loans [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | 1,791,123 | 1,321,281 | 1,479,460 | ||||
Allowance for loan of PA Leasing | 0 | ||||||
Discontinued operations | [1] | (282,098) | |||||
Provisions for loan losses | 2,310,518 | [2] | 1,922,315 | [3] | 697,282 | [4] | |
Charges-off | (1,302,630) | (902,400) | (629,628) | ||||
Recoveries | (510,684) | [2] | (525,510) | [3] | (64,340) | [4] | |
Translation adjustment | 3,502 | (24,563) | 120,605 | ||||
Balance | 2,291,829 | 1,791,123 | 1,321,281 | ||||
Mortage [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | 653,936 | 572,772 | 456,983 | ||||
Allowance for loan of PA Leasing | 0 | ||||||
Discontinued operations | [1] | 0 | |||||
Provisions for loan losses | 284,392 | [2] | 225,291 | [3] | 145,663 | [4] | |
Charges-off | (37,677) | (24,619) | (12,765) | ||||
Recoveries | (253,578) | [2] | (109,912) | [3] | (63,632) | [4] | |
Translation adjustment | (1,972) | (9,596) | 46,523 | ||||
Balance | 645,101 | 653,936 | 572,772 | ||||
Financial leases [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | 567,046 | 579,151 | 415,766 | ||||
Allowance for loan of PA Leasing | 27,825 | ||||||
Discontinued operations | [1] | 0 | |||||
Provisions for loan losses | 276,687 | [2] | 221,694 | [3] | 498,092 | [4] | |
Charges-off | (77,762) | (74,900) | (31,723) | ||||
Recoveries | (133,986) | [2] | (180,537) | [3] | (328,183) | [4] | |
Translation adjustment | (583) | (6,187) | 25,199 | ||||
Balance | 631,402 | 567,046 | 579,151 | ||||
Small Business Loans [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Balance | 110,015 | 80,586 | 76,560 | ||||
Allowance for loan of PA Leasing | 0 | ||||||
Discontinued operations | [1] | 0 | |||||
Provisions for loan losses | 119,690 | [2] | 95,272 | [3] | 47,880 | [4] | |
Charges-off | (65,086) | (41,710) | (36,682) | ||||
Recoveries | (24,141) | [2] | (23,645) | [3] | (9,947) | [4] | |
Translation adjustment | 113 | (488) | 2,775 | ||||
Balance | $ 140,591 | $ 110,015 | $ 80,586 | ||||
[1] | As of December 31, 2015, Compañía de Financiamiento Tuya S.A. was considered as a discontinued operation, see Note 30 Discontinued Operation. In October 2016, this sale was completed. | ||||||
[2] | The provision for loan losses, net COP 3,879,559 differs from the COP 3,468,699 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 410,860 due to the recovery of charged-off loans. | ||||||
[3] | The provision for loan losses, net COP 2,930,239 differs from the COP 2,643,710 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 286,529 due to the recovery of charged-off loans. | ||||||
[4] | The provision for loan losses, net COP 1,884,859 differs from the COP 1,667,680 presented in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income in the amount of COP 217,179 due to the recovery of charged-off loans. | ||||||
[5] | The provision for loan losses net of COP 318,279 differs from the COP 323,290 presented in “Credit impairment charges on loans and advances and financial leases, net" in note 30. Discontinued operations, in the amount of COP 5,011 due to provision on off balance sheet credit exposures that is accounted for as a liability under IAS 37. | ||||||
[6] | The provision for loan losses net of COP 305,473 differs from the COP 324,309 presented in “Credit impairment charges on loans and advances and financial leases, net” in note 30 discontinued operations, in the amount of COP 18,836 due to the expense of the contingent component of credit cards. |
LOANS AND ADVANCES TO CUSTOM103
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Details 2) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||||
Gross investment in finance lease | $ 30,815,282 | $ 30,132,264 | ||
Minimum lease payments of other arrangements that do not include payments for non-lease elements | 22,248,951 | 21,343,923 | ||
Unearned finance income on finance lease | (8,566,331) | [1] | (8,788,341) | [2] |
Minimum finance lease payments receivable, at present value | 22,248,951 | 21,343,923 | ||
Minimum lease payments receivable under non-cancellable operating lease | (447,361) | (518,992) | ||
Net investment in finance lease | 21,801,590 | 20,824,931 | ||
Within 1 year [member] | ||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||||
Gross investment in finance lease | 759,852 | 835,177 | ||
Minimum lease payments of other arrangements that do not include payments for non-lease elements | 526,604 | 570,504 | ||
Over 1 year, but less than 5 years [member] | ||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||||
Gross investment in finance lease | 7,842,992 | 8,597,818 | ||
Minimum lease payments of other arrangements that do not include payments for non-lease elements | 6,188,894 | 6,667,322 | ||
Over 5 years [member] | ||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||||
Gross investment in finance lease | 22,212,438 | 20,699,269 | ||
Minimum lease payments of other arrangements that do not include payments for non-lease elements | $ 15,533,453 | $ 14,106,097 | ||
[1] | Future financial income: Total Gross Investment - Total Present Value of minimum payments | |||
[2] | Future financial income: Total Gross Investment - Total Present Value of minimum payments |
LOANS AND ADVANCES TO CUSTOM104
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Unsecured residual values | [1] | $ 56,451 | $ 64,614 |
Machinery [member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Unsecured residual values | [1] | 8,627 | 41,244 |
Automobile [member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Unsecured residual values | [1] | 26,841 | 4,264 |
Furniture and fixtures [member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Unsecured residual values | [1] | 62 | 45 |
Technology [Member] | |||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||
Unsecured residual values | [1] | $ 20,921 | $ 19,061 |
[1] | The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor. |
LOANS AND ADVANCES TO CUSTOM105
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Details 4) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||
Minimum Payments Under Operating Leases | $ 1,226,026 | $ 1,102,687 |
Within 1 year [member] | ||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||
Minimum Payments Under Operating Leases | 110,993 | 140,883 |
Over 1 year, but less than 5 years [member] | ||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||
Minimum Payments Under Operating Leases | 960,037 | 823,035 |
Over 5 years [member] | ||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | ||
Minimum Payments Under Operating Leases | $ 154,996 | $ 138,769 |
LOANS AND ADVANCES TO CUSTOM106
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Details Textual) - COP ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Reversal, allowance account for credit losses of financial assets | $ 2,706,038 | [1] | $ 2,218,892 | [2] | $ 2,175,395 | [3] | |
Loans and advances to banks | 7,862,401 | 6,217,825 | |||||
Allowance account for credit losses of financial assets | 8,223,103 | 6,621,911 | 5,248,755 | $ 4,789,257 | |||
Impairment loss recognised in profit or loss | $ 173,339 | 0 | 0 | ||||
Bottom of range [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 1 year | ||||||
Top of range [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||||
Compania de financiamiento Tuya S.A [Member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Reversal, allowance account for credit losses of financial assets | 147,668 | [4] | 141,141 | [5] | |||
Allowance account for credit losses of financial assets | 440,897 | 351,375 | $ 282,098 | ||||
Impairment loss recognised in profit or loss | 323,290 | 324,309 | |||||
Loans and receivables, category [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Reversal, allowance account for credit losses of financial assets | $ 410,860 | 286,529 | |||||
Loans and receivables, category [member] | Compania de financiamiento Tuya S.A [Member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Reversal, allowance account for credit losses of financial assets | $ 5,011 | 18,836 | |||||
Credit impairment charges [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Allowance account for credit losses of financial assets | $ 3,879,559 | ||||||
Impairment loss recognised in profit or loss | 1,667,680 | ||||||
Credit impairment charges [member] | Loans and receivables, category [member] | |||||||
Disclosure Of Loans And Advances To Customers Explanatory [Line Items] | |||||||
Reversal, allowance account for credit losses of financial assets | $ 217,179 | ||||||
[1] | The provision for loan losses, net COP 3,879,559 differs from the COP 3,468,699 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 410,860 due to the recovery of charged-off loans. | ||||||
[2] | The provision for loan losses, net COP 2,930,239 differs from the COP 2,643,710 presents in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income, in the amount of COP 286,529 due to the recovery of charged-off loans. | ||||||
[3] | The provision for loan losses, net COP 1,884,859 differs from the COP 1,667,680 presented in the line “Credit impairment charges on loans and advances and financial leases, net” of the Consolidated Statement of Income in the amount of COP 217,179 due to the recovery of charged-off loans. | ||||||
[4] | The provision for loan losses net of COP 318,279 differs from the COP 323,290 presented in “Credit impairment charges on loans and advances and financial leases, net" in note 30. Discontinued operations, in the amount of COP 5,011 due to provision on off balance sheet credit exposures that is accounted for as a liability under IAS 37. | ||||||
[5] | The provision for loan losses net of COP 305,473 differs from the COP 324,309 presented in “Credit impairment charges on loans and advances and financial leases, net” in note 30 discontinued operations, in the amount of COP 18,836 due to the expense of the contingent component of credit cards. |
INVESTMENTS IN ASSOCIATES AN107
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure Of Interests In Other Entities Explanatory [Abstract] | |||||
Investments in associates | [1] | $ 1,327,610 | $ 940,364 | ||
Investments in Joint ventures | 237,449 | 357,882 | |||
Total | $ 1,565,059 | [2] | $ 1,298,246 | [3] | |
[1] | As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. | ||||
[2] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | ||||
[3] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. |
INVESTMENTS IN ASSOCIATES AN108
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details 1) - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Accumulated other comprehensive income | $ 2,546,259 | [1] | $ 2,076,149 | [2] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (11,547) | [3] | (1,718) | [4],[5] | $ (23,781) | |
Other comprehensive income, net of tax, exchange differences on translation | 412,878 | [6] | (672,684) | [7] | $ 3,091,491 | |
Investments in associates | [8] | 1,327,610 | 940,364 | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 239,333 | [3],[9] | $ 64,301 | [4],[10] | ||
Proteccion S.A. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Administration of pension funds and severances | Administration of pension funds and severances | [11] | |||
Principal place of business of associate | Colombia | Colombia | [11] | |||
Proportion of ownership interest in associate | 20.58% | 20.58% | [11] | |||
Accumulated other comprehensive income | $ 12,465 | [1] | $ 11,229 | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 1,236 | [3] | 725 | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6] | 0 | [7],[11] | ||
Investments in associates | 471,312 | 434,318 | [11] | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 72,576 | [9] | $ 54,304 | [10],[11] | ||
PA Viva Malls [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Development and operation of commercial spaces | Development and operation of commercial spaces | [12] | |||
Principal place of business of associate | Colombia | Colombia | [12] | |||
Proportion of ownership interest in associate | 49.00% | [13] | 30.68% | [12] | ||
Accumulated other comprehensive income | $ 0 | [1] | $ 0 | [2],[12] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [3] | 0 | [4],[12] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6] | 0 | [7],[12] | ||
Investments in associates | 757,886 | 388,595 | [12] | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 144,146 | [9] | $ 0 | [10],[12] | ||
Titularizadora Colombiana S.A. Hitos [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Mortgage portfolio securities | [14] | Mortgage portfolio securities | [11] | ||
Principal place of business of associate | Colombia | [14] | Colombia | [11] | ||
Proportion of ownership interest in associate | 26.98% | [14] | 26.98% | [11] | ||
Accumulated other comprehensive income | $ (1,389) | [1],[14] | $ (621) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (768) | [3],[14] | 11 | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 35,346 | [14] | 35,930 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 3,305 | [9],[14] | $ 2,619 | [10],[11] | ||
Redeban Multicolor S.A. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Network data transmission services | [14] | Network data transmission services | [11] | ||
Principal place of business of associate | Colombia | [14] | Colombia | [11] | ||
Proportion of ownership interest in associate | 20.36% | [14] | 20.36% | [11] | ||
Accumulated other comprehensive income | $ (651) | [1],[14] | $ (651) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [3],[14] | (49) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 17,951 | [14] | 17,006 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 1,906 | [9],[14] | $ 319 | [10],[11] | ||
Avefarma S.A.S [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Manufacture and distribution of glass packing for pharmaceutical products | [14],[15] | Manufacture and distribution of glass packing for pharmaceutical products | [11] | ||
Principal place of business of associate | Colombia | [14],[15] | Colombia | [11] | ||
Proportion of ownership interest in associate | 21.00% | [14],[15] | 21.00% | [11] | ||
Accumulated other comprehensive income | $ (11,704) | [1],[14],[15] | $ (873) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (10,831) | [3],[14] | (1,202) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 0 | [14],[15] | 12,079 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 6,307 | [9],[14],[15] | $ (2,378) | [10],[11] | ||
Panamerican Pharmaceutical Holding Inc. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Advisory services, consultation, representation, agent for individuals or company | [14],[15] | Advisory services, consultation, representation, agent for individuals or company | [11] | ||
Principal place of business of associate | Panama | [14],[15] | Panama | [11] | ||
Proportion of ownership interest in associate | 21.00% | [14],[15] | 21.00% | [11] | ||
Accumulated other comprehensive income | $ (1,417) | [1],[14],[15] | $ (1,613) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 196 | [3],[14] | (1,863) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | (67) | [14],[15] | 2,934 | [7],[11] | ||
Investments in associates | 0 | [14],[15] | 9,820 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ (1,171) | [9],[14],[15] | $ (1,196) | [10],[11] | ||
Internacional Ejecutiva de Aviacion S.A.S. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Aircraft and aircraft travel | [14] | Aircraft and aircraft travel | [11] | ||
Principal place of business of associate | Colombia | [14] | Colombia | [11] | ||
Proportion of ownership interest in associate | 33.33% | [14] | 33.33% | [11] | ||
Accumulated other comprehensive income | $ 209 | [1],[14] | $ 209 | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [3],[14] | 209 | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 10,707 | [14] | 9,636 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 1,071 | [9],[14] | $ 1,038 | [10],[11] | ||
Reintegra S.A.S. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Collections and recovery of portfolio | [14] | Collections and recovery of portfolio | [11] | ||
Principal place of business of associate | Colombia | [14] | Colombia | [11] | ||
Proportion of ownership interest in associate | 46.00% | [14] | 46.00% | [11] | ||
Accumulated other comprehensive income | $ 1,742 | [1],[14] | $ 3,496 | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (1,754) | [3],[14] | 805 | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 7,155 | [14] | 8,604 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 1,471 | [9],[14] | $ (1,309) | [10],[11] | ||
ACH Colombia S.A. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Electronic transfer services | [14] | Electronic transfer services | [11] | ||
Principal place of business of associate | Colombia | [14] | Colombia | [11] | ||
Proportion of ownership interest in associate | 19.94% | [14] | 19.94% | [11] | ||
Accumulated other comprehensive income | $ (952) | [1],[14] | $ (952) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [3],[14] | (878) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 7,338 | [14] | 6,223 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 3,109 | [9],[14] | $ 3,129 | [10],[11] | ||
Concesiones CCFC S.A. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Construction of public works through an awarding system | Construction of public works through an awarding system | [11] | |||
Principal place of business of associate | Colombia | Colombia | [11] | |||
Proportion of ownership interest in associate | 25.50% | 25.50% | [11] | |||
Accumulated other comprehensive income | $ (756) | [1] | $ (753) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (3) | [3],[14] | (4) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6] | 0 | [7],[11] | ||
Investments in associates | 9,383 | 5,742 | [11] | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 6,756 | [9] | $ 6,606 | [10],[11] | ||
Servicio Salvadoreno de Proteccion, S. A. de C.V. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Custodial services and transfer of monetary types | [14] | Custodial services and transfer of monetary types | [11] | ||
Principal place of business of associate | El Salvador | [14] | El Salvador | [11] | ||
Proportion of ownership interest in associate | 24.40% | [14] | 24.40% | [11] | ||
Accumulated other comprehensive income | $ (727) | [1],[14] | $ (965) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 238 | [3],[14] | 957 | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 153 | [6],[14] | 13 | [7],[11] | ||
Investments in associates | 6,219 | [14] | 5,448 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 418 | [9],[14] | $ 436 | [10],[11] | ||
Servicios Financieros, S.A. de C.V. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Processing of financial transactions and electronic payment methods | [14] | Processing of financial transactions and electronic payment methods | [11] | ||
Principal place of business of associate | El Salvador | [14] | El Salvador | [11] | ||
Proportion of ownership interest in associate | 46.72% | [14] | 46.72% | [11] | ||
Accumulated other comprehensive income | $ 9 | [1],[14] | $ 9 | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [3],[14] | (93) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | (5) | [6],[14] | 62 | [7],[11] | ||
Investments in associates | 3,302 | [14] | 3,550 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ (226) | [9],[14] | $ 56 | [10],[11] | ||
Glassfarma Tech S.A.S [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Manufacturing, elaboration and commercialization of packages and pharmaceutical products | [14],[15] | Manufacturing, elaboration and commercialization of packages and pharmaceutical products | [11] | ||
Principal place of business of associate | Colombia | [14],[15] | Colombia | [11] | ||
Proportion of ownership interest in associate | 21.00% | [14],[15] | 21.00% | [11] | ||
Accumulated other comprehensive income | $ 127 | [1],[14],[15] | $ (12) | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 139 | [3],[14] | (348) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | 0 | [6],[14] | 0 | [7],[11] | ||
Investments in associates | 0 | [14],[15] | 2,522 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ (458) | [9],[14],[15] | $ 425 | [10],[11] | ||
ACH de El Salvador, S. A. de C.V. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | Electronic transfer services | [14] | Electronic transfer services | [11] | ||
Principal place of business of associate | El Salvador | [14] | El Salvador | [11] | ||
Proportion of ownership interest in associate | 24.40% | [14] | 24.40% | [11] | ||
Accumulated other comprehensive income | $ 6 | [1],[14] | $ 6 | [2],[11] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [3],[14] | (58) | [4],[11] | ||
Other comprehensive income, net of tax, exchange differences on translation | (1) | [6],[14] | 20 | [7],[11] | ||
Investments in associates | 1,011 | [14] | 891 | [11] | ||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 123 | [9],[14] | $ 210 | [10],[11] | ||
Multiactivos S.A. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | [16] | Securitization of non-mortgage assets | ||||
Principal place of business of associate | [16] | Colombia | ||||
Proportion of ownership interest in associate | [16] | 0.00% | ||||
Accumulated other comprehensive income | [2],[16] | $ 0 | ||||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | [4],[16] | 70 | ||||
Other comprehensive income, net of tax, exchange differences on translation | [7],[16] | 0 | ||||
Investments in associates | [16] | 0 | ||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | [10],[16] | $ 183 | ||||
Concesiones Urbanas S.A. [Member] | ||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||||
Principal Business Of Associate | [17] | Construction of civil engineering projects | ||||
Principal place of business of associate | [17] | Colombia | ||||
Proportion of ownership interest in associate | [17] | 0.00% | ||||
Accumulated other comprehensive income | [2],[17] | $ 0 | ||||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | [4],[17] | 0 | ||||
Other comprehensive income, net of tax, exchange differences on translation | [7],[17] | 0 | ||||
Investments in associates | [17] | 0 | ||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | [10],[17] | $ (141) | ||||
[1] | Corresponds to the accumulated other comprehensive income as of December 31, 2017. | |||||
[2] | Corresponds to the accumulated other comprehensive income as of December 31, 2016. | |||||
[3] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. | |||||
[4] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. | |||||
[5] | See Consolidated Statement of Comprehensive income | |||||
[6] | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017. | |||||
[7] | Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016. | |||||
[8] | As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. | |||||
[9] | Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees | |||||
[10] | Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees | |||||
[11] | For the purposes of applying the equity method of accounting, financial statements at November 30, 2016 have been used, due to the fact that no more recent financial information was available. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2016. | |||||
[12] | PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate. | |||||
[13] | As of December 31, 2017 the increses of ownership interest is related to capital contributions during the year 2017 | |||||
[14] | For the purposes of applying the equity method of accounting, financial statements at November 30, 2017 have been used, except for Redeban Multicolor S.A., for which we use the financial statements ended at October 31, 2017. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2017. | |||||
[15] | As of December 31, 2017 the Bank classified the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc as "assets held for sale", due to the fact that the management has currently been implementing a plan to sell these assets. See note 12 assets held for sale and inventories. | |||||
[16] | On October 19, 2016 Multiactivos S.A was wound up. | |||||
[17] | On November 23, 2016 Concesiones Urbanas S.A was wound up. |
INVESTMENTS IN ASSOCIATES AN109
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details 2) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||
Assets | $ 203,908,211 | $ 196,261,044 | ||
Liabilities | 179,478,661 | 173,784,064 | ||
Profits (loss) | 2,754,173 | 2,791,450 | $ 2,586,385 | |
Dividends | [1] | (32,248) | (39,785) | $ (23,833) |
Proteccion S.A. [Member] | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||
Assets | [2] | 2,125,552 | 1,901,016 | |
Liabilities | [2] | 663,326 | 618,573 | |
Income from ordinary activities | [2] | 1,227,139 | 1,115,206 | |
Profits (loss) | [2] | 343,345 | 226,554 | |
Dividends | [2] | 36,825 | 34,163 | |
Titularizadora Colombiana S.A. Hitos [Member] | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||
Assets | 614,032 | 500,950 | ||
Liabilities | 487,073 | 371,827 | ||
Income from ordinary activities | 35,714 | 34,185 | ||
Profits (loss) | 8,161 | 8,019 | ||
Dividends | 3,121 | $ 3,873 | ||
PA Viva Malls [Member] | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||
Assets | [3] | 1,262,837 | ||
Liabilities | [3] | 29,499 | ||
Income from ordinary activities | [3] | 380,612 | ||
Profits (loss) | [3] | 235,647 | ||
Dividends | [3] | $ 35,278 | ||
[1] | Dividends received from equity investments at fair value through profit or loss as of 31, December of 2017, 2016 and 2015 amount COP 20,297, COP 30,468 and COP 14,228, respectively. Dividends from equity investments at fair value through OCI amount COP 11,951, COP 9,317 and 9,605, respectively. | |||
[2] | The difference between the net assets of Protección S.A. multiplied by the Bank’s percentage of ownership which amounted to COP 300,926 and COP 263,927 for the years ended at December 31, 2017 and 2016, respectively and the carrying amount of the Bank’s interest in the associate; represents the goodwill recognized by the Bank amounting to COP 170,434. | |||
[3] | The difference between the net assets of P.A. Viva Malls multiplied by the Bank’s percentage of ownership which amounted to COP 604,336 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents an adjustment amounted to COP 153,550 related to contractual terms with respect to the recognition of benefits. |
INVESTMENTS IN ASSOCIATES AN110
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details 3) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||
Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax | $ 14,269 | [1] | $ (4,047) | [2] | |
Accumulated other comprehensive income | 2,546,259 | [3] | 2,076,149 | [4] | |
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | 239,333 | [1],[5] | 64,301 | [2],[6] | |
Investments in joint ventures | $ 237,449 | $ 357,882 | |||
Compania de financiamiento Tuya S.A [Member] | |||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||
Principal Business of Joint Venture | Financing company | [7] | Financing company | [8] | |
Principal place of business of joint venture | Colombia | [7] | Colombia | [8] | |
Proportion of ownership interest in joint venture | 50.00% | [7] | 50.00% | [8] | |
Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax | $ 20,778 | [1],[7] | $ (7,801) | [2],[8] | |
Accumulated other comprehensive income | 0 | [3],[7] | 0 | [4],[8] | |
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | 0 | [5],[7] | 0 | [6],[8] | |
Investments in joint ventures | $ 225,548 | [7] | $ 348,480 | [8] | |
Fideicomiso Ruta del Sol - compartimento A [Member] | |||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||
Principal Business of Joint Venture | Investment in infrastructure projects | [9] | Investment in infrastructure projects | ||
Principal place of business of joint venture | Colombia | [9] | Colombia | ||
Proportion of ownership interest in joint venture | 50.00% | [9] | 50.00% | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax | $ (6,385) | [1],[9] | $ 778 | [2] | |
Accumulated other comprehensive income | 13 | [3] | 13 | [4] | |
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | 0 | [5],[9] | 0 | [6] | |
Investments in joint ventures | $ 0 | [9] | $ 6,376 | ||
Servicios de Aceptacion S.A [Member] | |||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||
Principal Business of Joint Venture | Network data transmission services | Network data transmission services | [10] | ||
Principal place of business of joint venture | Colombia | Colombia | [10] | ||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | [10] | ||
Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax | $ 1,663 | [1] | $ 2,976 | [2],[10] | |
Accumulated other comprehensive income | 0 | [3] | 0 | [4],[10] | |
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | 0 | [5] | 0 | [6],[10] | |
Investments in joint ventures | $ 4,688 | $ 3,026 | [10] | ||
Puntos Colombia S.A.S [Member] | |||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||
Principal Business of Joint Venture | [11] | Administration of the customers loyalty | |||
Principal place of business of joint venture | [11] | Colombia | |||
Proportion of ownership interest in joint venture | [11] | 50.00% | |||
Share of other comprehensive income of associates and joint ventures accounted for using equity method, net of tax | [1],[11] | $ (1,787) | |||
Accumulated other comprehensive income | [3],[11] | 0 | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | [5],[11] | 0 | |||
Investments in joint ventures | [11] | $ 7,213 | |||
[1] | Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees | ||||
[2] | Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees | ||||
[3] | Corresponds to the accumulated other comprehensive income as of December 31, 2017. | ||||
[4] | Corresponds to the accumulated other comprehensive income as of December 31, 2016. | ||||
[5] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. | ||||
[6] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. | ||||
[7] | On December 2017, given the continued impairment of the consumer loans portfolio of the company during 2017, the Bank management performed a valuation, to establish the fair value of the Compañía de Financiamiento TUYA S.A.As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the statement of income for COP 173,339. See note 29 Fair value for assets and liabilities. | ||||
[8] | On October 30, 2016 the Bank sold 50% of Compañía de Financiemiento TUYA S.A. The table above presents the recognition of the Equity Method after loss of control. The difference between the net assets of Tuya multiplied by the Bank’s percentage of ownership which amounted to COP 22,550 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 275,930. | ||||
[9] | Given the losses of Fideicomiso Ruta del Sol - compartimento A for the year 2017, the recognition of the equity method resulting in a reduction of the total book value of the investment. | ||||
[10] | In June 2016. Joint venture with First Data was created with the purpose of generating an alliance that promotes the business of using credit and debit cards in commercial establishments. | ||||
[11] | In June 2017, Banca de Inversión Bancolombia formed a joint venture with Grupo Éxito. The purpose of the company is the developing and administration of customer. |
INVESTMENTS IN ASSOCIATES AN111
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details 4) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||
Assets | $ 203,908,211 | $ 196,261,044 | ||
Liabilities | 179,478,661 | 173,784,064 | ||
Profits (loss) | 2,754,173 | 2,791,450 | $ 2,586,385 | |
Dividends | [1] | (32,248) | (39,785) | $ (23,833) |
Compania de financiamiento Tuya S.A [Member] | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||||
Assets | 2,571,106 | 2,474,730 | ||
Liabilities | 2,293,239 | 2,329,631 | ||
Income from ordinary activities | 1,344,712 | 1,153,155 | ||
Profits (loss) | 41,556 | (13,257) | ||
Dividends | $ 371 | $ 0 | ||
[1] | Dividends received from equity investments at fair value through profit or loss as of 31, December of 2017, 2016 and 2015 amount COP 20,297, COP 30,468 and COP 14,228, respectively. Dividends from equity investments at fair value through OCI amount COP 11,951, COP 9,317 and 9,605, respectively. |
INVESTMENTS IN ASSOCIATES AN112
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details Textual) - COP ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2016 | ||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||||
Investments in associates | [1] | $ 1,327,610 | $ 940,364 | ||||
Proportion of ownership interests held by non-controlling interests | 49.00% | ||||||
Percentage of voting equity interests acquired | 50.00% | ||||||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (11,547) | [2] | $ (1,718) | [3],[4] | $ (23,781) | ||
Adjustments for undistributed profits of investments accounted for using equity method | [6] | (253,602) | [5] | (60,254) | [7] | (122,477) | |
Other comprehensive income, before tax, exchange differences on translation | 1,514 | ||||||
Dividends received from associates, classified as investing activities | 30,320 | ||||||
Fair value of investments in associates for which there are quoted market prices | 757,886 | 434,318 | |||||
Investments in associates accounted for using equity method | 569,724 | 506,046 | |||||
Impairment loss recognised in profit or loss | 173,339 | $ 0 | $ 0 | ||||
Grupo Agromercantil Holding S.A. [Member] | |||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||||
Proportion of ownership interests held by non-controlling interests | 51.00% | ||||||
Compania de financiamiento Tuya S.A [Member] | |||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||||
Net asset value of investment in associates | 22,550 | ||||||
Additional recognition, goodwill | 275,930 | ||||||
Impairment loss recognised in profit or loss | 173,339 | ||||||
Fideicomiso Ruta del Sol - Compartimiento A [Member] | |||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||||
Estimated financial effect of contingent liabilities | 12,342 | ||||||
PA Viva Malls [Member] | |||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||||
Investments in associates | 757,886 | $ 388,595 | [8] | ||||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 0 | [2] | 0 | [3],[8] | |||
Net asset value of investment in associates | 604,336 | ||||||
Adjustments for recognition of benefits | 153,550 | ||||||
Proteccion S.A. [Member] | |||||||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||||||
Investments in associates | 471,312 | 434,318 | [9] | ||||
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | 1,236 | [2] | 725 | [3],[9] | |||
Net asset value of investment in associates | 300,926 | $ 263,927 | |||||
Additional recognition, goodwill | $ 170,434 | ||||||
[1] | As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. | ||||||
[2] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017. | ||||||
[3] | Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016. | ||||||
[4] | See Consolidated Statement of Comprehensive income | ||||||
[5] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | ||||||
[6] | For further information, see note 7 investments in associates and joint ventures | ||||||
[7] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | ||||||
[8] | PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate. | ||||||
[9] | For the purposes of applying the equity method of accounting, financial statements at November 30, 2016 have been used, due to the fact that no more recent financial information was available. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2016. |
GOODWILL AND INTANGIBLE ASSE113
GOODWILL AND INTANGIBLE ASSETS, NET (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about intangible assets [abstract] | |||
Intangible assets | $ 535,465 | $ 563,942 | |
Goodwill | 6,095,959 | 6,130,095 | $ 6,484,669 |
Total | $ 6,631,424 | $ 6,694,037 |
GOODWILL AND INTANGIBLE ASSE114
GOODWILL AND INTANGIBLE ASSETS, NET (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | $ 563,942 | ||
Intangible assets at ending period | 535,465 | $ 563,942 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 845,330 | 1,391,536 | |
Acquisitions | 70,681 | 122,729 | |
Write off | (24,296) | (636,826) | [1] |
Foreign currency translation adjustment | (3,704) | (32,109) | |
Intangible assets at ending period | 888,011 | 845,330 | |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | (281,388) | (783,950) | |
Write off | 44,690 | 641,989 | |
Amortization expense | (116,752) | (149,776) | |
Foreign currency translation adjustment | 904 | 10,349 | |
Intangible assets at ending period | (352,546) | (281,388) | |
Trademarks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 15,208 | ||
Intangible assets at ending period | 12,602 | 15,208 | |
Trademarks [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 17,741 | 18,620 | |
