Bancolombia (CIB) 20-F 26 Apr 22 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-32535
Entity Registrant Name	BANCOLOMBIA SA
Entity Incorporation, State or Country Code	F8
Entity Address, Address Line One	Carrera 48 # 26-85
Entity Address, Address Line Two	Avenida Los Industriales
Entity Address, City or Town	Medellín
Entity Address, Country	CO
Entity Common Stock, Shares Outstanding	509,704,584
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001071371
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PwC Contadores y Auditores S. A. S.	PwC Contadores y Auditores S. A. S.
Auditor Firm ID	6466	6466
Auditor Location	Medellín, Colombia	Medellín, Colombia
Business Contact
Document and Entity Information
Contact Personnel Name	Carlos Daniel Raad Baene
Country Region	57
City Area Code	601
Local Phone Number	4885371
Contact Personnel Email Address	craad@bancolombia.com
Entity Address, Address Line One	Carrera 11 # 91-42
Entity Address, Address Line Two	Edificio FIC 9211
Entity Address, City or Town	Bogotá
Entity Address, Country	CO
American Depository Shares
Document and Entity Information
Title of 12(b) Security	American Depositary Shares
Trading Symbol	CIB
Security Exchange Name	NYSE
Preference shares
Document and Entity Information
Title of 12(b) Security	Preferred Shares
No Trading Symbol Flag	true
Security Exchange Name	NYSE

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 25,329,846	$ 23,701,149
Financial assets investments	29,289,301	29,553,003
Derivative financial instruments	2,454,005	2,800,719
Financial assets investments and derivative financial instruments	31,743,306	32,353,722
Loans and advances to customers	220,323,483	191,409,730
Allowance for loans, advances and lease losses	(15,864,482)	(16,616,043)
Loans and advances to customers, net	204,459,001	174,793,687
Assets held for sale and inventories, net	546,794	509,145
Investment in associates and joint ventures	2,720,559	2,506,315
Investment properties	3,132,220	2,839,350
Premises and equipment, net	5,100,652	4,302,304
Right of use assets, lease	1,695,865	1,661,015
Goodwill and intangible assets, net	8,628,772	7,507,321
Deferred tax, net	746,375	675,295
Other assets, net	5,751,658	4,719,202
TOTAL ASSETS	289,855,048	255,568,505
LIABILITIES
Deposits by customers	210,390,848	180,820,793
Interbank deposits and repurchase agreements and other similar secured borrowing	1,649,730	2,978,737
Derivative financial instruments	1,961,109	2,381,326
Borrowings from other financial institutions	8,551,558	11,202,126
Debt instruments in issue	21,093,864	19,126,593
Lease liabilities	1,819,077	1,818,358
Preferred shares	584,204	584,204
Current tax	261,653	296,404
Deferred tax, net	1,016,586	1,056,094
Employees benefit plans	838,237	823,945
Other liabilities	7,762,724	6,364,712
TOTAL LIABILITIES	255,929,590	227,453,292
EQUITY
Share capital	480,914	480,914
Additional paid-in-capital	4,857,454	4,857,454
Appropriated reserves	14,661,007	13,830,604
Retained earnings	3,273,788	3,911,249
Net income attributable to equity holders of the Parent Company	4,086,795	275,994
Accumulated other comprehensive income, net of tax	4,874,389	3,189,014
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY	32,234,347	26,545,229
Non-controlling interest	1,691,111	1,569,984
TOTAL EQUITY	33,925,458	28,115,213
TOTAL LIABILITIES AND EQUITY	$ 289,855,048	$ 255,568,505

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest on loans and financial leases
Commercial	$ 6,073,718	$ 6,814,749	$ 7,319,318
Consumer	5,362,194	5,472,703	5,273,101
Small business loans	135,914	139,250	144,585
Mortgage	2,331,971	1,876,304	1,972,661
Financial leases	1,440,493	1,829,971	1,918,655
Total interest income on loans and financial leases	15,344,290	16,132,977	16,628,320
Interest on debt instruments using the effective interest method	311,488	308,453	160,200
Total Interest on financial instruments using the effective interest method	15,655,778	16,441,430	16,788,520
Interest income on overnight and market funds	9,413	32,362	67,724
Interest and valuation on financial instruments	470,554	214,858	524,440
Total interest and valuation on financial instruments	16,135,745	16,688,650	17,380,684
Interest expenses	(4,351,556)	(5,863,008)	(6,179,794)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments	11,784,189	10,825,642	11,200,890
Credit impairment charges on loans, advances and financial leases, net	(2,521,178)	(7,335,755)	(3,385,181)
Credit recovery (impairment) for other financial instruments	100,648	(190,694)	(25,940)
Total credit impairment charges, net	(2,420,530)	(7,526,449)	(3,411,121)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments	9,363,659	3,299,193	7,789,769
Fees and commissions income	5,293,804	4,598,413	4,578,972
Fees and commissions expenses	(1,860,683)	(1,561,585)	(1,553,239)
Total fees and commissions, net	3,433,121	3,036,828	3,025,733
Other operating income	2,022,141	1,844,572	1,535,247
Dividends and net income on equity investments	328,344	123,325	380,599
Total operating income, net	15,147,265	8,303,918	12,731,348
Operating expenses
Salaries and employee benefits	(3,782,596)	(3,044,730)	(3,366,824)
Other administrative and general expenses	(3,521,920)	(3,140,789)	(3,069,058)
Taxes other than income tax	(719,593)	(765,766)	(757,820)
Impairment, depreciation and amortization	(920,558)	(837,790)	(824,590)
Other operating expenses	(218,586)	(206,070)	(235,525)
Total operating expenses	(9,163,253)	(7,995,145)	(8,253,817)
Profit before income tax	5,984,012	308,773	4,477,531
Income tax	(1,776,225)	6,586	(1,262,964)
Net income	4,207,787	315,359	3,214,567
Net income attributable to equity holders of the Parent Company	4,086,795	275,994	3,117,351
Non-controlling interest	$ 120,992	$ 39,365	$ 97,216
Basic earnings per share to common shareholders, stated in units of pesos	$ 4,309	$ 347	$ 3,301
Diluted earnings per share to common shareholders, stated in units of pesos	$ 4,309	$ 347	$ 3,301

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income		$ 4,207,787		$ 315,359	$ 3,214,567
Other comprehensive income/(loss) that will not be reclassified to net income
Remeasurement income related to defined benefit liability		7,444		8,556	(38,451)
Income tax		(1,791)		(4,940)	14,835
Net of tax amount		5,653		3,616	(23,616)
Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)
Unrealized gain/(loss)		3,994		(132,593)	56,496
Income tax	[2]	48,153	[1]	37,736	(12,607)
Net of tax amount		52,147		(94,857)	43,889
Gains on asset revaluation		0		3,561	0
Income tax		(142)		(1,211)	0
Net of tax amount		(142)		2,350	0
Total other comprehensive income that will not be reclassified to net income, net of tax		57,658		(88,891)	20,273
Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)
Gain/(loss) on investments recycled to profit or loss upon disposal		34,440		19,249	(1,533)
Unrealized (loss)/gain		(101,544)		39,089	35,476
Unrealized gain/(loss) for fair value hedging	[3]	6,285		(5,459)	(6,592)
Changes in loss allowance for credit losses		(233)		432	324
Income tax	[2]	9,527		(5,612)	0
Net of tax amount		(51,525)		47,699	27,675
Foreign currency translation adjustments:
Exchange differences arising on translating the foreign operations		2,513,742		339,475	104,955
Loss on net investment hedge in foreign operations		(1,207,052)		(341,792)	(60,258)
Income tax		493,346		39,443	20,213
Net of tax amount	[4]	1,800,036		37,126	64,910
Unrealized gain on investments in associates and joint ventures using equity method		2,913		5,020	8,151
Income tax		(982)		(89)	(32)
Net of tax amount		1,931		4,931	8,119
Total comprehensive income that may be reclassified to net income, net of tax		1,750,442		89,756	100,704
Other comprehensive income, attributable to the owners of the Parent Company, net of tax		1,808,100		865	120,977
Other comprehensive income, attributable to the Non-controlling interest		6,540		441,199	6,056
Total comprehensive income		6,022,427		757,423	3,341,600
Total comprehensive income attributable to: Equity holders of the Parent Company		5,894,895		276,859	3,238,328
Total comprehensive income attributable to: Non-controlling interests		$ 127,532		$ 480,564	$ 103,272
[1]	Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI.
[2]	The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation.
[3]	The Bank identified that the figures in 2020 and 2019 were included in line Unrealized (loss)/gain of Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI). In order to properly present the Bank reclassified fair value hedge of debt instruments with changes in other comprehensive income to the line Unrealized (loss)/gain of the fair value hedge. The net tax amount of the FVTOCI does not change. See note 5.2 Derivative financial instruments. The Bank determined the effects were inmaterial to its previously issued consolidated financial statements.
[4]	In 2021, the increase relates to devaluation amounting to 15.98% of Colombian peso against U.S. dollar.

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical)	Dec. 31, 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Percentage of devaluation of Colombian peso against US Dollar	15.98%

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - COP ($) $ in Millions		Previously ReportedAttributable to owners of Parent Company	Previously ReportedShare Capital	Previously ReportedAdditional Paid in capital	Previously ReportedAppropriated Reserves	Previously ReportedTranslation adjustment	Previously ReportedEquity Securities through OCI	Previously ReportedDebt instruments at fair value though OCI	Previously ReportedAssociates	Previously ReportedEmployee Benefits	Previously ReportedRetained earnings	Previously ReportedNet income	Previously ReportedNon-Controlling interest	Previously Reported	Effect of adoption of new accounting standardsAttributable to owners of Parent Company	Effect of adoption of new accounting standardsRetained earnings	Effect of adoption of new accounting standardsNon-Controlling interest	Effect of adoption of new accounting standards	Attributable to owners of Parent Company		Share Capital	Additional Paid in capital	Appropriated Reserves	Translation adjustment		Equity Securities through OCI		Debt instruments at fair value though OCI	Revaluation of assets	Associates	Employee Benefits	Retained earnings	Net income	Non-Controlling interest		Total
Balance at Dec. 31, 2018		$ 24,848,920	$ 480,914	$ 4,857,454	$ 9,741,774	$ 2,882,202	$ 392,707	$ (19,877)	$ (1,107)	$ (50,956)	$ 3,906,945	$ 2,658,864	$ 1,806,305	$ 26,655,225	$ (181,100)	$ (181,100)	$ (3,148)	$ (184,248)	$ 24,667,820		$ 480,914	$ 4,857,454	$ 9,741,774	$ 2,882,202		$ 392,707		$ (19,877)		$ (1,107)	$ (50,956)	$ 3,725,845	$ 2,658,864	$ 1,803,157		$ 26,470,977
Transfer to profit from previous years																																2,658,864	(2,658,864)
Dividend payment																			(992,613)													(992,613)				(992,613)
Release of reserves by law																							(6,561)									6,561
Other reserves																			(17,069)				677,879									(694,948)				(17,069)
Realization of retained earnings																										(3,848)						3,848
Others																			(12,547)													(12,547)				(12,547)
Non-controlling interest																																		15,271		15,271
Net income																			3,117,351														3,117,351	97,216		3,214,567
Other comprehensive income																			120,977					64,910		43,889		27,675		8,119	(23,616)			6,056		127,033
Balance at Dec. 31, 2019																			26,883,919		480,914	4,857,454	10,413,092	2,947,112		432,748		7,798		7,012	(74,572)	4,695,010	3,117,351	1,921,700		28,805,619
Transfer to profit from previous years																																3,117,351	(3,117,351)
Dividend payment																			(1,517,771)													(1,517,771)				(1,517,771)
Other reserves																			(20,000)	[1]			3,417,360									(3,437,360)				(20,000)
Realization of retained earnings																										(131,949)	[2]					131,949
Others																			9,029				152									8,877				9,029
Acquisition of the 40% of the common stock of Grupo Agromercantil Holding (GAH)	[3]																		913,193													913,193		(913,193)
Non-controlling interest																																		80,913		80,913
Net income																			275,994														275,994	39,365		315,359
Other comprehensive income																			865					37,126	[4]	(94,857)		47,699	$ 2,350	4,931	3,616			441,199	[4]	442,064
Balance at Dec. 31, 2020																			26,545,229		480,914	4,857,454	13,830,604	2,984,238		205,942		55,497	2,350	11,943	(70,956)	3,911,249	275,994	1,569,984		28,115,213
Transfer to profit from previous years																																275,994	(275,994)
Dividend payment																			(192,374)													(192,374)				(192,374)
Other reserves																			(6,151)				830,403									(836,554)				(6,151)
Realization of retained earnings																										(122,725)	[2]					122,725
Others																			(7,252)													(7,252)				(7,252)
Non-controlling interest																																		(6,405)		(6,405)
Net income																			4,086,795														4,086,795	120,992		4,207,787
Other comprehensive income																			1,808,100					1,800,036		52,147		(51,525)	(142)	1,931	5,653			6,540		1,814,640
Balance at Dec. 31, 2021																			$ 32,234,347		$ 480,914	$ 4,857,454	$ 14,661,007	$ 4,784,274		$ 135,364		$ 3,972	$ 2,208	$ 13,874	$ (65,303)	$ 3,273,788	$ 4,086,795	$ 1,691,111		$ 33,925,458
[1]	Corresponds to the use of the donations for social purposes reserve, approved by the shareholders.
[2]	Mainly corresponds to partial payments of asset-backed securities investments.
[3]	On September 29, 2020, the Bank acquired an additional 40% of the common stock of Grupo Agromercantil Holding (GAH), after obtaining the necessary regulatory approvals. The purchase price paid was USD 289,144,606 . For further information see Note 1. Reporting Entity.
[4]	As of September 30, 2020, the Bank determined that the presentation of the amounts of non-controlling interest, disclosed in its consolidated financial statements were incorrect due to a miscalculation in the translation from US dollars to Colombian pesos of the fair value of non-controlling interest in Grupo Agromercantil Holding S.A and therefore should be corrected. The was originated when the Bank, applying the acquisition method, registered the fair value of the non-controlling interest of Grupo Agromercantil Holding S.A., using an incorrect exchange rate to translate US dollars to Colombian pesos. Since the acquisition date, the error amounted to COP 315,138 without any variation. For the purposes of the financial statements ending December 31, 2020, the Bank has increased the non-controlling interest line and decreased Accumulated foreign currency translation adjustments line by COP 315,138 , both in shareholders’ equity and, no other effects in accounts of financial statements were identified. According to the analysis performed, the Bank determined that the correction of the presentation of the non-controlling interest and translation adjustment should not be considered material for the financial statements, given the quantitative analysis and all qualitative considerations. For that reason, the figures of non-controlling interest and translation adjustment have been corrected as of December 31, 2020 as an out of period adjustment.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) $ in Millions		12 Months Ended
		Dec. 31, 2020COP ($)$ / shares		Dec. 31, 2019COP ($)$ / shares	Dec. 31, 2018$ / sharesshares
Dividends paid, ordinary shares per share | $ / shares		$ 260		$ 1.638	$ 1,092
Other comprehensive income		$ 442,064		$ 127,033
Common shares
Number of shares outstanding | shares					509,704,584
Preference shares
Number of shares outstanding | shares					452,122,416
Non-Controlling interest
Increase in non-controlling interest related to business acquisition	[1]	(913,193)
Other comprehensive income		441,199	[2]	6,056
Non-Controlling interest | Error correction adjustment
Increase in non-controlling interest related to business acquisition		315,138
Translation adjustment
Other comprehensive income		37,126	[2]	$ 64,910
Translation adjustment | Error correction adjustment
Other comprehensive income		$ (315,138)
[1]	On September 29, 2020, the Bank acquired an additional 40% of the common stock of Grupo Agromercantil Holding (GAH), after obtaining the necessary regulatory approvals. The purchase price paid was USD 289,144,606 . For further information see Note 1. Reporting Entity.
[2]	As of September 30, 2020, the Bank determined that the presentation of the amounts of non-controlling interest, disclosed in its consolidated financial statements were incorrect due to a miscalculation in the translation from US dollars to Colombian pesos of the fair value of non-controlling interest in Grupo Agromercantil Holding S.A and therefore should be corrected. The was originated when the Bank, applying the acquisition method, registered the fair value of the non-controlling interest of Grupo Agromercantil Holding S.A., using an incorrect exchange rate to translate US dollars to Colombian pesos. Since the acquisition date, the error amounted to COP 315,138 without any variation. For the purposes of the financial statements ending December 31, 2020, the Bank has increased the non-controlling interest line and decreased Accumulated foreign currency translation adjustments line by COP 315,138 , both in shareholders’ equity and, no other effects in accounts of financial statements were identified. According to the analysis performed, the Bank determined that the correction of the presentation of the non-controlling interest and translation adjustment should not be considered material for the financial statements, given the quantitative analysis and all qualitative considerations. For that reason, the figures of non-controlling interest and translation adjustment have been corrected as of December 31, 2020 as an out of period adjustment.

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOW - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income		$ 4,207,787	$ 315,359	$ 3,214,567
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		855,167	736,367	677,253
Other assets impairment		65,391	101,423	147,337
Impairment of investments in associates	[1]	1,733	4,399
Equity method		(199,652)	(136,596)	(249,231)
Credit impairment charges on loans and advances and financial leases		2,521,178	7,335,755	3,385,181
Credit impairment (recovery) charges on off balance sheet credit and other financial instruments		(100,648)	190,694	25,940
Gain on sales of assets held for sale and inventories		(227,445)	(65,932)	(93,548)
Valuation gain on investment securities		(790,063)	(814,164)	(1,113,392)
(Gain) loss upon disposal of investment in subsidiary and associates	[2]			(77,916)
Valuation (losses) gain on derivative financial instruments		(319,524)	(629,258)	285,220
Income tax		1,776,225	(6,586)	1,262,964
Bonuses and short-term benefits		526,273	11,816	403,872
Dividends		(108,079)	(14,217)	(84,183)
Investment property valuation		(67,762)	3,501	(93,197)
Other non-cash items		(29,076)	(4,710)	164,030
Net interest		(10,992,734)	(10,269,969)	(10,448,526)
Change in operating assets and liabilities:
Decrease in derivative financial instruments		245,064	236,143	219,259
Decrease in accounts receivable		(489,266)	(408,015)	(185,220)
Increase in loans and advances to customers		(24,057,389)	(7,440,568)	(12,140,001)
Decrease (Increase) in other assets		(278,776)	83,393	(901,839)
Decrease in accounts payable	[3]	1,271,347	(10,507)	(186,368)
Decrease in other liabilities		(296,865)	(120,429)	(362,638)
Increase in deposits by customers		19,290,140	21,007,104	14,317,297
(Decrease) Increase in estimated liabilities and provisions		21,629	(6,098)	(3,378)
Net changes in investment securities recognized at fair value through profit or loss		1,834,085	(7,514,600)	2,626,620
Proceeds from sales of assets held for sale		735,788	382,139	429,906
Recovery of charged-off loans		565,436	436,908	551,650
Income tax paid	[3]	(1,441,413)	(1,145,887)	(1,042,610)
Dividend received		90,822	90,737	195,046
Interest received		15,896,674	15,031,229	17,387,534
Interest paid		(4,410,742)	(6,149,086)	(5,996,017)
Net cash provided by operating activities		6,095,305	11,230,345	12,315,612
Cash flows from investment activities:
Purchases of debt instruments at amortized cost		(3,722,124)	(3,670,705)	(2,800,997)
Proceeds from maturities of debt instruments at amortized cost		2,984,260	2,728,509	2,405,509
Purchases of debt instruments at fair value through OCI		(8,850,491)	(11,377,756)	(5,945,285)
Proceeds from debt instruments at fair value through OCI		10,699,010	7,339,264	5,426,410
Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures		(44,915)	(111,349)	(40,712)
Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures		69,448	55,174	131,173
Purchases 40% of the sharehold of Grupo Agromercantil Holding	[4]		(1,117,680)
Purchases of premises and equipment and investment properties		(2,185,800)	(1,530,153)	(1,555,453)
Acquisition of subsidiaries		(9,178)
Proceeds from sales of premises and equipment and investment properties		553,652	268,898	232,438
Net cash inflow from sale and liquidation of investments in subsidiaries	[5]			70,306
Purchase of other long-term assets		(144,348)	(106,269)	(114,221)
Net cash used in investing activities		(650,486)	(7,522,067)	(2,190,832)
Cash flows from financing activities:
(Decrease) Increase in repurchase agreements and other similar secured borrowing		(1,457,203)	903,120	(1,002,196)
Proceeds from borrowings from other financial institutions		4,182,658	12,453,666	11,741,311
Repayment of borrowings from other financial institutions		(8,447,238)	(14,919,903)	(14,365,716)
Payment of lease liability		(136,797)	(139,559)	(124,817)
Placement of debt instruments in issue	[6]	1,387,401	3,766,499	2,084,743
Payment of debt instruments in issue		(1,871,576)	(5,382,248)	(2,561,525)
Dividends paid		(467,217)	(1,555,821)	(1,032,492)
Transactions with non-controlling interests			(41,194)
Net cash used in financing activities	[7]	(6,809,972)	(4,915,440)	(5,260,692)
Effect of exchange rate changes on cash and cash equivalents		2,993,850	1,170,269	143,144
(Decrease) Increase in cash and cash equivalents		(1,365,153)	(1,207,162)	4,864,088
Cash and cash equivalents at beginning of year		23,701,149	23,738,042	18,730,810
Cash and cash equivalents at end of year		$ 25,329,846	$ 23,701,149	$ 23,738,042
[1]	For further information, see Note 8 investments in associates and joint ventures.
[2]	As of December 31, 2019, corresponds to gains on sale of investments in associates Concesiones CCFC, Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. for COP 33,253 , the winding up of joint venture Servicios de Aceptación S.A.S for COP 8,927 and the sale of subsidiaries Arrendamiento Operativo CIB and Fiduperú S.A, for COP 35,736 . During 2020, no sales were made.
[3]	On December 31, 2020 and 2019, the figure disclosed in line increase (decrease) in accounts payable (10,507) and (186,368) previously presented as COP (797,207) and COP (977,266) , included COP (786,700) and COP (790,898) respectively and have been reclassified and are now presented in line income tax paid, amounts are immaterial do not impact total operating cash flows or any other financial statements or notes. The Bank concluded that revised numbers were adjusted and disclosed in 2021 Financial Statements for comparative purposes.
[4]	On September 29, 2020, Grupo Bancolombia acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH).
[5]	In March 2019, the Bank’s subsidiaries Renting Colombia S.A.S and Inversiones CFNS S.A.S closed the sale to Arval Relsa of 100% of the shares of Arrendamiento Operativo CIB S.A.C – Renting Peru, an operating leasing company incorporated, and with operations, in Peru. Arval Relsa is the joint venture between Arval (subsidiary of BNP Paribas, with more than one million vehicles in operational leasing) and Relsa (company with 15 years of experience in the Peruvian market) that seeks to strengthen the car leasing and vehicle fleet management businesses in Peru and Chile. The sale price amounted to USD 21.8 million.
[6]	For further information, see Note 18 Debt instruments in issues.
[7]	For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities.