Acquisitions | 0 | 0 | |
Write off | 0 | 0 | [1] |
Foreign currency translation adjustment | (99) | (879) | |
Intangible assets at ending period | 17,642 | 17,741 | |
Trademarks [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | (2,533) | 0 | |
Write off | 0 | 0 | |
Amortization expense | (2,493) | (2,578) | |
Foreign currency translation adjustment | (14) | 45 | |
Intangible assets at ending period | (5,040) | (2,533) | |
Licenses, software and computer applications [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 298,798 | ||
Intangible assets at ending period | 338,410 | 298,798 | |
Licenses, software and computer applications [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 503,094 | 1,032,334 | |
Acquisitions | 70,681 | 122,729 | |
Write off | (24,296) | (636,826) | [1] |
Foreign currency translation adjustment | (1,798) | (15,143) | |
Intangible assets at ending period | 547,681 | 503,094 | |
Licenses, software and computer applications [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | (204,296) | (783,950) | |
Write off | 44,690 | 641,989 | |
Amortization expense | (50,673) | (71,540) | |
Foreign currency translation adjustment | 1,008 | 9,205 | |
Intangible assets at ending period | (209,271) | (204,296) | |
Client relationships [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 249,936 | ||
Intangible assets at ending period | 184,453 | 249,936 | |
Client relationships [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | 324,495 | 340,582 | |
Acquisitions | 0 | 0 | |
Write off | 0 | 0 | [1] |
Foreign currency translation adjustment | (1,807) | (16,087) | |
Intangible assets at ending period | 322,688 | 324,495 | |
Client relationships [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets at beginning period | (74,559) | 0 | |
Write off | 0 | 0 | |
Amortization expense | (63,586) | (75,658) | |
Foreign currency translation adjustment | (90) | 1,099 | |
Intangible assets at ending period | $ (138,235) | $ (74,559) | |
[1] | In 2016, the Parent Company noticed that some licenses, software and computer applications amounting to COP 549,191 were recognized on the balance sheet even though their useful life were completely amortized and the Bank did not use them for several years. This amount has been written off. |
GOODWILL AND INTANGIBLE ASSE115
GOODWILL AND INTANGIBLE ASSETS, NET (Details 2) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | ||
Balance | $ 6,130,095 | $ 6,484,669 |
Effect of change in foreign exchange rate | (34,136) | (354,574) |
Balance | $ 6,095,959 | $ 6,130,095 |
GOODWILL AND INTANGIBLE ASSE116
GOODWILL AND INTANGIBLE ASSETS, NET (Details 3) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill 2,017 | $ 6,095,959 | $ 6,130,095 | $ 6,484,669 |
Banking El Salvador [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill 2,017 | $ 842,126 | ||
Valuation Methodology | Discounted cash flow | ||
Key Assumptions | 5 years plan | ||
Discount Rate (real) | 12.30% | ||
Growth rate (real) | 3.40% | ||
Banking Panama [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill 2,017 | $ 4,557,380 | ||
Valuation Methodology | Discounted cash flow | ||
Key Assumptions | 5 years plan | ||
Discount Rate (real) | 8.90% | ||
Growth rate (real) | 6.70% | ||
Banking Guatemala [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill 2,017 | $ 696,453 | ||
Valuation Methodology | Discounted cash flow | ||
Key Assumptions | 5 years plan | ||
Discount Rate (real) | 11.30% | ||
Growth rate (real) | 5.30% |
GOODWILL AND INTANGIBLE ASSE117
GOODWILL AND INTANGIBLE ASSETS, NET (Details 4) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Banking Panama [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 8.90% | |
Growth rate used to extrapolate cash flow projections | 6.70% | |
Discount Rate [Member] | Banking Panama [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 8.90% | 9.50% |
Discount Rate [Member] | Banking Panama [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 9.15% | 9.75% |
Recoverable amount of asset or cash-generating unit | $ 9,750,408 | $ 8,690,384 |
Discount Rate [Member] | Banking Panama [Member] | Weighted average [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 8.90% | 9.50% |
Recoverable amount of asset or cash-generating unit | $ 10,939,812 | $ 9,444,020 |
Discount Rate [Member] | Banking Panama [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 8.65% | 9.25% |
Recoverable amount of asset or cash-generating unit | $ 12,435,319 | $ 10,339,834 |
Discount Rate [Member] | Banking Banking El Salvador [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 12.30% | 12.20% |
Discount Rate [Member] | Banking Banking El Salvador [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 12.55% | 12.45% |
Recoverable amount of asset or cash-generating unit | $ 2,520,931 | $ 2,736,320 |
Discount Rate [Member] | Banking Banking El Salvador [Member] | Weighted average [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 12.30% | 12.20% |
Recoverable amount of asset or cash-generating unit | $ 2,588,656 | $ 2,803,464 |
Discount Rate [Member] | Banking Banking El Salvador [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 12.05% | 11.95% |
Recoverable amount of asset or cash-generating unit | $ 2,660,269 | $ 2,874,488 |
Discount Rate [Member] | Banking Banking Guatemala [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 11.30% | 11.60% |
Discount Rate [Member] | Banking Banking Guatemala [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 11.55% | 11.85% |
Recoverable amount of asset or cash-generating unit | $ 2,239,238 | $ 2,096,380 |
Discount Rate [Member] | Banking Banking Guatemala [Member] | Weighted average [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 11.30% | 11.60% |
Recoverable amount of asset or cash-generating unit | $ 2,339,936 | $ 2,187,604 |
Discount Rate [Member] | Banking Banking Guatemala [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate applied to cash flow projections | 11.05% | 11.35% |
Recoverable amount of asset or cash-generating unit | $ 2,449,482 | $ 2,286,466 |
Growth Rate [Member] | Banking Panama [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 6.70% | 6.60% |
Growth Rate [Member] | Banking Panama [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 10,161,356 | $ 8,950,634 |
Growth rate used to extrapolate cash flow projections | 6.45% | 6.35% |
Growth Rate [Member] | Banking Panama [Member] | Weighted average [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 10,939,812 | $ 9,444,020 |
Growth rate used to extrapolate cash flow projections | 6.70% | 6.60% |
Growth Rate [Member] | Banking Panama [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 11,917,875 | $ 10,030,497 |
Growth rate used to extrapolate cash flow projections | 6.95% | 6.85% |
Growth Rate [Member] | Banking Banking El Salvador [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 3.40% | 3.40% |
Growth Rate [Member] | Banking Banking El Salvador [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,564,330 | $ 2,774,994 |
Growth rate used to extrapolate cash flow projections | 3.15% | 3.15% |
Growth Rate [Member] | Banking Banking El Salvador [Member] | Weighted average [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,588,656 | $ 2,803,464 |
Growth rate used to extrapolate cash flow projections | 3.40% | 3.40% |
Growth Rate [Member] | Banking Banking El Salvador [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,614,375 | $ 2,833,601 |
Growth rate used to extrapolate cash flow projections | 3.65% | 3.65% |
Growth Rate [Member] | Banking Banking Guatemala [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 5.30% | 5.30% |
Growth Rate [Member] | Banking Banking Guatemala [Member] | Bottom of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,295,042 | $ 2,150,867 |
Growth rate used to extrapolate cash flow projections | 5.05% | 5.05% |
Growth Rate [Member] | Banking Banking Guatemala [Member] | Weighted average [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,339,936 | $ 2,187,604 |
Growth rate used to extrapolate cash flow projections | 5.30% | 5.30% |
Growth Rate [Member] | Banking Banking Guatemala [Member] | Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,388,737 | $ 2,227,376 |
Growth rate used to extrapolate cash flow projections | 5.55% | 5.55% |
GOODWILL AND INTANGIBLE ASSE118
GOODWILL AND INTANGIBLE ASSETS, NET (Details Textual) $ in Millions, $ in Millions | Oct. 01, 2013USD ($) | Sep. 30, 2015COP ($)shares | Dec. 31, 2017COP ($) | Dec. 31, 2016COP ($) | Dec. 31, 2015COP ($) | Oct. 31, 2016 | Dec. 30, 2015 | Sep. 30, 2015USD ($) | Dec. 18, 2012 |
Disclosure of detailed information about intangible assets [line items] | |||||||||
Fully Amortised Intangible Assets Still in Use, Write off | $ 549,191 | ||||||||
Research and development expense | $ 422 | 16,715 | $ 8,344 | ||||||
Intangible Assets Controlled by Entity but not Recognised | $ 23,180 | $ 16,217 | $ 3,583 | ||||||
Percentage of voting equity interests acquired | 50.00% | ||||||||
Common Share Percentage On On Subscribed And Paid capital | 20.00% | 20.00% | |||||||
Consideration transferred, acquisition-date fair value | $ 217,000 | $ 151,500 | |||||||
Description of terms of shares reserved for issue under options and contracts for sale of shares | the agreement set forth a series of call options held by Bancolombia Panama and put options held by BFC, with which after 5 years since that date Bancolombia Panama had the right to buy and BFC the obligation to sell, the number of voting shares required to hold 51% of the total share capital of GAH, on the other hand, during 5 years since the effective date, BFC had the right to sell and Bancolombia Panama the obligation to buy, any number of voting shares; however, the option never could be for a number of shares that would result in a 50%/50% of ownership over GAH as of October 2013. | ||||||||
US Dollars [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Goodwill expected to be deductible for tax purposes | 233,396 | ||||||||
Deferred tax liabilities recognised as of acquisition date | $ 28,954 | ||||||||
Colombian Peso [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Goodwill expected to be deductible for tax purposes | $ 735,073 | ||||||||
Deferred tax liabilities recognised as of acquisition date | $ 91,191 | ||||||||
Grupo Agromercantil Holding S.A. [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Percentage of voting equity interests acquired | 60.00% | 40.00% | |||||||
Number of shares purchased | shares | 40,540,000 |
PREMISES AND EQUIPMENT, NET (De
PREMISES AND EQUIPMENT, NET (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | $ 3,115,697 | $ 3,052,266 |
Acquisitions | 1,039,913 | 1,051,907 |
Transfers | 3,031 | |
Expenses - depreciation | (316,281) | (329,258) |
Disposals | (473,683) | (479,810) |
Assets classified as held for sale | (206,081) | (108,000) |
Subsidiary liquidation | (23,106) | |
Effect of changes in foreign exchange rate | (9,054) | (74,439) |
Balance at Ending | 3,127,405 | 3,115,697 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 4,615,370 | 4,504,163 |
Acquisitions | 1,042,779 | 1,054,676 |
Transfers | 4,523 | |
Expenses - depreciation | 0 | 0 |
Disposals | (523,586) | (629,178) |
Assets classified as held for sale | (325,016) | (214,305) |
Subsidiary liquidation | (38,894) | |
Effect of changes in foreign exchange rate | (28,161) | (104,509) |
Balance at Ending | 4,742,492 | 4,615,370 |
Gross carrying amount [member] | Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 334,499 | 355,907 |
Acquisitions | 4,050 | 0 |
Transfers | 0 | |
Expenses - depreciation | 0 | 0 |
Disposals | (904) | (8,692) |
Assets classified as held for sale | 0 | 0 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | (283) | (12,716) |
Balance at Ending | 337,362 | 334,499 |
Gross carrying amount [member] | Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 32,883 | 61,322 |
Acquisitions | 48,849 | 34,428 |
Transfers | 0 | |
Expenses - depreciation | 0 | 0 |
Disposals | (76,066) | (59,873) |
Assets classified as held for sale | 0 | (766) |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | (537) | (2,228) |
Balance at Ending | 5,129 | 32,883 |
Gross carrying amount [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 1,185,296 | 1,185,109 |
Acquisitions | 130,766 | 88,506 |
Transfers | 0 | |
Expenses - depreciation | 0 | 0 |
Disposals | (27,041) | (43,997) |
Assets classified as held for sale | 0 | (24,293) |
Subsidiary liquidation | (5,973) | |
Effect of changes in foreign exchange rate | 21,491 | (20,029) |
Balance at Ending | 1,304,539 | 1,185,296 |
Gross carrying amount [member] | Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 572,699 | 531,176 |
Acquisitions | 40,187 | 74,117 |
Transfers | 2,029 | |
Expenses - depreciation | 0 | 0 |
Disposals | (12,647) | (19,962) |
Assets classified as held for sale | (111) | 0 |
Subsidiary liquidation | (37) | |
Effect of changes in foreign exchange rate | 1,184 | (14,661) |
Balance at Ending | 601,275 | 572,699 |
Gross carrying amount [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 717,464 | 761,961 |
Acquisitions | 100,939 | 92,723 |
Transfers | 2,348 | |
Expenses - depreciation | 0 | 0 |
Disposals | (29,301) | (120,241) |
Assets classified as held for sale | (6,025) | (3,309) |
Subsidiary liquidation | (39) | |
Effect of changes in foreign exchange rate | (562) | (16,018) |
Balance at Ending | 782,476 | 717,464 |
Gross carrying amount [member] | Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 1,461,628 | 1,240,211 |
Acquisitions | 650,232 | 682,070 |
Transfers | 146 | |
Expenses - depreciation | 0 | 0 |
Disposals | (305,457) | (278,175) |
Assets classified as held for sale | (318,880) | (185,937) |
Subsidiary liquidation | (32,845) | |
Effect of changes in foreign exchange rate | (43,969) | 3,313 |
Balance at Ending | 1,410,709 | 1,461,628 |
Gross carrying amount [member] | Aircraft [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 60,614 | 63,619 |
Acquisitions | 0 | 0 |
Transfers | 0 | |
Expenses - depreciation | 0 | 0 |
Disposals | (59,614) | 0 |
Assets classified as held for sale | 0 | 0 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | (1,000) | (3,005) |
Balance at Ending | 0 | 60,614 |
Gross carrying amount [member] | Ongoing Imports [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 1,929 | 21,192 |
Acquisitions | 6,472 | 59,777 |
Transfers | 0 | |
Expenses - depreciation | 0 | 0 |
Disposals | (4,744) | (54,598) |
Assets classified as held for sale | 0 | 0 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | (155) | (24,442) |
Balance at Ending | 3,502 | 1,929 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | 248,358 | 283,666 |
Acquisitions | 61,284 | 23,055 |
Transfers | 0 | |
Expenses - depreciation | 0 | 0 |
Disposals | (7,812) | (43,640) |
Assets classified as held for sale | 0 | 0 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | (4,330) | (14,723) |
Balance at Ending | 297,500 | 248,358 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (1,499,673) | (1,451,897) |
Acquisitions | (2,866) | (2,769) |
Transfers | (1,492) | |
Expenses - depreciation | (316,281) | (329,258) |
Disposals | 49,903 | 149,368 |
Assets classified as held for sale | 118,935 | 106,305 |
Subsidiary liquidation | 15,788 | |
Effect of changes in foreign exchange rate | 19,107 | 30,070 |
Balance at Ending | (1,615,087) | (1,499,673) |
Accumulated depreciation and amortisation [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (259,400) | (269,316) |
Acquisitions | 0 | (54) |
Transfers | 0 | |
Expenses - depreciation | (29,451) | (31,007) |
Disposals | 3,449 | 16,942 |
Assets classified as held for sale | 0 | 13,569 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | 284 | 10,466 |
Balance at Ending | (285,118) | (259,400) |
Accumulated depreciation and amortisation [member] | Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (300,731) | (270,193) |
Acquisitions | 0 | (1,243) |
Transfers | (866) | |
Expenses - depreciation | (39,912) | (43,150) |
Disposals | 9,317 | 7,176 |
Assets classified as held for sale | 95 | 0 |
Subsidiary liquidation | 30 | |
Effect of changes in foreign exchange rate | (2,853) | 7,545 |
Balance at Ending | (334,054) | (300,731) |
Accumulated depreciation and amortisation [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (477,339) | (484,520) |
Acquisitions | 0 | (1,338) |
Transfers | (606) | |
Expenses - depreciation | (73,772) | (89,771) |
Disposals | 46,358 | 83,763 |
Assets classified as held for sale | 5,740 | 2,864 |
Subsidiary liquidation | 18 | |
Effect of changes in foreign exchange rate | 1,019 | 12,269 |
Balance at Ending | (497,976) | (477,339) |
Accumulated depreciation and amortisation [member] | Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (387,491) | (342,606) |
Acquisitions | (2,866) | (134) |
Transfers | (20) | |
Expenses - depreciation | (144,159) | (141,290) |
Disposals | 14,022 | 9,889 |
Assets classified as held for sale | 113,100 | 89,872 |
Subsidiary liquidation | 15,740 | |
Effect of changes in foreign exchange rate | 20,378 | (3,202) |
Balance at Ending | (371,276) | (387,491) |
Accumulated depreciation and amortisation [member] | Aircraft [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (6,227) | (4,126) |
Acquisitions | 0 | 0 |
Transfers | 0 | |
Expenses - depreciation | (356) | (2,336) |
Disposals | 6,480 | 0 |
Assets classified as held for sale | 0 | 0 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | 103 | 235 |
Balance at Ending | 0 | (6,227) |
Accumulated depreciation and amortisation [member] | Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at Beginning | (68,485) | (81,136) |
Acquisitions | 0 | 0 |
Transfers | 0 | |
Expenses - depreciation | (28,631) | (21,704) |
Disposals | (29,723) | 31,598 |
Assets classified as held for sale | 0 | 0 |
Subsidiary liquidation | 0 | |
Effect of changes in foreign exchange rate | 176 | 2,757 |
Balance at Ending | $ (126,663) | $ (68,485) |
INVESTMENT PROPERTIES (Details)
INVESTMENT PROPERTIES (Details) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | $ 1,581,689 | ||||
Gains on valuation | 55,573 | $ 149,299 | $ 150,176 | ||
Balance at the end of the period | 1,657,409 | [1] | 1,581,689 | ||
Investment property [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | 1,581,689 | [1] | 1,505,046 | ||
Acquisitions | 92,102 | 29,034 | |||
Sales/Write-offs | (71,955) | (72,682) | |||
Classified to Assets held for sale | 0 | (29,008) | |||
Gains on valuation | 55,573 | 149,299 | |||
Balance at the end of the period | $ 1,657,409 | $ 1,581,689 | [1] | $ 1,505,046 | |
[1] | Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). |
INVESTMENT PROPERTIES (Details
INVESTMENT PROPERTIES (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | $ 1,581,689 | ||||
Appraisals | 55,573 | $ 149,299 | $ 150,176 | ||
Net increase in (decrease) in investment properties | 20,147 | ||||
Balance at the end of the period | 1,657,409 | [1] | 1,581,689 | ||
Investment property [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | 1,581,689 | [1] | 1,505,046 | ||
Appraisals | 55,573 | 149,299 | |||
Net increase in (decrease) in investment properties | (43,648) | ||||
Classified to assets held for sale | 0 | (29,008) | |||
Balance at the end of the period | 1,657,409 | 1,581,689 | [1] | 1,505,046 | |
Buildings [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | 1,355,717 | ||||
Appraisals | 49,721 | ||||
Net increase in (decrease) in investment properties | 7,847 | ||||
Balance at the end of the period | 1,413,285 | [1] | 1,355,717 | ||
Buildings [member] | Investment property [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | 1,355,717 | 1,275,566 | |||
Appraisals | 52,543 | ||||
Net increase in (decrease) in investment properties | 27,608 | ||||
Classified to assets held for sale | 0 | ||||
Balance at the end of the period | 1,355,717 | 1,275,566 | |||
Land [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | 225,972 | ||||
Appraisals | 5,852 | ||||
Net increase in (decrease) in investment properties | 12,300 | ||||
Balance at the end of the period | 244,124 | [1] | 225,972 | ||
Land [member] | Investment property [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Balance at the beginning of the year | $ 225,972 | 229,480 | |||
Appraisals | 96,756 | ||||
Net increase in (decrease) in investment properties | (71,256) | ||||
Classified to assets held for sale | (29,008) | ||||
Balance at the end of the period | $ 225,972 | $ 229,480 | |||
[1] | Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). |
INVESTMENT PROPERTIES (Detai122
INVESTMENT PROPERTIES (Details 2) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about investment property [abstract] | |||
Income from rentals | $ 77,964 | $ 66,838 | $ 89,389 |
Investment properties that generated income through rentals | 21,012 | 21,254 | 11,693 |
Investment properties that did not generate income through rentals | $ 2,295 | $ 2,495 | $ 2,539 |
INCOME TAX (Details)
INCOME TAX (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax | |||
Fiscal year | $ 1,041,454 | $ 813,355 | $ 346,556 |
Previous fiscal years | 3,967 | 2,519 | 6,159 |
Total current tax | 1,045,421 | 815,874 | 352,715 |
Deferred tax | |||
Fiscal year | 193,177 | 360,958 | 296,535 |
Total deferred tax | 193,177 | 360,958 | 296,535 |
Total tax | $ 1,238,598 | $ 1,176,832 | $ 649,250 |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount before taxes | |||
Remeasurement loss related to defined benefit liability | $ 3,753 | $ 626 | $ (59,434) |
Net profit (loss) by financial instruments measured at fair value | 29,095 | 208,276 | 128,271 |
Gain or loss on net investment hedge in foreign operations | 449,640 | ||
Net | 482,488 | 208,902 | 68,837 |
Expenses or (income) per tax | |||
Remeasurement loss related to defined benefit liability | (3,725) | (10,966) | 9,312 |
Net profit (loss) by financial instruments measured at fair value | 9,789 | 24,341 | 9,052 |
Gain or loss on net investment hedge in foreign operations | (6,895) | 0 | 0 |
Net | (831) | 13,375 | 18,364 |
Net taxes | |||
Remeasurement loss related to defined benefit liability | 28 | (10,340) | (50,122) |
Net profit (loss) by financial instruments measured at fair value | 38,884 | 232,617 | 137,323 |
Gain or loss on net investment hedge in foreign operations | 442,745 | (345,412) | 1,407,675 |
Net | $ 481,657 | $ 222,277 | $ 87,201 |
INCOME TAX (Details 2)
INCOME TAX (Details 2) - Country of domicile [member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Explanation of applicable rates | |||
Income | 34.00% | 25.00% | 25.00% |
CREE | 0.00% | 9.00% | 9.00% |
Surcharge | 6.00% | 6.00% | 5.00% |
Total | 40.00% | 40.00% | 39.00% |
INCOME TAX (Details 3)
INCOME TAX (Details 3) | 12 Months Ended |
Dec. 31, 2017 | |
Peru [Member] | 2015 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
Peru [Member] | 2016 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 28.00% |
Peru [Member] | 2017 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 29.50% |
Peru [Member] | 2018 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 29.50% |
Peru [Member] | 2019 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 29.50% |
Peru [Member] | 2020 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 29.50% |
Panama [Member] | 2015 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Panama [Member] | 2016 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Panama [Member] | 2017 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Panama [Member] | 2018 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Panama [Member] | 2019 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Panama [Member] | 2020 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
El Salvador [Member] | 2015 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
El Salvador [Member] | 2016 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
El Salvador [Member] | 2017 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
El Salvador [Member] | 2018 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
El Salvador [Member] | 2019 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
El Salvador [Member] | 2020 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 30.00% |
Guatemala [Member] | 2015 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Guatemala [Member] | 2016 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Guatemala [Member] | 2017 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Guatemala [Member] | 2018 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Guatemala [Member] | 2019 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
Guatemala [Member] | 2020 [member] | |
Explanation of applicable rates | |
Applicable tax rate | 25.00% |
INCOME TAX (Details 4)
INCOME TAX (Details 4) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Local Subsidiaries [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Temporary differences | $ (1,043,724) | $ (234,975) |
Foreign Subsidiaries [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Temporary differences | $ (4,533,672) | $ (4,547,623) |
INCOME TAX (Details 5)
INCOME TAX (Details 5) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | $ 148,614 | $ 222,862 |
Net deferred tax liabilities | (1,440,198) | (1,325,354) |
Deferred tax liability (asset) | (1,291,584) | (1,102,492) |
Arrendadora Financiera S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 299 | 0 |
Net deferred tax liabilities | 0 | (87) |
Arrendamiento Operativo CIB S.A.C. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 370 |
Net deferred tax liabilities | 0 | 0 |
Bagrícola Costa Rica S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 56 | 68 |
Net deferred tax liabilities | 0 | 0 |
Grupo Agromercantil Holding [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (29,924) | (38,622) |
Banca de Inversión Bancolombia S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (26,432) | (99,504) |
Banco Agrícola S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 46,328 | 43,594 |
Net deferred tax liabilities | 0 | 0 |
Bancolombia S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (1,368,062) | (1,152,726) |
Banistmo S.A. y Filiales [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 96,533 | 166,421 |
Net deferred tax liabilities | 0 | 0 |
BIBA Inmobiliaria S.A.S. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (5) | (10) |
Fideicomiso “Lote Abelardo Castro” [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (188) | (171) |
Fiduciaria Bancolombia S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 1,808 | 6,483 |
Net deferred tax liabilities | 0 | 0 |
FiduPerú S.A Sociedad Fiduciaria [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 165 |
Net deferred tax liabilities | 0 | 0 |
Inversiones CFNS S.A.S. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (700) | (1,042) |
Transportempo S.A.S [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 509 | 285 |
Net deferred tax liabilities | 0 | 0 |
Valores Bancolombia S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 3,071 | 5,476 |
Net deferred tax liabilities | 0 | 0 |
Valores Simesa S.A. [member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (9,421) | (13,439) |
Renting Colombia S.A. [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 0 | 0 |
Net deferred tax liabilities | (5,466) | (19,753) |
Valores Banagricola S.A. [Member] | ||
Disclosure Of Income Tax [Line Items] | ||
Net deferred tax assets | 10 | 0 |
Net deferred tax liabilities | $ 0 | $ 0 |
INCOME TAX (Details 6)
INCOME TAX (Details 6) $ in Millions | 12 Months Ended |
Dec. 31, 2017COP ($) | |
Disclosure Of Income Tax [Line Items] | |
Net deferred tax at December 31, 2016 | $ (1,102,492) |
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments | (174,921) |
Net deferred tax, With OCI effects | 831 |
Net deferred tax, Eliminations | (19,061) |
Net deferred tax, Reclassifications | 4,059 |
Net deferred tax at December 31, 2017 | (1,291,584) |
Deferred tax asset [Member] | |
Disclosure Of Income Tax [Line Items] | |
Net deferred tax at December 31, 2016 | 757,874 |
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments | (167,907) |
Net deferred tax, With OCI effects | 15,021 |
Net deferred tax, Eliminations | (3,122) |
Net deferred tax, Reclassifications | 999 |
Net deferred tax at December 31, 2017 | 602,865 |
Deferred tax liability [Member] | |
Disclosure Of Income Tax [Line Items] | |
Net deferred tax at December 31, 2016 | (1,860,366) |
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments | (7,014) |
Net deferred tax, With OCI effects | (14,190) |
Net deferred tax, Eliminations | (15,939) |
Net deferred tax, Reclassifications | 3,060 |
Net deferred tax at December 31, 2017 | $ (1,894,449) |
INCOME TAX (Details 7)
INCOME TAX (Details 7) - Income Statement [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017COP ($) | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | $ 729,250 |
Realization of Deferred Tax Assets | 491,327 |
Increase In Deferred Tax Assets | 321,297 |
December 31, 2017 | 559,220 |
December 31, 2016 | (1,764,682) |
Realization of Deferred Tax Liability | 483,042 |
Increase In Deferred Tax Liability | 502,935 |
December 31, 2017 | (1,784,575) |
Premises and Equipment [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 19,721 |
Realization of Deferred Tax Assets | 7,258 |
Increase In Deferred Tax Assets | 8,690 |
December 31, 2017 | 21,153 |
December 31, 2016 | (230,202) |
Realization of Deferred Tax Liability | 29,875 |
Increase In Deferred Tax Liability | 33,223 |
December 31, 2017 | (233,550) |
Employee benefits [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 152,070 |
Realization of Deferred Tax Assets | 9,252 |
Increase In Deferred Tax Assets | 18,706 |
December 31, 2017 | 161,524 |
Municipal tax liabilities [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 16,385 |
Realization of Deferred Tax Assets | 16,385 |
Increase In Deferred Tax Assets | 0 |
December 31, 2017 | 0 |
Impairment evaluation [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 252,181 |
Realization of Deferred Tax Assets | 285,854 |
Increase In Deferred Tax Assets | 238,583 |
December 31, 2017 | 204,910 |
December 31, 2016 | (225,635) |
Realization of Deferred Tax Liability | 221,704 |
Increase In Deferred Tax Liability | 2,481 |
December 31, 2017 | (6,412) |
Offset of tax credits [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 31,394 |
Realization of Deferred Tax Assets | 200 |
Increase In Deferred Tax Assets | 37,269 |
December 31, 2017 | 68,463 |
Financial obligations [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 59,967 |
Realization of Deferred Tax Assets | 9,176 |
Increase In Deferred Tax Assets | 1,072 |
December 31, 2017 | 51,863 |
Investment valuation [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 6,846 |
Realization of Deferred Tax Assets | 6,846 |
Increase In Deferred Tax Assets | 81 |
December 31, 2017 | 81 |
Foreclosed Assets [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 118,894 |
Realization of Deferred Tax Assets | 119,177 |
Increase In Deferred Tax Assets | 283 |
December 31, 2017 | 0 |
December 31, 2016 | (25,160) |
Realization of Deferred Tax Liability | 6,733 |
Increase In Deferred Tax Liability | 29,082 |
December 31, 2017 | (47,509) |
Other deductions [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 71,792 |
Realization of Deferred Tax Assets | 37,179 |
Increase In Deferred Tax Assets | 16,613 |
December 31, 2017 | 51,226 |
December 31, 2016 | (138,235) |
Realization of Deferred Tax Liability | 63,114 |
Increase In Deferred Tax Liability | 29,549 |
December 31, 2017 | (104,670) |
Leasing re-expression [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 31, 2016 | (279,733) |
Realization of Deferred Tax Liability | 0 |
Increase In Deferred Tax Liability | 175,877 |
December 31, 2017 | (455,610) |
Equity securities valuation [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 31, 2016 | (153,886) |
Realization of Deferred Tax Liability | 73,171 |
Increase In Deferred Tax Liability | 40,495 |
December 31, 2017 | (121,210) |
Derivatives valuation [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 31, 2016 | (124,737) |
Realization of Deferred Tax Liability | 68,011 |
Increase In Deferred Tax Liability | 0 |
December 31, 2017 | (56,726) |
Goodwill [member] | |
Disclosure Of Income Tax [Line Items] | |
December 31, 2016 | (587,094) |
Realization of Deferred Tax Liability | 20,434 |
Increase In Deferred Tax Liability | 192,228 |
December 31, 2017 | $ (758,888) |
INCOME TAX (Details 8)
INCOME TAX (Details 8) - Others Comprehensive Income [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017COP ($) | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | $ 28,624 |
Realization of Deferred Tax Assets | 1,958 |
Increase In Deferred Tax Assets | 16,979 |
December 31, 2017 | 43,645 |
December 31, 2016 | (95,684) |
Realization of Deferred Tax Liability | 195 |
Increase In Deferred Tax Liability | 14,385 |
December 31, 2017 | (109,874) |
Employee Benefits [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 28,624 |
Realization of Deferred Tax Assets | 1,958 |
Increase In Deferred Tax Assets | 10,084 |
December 31, 2017 | 36,750 |
December 31, 2016 | 0 |
Realization of Deferred Tax Liability | 150 |
Increase In Deferred Tax Liability | 4,551 |
December 31, 2017 | (4,401) |
Debt securities valuation [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 31, 2016 | (39) |
Realization of Deferred Tax Liability | 39 |
Increase In Deferred Tax Liability | 41 |
December 31, 2017 | (41) |
Investment Valuation [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 31, 2016 | (95,645) |
Realization of Deferred Tax Liability | 6 |
Increase In Deferred Tax Liability | 9,793 |
December 31, 2017 | (105,432) |
Investment hedge in foreign operations [Member] | |
Disclosure Of Income Tax [Line Items] | |
December 312,016 | 0 |
Realization of Deferred Tax Assets | 0 |
Increase In Deferred Tax Assets | 6,895 |
December 31, 2017 | $ 6,895 |
INCOME TAX (Details 9)
INCOME TAX (Details 9) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Income Tax [Abstract] | |||
Profit before tax | $ 3,992,771 | $ 3,968,282 | $ 3,235,635 |
Tax applicable to the nominal rate | 1,597,108 | 1,587,313 | 1,261,898 |
Non-deductible expenses for determining taxable profit (loss) | 356,350 | 255,435 | 290,291 |
Accounting and not fiscal expenses (income) for determining taxable profit (loss) | (179,605) | (217,056) | (822,513) |
Differences in tax bases | 341,828 | (348,985) | (149,502) |
Tax and not accounting expenses (income) for determining taxable profit (loss) | (23,844) | 23,381 | 352,543 |
Revenues from ordinary activities exempt from taxation | (181,406) | (121,917) | (172,466) |
Income from ordinary activities not constituting income or occasional earnings from taxation | (130,272) | (111,027) | (66,459) |
Other fiscal deductions | (184,620) | (107,083) | (168,970) |
Repayments on commercial credit | (233,004) | 0 | 0 |
Surplus of tax depreciation | (177,936) | (20,323) | (2,083) |
Foreign profits taxed at other rates | (218,785) | 72,144 | 99,398 |
Other effects of the tax rate from reconciling accounting earnings and tax expenses (income) | 272,784 | 164,950 | 27,113 |
Total Tax | $ 1,238,598 | $ 1,176,832 | $ 649,250 |
INCOME TAX (Details 10)
INCOME TAX (Details 10) - COP ($) $ in Millions | 10 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Income Tax [Line Items] | ||||
Earnings before taxes | $ 266,072 | $ 21,446 | ||
Total income and CREE taxes | $ 659 | (2,961) | 21,635 | |
Total deferred tax | $ 174,921 | |||
Total tax | (102,575) | (1,067) | ||
Net profit of discontinued operations | $ 0 | 163,497 | 22,513 | |
Discontinued operations [member] | ||||
Disclosure Of Income Tax [Line Items] | ||||
Total deferred tax | 99,614 | $ (99,614) | (22,702) | |
Net profit of discontinued operations | $ 1,686 | $ 22,513 |
INCOME TAX (Details 11)
INCOME TAX (Details 11) $ in Millions | Dec. 31, 2017COP ($) |
Disclosure Of Income Tax [Abstract] | |
Income Tax loss carryforward Minimum Base | $ 207,395 |
Unused Tax Losses for Which Deferred Tax Asset Recognised | $ 68,463 |
INCOME TAX (Details Textual)
INCOME TAX (Details Textual) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Income Tax [Line Items] | ||
Occasional Earnings, Applicable Tax Rate | 10.00% | 10.00% |
Base For Income Tax Calculation Minimum Rate On Liquid Assets | 3.50% | 3.50% |
Deferred tax expense (income) recognised in profit or loss | $ 174,921 | |
Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset | 4,059 | |
Other components of deferred tax expense (income) | $ (805) |
ASSETS HELD FOR SALE AND INV136
ASSETS HELD FOR SALE AND INVENTORIES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Assets Held For Sale And Inventories [Abstract] | ||
Inventories | $ 164,516 | $ 140,137 |
Assets held for sale | 212,487 | 133,050 |
Total inventories and assets held for sale | $ 377,003 | $ 273,187 |
ASSETS HELD FOR SALE AND INV137
ASSETS HELD FOR SALE AND INVENTORIES (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Assets Held For Sale And Inventories [Line Items] | ||
Lands and buildings | $ 117,339 | $ 90,166 |
Vehicles | 45,741 | 50,843 |
Machinery | 16,252 | 11,045 |
Total inventory cost | 179,332 | 152,054 |
Impairment | (14,816) | (11,917) |
Total inventories, net | $ 164,516 | $ 140,137 |
ASSETS HELD FOR SALE AND INV138
ASSETS HELD FOR SALE AND INVENTORIES (Details 2) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Assets held for sale | $ 212,487 | $ 133,050 | |
Impairment | (1,946) | (2,190) | |
Non-current assets held for sale [member] | |||
Assets held for sale | 212,487 | 133,050 | |
Non-current assets held for sale [member] | Colombia [Member] | |||
Assets held for sale | 16,740 | 36,175 | |
Non-current assets held for sale [member] | Panama [Member] | |||
Assets held for sale | 16,571 | 19,490 | |
Non-current assets held for sale [member] | El Salvador [Member] | |||
Assets held for sale | 2,586 | 1,096 | |
Non-current assets held for sale [member] | Guatemala [Member] | |||
Assets held for sale | 859 | 886 | |
Non-current assets held for sale [member] | Others [Member] | |||
Assets held for sale | 175,731 | 75,403 | |
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | |||
Assets held for sale | 23,854 | 20,671 | |
Cost | 24,820 | 21,130 | |
Impairment | (966) | (459) | |
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Colombia [Member] | |||
Assets held for sale | 8,346 | 3,862 | |
Cost | 8,431 | 4,031 | |
Impairment | (85) | (169) | |
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Panama [Member] | |||
Assets held for sale | 12,257 | 15,036 | |
Cost | 12,859 | 15,160 | |
Impairment | (602) | (124) | |
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | El Salvador [Member] | |||
Assets held for sale | 2,586 | 1,096 | |
Cost | 2,645 | 1,114 | |
Impairment | (59) | (18) | |
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Guatemala [Member] | |||
Assets held for sale | 665 | 677 | |
Cost | 885 | 825 | |
Impairment | (220) | (148) | |
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Others [Member] | |||
Assets held for sale | 0 | 0 | |
Cost | 0 | 0 | |
Impairment | 0 | 0 | |
Machinery [member] | Non-current assets held for sale [member] | |||
Assets held for sale | 11,500 | 9,466 | |
Cost | 12,433 | 9,923 | |
Impairment | (933) | (457) | |
Machinery [member] | Non-current assets held for sale [member] | Colombia [Member] | |||
Assets held for sale | 8,099 | 3,726 | |
Cost | 8,972 | 3,871 | |
Impairment | (873) | (145) | |
Machinery [member] | Non-current assets held for sale [member] | Panama [Member] | |||
Assets held for sale | 3,362 | 2,361 | |
Cost | 3,422 | 2,671 | |
Impairment | (60) | (310) | |
Machinery [member] | Non-current assets held for sale [member] | El Salvador [Member] | |||
Assets held for sale | 0 | 0 | |
Cost | 0 | 0 | |
Impairment | 0 | 0 | |
Machinery [member] | Non-current assets held for sale [member] | Guatemala [Member] | |||
Assets held for sale | 39 | 24 | |
Cost | 39 | 26 | |
Impairment | 0 | (2) | |
Machinery [member] | Non-current assets held for sale [member] | Others [Member] | |||
Assets held for sale | 0 | 3,355 | |
Cost | 0 | 3,355 | |
Impairment | 0 | 0 | |
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | |||
Assets held for sale | 1,402 | 102,913 | |
Cost | 1,449 | 104,187 | |
Impairment | (47) | (1,274) | |
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Colombia [Member] | |||
Assets held for sale | 295 | 28,587 | |
Cost | 295 | 29,861 | |
Impairment | 0 | (1,274) | |
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Panama [Member] | |||
Assets held for sale | 952 | 2,093 | |
Cost | 952 | 2,093 | |
Impairment | 0 | 0 | |
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | El Salvador [Member] | |||
Assets held for sale | 0 | 0 | |
Cost | 0 | 0 | |
Impairment | 0 | 0 | |
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Guatemala [Member] | |||
Assets held for sale | 155 | 185 | |
Cost | 178 | 185 | |
Impairment | (23) | 0 | |
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Others [Member] | |||
Assets held for sale | 0 | 72,048 | |
Cost | 24 | 72,048 | |
Impairment | (24) | $ 0 | |
Investments held for sale [Member] | El Salvador [Member] | |||
Assets held for sale | 0 | ||
Cost | [1] | 0 | |
Impairment | 0 | ||
Investments held for sale [Member] | Guatemala [Member] | |||
Assets held for sale | 0 | ||
Cost | [1] | 0 | |
Impairment | 0 | ||
Investments held for sale [Member] | Others [Member] | |||
Assets held for sale | 18,413 | ||
Cost | [1] | 18,413 | |
Impairment | 0 | ||
Investments held for sale [Member] | Non-current assets held for sale [member] | |||
Assets held for sale | 18,413 | ||
Cost | [1] | 18,413 | |
Impairment | 0 | ||
Investments held for sale [Member] | Non-current assets held for sale [member] | Colombia [Member] | |||
Assets held for sale | 0 | ||
Cost | [1] | 0 | |
Impairment | 0 | ||
Investments held for sale [Member] | Non-current assets held for sale [member] | Panama [Member] | |||
Assets held for sale | 0 | ||
Cost | [1] | 0 | |
Impairment | 0 | ||
Assets related to investments held for sale [Member] | El Salvador [Member] | |||
Assets held for sale | 0 | ||
Cost | [2] | 0 | |
Impairment | 0 | ||
Assets related to investments held for sale [Member] | Guatemala [Member] | |||
Assets held for sale | 0 | ||
Cost | [2] | 0 | |
Impairment | 0 | ||
Assets related to investments held for sale [Member] | Others [Member] | |||
Assets held for sale | 157,318 | ||
Cost | [2] | 157,318 | |
Impairment | 0 | ||
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | |||
Assets held for sale | 157,318 | ||
Cost | [2] | 157,318 | |
Impairment | 0 | ||
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | Colombia [Member] | |||
Assets held for sale | 0 | ||
Cost | [2] | 0 | |
Impairment | 0 | ||
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | Panama [Member] | |||
Assets held for sale | 0 | ||
Cost | [2] | 0 | |
Impairment | $ 0 | ||
[1] | In December 2017, the administration launched the execution of a sale plan for the investments associated with Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., for this reason the investments are presented as "non-current assets held for sale". According to the sales plan, the sale is expected to occur before the end of year 2018. | ||
[2] | These assets corresponded to Arrendamiento Operativo CIB S.A.C.; Capital Investments SAFI S.A. and FiduPerú S.A. Sociedad Fiduciaria. |
ASSETS HELD FOR SALE AND INV139
ASSETS HELD FOR SALE AND INVENTORIES (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 18,165,644 | $ 20,460,245 | $ 18,805,577 | $ 13,466,783 |
Financial assets investment | 16,377,253 | 13,060,653 | ||
Premises and equipment, net | 3,127,405 | 3,115,697 | $ 3,052,266 | |
Prepaid expenses | 287,550 | 310,759 | ||
Assets held for sale | 212,487 | 133,050 | ||
Other assets | 2,479,037 | 2,750,883 | ||
Total assets | 203,908,211 | 196,261,044 | ||
Liabilities | ||||
Borrowings from other financial institutions | 13,822,152 | 18,905,843 | ||
Tax liabilities | 161,966 | 124,802 | ||
Other liabilities | 5,796,482 | 5,288,155 | ||
Total liabilities | 179,478,661 | $ 173,784,064 | ||
Assets and liabilities classified as held for sale [member] | ||||
Assets | ||||
Cash and cash equivalents | 19,072 | |||
Financial assets investment | 2,486 | |||
Premises and equipment, net | 109,469 | |||
Prepaid expenses | 101 | |||
Tax receivables | 8,028 | |||
Deferred tax | 1,103 | |||
Assets held for sale | 4,691 | |||
Other assets | 12,368 | |||
Total assets | 157,318 | |||
Liabilities | ||||
Borrowings from other financial institutions | 90,109 | |||
Tax liabilities | 611 | |||
Deferred tax liabilities | 4,908 | |||
Other liabilities | 7,348 | |||
Total liabilities | $ 102,976 |
ASSETS HELD FOR SALE AND INV140
ASSETS HELD FOR SALE AND INVENTORIES (Detail Textual) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Assets Held For Sale And Inventories [Line Items] | ||
Impairment loss on financial assets | $ 1,946 | $ 2,190 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Other Asset [Line Items] | |||
Tax advance | $ 480,523 | $ 581,152 | |
Other receivables | [1] | 291,235 | 480,255 |
Marketable and non-marketable for sale assets | 328,877 | 337,243 | |
Prepaid expenses | 287,550 | 310,759 | |
Assets pledged as collateral | 192,036 | 171,561 | |
Interbank Borrowings not classified as cash equivalents | 125,963 | 159,398 | |
Receivable Sales of goods and service | 117,540 | 137,248 | |
Receivables related to abandoned accounts | [2] | 147,228 | 110,944 |
Commission for letters of credit | 72,927 | 94,835 | |
Advances to asset purchases | 251,561 | 94,150 | |
Commission receivables | 97,710 | 72,002 | |
Balance in credit card clearning house | 66,788 | 63,018 | |
Operating leases | 38,653 | 39,150 | |
Debtors | 10,510 | 18,911 | |
Interest receivable | 1,128 | 8,794 | |
Taxes Receivable | 7,199 | 4,474 | |
Others | 33,370 | 100,838 | |
Total other assets | 2,550,798 | 2,784,732 | |
Other allowance | (71,761) | (33,849) | |
Total other assets, net | $ 2,479,037 | $ 2,750,883 | |
[1] | As of December 31, 2017 corresponds to conciliatory items on correspondent banks and mortgage-backed securities' interest; for December 2016, mainly comprised of insurance claims and cash short and over. | ||
[2] | The item corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia). |
DEPOSITS FROM COSTUMERS (Detail
DEPOSITS FROM COSTUMERS (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Deposits From Customers [Abstract] | ||
Saving accounts | $ 54,255,583 | $ 48,693,702 |
Time deposits | 53,961,586 | 52,673,385 |
Checking accounts | 22,065,647 | 21,443,002 |
Other deposits | 1,676,399 | 1,813,922 |
Total | $ 131,959,215 | $ 124,624,011 |
DEPOSITS FROM COSTUMERS (Det143
DEPOSITS FROM COSTUMERS (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | $ 53,961,586 | $ 52,673,385 |
Fair value | 54,782,101 | 53,145,784 |
Later than three months and not later than six months [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 7,536,280 | 10,495,536 |
Fair value | 7,535,719 | 10,458,936 |
Later than six months and not later than one year [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 5,711,157 | 7,612,216 |
Fair value | 5,718,827 | 7,629,195 |
Later Than Twelve Months And Not Later Than Eighteen Months [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 8,062,290 | 5,345,522 |
Fair value | 8,146,366 | 5,391,407 |
Later Than Eighteen Months [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 32,651,859 | 29,220,111 |
Fair value | $ 33,381,189 | $ 29,666,246 |
Bottom of range [member] | Later than three months and not later than six months [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 0.10% | 0.01% |
Bottom of range [member] | Later than six months and not later than one year [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 0.20% | 0.20% |
Bottom of range [member] | Later Than Twelve Months And Not Later Than Eighteen Months [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 0.20% | 0.01% |
Bottom of range [member] | Later Than Eighteen Months [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 0.01% | 0.01% |
Top of range [member] | Later than three months and not later than six months [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 6.96% | 8.86% |
Top of range [member] | Later than six months and not later than one year [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 8.03% | 9.63% |
Top of range [member] | Later Than Twelve Months And Not Later Than Eighteen Months [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 9.03% | 10.01% |
Top of range [member] | Later Than Eighteen Months [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Borrowings, interest rate | 18.29% | 18.29% |
DEPOSITS FROM COSTUMERS (Det144
DEPOSITS FROM COSTUMERS (Details 2) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | $ 53,961,586 | $ 52,673,385 |
Fair value | 54,782,101 | 53,145,784 |
Less than one year [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 36,416,439 | 34,442,445 |
Fair value | 36,701,555 | 34,626,003 |
1 to 3 years [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 10,525,956 | 10,698,266 |
Fair value | 10,727,828 | 10,815,760 |
3 to 5 years [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 5,367,765 | 5,401,074 |
Fair value | 5,592,750 | 5,505,403 |
More than 5 years [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Time deposits | 1,651,426 | 2,131,600 |
Fair value | $ 1,759,968 | $ 2,198,618 |
INTERBANK DEPOSITS AND REPUR145
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Interbank Deposits | |||
Interbank liabilities | $ 1,084,591 | $ 341,856 | |
Total interbank | 1,084,591 | 341,856 | |
Repurchase agreements and other similar secured borrowing | |||
Short selling operations | 607,536 | 880,705 | |
Temporary transfer of securities | 2,628,592 | 918,470 | |
Repurchase agreements | 0 | 124,835 | |
Total Repurchase agreements and other similar secured borrowing | [1] | 3,236,128 | 1,924,010 |
Total money market transactions | $ 4,320,719 | $ 2,265,866 | |
[1] | Total repo liabilities have maturities of less than 30 days. |
INTERBANK DEPOSITS AND REPUR146
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Line Items] | |||
Assets / liabilities gross | $ (2,355,067) | $ 719,697 | |
Amounts offset in the statement of financial position | 0 | 0 | |
Net balance presented in the statement of financial position | (2,355,067) | 719,697 | |
Financial instruments as collaterals | 2,355,067 | (719,697) | |
Assets / liabilities net | 0 | 0 | |
Securities purchased under resale agreements [Member] | |||
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Line Items] | |||
Assets / liabilities gross | [1] | 881,061 | 2,643,707 |
Amounts offset in the statement of financial position | [1] | 0 | 0 |
Net balance presented in the statement of financial position | [1] | 881,061 | 2,643,707 |
Financial instruments as collaterals | [1] | (881,061) | (2,643,707) |
Assets / liabilities net | [1] | 0 | 0 |
Securities sold under repurchase agreements [Member] | |||
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Line Items] | |||
Assets / liabilities gross | (3,236,128) | (1,924,010) | |
Amounts offset in the statement of financial position | 0 | 0 | |
Net balance presented in the statement of financial position | (3,236,128) | (1,924,010) | |
Financial instruments as collaterals | 3,236,128 | 1,924,010 | |
Assets / liabilities net | $ 0 | $ 0 | |
[1] | The amount includes those presented as cash and cash equivalents and those presented as other assets. |
INTERBANK DEPOSITS AND REPUR147
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | ||
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Abstract] | ||
Borrowings, maturity | 30 | [1] |
[1] | The amount includes those presented as cash and cash equivalents and those presented as other assets. |
BORROWINGS FROM OTHER FINANC148
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by domestic banks | $ 5,863,702 | $ 5,616,934 | |
Obligations granted by foreign banks | [1] | 7,958,450 | 13,288,909 |
Total | $ 13,822,152 | $ 18,905,843 | |
[1] | The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 243.2 million as of December 31, 2017 and USD 251.5 million as of December 31, 2016, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding. The Bank will reclassify the liability to equity if the put expires unexercised. For further information see Note 8.3. Acquisition of Grupo Agromercantil Holding (GAH). |
BORROWINGS FROM OTHER FINANC149
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 5,863,702 | $ 5,616,934 |
Financiera de Desarrollo Territorial (Findeter) [Member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 2,587,598 | $ 2,404,521 |
Financiera de Desarrollo Territorial (Findeter) [Member] | Top of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 11.30% | 12.77% |
Financiera de Desarrollo Territorial (Findeter) [Member] | Bottom of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 1.05% | 1.29% |
Banco De Comercio Exterior De Colombia (Bancoldex) [Member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 1,528,435 | $ 1,591,035 |
Banco De Comercio Exterior De Colombia (Bancoldex) [Member] | Top of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 10.86% | 12.48% |
Banco De Comercio Exterior De Colombia (Bancoldex) [Member] | Bottom of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 1.76% | 0.06% |
Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) [Member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 728,558 | $ 642,775 |
Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) [Member] | Top of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 14.90% | 12.38% |
Fondo Para El Financiamiento Del Sector Agropecuario (Finagro) [Member] | Bottom of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 1.05% | 1.39% |
Other private financial entities [Member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 1,019,111 | $ 978,603 |
Other private financial entities [Member] | Top of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 8.89% | 11.86% |
Other private financial entities [Member] | Bottom of range [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Borrowings, interest rate | 0.07% | 2.28% |
BORROWINGS FROM OTHER FINANC150
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Details 2) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 5,863,702 | $ 5,616,934 |
No more than twelve months after the reporting period [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | 575,338 | 382,369 |
More than twelve months after the reporting period [member] | ||
Disclosure of Borrowings from other financial institutions [Line Items] | ||
Obligations granted by domestic banks | $ 5,288,364 | $ 5,234,565 |
BORROWINGS FROM OTHER FINANC151
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | [1] | $ 7,958,450 | $ 13,288,909 |
Financing with correspondent banks [Member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | $ 7,341,713 | $ 12,129,817 | |
Financing with correspondent banks [Member] | Top of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 5.66% | 9.71% | |
Financing with correspondent banks [Member] | Bottom of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 1.48% | 0.88% | |
Corporacion Andina de Fomento CAF [Member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | $ 311,730 | $ 745,086 | |
Corporacion Andina de Fomento CAF [Member] | Top of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 3.84% | 4.04% | |
Corporacion Andina de Fomento CAF [Member] | Bottom of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 1.85% | 2.67% | |
Banco Latinoamericano de Comercio Exterior Bladex [Member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | $ 269,946 | $ 278,392 | |
Banco Latinoamericano de Comercio Exterior Bladex [Member] | Top of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 4.10% | 3.83% | |
Banco Latinoamericano de Comercio Exterior Bladex [Member] | Bottom of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 1.90% | 1.24% | |
Banco Interamericano de Desarrollo BID [Member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | $ 35,061 | $ 135,614 | |
Banco Interamericano de Desarrollo BID [Member] | Top of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 3.96% | 3.96% | |
Banco Interamericano de Desarrollo BID [Member] | Bottom of range [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Borrowings, interest rate | 3.96% | 1.54% | |
[1] | The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 243.2 million as of December 31, 2017 and USD 251.5 million as of December 31, 2016, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding. The Bank will reclassify the liability to equity if the put expires unexercised. For further information see Note 8.3. Acquisition of Grupo Agromercantil Holding (GAH). |
BORROWINGS FROM OTHER FINANC152
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Details 4) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | [1] | $ 7,958,450 | $ 13,288,909 |
No more than twelve months after the reporting period [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | 7,037,043 | 9,559,568 | |
More than twelve months after the reporting period [member] | |||
Disclosure of Borrowings from other financial institutions [Line Items] | |||
Obligations granted by foreign banks | $ 921,407 | $ 3,729,341 | |
[1] | The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 243.2 million as of December 31, 2017 and USD 251.5 million as of December 31, 2016, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding. The Bank will reclassify the liability to equity if the put expires unexercised. For further information see Note 8.3. Acquisition of Grupo Agromercantil Holding (GAH). |
DEBT SECURITIES IN ISSUE (Detai
DEBT SECURITIES IN ISSUE (Details) $ in Millions, $ in Millions | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2016USD ($) | |
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | $ 7,009,473 | $ 8,408,283 | |||
Debt instruments issued | 19,648,714 | 18,704,809 | |||
Entity one [Member] | Country of domicile [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | 5,162,515 | 5,458,619 | |||
Debt instruments issued | $ 5,247,501 | $ 5,562,900 | |||
Entity two [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | $ 3,242,405 | $ 3,246,970 | |||
Debt instruments issued | 9,532,927 | 9,814,915 | |||
Entity three [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | 547,000 | 530,000 | |||
Debt instruments issued | 1,622,238 | 1,581,348 | |||
Entity four [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | 260,310 | 272,282 | |||
Debt instruments issued | 784,567 | 826,069 | |||
Entity five [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | 302,264 | 302,272 | |||
Debt instruments issued | 910,270 | $ 919,577 | |||
Entity six [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Notional amount | 519,300 | ||||
Debt instruments issued | $ 1,551,211 | ||||
Bottom of range [member] | Entity one [Member] | Country of domicile [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | [1] | 5.59% | 5.59% | 5.49% | 5.49% |
Bottom of range [member] | Entity two [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 1.90% | 1.90% | 5.54% | 5.54% | |
Bottom of range [member] | Entity three [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 5.36% | 5.36% | 4.25% | 4.25% | |
Bottom of range [member] | Entity four [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 1.90% | 1.90% | 1.30% | 1.30% | |
Bottom of range [member] | Entity five [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 0.25% | 0.25% | 0.25% | 0.25% | |
Bottom of range [member] | Entity six [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 2.65% | 2.65% | |||
Top of range [member] | Entity one [Member] | Country of domicile [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 7.00% | 7.00% | 6.90% | 6.90% | |
Top of range [member] | Entity two [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 6.31% | 6.31% | 7.84% | 7.84% | |
Top of range [member] | Entity three [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 7.99% | 7.99% | 6.75% | 6.75% | |
Top of range [member] | Entity four [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 2.90% | 2.90% | 2.65% | 2.65% | |
Top of range [member] | Entity five [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 7.25% | 7.25% | 7.25% | 7.25% | |
Top of range [member] | Entity six [Member] | Foreign countries [member] | |||||
Disclosure of debt securities in issue [Line Items] | |||||
Borrowings, interest rate | 3.65% | 3.65% | |||
[1] | Consumer price index. |
DEBT SECURITIES IN ISSUE (De154
DEBT SECURITIES IN ISSUE (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | $ 19,648,714 | $ 18,704,809 | |
Subordinated bonds [member] | Local currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 2,573,987 | 2,370,682 |
Subordinated bonds [member] | Foreign currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 6,156,094 | 7,727,485 |
Ordinary bonds [member] | Local currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 2,673,514 | 3,192,218 | |
Ordinary bonds [member] | Foreign currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 8,245,119 | 5,414,424 | |
Less than a year [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 2,352,801 | 832,885 | |
Less than a year [member] | Subordinated bonds [member] | Local currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 0 | 0 |
Less than a year [member] | Subordinated bonds [member] | Foreign currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 0 | 6,816 |
Less than a year [member] | Ordinary bonds [member] | Local currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 0 | 0 | |
Less than a year [member] | Ordinary bonds [member] | Foreign currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 535,020 | 826,069 | |
1 to 3 years [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 758,879 | 13 | |
1 to 3 years [member] | Subordinated bonds [member] | Local currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 0 | 0 |
1 to 3 years [member] | Subordinated bonds [member] | Foreign currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 0 | 0 |
1 to 3 years [member] | Ordinary bonds [member] | Local currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 0 | 13 | |
1 to 3 years [member] | Ordinary bonds [member] | Foreign currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 758,879 | 0 | |
3 to 5 years [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 209,320 | 2,769,141 | |
3 to 5 years [member] | Subordinated bonds [member] | Local currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 163,778 | 495,614 |
3 to 5 years [member] | Subordinated bonds [member] | Foreign currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 0 | 912,760 |
3 to 5 years [member] | Ordinary bonds [member] | Local currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 802 | 390,016 | |
3 to 5 years [member] | Ordinary bonds [member] | Foreign currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 44,740 | 970,751 | |
more than 5 years [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 18,145,495 | 15,102,770 | |
more than 5 years [member] | Subordinated bonds [member] | Local currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 2,410,209 | 1,875,068 |
more than 5 years [member] | Subordinated bonds [member] | Foreign currency one [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | [1] | 6,156,094 | 6,807,909 |
more than 5 years [member] | Ordinary bonds [member] | Local currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | 2,672,712 | 2,802,189 | |
more than 5 years [member] | Ordinary bonds [member] | Foreign currency two [member] | |||
Disclosure of debt securities in issue [Line Items] | |||
Debt instruments issued | $ 6,906,480 | $ 3,617,604 | |
[1] | The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. |
DEBT SECURITIES IN ISSUE (De155
DEBT SECURITIES IN ISSUE (Details 2) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of debt securities in issue [Line Items] | ||
Debt instruments issued | $ 19,648,714 | $ 18,704,809 |
No more than twelve months after the reporting period [member] | ||
Disclosure of debt securities in issue [Line Items] | ||
Debt instruments issued | 2,352,801 | 832,885 |
More than twelve months after the reporting period [member] | ||
Disclosure of debt securities in issue [Line Items] | ||
Debt instruments issued | $ 17,295,913 | $ 16,685,814 |
DEBT SECURITIES IN ISSUE (De156
DEBT SECURITIES IN ISSUE (Details Textual) | Sep. 12, 2017USD ($) | Sep. 04, 2012USD ($) | Oct. 18, 2017USD ($) | Jul. 26, 2010USD ($) | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2015COP ($) | Dec. 05, 2016COP ($) | |
Disclosure of debt securities in issue [Line Items] | ||||||||||
Borrowings, maturity | [1] | 30 | 30 | |||||||
Notional amount | $ 7,009,473,000,000 | $ 8,408,283,000,000 | ||||||||
Proceeds from issue of bonds, notes and debentures | [2] | 3,013,426,000,000 | 3,039,485,000,000 | $ 2,452,213,000,000 | ||||||
Fee and commission expense | $ 1,082,714,000,000 | $ 966,271,000,000 | $ 797,513,000,000 | |||||||
Ordinary bonds [Member] | ||||||||||
Disclosure of debt securities in issue [Line Items] | ||||||||||
Bonds issued | $ 350,000 | |||||||||
Banistmo bonds [Member] | ||||||||||
Disclosure of debt securities in issue [Line Items] | ||||||||||
Bonds issued | $ 500,000 | |||||||||
Borrowings, maturity | 2,022 | |||||||||
Proportion of issue price | 99.778% | |||||||||
Rate of return | 3.73% | |||||||||
Borrowings, interest rate | 3.65% | |||||||||
Notional amount | $ 519,842 | |||||||||
Subordinated note three [Member] | ||||||||||
Disclosure of debt securities in issue [Line Items] | ||||||||||
Borrowings, maturity | 10 years | |||||||||
Borrowings, interest rate | 4.875% | |||||||||
Notes and debentures issued | $ 750,000 | |||||||||
Subordinated note two [Member] | ||||||||||
Disclosure of debt securities in issue [Line Items] | ||||||||||
Proceeds from issue of bonds, notes and debentures | $ 321,152 | |||||||||
Subordinated note one [Member] | ||||||||||
Disclosure of debt securities in issue [Line Items] | ||||||||||
Proceeds from issue of bonds, notes and debentures | $ 360,912 | |||||||||
Subordinated notes [Member] | ||||||||||
Disclosure of debt securities in issue [Line Items] | ||||||||||
Fee and commission expense | $ 4,303 | |||||||||
Finance costs | $ 11,233 | |||||||||
[1] | The amount includes those presented as cash and cash equivalents and those presented as other assets. | |||||||||
[2] | The issuance costs paid by Bancolombia S.A. amounted to USD 15,535. For further information see Note 17. Debt securities in issue. |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of employee benefit plans [Abstract] | ||
Defined benefit pension plan | $ 131,589 | $ 129,931 |
Severance obligation | 38,041 | 51,289 |
Retirement Pension Premium Plan and Senior Management Pension Plan Premium | 119,526 | 105,158 |
Other long term benefits | 408,245 | 364,424 |
Post-employment and long-term benefit plans | $ 697,401 | $ 650,802 |
EMPLOYEE BENEFIT PLANS (Deta158
EMPLOYEE BENEFIT PLANS (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefit plans [Abstract] | |||
Current severance obligation | [1] | $ 106,334 | $ 104,352 |
Other bonuses and short-term benefits | 336,285 | 336,018 | |
Other employment benefit plans | $ 442,619 | $ 440,370 | |
[1] | See severance obligation |
EMPLOYEE BENEFIT PLANS (Deta159
EMPLOYEE BENEFIT PLANS (Details 2) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of employee benefit plans [Line Items] | |||
Actuarial (gain)/loss - financial assumptions | $ 52,895 | ||
Domestic defined benefit plans [member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Present value of the obligation as of January 1 | $ 123,282 | $ 120,543 | |
Interest cost | 8,117 | 8,998 | |
Actuarial (gain)/loss - experience | 3,418 | 4,341 | |
Benefits paid or payable | (11,553) | (11,114) | |
Actuarial (gain)/loss - financial assumptions | 2,216 | 514 | |
Defined obligation, unfunded as of December 31 | 125,480 | 123,282 | 120,543 |
Foreign defined benefit plans [member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Present value of the obligation as of January 1 | 6,649 | 6,688 | |
Interest cost | 198 | 230 | |
Actuarial (gain)/loss - experience | 68 | 446 | |
Actuarial (gain)/loss - financial assumptions | 61 | 190 | |
Benefits paid from plan assets | (825) | (584) | |
Foreign currency translation effect | (42) | (321) | |
Defined obligation, unfunded as of December 31 | $ 6,109 | $ 6,649 | $ 6,688 |
EMPLOYEE BENEFIT PLANS (Deta160
EMPLOYEE BENEFIT PLANS (Details 3) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of employee benefit plans [Line Items] | |||
Current severance regimen | [1] | $ 106,334 | $ 104,352 |
Severance regimen [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Present value of the obligation as of January 1 | 51,289 | 52,209 | |
Current service cost | 2,562 | 2,144 | |
Interest cost | 3,419 | 4,020 | |
Benefits paid | (11,298) | (10,233) | |
Net actuarial (gain) / loss due to assumption changes and plan experience | (7,931) | 3,149 | |
Defined obligation, unfunded as of December 31 | 38,041 | 51,289 | |
Current severance regimen | 106,334 | 104,352 | |
Total | $ 144,375 | $ 155,641 | |
[1] | See severance obligation |
EMPLOYEE BENEFIT PLANS (Deta161
EMPLOYEE BENEFIT PLANS (Details 4) - Pension plan premium [Member] - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of employee benefit plans [Line Items] | |||
Present value of the obligation as of January 1 | $ 105,158 | $ 95,331 | |
Current service cost | 7,294 | 10,597 | |
Interest cost | 6,881 | 7,211 | |
Benefits paid | (1,224) | (14,933) | |
First time application effect of IAS 19 to new defined benefit obligationof Transportempo at December 31, 2017 | [1] | 237 | 0 |
Net actuarial (gain) / loss due to assumption changes and plan experience | 1,195 | 7,093 | |
Foreign currency translation effect | (15) | (141) | |
Defined obligation, unfunded as of December 31 | $ 119,526 | $ 105,158 | |
[1] | Pursuant to a private agreement reached between Transportempo and its employees, the Bank’s subsidiary has decided to recognize a new employee benefit plan based on the employees’ seniority and their current salary at the moment when the service is vested. |
EMPLOYEE BENEFIT PLANS (Deta162
EMPLOYEE BENEFIT PLANS (Details 5) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Other long term benefits [Member] | ||||
Disclosure of employee benefit plans [Line Items] | ||||
Present value of the obligation as of January 1 | $ 364,424 | $ 271,651 | ||
Current service cost | 37,433 | 29,190 | ||
Interest cost | 26,329 | 18,940 | ||
Benefits paid | (38,671) | (39,092) | ||
Unfunded benefit obligation assumed for GAH at December 31, 2017 | [1] | 340 | 0 | |
Net actuarial (gain) / loss due to assumption changes and plan experience | 16,893 | 84,247 | [2] | |
Foreign currency translation effect | 883 | (512) | ||
Defined obligation, unfunded as of December 31 | 408,245 | 364,424 | ||
CIBPension Plan Premium [Member] | Foreign defined benefit plans [member] | ||||
Disclosure of employee benefit plans [Line Items] | ||||
First time application effect of IAS 19 to new defined benefit obligation of Renting at December 31, 2017( 2) | [3] | $ 614 | $ 0 | |
[1] | Former employees have been incorporated again in the Company’s payroll due to the private agreement reached between Comamesa (a Guatemalan subsidiary of GAH) and Serviva(security supplier). | |||
[2] | As a result of the acquisition of control of Grupo Agromercantil Holding in 2015, the Bank assumed the obligations related to the termination indemnity plan of Banco Agromercantil de Guatemala, Consejería, Mantenimiento y Mensajería, Seguros Agromercantil (subsidiaries of Grupo Agromercantil Holding). | |||
[3] | Pursuant to a private agreement reached between Renting and its employees, the Bank’s subsidiary has decided to recognize a new employee benefit plan based on the employees’ seniority and their current salary at the moment when the service is vested. |
EMPLOYEE BENEFIT PLANS (Deta163
EMPLOYEE BENEFIT PLANS (Details 6) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of employee benefit plans [Line Items] | ||
Employee pension plan | $ 4,765 | $ 5,565 |
Total | 4,765 | 5,565 |
Employee pension plan [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Employee pension plan | 4,765 | 5,565 |
Total | $ 4,765 | $ 5,565 |
EMPLOYEE BENEFIT PLANS (Deta164
EMPLOYEE BENEFIT PLANS (Details 7) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefit plans [Line Items] | ||
Fair value of assets as of January 1 | $ 5,565 | |
Fair value assets at the end of the year | 4,765 | $ 5,565 |
Plan assets [member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Fair value of assets as of January 1 | 5,565 | 6,087 |
Interest income on plan assets | 123 | 209 |
Return on plan assets greater/(less) than discount rate | (58) | 130 |
Benefits paid | (825) | (584) |
Foreign currency translation effect | (40) | (277) |
Fair value assets at the end of the year | $ 4,765 | $ 5,565 |
EMPLOYEE BENEFIT PLANS (Deta165
EMPLOYEE BENEFIT PLANS (Details 8) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefit plans [Line Items] | ||
Post-employment benefit expense, defined contribution plans | $ 250,959 | $ 234,341 |
Pension [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Post-employment benefit expense, defined contribution plans | 171,713 | 159,525 |
Current severance regimen [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Post-employment benefit expense, defined contribution plans | $ 79,246 | $ 74,816 |
EMPLOYEE BENEFIT PLANS (Deta166
EMPLOYEE BENEFIT PLANS (Details 9) | Dec. 31, 2017 | Dec. 31, 2016 |
Colombia [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate | 6.60% | 6.90% |
Rate of wage increase | 7.00% | 9.00% |
Projected inflation | 4.00% | 6.50% |
Bancolombia Panama [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate | 3.00% | 3.10% |