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOW (Parenthetical) item in Millions, $ in Millions, $ in Millions		1 Months Ended	12 Months Ended
		Mar. 31, 2019USD ($)item	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)
CONSOLIDATED STATEMENT OF CASH FLOW
Gain on sale of investments in associates					$ 33,253
Gain on the winding up of investments in joint ventures					8,927
Gain on sale of investments in subsidiaries					35,736
Decrease in accounts payable	[1]		$ 1,271,347	$ (10,507)	(186,368)
Transfer of loans and returned goods to assets held for sale and inventories			672,586	508,040	508,441
Non-cash transaction, value of loans and advance to customers and assets held for sale received as payment by residual rights			$ 75,664
Previously Reported
CONSOLIDATED STATEMENT OF CASH FLOW
Decrease in accounts payable				(797,207)	(977,266)
Reclassification Adjustment
CONSOLIDATED STATEMENT OF CASH FLOW
Decrease in accounts payable				$ (786,700)	$ (790,898)
Arrendamiento Operativo CIB SAC - Renting Peru
CONSOLIDATED STATEMENT OF CASH FLOW
Percentage of ownership interests sold		100.00%
Proceeds from the sale of interests in subsidiary		$ 21.8
BNP Paribas
CONSOLIDATED STATEMENT OF CASH FLOW
Number of vehicles in operational leasing | item		1
Relsa
CONSOLIDATED STATEMENT OF CASH FLOW
Number of years of operations in the Peruvian market		15 years
[1]	On December 31, 2020 and 2019, the figure disclosed in line increase (decrease) in accounts payable (10,507) and (186,368) previously presented as COP (797,207) and COP (977,266) , included COP (786,700) and COP (790,898) respectively and have been reclassified and are now presented in line income tax paid, amounts are immaterial do not impact total operating cash flows or any other financial statements or notes. The Bank concluded that revised numbers were adjusted and disclosed in 2021 Financial Statements for comparative purposes.

REPORTING ENTITY

REPORTING ENTITY	12 Months Ended
	Dec. 31, 2021
REPORTING ENTITY
REPORTING ENTITY	NOTE 1. REPORTING ENTITY Bancolombia S.A., hereinafter the Parent Company, the Group, is a credit establishment, listed on the Colombia Stock Exchange (BVC) as well as on the New York Stock Exchange (NYSE), since 1981 and 1995, respectively. The Parent Company's main location is in Medellin (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales, and was originally constituted under the name Banco Industrial Colombiano (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. The Parent Company bylaws are found in the public deed numer 2690, dated November 27, 2015, at the 25th Notary´s Office of Medellín. Bancolombia S.A.’s business purpose is to carry out all operations, transactions, acts and services inherent to the banking business. The Parent Company may, by itself or through its subsidiaries, own interests in other corporations, wherever authorized by law, according to all terms and requirements, limits or conditions established therein. 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. In March 2019 the subsidiaries Renting Colombia S.A.S and Inversiones CFNS S.A.S, closed the sale to Arval Relsa of 100% of the shares of Arrendamiento Operativo CIB S.A.C. – Renting Perú, an operational leasing company incorporated and with operations in Peru, and then, in July 2019 the Bank’s subsidiaries Fiduciaria Bancolombia and Banca de Inversion Bancolombia, closed the sale to TMF Group Americas B.V. of 100% of the shares of FiduPeru S.A, a trust services company incorporated and with operations in Peru. The Parent Company and its subsidiaries include the following operating segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment banking, Brokerage, International Banking and Others. The activities carried out by each operating segment of the Bank are described in Note 3 Operating segments. On September 29, 2020, following receipt of the required regulatory authorizations, the Bank acquired an additional 40% of the shares of Grupo Agromercantil Holding (GAH), the company that owns the financial conglomerate Agromercantil of Guatemala, integrated among others, by Banco Agromercantil de Guatemala (BAM). The purchase price paid to the seller, BFC BAM Financial Corporation, was USD 289,144,606 (COP 1,117,680) *. The effect on shareholders' equity is as follows: ​ ​ ​ ​ Consideration paid to non-controlling interests ​ 1,117,680 * Carrying amount of non-controlling interests acquired ​ 913,193 * Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity ​ 204,487 ​ ​ The Parent Company, through its subsidiaries, has banking operations and an international presence in Puerto Rico, Panama, Guatemala, and El Salvador and as of December 31, 2021, was in the process of obtaining regulatory authorizations to operate as a broker-dealer and as a registered investment adviser in the United States, through its subsidiaries Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC, and Bancolombia Capital Advisers LLC, with a capital of USD 1,500. The operations in the Cayman Islands and Barbados through Bancolombia Cayman and Mercom Bank Ltd., respectively, are in the process of being gradually wound down. The winding down of the operations will continue as the compromises related to assets and liabilities come to term. Their assets, liabilities and contracts will be transferred to other companies which are also part of Grupo Bancolombia. As of December 31, 2021 and 2020, the subsidiary Bancolombia Cayman recognized in its statement of financial position assets and liabilities, including loans and advances to customers, net for COP 8,634 and COP 6,539 , debt investments for COP 189,220 and COP 241,154 , cash and cash equivalents for COP 50,733 and COP 170,454 and other assets, net for COP 609 and COP 622 , respectively. On the other hand, liabilities in deposits by customers for COP 155,827 and COP 282,405 , other liabilities for COP 507 and COP 4,411 and a net income for COP 4,561 and COP 4,454 , respectively. As of December 31, 2020, the subsidiary recognized deposits by banks for COP 16,848 . As of December 31, 2021, no guarantees, pledges or commitments regarding the aforementioned transaction have been granted or received between the parent (Bancolombia Panamá) and the subsidiary (Bancolombia Cayman). As of December 31, 2021 and 2020, Mercom Bank Ltd recognized assets and liabilities in its statement of financial position, including loans and advances to customers, net for COP 1,159,308 and COP 1,360,670 , cash and cash equivalents for COP 1,133,518 and COP 696,452 , debt investments for COP 381,847 and COP 531,419 and other assets, net for COP 8,316 and COP 13,801 , respectively. On the other hand, liabilities in deposit by customers for COP 2,440,882 and COP 2,423,054 , other liabilities for COP 2,919 and COP 4,518 and a net income for COP 56,314 and COP 13,039 , respectively. As of December 31, 2020, Mercom Bank Ltd recognized financial obligations for COP 9,171 . During the last quarter of 2021, the Parent Company´s Board of Directors authorized the legal separation of the Nequi business, the digital platform of Grupo Bancolombia which offers financial services. The legal separation result in the creation of a new financing company supervised by the Financial Superintendence of Colombia through which Nequi will operate as a 100% digital bank (establecimiento de crédito) and the creation of other non-financial vehicles that will allow Nequi's evolution, as well as enabling and providing technological solutions.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SIGNIFICANT ACCOUNTING POLICIES ​ A. Basis for preparation of the consolidated financial statements The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). ​ The preparation of consolidated financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. ​ Impacts of COVID-19 on the preparation of the consolidated financial statements ​ During 2021, the macroeconomic and epidemiological context caused by the Coronavirus 2019 (COVID-19) pandemic in Colombia and in the countries where the Bank operates were characterized less by the shock situation than that evidenced during 2020, despite the appearance and global expansion of the omicron variant, which caused a period of uncertainty in global financial markets. Although governments have provided more focused responses to control outbreaks and vaccination programs are positively progressing to gradually cover a larger part of the population, an upward trend in the infections level, marked by a reduction in the severity of infections, began to be observed as of December 31, 2021, due to the new omicron variant. The year 2021 was characterized by the beginning of the economic recovery process, generating a significant positive rebound compared to 2020, due to the lower impact of the COVID-19 pandemic on economic activity, reducing its overall impact and making it possible to expect the world to move officially from a pandemic to an endemic situation during 2022. ​ During the year, there were occasional restrictions on mobility in Colombia and in other countries where the Bank operates during the peak of the pandemic in the first half of the year, but by the end of 2021, most of the controls had been lifted, returning to the normal development of daily activities. These elements have allowed the impact of the epidemiological situation to be relatively contained and the economic recovery to continue. ​ The progressive return to a normal economic and social environment has been the predominant factor as of December 31, 2021, despite the contagiousness of the new variant, positively impacting productive activity in Colombia and in the other countries where the Bank operates. However, increases in the production costs of goods and services are still being experienced, due to the restrictions of previous periods, which caused increases in the materials prices and supply chain constraints. ​ These situations were periodically evaluated during 2021 by Management to take appropriate measures in the ongoing management of the business; accordingly, the Bank continues with customer support strategies through credit relief and concessions due the end of the debtor support programme (‘PAD’) in Colombia on August 31, 2021, enacted by the Superintendencia Financiera de Colombia (‘SFC’), and the end of the extension of the general relief law in force in Panama since 2020, which were intended to address the social and health situation, seeking to mitigate the direct and indirect effects thereof. The effects on the Bank’s performance and financial position were included in the accompanying notes of the consolidated financial statements (see notes 3 to 32). Likewise, the Bank considered the current economic environment including the effects of the COVID-19 pandemic on its customers economy and businesses in preparation of the consolidated statement of financial position as of December 31, 2021, taking into account the best available reliable information and the evolution of the key assumptions on estimates made at the date of preparation and issuance of these consolidated financial statements. For further information, see section E. Use of estimates and judgments, paragraph 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. ​ Preparation of the consolidated financial statements under going concern basis ​ Management has also assessed the Bank’s ability to continue as a going concern and confirms that the Bank has adequate liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Bank's liquidity position at the date of authorization of the consolidated financial statements and taking into account the uncertainty about the development of the COVID-19 pandemic, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. ​ The consolidated financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct. ​ Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (‘OCI’) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. ​ The consolidated financial statements are stated in Colombian pesos and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the market exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. ​ The parent company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separate financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the shareholders. ​ The separate financial statements are those presented by the parent company in which the entity recognizes and measures impairment for credit risk through allowances for loans losses and recognizes provisions for foreclosed assets, in accordance with the accounting required by the SFC, which differ in certain accounting principles from IFRS that are used in the consolidated financial statements. ​ B. Presentation of the consolidated 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 treatment is permitted or required by an accounting standard or interpretation and described in the Bank's policies. ​ The consolidated statement of comprehensive income presents net income and items of other comprehensive income (‘OCI’) classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. ​ The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows. ​ C. Consolidation ​ 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of December 31, 2021 and 2020. The parent company consolidates the financial results of the entities over which it exerts control. ​ In accordance with IFRS 10 Consolidated financial statements, a subsidiary is an entity controlled by any of the entities that comprise the Bank, as long as the controlling entity has: ​ ● Power over the investee that gives it the ability to direct their relevant activities that significantly affect the investee’s returns. ● Exposure or rights to variable returns for its involvement with the investee. ● Ability to use its power over the investee to affect the investor’s returns. These type of entities include cases where the Bank has a high exposure to variable returns and retains decision-making power over the investee, either directly or through an agent. The parent company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PROPORTION OF ​ PROPORTION OF ​ PROPORTION OF ​ ​ ​ JURISDICTION ​ ​ ​ OWNERSHIP ​ OWNERSHIP ​ OWNERSHIP ​ ENTITY ​ OF ​ BUSINESS ​ INTEREST AND ​ INTEREST AND ​ INTEREST AND ​ ​ ​ INCORPORATION ​ ​ ​ VOTING POWER ​ VOTING POWER ​ VOTING POWER ​ ​ ​ ​ ​ ​ ​ HELD BY THE ​ HELD BY THE ​ HELD BY THE ​ ​ ​ ​ ​ ​ ​ BANK 2021 ​ BANK 2020 ​ BANK 2019 ​ 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 % VLIPCO S.A.S. (1) ​ Colombia ​ Technology services provider ​ 94.77 % - ​ - ​ Renting Colombia S.A.S. ​ Colombia ​ Operating leasing ​ 100.00 % 100.00 % 100.00 % Transportempo S.A.S. ​ Colombia ​ Transportation ​ 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. ​ Colombia ​ Investments ​ 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S. ​ Colombia ​ Payment solutions ​ 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) ​ Colombia ​ Real estate investment fund ​ 49.96 % 49.96 % 49.96 % P.A. Inmuebles CEM (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Calle 92 FIC-11 (2) ​ Colombia ​ Mercantil trust ​ 32.47 % 32.47 % - ​ P.A. FIC Edificio Corfinsura (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC-A5 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC Inmuebles (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC Clínica de Prado (2) ​ Colombia ​ Mercantil trust ​ 38.49 % 38.49 % - ​ P.A. FIC A6 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Central Point (2) ​ Colombia ​ Mercantil trust ​ 37.47 % 37.47 % - ​ Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Fideicomiso Twins Bay (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ Fideicomiso Lote Av San Martín (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Fideicomiso Lote 30 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ Fideicomiso Fondo Inmobiliario Bancolombia (3) ​ Colombia ​ Mercantil trust ​ 17.54 % - ​ - ​ Valores Simesa S.A. (4) ​ Colombia ​ Investments ​ 66.82 % 67.11 % 67.11 % Fideicomiso Lote Abelardo Castro (5) ​ Colombia ​ Mercantil trust ​ - ​ 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B1B2 (4) ​ Colombia ​ Mercantil trust ​ 66.49 % 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B3B4 (4) ​ Colombia ​ Mercantil trust ​ 66.49 % 66.77 % 66.77 % Bancolombia Panamá S.A. ​ Panama ​ Banking ​ 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa ​ Panama ​ Investments ​ 100.00 % 100.00 % 100.00 % Banagrícola S.A. ​ Panama ​ Investments ​ 99.17 % 99.17 % 99.17 % 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. (6) ​ Panama ​ Financial services ​ - ​ 100.00 % 100.00 % Leasing Banistmo S.A. ​ Panama ​ Leasing ​ 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. ​ Panama ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Banistmo Panamá Fondo de Inversión S.A. ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. ​ Panama ​ Collective investment fund ​ 100.00 % 100.00 % 100.00 % Fondo Renta Sostenible Global S.A. (7) ​ Panama ​ Collective investment fund ​ 100.00 % 100.00 % 100.00 % Banistmo Capital Markets Group Inc. (7) ​ Panama ​ Purchase and sale of securities ​ 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (7) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (7) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (7) ​ Panama ​ Portfolio holder ​ 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (7) ​ Panama ​ Real estate broker ​ 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. (8) ​ Panama ​ Holding ​ 100.00 % 100.00 % 60.00 % Banco Agromercantil de Guatemala S.A. (8) ​ Guatemala ​ Banking ​ 99.66 % 99.59 % 59.72 % Seguros Agromercantil de Guatemala S.A. (8) ​ Guatemala ​ Insurance agency ​ 79.92 % 79.90 % 47.93 % Financiera Agromercantil S.A. (8) ​ Guatemala ​ Financial services ​ 100.00 % 100.00 % 60.00 % Agrovalores S.A. (8) ​ Guatemala ​ Securities brokerage ​ 100.00 % 100.00 % 60.00 % Arrendadora Agromercantil S.A. (8) ​ Guatemala ​ Operating Leasing ​ 100.00 % 100.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (8) (9) ​ Guatemala ​ Insurance agency ​ 100.00 % 100.00 % 60.00 % Asistencia y Ajustes S.A. (8) ​ Guatemala ​ Services ​ 100.00 % 100.00 % 60.00 % Serproba S.A. (8) ​ Guatemala ​ Maintenance and remodelling services ​ 100.00 % 100.00 % 60.00 % Servicios de Formalización S.A. (8) ​ Guatemala ​ Loans formalization ​ 100.00 % 100.00 % 60.00 % Conserjería, Mantenimiento y Mensajería S.A. (8) (9) ​ Guatemala ​ Maintenance services ​ 100.00 % 100.00 % 60.00 % Mercom Bank Ltd. (8)(10) ​ Barbados ​ Banking ​ 99.66 % 99.59 % 59.72 % New Alma Enterprises Ltd. (8) ​ Bahamas ​ Investments ​ 99.66 % 99.59 % 59.72 % Bancolombia Puerto Rico Internacional Inc. ​ Puerto Rico ​ Banking ​ 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (11) ​ Cayman Islands ​ Banking ​ 100.00 % 100.00 % 100.00 % Banco Agrícola S.A. ​ El Salvador ​ Banking ​ 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa ​ El Salvador ​ Leasing ​ 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. ​ El Salvador ​ Credit card services ​ 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. ​ El Salvador ​ Securities brokerage ​ 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA ​ El Salvador ​ Investments ​ 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. ​ El Salvador ​ Administers investment funds ​ 98.89 % 98.89 % 98.89 % Bagrícola Costa Rica S.A. ​ Costa Rica ​ Outsourcing ​ 99.17 % 99.17 % 99.17 % Bancolombia Capital Holdings USA LLC (12) ​ United States ​ Holding ​ 100.00 % - ​ - ​ Bancolombia Capital Adviser LLC (12) ​ United States ​ Investment advisor ​ 100.00 % - ​ - ​ Bancolombia Capital LLC (12) ​ United States ​ Securities brokerage ​ 100.00 % - ​ - ​ (1) On November 30, 2021, the Bank acquired 91,791 common shares of VLIPCO S.A.S. for COP 9,474 ; after such transaction, the Bank had a 94.77% interest in the company. The Bank held a 47.40% interest in VLIPCO S.A.S. before the purchase transaction. For further information, see Note 8. Investments in associates and joint ventures and Note 9.3. Business combinations. (2) In 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (3) Company consolidated by the Fondo de Capital Privado Fondo Inmobiliario Colombia since October 2021. (4) The decrease in shareholding is due to the repurchase of outstanding stock carried out by the subsidiary during 2021. (5) The trust rights were assigned in June 2021. (6) Merger between the Banistmo S.A. (absorbing entity) and Financomer S.A. (absorbed entity) in November 2021. (7) Investments in non-operational stage. (8) On September 29, 2020, the Bank acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH), a company that owns the financial conglomerate Agromercantil of Guatemala. (9) Companies in voluntary liquidation. (10) On September 30, 2021, Mercom Bank Ltd. shareholder authorized the beginning of an organized and gradual process of transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bank. For further information, see Note 1. Reporting entity. (11) On October 05, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. The wind-down was expected to be completed before the end of the year 2021. For further information, see Note 1. Reporting entity. (12) Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information see Note 1. Reporting entity. ​ When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies, in order to prepare consolidated financial statements using uniform accounting policies. ​ All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. ​ Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the parent company’s shareholders equity and profit or loss. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income. ​ The loan and financial leases originated by Banistmo and Bancolombia Panama are subject to prudential regulation in Panama by the Superintendencia de Bancos de Panamá (‘SBP´) requiring the maintenance of minimum reserves as a countercyclical capital buffer. In the second quarter of 2020, this regulation was suspended, through the General Resolution of the Board of Directors SBP-GJD-0007-2020, to provide financial relief to the banks. For the years ended as of December 31, 2021 and 2020, the reserves recognized amounted to COP 1,428,964 and COP 1,232,033. The establishment of these reserves restrict the ability of the aforementioned subsidiaries to pay dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. ​ 2. Transactions between entities under common control Combinations of entities under common control, i.e., transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3 Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8 Accounting policies, changes in accounting estimates and errors, the Bank has developed an accounting policy considering the pronouncements of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquirer’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. ​ 3. Investments in associates and joint ventures An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. ​ A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. ​ At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and is included in the carrying amount of the investment and it is not amortized. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of assets. Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher of its value in use and its fair value less costs of disposal, and its carrying value. ​ The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. ​ Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recognize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture after the date of acquisition, less any impairment loss on the investment. When the Bank's share of losses of an associate or joint venture exceeds the Bank's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank's net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. ​ When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income as “Unrealized gain/(loss) on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends and net income on equity investments”, in accordance with the Bank's participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. ​ The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of comprehensive income. ​ The dividends received from the associate or joint venture reduce the investment carrying value. ​ When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remains 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 partial interest in the associate or joint venture, is recognized in the consolidated statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. For further information, please see Note 8. Investments in associates and joint ventures. ​ 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. ​ The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses. ​ If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3, or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, the Bank will apply all of the principles of IFRS 3. In this case, the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at least annually. ​ When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. ​ When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. ​ 5. Fund’s administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. ​ The Bank consolidates the following funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ownership ​ % of ownership ​ % of ownership ​ Assets managed Name ​ Country ​ interest held by ​ interest held by ​ interest held by ​ December 31, ​ December 31, ​ ​ ​ ​ the Bank, 2021 ​ the Bank, 2020 ​ the Bank, 2019 ​ 2021 ​ 2020 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) ​ Colombia ​ 49.96 % 49.96 % 49.96 % 4,415,509 ​ 4,128,801 Fideicomiso Lote Abelardo Castro (2) ​ Colombia ​ - ​ 66.77 % 66.77 % - ​ 13,314 Fideicomiso Lote Distrito Vera B1B2 (3) ​ Colombia ​ 66.49 % 66.77 % 66.77 % 57,025 ​ 58,459 Fideicomiso Lote Distrito Vera B3B4 (3) ​ Colombia ​ 66.49 % 66.77 % 66.77 % 54,941 ​ 56,364 Banistmo Panamá Fondo de Inversión S.A. ​ Panama ​ 100.00 % 100.00 % 100.00 % 414,962 ​ 522,777 (1) From 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. This equity securities are considered a business, because of their capacity to generate income. For further information, see Note 2. C. Consolidation. (2) Trust rights in P.A. Lote Abelardo Castro were transferred in June 2021. (3) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2 and B3B4), during 2021. ​ For all the aforementioned funds, the Bank participated in the design of the structured entity, makes operating and financial decisions on behalf of the funds and is exposed to variable returns such as dividends or returns paid in quarterly installments. ​ Commissions earned by the management of funds that are not consolidated are included in the consolidated statement of income as “Fees and commissions income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the parent company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment by investment basis. ​ Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. ​ 6.1. Significant non-controlling interest ​ FCP Fondo Inmobiliario Colombia ​ As of December 31, 2021 and 2020, the portion of non-controlling interest in the FCP Fondo Inmobiliario Colombia was 50.04%, which is considered a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Fondo Inmobiliario Colombia is Bogotá (Colombia). ​ During 2021 and 2020, returns were delivered to the non-controlling interest in quarterly installments due to the nature of its business, which mainly comprises a long- term investment in real estate which is considered a low-risk portfolio. The return delivered amounted to COP 64,717 and COP 43,297, as of December 31, 2021 and 2020, respectively. ​ The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, related to the FCP Fondo Inmobiliario Colombia: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ In millions of COP Assets ​ 4,415,509 ​ 4,128,801 ​ ​ Liabilities ​ 1,509,275 ​ 1,450,781 ​ ​ Net assets ​ 2,906,234 ​ 2,678,020 ​ ​ ​ ​ Year-Ended 2021 ​ Year-Ended 2020 ​ Year-Ended 2019 ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ Valuation of investment properties ​ 85,148 ​ (8,251) ​ 77,527 Valuation of trust rights ​ - ​ 4 ​ 52,215 Rents ​ 187,194 ​ 186,528 ​ 161,263 Profits of equity method investees ​ 105,439 ​ 56,116 ​ 138,100 Other income ​ 92,298 ​ 38,135 ​ 2,034 Total Income ​ 470,079 ​ 272,532 ​ 431,139 Expenses ​ ​ ​ ​ ​ ​ Interest on loans ​ (73,201) ​ (78,008) ​ (73,088) Other administrative and general expenses ​ (212,385) ​ (141,430) ​ (170,374) Total Expenses ​ (285,586) ​ (219,438) ​ (243,462) Net Income ​ 184,493 ​ 53,094 ​ 187,677 Condensed cash flow (1) ​ ​ ​ ​ ​ ​ Net cash used in operating activities ​ (34,442) ​ (172,003) ​ (257,733) Net cash provided by financing activities ​ 21,882 ​ 235,214 ​ 256,787 Cash and cash equivalents at beginning of year ​ 63,368 ​ 157 ​ 1,103 Cash and cash equivalents at end of year ​ 50,808 ​ 63,368 ​ 157 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. ​ The information above represents the amounts before inter-company eliminations. As of December 31, 2021, 2020 and 2019, the profit allocated to non-controlling interest amounted to COP 92,353, COP 26,599 and COP 93,946, respectively. ​ As of December 31, 2021, 2020 and 2019, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 1,369,084, COP 1,340,317 and COP 1,250,1

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2021
OPERATING SEGMENTS
OPERATING SEGMENTS	NOTE 3. OPERATING SEGMENTS Operating segments are defined as components of an entity about which separate financial information is available and that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assessing performance; the CODM is comprised of the Bank’s President (CEO) and Financial Vicepresident (CFO). The segment information has been prepared following the Bank’s accounting policies as described in the summary of significant accounting policies in Note 2 Significant accounting policies and has been presented consistently with the internal reports provided to the CODM. The CODM uses a variety of information and key financial data on a segment basis to assess the performance and make decisions 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 loan coverage ratios. ​ The Bank has the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking 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: · This segment provides retail and corporate banking products and services to individuals, companies and national and local governments in Colombia. The Bank’s strategy in Colombia is to grow with these clients based on value added and long-term relationships. In order to offer specialized services to individuals, small and medium size enterprises (SMEs) and big size enterprises, the Bank´s retail sales force targets the clients classified as: “Personal, plus” and “Entrepreneurs”. The Bank´s corporate and government sales force targets and specializes in companies with more than COP 100,000 million in revenue in twelve economic sectors: Agribusiness, Commerce, Manufacturing of Supplies and Materials, Consumer goods, Financial Services, Health, Education, Construction, Government, Infrastructure, Real estate, and Natural Resources. This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Colombia. · This segment provides retail and commercial banking products and services to individuals and companies in Panama and includes all the operations of Banistmo and its subsidiaries, which are managed and monitored by the CODM on a consolidated basis. Banking Panama also includes operations of the following operational stage subsidiaries: Banistmo Investment Corporation S.A., Leasing Banistmo S.A., Valores Banistmo S.A., Banistmo Panamá Fondo de Inversión S.A., Suvalor Renta Fija Internacional Corto Plazo S.A. and Fondo Renta Sostenible Global S.A. (before Suvalor Renta Variable Colombia S.A.); and of the following non-operational subsidiaries: Banistmo Capital Markets Group Inc., Anavi Investment Corporation S.A., Desarrollo de Oriente S.A., Steens Enterpresies S.A. and Ordway Holdings S.A. In 2021, Financomer S.A, merged with Banistmo S.A. This segment is also responsible for the management of Banistmo’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Panama. · 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: Banagrícola S.A, Inversiones Financieras Banco Agrícola S.A. IFBA, Bagrícola Costa Rica S.A., Gestora de Fondos de Inversión Banagricola, S.A, Valores Banagrícola S.A. de C.V., Credibac S.A. de C.V. and Arrendadora Financiera S.A. Arfinsa. This segment is also responsible for the management of Banco Agrícola’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in El Salvador. · 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: Seguros Agromercantil S.A., Financiera Agromercantil S.A., Agrovalores S.A., Arrendadora Agromercantil S.A., Agencia de Seguros y Fianzas Agromercantil S.A. (company in liquidation), Asistencia y Ajustes S.A., Serproba S.A., Servicios de Formalización S.A., Conserjería, Mantenimiento y Mensajería S.A.(company in liquidation), New Alma Enterprises LTD. and Mercom Bank Ltd Shareholders authorized the beginning of an organized and gradual process to transfer the assets and liabilities of Mercom Bank, Ltd., to Banco Agromercantil de Guatemala, S. A. or other companies of the Bank. For further information, see Note 1 Reporting Entity. This segment is also responsible for the management of Banco Agromercantil’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Guatemala. · This segment provides trust and asset management services to clients in Colombia through Fiduciaria Bancolombia S.A. Sociedad Fiduciaria. As of December 31, 2019, this segment includes FiduPerú S.A. Sociedad Fiduciaria’s results. This entity was sold in July 2019. For further information, see Note 1 Reporting Entity. The main products offered by this segment include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services, and corporate trust. · This segment provides corporate and project financial advisory services, underwriting, capital markets services and private equity management through Banca de Inversión Bancolombia S.A. Corporación Financiera. Its customers include private and publicly-held corporations as well as government institutions. · 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. In September 2021, the Bank through Valores Bancolombia S.A. the companies Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC and Bancolombia Capital Advisers LLC were in the process of obtaining regulatory authorizations to operate as a broker-dealer and as a registered investment adviser in the United States. See Note 1 Reporting Entity. · This segment provides a complete line of international banking services to Colombian and foreign customers through Bancolombia Panamá S.A., Bancolombia Cayman S.A., and Bancolombia Puerto Rico International, Inc. It offers loans to private sector companies, trade financing, leases financing and financing for industrial projects, as well as a complete portfolio of cash management products, such as checking accounts, international collections and payments. Through these subsidiaries, the Bank also offers investment opportunities in U.S. dollars, savings and checking accounts, time deposits, and investment funds to its high net worth clients and private banking customers. On October 5, 2020, the Board of Directors of Bancolombia Panamá (Parent Company of Bancolombia Cayman), decided to wind down the business and operations of its subsidiary in Cayman. See Note 1 Reporting Entity. · This segment provides financial and operating lease activities, including leasing services to clients in Colombia. Bancolombia offers these services mainly through the following Subsidiaries: Renting Colombia S.A.S. and Transportempo S.A.S. Additionally, through the FCP Fondo Inmobiliario Colombia, the Bank provides real estate service. This segment also includes results from the operations of investment vehicles of the Bank: Valores Simesa S.A., Pasarela Colombia S.A.S., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa and others. As of December 31, 2019, this segment includes Arrendamiento Operativo CIB S.A.C – Renting Perú’s results. This entity was sold in March 2019. For further information, see Note 1 Reporting Entity. As of December 2021, this segment includes the operations carried out by Vlipco S.A.S, a Bank´s subsidiary.In November 2021, the Bank acquired 91,791 shares of the joint venture Vlipco S.A.S. for the amount of COP 9,474, and by so doing the According to the quantitative threshold test required by IFRS 8 Operating Segments, the revenue reported by “all other segments” is less than 10 per cent of the combined revenue of all operating segments and its assets represent less than 10 percent of all operating segments combined assets of the Bank. Financial performance by operating segment: The CODM reviews the performance of the Bank using the following financial information by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ Adjustments for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations In millions of COP Total interest and valuation on financial instruments ​ 11,498,013 ​ 1,963,509 ​ 1,193,824 ​ 1,178,615 ​ 46 ​ — ​ 12,277 ​ 251,135 ​ 37,898 ​ 16,135,317 ​ 428 ​ 16,135,745 Interest income on loans and financial leases ​ 11,118,035 ​ 1,791,476 ​ 1,072,718 ​ 1,109,804 ​ 46 ​ — ​ 28 ​ 215,529 ​ 36,226 ​ 15,343,862 ​ 428 ​ 15,344,290 Total debt investments ​ 399,517 ​ 156,377 ​ 105,035 ​ 67,772 ​ — ​ — ​ 12,540 ​ 35,739 ​ 632 ​ 777,612 ​ — ​ 777,612 Derivatives ​ 17,263 ​ 1,860 ​ 15,345 ​ — ​ — ​ — ​ (832) ​ 1 ​ — ​ 33,637 ​ — ​ 33,637 Total liquidity operations ​ (36,802) ​ 13,796 ​ 726 ​ 1,039 ​ — ​ — ​ 541 ​ (134) ​ 1040 ​ (19,794) ​ — ​ (19,794) Interest expenses ​ (2,666,843) ​ (796,396) ​ (240,144) ​ (397,138) ​ (167) ​ (7) ​ (73) ​ (198,012) ​ (52,776) ​ (4,351,556) ​ — ​ (4,351,556) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 8,831,170 ​ 1,167,113 ​ 953,680 ​ 781,477 ​ (121) ​ (7) ​ 12,204 ​ 53,123 ​ (14,878) ​ 11,783,761 ​ 428 ​ 11,784,189 Total credit impairment charges, net ​ (2,122,515) ​ (323,216) ​ 4,271 ​ 35,841 ​ (4,595) ​ (55) ​ (116) ​ 14,995 ​ (17,836) ​ (2,413,226) ​ (7,304) ​ (2,420,530) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 6,708,655 ​ 843,897 ​ 957,951 ​ 817,318 ​ (4,716) ​ (62) ​ 12,088 ​ 68,118 ​ (32,714) ​ 9,370,535 ​ (6,876) ​ 9,363,659 Revenues (Expenses) from transactions with other operating segments of the Bank ​ 18,458 ​ (10,089) ​ 7 ​ (26,324) ​ (26,584) ​ 3,576 ​ 59,995 ​ 81,997 ​ (101,036) ​ — ​ — ​ — Fees and commissions income (1) ​ 3,841,472 ​ 351,603 ​ 359,724 ​ 159,908 ​ 347,878 ​ 79,531 ​ 117,282 ​ 33,309 ​ 3,097 ​ 5,293,804 ​ — ​ 5,293,804 Fees and commissions expenses ​ (1,524,691) ​ (151,906) ​ (116,600) ​ (50,144) ​ (3,881) ​ (49) ​ (4,135) ​ (6,556) ​ (2,721) ​ (1,860,683) ​ — ​ (1,860,683) Total fees and commissions, net ​ 2,316,781 ​ 199,697 ​ 243,124 ​ 109,764 ​ 343,997 ​ 79,482 ​ 113,147 ​ 26,753 ​ 376 ​ 3,433,121 ​ — ​ 3,433,121 Other operating income ​ 653,968 ​ 19,101 ​ 9,712 ​ 82,855 ​ 12,702 ​ 879 ​ (6,075) ​ 11,109 ​ 1,238,893 ​ 2,023,144 ​ (1,003) ​ 2,022,141 Dividends and net income on equity investments ​ 93,769 ​ 4,387 ​ 2,760 ​ 658 ​ 28,201 ​ (232) ​ 2,177 ​ 20 ​ 196,604 ​ 328,344 ​ — ​ 328,344 Total operating income, net ​ 9,791,631 ​ 1,056,993 ​ 1,213,554 ​ 984,271 ​ 353,600 ​ 83,643 ​ 181,332 ​ 187,997 ​ 1,302,123 ​ 15,155,144 ​ (7,879) ​ 15,147,265 Operating expenses (2) ​ (5,550,033) ​ (700,226) ​ (549,782) ​ (464,199) ​ (129,923) ​ (34,905) ​ (119,265) ​ (61,191) ​ (633,171) ​ (8,242,695) ​ — ​ (8,242,695) Impairment, depreciation and amortization ​ (529,662) ​ (104,493) ​ (81,201) ​ (102,991) ​ (1,548) ​ (206) ​ (1,896) ​ (1,993) ​ (95,773) ​ (919,763) ​ (795) ​ (920,558) Total operating expenses ​ (6,079,695) ​ (804,719) ​ (630,983) ​ (567,190) ​ (131,471) ​ (35,111) ​ (121,161) ​ (63,184) ​ (728,944) ​ (9,162,458) ​ (795) ​ (9,163,253) Profit before income tax ​ 3,711,936 ​ 252,274 ​ 582,571 ​ 417,081 ​ 222,129 ​ 48,532 ​ 60,171 ​ 124,813 ​ 573,179 ​ 5,992,686 ​ (8,674) ​ 5,984,012 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ Adjustments for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations In millions of COP Total interest and valuation on financial instruments ​ 11,944,262 ​ 1,986,566 ​ 1,226,150 ​ 1,101,638 ​ 32 ​ — ​ 47,030 ​ 347,881 ​ 33,946 ​ 16,687,505 ​ 1,145 ​ 16,688,650 Interest income on loans and financial leases ​ 11,859,262 ​ 1,793,826 ​ 1,140,924 ​ 1,012,174 ​ 32 ​ — ​ 45 ​ 293,802 ​ 31,767 ​ 16,131,832 ​ 1,145 ​ 16,132,977 Total debt investments ​ 451,781 ​ 170,416 ​ 84,366 ​ 83,767 ​ — ​ — ​ 17,086 ​ 33,885 ​ 658 ​ 841,959 ​ — ​ 841,959 Derivatives ​ (381,725) ​ (502) ​ 227 ​ — ​ — ​ — ​ 29,209 ​ 14,995 ​ — ​ (337,796) ​ — ​ (337,796) Total liquidity operations ​ 14,944 ​ 22,826 ​ 633 ​ 5,697 ​ — ​ — ​ 690 ​ 5,199 ​ 1521 ​ 51,510 ​ — ​ 51,510 Interest expenses ​ (3,914,661) ​ (841,736) ​ (293,317) ​ (450,091) ​ (166) ​ (4) ​ (35) ​ (299,755) ​ (63,243) ​ (5,863,008) ​ — ​ (5,863,008) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 8,029,601 ​ 1,144,830 ​ 932,833 ​ 651,547 ​ (134) ​ (4) ​ 46,995 ​ 48,126 ​ (29,297) ​ 10,824,497 ​ 1,145 ​ 10,825,642 Total credit impairment charges, net ​ (5,889,710) ​ (907,910) ​ (366,691) ​ (297,386) ​ (1,270) ​ 42 ​ (1,518) ​ (56,122) ​ (13,166) ​ (7,533,731) ​ 7,282 ​ (7,526,449) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 2,139,891 ​ 236,920 ​ 566,142 ​ 354,161 ​ (1,404) ​ 38 ​ 45,477 ​ (7,996) ​ (42,463) ​ 3,290,766 ​ 8,427 ​ 3,299,193 Revenues (Expenses) from transactions the operating segments of the Bank ​ 142 ​ (25,054) ​ (7,531) ​ (35,171) ​ (24,159) ​ 20,509 ​ 61,393 ​ 118,854 ​ (108,983) ​ — ​ — ​ — Fees and commission income (1) ​ 3,291,382 ​ 310,773 ​ 289,792 ​ 176,268 ​ 349,150 ​ 37,447 ​ 112,628 ​ 28,896 ​ 2,077 ​ 4,598,413 ​ — ​ 4,598,413 Fees and commission expenses ​ (1,313,286) ​ (118,016) ​ (74,887) ​ (39,871) ​ (4,095) ​ (61) ​ (3,597) ​ (4,600) ​ (3,172) ​ (1,561,585) ​ — ​ (1,561,585) Total fees and commission income, net ​ 1,978,096 ​ 192,757 ​ 214,905 ​ 136,397 ​ 345,055 ​ 37,386 ​ 109,031 ​ 24,296 ​ (1,095) ​ 3,036,828 ​ — ​ 3,036,828 Other operating income (Expenses) ​ 817,677 ​ 30,145 ​ 14,266 ​ 74,021 ​ 13,078 ​ 1,524 ​ (5,736) ​ 12,939 ​ 887,454 ​ 1,845,368 ​ (796) ​ 1,844,572 Dividends and net income on equity investments ​ 43,737 ​ 6,984 ​ 858 ​ 953 ​ 29,145 ​ (2,503) ​ (27,930) ​ 32 ​ 54,010 ​ 105,286 ​ 18,039 ​ 123,325 Total operating income, net ​ 4,979,543 ​ 441,752 ​ 788,640 ​ 530,361 ​ 361,715 ​ 56,954 ​ 182,235 ​ 148,125 ​ 788,923 ​ 8,278,248 ​ 25,670 ​ 8,303,918 Operating expenses (2) ​ (4,967,506) ​ (590,269) ​ (424,516) ​ (423,211) ​ (104,005) ​ (23,658) ​ (88,828) ​ (58,073) ​ (477,289) ​ (7,157,355) ​ — ​ (7,157,355) Impairment, depreciation and amortization ​ (405,811) ​ (112,358) ​ (69,318) ​ (132,237) ​ (1,379) ​ (217) ​ (1,892) ​ (2,631) ​ (111,044) ​ (836,887) ​ (903) ​ (837,790) Total operating expenses ​ (5,373,317) ​ (702,627) ​ (493,834) ​ (555,448) ​ (105,384) ​ (23,875) ​ (90,720) ​ (60,704) ​ (588,333) ​ (7,994,242) ​ (903) ​ (7,995,145) Profit (Loss) before income tax ​ (393,774) ​ (260,875) ​ 294,806 ​ (25,087) ​ 256,331 ​ 33,079 ​ 91,515 ​ 87,421 ​ 200,590 ​ 284,006 ​ 24,767 ​ 308,773 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ Adjustments for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ Banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations In millions of COP Total interest and valuation on financial instruments ​ 12,970,741 ​ 1,876,925 ​ 1,094,422 ​ 977,980 ​ 152 ​ 8 ​ 5,018 ​ 614,073 ​ 12,160 ​ 17,551,479 ​ (170,795) ​ 17,380,684 Interest income on loans and financial leases ​ 12,592,221 ​ 1,654,600 ​ 1,052,680 ​ 905,016 ​ 132 ​ — ​ 96 ​ 411,504 ​ 11,804 ​ 16,628,053 ​ 267 ​ 16,628,320 Total Debt investments ​ 716,032 ​ 172,610 ​ 40,915 ​ 73,152 ​ 20 ​ 8 ​ 14,757 ​ 24,682 ​ 9 ​ 1,042,185 ​ — ​ 1,042,185 Derivatives ​ (172,399) ​ 1,625 ​ — ​ — ​ — ​ — ​ (10,416) ​ 169,483 ​ — ​ (11,707) ​ (171,062) ​ (182,769) Total liquidity operations ​ (165,113) ​ 48,090 ​ 827 ​ (188) ​ — ​ — ​ 581 ​ 8,404 ​ 347 ​ (107,052) ​ — ​ (107,052) Interest expenses ​ (4,408,233) ​ (720,587) ​ (295,433) ​ (388,571) ​ (138) ​ (4) ​ (26) ​ (304,519) ​ (62,283) ​ (6,179,794) ​ — ​ (6,179,794) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 8,562,508 ​ 1,156,338 ​ 798,989 ​ 589,409 ​ 14 ​ 4 ​ 4,992 ​ 309,554 ​ (50,123) ​ 11,371,685 ​ (170,795) ​ 11,200,890 Total credit impairment charges, net ​ (2,564,417) ​ (408,132) ​ (83,110) ​ (333,699) ​ (716) ​ (251) ​ (4,363) ​ 19,169 ​ (6,943) ​ (3,382,462) ​ (28,659) ​ (3,411,121) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 5,998,091 ​ 748,206 ​ 715,879 ​ 255,710 ​ (702) ​ (247) ​ 629 ​ 328,723 ​ (57,066) ​ 7,989,223 ​ (199,454) ​ 7,789,769 Revenues (Expenses) from transactions with other operating segments of the Bank ​ (19,212) ​ (36,107) ​ (2,154) ​ (36,255) ​ (25,529) ​ 31,585 ​ 62,628 ​ 167,419 ​ (142,375) ​ — ​ — ​ — Fees and commission income (1) ​ 3,269,747 ​ 350,055 ​ 268,309 ​ 170,854 ​ 349,438 ​ 30,829 ​ 113,364 ​ 25,800 ​ 588 ​ 4,578,984 ​ (12) ​ 4,578,972 Fees and commission expenses ​ (1,297,186) ​ (143,616) ​ (60,673) ​ (38,006) ​ (2,942) ​ (154) ​ (3,229) ​ (3,922) ​ (3,511) ​ (1,553,239) ​ — ​ (1,553,239) Total fees and commission income, net ​ 1,972,561 ​ 206,439 ​ 207,636 ​ 132,848 ​ 346,496 ​ 30,675 ​ 110,135 ​ 21,878 ​ (2,923) ​ 3,025,745 ​ (12) ​ 3,025,733 Other operating income(Expenses) ​ 433,887 ​ 29,704 ​ 6,158 ​ 68,288 ​ 13,341 ​ 5,830 ​ (9,392) ​ 7,067 ​ 986,126 ​ 1,541,009 ​ (5,762) ​ 1,535,247 Dividends and net income on equity investments ​ 131,029 ​ 5,562 ​ 211 ​ 668 ​ 43,498 ​ 24,810 ​ 16,514 ​ 27 ​ 269,736 ​ 492,055 ​ (111,456) ​ 380,599 Total operating income, net ​ 8,516,356 ​ 953,804 ​ 927,730 ​ 421,259 ​ 377,104 ​ 92,653 ​ 180,514 ​ 525,114 ​ 1,053,498 ​ 13,048,032 ​ (316,684) ​ 12,731,348 Operating expenses (2) ​ (5,203,354) ​ (573,042) ​ (444,933) ​ (358,923) ​ (121,259) ​ (32,558) ​ (112,204) ​ (61,087) ​ (522,103) ​ (7,429,463) ​ 236 ​ (7,429,227) Impairment, depreciation and amortization ​ (407,102) ​ (105,232) ​ (46,381) ​ (120,130) ​ (1,031) ​ (187) ​ (1,738) ​ (2,746) ​ (138,738) ​ (823,285) ​ (1,305) ​ (824,590) Total operating expenses ​ (5,610,456) ​ (678,274) ​ (491,314) ​ (479,053) ​ (122,290) ​ (32,745) ​ (113,942) ​ (63,833) ​ (660,841) ​ (8,252,748) ​ (1,069) ​ (8,253,817) Profit (Loss) before income tax ​ 2,905,900 ​ 275,530 ​ 436,416 ​ (57,794) ​ 254,814 ​ 59,908 ​ 66,572 ​ 461,281 ​ 392,657 ​ 4,795,284 ​ (317,753) ​ 4,477,531 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. ​ The following table presents financial information of the total assets and liabilities by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ Allother ​ Total before ​ for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations Total assets ​ 209,948,788 ​ 40,561,211 ​ 20,980,061 ​ 19,510,688 ​ 638,280 ​ 2,039,204 ​ 371,278 ​ 24,074,957 ​ 7,117,110 ​ 325,241,577 ​ (35,386,529) ​ 289,855,048 Total liabilities ​ 177,198,960 ​ 36,231,139 ​ 18,416,563 ​ 17,763,659 ​ 108,254 ​ 55,743 ​ 125,176 ​ 15,568,638 ​ 3,037,853 ​ 268,505,985 ​ (12,576,395) ​ 255,929,590 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations Total assets ​ 175,697,801 ​ 35,062,418 ​ 17,986,495 ​ 16,304,094 ​ 686,895 ​ 1,648,144 ​ 316,051 ​ 20,502,898 ​ 10,408,401 ​ 278,613,197 ​ (23,044,692) ​ 255,568,505 Total liabilities ​ 159,782,056 ​ 31,483,993 ​ 16,158,124 ​ 15,052,385 ​ 110,830 ​ 37,134 ​ 57,800 ​ 13,286,310 ​ 2,856,435 ​ 238,825,067 ​ (11,371,775) ​ 227,453,292 ​ The following table presents financial information of the investments in associates and joint ventures by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 601,758 ​ 22,631 ​ 303,506 ​ 394,061 ​ 1,398,603 ​ 2,720,559 Equity method ​ 45,555 ​ 2,747 ​ 27,377 ​ 1,011 ​ 122,962 ​ 199,652 (1) As of December 31, 2021, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 382,747 ​ 17,254 ​ 280,051 ​ 549,745 ​ 1,276,518 ​ 2,506,315 Equity method ​ 39,922 ​ 840 ​ 28,848 ​ 14,912 ​ 52,074 ​ 136,596 (1) As of December 31, 2020, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. ​ For additional information related to investment in associates and joint ventures, see Note 8 Investments in associates and joint ventures. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Geographic information ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ ​ valuation ​ assets (1) ​ valuation ​ assets (1) ​ valuation ​ assets (1) In millions of COP Colombia ​ 11,605,829 ​ 9,413,340 ​ 12,152,560 ​ 8,381,397 ​ 13,129,674 ​ 7,095,848 Panama ​ 2,251,653 ​ 838,278 ​ 2,400,442 ​ 737,039 ​ 2,592,875 ​ 792,841 Puerto Rico ​ 49,662 ​ 1,644 ​ 64,104 ​ 1,413 ​ 83,303 ​ 1,586 El Salvador ​ 1,194,026 ​ 434,212 ​ 1,227,645 ​ 370,983 ​ 1,097,976 ​ 373,378 Costa Rica ​ - ​ - ​ - ​ 72 ​ - ​ 107 Guatemala ​ 1,178,619 ​ 347,084 ​ 1,101,643 ​ 295,622 ​ 978,101 ​ 288,794 Total ​ 16,279,789 ​ 11,034,558 ​ 16,946,394 ​ 9,786,526 ​ 17,881,929 ​ 8,552,554 Eliminations and translation adjustment ​ (144,044) ​ 7,655,610 ​ (257,744) ​ 6,537,003 ​ (501,245) ​ 6,173,494 Total, net ​ 16,135,745 ​ 18,690,168 ​ 16,688,650 ​ 16,323,529 ​ 17,380,684 ​ 14,726,048 (1) Includes assets held for sale, premises and equipment, investment property, goodwill and intangible assets.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2021
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	NOTE 4. CASH AND CASH EQUIVALENTS For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Cash and balances at central bank ​ ​ ​ ​ Cash ​ 7,994,899 ​ 7,210,250 Due from central banks (1) ​ 9,817,664 ​ 7,871,879 Due from other private financial entities ​ 5,092,792 ​ 4,867,472 Checks on hold ​ 136,050 ​ 109,736 Remittances of domestic negotiated checks in transit ​ 106,271 ​ 125,737 Total cash and due from banks ​ 23,147,676 ​ 20,185,074 Money market transactions ​ ​ ​ ​ Interbank borrowings ​ 1,388,411 ​ 3,193,915 Reverse repurchase agreements and other similar secured loans ​ 793,759 ​ 322,160 Total money market transactions ​ 2,182,170 ​ 3,516,075 Total cash and cash equivalents ​ 25,329,846 ​ 23,701,149 (1) According to External Resolution Number 9 of 2020, that modifies External Resolution Number 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 3.50% of its customer’s deposits with a maturity of less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemala Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. Additionally, according to the norm of the banks Number 3-06 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount of its deposits and debt securities in issue average daily balances as a liquidity reserve between 1.00% and 18.00% during 2021, and during 2020 the range of the amount equivalent was between 1.00% and 15.00% , represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00% . ​ As of December 31, 2021 and 2020, there is restricted cash amounting to COP 472,443 and COP 295,260, respectively, included in other assets on the consolidated statement of financial position, which represents margin deposits pledged as collateral for derivative contracts traded through Colombian clearing houses. See Note 14. Other assets, net.