Rate of wage increase | 3.00% | 3.00% |
Projected inflation | 2.00% | 2.00% |
Banistmo [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate | 3.00% | 3.10% |
Expected long-term rate of return on plan assets | 2.10% | 6.00% |
Rate of wage increase | 3.00% | 3.00% |
El Salvador [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate | 3.60% | 5.10% |
Rate of wage increase | 2.50% | 3.00% |
Projected inflation | 1.50% | 2.00% |
Guatemala [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate | 8.20% | 8.20% |
Rate of wage increase | 5.00% | 5.03% |
Projected inflation | 4.00% | 4.00% |
EMPLOYEE BENEFIT PLANS (Deta167
EMPLOYEE BENEFIT PLANS (Details 10) $ in Millions | Dec. 31, 2017COP ($) |
Pension Benefits [Member] | 2018 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | $ 12,604 |
Pension Benefits [Member] | 2019 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 12,672 |
Pension Benefits [Member] | 2020 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 12,698 |
Pension Benefits [Member] | 2021 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 12,649 |
Pension Benefits [Member] | 2022 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 12,507 |
Pension Benefits [Member] | 2023 to 2027 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 58,148 |
Other Benefits [Member] | 2018 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 58,550 |
Other Benefits [Member] | 2019 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 55,384 |
Other Benefits [Member] | 2020 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 55,847 |
Other Benefits [Member] | 2021 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 65,396 |
Other Benefits [Member] | 2022 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | 72,098 |
Other Benefits [Member] | 2023 to 2027 | |
Disclosure of employee benefit plans [Line Items] | |
Actuarial present value of promised retirement benefits | $ 357,577 |
EMPLOYEE BENEFIT PLANS (Deta168
EMPLOYEE BENEFIT PLANS (Details 11) - Bancolombia [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017COP ($) | |
Discount rate [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 0.50% |
Salary rate Value | 0.50% |
Discount rate [Member] | Pension plans [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ (4,542) |
Effect on DBO Decrease | $ 4,864 |
Discount rate [Member] | Pension plans [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 7.10% |
Discount rate [Member] | Pension plans [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 6.10% |
Salary Level [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 0.50% |
Salary Level [Member] | Pension plans [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ 5,280 |
Effect on DBO Decrease | $ (4,964) |
Salary Level [Member] | Pension plans [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 3.90% |
Salary Level [Member] | Pension plans [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 2.90% |
Mortality Table [Member] | Pension plans [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Mortality Table (Increase/Decrease) | One year increase in life expectancy |
Effect on DBO Increase | $ 5,085 |
EMPLOYEE BENEFIT PLANS (Deta169
EMPLOYEE BENEFIT PLANS (Details 12) - Retirement Pension Premium Plan [Member] $ in Millions | Dec. 31, 2017COP ($) |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ 5,390 |
Effect on DBO Decrease | $ (4,935) |
Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 6.40% |
Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 5.40% |
Discount rate [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ (4,854) |
Effect on DBO Decrease | $ 5,348 |
Discount rate [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 7.10% |
Discount rate [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 6.10% |
EMPLOYEE BENEFIT PLANS (Deta170
EMPLOYEE BENEFIT PLANS (Details 13) - Bancolombia [Member] $ in Millions | Dec. 31, 2017COP ($) |
Discount rate [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 0.50% |
Salary rate Value | 0.50% |
Discount rate [Member] | Severance obligation [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ (980) |
Effect on DBO Decrease | $ 1,023 |
Discount rate [Member] | Severance obligation [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 7.10% |
Discount rate [Member] | Severance obligation [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 6.10% |
Salary Level [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 0.50% |
Salary Level [Member] | Severance obligation [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ 2,228 |
Effect on DBO Decrease | $ (2,156) |
Salary Level [Member] | Severance obligation [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 6.40% |
Salary Level [Member] | Severance obligation [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 5.40% |
EMPLOYEE BENEFIT PLANS (Deta171
EMPLOYEE BENEFIT PLANS (Details 14) - Bancolombia [Member] $ in Millions | Dec. 31, 2017COP ($) |
Discount rate [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 0.50% |
Salary rate Value | 0.50% |
Discount rate [Member] | Senior Management Pension Premium Plan [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ (987) |
Effect on DBO Decrease | $ 1,040 |
Discount rate [Member] | Senior Management Pension Premium Plan [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 7.10% |
Discount rate [Member] | Senior Management Pension Premium Plan [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 6.10% |
Salary Level [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Discount rate Value | 0.50% |
Salary Level [Member] | Senior Management Pension Premium Plan [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Percentage of Increase | 0.50% |
Percentage of Decrease | 0.50% |
Effect on DBO Increase | $ 1,331 |
Effect on DBO Decrease | $ (1,246) |
Salary Level [Member] | Senior Management Pension Premium Plan [Member] | Increase [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 6.40% |
Salary Level [Member] | Senior Management Pension Premium Plan [Member] | Decrease [Member] | |
Disclosure of employee benefit plans [Line Items] | |
Salary rate Value | 5.40% |
EMPLOYEE BENEFIT PLANS (Deta172
EMPLOYEE BENEFIT PLANS (Details 15) - Banistmo [Member] - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 3.00% | 3.10% |
Discount rate [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ (269) | |
Effect on DBO Decrease | $ 357 | |
Discount rate [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 3.50% | |
Discount rate [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 2.50% | |
Mortality Table [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Effect on DBO Increase | $ 207 | |
Mortality Table [Member] | Pension plans [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Mortality Table Value | RP2000 | |
Mortality Table (Increase/Decrease) | One year increase in life expectancy |
EMPLOYEE BENEFIT PLANS (Deta173
EMPLOYEE BENEFIT PLANS (Details 16) - Colombia [Member] - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 6.60% | 6.90% |
Salary rate Value | 7.00% | 9.00% |
Discount rate [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ (11,179) | |
Effect on DBO Decrease | $ 11,938 | |
Discount rate [Member] | Other long term benefits [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 7.10% | |
Discount rate [Member] | Other long term benefits [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 6.10% | |
Salary Level [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ 11,961 | |
Effect on DBO Decrease | $ (11,303) | |
Salary Level [Member] | Other long term benefits [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Salary rate Value | 6.40% | |
Salary Level [Member] | Other long term benefits [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Salary rate Value | 5.40% |
EMPLOYEE BENEFIT PLANS (Deta174
EMPLOYEE BENEFIT PLANS (Details 17) - El Salvador [Member] - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 3.60% | 5.10% |
Salary rate Value | 2.50% | 3.00% |
Discount rate [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ (661) | |
Effect on DBO Decrease | $ 720 | |
Discount rate [Member] | Other long term benefits [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 3.10% | |
Discount rate [Member] | Other long term benefits [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 4.10% | |
Salary Level [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ 121 | |
Effect on DBO Decrease | $ (157) | |
Salary Level [Member] | Other long term benefits [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Salary rate Value | 2.00% | |
Salary Level [Member] | Other long term benefits [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Salary rate Value | 3.00% |
EMPLOYEE BENEFIT PLANS (Deta175
EMPLOYEE BENEFIT PLANS (Details 18) - Guatemala [Member] - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 8.20% | 8.20% |
Salary rate Value | 5.00% | 5.03% |
Discount rate [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ (1,775) | |
Effect on DBO Decrease | $ 2,011 | |
Discount rate [Member] | Other long term benefits [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 8.70% | |
Discount rate [Member] | Other long term benefits [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Discount rate Value | 7.70% | |
Salary Level [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Percentage of Increase | 0.50% | |
Percentage of Decrease | 0.50% | |
Effect on DBO Increase | $ 1,398 | |
Effect on DBO Decrease | $ (1,267) | |
Salary Level [Member] | Other long term benefits [Member] | Increase [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Salary rate Value | 5.50% | |
Salary Level [Member] | Other long term benefits [Member] | Decrease [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Salary rate Value | 4.50% | |
Mortality Table [Member] | Other long term benefits [Member] | ||
Disclosure of employee benefit plans [Line Items] | ||
Mortality Table Value | RP-2000 (M&F) | |
Mortality Table (Increase/Decrease) | One year increase in life expectancy | |
Effect on DBO Increase | $ 593 |
EMPLOYEE BENEFIT PLANS (Deta176
EMPLOYEE BENEFIT PLANS (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017COP ($) | Dec. 31, 2016COP ($) | Dec. 31, 2015COP ($) | |
Disclosure of employee benefit plans [Line Items] | |||
Current service cost and interest cost | $ 114,808 | ||
Actuarial gains (losses) arising from changes in demographic assumptions, net defined benefit liability (asset) | $ 52,895 | ||
Short-term employee benefits accruals | $ 336,285 | $ 336,018 | |
Banistmo [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 62 | 64 | |
Severance obligation [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 572 | 707 | |
Retirement and senior management pension plan [Member] | El Salvador [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 2,940 | 2,899 | |
Unfunded benefits Plan [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 673 | 693 | |
Active participants [Member] | Banistmo [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 2 | ||
Participants with deferred benefits [Member] | Banistmo [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 31 | 31 | |
Participants receiving benefits [Member] | Banistmo [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 31 | 31 | |
Employees of Banco Agricola and its subsidiaries [Member] | Retirement and senior management pension plan [Member] | El Salvador [Member] | |||
Disclosure of employee benefit plans [Line Items] | |||
Number of participants of retirement benefit plan receiving benefits | 1 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Other Liabilities Explanatory [Abstract] | |||
Payables | $ 1,838,806 | $ 1,281,907 | |
Suppliers | 1,254,484 | 1,289,495 | |
Advances | [1] | 393,007 | 442,567 |
Collection services | 377,288 | 316,016 | |
Security contributions | 356,498 | 329,098 | |
Employee benefits and bonuses | [2] | 319,073 | 277,635 |
Salaries and other labor obligations | 266,944 | 322,010 | |
Deferred interests | 203,681 | 149,360 | |
Advances received in leasing operations and loans | 171,421 | 133,603 | |
Provisions | [3] | 84,294 | 107,813 |
Dividends | [4] | 16,182 | 228,004 |
Other | [5] | 514,804 | 410,647 |
Total | $ 5,796,482 | $ 5,288,155 | |
[1] | For the year 2017 and 2016 advances includes the amount received by the Bank in balances related to insurance operations amounting to COP 54,967 and COP 47,549, respectively, balances held by court order amounting to COP 50,152 and COP 52,205, respectively, gain on derivatives first day valuation amounting to COP 39,706 and COP 51,271, respectively and excess cash amounting to COP 9,012 and COP 12,584, respectively. Additionally, the line includes balances of credit cards charges pending to be applied amounting to COP 10,116 and COP 12,580 | ||
[2] | For further information related to other employee benefit plans, see Note 18 "Employees benefit plans". | ||
[3] | See Note 20 "Provisions and contingents liabilities". | ||
[4] | The decrease is due to the fact that the payment of dividends approved at the ordinary annual shareholders' meeting for the year 2016 was fulfilled before December 31,2017 and for year 2016 , corresponds to the last payment of dividends approved at the ordinary annual shareholders' meeting held in 2015. | ||
[5] | Includes an income tax provision amounting to COP 353,338 related with a potential exposure for the fiscal year 2014, out of which there were unrecognized tax benefits amounting to COP 201,554 in income tax liabilities related to tax positions. The 2014 income tax return has been subject to review from the tax authority since April 23, 2015. |
OTHER LIABILITIES (Details Text
OTHER LIABILITIES (Details Textual) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Other Liabilities Explanatory [Line Items] | ||
Gain on derivatives first day valuation | $ 39,706 | $ 51,271 |
Balances related to insurance operations | 54,967 | 47,549 |
Balances held by court order | 50,152 | 52,205 |
Bank overdrafts | 9,012 | 12,584 |
Current accrued expenses and other current liabilities | 10,116 | 12,580 |
Current tax liabilities | 161,966 | $ 124,802 |
Fiscal year 2014 [Member] | ||
Disclosure Of Other Liabilities Explanatory [Line Items] | ||
Current tax liabilities | 353,338 | |
UnrecognizedTaxBenefitse | $ 201,554 |
PROVISIONS AND CONTINGENT LI179
PROVISIONS AND CONTINGENT LIABILITIES (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Initial balance at beginning | $ 107,813 | $ 72,203 |
Additions recognized in the year | 79,237 | 89,596 |
Provisions used during the period | (10,623) | (3,500) |
Provisions reversed during the period | (92,119) | (50,430) |
Foreign currency translation adjustment | (90) | (243) |
Effect of discounted cash flows | 76 | 187 |
Final balance at the end of the period | 84,294 | 107,813 |
Legal proceedings provision [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Initial balance at beginning | 29,135 | 19,147 |
Additions recognized in the year | 23,396 | 17,000 |
Provisions used during the period | (10,623) | (3,444) |
Provisions reversed during the period | (11,504) | (3,512) |
Foreign currency translation adjustment | (90) | (243) |
Effect of discounted cash flows | 98 | 187 |
Final balance at the end of the period | 30,412 | 29,135 |
Administrative proceedings provision [Member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Initial balance at beginning | 1,312 | 336 |
Additions recognized in the year | 302 | 1,032 |
Provisions used during the period | 0 | (56) |
Provisions reversed during the period | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Effect of discounted cash flows | (22) | 0 |
Final balance at the end of the period | 1,592 | 1,312 |
Financial guarantees provision [Member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Initial balance at beginning | 77,366 | 52,720 |
Additions recognized in the year | 55,539 | 71,564 |
Provisions used during the period | 0 | 0 |
Provisions reversed during the period | (80,615) | (46,918) |
Foreign currency translation adjustment | 0 | 0 |
Effect of discounted cash flows | 0 | 0 |
Final balance at the end of the period | $ 52,290 | $ 77,366 |
PROVISIONS AND CONTINGENT LI180
PROVISIONS AND CONTINGENT LIABILITIES (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | $ 6,701,643 | $ 6,344,004 |
Not later than one month [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | 960,268 | 635,033 |
Later than one month and not later than three months [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | 1,230,687 | 959,385 |
Later than three months and not later than one year [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | 2,946,250 | 3,007,832 |
Later than three years and not later than five years [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | 149,238 | 367,298 |
Later than five years [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | 191,139 | 146,167 |
Later than one year and not later than three years [member] | ||
Disclosure Of Provisions And Contingent Liabilites [Line Items] | ||
Financial Guarantees | $ 1,224,061 | $ 1,228,289 |
PROVISIONS AND CONTINGENT LI181
PROVISIONS AND CONTINGENT LIABILITIES (Details Textual ) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure Of Capital [Line Items] | |
Disclosure of amount based on which contingencies are classified | The contingencies higher than USD 5,000 against the Bank, with significant importance to be disclose in notes to the financial statements as of December 31, 2017 are presented below: |
HSBC Bank [Member] | |
Disclosure Of Capital [Line Items] | |
Share of the company in amount received through irregular means | $ 286,900 |
Promotara Terramar [Member] | |
Disclosure Of Capital [Line Items] | |
Amount received through irregular means by other entity | 299,858 |
Carlos Julio Aguilar and others [Member] | Bancolombia [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | 10,123 |
Municipality of chia [Member] | Bancolombia [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | 6,173 |
Interbolsa S.A [Member] | Bancolombia [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | 4,692 |
Melenao Mora and Said Diaz [Member] | Banistmo [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | 20,000 |
Deniss Rafael Perez Perozo and others [Member] | Banistmo [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | 5,000,000 |
Superintendency Of Tax Administration of Guatemala [Member] | Banco Agromercantil [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | 13,000 |
Corporacion de Alimentos S.A. de CV [Member] | Banco Agromercantil [Member] | |
Disclosure Of Capital [Line Items] | |
Value of damages sought by the plaintiff | $ 6,454 |
CAPITAL (Details)
CAPITAL (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Capital [Line Items] | ||
Authorized shares | 1,400,000,000 | 1,400,000,000 |
Total shares | 961,827,000 | 961,827,000 |
Subscribed and paid capital (nominal value) | $ 480,914 | $ 480,914 |
Ordinary shares [member] | ||
Disclosure Of Capital [Line Items] | ||
Shares with a nominal value of COP 500 pesos | 509,704,584 | 509,704,584 |
Preference shares [member] | ||
Disclosure Of Capital [Line Items] | ||
Shares with a nominal value of COP 500 pesos | 452,122,416 | 452,122,416 |
CAPITAL (Details) (Parenthetica
CAPITAL (Details) (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Ordinary shares [member] | ||
Disclosure Of Capital [Line Items] | ||
Par value per share | $ 500 | $ 500 |
Preference shares [member] | ||
Disclosure Of Capital [Line Items] | ||
Par value per share | $ 500 | $ 500 |
CAPITAL (Details 1)
CAPITAL (Details 1) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
2,017 | ||||||
Disclosure Of Capital [Line Items] | ||||||
Cash dividends per share | $ 1,020 | |||||
2,016 | ||||||
Disclosure Of Capital [Line Items] | ||||||
Cash dividends per share | $ 950 | |||||
2,015 | ||||||
Disclosure Of Capital [Line Items] | ||||||
Cash dividends per share | $ 888 | |||||
2,014 | ||||||
Disclosure Of Capital [Line Items] | ||||||
Cash dividends per share | $ 830 | |||||
2,013 | ||||||
Disclosure Of Capital [Line Items] | ||||||
Cash dividends per share | $ 776 | |||||
2,012 | ||||||
Disclosure Of Capital [Line Items] | ||||||
Cash dividends per share | $ 754 |
CAPITAL (Details Textual)
CAPITAL (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Capital [Abstract] | |
Description Of conditions for declaration of dividend | The declaration, amount and payment of dividends are based on Bancolombia S.A’s unconsolidated net income. Dividends must be approved at the ordinary annual shareholders’ meeting upon the recommendation of the Board of Directors. Under the Colombian Commercial Code, after payment of income taxes and appropriation of legal and other reserves, and after setting off losses from prior fiscal years, Bancolombia must distribute to its stockholders at least 50.00% of its annual net income or 70.00% of its annual net income if the total amount of reserves exceeds its outstanding capital, unless such minimum percentages are waived by an affirmative vote of the holders of 78.00% of the shares present at the stockholders’ meeting. Such dividend distribution must be made to all stockholders, in cash or in issued stock of Bancolombia, as may be determined by the stockholders, and within a year from the date of the ordinary annual stockholders’ meeting in which the dividend was declared. The payment of dividends must be made in cash during the next year since the date when the Annual Meeting takes place and for all the stockholder's. If the payment is made in the Bank's own equity securities instead of cash, that situation has to be approved by the 80.00% of the subscribed common shareholders and the 80.00% of the subscribed preferred shares. The annual net profits of Bancolombia must be applied as follows: (i) first, an amount equal to 10.00% of Bancolombia’s net profits to a legal reserve until such reserve is equal to at least 50.00% of the Bank’s paid-in capital; (ii) second, to the payment of the minimum dividend on the preferred shares; and (iii) third, as may be determined in the ordinary annual stockholders’ meeting by the vote of the holders of a majority of the shares entitled to vote. Holders of preferred shares are entitled to receive dividends based on the profits of the preceding fiscal year, after deducting losses affecting the capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing for any other reserve, of a minimum preferred dividend equal to one per cent (1.00%) yearly of the subscription price of the preferred share, provided this dividend is higher than the dividend assigned to common shares, if this is not the case, the dividend shall be increased to an amount that is equal to the per share dividend on the common shares. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares. Payment of the preferred dividend shall be made at the time and in the manner established in the general shareholders’ meeting and with the priority indicated by Colombian law. Any stock dividend payable in common shares requires the approval of 80.00% or more of the shares present at a shareholders’ meeting, which will include 80.00% or more of the outstanding preferred shares. In the event that none of the holders of preferred shares is present at such meeting, a stock dividend may only be paid to the holders of common shares that approve such a payment. |
APPROPRIATED RESERVES (Details)
APPROPRIATED RESERVES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Appropiated Reserves [Line Items] | ||||
Other reserves | $ 9,045,155 | $ 7,472,409 | ||
Appropriated Reserves [Member] | ||||
Disclosure Of Appropiated Reserves [Line Items] | ||||
Other reserves | 9,045,155 | 7,472,409 | ||
Appropriation of net income [Member] | Appropriated Reserves [Member] | ||||
Disclosure Of Appropiated Reserves [Line Items] | ||||
Other reserves | [1] | 8,709,922 | 6,871,092 | |
Fiscal provisions [Member] | Appropriated Reserves [Member] | ||||
Disclosure Of Appropiated Reserves [Line Items] | ||||
Other reserves | [2] | 196,318 | 551,341 | [3] |
Others [Member] | Appropriated Reserves [Member] | ||||
Disclosure Of Appropiated Reserves [Line Items] | ||||
Other reserves | $ 138,915 | $ 49,976 | ||
[1] | The legal reserve fulfills two objetives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. | |||
[2] | Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders must be established for the 70% of the diference between the accounting and the tax depreciation, when the tax depreciation is greater than the accounting depreciation. | |||
[3] | Pursuant to Decree 2336 of 1995, a reserve was established until 2016 for profits related to the valuation of investmentes held for trading purposes by the Bank. |
APPROPRIATED RESERVES (Details
APPROPRIATED RESERVES (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | ||
Disclosure Of Appropriated Reserves [Abstract] | ||
Explanation of terms to maintain non distributable reserve | a non-distributable reserve to the shareholders must be established for the 70% of the diference between the accounting and the tax depreciation, when the tax depreciation is greater than the accounting depreciation. | [1] |
[1] | Pursuant to Decree 2336 of 1995, a reserve was established until 2016 for profits related to the valuation of investmentes held for trading purposes by the Bank. |
UNCONSOLIDATED STRUCTURED EN188
UNCONSOLIDATED STRUCTURED ENTITIES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of unconsolidated structured entities [line items] | ||
Loans and advances to customers | $ 152,244,991 | $ 145,125,575 |
Securitisation [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets of the entities | 2,110,967 | 1,621,035 |
Investments at fair value through profit or loss | 252,881 | 295,536 |
Investments at fair value through other comprehensive income | 187,471 | 196,131 |
Loans and advances to customers | 0 | 0 |
Total assets in relation to The Bank’s interests in the unconsolidated structured entities | 440,352 | 491,667 |
The Bank’s maximum exposure | 440,352 | 491,667 |
Bank’s managed funds [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets of the entities | 120,320,401 | 111,580,219 |
Investments at fair value through profit or loss | 0 | 0 |
Investments at fair value through other comprehensive income | 0 | 0 |
Loans and advances to customers | 3,626,152 | 3,125,459 |
Total assets in relation to The Bank’s interests in the unconsolidated structured entities | 3,626,152 | 3,125,459 |
The Bank’s maximum exposure | 3,626,152 | 3,125,459 |
Total [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets of the entities | 122,431,368 | 113,201,254 |
Investments at fair value through profit or loss | 252,881 | 295,536 |
Investments at fair value through other comprehensive income | 187,471 | 196,131 |
Loans and advances to customers | 3,626,152 | 3,125,459 |
Total assets in relation to The Bank’s interests in the unconsolidated structured entities | 4,066,504 | 3,617,126 |
The Bank’s maximum exposure | $ 4,066,504 | $ 3,617,126 |
OPERATING INCOME AND OPERATI189
OPERATING INCOME AND OPERATING EXPENSES (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating income and operating expense [Line Items] | |||
Debt investments, net | $ 159,890 | $ 163,311 | $ 71,091 |
Gains (losses) on financial assets at fair value through profit or loss | 525,423 | 544,184 | 230,749 |
Total Interest on investment securities | 685,313 | 707,495 | 301,840 |
Debt securities [member] | |||
Disclosure of operating income and operating expense [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | 699,841 | 579,403 | 294,979 |
Derivatives [member] | |||
Disclosure of operating income and operating expense [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | (61,667) | (4,750) | 31,835 |
Spot transactions [Member] | |||
Disclosure of operating income and operating expense [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | 3,517 | (22,831) | (48,961) |
Repos [Member] | |||
Disclosure of operating income and operating expense [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | (116,268) | (7,638) | (50,081) |
Others [Member] | |||
Disclosure of operating income and operating expense [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | $ 0 | $ 0 | $ 2,977 |
OPERATING INCOME AND OPERATI190
OPERATING INCOME AND OPERATING EXPENSES (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating income and operating expense [Abstract] | |||
Deposits | $ (4,279,316) | $ (3,878,528) | $ (2,415,187) |
Debt securities in issue | (1,191,000) | (1,335,192) | (1,057,748) |
Financial borrowings | (672,472) | (723,385) | (454,326) |
Preferred shares | (58,714) | (58,714) | (58,714) |
Borrowings from other financial institutions | (15,860) | (6,345) | (6,836) |
Other interest | (15,624) | (50,936) | (45,130) |
Interest expenses | $ (6,232,986) | $ (6,053,100) | $ (4,037,941) |
OPERATING INCOME AND OPERATI191
OPERATING INCOME AND OPERATING EXPENSES (Details 2) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating income and operating expense [Abstract] | |||
Credit and debit card fees | $ 1,164,380 | $ 1,092,919 | $ 1,015,253 |
Banking services | 885,512 | 816,839 | 630,616 |
Bancassurance | 408,248 | 336,692 | 260,224 |
Trust | 359,651 | 294,499 | 265,215 |
Collections | 228,580 | 229,940 | 203,772 |
Acceptances and guarantees | 55,365 | 55,724 | 44,539 |
Checks | 48,010 | 51,974 | 55,861 |
Brokerage | 20,618 | 23,431 | 23,453 |
Others | 416,543 | 383,217 | 291,624 |
Fees and commissions income | 3,586,907 | 3,285,235 | 2,790,557 |
Banking services | (396,264) | (354,640) | (298,415) |
Call Center and Website | (291,602) | (260,006) | (190,110) |
Others | (394,848) | (351,625) | (308,988) |
Fees and commission expenses | (1,082,714) | (966,271) | (797,513) |
Total fees and commission, net | $ 2,504,193 | $ 2,318,964 | $ 1,993,044 |
OPERATING INCOME AND OPERATI192
OPERATING INCOME AND OPERATING EXPENSES (Details 3) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of operating income and operating expense [Abstract] | ||||
Operating leases | $ 563,861 | $ 493,486 | $ 448,754 | |
Net foreign exchange | 294,068 | 132,292 | (157,933) | |
Services | 164,150 | 167,914 | 165,737 | |
Other reversals | 140,012 | 37,767 | 8,110 | |
Investment property valuation | 55,573 | 149,299 | 150,176 | |
Insurance | [1] | 49,640 | 49,679 | 0 |
Gains on sale of assets | 40,600 | 60,282 | 8,408 | |
Derivatives foreign exchange contracts | 21,917 | 164,172 | 527,137 | |
Penalties for failure to contract | 19,881 | 14,634 | 14,963 | |
Hedging | (3,678) | (5,985) | (20,509) | |
Others | 286,322 | 223,583 | 227,859 | |
Total Other operating income | $ 1,632,346 | $ 1,487,123 | $ 1,372,702 | |
[1] | Corresponds to income from Seguros Agromercantil insurance operations. See Note 8: Goodwill and Intangible assets, net. |
OPERATING INCOME AND OPERATI193
OPERATING INCOME AND OPERATING EXPENSES (Details 4) - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of operating income and operating expense [Abstract] | ||||||
Dividends | [1] | $ 32,248 | $ 39,785 | $ 23,833 | ||
Equity investments | [2] | (19,680) | 77,799 | 95,595 | ||
Equity method | [4] | 253,602 | [3] | 60,254 | [5] | 122,477 |
Gains (Losses) on sale of Discontinued Operations | 0 | (1,146) | (30,331) | |||
Total dividends received, and share of profits of equity method investees | $ 266,170 | $ 176,692 | $ 211,574 | |||
[1] | Dividends received from equity investments at fair value through profit or loss as of 31, December of 2017, 2016 and 2015 amount COP 20,297, COP 30,468 and COP 14,228, respectively. Dividends from equity investments at fair value through OCI amount COP 11,951, COP 9,317 and 9,605, respectively. | |||||
[2] | As of December 31, 2017 there is a lost in equity investments due to decrease of fair value in portfolio measured at fair value through profit or loss held by Banagricola S.A. | |||||
[3] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[4] | For further information, see note 7 investments in associates and joint ventures | |||||
[5] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. |
OPERATING INCOME AND OPERATI194
OPERATING INCOME AND OPERATING EXPENSES (Details Textual) - COP ($) $ in Millions | 10 Months Ended | 12 Months Ended | |||
Oct. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of operating income and operating expense [Line Items] | |||||
Interest income (expense) | $ 10,639,007 | $ 10,202,433 | $ 7,723,704 | ||
Fee and commission income | 3,586,907 | 3,285,235 | 2,790,557 | ||
Fee and commission income (expense) | 2,504,193 | 2,318,964 | 1,993,044 | ||
Dividends received | [1] | (32,248) | (39,785) | (23,833) | |
Fair value through profit or loss [Member] | |||||
Disclosure of operating income and operating expense [Line Items] | |||||
Dividends received | 20,297 | 30,468 | 14,228 | ||
Fair value through other comprehensive income [Member] | |||||
Disclosure of operating income and operating expense [Line Items] | |||||
Dividends received | $ 11,951 | $ 9,317 | 9,605 | ||
Discontinued operations [member] | |||||
Disclosure of operating income and operating expense [Line Items] | |||||
Fee and commission income | 388,306 | ||||
Fee and commission income (expense) | $ 244,193 | $ 235,806 | |||
[1] | Dividends received from equity investments at fair value through profit or loss as of 31, December of 2017, 2016 and 2015 amount COP 20,297, COP 30,468 and COP 14,228, respectively. Dividends from equity investments at fair value through OCI amount COP 11,951, COP 9,317 and 9,605, respectively. |
OPERATING EXPENSES (Details)
OPERATING EXPENSES (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of operating expenses [Abstract] | ||||
Maintenance and repairs | $ 530,284 | $ 448,017 | $ 356,655 | |
Others Fees | 427,517 | 411,521 | 256,852 | |
Insurance | 303,501 | 286,384 | 244,274 | |
Leasing | 244,956 | 246,445 | 218,394 | |
Transport | 158,561 | 154,220 | 138,084 | |
Disputes, fines and sanctions | [1] | 139,146 | 52,441 | 58,821 |
Frauds and claims | [2] | 134,087 | 72,860 | 81,836 |
Data processing | 130,125 | 101,347 | 46,536 | |
Advertising | 127,142 | 120,046 | 113,821 | |
Public services | 107,727 | 114,840 | 94,295 | |
Cleaning and security services | 92,359 | 93,336 | 65,867 | |
communications | 67,201 | 61,943 | 55,003 | |
Contributions and affiliations | 60,320 | 59,406 | 50,709 | |
Properties improvements and installation | 59,121 | 55,307 | 58,141 | |
Useful and stationery | 58,145 | 61,699 | 42,232 | |
Travel expenses | 38,037 | 37,112 | 34,998 | |
Production and supply cards | 32,975 | 29,532 | 15,509 | |
Trust | 25,901 | 13,176 | 10,637 | |
Legal and financial consultants | 25,855 | 29,435 | 18,785 | |
Real estate management | 21,817 | 19,262 | 18,428 | |
Board of directors and audit fee | 20,450 | 20,926 | 19,223 | |
Donations | 17,048 | 18,338 | 13,031 | |
Storage services | 16,162 | 14,157 | 14,918 | |
Activities Joint Operations | 9,650 | 8,805 | 3,988 | |
Public relations | 5,912 | 5,101 | 3,270 | |
Legal expenses | 4,112 | 7,232 | 22,923 | |
Temporary services | 3,907 | 5,897 | 4,078 | |
Others | 117,845 | 102,549 | 176,290 | |
Total other administrative and general expenses | 2,979,863 | 2,651,334 | 2,237,598 | |
Wealth tax, contributions and other tax burden | [3] | $ 727,661 | $ 741,184 | $ 675,387 |
[1] | The increase in disputes, fines and sanctions during the year 2017 is caused by the recognition of an income tax provision related with a potential exposure for the fiscal year 2014, out of which there were unrecognized tax benefits amounting to COP 201,554 in income tax liabilities related to tax positions. The 2014 income tax return has been subject to review from the tax authority since April 23, 2015. | |||
[2] | The increase in frauds and claims during the year 2017 is mainly explained for a higher operational risk in virtual transactions and transactions with credit and debit cards. | |||
[3] | See note 11 Income taxes. |
OPERATING EXPENSES (Details 1)
OPERATING EXPENSES (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of operating expenses [Abstract] | |||||
Impairment of the other assets | [1] | $ 45,850 | $ 38,775 | $ 16,797 | |
Depreciation of premises and equipment | 316,281 | 329,258 | 306,689 | ||
Amortization of intangible assets | 116,752 | 149,776 | 153,799 | ||
Total impairment, depreciation and amortization | $ 478,883 | $ 517,809 | $ 477,285 | [2] | |
[1] | The detail of the impairment of other assets net by operating segments for the years ended December 31, 2017, 2016 and 2015 is presented in the table below: | ||||
[2] | The Bank inadvertently inverted the label of the amounts reported for Operating Expenses and Depreciation and Amortization in 2015. There was no impact in total operating expenses or profit before tax. |
OPERATING EXPENSES (Details 2)
OPERATING EXPENSES (Details 2) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | [1] | $ 45,850 | $ 38,775 | $ 16,797 |
Banking El Salvador [Member] | ||||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 3,363 | 19,705 | (3,253) | |