FINANCIAL ASSETS INVESTMENTS AN

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES	12 Months Ended
	Dec. 31, 2021
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES	NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES 5.1 Financial assets investments The Bank’s securities portfolios at fair value through profit or loss, other comprehensive income and at amortized cost are listed below, as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income ​ cost ​ value In millions of COP Securities issued by the Colombian Government (1) ​ 8,978,484 ​ 2,515,927 ​ 147,042 ​ 11,641,453 Securities issued by foreign governments ​ 5,180,775 ​ 4,293,949 ​ 497,544 ​ 9,972,268 Securities issued by government entities ​ 67,395 ​ - ​ 2,740,671 ​ 2,808,066 Corporate bonds ​ 120,653 ​ 124,917 ​ 2,544,550 ​ 2,790,120 Securities issued by other financial institutions (2) ​ 689,160 ​ 310,658 ​ 597,423 ​ 1,597,241 Total debt instruments ​ 15,036,467 ​ 7,245,451 (3) 6,527,230 ​ 28,809,148 Total equity securities (4) ​ 85,244 ​ 394,909 ​ ​ ​ 480,153 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 29,289,301 (1) Lower investment in TES - Treasury instruments. (2) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 113,114 . For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities. (3) The Bank has recognized in the consolidated statement of comprehensive income COP (51,525) related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. (4) Decrease due mainly to payments received by residual rights amounting to COP 122,988 . ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income ​ cost ​ value In millions of COP Securities issued by the Colombian Government ​ 10,439,978 ​ 2,552,041 ​ 126,392 ​ 13,118,411 Securities issued by foreign governments ​ 4,234,799 ​ 4,815,053 ​ 384,607 ​ 9,434,459 Securities issued by government entities ​ 72,401 ​ - ​ 2,446,892 ​ 2,519,293 Corporate bonds ​ 102,301 ​ 99,152 ​ 1,935,096 ​ 2,136,549 Securities issued by other financial institutions (1) ​ 721,735 ​ 772,735 ​ 261,614 ​ 1,756,084 Total debt instruments ​ 15,571,214 ​ 8,238,981 (2) 5,154,601 ​ 28,964,796 Total equity securities ​ 69,426 ​ 518,781 ​ ​ ​ 588,207 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 29,553,003 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 159,075 . For further information on TIPS' fair value measurement see Note 30 fair value of assets and liabilities. (2) The Bank has recognized in the consolidated statement of comprehensive income COP 47,699 related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. ​ ​ The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ Between 1 and 3 ​ Between 3 and 5 ​ Greater than 5 ​ ​ ​ ​ year ​ years ​ years ​ years ​ Total In millions of COP Securities at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 938,984 ​ 6,251,182 ​ 1,276,374 ​ 511,944 ​ 8,978,484 Securities issued by foreign governments ​ 4,606,436 ​ 64,189 ​ 175,555 ​ 334,595 ​ 5,180,775 Securities issued by other financial institutions ​ 187,194 ​ 264,720 ​ 115,920 ​ 121,326 ​ 689,160 Corporate bonds ​ 18,861 ​ 37,377 ​ 19,591 ​ 44,824 ​ 120,653 Securities issued by government entities ​ 14,105 ​ 39,491 ​ 9,667 ​ 4,132 ​ 67,395 Subtotal ​ 5,765,580 ​ 6,656,959 ​ 1,597,107 ​ 1,016,821 ​ 15,036,467 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ 2,325,032 ​ 1,085,997 ​ 539,525 ​ 343,395 ​ 4,293,949 Securities issued by the Colombian Government ​ 2,515,927 ​ - ​ - ​ - ​ 2,515,927 Securities issued by other financial institutions ​ 71,491 ​ 59,225 ​ 57,922 ​ 122,020 ​ 310,658 Corporate bonds ​ - ​ - ​ - ​ 124,917 ​ 124,917 Subtotal ​ 4,912,450 ​ 1,145,222 ​ 597,447 ​ 590,332 ​ 7,245,451 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by government entities ​ 2,690,415 ​ - ​ - ​ 50,256 ​ 2,740,671 Corporate bonds ​ 22,504 ​ 574,384 ​ 50,426 ​ 1,897,236 ​ 2,544,550 Securities issued by other financial institutions ​ 193,334 ​ 68,148 ​ 55,451 ​ 280,490 ​ 597,423 Securities issued by foreign governments ​ 33,770 ​ 14,540 ​ 242,050 ​ 207,184 ​ 497,544 Securities issued by the Colombian Government ​ - ​ 145,060 ​ - ​ 1,982 ​ 147,042 Subtotal ​ 2,940,023 ​ 802,132 ​ 347,927 ​ 2,437,148 ​ 6,527,230 Total debt instruments ​ 13,618,053 ​ 8,604,313 ​ 2,542,481 ​ 4,044,301 ​ 28,809,148 ​ For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ Between 1 and 3 ​ Between 3 and 5 ​ Greater than 5 ​ ​ ​ ​ year ​ years ​ years ​ years ​ Total In millions of COP Securities at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 1,677,621 ​ 4,936,287 ​ 2,551,658 ​ 1,274,412 ​ 10,439,978 Securities issued by foreign governments ​ 3,831,724 ​ 13,683 ​ 13,197 ​ 376,195 ​ 4,234,799 Securities issued by other financial institutions ​ 159,674 ​ 196,538 ​ 175,621 ​ 189,902 ​ 721,735 Corporate bonds ​ 9,339 ​ 40,389 ​ 27,412 ​ 25,161 ​ 102,301 Securities issued by government entities ​ 66,725 ​ 110 ​ 1,338 ​ 4,228 ​ 72,401 Subtotal ​ 5,745,083 ​ 5,187,007 ​ 2,769,226 ​ 1,869,898 ​ 15,571,214 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ 2,840,523 ​ 1,127,176 ​ 257,456 ​ 589,898 ​ 4,815,053 Securities issued by the Colombian Government ​ 2,552,041 ​ - ​ - ​ - ​ 2,552,041 Securities issued by other financial institutions ​ 577,109 ​ 53,135 ​ - ​ 142,491 ​ 772,735 Corporate bonds ​ 36,595 ​ - ​ - ​ 62,557 ​ 99,152 Subtotal ​ 6,006,268 ​ 1,180,311 ​ 257,456 ​ 794,946 ​ 8,238,981 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by government entities ​ 2,446,892 ​ - ​ - ​ - ​ 2,446,892 Corporate bonds ​ - ​ 272,347 ​ 275,660 ​ 1,387,089 ​ 1,935,096 Securities issued by foreign governments ​ 8,847 ​ 15,540 ​ 69,765 ​ 290,455 ​ 384,607 Securities issued by other financial institutions ​ 42,811 ​ 152,629 ​ 47,857 ​ 18,317 ​ 261,614 Securities issued by the Colombian Government ​ 28,366 ​ - ​ 98,026 ​ - ​ 126,392 Subtotal ​ 2,526,916 ​ 440,516 ​ 491,308 ​ 1,695,861 ​ 5,154,601 Total debt instruments ​ 14,278,267 ​ 6,807,834 ​ 3,517,990 ​ 4,360,705 ​ 28,964,796 ​ For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. ​ The Bank has recognized in the consolidated statement of comprehensive income COP 52,147 in 2021, COP (94,857) in 2020 and COP 43,889 in 2019 related to equity securities and trust funds at fair value through OCI. See Consolidated Statement of Comprehensive Income. Equity securities that are measured at fair value through OCI are considered strategic for the Bank and, thus, there is no intention to sell them in the foreseeable future and that is the main reason for using this presentation alternative. The following table details the equity instruments designated at fair value through OCI analyzed by listing status: ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount Equity securities ​ December 31, 2021 ​ December 31, 2020 In millions of COP Securities at fair value through OCI : ​ ​ ​ ​ Equity securities listed in Colombia ​ 57,791 ​ 70,155 Equity securities listed in foreign countries ​ 6,732 ​ 5,415 Equity securities unlisted: ​ ​ ​ ​ TELERED ​ 150,943 ​ 101,988 Asociación Gremial de Instituciones Financieras Credibanco S.A. ​ 87,344 ​ 99,553 Compañía De Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. ​ 14,054 ​ 46,889 Fondo Renta Fija Valor (1) ​ 100 ​ 24,855 Cámara de Riesgo Central de Contraparte de Colombia S.A. ​ 6,038 ​ 5,482 Transacciones y Transferencias, S. A. ​ 8,282 ​ 5,248 500 Luchadores II, L.P. ​ 9,181 ​ 4,811 CADENALCO ​ 3,638 ​ 3,908 Others (2) ​ 50,806 ​ 150,477 Total equity securities at fair value through OCI ​ 394,909 ​ 518,781 (1) Decrease due to reclassification from Fair value through OCI to Fair value through profit or loss. (2) Decrease due mainly to payments received by residual rights amounting to COP 122,988 ​ During 2021, 2020 and 2019, no impairment loss was recognized on equity securities. Dividends received from equity investments at fair value through OCI held as of December 31, 2021, 2020 and 2019 amounted to COP 12,665, COP 13,567 and COP 10,498, respectively. See Note 25.5 Dividends and net income on equity investments. Equity investments do not have a specific maturity date; therefore, they are not included in the maturity detail. The detail of the securities pledged as collateral as of December 31, 2021 and 2020 is as follows: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Securities issued by other financial institutions ​ Between 3 and 6 months ​ Time deposits ​ 5,458 Securities issued by other financial institutions ​ Between 6 and 12 months ​ Time deposits ​ 4,974 Securities issued by other financial institutions ​ Greater than 12 months ​ Time deposits ​ 4,919 Securities issued by other financial institutions ​ Greater than 12 months ​ Bonds ​ 4,269 Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 4,233 Securities issued by the Colombian Government ​ Between 6 and 12 months ​ Tax refund titles ​ 40,011 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 421,707 Securities issued by foreign governments ​ Greater than 12 months ​ Bonds ​ 124,107 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 609,678 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 242,716 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 303,847 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 546,563 Total securities pledged as collateral ​ ​ ​ ​ ​ 1,156,241 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Less than 3 months ​ TES - Treasury instruments ​ 59,803 Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 287,816 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 1,742,072 Securities issued by foreign governments ​ Between 6 and 12 months ​ Bonds ​ 89,245 Securities issued by foreign governments ​ Greater than 12 months ​ Bonds ​ 82,380 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 2,261,316 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 49,624 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 340,222 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 389,846 Total securities pledged as collateral ​ ​ ​ ​ ​ 2,651,162 ​ The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at fair value through other comprehensive income and Amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments portfolio measure at fair value through OCI and amortized cost ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Gross carrying amount as at 1 January 2021 ​ 13,237,154 ​ 156,428 ​ 13,393,582 Transfer from stage 1 to stage 2 (1) ​ (47,331) ​ 47,331 ​ - Sales and maturities ​ (8,690,663) ​ - ​ (8,690,663) Purchases ​ 8,655,481 ​ - ​ 8,655,481 Valuation and payments ​ (335,851) ​ (1,596) ​ (337,447) Foreign exchange ​ 726,724 ​ 25,004 ​ 751,728 Gross carrying amount as at 31 December 2021 ​ 13,545,514 ​ 227,167 ​ 13,772,681 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments portfolio measure at fair value through OCI and amortized cost ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Gross carrying amount as at 1 January 2020 ​ 7,827,746 ​ 95,835 ​ 7,923,581 Sales and maturities ​ (4,562,773) ​ - ​ (4,562,773) Purchases ​ 9,830,079 ​ 56,645 ​ 9,886,724 Valuation and payments ​ (12,681) ​ (595) ​ (13,276) Foreign exchange ​ 154,783 ​ 4,543 ​ 159,326 Gross carrying amount as at 31 December 2020 ​ 13,237,154 ​ 156,428 ​ 13,393,582 ​ The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Securities at amortized cost ​ 6,300,063 ​ 227,167 ​ 6,527,230 Carrying amount ​ 6,317,752 ​ 234,157 ​ 6,551,909 Loss allowance ​ (17,689) ​ (6,990) ​ (24,679) Securities at fair value through other comprehensive income ​ 7,245,451 ​ - ​ 7,245,451 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 13,545,514 ​ 227,167 ​ 13,772,681 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage2 ​ Total In millions of COP Securities at amortized cost ​ 4,998,173 ​ 156,428 ​ 5,154,601 Carrying amount ​ 5,032,673 ​ 161,054 ​ 5,193,727 Loss allowance ​ (34,500) ​ (4,626) ​ (39,126) Securities at fair value through other comprehensive income ​ 8,238,981 ​ - ​ 8,238,981 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 13,237,154 ​ 156,428 ​ 13,393,582 ​ The changes in the allowance are mainly due to the application of the expected credit losses model to debt instruments measured at amortized cost. The following table sets forth the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2021 ​ 37,745 ​ 4,626 ​ 42,371 Transfer from stage 1 to stage 2 (1) ​ (1,670) ​ 1,670 ​ - Sales and maturities ​ (7,985) ​ - ​ (7,985) New debt instruments purchased ​ 11,831 ​ - ​ 11,831 Remeasurement (2) ​ (23,744) ​ (46) ​ (23,790) Foreign exchange ​ 4,757 ​ 739 ​ 5,496 Loss allowance of December 31, 2021 ​ 20,934 ​ 6,989 ​ 27,923 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. (2) Decrease in stage 1 due to lower impairment loss value in Banistmo S.A. because of better economic conditions As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2020 ​ 13,013 ​ 1,588 ​ 14,601 Sales and maturities ​ (6,313) ​ - ​ (6,313) New debt instruments purchased ​ 19,856 ​ 3,429 ​ 23,285 Remeasurement ​ 10,872 ​ (466) ​ 10,406 Foreign exchange ​ 317 ​ 75 ​ 392 Loss allowance of December 31, 2020 ​ 37,745 ​ 4,626 ​ 42,371 ​ The increase in loss allowance is due to higher risk in all issuers in Bank’s investment portfolio. ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2019 ​ 14,174 ​ 609 ​ 14,783 Change in measurement ​ 228 ​ - ​ 228 Sales and maturities ​ (6,599) ​ (1) ​ (6,600) New debt instruments purchased ​ 5,235 ​ 1,234 ​ 6,469 Remeasurement ​ (89) ​ (259) ​ (348) Foreign exchange ​ 64 ​ 5 ​ 69 Loss allowance of December 31, 2019 ​ 13,013 ​ 1,588 ​ 14,601 ​ 5.2 Derivative financial instruments The Bank derivative activities do not give rise to significant open positions in portfolios of derivatives. The Bank enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options or swaps where the underlying are exchange rates, interest rates and securities. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform. For further information related to the objectives, policies and processes for managing the Bank’s risk, please see Note 31. Risk management. The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Derivatives ​ December 31, 2021 ​ December 31, 2020 In millions of COP Forwards ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 729,367 ​ 975,125 Equity contracts ​ 6,796 ​ 1,688 Subtotal assets ​ 736,163 ​ 976,813 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (605,537) ​ (880,614) Equity contracts ​ (25,068) ​ (15,333) Subtotal liabilities ​ (630,605) ​ (895,947) Total forwards ​ 105,558 ​ 80,866 Swaps ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 1,422,355 ​ 947,053 Interest rate contracts ​ 247,158 ​ 840,042 Subtotal assets ​ 1,669,513 ​ 1,787,095 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (960,838) ​ (615,625) Interest rate contracts ​ (308,457) ​ (803,153) Subtotal liabilities ​ (1,269,295) ​ (1,418,778) Total swaps ​ 400,218 ​ 368,317 Options ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 48,329 ​ 36,811 Subtotal assets ​ 48,329 ​ 36,811 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (61,209) ​ (66,601) Subtotal liabilities ​ (61,209) ​ (66,601) Total options ​ (12,880) ​ (29,790) Derivative assets ​ 2,454,005 ​ 2,800,719 Derivative liabilities ​ (1,961,109) ​ (2,381,326) ​ The table below presents the notional amounts of the derivatives contracts as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Derivatives ​ December 31, 2021 ​ December 31, 2020 In millions of COP Forwards ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 28,582,048 ​ 21,850,683 Equity contracts ​ 995,675 ​ 202,075 Subtotal assets ​ 29,577,723 ​ 22,052,758 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (26,394,184) ​ (21,869,963) Equity contracts ​ (391,835) ​ (2,832,595) Subtotal liabilities ​ (26,786,019) ​ (24,702,558) Total forwards ​ 2,791,704 ​ (2,649,800) Swaps ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 9,084,313 ​ 9,785,196 Interest rate contracts ​ 32,953,368 ​ 27,496,792 Subtotal assets ​ 42,037,681 ​ 37,281,988 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (6,825,078) ​ (4,956,902) Interest rate contracts ​ (26,172,799) ​ (15,130,999) Subtotal liabilities ​ (32,997,877) ​ (20,087,901) Total swaps ​ 9,039,804 ​ 17,194,087 Options ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 2,239,713 ​ 1,702,445 Subtotal assets ​ 2,239,713 ​ 1,702,445 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (1,954,132) ​ (1,598,200) Subtotal liabilities ​ (1,954,132) ​ (1,598,200) Total options ​ 285,581 ​ 104,245 Futures ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 5,994,775 ​ 8,302,204 Equity contracts ​ 20,002 ​ - Subtotal assets ​ 6,014,777 ​ 8,302,204 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (7,445,574) ​ (5,975,467) Others ​ (8) ​ (750,000) Subtotal liabilities ​ (7,445,582) ​ (6,725,467) Total futures ​ (1,430,805) ​ 1,576,737 Derivative assets ​ 79,869,894 ​ 69,339,395 Derivative liabilities ​ (69,183,610) ​ (53,114,126) ​ The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 736,163 ​ 1,669,513 ​ 48,329 ​ 2,454,005 Less than 1 year ​ 696,501 ​ 536,333 ​ 41,762 ​ 1,274,596 Between 1 and 3 years ​ 39,662 ​ 572,400 ​ 6,567 ​ 618,629 Greater than 3 years ​ - ​ 560,780 ​ - ​ 560,780 Liabilities ​ (630,605) ​ (1,269,295) ​ (61,209) ​ (1,961,109) Less than 1 year ​ (579,036) ​ (333,194) ​ (56,826) ​ (969,056) Between 1 and 3 years ​ (51,569) ​ (392,277) ​ (4,383) ​ (448,229) Greater than 3 years ​ - ​ (543,824) ​ - ​ (543,824) ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 976,813 ​ 1,787,095 ​ 36,811 ​ 2,800,719 Less than 1 year ​ 971,321 ​ 268,929 ​ 34,865 ​ 1,275,115 Between 1 and 3 years ​ 5,492 ​ 625,533 ​ 1,946 ​ 632,971 Greater than 3 years ​ - ​ 892,633 ​ - ​ 892,633 Liabilities ​ (895,947) ​ (1,418,778) ​ (66,601) ​ (2,381,326) Less than 1 year ​ (876,888) ​ (181,920) ​ (62,094) ​ (1,120,902) Between 1 and 3 years ​ (19,059) ​ (412,431) ​ (4,507) ​ (435,997) Greater than 3 years ​ - ​ (824,427) ​ - ​ (824,427) ​ Collateral for derivatives The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Collateral granted ​ 911,050 ​ 641,795 Collateral received ​ (376,447) ​ (570,097) ​ Day one gains or (losses) ​ If an asset has been acquired or a liability has been assumed in a market transaction, it could be assumed that the transaction price is the fair value of the asset or liability. However, the fair value of the financial asset or liability at the time of initial recognition may be different from the transaction price, because the fair value includes variables in its valuation technique that include market information, such as interest rate yield curves, currencies rates, indicators, default factors among others. When the values are not equal, the asset or liability must be measured at fair value and the difference between the transaction price and the fair value must be recognized as follows: ​ ● If fair value is evidenced by Level 1 inputs or is based on a valuation technique that uses only observable market data, the Group must recognize the difference as a gain or loss on initial recognition directly in the income statement. ​ ● In all other circumstances, the entire day 1 gain or loss is deferred and is recognized in the income statement over the life of the transaction. ​ The table below presents the unrecognised gains or (losses) for derivatives trading at the initial moment, due to use of valuation techniques for which not all inputs were observable market data: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Opciones ​ Total In millions of COP Balance at January 1, 2021 ​ 29,102 ​ 26,984 ​ 21,452 ​ 77,538 Increase due to new trades ​ 169,430 ​ 19,368 ​ 90,437 ​ 279,235 Reduction due to amortization ​ (179,115) ​ (11,560) ​ (70,751) ​ (261,426) Reduction due to sale or transfer ​ (2,499) ​ (6,898) ​ (14,463) ​ (23,860) Balance at December 31, 2021 ​ 16,918 ​ 27,894 ​ 26,675 ​ 71,487 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Opciones ​ Total In millions of COP Balance at January 1, 2020 ​ 6,666 ​ 15,736 ​ 26,572 ​ 48,974 Increase due to new trades ​ 321,006 ​ 21,481 ​ 79,181 ​ 421,668 Reduction due to amortization ​ (293,579) ​ (9,250) ​ (77,180) ​ (380,009) Reduction due to sale or transfer ​ (4,991) ​ (983) ​ (7,121) ​ (13,095) Balance at December 31, 2020 ​ 29,102 ​ 26,984 ​ 21,452 ​ 77,538 ​ Hedge accounting The Bank, through Banistmo, has entered into derivatives to manage its interest risk. Those derivatives are designated as hedging instruments to protect the Bank against changes in the fair value of Banistmo´s position in debt instruments issued by the Panamanian Government (fair value hedge). The hedge effectiveness assessment is performed on a monthly basis consistently throughout the hedging relationship. For fair value hedges, the changes in value of the hedging derivative, as well as the changes in value of the related hedged item concerning to the risk hedged, are reflected in the statement of income in the line “Interest and valuation on financial instruments”. Fair value hedging As of December 31, 2021 and 2020, Banistmo has designated 8 derivative contracts (Interest rate swaps), as fair value hedging instruments with maturity dates ranging from July 2022. The following table contains details of the hedged expresures covered by the Group’s hedging strategies: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of COP ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ 333,407 ​ (6,369) ​ Financial assets investments ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In thousands of USD ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - ​ 83,746 ​ (1,600) ​ Financial assets investments ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In millions of COP ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ 300,959 ​ (11,182) ​ Financial assets investments ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In thousands of USD ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - ​ 87,679 ​ (3,258) ​ Financial assets investments ​ The following table sets forth the notional amount and fair value of the hedged item recognized in the statement of financial position as ‘Financial assets investments’, as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Notional amount ​ 316,701 ​ 273,055 Fair value ​ 333,407 ​ 300,959 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In thousands of USD Notional amount ​ 79,550 ​ 79,550 Fair value ​ 83,746 ​ 87,679 ​ The following table contains information regarding the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of COP ​ ​ Gains / (loss) recognized in ​ Hedge Ineffectiveness recognized in ​ P&L line item that includes hedge ​ ​ OCI ​ P&L ​ ineffectiveness Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ 6,285 ​ (6,133) ​ Other operating income ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In millions of COP ​ ​ Gains / (loss) recognized in ​ Hedge Ineffectiveness recognized in ​ P&L line item that includes hedge ​ ​ OCI ​ P&L ​ ineffectiveness Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ (5,459) ​ (3,746) ​ Other operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 In millions of COP ​ ​ Gains / (loss) recognized in ​ Hedge Ineffectiveness recognized in ​ P&L line item that includes hedge ​ ​ OCI ​ P&L ​ ineffectiveness Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ (6,592) ​ 663 ​ Other operating income ​ Net foreign investment The Bank has designated debt securities in issue for USD 2,200,000 as a hedged instrument for hedging a portion of the net assets of Banistmo S.A.. Consequently, the exchange difference relating to the translation of the debt securities in issue are recognized directly in other comprehensive income by the Parent Company. The adjustment recognized in other comprehensive income amounted to COP (1,207,052), COP (341,792) and COP (60,258), for the years ended at December 31, 2021, 2020 and 2019, respectively. For further information see note 18 Debt instruments in issue and Consolidated Statement of Comprehensive Income. 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, 2021 and 2020 by derivative and by risk: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Swaps ​ 1,422,355 ​ (960,838) Forwards ​ 729,367 ​ (605,537) Options ​ 48,329 ​ (61,209) Interest rate contracts ​ ​ ​ ​ Swaps ​ 247,158 ​ (308,457) Equity contracts ​ ​ ​ ​ Forwards ​ 6,796 ​ (25,068) Gross derivative assets/liabilities ​ 2,454,005 ​ (1,961,109) Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 2,454,005 ​ (1,961,109) Master netting agreements ​ (1,785,702) ​ 1,961,109 Collateral received/paid ​ (668,303) ​ - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ - ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Swaps ​ 947,053 ​ (615,625) Forwards ​ 975,125 ​ (880,614) Options ​ 36,811 ​ (66,601) Interest rate contracts ​ ​ ​ ​ Swaps ​ 840,042 ​ (803,153) Equity contracts ​ ​ ​ ​ Forwards ​ 1,688 ​ (15,333) Gross derivative assets/liabilities ​ 2,800,719 ​ (2,381,326) Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 2,800,719 ​ (2,381,326) Master netting agreements ​ (2,258,118) ​ 2,381,326 Collateral received/paid ​ (542,601) ​ - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ - ​ For further information about offsetting of other financial assets and liabilities see Note 16 Interbank deposits and repurchase agreements and other similar secured borrowing. ​ Interest rate benchmark reform The Bank, through Banistmo, has fair value hedge accounting relationships that are exposed to LIBOR. Given this benchmark rate is subject to uncertainty as a result of the replacement of LIBOR, the Bank has adopted the amendments to IFRS 9 which provide temporary relief from applying specific hedge accounting requirements (as explained in note 2 Significant Accounting Policies). ​ The amendments to IFRS 9 provided temporary exceptions to apply specific hedge accounting requirements to hedging relationships, that are directly affected by the reform to LIBOR. The bank assumed that the hedge accounting will remain highly probable and that the hedge relationship will remain highly effective. ​ The Bank maintains swaps as hedging instruments where it changes flows as follows: it pays a fixed interest rate and receives floating interest to hedge the market risk of fixed rate debt instruments. ​ The table below shows the notional value of hedging instruments by benchmark interest rate impacted by the reform since December 31, 2020. ​ ​ ​ ​ ​ ​ In thousands of USD ​ ​ Notional value of ​ Maturing after ​ ​ hedging instruments ​ 31 December 2020 Fair value hedges ​ ​ ​ ​ USD LIBOR ​ 79,550 ​ 79,550 ​ The main sources of ineffectiveness for interest rate risk hedge accounting relationships are: ​ ● Differences in the interest rate market curves applied to discount the hedging instrument and the hedged instrument. The effects of the reforms identified for the LIBOR rate transition, where it could be affected if the agreed times for the changes do not coincide with those made by the international market and have

LOANS AND ADVANCES TO CUSTOMERS

LOANS AND ADVANCES TO CUSTOMERS, NET	12 Months Ended
	Dec. 31, 2021
LOANS AND ADVANCES TO CUSTOMERS, NET
LOANS AND ADVANCES TO CUSTOMERS, NET	NOTE 6. LOANS AND ADVANCES TO CUSTOMERS, NET Loans and financial leasing operating portfolio The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2021 ​ December 31, 2020 In millions of COP Commercial ​ 114,911,843 ​ 98,659,287 Consumer ​ 48,363,040 ​ 41,055,939 Mortgage ​ 30,646,787 ​ 25,959,112 Financial Leases (1) ​ 25,119,628 ​ 24,503,317 Small Business Loans ​ 1,282,185 ​ 1,232,075 Total gross loans and advances to customers ​ 220,323,483 ​ 191,409,730 Total allowance ​ (15,864,482) ​ (16,616,043) Total Net loans and advances to customers ​ 204,459,001 ​ 174,793,687 (1) See note 7.1 Lessor. ​ Allowance for loans losses The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2021, 2020 and 2019: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2021 ​ 7,673,720 ​ 5,753,430 ​ 992,515 ​ 1,996,033 ​ 200,345 ​ 16,616,043 Loan purchases / Loan sales (1) ​ (27,817) ​ - ​ - ​ - ​ - ​ (27,817) Recovery of charged - off loans ​ 125,208 ​ 349,125 ​ 26,660 ​ 61,303 ​ 3,140 ​ 565,436 Credit impairment charges on loans, advances and financial leases, net ​ 198,619 ​ 2,268,595 ​ 68,809 ​ (34,678) ​ 19,833 ​ 2,521,178 Adjusted stage 3 (2) ​ 216,330 ​ 288,214 ​ 49,893 ​ 40,747 ​ 12,550 ​ 607,734 Charges-off ​ (674,248) ​ (3,618,009) ​ (110,408) ​ (554,701) ​ (79,065) ​ (5,036,431) Translation adjustment ​ 301,211 ​ 263,912 ​ 33,589 ​ 12,363 ​ 7,264 ​ 618,339 Balance at December 31, 2021 ​ 7,813,023 ​ 5,305,267 ​ 1,061,058 ​ 1,521,067 ​ 164,067 ​ 15,864,482 (1) This balance corresponds to the provision for portfolio sales of Bancolombia S.A. to Banco Davivienda for COP 86,800 , Money Corp for COP 5,922 , and Jobandtalent Co SAS for COP 5,060 . (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2020 ​ 5,456,993 ​ 3,445,818 ​ 860,665 ​ 1,025,403 ​ 140,516 ​ 10,929,395 Recovery of charged - off loans ​ 118,196 ​ 256,836 ​ 15,943 ​ 44,381 ​ 1,552 ​ 436,908 Credit impairment charges on loans, advances and financial leases, net (1) ​ 2,406,228 ​ 3,745,662 ​ 163,527 ​ 903,191 ​ 117,147 ​ 7,335,755 Adjusted stage 3 (1)(2) ​ 213,214 ​ 203,420 ​ 39,793 ​ 63,240 ​ 9,907 ​ 529,574 Charges-off ​ (527,318) ​ (1,875,355) ​ (89,727) ​ (40,150) ​ (67,853) ​ (2,600,403) Translation adjustment ​ 6,407 ​ (22,951) ​ 2,314 ​ (32) ​ (924) ​ (15,186) Balance at December 31, 2020 ​ 7,673,720 ​ 5,753,430 ​ 992,515 ​ 1,996,033 ​ 200,345 ​ 16,616,043 (1) The increases are mostly due to the consequences of the COVID-19 pandemic in 2020. For more information see Note 31. Risk management. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2019 ​ 5,360,833 ​ 2,892,891 ​ 853,764 ​ 990,970 ​ 137,373 ​ 10,235,831 Loan purchases / Loan sales (1) ​ (4,332) ​ - ​ - ​ (1,557) ​ - ​ (5,889) Recovery of charged - off loans ​ 139,268 ​ 317,722 ​ 33,869 ​ 57,057 ​ 3,734 ​ 551,650 Credit impairment charges on loans, advances and financial leases, net ​ 1,299,379 ​ 1,971,037 ​ 33,808 ​ 25,130 ​ 55,827 ​ 3,385,181 Adjusted stage 3 (2) ​ 223,824 ​ 148,001 ​ 42,495 ​ 50,119 ​ 9,277 ​ 473,716 Charges-off ​ (1,572,113) ​ (1,890,490) ​ (104,720) ​ (97,148) ​ (65,909) ​ (3,730,380) Translation adjustment ​ 10,134 ​ 6,657 ​ 1,449 ​ 832 ​ 214 ​ 19,286 Balance at December 31, 2019 ​ 5,456,993 ​ 3,445,818 ​ 860,665 ​ 1,025,403 ​ 140,516 ​ 10,929,395 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. ​ The following explains the significant changes in the loans and the allowance for loans losses by category during the periods ended at December 31, 2021 and 2020 as a result of applying the expected credit loss model according to IFRS 9: ​ As of December 31, 2021 ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 80,863,445 (1,212,753) 8,203,659 (761,415) 9,592,183 (5,699,552) 98,659,287 (7,673,720) Transfers of financial instruments: ​ (1,251,539) ​ (45,325) ​ 791,803 ​ (33,245) ​ 459,736 ​ 78,570 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,892,044) ​ 53,521 ​ 1,892,044 ​ (53,521) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (487,386) ​ 32,490 ​ - ​ - ​ 487,386 ​ (32,490) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,076,007 ​ (106,935) ​ (1,076,007) ​ 106,935 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (858,035) ​ 100,584 ​ 858,035 ​ (100,584) ​ - ​ - Transfers from stage 3 to stage 1 ​ 51,884 ​ (24,401) ​ - ​ - ​ (51,884) ​ 24,401 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 833,801 ​ (187,243) ​ (833,801) ​ 187,243 ​ - ​ - Remeasurement arising from transfer of stage ​ (250,567) ​ 105,392 ​ (220,848) ​ (67,128) ​ (198,643) ​ (458,309) ​ (670,058) ​ (420,045) Remeasurement from remaining in the stage ​ (5,706,414) ​ 463,588 ​ (257,121) ​ 54,320 ​ (17,667) ​ (552,577) ​ (5,981,202) ​ (34,669) Remeasurement due to changes in economics factors ​ - ​ (7,878) ​ - ​ (141,352) ​ - ​ 4,333 ​ - ​ (144,897) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 5,955 ​ - ​ 111,748 ​ - ​ (2,204) ​ - ​ 115,499 New financial assets purchased/originated (1) ​ 62,765,437 ​ (429,280) ​ 1,944,115 ​ (258,663) ​ 1,459,164 ​ (943,074) ​ 66,168,716 ​ (1,631,017) Financial assets that have been derecognized ​ (43,381,187) ​ 425,740 ​ (2,792,192) ​ 211,516 ​ (1,544,304) ​ 965,533 ​ (47,717,683) ​ 1,602,789 Charges-off ​ (9,647) ​ 617 ​ (18,777) ​ 8,772 ​ (645,824) ​ 664,859 ​ (674,248) ​ 674,248 Foreign Exchange and other movements ​ 3,971,052 ​ (51,954) ​ 685,142 ​ (42,300) ​ 470,837 ​ (206,957) ​ 5,127,031 ​ (301,211) Balance at December 31, 2021 ​ 97,000,580 ​ (745,898) ​ 8,335,781 ​ (917,747) ​ 9,575,482 ​ (6,149,378) ​ 114,911,843 ​ (7,813,023) (1) Includes financial assets purchased, originated and restructured. ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 33,766,023 (1,750,083) 4,599,535 (1,651,656) 2,690,381 (2,351,691) 41,055,939 (5,753,430) Transfers of financial instruments: ​ (968,284) ​ (122,078) ​ (41,117) ​ 159,002 ​ 1,009,401 ​ (36,924) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,581,266) ​ 167,288 ​ 1,581,266 ​ (167,288) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (892,097) ​ 107,874 ​ - ​ - ​ 892,097 ​ (107,874) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,405,690 ​ (313,273) ​ (1,405,690) ​ 313,273 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (406,905) ​ 163,117 ​ 406,905 ​ (163,117) ​ - ​ - Transfers from stage 3 to stage 1 ​ 99,389 ​ (83,967) ​ - ​ - ​ (99,389) ​ 83,967 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 190,212 ​ (150,100) ​ (190,212) ​ 150,100 ​ - ​ - Remeasurement arising from transfer of stage ​ (221,972) ​ 318,636 ​ (101,206) ​ (396,682) ​ 531,017 ​ (2,418,524) ​ 207,839 ​ (2,496,570) Remeasurement from remaining in the stage ​ (2,934,505) ​ 336,232 ​ (133,850) ​ (274,514) ​ 348,768 ​ (100,822) ​ (2,719,587) ​ (39,104) Remeasurement due to changes in economics factors ​ - ​ (109,364) ​ - ​ (162,311) ​ - ​ 1,395 ​ - ​ (270,280) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 41,498 ​ - ​ 303,387 ​ - ​ 22,858 ​ - ​ 367,743 New financial assets purchased/originated (1) ​ 20,615,952 ​ (640,857) ​ 1,086,672 ​ (393,999) ​ 501,214 ​ (403,843) ​ 22,203,838 ​ (1,438,699) Financial assets that have been derecognized ​ (9,262,503) ​ 401,903 ​ (970,555) ​ 282,944 ​ (338,144) ​ 286,129 ​ (10,571,202) ​ 970,976 Charges-off ​ (618,911) ​ 186,964 ​ (845,688) ​ 439,923 ​ (2,153,410) ​ 2,991,122 ​ (3,618,009) ​ 3,618,009 Foreign Exchange and other movements ​ 1,397,755 ​ (65,128) ​ 333,596 ​ (106,612) ​ 72,871 ​ (92,172) ​ 1,804,222 ​ (263,912) Balance at December 31, 2021 ​ 41,773,555 ​ (1,402,277) ​ 3,927,387 ​ (1,800,518) ​ 2,662,098 ​ (2,102,472) ​ 48,363,040 ​ (5,305,267) (1) Includes financial assets purchased, originated and restructured. ​ Financial Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 18,981,176 (204,071) 2,772,129 (310,450) 2,750,012 (1,481,512) 24,503,317 (1,996,033) Transfers of financial instruments: ​ (382,684) ​ (35,495) ​ 361,729 ​ 1,126 ​ 20,955 ​ 34,369 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,032,874) ​ 16,261 ​ 1,032,874 ​ (16,261) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (105,352) ​ 3,909 ​ - ​ - ​ 105,352 ​ (3,909) ​ - ​ - Transfers from stage 2 to stage 1 ​ 720,654 ​ (48,455) ​ (720,654) ​ 48,455 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (160,592) ​ 24,862 ​ 160,592 ​ (24,862) ​ - ​ - Transfers from stage 3 to stage 1 ​ 34,888 ​ (7,210) ​ - ​ - ​ (34,888) ​ 7,210 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 210,101 ​ (55,930) ​ (210,101) ​ 55,930 ​ - ​ - Remeasurement arising from transfer of stage ​ (114,836) ​ 46,099 ​ (78,108) ​ (120,366) ​ 69,433 ​ (165,187) ​ (123,511) ​ (239,454) Remeasurement from remaining in the stage ​ (1,697,491) ​ 58,449 ​ (61,487) ​ (121,067) ​ (25,284) ​ (77,333) ​ (1,784,262) ​ (139,951) Remeasurement due to changes in economics factors ​ - ​ (10,269) ​ - ​ (3,393) ​ - ​ 1,143 ​ - ​ (12,519) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (6,666) ​ - ​ 237,506 ​ - ​ (47,816) ​ - ​ 183,024 New financial assets purchased/originated (1) ​ 4,531,913 ​ (29,822) ​ 429,419 ​ (22,306) ​ 25,613 ​ (8,949) ​ 4,986,945 ​ (61,077) Financial assets that have been derecognized ​ (2,031,001) ​ 41,897 ​ (235,306) ​ 22,802 ​ (301,413) ​ 137,906 ​ (2,567,720) ​ 202,605 Charges-off ​ (398) ​ 29 ​ (304) ​ 5,679 ​ (553,999) ​ 548,993 ​ (554,701) ​ 554,701 Foreign Exchange and other movements ​ 640,793 ​ (3,105) ​ 10,110 ​ (3,680) ​ 8,657 ​ (5,578) ​ 659,560 ​ (12,363) Balance at December 31, 2021 ​ 19,927,472 ​ (142,954) ​ 3,198,182 ​ (314,149) ​ 1,993,974 ​ (1,063,964) ​ 25,119,628 ​ (1,521,067) (1) Includes financial assets purchased, originated and restructured. ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 21,676,563 (121,503) 3,093,690 (231,137) 1,188,859 (639,875) 25,959,112 (992,515) Transfers of financial instruments: ​ (687,642) ​ (79,010) ​ 621,566 ​ 40,788 ​ 66,076 ​ 38,222 ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,286,673) ​ 19,724 ​ 2,286,673 ​ (19,724) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (125,284) ​ 3,774 ​ - ​ - ​ 125,284 ​ (3,774) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,647,426 ​ (76,522) ​ (1,647,426) ​ 76,522 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (142,948) ​ 25,392 ​ 142,948 ​ (25,392) ​ - ​ - Transfers from stage 3 to stage 1 ​ 76,889 ​ (25,986) ​ - ​ - ​ (76,889) ​ 25,986 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 125,267 ​ (41,402) ​ (125,267) ​ 41,402 ​ - ​ - Remeasurement arising from transfer of stage ​ (54,790) ​ 80,969 ​ 45,212 ​ (98,943) ​ 66,276 ​ (161,020) ​ 56,698 ​ (178,994) Remeasurement from remaining in the stage ​ (1,286,955) ​ (8,687) ​ (332,481) ​ (43,005) ​ 375,381 ​ (194,104) ​ (1,244,055) ​ (245,796) Remeasurement due to changes in economics factors ​ - ​ (5,176) ​ - ​ (35,961) ​ - ​ 1,502 ​ - ​ (39,635) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 12,457 ​ - ​ 107,285 ​ - ​ 158,773 ​ - ​ 278,515 New financial assets purchased/originated (1) ​ 6,293,219 ​ (31,292) ​ 58,403 ​ (8,186) ​ 42,534 ​ (29,531) ​ 6,394,156 ​ (69,009) Financial assets that have been derecognized ​ (1,909,582) ​ 11,017 ​ (182,935) ​ 18,593 ​ (154,164) ​ 79,947 ​ (2,246,681) ​ 109,557 Charges-off ​ (5,665) ​ 4,038 ​ (5,076) ​ 1,937 ​ (99,667) ​ 104,433 ​ (110,408) ​ 110,408 Foreign Exchange and other movements ​ 1,422,487 ​ (3,656) ​ 356,331 ​ (12,238) ​ 59,147 ​ (17,695) ​ 1,837,965 ​ (33,589) Balance at December 31, 2021 ​ 25,447,635 ​ (140,843) ​ 3,654,710 ​ (260,867) ​ 1,544,442 ​ (659,348) ​ 30,646,787 ​ (1,061,058) (1) Includes financial assets purchased, originated and restructured. ​ Small business loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 965,822 (44,663) 109,655 (33,329) 156,598 (122,353) 1,232,075 (200,345) Transfers of financial instruments: ​ (71,045) ​ (716) ​ 12,970 ​ 5,253 ​ 58,075 ​ (4,537) ​ - ​ - Transfers from stage 1 to stage 2 ​ (54,843) ​ 3,552 ​ 54,843 ​ (3,552) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (50,148) ​ 4,473 ​ - ​ 1 ​ 50,148 ​ (4,474) ​ - ​ - Transfers from stage 2 to stage 1 ​ 31,728 ​ (7,736) ​ (31,728) ​ 7,736 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (21,366) ​ 6,644 ​ 21,366 ​ (6,644) ​ - ​ - Transfers from stage 3 to stage 1 ​ 2,218 ​ (1,005) ​ - ​ - ​ (2,218) ​ 1,005 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 11,221 ​ (5,576) ​ (11,221) ​ 5,576 ​ - ​ - Remeasurement arising from transfer of stage ​ (7,398) ​ 7,279 ​ (7,679) ​ (3,067) ​ (17,680) ​ (47,983) ​ (32,757) ​ (43,771) Remeasurement from remaining in the stage ​ (230,823) ​ 14,626 ​ 66,725 ​ (2,983) ​ 3,486 ​ (3,676) ​ (160,612) ​ 7,967 Remeasurement due to changes in economics factors ​ - ​ 2,188 ​ - ​ (2,616) ​ - ​ 34 ​ - ​ (394) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 1,250 ​ - ​ 5,078 ​ - ​ 1,161 ​ - ​ 7,489 