Banking Colombia [Member] | ||||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 33,661 | 15,078 | 22,255 | |
Banking Guatemala [Member] | ||||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 1,939 | 2,118 | 0 | |
Banking Panama [Member] | ||||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 5,495 | 1,934 | (2,303) | |
Off shore [Member] | ||||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | (26) | (60) | 0 | |
All Other Segments [Member] | ||||
Disclosure of operating expenses [Line Items] | ||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | $ 1,418 | $ 0 | $ 98 | |
[1] | The detail of the impairment of other assets net by operating segments for the years ended December 31, 2017, 2016 and 2015 is presented in the table below: |
OPERATING EXPENSES (Details Tex
OPERATING EXPENSES (Details Textual) | Dec. 31, 2014COP ($) |
Disclosure of operating expenses [Line Items] | |
Unrecognized Tax Benefits | $ 201,554 |
EARNING PER SHARE (_EPS_) (Deta
EARNING PER SHARE (‘EPS’) (Details) - COP ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of earnings per share [Abstract] | |||
Income from continuing operations before attribution of non-controlling interests | $ 2,754,173 | $ 2,791,450 | $ 2,586,385 |
Less: Non-controlling interests from continuing operations | 139,173 | 89,619 | 90,008 |
Net income from continuing operations | 2,615,000 | 2,701,831 | 2,496,377 |
Income from operations and disposals of discontinued operations, net of taxes | 0 | 163,497 | 22,513 |
Less: Non-controlling interests from discontinuing operations | 0 | 0 | 0 |
Net income attributable to the controlling interest | 2,615,000 | 2,865,328 | 2,518,890 |
Less: Preferred dividends declared | 370,983 | 342,825 | 316,548 |
Less: Allocation of undistributed earnings to preferred stockholders | 827,126 | 972,955 | 836,383 |
Continuing operations | 827,126 | 896,100 | 825,800 |
Discontinued operations | 0 | 76,855 | 10,583 |
Net income allocated to common shareholders for basic and diluted EPS | $ 1,416,891 | $ 1,549,548 | $ 1,365,959 |
Weighted average number of common shares outstanding used in basic EPS calculation (in millions) | 510 | 510 | 510 |
Basic and Diluted earnings per share to common shareholders | $ 2,780 | $ 3,040 | $ 2,680 |
From continuing operations | 2,780 | 2,870 | 2,656 |
From discontinuing operations | $ 0 | $ 170 | $ 24 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - COP ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Assets | ||||||
Investments | $ 1,565,059 | [1] | $ 1,298,246 | [2] | ||
Assets held for sale and inventories | 377,003 | 273,187 | ||||
Other assets | 2,479,037 | 2,750,883 | ||||
Total assets | 203,908,211 | 196,261,044 | ||||
Liabilities | ||||||
Deposits | 131,959,215 | 124,624,011 | ||||
Other liabilities | 5,796,482 | 5,288,155 | ||||
Total Liabilities | 179,478,661 | 173,784,064 | ||||
Income | ||||||
Interest and other operating income | 16,685,677 | 15,748,805 | $ 11,269,644 | |||
Net income | 2,754,173 | 2,954,947 | 2,608,898 | |||
Expenses | ||||||
Interests and other operating expenses | 6,232,986 | 6,053,100 | 4,037,941 | |||
Fees | 1,082,714 | 966,271 | 797,513 | |||
Others | (249,023) | (259,792) | (252,626) | |||
Stockholders with an interest equal or higher than 10% of the Bank's capital [Member] | ||||||
Assets | ||||||
Investments | 0 | 0 | ||||
Loans and advances to customers and financial entities, net | 423,706 | 246,245 | ||||
Assets held for sale and inventories | 0 | |||||
Other assets | 0 | 0 | ||||
Total assets | 423,706 | 246,245 | ||||
Liabilities | ||||||
Deposits | 363,335 | 145,266 | ||||
Other liabilities | 0 | 0 | ||||
Total Liabilities | 363,335 | 145,266 | ||||
Income | ||||||
Interest and other operating income | 6,989 | 8,951 | 0 | |||
Dividends | 0 | 0 | 0 | |||
Others | 0 | 0 | 0 | |||
Net income | 6,989 | 8,951 | 0 | |||
Expenses | ||||||
Interests and other operating expenses | 5,603 | 430 | 16 | |||
Fees | 0 | 0 | 0 | |||
Others | 0 | 0 | 0 | |||
Total expenses | 5,603 | 430 | 16 | |||
Directors and senior management [Member] | ||||||
Assets | ||||||
Investments | 0 | 0 | ||||
Loans and advances to customers and financial entities, net | 17,342 | 15,709 | ||||
Assets held for sale and inventories | 0 | |||||
Other assets | 2 | 389 | ||||
Total assets | 17,344 | 16,098 | ||||
Liabilities | ||||||
Deposits | 4,363 | 3,750 | ||||
Other liabilities | 3 | 0 | ||||
Total Liabilities | 4,366 | 3,750 | ||||
Income | ||||||
Interest and other operating income | 419 | 931 | 1,389 | |||
Dividends | 0 | 0 | 0 | |||
Others | 0 | 0 | 0 | |||
Net income | 419 | 931 | 1,389 | |||
Expenses | ||||||
Interests and other operating expenses | 269 | 767 | 23 | |||
Fees | 1,109 | 1,001 | 792 | |||
Others | 53 | 0 | 0 | |||
Total expenses | 1,431 | 1,768 | 815 | |||
Associates and joint ventures [Member] | ||||||
Assets | ||||||
Investments | 1,855,511 | 1,688,543 | [3] | |||
Loans and advances to customers and financial entities, net | 124,592 | 36,262 | [3] | |||
Assets held for sale and inventories | [4] | 18,413 | ||||
Other assets | 127,022 | [5] | 64,078 | [3] | ||
Total assets | 2,125,538 | 1,788,883 | [3] | |||
Liabilities | ||||||
Deposits | 163,932 | 230,176 | [3] | |||
Other liabilities | 92 | 31,941 | [3] | |||
Total Liabilities | 164,024 | 262,117 | [3] | |||
Income | ||||||
Interest and other operating income | 11,224 | 6,089 | [3] | 22,588 | ||
Dividends | 48,403 | 49,627 | [3] | 45,736 | ||
Others | 51,613 | 51,586 | [3] | 14 | ||
Net income | 111,240 | 107,302 | [3] | 68,338 | ||
Expenses | ||||||
Interests and other operating expenses | 20,139 | 13,912 | [3] | 4,879 | ||
Fees | 19 | 5 | [3] | 0 | ||
Others | 29,431 | 37,370 | [3] | 1,006 | ||
Total expenses | $ 49,589 | $ 51,287 | [3] | $ 5,885 | ||
[1] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[2] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | |||||
[3] | This ítem includes operations held between Bancolombia S.A. and Compañía de Financiamiento Tuya S.A. since November 1, 2016 when the Bank lost control of Tuya S.A. Furthermore, the item includes operations held between Bancolombia S.A. and Sociedad Servicios de Aceptación S.A.S. since June, 2016, when that company was set up. | |||||
[4] | Investment classified as held for sale. See Note 12. Assets held for sale and Inventories. | |||||
[5] | This ítem includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana. |
RELATED PARTY TRANSACTIONS (201
RELATED PARTY TRANSACTIONS (Details 1) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Assets | |||||
Investments | $ 1,565,059 | [1] | $ 1,298,246 | [2] | |
Other assets | 2,479,037 | 2,750,883 | |||
Total assets | 203,908,211 | 196,261,044 | |||
Liabilities | |||||
Deposits | 131,959,215 | 124,624,011 | |||
Other Liabilities | 5,796,482 | 5,288,155 | |||
Total liabilities | 179,478,661 | 173,784,064 | |||
Income | |||||
Interest and other operating income | 16,685,677 | 15,748,805 | $ 11,269,644 | ||
Net income | 2,754,173 | 2,954,947 | 2,608,898 | ||
Expenses | |||||
Interests and other operating expenses | 6,232,986 | 6,053,100 | 4,037,941 | ||
Fees | 1,082,714 | 966,271 | 797,513 | ||
Others | (249,023) | $ (259,792) | $ (252,626) | ||
Financial Conglomerate Operations [Member] | |||||
Assets | |||||
Investments | 376,171 | ||||
Loans and advances to customers and financial entities, net | 191,278 | ||||
Other assets | 8 | ||||
Total assets | 567,457 | ||||
Liabilities | |||||
Deposits | 1,015,523 | ||||
Other Liabilities | 1,882 | ||||
Total liabilities | 1,017,405 | ||||
Income | |||||
Interest and other operating income | 488,190 | ||||
Dividends | 15,021 | ||||
Net income | 503,211 | ||||
Expenses | |||||
Interests and other operating expenses | 32,568 | ||||
Fees | 4 | ||||
Others | 4,788 | ||||
Total expenses | $ 37,360 | ||||
[1] | As of December 31, 2017, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. | ||||
[2] | As of December 31, 2016, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. |
RELATED PARTY TRANSACTIONS (202
RELATED PARTY TRANSACTIONS (Details Textual) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2014 | |
Disclosure of related party transactions [Line Items] | |||||
Cash and cash equivalents | $ 18,165,644 | $ 20,460,245 | $ 18,805,577 | $ 13,466,783 | |
Other assets | 2,479,037 | 2,750,883 | |||
Deposits from customers | 131,959,215 | 124,624,011 | |||
Debt instruments issued | 19,648,714 | 18,704,809 | |||
Other liabilities | $ 5,796,482 | 5,288,155 | |||
Stockholders [Member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Description of ownership interest percentage | 20.00% | ||||
Board of Directors and Senior Management [Member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Description of ownership interest percentage | 50.00% | ||||
Assorciates and joint ventures [Member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Description of ownership interest percentage | 20.00% | ||||
Assorciates and joint ventures [Member] | Top of range [member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Description of ownership interest percentage | 50.00% | ||||
Related parties [member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Description of ownership interest percentage | 10.00% | ||||
Board of Directors [Member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Key management personnel compensation | $ 1,109 | 1,001 | 792 | ||
Senior Managment [Member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Key management personnel compensation, short-term employee benefits | 14,320 | 12,956 | 55,175 | ||
Key management personnel compensation, other long-term employee benefits | 922 | 589 | $ 191 | ||
Other related parties [member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Key management personnel compensation, post-employment benefits | $ 460 | $ 13,994 | |||
Parent [member] | |||||
Disclosure of related party transactions [Line Items] | |||||
Portfolio loans and financial leasing contracts | $ 15,186,102 | ||||
Cash and cash equivalents | 295,852 | ||||
Other assets | 1,097,058 | ||||
Deposits from customers | 8,944,845 | ||||
Debt instruments issued | 2,387,940 | ||||
Other liabilities | $ 3,117,115 |
LIABILITIES FROM FINANCING A203
LIABILITIES FROM FINANCING ACTIVITIES (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017COP ($) | ||
Disclosure of liabilities from financing activities [Line Items] | ||
Balance as of January 1, 2017 | $ 40,116,634 | |
Cash flows | (4,667,575) | |
Foreign currency translation adjustment | (252,266) | |
Interests accrued | 2,131,740 | |
Other movements | (38,554) | |
Balance as of December 31, 2017 | 37,289,979 | |
Repurchase agreements and other similar secured borrowing [Member] | ||
Disclosure of liabilities from financing activities [Line Items] | ||
Balance as of January 1, 2017 | 1,924,010 | |
Cash flows | 1,313,442 | |
Foreign currency translation adjustment | (1,324) | |
Interests accrued | 0 | |
Other movements | 0 | |
Balance as of December 31, 2017 | 3,236,128 | |
Long-term borrowings [member] | ||
Disclosure of liabilities from financing activities [Line Items] | ||
Balance as of January 1, 2017 | 18,905,843 | [1] |
Cash flows | (5,883,247) | [1] |
Foreign currency translation adjustment | (177,290) | [1] |
Interests accrued | 1,075,716 | [1] |
Other movements | (98,870) | [1],[2] |
Balance as of December 31, 2017 | 13,822,152 | [1] |
Debt securities in issue [Member] | ||
Disclosure of liabilities from financing activities [Line Items] | ||
Balance as of January 1, 2017 | 18,704,809 | [1] |
Cash flows | (40,069) | [1] |
Foreign currency translation adjustment | (73,652) | [1] |
Interests accrued | 1,056,024 | [1] |
Other movements | 1,602 | [1] |
Balance as of December 31, 2017 | 19,648,714 | [1] |
Preferred shares [Member] | ||
Disclosure of liabilities from financing activities [Line Items] | ||
Balance as of January 1, 2017 | 581,972 | [3] |
Cash flows | (57,701) | [3] |
Foreign currency translation adjustment | 0 | [3] |
Interests accrued | 0 | [3] |
Other movements | 58,714 | [3] |
Balance as of December 31, 2017 | $ 582,985 | [3] |
[1] | The cash flows disclosed in this table related with Borrowings from other financial institutions and debt securities in issue include the interests paid during the year amounting to COP 1,031,078 and COP 1,084,096, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. | |
[2] | The amount of COP (98,870) is mainly comprised by the reclassification of liabilities relating to assets held for sale. | |
[3] | The cash flow amounting to COP 57,701 corresponds to the minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. |
LIABILITIES FROM FINANCING A204
LIABILITIES FROM FINANCING ACTIVITIES (Details Textual) - COP ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of liabilities from financing activities [Line Items] | |||
Interest paid, classified as operating activities | $ 5,798,689,000,000 | $ 5,229,165,000,000 | $ 3,771,238,000,000 |
Reclassification of liabilities related to assets held for sale | (98,870) | ||
Dividends paid, classified as financing activities | 1,126,209,000,000 | $ 840,242,000,000 | $ 785,332,000,000 |
Bottom of range [member] | |||
Disclosure of liabilities from financing activities [Line Items] | |||
Dividends paid, classified as financing activities | 57,701 | ||
Long-term borrowings [member] | |||
Disclosure of liabilities from financing activities [Line Items] | |||
Interest paid, classified as operating activities | 1,031,078 | ||
Debt securities in issue [Member] | |||
Disclosure of liabilities from financing activities [Line Items] | |||
Interest paid, classified as operating activities | $ 1,084,096 |
FAIR VALUE OF ASSETS AND LIA205
FAIR VALUE OF ASSETS AND LIABILITIES (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Assets | ||||
Derivative financial instruments | $ 1,134,372 | $ 1,677,970 | ||
Loans and advances to customers and financial institutions, net | 152,244,991 | 145,125,575 | ||
Investment property | 1,657,409 | [1] | 1,581,689 | |
Total | 203,908,211 | 196,261,044 | ||
Liabilities | ||||
Deposits by customers | 131,959,215 | 124,624,011 | ||
Interbank deposits | 1,084,591 | 341,856 | ||
Repurchase agreements and other similar secured borrowing | [2] | 3,236,128 | 1,924,010 | |
Derivative financial instruments | 945,853 | 1,312,450 | ||
Borrowings from other financial institutions | 13,822,152 | 18,905,843 | ||
Preferred shares | 582,985 | 581,972 | ||
Debt securities in issue | 19,648,714 | 18,704,809 | ||
Total | 179,478,661 | 173,784,064 | ||
Carrying amount | ||||
Assets | ||||
Debt securities at fair value | 10,701,855 | 8,537,562 | ||
Debt securities at amortized cost | 4,157,568 | 3,134,919 | ||
Equity securities at fair value | 1,517,830 | 1,388,172 | ||
Derivative financial instruments | 1,134,372 | 1,677,970 | ||
Loans and advances to customers and financial institutions, net | [3] | 152,244,991 | 145,125,575 | |
Investment property | 1,657,409 | 1,581,689 | ||
Invesments in associates and joint ventures | 757,886 | 388,595 | ||
Equity securities - Assets held for sale | 2,486 | 0 | ||
Total | 172,174,397 | 161,834,482 | ||
Liabilities | ||||
Deposits by customers | 131,959,215 | 124,624,011 | ||
Interbank deposits | 1,084,591 | 341,856 | ||
Repurchase agreements and other similar secured borrowing | 3,236,128 | 1,924,010 | ||
Derivative financial instruments | 945,853 | 1,312,450 | ||
Borrowings from other financial institutions | 13,822,152 | 18,905,843 | ||
Preferred shares | 582,985 | 581,972 | ||
Debt securities in issue | 19,648,714 | 18,704,809 | ||
Total | 171,279,638 | 166,394,951 | ||
Fair Value | ||||
Assets | ||||
Debt securities at fair value | 10,701,855 | 8,537,562 | ||
Debt securities at amortized cost | 4,131,688 | 3,115,477 | ||
Equity securities at fair value | 1,517,830 | 1,388,172 | ||
Derivative financial instruments | 1,134,372 | 1,677,970 | ||
Loans and advances to customers and financial institutions, net | [3] | 149,162,071 | 141,595,210 | |
Investment property | 1,657,409 | 1,581,689 | ||
Invesments in associates and joint ventures | 757,886 | 388,595 | ||
Equity securities - Assets held for sale | 2,486 | 0 | ||
Total | 169,065,597 | 158,284,675 | ||
Liabilities | ||||
Deposits by customers | 132,779,730 | 125,096,410 | ||
Interbank deposits | 1,084,591 | 341,856 | ||
Repurchase agreements and other similar secured borrowing | 3,236,128 | 1,924,010 | ||
Derivative financial instruments | 945,853 | 1,312,450 | ||
Borrowings from other financial institutions | 13,822,152 | 18,905,843 | ||
Preferred shares | 662,999 | 565,676 | ||
Debt securities in issue | 20,756,154 | 19,071,085 | ||
Total | $ 173,287,607 | $ 167,217,330 | ||
[1] | Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). | |||
[2] | Total repo liabilities have maturities of less than 30 days. | |||
[3] | The amount of COP 140,398,685 disclosed as the fair value of the line “Loans and advances to customers and financial institutions, net” in the Bank’s annual report in 2016 has been changed for COP 141,595,210 due to changes introduced in the methodology used by the Bank to estimate the fair value of the loan portfolio in the year 2017. |
FAIR VALUE OF ASSETS AND LIA206
FAIR VALUE OF ASSETS AND LIABILITIES (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | $ 160,468,094 | $ 151,747,486 | |||
Derivative financial assets | 1,134,372 | 1,677,970 | |||
Investment property | 1,657,409 | [1] | 1,581,689 | ||
Investments in associates | [2] | 1,327,610 | 940,364 | ||
PA Viva Malls [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 757,886 | 388,595 | [3] | ||
Buildings [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 1,413,285 | [1] | 1,355,717 | ||
Land [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 244,124 | [1] | 225,972 | ||
Forward contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 172,682 | 316,991 | |||
Swap contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 946,695 | 1,313,682 | |||
Option contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 14,995 | 47,297 | |||
Recurring fair value measurement [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Total | 15,771,838 | 13,573,988 | |||
Debt instruments held | 10,701,855 | 8,537,562 | |||
Equity instruments held | 1,517,830 | 1,388,172 | |||
Derivative financial assets | 1,134,372 | 1,677,970 | |||
Investment property | 1,657,409 | 1,581,689 | |||
Equity securities - Assets held for sale | 2,486 | 0 | |||
Recurring fair value measurement [member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 757,886 | 388,595 | |||
Recurring fair value measurement [member] | PA Viva Malls [Member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 757,886 | 388,595 | |||
Recurring fair value measurement [member] | Buildings [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 1,413,285 | 1,355,717 | |||
Recurring fair value measurement [member] | Land [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 244,124 | 225,972 | |||
Recurring fair value measurement [member] | Foreign exchange contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 172,310 | 313,566 | |||
Recurring fair value measurement [member] | Equity contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 372 | 3,425 | |||
Recurring fair value measurement [member] | Trading equity securities [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity instruments held | 1,517,830 | 1,388,172 | |||
Recurring fair value measurement [member] | Equity securities held for sale [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity securities - Assets held for sale | 2,486 | 0 | |||
Recurring fair value measurement [member] | Securities issued by the Colombian Government [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 7,003,147 | 4,904,152 | |||
Recurring fair value measurement [member] | Securities issued by government entities [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 36,038 | 11,904 | |||
Recurring fair value measurement [member] | Securities issued by other financial institutions [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 1,052,776 | 1,080,368 | |||
Recurring fair value measurement [member] | Securities issued by foreign governments [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 2,471,994 | 2,429,192 | |||
Recurring fair value measurement [member] | Corporate bonds [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 137,900 | 111,946 | |||
Recurring fair value measurement [member] | Forward contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 172,682 | 316,991 | |||
Recurring fair value measurement [member] | Swap contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 672,558 | 1,127,474 | |||
Recurring fair value measurement [member] | Swap contract [member] | Interest rate contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 274,137 | 186,208 | |||
Recurring fair value measurement [member] | Option contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 14,995 | 47,297 | |||
Level 1 of fair value hierarchy [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Total | 7,584,761 | 5,808,243 | |||
Debt instruments held | 7,431,340 | 5,614,383 | |||
Equity instruments held | 145,250 | 189,363 | |||
Derivative financial assets | 8,171 | 4,497 | |||
Investment property | 0 | 0 | |||
Equity securities - Assets held for sale | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | PA Viva Malls [Member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Buildings [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Land [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Foreign exchange contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Equity contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Trading equity securities [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity instruments held | 145,250 | 189,363 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Equity securities held for sale [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity securities - Assets held for sale | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by the Colombian Government [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 6,013,860 | 4,400,952 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by government entities [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 9,186 | 3,163 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by other financial institutions [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 177,531 | 146,025 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by foreign governments [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 1,196,963 | 1,044,629 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Corporate bonds [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 33,800 | 19,614 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract [member] | Interest rate contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 8,171 | 4,497 | |||
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Total | 3,780,973 | 3,734,497 | |||
Debt instruments held | 2,970,348 | 2,503,151 | |||
Equity instruments held | 28,976 | 20,131 | |||
Derivative financial assets | 781,649 | 1,211,215 | |||
Investment property | 0 | 0 | |||
Equity securities - Assets held for sale | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | PA Viva Malls [Member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Buildings [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Land [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Foreign exchange contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 78,189 | 187,682 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Equity contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 357 | 2,816 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Trading equity securities [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity instruments held | 28,976 | 20,131 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Equity securities held for sale [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity securities - Assets held for sale | 0 | 0 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by the Colombian Government [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 989,287 | 503,200 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by government entities [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 26,852 | 8,741 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by other financial institutions [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 578,196 | 529,244 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by foreign governments [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 1,275,031 | 1,384,563 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Corporate bonds [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 100,982 | 77,403 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 78,546 | 190,498 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 482,330 | 856,742 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract [member] | Interest rate contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 220,027 | 158,342 | |||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 746 | 5,633 | |||
Level 3 of fair value hierarchy [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 225,548 | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Total | 4,406,104 | 4,031,248 | |||
Debt instruments held | 300,167 | 420,028 | |||
Equity instruments held | 1,343,604 | 1,178,678 | |||
Derivative financial assets | 344,552 | 462,258 | |||
Investment property | 1,657,409 | 1,581,689 | |||
Equity securities - Assets held for sale | 2,486 | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 757,886 | 388,595 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | PA Viva Malls [Member] | Associates [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investments in associates | 757,886 | 388,595 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Buildings [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 1,413,285 | 1,355,717 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Land [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Investment property | 244,124 | 225,972 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Foreign exchange contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 94,121 | 125,884 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Equity contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 15 | 609 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Trading equity securities [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity instruments held | 1,343,604 | 1,178,678 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Equity securities held for sale [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Equity securities - Assets held for sale | 2,486 | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by the Colombian Government [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 0 | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by government entities [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 0 | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by other financial institutions [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 297,049 | 405,099 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by foreign governments [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 0 | 0 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Corporate bonds [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Debt instruments held | 3,118 | 14,929 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 94,136 | 126,493 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 190,228 | 270,732 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract [member] | Interest rate contracts [Member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | 45,939 | 23,369 | |||
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract [member] | |||||
Disclosure of fair value of assets and liabilities [Line Items] | |||||
Derivative financial assets | $ 14,249 | $ 41,664 | |||
[1] | Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). | ||||
[2] | As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. | ||||
[3] | PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate. |
FAIR VALUE OF ASSETS AND LIA207
FAIR VALUE OF ASSETS AND LIABILITIES (Details 2) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | $ (945,853) | $ (1,312,450) |
Financial liabilities, at fair value | (54,782,101) | (53,145,784) |
Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (147,446) | (327,033) |
Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (781,464) | (941,426) |
Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (16,943) | (42,961) |
Foreign exchange contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (142,976) | (323,923) |
Foreign exchange contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (505,823) | (749,082) |
Foreign exchange contracts [Member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (16,943) | (42,961) |
Equity contracts [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | (1,030) |
Equity contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (4,470) | (3,110) |
Interest rate contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (275,641) | (192,344) |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (9,347) | (1,030) |
Financial liabilities, at fair value | (9,347) | (8,858) |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (9,347) | (7,828) |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity contracts [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | (1,030) |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Interest rate contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (9,347) | (7,828) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (855,771) | 0 |
Financial liabilities, at fair value | (855,771) | (1,237,652) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (126,379) | (307,594) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (712,449) | (887,097) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (16,943) | (42,961) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (122,424) | (304,756) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (459,789) | (708,354) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (16,943) | (42,961) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity contracts [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (3,955) | (2,838) |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Interest rate contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (252,660) | (178,743) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (80,735) | (65,940) |
Financial liabilities, at fair value | (80,735) | (65,940) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (21,067) | (19,439) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (59,668) | (46,501) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (20,552) | (19,167) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (46,034) | (40,728) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign exchange contracts [Member] | Option contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity contracts [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | 0 | 0 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity contracts [Member] | Forward contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | (515) | (272) |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Interest rate contracts [Member] | Swap contract [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Derivative financial liabilities | $ (13,634) | $ (5,773) |
FAIR VALUE OF ASSETS AND LIA208
FAIR VALUE OF ASSETS AND LIABILITIES (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value of assets and liabilities [Line Items] | |||
Loans and advances to customers and financial institutions, net | $ 152,244,991 | $ 145,125,575 | |
Total | 203,908,211 | 196,261,044 | |
Deposits by customers | (131,959,215) | (124,624,011) | |
Interbank deposits | (1,084,591) | (341,856) | |
Repurchase agreements and other similar secured borrowing | [1] | (3,236,128) | (1,924,010) |
Borrowings from other financial institutions | (13,822,152) | (18,905,843) | |
Preferred shares | (582,985) | (581,972) | |
Debt securities in issue | (19,648,714) | (18,704,809) | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 4,131,688 | 3,115,477 | |
Loans and advances to customers and financial institutions, net | [2] | 149,162,071 | 141,595,210 |
Total | 153,293,759 | 144,710,687 | |
Deposits by customers | (132,779,730) | (125,096,410) | |
Interbank deposits | (1,084,591) | (341,856) | |
Repurchase agreements and other similar secured borrowing | (3,236,128) | (1,924,010) | |
Borrowings from other financial institutions | (13,822,152) | (18,905,843) | |
Preferred shares | (662,999) | (565,676) | |
Debt securities in issue | (20,756,154) | (19,071,085) | |
Total | (172,341,754) | (165,904,880) | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 12,967 | 0 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 1,895,774 | 1,507,908 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by other financial institutions [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 228,484 | 205,579 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 1,050,855 | 985,224 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 943,608 | 416,766 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 1,191,471 | 1,203,390 | |
Loans and advances to customers and financial institutions, net | [2] | 0 | 0 |
Total | 1,191,471 | 1,203,390 | |
Deposits by customers | 0 | 0 | |
Interbank deposits | 0 | 0 | |
Repurchase agreements and other similar secured borrowing | 0 | 0 | |
Borrowings from other financial institutions | 0 | 0 | |
Preferred shares | 0 | 0 | |
Debt securities in issue | (8,999,118) | (7,068,228) | |
Total | (8,999,118) | (7,068,228) | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 17,204 | 9,336 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by other financial institutions [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 194,606 | 172,125 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 748,060 | 822,598 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 231,601 | 199,331 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 915,722 | 522,247 | |
Loans and advances to customers and financial institutions, net | [2] | 0 | 0 |
Total | 915,722 | 522,247 | |
Deposits by customers | (30,440,868) | (20,534,986) | |
Interbank deposits | 0 | 0 | |
Repurchase agreements and other similar secured borrowing | 0 | 0 | |
Borrowings from other financial institutions | 0 | 0 | |
Preferred shares | 0 | 0 | |
Debt securities in issue | (9,534,766) | (10,228,190) | |
Total | (39,975,634) | (30,763,176) | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 12,967 | 0 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 528,395 | 344,200 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by other financial institutions [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 21,871 | 15,421 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 302,795 | 162,626 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 49,694 | 0 | |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 2,024,495 | 1,389,840 | |
Loans and advances to customers and financial institutions, net | [2] | 149,162,071 | 141,595,210 |
Total | 151,186,566 | 142,985,050 | |
Deposits by customers | (102,338,862) | (104,561,424) | |
Interbank deposits | (1,084,591) | (341,856) | |
Repurchase agreements and other similar secured borrowing | (3,236,128) | (1,924,010) | |
Borrowings from other financial institutions | (13,822,152) | (18,905,843) | |
Preferred shares | (662,999) | (565,676) | |
Debt securities in issue | (2,222,270) | (1,774,667) | |
Total | (123,367,002) | (128,073,476) | |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 1,350,175 | 1,154,372 | |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by other financial institutions [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 12,007 | 18,033 | |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Financial assets at amortised cost | $ 662,313 | $ 217,435 | |
[1] | Total repo liabilities have maturities of less than 30 days. | ||
[2] | The amount of COP 140,398,685 disclosed as the fair value of the line “Loans and advances to customers and financial institutions, net” in the Bank’s annual report in 2016 has been changed for COP 141,595,210 due to changes introduced in the methodology used by the Bank to estimate the fair value of the loan portfolio in the year 2017. |
FAIR VALUE OF ASSETS AND LIA209
FAIR VALUE OF ASSETS AND LIABILITIES (Details 4) - Non-recurring fair value measurement [member] - Non-current assets held for sale [member] - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | $ 5,454,631 | $ 1,676,563 |
Machinery [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 11,500 | 9,466 |
Real Estate For Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 23,854 | 20,671 |
Real Estate For Other Than Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 1,402 | 102,913 |