New financial assets purchased/originated (1) ​ 470,193 ​ (10,894) ​ 30,148 ​ (7,569) ​ 18,954 ​ (14,239) ​ 519,295 ​ (32,702) Financial assets that have been derecognized ​ (235,533) ​ 7,853 ​ (19,136) ​ 4,513 ​ (21,511) ​ 13,522 ​ (276,180) ​ 25,888 Charges-off ​ (7,422) ​ 1,531 ​ (13,819) ​ 5,560 ​ (57,824) ​ 71,974 ​ (79,065) ​ 79,065 Foreign Exchange and other movements ​ 67,197 ​ (1,299) ​ 4,829 ​ (1,095) ​ 7,403 ​ (4,870) ​ 79,429 ​ (7,264) Balance at December 31, 2021 ​ 950,991 ​ (22,845) ​ 183,693 ​ (30,255) ​ 147,501 ​ (110,967) ​ 1,282,185 ​ (164,067) (1) Includes financial assets purchased, originated and restructured. ​ ​ As of December 31, 2020 ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 80,068,756 (544,996) 4,763,023 (514,230) 7,936,774 (4,397,767) 92,768,553 (5,456,993) Transfers of financial instruments: ​ (3,713,748) ​ (26,439) ​ 2,187,077 ​ 125,585 ​ 1,526,671 ​ (99,146) ​ - ​ - Transfers from stage 1 to stage 2 ​ (3,731,056) ​ 38,304 ​ 3,731,056 ​ (38,304) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (697,975) ​ 27,097 ​ - ​ - ​ 697,975 ​ (27,097) ​ - ​ - Transfers from stage 2 to stage 1 ​ 708,096 ​ (86,383) ​ (708,096) ​ 86,383 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (892,418) ​ 112,395 ​ 892,418 ​ (112,395) ​ - ​ - Transfers from stage 3 to stage 1 ​ 7,187 ​ (5,457) ​ - ​ - ​ (7,187) ​ 5,457 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 56,535 ​ (34,889) ​ (56,535) ​ 34,889 ​ - ​ - Remeasurement arising from transfer of stage ​ (57,304) ​ 59,649 ​ (131,960) ​ (84,391) ​ (143,019) ​ (788,544) ​ (332,283) ​ (813,286) Remeasurement from remaining in the stage ​ (4,653,349) ​ (77,848) ​ (261,305) ​ 24,899 ​ 50,574 ​ (494,646) ​ (4,864,080) ​ (547,595) Remeasurement due to changes in economics factors ​ - ​ (772,811) ​ - ​ (293,441) ​ - ​ (2,878) ​ - ​ (1,069,130) Remeasurement due to changes in model inputs ​ - ​ 331,595 ​ - ​ 131,911 ​ - ​ 4,960 ​ - ​ 468,466 Remeasurement due to methodological changes ​ - ​ 215,377 ​ - ​ 40,491 ​ - ​ (18,034) ​ - ​ 237,834 New financial assets purchased/originated (1) ​ 42,257,583 ​ (601,500) ​ 2,628,002 ​ (325,057) ​ 1,098,017 ​ (706,337) ​ 45,983,602 ​ (1,632,894) Financial assets that have been derecognized ​ (34,261,422) ​ 202,191 ​ (1,078,837) ​ 124,173 ​ (497,305) ​ 292,603 ​ (35,837,564) ​ 618,967 Charges-off ​ (4,621) ​ 408 ​ (30,889) ​ 8,392 ​ (491,808) ​ 518,518 ​ (527,318) ​ 527,318 Foreign Exchange and other movements ​ 1,227,550 ​ 1,621 ​ 128,548 ​ 253 ​ 112,279 ​ (8,281) ​ 1,468,377 ​ (6,407) Balance at December 31, 2020 ​ 80,863,445 ​ (1,212,753) ​ 8,203,659 ​ (761,415) ​ 9,592,183 ​ (5,699,552) ​ 98,659,287 ​ (7,673,720) (1) Includes financial assets purchased, originated and restructured. ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 35,957,631 (1,206,691) 1,969,289 (653,426) 1,773,750 (1,585,701) 39,700,670 (3,445,818) Transfers of financial instruments: ​ (3,707,605) ​ 73,070 ​ 2,272,046 ​ (40,762) ​ 1,435,559 ​ (32,308) ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,770,159) ​ 161,268 ​ 2,770,159 ​ (161,268) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (1,383,742) ​ 112,749 ​ - ​ - ​ 1,383,742 ​ (112,749) ​ - ​ - Transfers from stage 2 to stage 1 ​ 335,819 ​ (94,528) ​ (335,819) ​ 94,528 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (238,526) ​ 91,967 ​ 238,526 ​ (91,967) ​ - ​ - Transfers from stage 3 to stage 1 ​ 110,477 ​ (106,419) ​ - ​ - ​ (110,477) ​ 106,419 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 76,232 ​ (65,989) ​ (76,232) ​ 65,989 ​ - ​ - Remeasurement arising from transfer of stage ​ (57,958) ​ 93,488 ​ 27,810 ​ (701,575) ​ 321,896 ​ (2,088,963) ​ 291,748 ​ (2,697,050) Remeasurement from remaining in the stage ​ (2,464,765) ​ (174,482) ​ (42,505) ​ (77,187) ​ (6,527) ​ (11,317) ​ (2,513,797) ​ (262,986) Remeasurement due to changes in economics factors ​ - ​ (193,515) ​ - ​ (78,723) ​ - ​ 14,943 ​ - ​ (257,295) Remeasurement due to changes in model inputs ​ - ​ (229,585) ​ - ​ (56,358) ​ - ​ (9,317) ​ - ​ (295,260) Remeasurement due to methodological changes ​ - ​ 174,522 ​ - ​ 5,783 ​ - ​ 13 ​ - ​ 180,318 New financial assets purchased/originated (1) ​ 11,872,373 ​ (581,092) ​ 1,007,026 ​ (343,514) ​ 465,788 ​ (393,820) ​ 13,345,187 ​ (1,318,426) Financial assets that have been derecognized ​ (7,969,415) ​ 220,085 ​ (269,213) ​ 85,520 ​ (154,352) ​ 139,176 ​ (8,392,980) ​ 444,781 Charges-off ​ (303,296) ​ 75,717 ​ (404,025) ​ 187,363 ​ (1,168,034) ​ 1,612,275 ​ (1,875,355) ​ 1,875,355 Foreign Exchange and other movements ​ 439,058 ​ (1,600) ​ 39,107 ​ 21,223 ​ 22,301 ​ 3,328 ​ 500,466 ​ 22,951 Balance at December 31, 2020 ​ 33,766,023 ​ (1,750,083) ​ 4,599,535 ​ (1,651,656) ​ 2,690,381 ​ (2,351,691) ​ 41,055,939 ​ (5,753,430) (1) Includes financial assets purchased, originated and restructured. ​ ​ Financial leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 21,069,884 (103,962) 1,857,427 (173,512) 1,623,518 (747,929) 24,550,829 (1,025,403) Transfers of financial instruments: ​ (2,110,496) ​ (7,637) ​ 864,373 ​ 72,160 ​ 1,246,123 ​ (64,523) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,795,460) ​ 14,441 ​ 1,795,460 ​ (14,441) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (595,521) ​ 8,606 ​ - ​ - ​ 595,521 ​ (8,606) ​ - ​ - Transfers from stage 2 to stage 1 ​ 271,917 ​ (27,677) ​ (271,917) ​ 27,677 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (694,294) ​ 70,158 ​ 694,294 ​ (70,158) ​ - ​ - Transfers from stage 3 to stage 1 ​ 8,568 ​ (3,007) ​ - ​ - ​ (8,568) ​ 3,007 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 35,124 ​ (11,234) ​ (35,124) ​ 11,234 ​ - ​ - Remeasurement arising from transfer of stage ​ (15,234) ​ 25,467 ​ (21,789) ​ (175,238) ​ (32,869) ​ (596,970) ​ (69,892) ​ (746,741) Remeasurement from remaining in the stage ​ (1,495,273) ​ (44,438) ​ (27,939) ​ (24,127) ​ 16,038 ​ (130,711) ​ (1,507,174) ​ (199,276) Remeasurement due to changes in economics factors ​ - ​ (37,766) ​ - ​ (25,905) ​ - ​ (1,631) ​ - ​ (65,302) Remeasurement due to changes in model inputs ​ - ​ 30,674 ​ - ​ 19,613 ​ - ​ (7,119) ​ - ​ 43,168 Remeasurement due to methodological changes ​ - ​ (42,164) ​ - ​ (431) ​ - ​ (1,754) ​ - ​ (44,349) New financial assets purchased/originated (1) ​ 2,652,974 ​ (32,284) ​ 201,858 ​ (20,383) ​ 26,014 ​ (13,934) ​ 2,880,846 ​ (66,601) Financial assets that have been derecognized ​ (1,447,843) ​ 7,161 ​ (94,995) ​ 15,893 ​ (101,053) ​ 45,235 ​ (1,643,891) ​ 68,289 Charges-off ​ (245) ​ 6 ​ (9,645) ​ 737 ​ (30,260) ​ 39,407 ​ (40,150) ​ 40,150 Foreign Exchange and other movements ​ 327,409 ​ 872 ​ 2,839 ​ 743 ​ 2,501 ​ (1,583) ​ 332,749 ​ 32 Balance at December 31, 2020 ​ 18,981,176 ​ (204,071) ​ 2,772,129 ​ (310,450) ​ 2,750,012 ​ (1,481,512) ​ 24,503,317 ​ (1,996,033) (1) Includes financial assets purchased, originated and restructured. ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 21,584,674 (115,817) 1,340,380 (166,255) 1,058,229 (578,593) 23,983,283 (860,665) Transfers of financial instruments: ​ (1,953,986) ​ (37,087) ​ 1,751,078 ​ 17,155 ​ 202,908 ​ 19,932 ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,107,576) ​ 16,759 ​ 2,107,576 ​ (16,759) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (158,243) ​ 5,534 ​ - ​ - ​ 158,243 ​ (5,534) ​ - ​ - Transfers from stage 2 to stage 1 ​ 257,791 ​ (36,111) ​ (257,791) ​ 36,111 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (193,935) ​ 29,595 ​ 193,935 ​ (29,595) ​ - ​ - Transfers from stage 3 to stage 1 ​ 54,042 ​ (23,269) ​ - ​ - ​ (54,042) ​ 23,269 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 95,228 ​ (31,792) ​ (95,228) ​ 31,792 ​ - ​ - Remeasurement arising from transfer of stage ​ (29,583) ​ 45,506 ​ (14,999) ​ (68,139) ​ 55,225 ​ (162,553) ​ 10,643 ​ (185,186) Remeasurement from remaining in the stage ​ (670,018) ​ (1,610) ​ (29,867) ​ 28,275 ​ 37,035 ​ (95,904) ​ (662,850) ​ (69,239) Remeasurement due to changes in economics factors ​ - ​ (12,789) ​ - ​ (88,897) ​ - ​ 57,295 ​ - ​ (44,391) Remeasurement due to changes in model inputs ​ - ​ (63,963) ​ - ​ 19,573 ​ - ​ (17,785) ​ - ​ (62,175) Remeasurement due to methodological changes ​ - ​ 77,559 ​ - ​ 27,589 ​ - ​ - ​ - ​ 105,148 New financial assets purchased/originated (1) ​ 3,405,877 ​ (19,252) ​ 83,612 ​ (8,025) ​ 12,878 ​ (6,318) ​ 3,502,367 ​ (33,595) Financial assets that have been derecognized ​ (1,126,329) ​ 6,450 ​ (62,141) ​ 7,996 ​ (103,654) ​ 55,729 ​ (1,292,124) ​ 70,175 Charges-off ​ (823) ​ 13 ​ (101) ​ 82 ​ (88,803) ​ 89,632 ​ (89,727) ​ 89,727 Foreign Exchange and other movements ​ 466,751 ​ (513) ​ 25,728 ​ (491) ​ 15,041 ​ (1,310) ​ 507,520 ​ (2,314) Balance at December 31, 2020 ​ 21,676,563 ​ (121,503) ​ 3,093,690 ​ (231,137) ​ 1,188,859 ​ (639,875) ​ 25,959,112 ​ (992,515) (1) Includes financial assets purchased, originated and restructured. ​ Small business loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 1,088,656 (39,456) 70,219 (16,615) 120,533 (84,445) 1,279,408 (140,516) Transfers of financial instruments: ​ (115,997) ​ 5,969 ​ 28,366 ​ 2,844 ​ 87,631 ​ (8,813) ​ - ​ - Transfers from stage 1 to stage 2 ​ (58,455) ​ 3,597 ​ 58,455 ​ (3,597) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (71,502) ​ 5,749 ​ - ​ - ​ 71,502 ​ (5,749) ​ - ​ - Transfers from stage 2 to stage 1 ​ 6,941 ​ (1,847) ​ (6,941) ​ 1,847 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (25,717) ​ 6,015 ​ 25,717 ​ (6,015) ​ - ​ - Transfers from stage 3 to stage 1 ​ 7,019 ​ (1,530) ​ - ​ - ​ (7,019) ​ 1,530 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 2,569 ​ (1,421) ​ (2,569) ​ 1,421 ​ - ​ - Remeasurement arising from transfer of stage ​ (2,093) ​ 2,523 ​ (7,658) ​ (11,680) ​ (24,797) ​ (66,242) ​ (34,548) ​ (75,399) Remeasurement from remaining in the stage ​ (119,612) ​ 4,178 ​ (1,359) ​ (2,026) ​ (278) ​ (12,344) ​ (121,249) ​ (10,192) Remeasurement due to changes in economics factors ​ - ​ (19,442) ​ - ​ (522) ​ - ​ 486 ​ - ​ (19,478) Remeasurement due to changes in model inputs ​ - ​ 12,172 ​ - ​ 1,348 ​ - ​ 252 ​ - ​ 13,772 Remeasurement due to methodological changes ​ - ​ (326) ​ - ​ 72 ​ - ​ - ​ - ​ (254) New financial assets purchased/originated (1) ​ 359,511 ​ (18,809) ​ 39,573 ​ (12,742) ​ 26,816 ​ (20,925) ​ 425,900 ​ (52,476) Financial assets that have been derecognized ​ (256,947) ​ 7,606 ​ (9,387) ​ 2,433 ​ (7,390) ​ 5,382 ​ (273,724) ​ 15,421 Charges-off ​ (8,010) ​ 653 ​ (11,606) ​ 3,428 ​ (48,237) ​ 63,772 ​ (67,853) ​ 67,853 Foreign Exchange and other movements ​ 20,314 ​ 269 ​ 1,507 ​ 131 ​ 2,320 ​ 524 ​ 24,141 ​ 924 Balance at December 31, 2020 ​ 965,822 ​ (44,663) ​ 109,655 ​ (33,329) ​ 156,598 ​ (122,353) ​ 1,232,075 ​ (200,345) (1) Includes financial assets purchased, originated and restructured. ​ Impact of movements in the value of the portfolio and loss allowance by Stage ​ December 2021 vs December 2020 ​ Stage 1 (12-month expected credit losses) The exposure value in stage 1 increased by COP 28,847,204 and the loss allowance decreased by COP 878,256. The increase in the portfolio in this stage is mainly due to newly granted loans in 2021, which increased 34% from December 2020 to December 2021. The second cause of this increase is the currency conversion of loans from Dollars to Colombian Pesos due to the 16% increase in the Exchange Rate compared to the same period of the previous year. The decrease in the loss allowance is due to the change in macroeconomic expectations that are more favorable for this year. ​ Stage 2 (Lifetime expected credit losses) The exposure value in stage 2 increased by COP 521,085 and the loss allowance also increased by COP 313,787. The increase in exposure in this stage is mainly explained by specific loan migrations from Stage 3 to Stage 2 from clients in the agribusiness sector for a value of COP 681,480. The loss allowance increase is explained mainly by exposures transferred from Stage 1 to Stage 2 and the constitution of loss allowance made on debtors with financial relief, which allows reflecting a level of provisions in accordance with the situation that is expected to exist in the portfolio once the relief ends. ​ Stage 3 (Lifetime expected credit losses) The exposure at default in stage 3 decreased by COP 454,536 and the loss allowance decreased by COP 208,353. The variation in exposure is mainly due to the charge-off of a significant client in the natural resources sector for a value of COP 401,163. The decrease of loss allowance is in line with the movements of the portfolio in this Stage, offset by the constitution of provision as a consequence of the increase of 16% in the restatement of credits compared to the same period of the previous year due to the effects of the foreign exchange differences and the increase in the loss allowance of new significant clients in default, especially in the building industry in Colombia for COP

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	NOTE 7. LEASES 7.1. Lessor Finance leases The Bank has entered into lease agreements as the lessor. These lease arrangements involve machinery and equipment, computer equipment, vehicles and furniture and fixtures, and their terms range between one and ten years, as follows: As of December 31, 2021 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 1,183,637 ​ 735,304 Between 1 and 5 years ​ 8,352,753 ​ 6,958,333 Greater than 5 years ​ 25,499,661 ​ 17,425,991 Total gross investment in finance lease receivable/ present value of minimum payments ​ 35,036,051 ​ 25,119,628 Less: Future financial income (1) ​ (9,916,423) ​ - Present value of payments receivable (2) ​ 25,119,628 ​ 25,119,628 Minimum non-collectable payments impairment ​ (1,520,880) ​ (1,520,880) Total ​ 23,598,748 ​ 23,598,748 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. As of December 31, 2020 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 1,242,852 ​ 1,103,071 Between 1 and 5 years ​ 10,228,072 ​ 8,532,456 Greater than 5 years ​ 21,682,923 ​ 14,867,790 Total gross investment in finance lease receivable/ present value of minimum payments ​ 33,153,847 ​ 24,503,317 Less: Future financial income (1) ​ (8,650,530) ​ - Present value of payments receivable (2) ​ 24,503,317 ​ 24,503,317 Minimum non-collectable payments impairment ​ (1,996,033) ​ (1,996,033) Total ​ 22,507,284 ​ 22,507,284 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. Unsecured residual value (*) The following table sets the unsecured residual values by type of asset as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Type of asset ​ December 31, 2021 ​ December 31, 2020 In millions of COP Technological equipment ​ 37,139 ​ 31,761 Vehicles ​ 23,912 ​ 21,578 Machinery and equipment ​ 11,683 ​ 11,170 Furniture and fixtures ​ 128 ​ 138 Total ​ 72,862 ​ 64,647 (*) 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. Amounts recognized as income for extensions At the end of the reporting period, the following entries are recognized as income corresponding to contract extensions or automatic time extension of financial leasing contracts: ​ ​ ​ ​ ​ ​ Type of asset ​ December 31, 2021 ​ December 31, 2020 In millions of COP Technological equipment ​ 15,210 ​ 16,217 Buildings ​ 3,052 ​ 3,032 Machinery and equipment ​ 720 ​ 1,481 Vehicles ​ 537 ​ 527 Furniture and fixtures ​ 1 ​ 1 Total ​ 19,520 ​ 21,258 ​ As of December 31, 2021 and 2020, the financial leases income amounted to COP 1,440,493 and COP 1,829,971, respectively. Operating leases Certain of the Bank’s subsidiaries lease assets to third parties under non-cancellable operating lease arrangements. Assets provided through operating leases are recorded as premises and equipment. The terms established for these agreements range from one to ten years. The following table presents the information of minimum payments by lease to be received: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Less than 1 year ​ 400,296 ​ 343,516 Between 1 and 5 years ​ 308,802 ​ 465,069 Greater than 5 years ​ 75,521 ​ 71,622 Total ​ 784,619 ​ 880,207 ​ As of December 31, 2021 and 2020, the operating lease income amounted to COP 787,561 and COP 577,449, respectively. ​ Risk management associated with leases ​ The Bank, acting as a lessor of operating leases, has a comprehensive asset management model for those assets classified as property, plant and equipment. This model includes an impairment test that evaluates indicators that impact the assets, which is carried out annually. The test evaluates both external indicators (economic and legal), and internal ones (insurance, maintenance and used market sales). The Bank performs a detailed review process at the time of return of the asset by the lessees in order to guarantee their operating conditions. Additionally, the Bank employs experts apart from the sales force, who constantly monitor the conditions of the second-hand market, and carry out back-testing in order to determine the consistency of the residual value model, and periodically review the results together with key managers. All of the above is complemented by agreements with suppliers, which allow the exchange of information, knowledge and, in some cases, the structuring of residual risk mitigation mechanisms. ​ In order to manage the risks associated with the assets, the Bank also employs an insurance department, and engages an international broker and insurance companies. They all serve as support to design and define the strategies for the different types of protection that cover the lessor's risks, assets and customers. ​ Additionally, in Renting Colombia's vehicle rental business, assets are managed with the goal of preserving commercial value through necessary maintenance, which avoids deterioration beyond that generated by regular use. Service indicators with suppliers are periodically reviewed in order to ensure their quality and compliance with the expected levels. Safe mobility strategies are also defined based on the permanent analysis of the road safety indicators. These strategies aim at ensuring the status and useful life of the asset. ​ 7.2. Lessee ​ The Bank has entered into lease agreements as a lessee. These arrangements involve offices, branches and administrative offices as well as certain Computer equipment. As of December 31, 2021 and 2020, the rollforward of right of use assets was as follows: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right of use assets ​ Balance at January 01, 2021 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2021 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,845,970 ​ 48,913 ​ 61,281 ​ - ​ (64,972) ​ (11,048) ​ 135,010 ​ 2,015,154 Accumulated depreciation ​ (278,008) ​ - ​ - ​ (163,422) ​ 30,637 ​ 11,055 ​ (31,409) ​ (431,147) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,466 ​ 224 ​ - ​ - ​ - ​ (9) ​ 291 ​ 3,972 Accumulated depreciation ​ (1,674) ​ - ​ - ​ (969) ​ - ​ - ​ (178) ​ (2,821) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 65,681 ​ 14,723 ​ - ​ - ​ (526) ​ 3,304 ​ 4,175 ​ 87,357 Accumulated depreciation ​ (18,282) ​ - ​ - ​ (13,606) ​ 440 ​ - ​ (1,090) ​ (32,538) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 58,103 ​ 22,195 ​ - ​ - ​ (7,292) ​ (1,029) ​ 392 ​ 72,369 Accumulated depreciation ​ (14,241) ​ - ​ - ​ (12,822) ​ 10,567 ​ 282 ​ (267) ​ (16,481) Total right of use assets – cost ​ 1,973,220 ​ 86,055 ​ 61,281 ​ - ​ (72,790) ​ (8,782) ​ 139,868 ​ 2,178,852 Total right of use assets - accumulated depreciation ​ (312,205) ​ - ​ - ​ (190,819) ​ 41,644 ​ 11,337 ​ (32,944) ​ (482,987) Total right of use assets, net ​ 1,661,015 ​ 86,055 ​ 61,281 ​ (190,819) ​ (31,146) ​ 2,555 ​ 106,924 ​ 1,695,865 (1) See Note 26.3 Impairment, depreciation and amortization. ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right of use assets ​ Balance at January 01, 2020 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2020 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,754,066 ​ 70,028 ​ 24,306 ​ - ​ (78,748) ​ 36,693 ​ 39,625 ​ 1,845,970 Accumulated depreciation ​ (134,306) ​ - ​ - ​ (183,452) ​ 40,107 ​ - ​ (357) ​ (278,008) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,842 ​ - ​ - ​ - ​ (463) ​ 5 ​ 82 ​ 3,466 Accumulated depreciation ​ (906) ​ - ​ - ​ (991) ​ 211 ​ - ​ 12 ​ (1,674) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 57,116 ​ 31,492 ​ - ​ - ​ (21,567) ​ (3,278) ​ 1,918 ​ 65,681 Accumulated depreciation ​ (16,795) ​ - ​ - ​ (17,338) ​ 15,794 ​ - ​ 57 ​ (18,282) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 33,103 ​ 41,435 ​ - ​ - ​ (13,665) ​ (2,948) ​ 178 ​ 58,103 Accumulated depreciation ​ (4,004) ​ (1,767) ​ - ​ (10,129) ​ 1,766 ​ (36) ​ (71) ​ (14,241) Total right of use assets – cost ​ 1,848,127 ​ 142,955 ​ 24,306 ​ - ​ (114,443) ​ 30,472 ​ 41,803 ​ 1,973,220 Total right of use assets - accumulated depreciation ​ (156,011) ​ (1,767) ​ - ​ (211,910) ​ 57,878 ​ (36) ​ (359) ​ (312,205) Total right of use assets, net ​ 1,692,116 ​ 141,188 ​ 24,306 ​ (211,910) ​ (56,565) ​ 30,436 ​ 41,444 ​ 1,661,015 (1) See Note 26.3 Impairment, depreciation and amortization. The following table sets forth the changes in lease liabilities as of December 31, 2021 and 2020: ​ As of December 31, 2021 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2021 ​ 1,818,358 (+) New contracts ​ 63,515 (+/-) Reassessment of the lease liability ​ (41,800) (-) Payments ​ (259,140) (+) Accrued Interest (1) ​ 122,011 (+/-) Effect of changes in foreign exchange rate ​ 116,133 Balance at December 31, 2021 ​ 1,819,077 (1) The difference of COP 10,455 with the interest expense on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. As of December 31, 2020 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2020 ​ 1,831,585 (+) New contracts ​ 98,107 (+/-) Reassessment of the lease liability ​ (12,546) (-) Payments ​ (261,297) (+) Accrued Interest (1) ​ 126,846 (+/-) Effect of changes in foreign exchange rate ​ 35,663 Balance at December 31, 2020 ​ 1,818,358 (1) The difference of COP 8,246 with the interest expensive on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. ​ The following table shows maturity analysis of lease liabilities as of December 31, 2021 and 2020: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,632 ​ 49,939 ​ 39,367 ​ 1,665,386 ​ 1,760,324 Vehicles ​ 159 ​ 119 ​ - ​ - ​ 278 Computer equipment ​ - ​ 29,964 ​ 15,890 ​ 11,559 ​ 57,413 Furniture and fixtures ​ 566 ​ 496 ​ - ​ - ​ 1,062 Total lease liabilities ​ 6,357 ​ 80,518 ​ 55,257 ​ 1,676,945 ​ 1,819,077 ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,562 ​ 42,237 ​ 62,490 ​ 1,656,546 ​ 1,766,835 Vehicles ​ - ​ 446 ​ 131 ​ - ​ 577 Computer equipment ​ 875 ​ 3,486 ​ 33,188 ​ 11,471 ​ 49,020 Furniture and fixtures ​ - ​ 949 ​ 977 ​ - ​ 1,926 Total lease liabilities ​ 6,437 ​ 47,118 ​ 96,786 ​ 1,668,017 ​ 1,818,358 ​ The following table shows the weighted average rates and average useful life of right of use assets as of December 31, 2021 and 2020: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 207 ​ 123 ​ 5.35 % Computer equipment ​ 72 ​ 40 ​ 6.94 % Furniture and fixtures ​ 45 ​ 12 ​ 6.50 % Vehicles ​ 46 ​ 18 ​ 3.79 % ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 295 ​ 159 ​ 5.96 % Computer equipment ​ 70 ​ 38 ​ 4.53 % Furniture and fixtures ​ 45 ​ 24 ​ 6.55 % Vehicles ​ 42 ​ 23 ​ 3.68 % ​ ​ The future cash outflows of variable lease payments and termination options that are not reflected in the measurement of lease liabilities as of December 31, 2021 and 2020, amount to COP 2,373 and COP 2,323. ​ The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2021 and 2020: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Financial interest ​ Expenses depreciation (2) ​ Payments of penalties ​ Effect of changes in foreign exchange rate ​ Short-term leases ​ Leases for which the underlying asset is of low value ​ Variable payments ​ In millions of COP Buildings ​ 109,062 ​ 163,422 ​ 2,108 ​ 250 ​ 961 ​ 249 ​ 2,038 ​ Vehicles ​ 16 ​ 12,822 ​ - ​ - ​ - ​ 18 ​ - ​ Computer equipment ​ 2,381 ​ 13,606 ​ - ​ - ​ - ​ 5,103 ​ - ​ Furniture and fixtures ​ 97 ​ 969 ​ - ​ - ​ 875 ​ 1,193 ​ - ​ Total ​ 111,556 (1) 190,819 ​ 2,108 ​ 250 ​ 1,836 ​ 6,563 ​ 2,038 ​ (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 10,455 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. (0) ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Financial interest ​ Expenses depreciation (2) ​ Payments of penalties ​ Effect of changes in foreign exchange rate ​ Short-term leases ​ Leases for which the underlying asset is of low value ​ Variable payments ​ In millions of COP Buildings ​ 117,680 ​ 183,452 ​ 247 ​ (375) ​ 1,809 ​ 2,992 ​ 679 ​ Vehicles ​ 263 ​ 10,129 ​ - ​ - ​ - ​ 24 ​ - ​ Computer equipment ​ 499 ​ 17,338 ​ - ​ - ​ - ​ 820 ​ - ​ Furniture and fixtures ​ 158 ​ 991 ​ - ​ - ​ 542 ​ 4,006 ​ - ​ Total ​ 118,600 (1) 211,910 ​ 247 ​ (375) ​ 2,351 ​ 7,842 ​ 679 ​ (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 8,246 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. ​ The following table contains the minimum payments lease liabilities as of December 31, 2021 and 2020: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total minimum payments lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,890 ​ 56,726 ​ 46,573 ​ 2,394,751 ​ 2,503,940 Vehicles ​ 160 ​ 129 ​ - ​ - ​ 289 Computer equipment ​ - ​ 32,439 ​ 21,693 ​ 13,228 ​ 67,360 Furniture and fixtures ​ - ​ 1,096 ​ - ​ - ​ 1,096 Total minimum payments lease liabilities ​ 6,050 ​ 90,390 ​ 68,266 ​ 2,407,979 ​ 2,572,685 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total minimum payments lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,697 ​ 45,492 ​ 71,088 ​ 2,444,892 ​ 2,567,169 Vehicles ​ - ​ 458 ​ 145 ​ - ​ 603 Computer equipment ​ 1,006 ​ 3,756 ​ 35,181 ​ 14,415 ​ 54,358 Furniture and fixtures ​ - ​ 1,002 ​ 1,052 ​ - ​ 2,054 Total minimum payments lease liabilities ​ 6,703 ​ 50,708 ​ 107,466 ​ 2,459,307 ​ 2,624,184 ​ Impacts of adoption IFRS 16 ​ As of January 1, 2019, the Bank adopted IFRS 16. This standard establishes the principles of recognition, measurement, presentation and disclosure of leases and requires lessees to account for all their leases under the same balance sheet model similar to the accounting under IAS 17 of the Finance leases. The standard includes two recognition exemptions for lessees: leasing of low-value assets (for example, personal computers) and short-term leases (that is, leases with a term of less than 12 months). At the beginning of the lease, the lessee recognizes a liability for lease payments (liability for lease) and an asset that represents the right to use the underlying asset during the term of the lease (right to use the asset). The Bank used the modified retrospective adoption method, where the right-of-use assets are measured as if IFRS 16 had always been applied, using the lessee’s incremental borrowing rate known at the date of transition. The change in accounting policy affected the following items in the consolidated statement of financial position as of January 1, 2019: ​ ​ ​ ​ Concepts ​ January 1, 2019 Increase in right of use assets (1) ​ 1,543,427 Net of deferred tax ​ (119,173) Increase in lease liabilities ​ 1,848,833 Net of effect of changes in foreign exchange rate ​ (9,560) Decrease in retained earnings ​ 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. und er IAS 17 at December 31, 2018 .