Collateralized Loans [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 5,417,875 | 1,543,513 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Machinery [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Real Estate For Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Real Estate For Other Than Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Collateralized Loans [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Machinery [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Real Estate For Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Real Estate For Other Than Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 of fair value hierarchy [member] | Collateralized Loans [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 5,454,631 | 1,676,563 |
Level 3 of fair value hierarchy [member] | Machinery [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 11,500 | 9,466 |
Level 3 of fair value hierarchy [member] | Real Estate For Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 23,854 | 20,671 |
Level 3 of fair value hierarchy [member] | Real Estate For Other Than Residential Purposes [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | 1,402 | 102,913 |
Level 3 of fair value hierarchy [member] | Collateralized Loans [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Financial assets, at fair value | $ 5,417,875 | $ 1,543,513 |
FAIR VALUE OF ASSETS AND LIA210
FAIR VALUE OF ASSETS AND LIABILITIES (Details 5) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value of assets and liabilities [Line Items] | |||
Fair value of investments in associates for which there are quoted market prices | $ 757,886 | $ 434,318 | |
Investments in associates | [1] | 1,327,610 | 940,364 |
Compania de Financiemiento TUYA S.A. [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Fair value of investments in associates for which there are quoted market prices | 225,548 | 0 | |
Level 1 of fair value hierarchy [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Investments in associates | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Compania de Financiemiento TUYA S.A. [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Fair value of investments in associates for which there are quoted market prices | 0 | 0 | |
Level 2 of fair value hierarchy [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Investments in associates | 0 | 0 | |
Level 2 of fair value hierarchy [member] | Compania de Financiemiento TUYA S.A. [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Fair value of investments in associates for which there are quoted market prices | 0 | 0 | |
Level 3 of fair value hierarchy [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Investments in associates | 225,548 | 0 | |
Level 3 of fair value hierarchy [member] | Compania de Financiemiento TUYA S.A. [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Fair value of investments in associates for which there are quoted market prices | $ 225,548 | $ 0 | |
[1] | As of December 31, 2017 and 2016, the amount includes investments in associates at fair value for COP 757,886 and COP 434,318, respectively and investments in associates at equity value COP 569,724 and COP 506,046 respectively. See note 29 Fair value of assets and liabilities. |
FAIR VALUE OF ASSETS AND LIA211
FAIR VALUE OF ASSETS AND LIABILITIES (Details 6) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | $ 1,178,678 | $ 978,751 | ||
Included in earnings | [1] | (19,680) | 77,799 | $ 95,595 |
OCI | 46,035 | |||
Purchases / reclassifications | 282,604 | |||
Settlement | (53,139) | |||
Prepaids | 0 | |||
Transfers in to Level 3 | 0 | |||
Transfers out of Level 3 | 0 | |||
Balance as on December 31, | 1,178,678 | 978,751 | ||
PA Viva Malls [Member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 388,595 | 0 | ||
Included in earnings | 108,868 | 0 | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | 262,918 | 388,595 | ||
Settlement | (2,495) | 0 | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Balance as on December 31, | 757,886 | 388,595 | 0 | |
Equity securities [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 1,178,678 | 978,751 | ||
Included in earnings | 107,848 | (75,573) | ||
OCI | 26,736 | 46,035 | ||
Purchases / reclassifications | 116,743 | 282,604 | ||
Settlement | (41,948) | (53,139) | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | 6,950 | 0 | ||
Transfers out of Level 3 | (51,403) | 0 | ||
Balance as on December 31, | 1,343,604 | 1,178,678 | 978,751 | |
Debt securities [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 420,028 | 640,059 | ||
Included in earnings | (74,627) | (55,579) | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | 58,315 | 77,325 | ||
Settlement | (69,868) | (246,723) | ||
Prepaids | (72) | 0 | ||
Transfers in to Level 3 | 0 | 4,946 | ||
Transfers out of Level 3 | (33,609) | 0 | ||
Balance as on December 31, | 300,167 | 420,028 | 640,059 | |
Equity securities held for sale [Member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 0 | |||
Included in earnings | 0 | |||
OCI | 0 | |||
Purchases / reclassifications | 1,345 | |||
Settlement | 0 | |||
Prepaids | 0 | |||
Transfers in to Level 3 | 1,141 | |||
Transfers out of Level 3 | 0 | |||
Balance as on December 31, | 2,486 | 0 | ||
Securities issued or secured by other financial entities [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Transfers out of Level 3 | 30,951 | |||
Securities issued or secured by other financial entities [member] | Debt securities [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 405,099 | 629,994 | ||
Included in earnings | (70,416) | (64,739) | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | 52,316 | 77,263 | ||
Settlement | (58,999) | (239,769) | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | 0 | 2,350 | ||
Transfers out of Level 3 | (30,951) | 0 | ||
Balance as on December 31, | 297,049 | 405,099 | 629,994 | |
Other investment [Member] | Debt securities [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 14,929 | 10,065 | ||
Included in earnings | 9,160 | |||
OCI | 0 | |||
Purchases / reclassifications | 62 | |||
Settlement | (6,954) | |||
Prepaids | 0 | |||
Transfers in to Level 3 | 2,596 | |||
Transfers out of Level 3 | 0 | |||
Balance as on December 31, | 14,929 | 10,065 | ||
Derivative financial instruments [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 396,318 | 735,928 | ||
Included in earnings | 353 | (25,897) | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | 264,827 | 130,983 | ||
Settlement | (395,986) | (497,383) | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | (1,659) | 27,271 | ||
Transfers out of Level 3 | (36) | 25,416 | ||
Balance as on December 31, | 263,817 | 396,318 | 735,928 | |
Derivative financial instruments [member] | Foreign exchange contracts [Member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 378,385 | 726,609 | ||
Included in earnings | 353 | (22,727) | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | 231,260 | 125,632 | ||
Settlement | (378,053) | (495,525) | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | 103 | 21,267 | ||
Transfers out of Level 3 | (36) | 23,129 | ||
Balance as on December 31, | 232,012 | 378,385 | 726,609 | |
Derivative financial instruments [member] | Interest rate contracts [Member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 17,596 | 9,319 | ||
Included in earnings | 0 | (3,170) | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | 34,067 | 5,014 | ||
Settlement | (17,596) | (1,858) | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | (1,762) | 6,004 | ||
Transfers out of Level 3 | 0 | 2,287 | ||
Balance as on December 31, | 32,305 | 17,596 | 9,319 | |
Derivative financial instruments [member] | Equity contracts [Member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 337 | 0 | ||
Included in earnings | 0 | 0 | ||
OCI | 0 | 0 | ||
Purchases / reclassifications | (500) | 337 | ||
Settlement | (337) | 0 | ||
Prepaids | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Balance as on December 31, | (500) | 337 | $ 0 | |
Corporate bonds [Member] | Debt securities [member] | ||||
Disclosure of fair value of assets and liabilities [Line Items] | ||||
Balance as on January 1, | 14,929 | |||
Included in earnings | (4,211) | |||
OCI | 0 | |||
Purchases / reclassifications | 5,999 | |||
Settlement | (10,869) | |||
Prepaids | (72) | |||
Transfers in to Level 3 | 0 | |||
Transfers out of Level 3 | (2,658) | |||
Balance as on December 31, | $ 3,118 | $ 14,929 | ||
[1] | As of December 31, 2017 there is a lost in equity investments due to decrease of fair value in portfolio measured at fair value through profit or loss held by Banagricola S.A. |
FAIR VALUE OF ASSETS AND LIA212
FAIR VALUE OF ASSETS AND LIABILITIES (Details 7) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value of assets and liabilities [Line Items] | ||
Effect on fairvalue of assets due to increase in basis point | $ 0 | |
Effect on fair value of assets due to decrease in basis point | $ 0 | |
Discounted cash flow [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 11.36% | 11.46% |
Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 3,118 | $ 16,895 |
Interest rate, significant unobservable inputs, assets | (0.11%) | (0.12%) |
Effect on fairvalue of assets due to increase in basis point | $ 3,292 | $ 16,766 |
Effect on fair value of assets due to decrease in basis point | $ 2,985 | 17,056 |
Market comparable prices [member] | PA Viva Malls [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
Market comparable prices [member] | Price [Member] | PA Viva Malls [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 757,886 | $ 388,595 |
Interest rate, significant unobservable inputs, assets | ||
Effect on fairvalue of assets due to increase in basis point | ||
Effect on fair value of assets due to decrease in basis point | ||
Debt securities [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 300,167 | 132,687 |
Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 2,350 | |
Interest rate, significant unobservable inputs, assets | (0.12%) | |
Effect on fairvalue of assets due to increase in basis point | $ 2,297 | |
Effect on fair value of assets due to decrease in basis point | 2,388 | |
Trading equity securities [member] | Market comparable prices [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
Trading equity securities [member] | Market comparable prices [member] | Price [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 1,343,604 | $ 1,178,678 |
Interest rate, significant unobservable inputs, assets | ||
Effect on fairvalue of assets due to increase in basis point | ||
Effect on fair value of assets due to decrease in basis point | ||
Equity securities held for sale [Member] | Market comparable prices [member] | Price [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 2,486 | |
Interest rate, significant unobservable inputs, assets | ||
Effect on fairvalue of assets due to increase in basis point | ||
Effect on fair value of assets due to decrease in basis point | ||
Securities issued by other financial institutions [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 297,049 | 117,758 |
Corporate bonds [Member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.81% | |
Option contract [member] | Black-Scholes [Member] | Recovery rate [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 14,249 | $ 41,496 |
Interest rate, significant unobservable inputs, assets | 4.99% | 25.00% |
Effect on fairvalue of assets due to increase in basis point | $ 14,142 | $ 41,668 |
Effect on fair value of assets due to decrease in basis point | 14,280 | 41,661 |
Forward contract [member] | Discounted cash flow [member] | Credit spread [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 73,069 | $ 106,921 |
Interest rate, significant unobservable inputs, assets | 2.41% | 5.01% |
Effect on fairvalue of assets due to increase in basis point | $ 72,886 | $ 106,759 |
Effect on fair value of assets due to decrease in basis point | 73,263 | 107,346 |
Swap contract [member] | Discounted cash flow [member] | Credit spread [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 176,499 | $ 201,185 |
Interest rate, significant unobservable inputs, assets | 1.95% | 5.86% |
Effect on fairvalue of assets due to increase in basis point | $ 170,701 | $ 200,098 |
Effect on fair value of assets due to decrease in basis point | 182,343 | 202,279 |
TIPS, securities issued by other institutions one [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 236,236 | $ 22,651 |
Interest rate, significant unobservable inputs, assets | 0.63% | 0.32% |
Effect on fairvalue of assets due to increase in basis point | $ 225,867 | $ 22,484 |
Effect on fair value of assets due to decrease in basis point | 235,382 | 22,807 |
TIPS, securities issued by other institutions two [Member] | Debt securities [member] | Discounted cash flow [member] | Liquidity risk premium [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 236,236 | $ 22,651 |
Interest rate, significant unobservable inputs, assets | 4.48% | 9.58% |
Effect on fairvalue of assets due to increase in basis point | $ 226,007 | $ 22,377 |
Effect on fair value of assets due to decrease in basis point | 235,228 | $ 22,687 |
TIPS, securities issued by other institutions TIPS three [Member] | Debt securities [member] | Prepayment speed [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
TIPS, securities issued by other institutions TIPS three [Member] | Debt securities [member] | Discounted cash flow [member] | Prepayment speed [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 236,236 | $ 22,651 |
Interest rate, significant unobservable inputs, assets | ||
Effect on fairvalue of assets due to increase in basis point | $ 231,087 | 22,557 |
Effect on fair value of assets due to decrease in basis point | 230,152 | 22,509 |
Other bonds, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 41,776 | $ 75,862 |
Interest rate, significant unobservable inputs, assets | 0.81% | 2.14% |
Effect on fairvalue of assets due to increase in basis point | $ 35,305 | $ 68,621 |
Effect on fair value of assets due to decrease in basis point | 38,282 | 73,182 |
Securitisations, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 10,919 | |
Interest rate, significant unobservable inputs, assets | (1.19%) | |
Effect on fairvalue of assets due to increase in basis point | $ 10,825 | |
Effect on fair value of assets due to decrease in basis point | 11,014 | |
Time deposit, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 8,118 | |
Interest rate, significant unobservable inputs, assets | 1.81% | |
Effect on fairvalue of assets due to increase in basis point | $ 8,056 | |
Effect on fair value of assets due to decrease in basis point | 8,184 | |
TIPS, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Fair Value | $ 236,236 | $ 22,651 |
Bottom of range [member] | Option contract [member] | Black-Scholes [Member] | Recovery rate [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.06% | |
Bottom of range [member] | Forward contract [member] | Discounted cash flow [member] | Credit spread [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.00% | 0.00% |
Bottom of range [member] | Swap contract [member] | Discounted cash flow [member] | Credit spread [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.00% | 0.00% |
Bottom of range [member] | TIPS, securities issued by other institutions one [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.43% | 0.23% |
Bottom of range [member] | TIPS, securities issued by other institutions two [Member] | Debt securities [member] | Discounted cash flow [member] | Liquidity risk premium [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.00% | 0.00% |
Bottom of range [member] | Other bonds, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | (0.11%) | 0.75% |
Bottom of range [member] | Securitisations, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 2.24% | |
Bottom of range [member] | Time deposit, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 1.77% | |
Top of range [member] | Market comparable prices [member] | Price [Member] | PA Viva Malls [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
Top of range [member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.76% | |
Top of range [member] | Trading equity securities [member] | Market comparable prices [member] | Price [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
Top of range [member] | Equity securities held for sale [Member] | Market comparable prices [member] | Price [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
Top of range [member] | Option contract [member] | Black-Scholes [Member] | Recovery rate [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 23.75% | |
Top of range [member] | Forward contract [member] | Discounted cash flow [member] | Credit spread [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 16.54% | 20.05% |
Top of range [member] | Swap contract [member] | Discounted cash flow [member] | Credit spread [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 21.31% | 23.44% |
Top of range [member] | TIPS, securities issued by other institutions one [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 10.35% | 0.76% |
Top of range [member] | TIPS, securities issued by other institutions two [Member] | Debt securities [member] | Discounted cash flow [member] | Liquidity risk premium [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 10.35% | 10.35% |
Top of range [member] | TIPS, securities issued by other institutions TIPS three [Member] | Debt securities [member] | Discounted cash flow [member] | Prepayment speed [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | ||
Top of range [member] | Other bonds, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 0.76% | 1.20% |
Top of range [member] | Securitisations, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | (3.43%) | |
Top of range [member] | Time deposit, securities issued by other institutions [Member] | Debt securities [member] | Discounted cash flow [member] | Yield [Member] | ||
Disclosure of fair value of assets and liabilities [Line Items] | ||
Interest rate, significant unobservable inputs, assets | 1.86% |
FAIR VALUE OF ASSETS AND LIA213
FAIR VALUE OF ASSETS AND LIABILITIES (Details Textual) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 3 of fair value hierarchy, assets | $ 0 | ||
Ratio between monthly gross income and real estate value | 0.75% | 0.77% | |
Trading equity securities [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 3 of fair value hierarchy, assets | $ (51,403) | $ 0 | |
Unrealized gains and losses | $ 116,051 | $ 75,347 | |
Terminal rate [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Interest rate, significant unobservable inputs, assets | 8.55% | 8.76% | |
Direct capitalization-initial rate [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Interest rate, significant unobservable inputs, assets | 8.12% | 8.30% | |
Discounted cash flow [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Interest rate, significant unobservable inputs, assets | 11.36% | 11.46% | |
Securities issued by other financial institutions [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 3 of fair value hierarchy, assets | $ 30,951 | ||
Corporate bonds [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | $ 5,647 | $ 9,510 | |
Derivatives [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 3 of fair value hierarchy, assets | (36) | 25,416 | |
Equity Securities [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 3 of fair value hierarchy, assets | 51,403 | ||
Securities issued by the Colombian Government [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | 2,700 | 2,700 | |
Foreign exchange contracts [Member] | Derivatives [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 3 of fair value hierarchy, assets | (36) | 23,129 | |
Debt securities [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Unrealized gains and losses | $ 73,505 | 55,191 | |
Debt securities [member] | Securities issued by other financial institutions [Member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | $ 5,647 | ||
Associates [member] | |||
Disclosure of fair value of assets and liabilities [Line Items] | |||
Interest rate, significant unobservable inputs, assets | 12.13% | ||
Revenue multiple, significant unobservable inputs, assets | 1.29 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - COP ($) $ in Millions | 10 Months Ended | 12 Months Ended | ||
Oct. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of discontinued operations [Line Items] | ||||
Interest income on loans | $ 8,027,598 | $ 7,952,627 | $ 5,487,993 | |
Interest income on overnight and market funds | 26,779 | 20,968 | 14,564 | |
Total Interest on investment securities | 685,313 | 707,495 | 301,840 | |
Total interest and valuation | 16,685,677 | 15,748,805 | 11,269,644 | |
Interest expenses | (6,232,986) | (6,053,100) | (4,037,941) | |
Net margin on financial instruments | 525,423 | 544,184 | 230,749 | |
Fees and other service income, net | 2,504,193 | 2,318,964 | 1,993,044 | |
Other operating income | 286,322 | 223,583 | 227,859 | |
Total operating expenses | (7,227,445) | (6,979,050) | (5,898,287) | |
Profit before tax | 3,992,771 | 3,968,282 | 3,235,635 | |
Income tax | 1,238,598 | 1,176,832 | 649,250 | |
Net income from discontinued operations | $ 0 | $ 163,497 | 22,513 | |
Discontinued operations [member] | ||||
Disclosure of discontinued operations [Line Items] | ||||
Interest income on loans | $ 408,233 | 403,382 | ||
Interest income on overnight and market funds | 320 | 53 | ||
Total Interest on investment securities | 1,246 | 698 | ||
Total interest and valuation | 409,799 | 404,133 | ||
Interest expenses | (106,110) | (74,919) | ||
Net margin on financial instruments | 303,689 | 329,214 | ||
Credit impairment charges on loans,net | (323,290) | (324,309) | ||
Net interest and valuation income Expense after provision for loans and financial leases | (19,601) | 4,905 | ||
Fees and other service income, net | 244,193 | 235,806 | ||
Other operating income | 1,365 | 267 | ||
Total income, net | 225,957 | 240,978 | ||
Total operating expenses | (221,310) | (219,532) | ||
Profit before tax | 4,647 | 21,446 | ||
Income tax | (2,961) | 1,067 | ||
Net income from discontinued operations | $ 1,686 | $ 22,513 |
DISCONTINUED OPERATIONS (Det215
DISCONTINUED OPERATIONS (Details 1) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||||
Cash and balances at central bank | $ 18,165,644 | $ 20,460,245 | $ 18,805,577 | $ 13,466,783 | |
Financial assets investments | 16,377,253 | 13,060,653 | |||
Loans and advances to customers | 152,244,991 | 145,125,575 | |||
Allowance for loan and lease losses | (8,223,103) | (6,621,911) | (5,248,755) | $ (4,789,257) | |
Premises and equipment | 3,127,405 | 3,115,697 | 3,052,266 | ||
Tax receivables | [1] | 291,235 | 480,255 | ||
Deferred tax | 148,614 | 222,862 | |||
Other assets | 2,479,037 | 2,750,883 | |||
Total Assets | 203,908,211 | 196,261,044 | |||
Liabilities | |||||
Deposits from customers | 131,959,215 | 124,624,011 | |||
Borrowings from other financial institutions | 13,822,152 | 18,905,843 | |||
Debt securities in issue | 19,648,714 | 18,704,809 | |||
Currrent Tax | 161,966 | 124,802 | |||
Deferred tax liabilities | 1,440,198 | 1,325,354 | |||
Other liabilities | 5,796,482 | 5,288,155 | |||
Total liabilities | 179,478,661 | 173,784,064 | |||
Net assets classified as held for sale | $ 212,487 | $ 133,050 | |||
Discontinued operations [member] | |||||
Assets | |||||
Cash and balances at central bank | 207,963 | ||||
Financial assets investments | 31,265 | ||||
Loans and advances to customers | 1,831,773 | ||||
Allowance for loan and lease losses | (351,375) | ||||
Intangible assets | 2,267 | ||||
Premises and equipment | 5,746 | ||||
Prepayments | 724 | ||||
Tax receivables | 11,152 | ||||
Deferred tax | 32,726 | ||||
Other assets | 48,738 | ||||
Total Assets | 1,820,979 | ||||
Liabilities | |||||
Deposits from customers | [2] | 1,266,305 | |||
Borrowings from other financial institutions | 378 | ||||
Debt securities in issue | 150,032 | ||||
Currrent Tax | 1,535 | ||||
Deferred tax liabilities | 28,503 | ||||
Other liabilities | 158,380 | ||||
Total liabilities | 1,605,133 | ||||
Net assets classified as held for sale | $ 215,846 | ||||
[1] | As of December 31, 2017 corresponds to conciliatory items on correspondent banks and mortgage-backed securities' interest; for December 2016, mainly comprised of insurance claims and cash short and over. | ||||
[2] | As of December 31, 2015, Tuya was considered as assets held for sale, and the related deposits amounted to COP 1,266,305. |
DISCONTINUED OPERATIONS (Det216
DISCONTINUED OPERATIONS (Details 2) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows provided by operating activities: | |||
Net Income | $ 2,754,173 | $ 2,954,947 | $ 2,608,898 |
Cash flows used in financing activities: | |||
Cash at the beginning of the year | 16,216,907 | ||
Cash at the end of the year | $ 15,523,123 | 16,216,907 | |
Discontinued operations [member] | |||
Cash flows provided by operating activities: | |||
Net Income | 22,508 | ||
Total net income adjustments | 308,945 | ||
Net changes of assets and liabilities | (243,153) | ||
Net cash provided by operating activities | 88,300 | ||
Cash flows provided by (used in) investing activities: | |||
Net cash provided by (used in) investing activities | 12,259 | ||
Cash flows used in financing activities: | |||
Net cash used in financing activities | (42,823) | ||
Net increased in cash | 57,736 | ||
Cash at the beginning of the year | $ 207,961 | 150,225 | |
Cash at the end of the year | $ 207,961 |
DISCONTINUED OPERATIONS (Det217
DISCONTINUED OPERATIONS (Details Textual) $ in Millions, $ in Millions | 10 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016COP ($) | Dec. 31, 2017COP ($) | Dec. 31, 2016COP ($) | Dec. 31, 2015COP ($) | Oct. 30, 2016COP ($) | Sep. 30, 2015USD ($) | Oct. 01, 2013USD ($) | |
Disclosure of discontinued operations [Line Items] | |||||||
Investments in joint ventures | $ 237,449 | $ 357,882 | |||||
Consideration transferred, acquisition-date fair value | $ 151,500 | $ 217,000 | |||||
Profit (loss) from discontinued operations | 0 | 163,497 | $ 22,513 | ||||
Tax expense relating to gain (loss) on discontinuance | $ 659 | (2,961) | 21,635 | ||||
Deferred tax expense (income) recognised in profit or loss | 174,921 | ||||||
Percentage of voting equity interests acquired | 50.00% | ||||||
Financiamiento Tuya S.A. [Member] | |||||||
Disclosure of discontinued operations [Line Items] | |||||||
Consideration transferred, acquisition-date fair value | $ 79,017 | $ 79,017 | |||||
Discontinued operations [member] | |||||||
Disclosure of discontinued operations [Line Items] | |||||||
Profit (loss) from discontinued operations | $ 1,686 | 22,513 | |||||
Deferred tax expense (income) recognised in profit or loss | 99,614 | $ (99,614) | $ (22,702) | ||||
At fair value [member] | |||||||
Disclosure of discontinued operations [Line Items] | |||||||
Investments in joint ventures | 343,108 | ||||||
At fair value [member] | Discontinued operations [member] | |||||||
Disclosure of discontinued operations [Line Items] | |||||||
Profit (loss) from discontinued operations | $ 263,770 |
RISK MANAGEMENT (Details)
RISK MANAGEMENT (Details) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | $ 199,665,846 | $ 181,147,247 | ||
Collateral | (73,989,985) | (70,011,924) | ||
Net exposure | 125,675,861 | 111,135,323 | ||
Commercial Loans [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 88,997,241 | 86,259,708 | ||
Consumer loans [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 27,646,114 | 23,925,279 | ||
Mortgages [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 20,512,208 | 19,155,852 | ||
Small Business Loans [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 1,063,580 | 1,062,724 | ||
Financial Leases [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 22,248,951 | 21,343,923 | ||
Loans and Advances [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 160,468,094 | 151,747,486 | ||
Collateral | (71,122,738) | (68,627,160) | ||
Net exposure | 89,345,356 | 83,120,326 | ||
Loans and Advances [member] | Commercial Loans [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 88,997,241 | 86,259,708 | ||
Collateral | (42,593,800) | (28,801,285) | ||
Net exposure | 46,403,441 | 57,458,423 | ||
Loans and Advances [member] | Consumer loans [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 27,646,114 | 23,925,279 | ||
Collateral | (5,915,201) | (5,917,791) | ||
Net exposure | 21,730,913 | 18,007,488 | ||
Loans and Advances [member] | Mortgages [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 20,512,208 | 19,155,852 | ||
Collateral | (18,991,957) | (18,193,999) | ||
Net exposure | 1,520,251 | 961,853 | ||
Loans and Advances [member] | Small Business Loans [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 1,063,580 | 1,062,724 | ||
Collateral | (652,227) | (296,816) | ||
Net exposure | 411,353 | 765,908 | ||
Loans and Advances [member] | Financial Leases [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 22,248,951 | 21,343,923 | ||
Collateral | (2,969,553) | (15,417,269) | ||
Net exposure | 19,279,398 | 5,926,654 | ||
Off-Balance Sheet Exposures [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 22,360,075 | 15,499,545 | ||
Collateral | 0 | 0 | ||
Net exposure | 22,360,075 | 15,499,545 | ||
Off-Balance Sheet Exposures [Member] | Financial guarantee contracts [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 6,701,643 | 6,344,004 | ||
Collateral | 0 | 0 | ||
Net exposure | 6,701,643 | 6,344,004 | ||
Off-Balance Sheet Exposures [Member] | Loan commitments [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 15,658,432 | 9,155,541 | ||
Collateral | 0 | 0 | ||
Net exposure | 15,658,432 | 9,155,541 | ||
Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | [1] | 16,837,677 | 13,900,216 | |
Collateral | [1] | (2,867,247) | (1,384,764) | |
Net exposure | [1] | 13,970,430 | 12,515,452 | |
Other Financial Instruments [Member] | Debt Securities [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 14,859,423 | 11,705,563 | ||
Collateral | (2,741,345) | (1,137,457) | ||
Net exposure | 12,118,078 | 10,568,106 | ||
Other Financial Instruments [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | [2],[3] | 457,940 | 779,829 | |
Collateral | (125,902) | (247,307) | ||
Net exposure | [2] | 332,038 | 532,522 | |
Other Financial Instruments [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure | 1,520,313 | [4] | 1,414,824 | |
Collateral | 0 | [4] | 0 | |
Net exposure | $ 1,520,313 | [4] | $ 1,414,824 | |
[1] | Collateral Held (-) and Collateral Pledged (+). | |||
[2] | Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt Securities Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% | |||
[3] | For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value. | |||
[4] | Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. |
RISK MANAGEMENT (Details 1)
RISK MANAGEMENT (Details 1) | 12 Months Ended |
Dec. 31, 2017 | |
Business [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Companies with annual sales > = COP 20,000 M and < COP 45,000 M except for Banco Agricola, which places borrowers with annual sales >= USD 1M and < USD 25 M and their main activity is in El Salvador. |
Business Construction [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Constructors who dedicate themselves professionally to the construction of buildings to be sold as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M or with more than three projects. |
Corporate Construction [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Constructors who dedicate themselves to the construction of buildings to be sold as their main activity, with annual sales > COP 45,000 M or more than five projects |
Corporate [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Companies with annual sales >= COP 45,000 M., Banistmo places borrowers with annual sales >to USD 10 M in this classification and Banco Agrícola places borrowers with annual sales >= USD 25 M and their main activity is in El Salvador. |
Institutional Financing [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Financial sector institutions. |
Government [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Municipalities, districts, departments with their respective decentralized organizations and entities at the national level. |
SME [Member] | |
Disclosure Of Risk Management [Line Items] | |
Information about risk management strategy for rights that lessor retains in underlying assets | Annual sales < COP 20,000 M, with a classification between small, medium, large and plus except for Banistmo which place companies that do not surpass USD 10 M in annual sales in this classification. |
RISK MANAGEMENT (Details 2)
RISK MANAGEMENT (Details 2) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial assets | $ 16,377,253 | $ 13,060,653 | ||
Allowance account for credit losses of financial assets | 8,223,103 | 6,621,911 | $ 5,248,755 | $ 4,789,257 |
Small Business Loans [Member] | ||||
Financial assets | $ 11,895,448 | $ 9,823,657 | ||
Percentage of Allowance Recorded on Financial Assets | 22.00% | 15.00% | ||
Allowance account for credit losses of financial assets | $ 2,610,446 | $ 1,487,246 | ||
Small Business Loans [Member] | Level 1 - Low Risk [Member] | ||||
Financial assets | $ 4,938,711 | $ 3,738,353 | ||
Percentage of Allowance Recorded on Financial Assets | 2.00% | 3.00% | ||
Allowance account for credit losses of financial assets | $ 114,361 | $ 124,139 | ||
Small Business Loans [Member] | Level 2 - Medium Risk [Member] | ||||
Financial assets | $ 1,641,169 | $ 1,623,733 | ||
Percentage of Allowance Recorded on Financial Assets | 5.00% | 3.00% | ||
Allowance account for credit losses of financial assets | $ 81,796 | $ 46,627 | ||
Small Business Loans [Member] | Level 3 and 4 - High Risk [Member] | ||||
Financial assets | $ 4,461,571 | |||
Percentage of Allowance Recorded on Financial Assets | 30.00% | |||
Allowance account for credit losses of financial assets | $ 1,316,480 | |||
Small Business Loans [Member] | Level 3 - High Risk [Member] | ||||
Financial assets | $ 3,806,554 | |||
Percentage of Allowance Recorded on Financial Assets | 33.00% | |||
Allowance account for credit losses of financial assets | $ 1,264,077 | |||
Small Business Loans [Member] | Level 4 - Default [Member] | ||||
Financial assets | $ 1,509,014 | |||
Percentage of Allowance Recorded on Financial Assets | 76.00% | |||
Allowance account for credit losses of financial assets | $ 1,150,212 |
RISK MANAGEMENT (Details 3)
RISK MANAGEMENT (Details 3) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | $ 199,665,846 | $ 181,147,247 |
Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 160,468,094 | 151,747,486 |
Real Estate and Residential [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 40,334,290 | 37,930,635 |
Goods Given in Real Estate Leasing [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 10,117,272 | 9,231,286 |
Goods Given in Leasing Other Than Real Estate [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 5,814,417 | 6,185,983 |
Stand by Letter of Credit [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 455,793 | 206,453 |
Security Deposits [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 1,136,326 | 1,355,177 |
Guarantee Fund [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 2,884,546 | 2,851,599 |
Sovereign of the Nation [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 12,710 | 25,421 |
Collection Rights [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 3,263,598 | 2,934,027 |
Other Collateral [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 7,103,786 | 7,906,579 |
Without Guarantee [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 89,345,356 | 83,120,326 |
Commercial Loans [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 88,997,241 | 86,259,708 |
Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 88,997,241 | 86,259,708 |
Commercial Loans [Member] | Real Estate and Residential [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 19,529,154 | 18,359,267 |
Commercial Loans [Member] | Goods Given in Real Estate Leasing [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 7,725,197 | 0 |
Commercial Loans [Member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 5,124,246 | 0 |
Commercial Loans [Member] | Stand by Letter of Credit [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 455,793 | 206,453 |
Commercial Loans [Member] | Security Deposits [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 779,008 | 1,015,605 |
Commercial Loans [Member] | Guarantee Fund [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 2,583,354 | 2,542,666 |
Commercial Loans [Member] | Sovereign of the Nation [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 12,710 | 25,421 |
Commercial Loans [Member] | Collection Rights [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 3,220,882 | 2,896,981 |
Commercial Loans [Member] | Other Collateral [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 3,163,456 | 3,754,892 |
Commercial Loans [Member] | Without Guarantee [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 46,403,441 | 57,458,423 |
Consumer loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 27,646,114 | 23,925,279 |
Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 27,646,114 | 23,925,279 |
Consumer loans [member] | Real Estate and Residential [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 1,572,455 | 1,493,231 |
Consumer loans [member] | Goods Given in Real Estate Leasing [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Consumer loans [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 112,724 | 0 |
Consumer loans [member] | Stand by Letter of Credit [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Consumer loans [member] | Security Deposits [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 300,730 | 280,543 |
Consumer loans [member] | Guarantee Fund [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 147 | 53 |
Consumer loans [member] | Sovereign of the Nation [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Consumer loans [member] | Collection Rights [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 41,597 | 35,816 |
Consumer loans [member] | Other Collateral [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 3,887,548 | 4,108,148 |
Consumer loans [member] | Without Guarantee [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 21,730,913 | 18,007,488 |
Mortgages [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 20,512,208 | 19,155,852 |
Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 20,512,208 | 19,155,852 |
Mortgages [member] | Real Estate and Residential [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 18,959,433 | 17,862,248 |
Mortgages [member] | Goods Given in Real Estate Leasing [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Mortgages [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Mortgages [member] | Stand by Letter of Credit [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Mortgages [member] | Security Deposits [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Mortgages [member] | Guarantee Fund [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 308,532 |
Mortgages [member] | Sovereign of the Nation [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Mortgages [member] | Collection Rights [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Mortgages [member] | Other Collateral [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 32,524 | 23,219 |
Mortgages [member] | Without Guarantee [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 1,520,251 | 961,853 |
Lease receivables [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 22,248,951 | 21,343,923 |
Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 22,248,951 | 21,343,923 |
Lease receivables [member] | Real Estate and Residential [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Lease receivables [member] | Goods Given in Real Estate Leasing [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 2,392,075 | 9,231,286 |
Lease receivables [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 577,447 | 6,185,983 |
Lease receivables [member] | Stand by Letter of Credit [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Lease receivables [member] | Security Deposits [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Lease receivables [member] | Guarantee Fund [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Lease receivables [member] | Sovereign of the Nation [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Lease receivables [member] | Collection Rights [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Lease receivables [member] | Other Collateral [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 31 | 0 |
Lease receivables [member] | Without Guarantee [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 19,279,398 | 5,926,654 |
Corporate loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 1,063,580 | 1,062,724 |
Corporate loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 1,063,580 | 1,062,724 |
Corporate loans [member] | Real Estate and Residential [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 273,248 | 215,889 |
Corporate loans [member] | Goods Given in Real Estate Leasing [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Corporate loans [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Corporate loans [member] | Stand by Letter of Credit [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Corporate loans [member] | Security Deposits [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 56,588 | 59,029 |
Corporate loans [member] | Guarantee Fund [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 301,045 | 348 |
Corporate loans [member] | Sovereign of the Nation [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 0 | 0 |
Corporate loans [member] | Collection Rights [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 1,119 | 1,230 |
Corporate loans [member] | Other Collateral [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | 20,227 | 20,320 |
Corporate loans [member] | Without Guarantee [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Maximum exposure to credit risk | $ 411,353 | $ 765,908 |
RISK MANAGEMENT (Details 4)
RISK MANAGEMENT (Details 4) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | $ 160,468,094 | $ 151,747,486 | |||
Allowance for loan and lease losses | (8,223,103) | (6,621,911) | $ (5,248,755) | $ (4,789,257) | |
Loans and advances to customers | 152,244,991 | 145,125,575 | |||
Commercial [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 88,997,241 | 86,259,708 | |||
Corporate loans [member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 58,661,267 | 55,862,353 | |||
SME Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 17,184,059 | 16,521,808 | |||
Other Commercial Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 13,151,915 | 13,875,547 | |||
Consumer [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 27,646,114 | 23,925,279 | |||
Allowance for loan and lease losses | (2,291,829) | (1,791,123) | $ (1,321,281) | $ (1,479,460) | |
Consumer [member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 27,646,114 | 23,925,279 | |||
Credit card Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 6,255,277 | 7,784,658 | |||
Vehicle Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 2,915,705 | 3,058,653 | |||
Payroll loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 6,970,783 | 5,080,660 | |||
Others Consumer Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 11,504,349 | 8,001,308 | |||
Mortgage [member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 20,512,208 | 19,155,852 | |||
VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | [1] | 5,491,926 | 5,017,520 | ||
Non-VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 15,020,282 | 14,138,332 | |||
Financial Leases [member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | 22,248,951 | 21,343,923 | |||
Small business loans [Member] | Loans and receivables, category [member] | |||||
Disclosure Of Risk Management [Line Items] | |||||
Debt instruments held | $ 1,063,580 | $ 1,062,724 | |||
[1] | VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 SMMLV. |
RISK MANAGEMENT (Details 5)
RISK MANAGEMENT (Details 5) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | $ 160,468,094 | $ 151,747,486 | |
Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 88,997,241 | 86,259,708 | |
Corporate loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 58,661,267 | 55,862,353 | |
SME Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 17,184,059 | 16,521,808 | |
Other Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 13,151,915 | 13,875,547 | |
Consumer loans [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 27,646,114 | 23,925,279 | |
Consumer loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 27,646,114 | 23,925,279 | |
Credit card Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 6,255,277 | 7,784,658 | |
Vehicle Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,915,705 | 3,058,653 | |
Payroll loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 6,970,783 | 5,080,660 | |
Others Consumer Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 11,504,349 | 8,001,308 | |
Mortgages [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 20,512,208 | 19,155,852 | |
VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | [1] | 5,491,926 | 5,017,520 |
Non-VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 15,020,282 | 14,138,332 | |
Lease receivables [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 22,248,951 | 21,343,923 | |
Small Business Loans [Member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,063,580 | 1,062,724 | |
Small Business Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,063,580 | 1,062,724 | |
2,018 | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 31,418,834 | 22,259,179 | |
2018 | Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 26,641,770 | 18,011,992 | |
2018 | Corporate loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 17,054,923 | 9,679,076 | |
2018 | SME Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 5,568,251 | 4,549,984 | |
2018 | Other Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 4,018,596 | 3,782,932 | |
2018 | Consumer loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,393,022 | 692,986 | |
2018 | Credit card Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 761,294 | 189,648 | |
2018 | Vehicle Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 67,118 | 68,174 | |
2018 | Payroll loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 52,087 | 46,849 | |
2018 | Others Consumer Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 512,523 | 388,315 | |
2018 | Mortgages [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 50,102 | 37,068 | |
2018 | VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 12,238 | 11,151 | |
2018 | Non-VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 37,864 | 25,917 | |
2018 | Lease receivables [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 3,101,344 | 3,389,108 | |
2018 | Small Business Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 232,596 | 128,025 | |
Later than one year and not later than three years [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 27,737,620 | 30,786,837 | |
Later than one year and not later than three years [member] | Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 19,583,956 | 22,458,578 | |
Later than one year and not later than three years [member] | Corporate loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 11,588,101 | 14,032,332 | |
Later than one year and not later than three years [member] | SME Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 5,684,612 | 5,711,371 | |
Later than one year and not later than three years [member] | Other Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,311,243 | 2,714,875 | |
Later than one year and not later than three years [member] | Consumer loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 4,826,773 | 4,873,973 | |
Later than one year and not later than three years [member] | Credit card Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,104,571 | 1,465,599 | |
Later than one year and not later than three years [member] | Vehicle Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 718,610 | 644,217 | |
Later than one year and not later than three years [member] | Payroll loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 692,079 | 589,925 | |
Later than one year and not later than three years [member] | Others Consumer Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,311,513 | 2,174,232 | |
Later than one year and not later than three years [member] | Mortgages [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 148,851 | 130,429 | |
Later than one year and not later than three years [member] | VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 40,182 | 45,615 | |
Later than one year and not later than three years [member] | Non-VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 108,669 | 84,814 | |
Later than one year and not later than three years [member] | Lease receivables [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,698,394 | 2,719,026 | |
Later than one year and not later than three years [member] | Small Business Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 479,646 | 604,831 | |
Later than three years and not later than five years [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 29,715,679 | 26,847,409 | |
Later than three years and not later than five years [member] | Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 13,561,261 | 13,494,101 | |
Later than three years and not later than five years [member] | Corporate loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 8,533,725 | 8,385,002 | |
Later than three years and not later than five years [member] | SME Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,973,761 | 3,145,824 | |
Later than three years and not later than five years [member] | Other Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,053,775 | 1,963,275 | |
Later than three years and not later than five years [member] | Consumer loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 12,035,699 | 9,713,953 | |
Later than three years and not later than five years [member] | Credit card Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,384,220 | 2,363,351 | |
Later than three years and not later than five years [member] | Vehicle Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,499,980 | 1,516,701 | |
Later than three years and not later than five years [member] | Payroll loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,325,911 | 1,314,077 | |
Later than three years and not later than five years [member] | Others Consumer Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 6,825,588 | 4,519,824 | |
Later than three years and not later than five years [member] | Mortgages [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 389,456 | 309,167 | |
Later than three years and not later than five years [member] | VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 93,917 | 81,807 | |
Later than three years and not later than five years [member] | Non-VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 295,539 | 227,360 | |
Later than three years and not later than five years [member] | Lease receivables [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 3,546,370 | 3,168,629 | |
Later than three years and not later than five years [member] | Small Business Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 182,893 | 161,559 | |
Later than five years [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 71,595,961 | 71,854,061 | |
Later than five years [member] | Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 29,210,254 | 32,295,037 | |
Later than five years [member] | Corporate loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 21,484,518 | 23,765,943 | |
Later than five years [member] | SME Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,957,435 | 3,114,629 | |
Later than five years [member] | Other Commercial Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 4,768,301 | 5,414,465 | |
Later than five years [member] | Consumer loans [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 9,390,620 | 8,644,367 | |
Later than five years [member] | Credit card Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 2,005,192 | 3,766,060 | |
Later than five years [member] | Vehicle Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 629,997 | 829,561 | |
Later than five years [member] | Payroll loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 4,900,706 | 3,129,809 | |
Later than five years [member] | Others Consumer Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 1,854,725 | 918,937 | |
Later than five years [member] | Mortgages [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 19,923,799 | 18,679,188 | |
Later than five years [member] | VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 5,345,589 | 4,878,947 | |
Later than five years [member] | Non-VIS Mortgage Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 14,578,210 | 13,800,241 | |
Later than five years [member] | Lease receivables [member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | 12,902,843 | 12,067,160 | |
Later than five years [member] | Small Business Loans [Member] | Loans and receivables, category [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Debt instruments held | $ 168,445 | $ 168,309 | |
[1] | VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 SMMLV. |
RISK MANAGEMENT (Details 6)
RISK MANAGEMENT (Details 6) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | $ 160,468,094 | $ 151,747,486 |
Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 88,997,241 | 86,259,708 |
Consumer loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 27,646,114 | 23,925,279 |
Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 27,646,114 | 23,925,279 |
Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 20,512,208 | 19,155,852 |
Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 22,248,951 | 21,343,923 |
Small Business Loans [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,063,580 | 1,062,724 |
Small Business Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,063,580 | 1,062,724 |
Not later than one month [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 152,837,896 | 146,363,453 |
Not later than one month [member] | Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 85,747,936 | 84,353,343 |
Not later than one month [member] | Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 25,942,380 | 22,624,937 |
Not later than one month [member] | Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 18,751,121 | 17,746,163 |
Not later than one month [member] | Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 21,480,161 | 20,695,617 |
Not later than one month [member] | Small Business Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 916,298 | 943,393 |
Later than one month and not later than three months [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 2,341,709 | 1,801,889 |
Later than one month and not later than three months [member] | Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 570,412 | 361,110 |
Later than one month and not later than three months [member] | Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 764,098 | 609,278 |
Later than one month and not later than three months [member] | Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 752,336 | 639,346 |
Later than one month and not later than three months [member] | Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 215,685 | 149,214 |
Later than one month and not later than three months [member] | Small Business Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 39,178 | 42,941 |
Later than three months and not later than six months [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 581,763 | 454,101 |
Later than three months and not later than six months [member] | Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 130,613 | 116,876 |
Later than three months and not later than six months [member] | Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 236,509 | 168,018 |
Later than three months and not later than six months [member] | Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 140,188 | 132,330 |
Later than three months and not later than six months [member] | Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 61,700 | 25,238 |
Later than three months and not later than six months [member] | Small Business Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 12,753 | 11,639 |
Later than six months and not later than one year [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 2,863,922 | 1,792,305 |
Later than six months and not later than one year [member] | Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,573,899 | 857,622 |
Later than six months and not later than one year [member] | Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 584,789 | 443,530 |
Later than six months and not later than one year [member] | Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 396,227 | 284,214 |
Later than six months and not later than one year [member] | Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 238,030 | 160,557 |
Later than six months and not later than one year [member] | Small Business Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 70,977 | 46,382 |
Later than one year [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,842,804 | 1,335,738 |
Later than one year [member] | Commercial Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 974,381 | 570,757 |
Later than one year [member] | Consumer loans [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 118,338 | 79,516 |
Later than one year [member] | Mortgages [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 472,336 | 353,799 |
Later than one year [member] | Lease receivables [member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 253,375 | 313,297 |
Later than one year [member] | Small Business Loans [Member] | Loans and receivables, category [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | $ 24,374 | $ 18,369 |
RISK MANAGEMENT (Details 7)
RISK MANAGEMENT (Details 7) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | $ 160,468,094 | $ 151,747,486 |
Agriculture Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 5,705,196 | 5,570,698 |
Petroleum and Mining Products Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 975,118 | 1,766,589 |
Food, Beverages and Tobacco Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 6,449,403 | 5,549,103 |
Chemical Production Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,514,011 | 3,402,206 |
Government Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,932,565 | 3,630,518 |
Construction Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 20,628,926 | 18,618,597 |
Commerce and Tourism Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 23,635,564 | 22,010,238 |
Transport and Communications Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 8,910,674 | 8,224,484 |
Public Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 7,652,849 | 9,639,670 |
Consumer Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 48,086,544 | 41,790,570 |
Commercial Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 20,242,501 | 20,940,023 |
Other Industries and Manufactured Products Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 10,734,743 | 10,604,790 |
Local Market [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 117,257,613 | 109,208,109 |
Local Market [Member] | Agriculture Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,533,671 | 3,360,479 |
Local Market [Member] | Petroleum and Mining Products Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 909,127 | 1,670,126 |
Local Market [Member] | Food, Beverages and Tobacco Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 5,640,910 | 4,992,305 |
Local Market [Member] | Chemical Production Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,341,248 | 3,184,196 |
Local Market [Member] | Government Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,780,686 | 3,426,089 |
Local Market [Member] | Construction Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 15,464,605 | 14,122,163 |
Local Market [Member] | Commerce and Tourism Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 17,115,018 | 15,953,310 |
Local Market [Member] | Transport and Communications Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 8,307,712 | 7,484,105 |
Local Market [Member] | Public Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 5,180,634 | 5,013,469 |
Local Market [Member] | Consumer Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 31,367,376 | 28,673,632 |
Local Market [Member] | Commercial Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 16,248,665 | 15,186,857 |
Local Market [Member] | Other Industries and Manufactured Products Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 6,367,961 | 6,141,378 |
Foreign Market [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 43,210,481 | 42,539,377 |
Foreign Market [Member] | Agriculture Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 2,171,525 | 2,210,219 |
Foreign Market [Member] | Petroleum and Mining Products Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 65,991 | 96,463 |
Foreign Market [Member] | Food, Beverages and Tobacco Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 808,493 | 556,798 |
Foreign Market [Member] | Chemical Production Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 172,763 | 218,010 |
Foreign Market [Member] | Government Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 151,879 | 204,429 |
Foreign Market [Member] | Construction Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 5,164,321 | 4,496,434 |
Foreign Market [Member] | Commerce and Tourism Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 6,520,546 | 6,056,928 |
Foreign Market [Member] | Transport and Communications Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 602,962 | 740,379 |
Foreign Market [Member] | Public Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 2,472,215 | 4,626,201 |
Foreign Market [Member] | Consumer Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 16,719,168 | 13,116,938 |
Foreign Market [Member] | Commercial Services Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,993,836 | 5,753,166 |
Foreign Market [Member] | Other Industries and Manufactured Products Sector [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | $ 4,366,782 | $ 4,463,412 |
RISK MANAGEMENT (Details 8)
RISK MANAGEMENT (Details 8) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 160,468,094 | $ 151,747,486 | ||
% Participation | 100.00% | 100.00% | ||
Allowance for loans and advances and lease losses | $ 8,223,103 | $ 6,621,911 | $ 5,248,755 | $ 4,789,257 |
% Participation | 100.00% | 100.00% | ||
Colombia [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 112,862,226 | $ 102,011,845 | ||
% Participation | 70.30% | 67.22% | ||
Allowance for loans and advances and lease losses | $ 7,164,085 | $ 5,369,122 | ||
% Participation | 87.10% | 81.08% | ||
Panama [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 28,722,853 | $ 31,216,172 | ||
% Participation | 17.90% | 20.57% | ||
Allowance for loans and advances and lease losses | $ 507,181 | $ 783,883 | ||
% Participation | 6.20% | 11.84% | ||
El Salvador [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 9,120,415 | $ 8,879,815 | ||
% Participation | 5.70% | 5.85% | ||
Allowance for loans and advances and lease losses | $ 358,258 | $ 345,364 | ||
% Participation | 4.40% | 5.22% | ||
Puerto Rico [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 847,767 | $ 1,220,689 | ||
% Participation | 0.50% | 0.80% | ||
Allowance for loans and advances and lease losses | $ 14,941 | $ 10,218 | ||
% Participation | 0.20% | 0.15% | ||
Peru [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 140,114 | |||
% Participation | 0.09% | |||
Allowance for loans and advances and lease losses | $ 9,958 | |||
% Participation | 0.15% | |||
Guatemala [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 8,902,627 | $ 8,265,518 | ||
% Participation | 5.50% | 5.45% | ||
Allowance for loans and advances and lease losses | $ 177,895 | $ 102,772 | ||
% Participation | 2.10% | 1.55% | ||
Other Countries [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Loans and advances | $ 12,206 | $ 13,333 | ||
% Participation | 0.10% | 0.02% | ||
Allowance for loans and advances and lease losses | $ 743 | $ 594 | ||
% Participation | 0.00% | 0.01% |
RISK MANAGEMENT (Details 9)
RISK MANAGEMENT (Details 9) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | $ 160,468,094 | $ 151,747,486 |
Normal Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 140,558,163 | 136,471,216 |
Acceptable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 9,189,969 | 7,319,360 |
Appreciable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,844,704 | 3,582,671 |
Significant Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 4,456,958 | 2,499,271 |
Unrecoverable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 2,418,300 | 1,874,968 |
Financial assets neither past due nor impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 145,540,243 | 139,498,503 |
Financial assets neither past due nor impaired [member] | Normal Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 139,543,463 | 134,686,374 |
Financial assets neither past due nor impaired [member] | Acceptable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 5,986,958 | 4,810,882 |
Financial assets neither past due nor impaired [member] | Appreciable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 9,770 | 0 |
Financial assets neither past due nor impaired [member] | Significant Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 0 | 1,247 |
Financial assets neither past due nor impaired [member] | Unrecoverable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 52 | 0 |
Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,490,761 | 1,044,579 |
Financial assets past due but not impaired [member] | Normal Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 224,259 | 183,232 |
Financial assets past due but not impaired [member] | Acceptable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,265,787 | 861,347 |
Financial assets past due but not impaired [member] | Appreciable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 715 | 0 |
Financial assets past due but not impaired [member] | Significant Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 0 | 0 |
Financial assets past due but not impaired [member] | Unrecoverable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 0 | 0 |
Financial assets impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 7,297,653 | 6,998,097 |
Financial assets impaired [member] | Normal Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 783,333 | 1,590,500 |
Financial assets impaired [member] | Acceptable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,848,716 | 1,574,761 |
Financial assets impaired [member] | Appreciable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 2,932,948 | 2,603,480 |
Financial assets impaired [member] | Significant Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 1,167,928 | 696,641 |
Financial assets impaired [member] | Unrecoverable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 564,728 | 532,715 |
Financial Assets Past Due And Impaired [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 6,139,437 | 4,206,307 |
Financial Assets Past Due And Impaired [Member] | Normal Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 7,108 | 11,110 |
Financial Assets Past Due And Impaired [Member] | Acceptable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 88,508 | 72,370 |
Financial Assets Past Due And Impaired [Member] | Appreciable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 901,271 | 979,191 |
Financial Assets Past Due And Impaired [Member] | Significant Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | 3,289,030 | 1,801,383 |
Financial Assets Past Due And Impaired [Member] | Unrecoverable Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Debt instruments held | $ 1,853,520 | $ 1,342,253 |
RISK MANAGEMENT (Details 10)
RISK MANAGEMENT (Details 10) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Financial assets | $ 16,377,253 | $ 13,060,653 |
Gross carrying amount [member] | Financial assets individually assessed for credit losses [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 5,196,391 | 5,006,429 |
Gross carrying amount [member] | Financial assets individually assessed for credit losses [member] | Commercial Loans [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 4,544,324 | 4,547,366 |
Gross carrying amount [member] | Financial assets individually assessed for credit losses [member] | Consumer loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 10,839 | 4,586 |
Gross carrying amount [member] | Financial assets individually assessed for credit losses [member] | Mortgages [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Gross carrying amount [member] | Financial assets individually assessed for credit losses [member] | Lease receivables [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 641,228 | 454,477 |
Gross carrying amount [member] | Financial assets individually assessed for credit losses [member] | Small Business Loan [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Gross carrying amount [member] | Financial assets collectively assessed for credit losses [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 8,240,699 | 6,197,975 |
Gross carrying amount [member] | Financial assets collectively assessed for credit losses [member] | Commercial Loans [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 3,546,504 | 2,245,077 |
Gross carrying amount [member] | Financial assets collectively assessed for credit losses [member] | Consumer loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 2,337,640 | 1,820,092 |
Gross carrying amount [member] | Financial assets collectively assessed for credit losses [member] | Mortgages [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1,115,785 | 1,215,061 |
Gross carrying amount [member] | Financial assets collectively assessed for credit losses [member] | Lease receivables [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1,105,208 | 815,043 |
Gross carrying amount [member] | Financial assets collectively assessed for credit losses [member] | Small Business Loan [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 135,562 | 102,702 |
Accumulated impairment [member] | Financial assets individually assessed for credit losses [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 2,369,142 | 2,034,212 |
Accumulated impairment [member] | Financial assets individually assessed for credit losses [member] | Commercial Loans [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 2,059,356 | 1,767,139 |
Accumulated impairment [member] | Financial assets individually assessed for credit losses [member] | Consumer loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 10,839 | 1,153 |
Accumulated impairment [member] | Financial assets individually assessed for credit losses [member] | Mortgages [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Accumulated impairment [member] | Financial assets individually assessed for credit losses [member] | Lease receivables [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 298,947 | 265,920 |
Accumulated impairment [member] | Financial assets individually assessed for credit losses [member] | Small Business Loan [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Accumulated impairment [member] | Financial assets collectively assessed for credit losses [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 3,978,036 | 2,839,616 |
Accumulated impairment [member] | Financial assets collectively assessed for credit losses [member] | Commercial Loans [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1,782,385 | 1,121,557 |
Accumulated impairment [member] | Financial assets collectively assessed for credit losses [member] | Consumer loans [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1,403,499 | 1,025,668 |
Accumulated impairment [member] | Financial assets collectively assessed for credit losses [member] | Mortgages [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 489,414 | 474,479 |
Accumulated impairment [member] | Financial assets collectively assessed for credit losses [member] | Lease receivables [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 202,940 | 144,318 |
Accumulated impairment [member] | Financial assets collectively assessed for credit losses [member] | Small Business Loan [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | $ 99,798 | $ 73,594 |
RISK MANAGEMENT (Details 11)
RISK MANAGEMENT (Details 11) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Financial assets | $ 16,377,253 | $ 13,060,653 |
Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 147,031,004 | 140,543,082 |
Commercial Loans [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 80,906,413 | 79,467,265 |
Consumer loans [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 25,297,635 | 22,100,601 |
Mortgages [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 19,396,423 | 17,940,791 |
Lease receivables [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 20,502,515 | 20,074,403 |
Small Business Loan [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 928,018 | 960,022 |
Not later than one month [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 145,540,243 | 139,394,477 |
Not later than one month [member] | Commercial Loans [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 80,724,673 | 79,287,627 |
Not later than one month [member] | Consumer loans [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 24,987,248 | 21,809,911 |
Not later than one month [member] | Mortgages [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 18,529,421 | 17,485,525 |
Not later than one month [member] | Lease receivables [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 20,396,114 | 19,880,982 |
Not later than one month [member] | Small Business Loan [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 902,787 | 930,432 |
Later than one month and not later than three months [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1,278,045 | 956,636 |
Later than one month and not later than three months [member] | Commercial Loans [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 181,441 | 178,350 |
Later than one month and not later than three months [member] | Consumer loans [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 310,329 | 290,549 |
Later than one month and not later than three months [member] | Mortgages [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 654,945 | 368,574 |
Later than one month and not later than three months [member] | Lease receivables [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 106,099 | 89,573 |
Later than one month and not later than three months [member] | Small Business Loan [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 25,231 | 29,590 |
Later than three months and not later than six months [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 118,598 | 50,810 |
Later than three months and not later than six months [member] | Commercial Loans [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 135 | 0 |
Later than three months and not later than six months [member] | Consumer loans [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 57 | 5 |
Later than three months and not later than six months [member] | Mortgages [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 118,175 | 50,410 |
Later than three months and not later than six months [member] | Lease receivables [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 231 | 395 |
Later than three months and not later than six months [member] | Small Business Loan [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Later than six months and not later than one year [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 94,046 | 40,259 |
Later than six months and not later than one year [member] | Commercial Loans [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 163 | 1,287 |
Later than six months and not later than one year [member] | Consumer loans [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1 | 133 |
Later than six months and not later than one year [member] | Mortgages [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 93,882 | 36,282 |
Later than six months and not later than one year [member] | Lease receivables [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 2,557 |
Later than six months and not later than one year [member] | Small Business Loan [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Later than one year [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 72 | 100,900 |
Later than one year [member] | Commercial Loans [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1 | 1 |
Later than one year [member] | Consumer loans [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 3 |
Later than one year [member] | Mortgages [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Later than one year [member] | Lease receivables [member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 71 | 100,896 |
Later than one year [member] | Small Business Loan [Member] | Financial assets past due but not impaired [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | $ 0 | $ 0 |
RISK MANAGEMENT (Details 12)
RISK MANAGEMENT (Details 12) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | $ 199,665,846 | $ 181,147,247 | ||
Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [1] | 16,837,677 | 13,900,216 | |
Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 14,860,621 | 11,705,563 | ||
Debt securities [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 14,859,423 | 11,705,563 | ||
Debt securities [member] | Low Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 12,475,888 | 9,134,939 | ||
Debt securities [member] | Medium Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 1,842,454 | 1,695,848 | ||
Debt securities [member] | High Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 336,054 | 647,709 | ||
Debt securities [member] | Without Rating [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 205,027 | 227,067 | ||
Trading equity securities [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 1,520,313 | [2] | 1,414,824 | |
Trading equity securities [member] | Low Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 780,870 | 792,323 | ||
Trading equity securities [member] | Medium Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 0 | 11,111 | ||
Trading equity securities [member] | High Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 10,939 | 602 | ||
Trading equity securities [member] | Without Rating [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 728,504 | 610,788 | ||
Derivatives [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [3],[4] | 457,940 | 779,829 | |
Derivatives [member] | Low Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [4] | 349,375 | 765,355 | |
Derivatives [member] | Medium Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [4] | 181 | 94 | |
Derivatives [member] | High Risk [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [4] | 1,679 | 1,640 | |
Derivatives [member] | Without Rating [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [4] | $ 106,705 | $ 12,741 | |
[1] | Collateral Held (-) and Collateral Pledged (+). | |||
[2] | Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. | |||
[3] | Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt Securities Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% | |||
[4] | For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value. |
RISK MANAGEMENT (Details 13)
RISK MANAGEMENT (Details 13) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | $ 199,665,846 | $ 181,147,247 | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | (2,741,344) | (1,137,456) | ||
Net exposure | 125,675,861 | 111,135,323 | ||
Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [1] | 16,837,677 | 13,900,216 | |
Financial assets pledged as collateral for liabilities or contingent liabilities | (2,867,247) | (1,384,764) | ||
Net exposure | [1] | 13,970,430 | 12,515,452 | |
Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 14,860,621 | 11,705,563 | ||
Net exposure | 14,859,423 | 11,705,563 | ||
Debt securities [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 14,859,423 | 11,705,563 | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | (2,741,345) | (1,137,457) | ||
Net exposure | 12,118,078 | 10,568,106 | ||
Derivatives [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [2],[3] | 457,940 | 779,829 | |
Financial assets pledged as collateral for liabilities or contingent liabilities | [1],[2] | (125,902) | (247,307) | |
Net exposure | [2] | 332,038 | 532,522 | |
Trading equity securities [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 1,520,313 | [4] | 1,414,824 | |
Financial assets pledged as collateral for liabilities or contingent liabilities | 0 | 0 | ||
Net exposure | $ 1,520,313 | [4] | $ 1,414,824 | |
[1] | Collateral Held (-) and Collateral Pledged (+). | |||
[2] | Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt Securities Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% | |||
[3] | For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value. | |||
[4] | Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. |
RISK MANAGEMENT (Details 14)
RISK MANAGEMENT (Details 14) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | $ 199,665,846 | $ 181,147,247 | ||
Impairment loss on financial assets | 1,946 | 2,190 | ||
Credit exposure | 125,675,861 | 111,135,323 | ||
Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 14,860,621 | 11,705,563 | ||
Impairment loss on financial assets | 1,198 | 0 | ||
Credit exposure | 14,859,423 | 11,705,563 | ||
Financial assets at fair value through profit or loss, category [member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 990,788 | 895,425 | ||
Impairment loss on financial assets | 0 | 0 | ||
Credit exposure | 990,788 | 895,425 | ||
Financial assets at fair value through other comprehensive income, category [member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 529,525 | 519,399 | ||
Impairment loss on financial assets | 0 | 0 | ||
Credit exposure | 529,525 | 519,399 | ||
Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | [1] | 16,837,677 | 13,900,216 | |
Credit exposure | [1] | 13,970,430 | 12,515,452 | |
Other Financial Instruments [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 14,859,423 | 11,705,563 | ||
Credit exposure | 12,118,078 | 10,568,106 | ||
Other Financial Instruments [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 1,520,313 | [2] | 1,414,824 | |
Impairment loss on financial assets | 0 | 0 | ||
Credit exposure | 1,520,313 | [2] | 1,414,824 | |
Financial assets at fair value, class [member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 10,701,855 | 8,538,974 | ||
Impairment loss on financial assets | 0 | 0 | ||
Credit exposure | 10,701,855 | 8,538,974 | ||
Financial assets at amortised cost, class [member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum exposure to credit risk | 4,158,766 | 3,166,589 | ||
Impairment loss on financial assets | 1,198 | 0 | ||
Credit exposure | $ 4,157,568 | $ 3,166,589 | ||
[1] | Collateral Held (-) and Collateral Pledged (+). | |||
[2] | Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. |
RISK MANAGEMENT (Details 15)
RISK MANAGEMENT (Details 15) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | $ 199,665,846 | $ 181,147,247 | ||
Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [1] | 16,837,677 | 13,900,216 | |
Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 14,860,621 | 11,705,563 | ||
Debt securities [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 14,859,423 | 11,705,563 | ||
Trading equity securities [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 1,520,313 | [2] | 1,414,824 | |
Derivatives [member] | Other Financial Instruments [Member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [3],[4] | 457,940 | 779,829 | |
North America [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 710,592 | 344,173 | ||
North America [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 8,658 | 0 | ||
North America [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 130,303 | 294,317 | |
Latam [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 12,643,832 | 11,352,383 | ||
Latam [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 1,494,750 | 1,407,845 | ||
Latam [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 294,237 | 369,401 | |
Europe [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 0 | 9,007 | ||
Europe [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 0 | 6,979 | ||
Europe [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 33,400 | 55,572 | |
Others [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 1,504,999 | 0 | ||
Others [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 16,905 | 0 | ||
Others [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 0 | 60,539 | |
Corporate Sector [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 3,020,087 | 2,148,173 | ||
Corporate Sector [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 1,340,844 | 1,193,132 | ||
Corporate Sector [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 95,138 | 187,171 | |
Financial Sector [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 1,054,303 | 979,201 | ||
Financial Sector [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 91,904 | 186,123 | ||
Financial Sector [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 317,232 | 545,990 | |
Funds and ETF Sector [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 0 | 0 | ||
Funds and ETF Sector [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 87,565 | 35,569 | ||
Funds and ETF Sector [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | 45,570 | 46,668 | |
Government Sectors [Member] | Debt securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 10,785,033 | 8,578,189 | ||
Government Sectors [Member] | Trading equity securities [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | 0 | 0 | ||
Government Sectors [Member] | Derivatives [member] | ||||
Disclosure Of Risk Management [Line Items] | ||||
Maximum Exposure to Credit Risk | [4] | $ 0 | $ 0 | |
[1] | Collateral Held (-) and Collateral Pledged (+). | |||
[2] | Includes investments classified as “assets held for sale”. See Note 12 Assets held for sale and inventories, net. | |||
[3] | Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt Securities Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% | |||
[4] | For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value. |
RISK MANAGEMENT (Details 16)
RISK MANAGEMENT (Details 16) | 12 Months Ended |
Dec. 31, 2017 | |
Band One [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 274.00% |
Band One [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 274.00% |
Band One [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 100.00% |
Band One [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 0 years |
Band One [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 29 days |
Band Two [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 268.00% |
Band Two [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 274.00% |
Band Two [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 100.00% |
Band Two [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 29 days |
Band Two [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 3 months |
Band Three [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 259.00% |
Band Three [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 274.00% |
Band Three [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 100.00% |
Band Three [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 3 months |
Band Three [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 6 months |
Band Four [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 233.00% |
Band Four [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 274.00% |
Band Four [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 100.00% |
Band Four [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 6 months |
Band Four [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 1 year |
Band Five [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 222.00% |
Band Five [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 250.00% |
Band Five [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 90.00% |
Band Five [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 1 year |
Band Five [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 1 year 10 months 24 days |
Band Six [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 222.00% |
Band Six [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 250.00% |
Band Six [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 80.00% |
Band Six [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 1 year 10 months 24 days |
Band Six [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 2 years 9 months 18 days |
Band Seven [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 211.00% |
Band Seven [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 220.00% |
Band Seven [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 75.00% |
Band Seven [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 2 years 9 months 18 days |
Band Seven [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 3 years 7 months 6 days |
Band Eight [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 211.00% |
Band Eight [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 220.00% |
Band Eight [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 75.00% |
Band Eight [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 3 years 7 months 6 days |
Band Eight [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 4 years 3 months 18 days |
Band Nine [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 172.00% |
Band Nine [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 200.00% |
Band Nine [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 70.00% |
Band Nine [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 4 years 3 months 18 days |
Band Nine [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 5 years 8 months 12 days |
Band Ten [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 162.00% |
Band Ten [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 170.00% |
Band Ten [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 65.00% |
Band Ten [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 5 years 8 months 12 days |
Band Ten [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 7 years 3 months 18 days |
Band Eleven [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 162.00% |
Band Eleven [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 170.00% |
Band Eleven [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 60.00% |
Band Eleven [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 7 years 3 months 18 days |
Band Eleven [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 9 years 3 months 18 days |
Band Twelve [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 162.00% |
Band Twelve [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 170.00% |
Band Twelve [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 60.00% |
Band Twelve [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 9 years 3 months 18 days |
Band Twelve [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 10 years 7 months 6 days |
Band Thirteen [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 162.00% |
Band Thirteen [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 170.00% |
Band Thirteen [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 60.00% |
Band Thirteen [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 10 years 7 months 6 days |
Band Thirteen [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 12 years |
Band Fourteen [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 162.00% |
Band Fourteen [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 170.00% |
Band Fourteen [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 60.00% |
Band Fourteen [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 12 years |
Band Fourteen [Member] | Top of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 20 years |
Band Fifteen [Member] | Legal Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 162.00% |
Band Fifteen [Member] | UVR [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 170.00% |
Band Fifteen [Member] | Foreign Currency [Member] | |
Disclosure Of Risk Management [Line Items] | |
Changes in interest rates due to change in value of currency | 60.00% |
Band Fifteen [Member] | Bottom of range [member] | |
Disclosure Of Risk Management [Line Items] | |
Modified Duration | 20 years |
RISK MANAGEMENT (Details 17)
RISK MANAGEMENT (Details 17) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash | $ 15,523,123 | $ 16,216,907 | |||
Money market transactions | 2,642,521 | 4,243,338 | |||
Cash and cash equivalents | 18,165,644 | 20,460,245 | $ 18,805,577 | $ 13,466,783 | |
High quality liquid assets [Member] | |||||
Cash | [1] | 14,793,855 | 15,821,823 | ||
Short-term investments, classified as cash equivalents | [1] | 7,963,343 | 7,844,716 | ||
Other liquid assets [Member] | |||||
Money market transactions | [2] | 1,617,158 | 2,557,679 | ||
Liquid assets [Member] | |||||
Cash and cash equivalents | $ 24,374,356 | $ 26,224,218 | |||
[1] | High-quality liquid assets: cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM-142 of the Bank of the Republic. | ||||
[2] | Other Securities: Securities issued by financial and corporate entities. |
RISK MANAGEMENT (Details 18)
RISK MANAGEMENT (Details 18) | 12 Months Ended | |
Dec. 31, 2017 | [1] | |
United States Dollar [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Currency Risk, Sensitivity Factor | 12.49% | |
Euro [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Currency Risk, Sensitivity Factor | 11.00% | |
Other currencies [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Currency Risk, Sensitivity Factor | 13.02% | |
Equity and Fund Risk [Member] | ||
Disclosure Of Risk Management [Line Items] | ||
Currency Risk, Sensitivity Factor | 14.70% | |
[1] | Update of currency risk exposure sensitivity factors (Dollar EEUU 5.5% to 12.49%, Euro 6% to 11.00% and other currencies 8% to 13.02%). |
RISK MANAGEMENT (Details 19)
RISK MANAGEMENT (Details 19) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | [1] |
Disclosure Of Risk Management [Line Items] | |||
Value at risk | $ 1,086,904 | $ 721,296 | |
Bottom of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 704,996 | 627,812 | |
Weighted average [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 1,011,173 | 714,935 | |
Top of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 1,446,232 | 827,564 | |
Interest Rate [Member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 283,548 | 251,904 | |
Interest Rate [Member] | Bottom of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 269,572 | 238,625 | |
Interest Rate [Member] | Weighted average [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 289,811 | 266,447 | |
Interest Rate [Member] | Top of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 303,876 | 308,534 | |
Exchange Rate [Member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 559,362 | 247,047 | |
Exchange Rate [Member] | Bottom of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 330,108 | 247,047 | |
Exchange Rate [Member] | Weighted average [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 488,395 | 331,528 | |
Exchange Rate [Member] | Top of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 883,924 | 393,365 | |
Share Price [Member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 70,758 | 61,120 | |
Share Price [Member] | Bottom of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 70,758 | 55,264 | |
Share Price [Member] | Weighted average [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 76,632 | 61,811 | |
Share Price [Member] | Top of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 84,059 | 76,438 | |
Collective Portfolios [Member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 173,236 | 161,225 | |
Collective Portfolios [Member] | Bottom of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 34,558 | 36,808 | |
Collective Portfolios [Member] | Weighted average [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | 156,335 | 55,149 | |
Collective Portfolios [Member] | Top of range [member] | |||
Disclosure Of Risk Management [Line Items] | |||
Value at risk | $ 174,373 | $ 161,225 | |
[1] | An update is presented in the amount official about Total Market Risk (VaR) calculated for the period ended at December 31st, 2016; it according to a change in the exposure of factor of Collective portfolios in Bancolombia. |
RISK MANAGEMENT (Details 20)
RISK MANAGEMENT (Details 20) $ in Millions, $ in Millions | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2016USD ($) |
Disclosure Of Risk Management [Abstract] | ||||
Assets sensitivity 100 bps | $ 692,001 | $ 76 | $ 614,268 | $ 78 |
Liabilities sensitivity 100 bps | 361,428 | 60 | 366,262 | 71 |
Net interest income sensitivity 100 bps | $ 330,573 | $ 16 | $ 248,006 | $ 7 |
RISK MANAGEMENT (Details 21)
RISK MANAGEMENT (Details 21) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Risk Management [Abstract] | ||
Fair Value | $ 146,667 | $ 113,835 |
Delta | 14.70% | 14.70% |
Sensitivity | $ 21,560 | $ 16,734 |
RISK MANAGEMENT (Details 22)
RISK MANAGEMENT (Details 22) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Risk Management [Abstract] | |||
Net cash outflows into 30 days | [1] | $ 5,122,512 | $ 6,726,831 |
Liquid Assets | $ 24,374,356 | $ 26,224,217 | |
Liquidity coverage ratio | 475.83% | 389.85% | |
[1] | Net cash outflows into 30 days: (Interbank borrowings, Financial assets investments, Loans and advances to customers, Derivative financial instruments), minus 30 days contractual maturities of liabilities. Demand deposit Time deposits, Interbank deposits Borrowings from other financial institutions Debt securities, Derivative financial instruments. |
RISK MANAGEMENT (Details 23)
RISK MANAGEMENT (Details 23) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Financial assets | $ 16,377,253 | $ 13,060,653 |
2,018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 5,625,195 | 4,518,374 |
Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 4,287,670 | 2,860,207 |
Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 2,676,615 | 1,790,286 |
Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 2,269,943 | 2,503,614 |
Cash and balances with central bank [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 15,542,195 | 16,216,907 |
Cash and balances with central bank [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Cash and balances with central bank [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Cash and balances with central bank [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Interbank borrowings - Repurchase agreements [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 2,805,467 | 4,475,341 |
Interbank borrowings - Repurchase agreements [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Interbank borrowings - Repurchase agreements [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Interbank borrowings - Repurchase agreements [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 0 | 0 |
Financial assets investments [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 6,706,487 | 5,438,351 |
Financial assets investments [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 5,258,546 | 3,805,890 |
Financial assets investments [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 3,107,856 | 2,025,553 |
Financial assets investments [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 1,931,710 | 2,016,014 |
Loans and advances to customers [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 54,997,084 | 55,098,988 |
Loans and advances to customers [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 50,519,957 | 48,180,287 |
Loans and advances to customers [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 29,659,278 | 27,881,140 |
Loans and advances to customers [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 50,569,611 | 49,141,494 |
Derivative financial instruments [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 804,392 | 1,437,057 |
Derivative financial instruments [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 176,490 | 274,065 |
Derivative financial instruments [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | 405,710 | 202,543 |
Derivative financial instruments [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial assets | $ 233,762 | $ 533,265 |
RISK MANAGEMENT (Details 24)
RISK MANAGEMENT (Details 24) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | $ 132,205,292 | $ 124,204,376 |
Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 21,229,325 | 21,277,689 |
Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 16,275,892 | 20,722,432 |
Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 12,375,087 | 14,220,397 |
Demand deposit from customers [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 77,997,629 | 70,136,704 |
Demand deposit from customers [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 0 | 0 |
Demand deposit from customers [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 0 | 0 |
Demand deposit from customers [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 0 | 0 |
Time deposits from customers [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 37,755,690 | 36,297,356 |
Time deposits from customers [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 12,085,796 | 12,465,672 |
Time deposits from customers [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 6,053,016 | 6,362,963 |
Time deposits from customers [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 2,134,245 | 2,778,373 |
Interbank deposits - Repurchase agreements [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 3,861,258 | 2,295,020 |
Interbank deposits - Repurchase agreements [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 524,880 | 0 |
Interbank deposits - Repurchase agreements [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 0 | 0 |
Interbank deposits - Repurchase agreements [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 0 | 0 |
Borrowings from other financial institutions [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 8,709,585 | 11,436,389 |
Borrowings from other financial institutions [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 2,824,456 | 3,990,970 |
Borrowings from other financial institutions [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 1,379,194 | 5,813,910 |
Borrowings from other financial institutions [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 1,961,015 | 1,829,142 |
Debt securities in issue [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 3,210,313 | 2,965,927 |
Debt securities in issue [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 5,676,708 | 4,626,491 |
Debt securities in issue [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 8,460,302 | 8,380,097 |
Debt securities in issue [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 8,050,023 | 9,083,988 |
Derivative financial instruments [Member] | 2018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 670,817 | 1,072,980 |
Derivative financial instruments [Member] | Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 117,485 | 194,556 |
Derivative financial instruments [Member] | Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | 383,380 | 165,462 |
Derivative financial instruments [Member] | Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial liabilities | $ 229,804 | $ 528,894 |
RISK MANAGEMENT (Details 25)
RISK MANAGEMENT (Details 25) - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Risk Management [Line Items] | ||
Financial guarantees | $ 6,701,643 | $ 6,344,004 |
2,018 | ||
Disclosure Of Risk Management [Line Items] | ||
Financial guarantees | 5,137,205 | 4,602,250 |
Later than one year and not later than three years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial guarantees | 1,224,061 | 1,228,289 |
Later than three years and not later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial guarantees | 149,238 | 367,298 |
Later than five years [member] | ||
Disclosure Of Risk Management [Line Items] | ||
Financial guarantees | $ 191,139 | $ 146,167 |
RISK MANAGEMENT (Details 26)
RISK MANAGEMENT (Details 26) - Regulatory capital requirements [Member] - COP ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Capital and Capital Adequacy Ratios | ||
Basic Ordinary Equity | $ 22,221,965 | $ 19,235,519 |
Deductions Basic Ordinary Equity | (4,189,222) | (4,193,122) |
Total Basic Ordinary Equity | 18,032,743 | 15,042,397 |
Additional Equity | 7,143,524 | 7,069,448 |
Total Regulatory Capital | $ 25,176,267 | $ 22,111,845 |
Primary capital to risk-weighted assets (Tier I) | 10.15% | 9.02% |
Secondary capital to risk-weighted assets (Tier II) | 4.03% | 4.24% |
Technical capital to risk-weighted assets | 14.18% | 13.26% |
RISK MANAGEMENT (Details Textua
RISK MANAGEMENT (Details Textual) $ in Thousands | Dec. 31, 2017COP ($) | Dec. 31, 2017COP ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016COP ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015COP ($) | Dec. 31, 2017USD ($) |
Risk Management [Line Items] | |||||||
Repayment term | 5 to 30 years | 5 to 30 years | |||||
Transfer of loans and goods to foreclosed assets and inventories | $ 331,057,000 | $ 487,122,000 | $ 185,042,000 | ||||
Concentration of Number of economic groups | 20 | 20 | |||||
Credit exposure | $ 125,675,861,000 | $ 125,675,861,000 | 111,135,323,000 | ||||
Minimum carrying amount of loans to be individually assessed | 5,000,000 | ||||||
Allowance for loans and advances and lease losses | 88,725,000 | ||||||
Recovery of loans and advances and lease losses | $ 117,661,000 | ||||||
Percentage of debt securities not in default | 100.00% | 100.00% | |||||
Percentage of derivatives not in default | 99.95% | 99.95% | |||||
Disclosure of term of exposure | 10 days | ||||||
Confidence level | 99.00% | 99.00% | |||||
Holding period | 10 days | ||||||
Time duration | 250 days | 250 days | |||||
Adjustments for interest income | $ 9,919,699,000 | 9,389,915,000 | $ 7,140,043,000 | ||||
Interest income sensitivity in basis points | 100 basis points | 100 basis points | |||||
Net interest income sensitivity due to increase in basis points | $ 330,573,000 | ||||||
Net interest income sensitivity in foreign currency | $ 15,000,000 | $ 7,000,000 | |||||
Percentage of decrease in Market value of investments | 29.00% | 29.00% | |||||
Decrease in market value of investments | $ 146,000,000 | ||||||
Market value of investments | 114,000,000 | ||||||
Contractual maturities liabilities duration | 30 days | 30 days | |||||
Duration of contract maturity of mortgage loans | 15 and 20 years | 15 and 20 years | |||||
Percentage decrease in market value | 14.70% | 14.70% | |||||
Decrease in structural equity investments market value | $ 21,000,000 | ||||||
Structural equity investment market value | $ 125,000,000 | 146,000,000 | |||||
Period of liquidity requirements | 30 days | 30 days | |||||
Description of information about social interest home loans granted by financial institutions | VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 SMMLV. | VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 SMMLV. | |||||
Borrowings | $ 13,822,152,000 | $ 13,822,152,000 | $ 18,905,843,000 | ||||
Increase in Moderate Growth Rate of Loan Portfolio | 13.00% | 13.00% | 5.75% | 5.75% | |||
Increase in 30-Day Past Due Loan Ratio | 4.49% | 4.49% | 3.31% | 3.31% | |||
Increase in Rate of Commercial Loans | 3.39% | 3.39% | |||||
Thirty Day Past Due Loan Ratio of Commercial Loans | 3.39% | 3.39% | |||||
Increase in Rate of Consumer Loans | 15.55% | 15.55% | |||||
Thirty Day Past Due Loan Ratio of Consumer Loans | 5.88% | 5.88% | |||||
Mortgage Loans | $ 20,510 | ||||||
Increase in Rate of Mortgage Loans | 7.08% | 7.08% | |||||
Thirty Day Past Due Loan Ratio of Mortgage Loans | 7.92% | 7.92% | |||||
Microcredit Portfolio | 1,060 | ||||||
Increase in Rate of Microcredit Portfolio | 0.08% | 0.08% | |||||
Thirty Day Past Due Loan Ratio of Microcredit Portfolio | 12.86% | 12.86% | |||||
Corporate loans | 111,250 | ||||||
Consumer loans | 27,650 | ||||||
Currency risk [member] | |||||||
Risk Management [Line Items] | |||||||
Percentage of increase in total market risk | 51.00% | 51.00% | |||||
Risk exposure associated with instruments sharing characteristic | 1,086,000,000 | $ 1,086,000,000 | $ 721,000,000 | ||||
Foreign Subsidiaries [Member] | |||||||
Risk Management [Line Items] | |||||||
Minimum carrying amount of loans to be individually assessed | $ 1,500,000 | ||||||
Borrowings | 5,000 | $ 5,000 | $ 1,500,000 | ||||
Dollar EEUU [Member] | Bottom of range [member] | |||||||
Risk Management [Line Items] | |||||||
Sensitivity factor rate to currency risk exposure | 5.50% | 5.50% | |||||
Dollar EEUU [Member] | Top of range [member] | |||||||
Risk Management [Line Items] | |||||||
Sensitivity factor rate to currency risk exposure | 12.49% | 12.49% | |||||
Euro [Member] | Bottom of range [member] | |||||||
Risk Management [Line Items] | |||||||
Sensitivity factor rate to currency risk exposure | 6.00% | 6.00% | |||||
Euro [Member] | Top of range [member] | |||||||
Risk Management [Line Items] | |||||||
Sensitivity factor rate to currency risk exposure | 11.00% | 11.00% | |||||
Other currencies [Member] | Bottom of range [member] | |||||||
Risk Management [Line Items] | |||||||
Sensitivity factor rate to currency risk exposure | 8.00% | 8.00% | |||||
Other currencies [Member] | Top of range [member] | |||||||
Risk Management [Line Items] | |||||||
Sensitivity factor rate to currency risk exposure | 13.02% | 13.02% | |||||
United states dollars [Member] | |||||||
Risk Management [Line Items] | |||||||
Percentage of increase in net position of currency | 27.39% | 27.39% | |||||
Economic group [Member] | |||||||
Risk Management [Line Items] | |||||||
Credit exposure | $ 19,200,000 | $ 19,200,000 | $ 17,300,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) | Mar. 14, 2018$ / shares |
Dividend declaration [Member] | |
Disclosure of subsequent events [Line Items] | |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ 1,020 |