INVESTMENTS IN ASSOCIATES AND J

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES	12 Months Ended
	Dec. 31, 2021
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES	NOTE 8. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The following table presents information regarding the Bank’s investments in associates and joint ventures: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2021 ​ December 31, 2020 In millions of COP Investments in associates (1) ​ 2,138,156 ​ 1,973,092 Investments in joint ventures ​ 582,403 ​ 533,223 Total ​ 2,720,559 ​ 2,506,315 (1) As of December 31, 2021 and 2020, the amount includes investments in associates at fair value for COP 1,358,368 and COP 1,263,765 , respectively and investments in associates at equity method value for COP 779,788 COP 709,327 respectively. See Note 30 Fair value of assets and liabilities. ​ The following are the investments in associates that the Bank holds as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Associates ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ OCI (Equity ​ OCI (TA) (4) ​ OCI (Deferred ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ method) (3) ​ ​ ​ tax) (5) ​ amount In millions of COP Investments in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls. (6) ​ Development and operation of commercial spaces ​ Colombia ​ 49.00 % 105,202 ​ - ​ - ​ - ​ - ​ 1,355,688 Protección S.A. ​ Administration of pension funds and severances ​ Colombia ​ 20.58 % 56,901 ​ 17,694 ​ 2,165 ​ - ​ (824) ​ 630,821 Titularizadora Colombiana S.A. Hitos.* ​ Mortgage portfolio securities ​ Colombia ​ 26.98 % 737 ​ (1,379) ​ 19 ​ - ​ (34) ​ 34,241 Redeban Multicolor S.A.* ​ Network data transmission services ​ Colombia ​ 20.36 % 3,743 ​ (605) ​ 46 ​ - ​ (48) ​ 26,045 ACH Colombia S.A.* ​ Electronic transfer services ​ Colombia ​ 19.94 % 14,448 ​ (952) ​ - ​ - ​ (85) ​ 18,854 P.A La Felicidad.* (7) ​ Real estate ecosystems ​ Colombia ​ 20.00 % 3 ​ - ​ - ​ - ​ - ​ 14,443 Servicio Salvadoreño de Protección, S. A. de C.V.* ​ Custodial services and transfer of monetary types ​ El Salvador ​ 25.00 % 1,549 ​ (740) ​ (13) ​ (210) ​ 9 ​ 13,145 P.A Madrid II.* (8) ​ Real estate ecosystems ​ Colombia ​ 20.00 % (3) ​ - ​ - ​ - ​ - ​ 9,117 Reintegra S.A.S.* (9) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - ​ 1,742 ​ - ​ - ​ - ​ 8,049 P.A Boreal.* (10) ​ Real estate ecosystems ​ Colombia ​ 20.00 % 1,520 ​ - ​ - ​ - ​ - ​ 7,942 Servicios Financieros, S.A. de C.V.* ​ Processing of financial transactions and electronic payment methods ​ El Salvador ​ 49.78 % 803 ​ 9 ​ - ​ (81) ​ - ​ 7,801 Servicios de Identidad Digital S.A.S.* (11) ​ Provide digital citizens services ​ Colombia ​ 33.33 % (4,878) ​ - ​ - ​ - ​ - ​ 4,566 P.A Distrito Vera.* (12) ​ Real estate ecosystems ​ Colombia ​ 33.33 % 237 ​ - ​ - ​ - ​ - ​ 2,680 ACH de El Salvador, S. A. de C.V.* ​ Electronic transfer services ​ El Salvador ​ 25.00 % 395 ​ 6 ​ - ​ (139) ​ - ​ 1,686 P.A Mirador de la Ciénaga.* (13) ​ Real estate ecosystems ​ Colombia ​ 13.00 % (1) ​ - ​ - ​ - ​ - ​ 1,329 Agricapital S.A.S.* (14) ​ Financial services ​ Colombia ​ 10.02 % (63) ​ - ​ - ​ - ​ - ​ 1,191 Internacional Ejecutiva de Aviación S.A.S.* (15) ​ Aircraft and aircraft travel ​ Colombia ​ 25.00 % (1,560) ​ (170) ​ 674 ​ - ​ - ​ 558 Net investments in associates ​ ​ ​ ​ ​ ​ ​ 179,033 ​ 15,605 ​ 2,891 (16) (430) ​ (982) (16) 2,138,156 (1) Corresponds to the income recognized as equity method in the Consolidated statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2021. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2021. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2021. (6) During 2021, the investment in the associate P.A Viva Malls made a refund of contributions by COP 13,279 . (7) During 2021, Banca de inversión Bancolombia S.A ancreased its capital contribution in P.A La Felicidad by COP 2,413 . (8) During 2021, Banca de inversión Bancolombia S.A increased its capital contribution in P.A Madrid II by COP 1,954 . (9) The carrying amount includes the elimination of downstream transactions between Bancolombia S.A. and Reintegra S.A.S made during 2020 and 2019. (10) During 2021, the investment in the associate P.A Boreal made a refund of contributions by COP 3,300 . (11) During 2021, the Bank increased its capital contribution in Servicios de Identidad Digital S.A.S by COP 4,539 . (12) In 2021, the initial cost of the company was COP 3,191 , additionally, the FCP Fondo Inmobiliario Colombia, a Bank´s subsidiary, increased its capital contribution in P.A Distrito Vera by COP 1,780 . During the same year, Distrito Vera made a restitution of contributions for COP 2,529 . (13) During 2021, Inversiones CFNS S.A.S, the Bank's subsidiary, acquired 20% interest in P.A. Mirador de la Cienaga. This investment is part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 1,330 was disbursed as capital contributions. (14) During 2021, the Bank acquired 10.02 % interest in Agricapital S.A.S.by COP 1,254 . (15) During 2021, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. 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 1,733 . See note 25.5 Dividends and net income on equity investments. During the same year, the Bank sold 25 % interest in the associate Internacional Ejecutiva de Aviación by COP 1,148 . (16) See Consolidated Statement of Comprehensive Income. (*) As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Associates ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ OCI (Equity ​ OCI (TA) (4) ​ OCI (Deferred ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ method) (3) ​ ​ ​ tax) (5) ​ amount In millions of COP Investments in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls. ​ Development and operation of commercial spaces ​ Colombia ​ 49.00 % 56,116 ​ - ​ - ​ - ​ - ​ 1,263,765 Protección S.A. ​ Administration of pension funds and severances ​ Colombia ​ 20.58 % 59,959 ​ 15,529 ​ 264 ​ - ​ (56) ​ 582,073 Titularizadora Colombiana S.A. Hitos* ​ Mortgage portfolio securities ​ Colombia ​ 26.98 % 2,274 ​ (1,398) ​ 172 ​ - ​ (7) ​ 36,081 Redeban Multicolor S.A.* ​ Network data transmission services ​ Colombia ​ 20.36 % 816 ​ (651) ​ - ​ - ​ 1 ​ 22,256 ACH Colombia S.A.* ​ Electronic transfer services ​ Colombia ​ 19.94 % 9,191 ​ (952) ​ - ​ - ​ 3 ​ 13,505 P.A La Felicidad. (6) ​ Real estate development ​ Colombia ​ 20.00 % - ​ - ​ - ​ - ​ - ​ 12,027 Servicio Salvadoreño de Protección, S. A. de C.V.* ​ Custodial services and transfer of monetary types ​ El Salvador ​ 25.00 % 241 ​ (727) ​ - ​ (5) ​ (29) ​ 9,914 P.A Boreal* (6) ​ Real estate development ​ Colombia ​ 20.00 % 6 ​ - ​ - ​ - ​ - ​ 9,722 P.A Madrid II. (6) ​ Real estate development ​ Colombia ​ 20.00 % - ​ - ​ - ​ - ​ - ​ 7,166 Servicios Financieros, S.A. de C.V.* (7) ​ Processing of financial transactions and electronic payment methods ​ El Salvador ​ 49.78 % 395 ​ 9 ​ - ​ 36 ​ - ​ 5,991 Servicios de Identidad Digital S.A.S. (8) ​ Provide digital citizens services ​ Colombia ​ 33.33 % (2,798) ​ - ​ - ​ - ​ - ​ 4,905 Internacional Ejecutiva de Aviación S.A.S. (9) ​ Aircraft and aircraft travel ​ Colombia ​ 33.33 % (2,827) ​ (844) ​ (1,194) ​ - ​ 12 ​ 4,338 ACH de El Salvador, S. A. de C.V.* ​ Electronic transfer services ​ El Salvador ​ 25.00 % 204 ​ 6 ​ - ​ (56) ​ - ​ 1,349 Reintegra S.A.S.* (10) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - ​ 1,742 ​ - ​ - ​ - ​ - Net investments in associates ​ ​ ​ ​ ​ ​ ​ 123,577 ​ 12,714 ​ (758) (9) (25) ​ (76) (9) 1,973,092 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2020. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2020. (6) During 2020, Banca de inversión Bancolombia S.A. and Inversiones CFNS S.A.S, the Bank's subsidiaries, acquired 20% interest in P.A. La Felicidad, P.A. Boreal and P.A. Madrid II. These investments are part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 28,910 were disbursed as capital contributions. (7) In October 2020, Banco Agricola S.A, a Bank´s subsidiary, increased its capital contribution in Serfinsa S.A by USD 670 . This contribution increased the ownership interest by 1.92% . (8) During 2020, the Bank increased its capital contribution in Servicios de Identidad S.A.S by COP 5,333 . (9) During 2020, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. 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 Consolidated Statement of Income for COP 4,399 . See note 25.5 Dividends and net income on equity investments. (10) In 2020, the Bank increased its capital contribution in Reintegra S.A.S by COP 1,612 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2020 and 2019, exceeds the net investment on the entity. (11) See Consolidated Statement of Comprehensive Income. (*) The following is additional information regarding the Bank’s most significant associates as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millions of COP P.A Viva Malls. ​ 2,810,414 ​ 43,703 ​ - ​ 514,485 ​ 214,538 ​ 50,208 Protección S.A. ​ 3,698,529 ​ 1,461,115 ​ 74,155 ​ 1,816,422 ​ 276,519 ​ 10,331 Titularizadora Colombiana S.A. Hitos. ​ 131,166 ​ 8,303 ​ 20,663 ​ 27,341 ​ 3,347 ​ 2,596 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millions of COP P.A Viva Malls. ​ 2,633,341 ​ 54,228 ​ - ​ 328,937 ​ 42,253 ​ 42,169 Protección S.A. ​ 3,031,933 ​ 1,031,421 ​ 63,571 ​ 1,983,426 ​ 291,391 ​ 24,697 Titularizadora Colombiana S.A. Hitos. ​ 142,522 ​ 12,840 ​ 20,595 ​ 31,341 ​ 7,376 ​ 3,412 ​ The following are the joint ventures that the Bank holds as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ OCI ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ (Deferred ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ tax) (3 ) ​ amount In millions of COP Investments in joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compañía de financiamiento TUYA S.A. (4) ​ Financing Services ​ Colombia ​ 50.00 % 5,342 ​ - ​ - ​ 546,633 Fideicomiso Ruta del Sol - compartimento A.* (5) ​ Investment in infrastructure projects ​ Colombia ​ 25.90 % 16,657 ​ 13 ​ - ​ 16,664 Puntos Colombia S.A.S.* ​ Administration of the customers loyalty ​ Colombia ​ 50.00 % 1,894 ​ - ​ - ​ 9,601 Ecosistemas Digitales de Negocio S.A.S.* (6) ​ Digital electronic billing services ​ Colombia ​ 50.00 % 734 ​ - ​ - ​ 3,615 VILIV S.A.S.* (7) ​ Market place ​ Colombia ​ 50.00 % (2,420) ​ - ​ - ​ 3,346 P.A Muverang.* (8) ​ Sustainable mobility services ​ Colombia ​ 33.33 % (1,392) ​ - ​ - ​ 2,544 P.A Reintegra.* (9) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - ​ - ​ - ​ - Vlipco S.A.S.* (10) ​ Technology services provider ​ Colombia ​ 47.40 % (196) ​ - ​ - ​ - Net investments in joint ventures ​ ​ ​ ​ ​ ​ ​ 20,619 ​ 13 ​ - ​ 582,403 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2021. (4) During 2021, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A by COP 24,500 . (5) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A by COP 7 . (6) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Ecosistemas Digitales de Negocio S.A.S. for COP 1,565 . (7) During 2021, Banca de Inversión Bancolombia S.A increases its capital contribution in Viliv S.A.S. by COP 4,050 . (8) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang for COP 2,220 . (9) In 2021, the Bank adquire a 46 % interest in P.A Reintegra by COP 17 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and P.A Reintegra made during 2021. (10) In November 2021, the Bank acquired 91,791 shares of the investment in Vlipco S.A.S. by amount of COP 9,474 , in this operation the Bank increased its interest to 94.77% , a result of this transaction The Bank acquired control and changed its classification to subsidiary. See Note 9.3 Business Combinations. ​ For the purposes of applying the equity method of accounting, financial statements as of November 30, 2021 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2021. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ OCI ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ (Equity ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ method) (3) ​ amount In millions of COP Investments in joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compañía de financiamiento TUYA S.A. (4) ​ Financing company ​ Colombia ​ 50.00 % 13,333 ​ - ​ (13) ​ 516,791 Puntos Colombia S.A.S ​ Administration of the customers loyalty ​ Colombia ​ 50.00 % 6,334 ​ - ​ - ​ 7,707 Vlipco S.A.S. (5) ​ Technology services provider ​ Colombia ​ 47.28 % (672) ​ - ​ - ​ 3,977 Ecosistemas Digitales de Negocio S.A.S. (6) ​ Collaborative digital ecosystems ​ Colombia ​ 50.00 % (3,226) ​ - ​ - ​ 1,316 P.A Muverang (before P.A Dinamarca) .(7) ​ Sustainable mobility services ​ Colombia ​ 33.33 % (818) ​ - ​ - ​ 1,716 VILIV S.A.S. (8) ​ Market place ​ Colombia ​ 50.00 % (906) ​ - ​ - ​ 1,716 Fideicomiso Ruta del Sol - compartimento A. (9) ​ Investment in infrastructure projects ​ Colombia ​ 26.50 % (3) ​ 13 ​ - ​ - P.A CRECE. (8) ​ Non-financial products and services platform ​ Colombia ​ 50.00 % (1,000) ​ - ​ - ​ - P.A Servicios Tecnológicos Arus- Bancolombia. (10) ​ Technology services provider ​ Colombia ​ - ​ (23) ​ - ​ - ​ - Net investments in joint ventures ​ ​ ​ ​ ​ ​ ​ 13,019 ​ 13 ​ (13) ​ 533,223 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) During 2020, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 37,002 . (5) In October 2020, the Bank capitalized the company for COP 460 . (6) In April 2020, the Bank through Inversiones CFNS S.A.S, entered into an agreement with GDX Colombia S.A.S. to form the joint venture Ecosistemas Digitales de Negocio S.A.S., the initial contribution was of COP 3,514 , and then increases its capital contribution for COP 1,028 . The purpose of the entity is to provide electronic invoicing services. (7) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang (before P.A Dinamarca) for COP 2,034 . (8) In April 2020, Banca de Inversión Bancolombia S.A, a Bank subsidiary, increases its capital contribution in P.A CRECE for COP 1,013 . In August 2020, Banca de Inversión Bancolombia S.A. transferred its rights in P.A CRECE to a new joint venture VILIV S.A.S., the net value of the rights transferred was COP 1,022 . In September 2020, Banca de Inversión Bancolombia S.A. increases its capital contribution in VILIV S.A.S. for COP 1,600 . (9) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A for COP 3 . (10) In July 2020, the Joint venture P.A Servicios Tecnológicos Arus- Bancolombia was liquidated. ​ The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ Profits ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millons of COP Compañía de financiamiento TUYA S.A. ​ 3,965,397 (1) 3,392,041 ​ 1,675,439 ​ 10,681 (2) - (1) Includes cash and cash equivalents by COP 353,348 . (2) Includes interest and valuation income by COP 630,936 , interest expenses by COP 82,537 , depreciation and amortization by COP 21,113 and income tax by COP 13,828. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ (Loss) ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millons of COP Compañía de financiamiento TUYA S.A. ​ 3,235,475 (1) 2,721,800 ​ 1,524,072 ​ 26,665 (2) - (1) Includes cash and cash equivalents by COP 339,044 . (2) Includes intereset and valuation income by COP 605,979 , interest expenses by COP 142,770 , depreciation and amortization by COP 18,692 and income tax by COP 2,381 . ​ As of December 31, 2021 and 2020, there are no restrictions on the ability of the associates and joint ventures to transfer funds to the Bank in the form of cash dividends. As of December 31, 2021 and 2020, there are no contingent liabilities incurred by the Bank regarding its interests in the aforementioned joint ventures and associates.

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
GOODWILL AND INTANGIBLE ASSETS, NET	NOTE 9. GOODWILL AND INTANGIBLE ASSETS, NET Intangibles assets and goodwill net are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Intangible assets ​ 485,626 ​ 495,606 Goodwill (1) ​ 8,143,146 ​ 7,011,715 Total ​ 8,628,772 ​ 7,507,321 (1) Includes the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination. ​ 9.1. Intangible assets The following table sets forth the Bank’s intangible assets as of December 31, 2021 and 2020, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2021 ​ 20,293 ​ 823,318 ​ 395,726 ​ 1,239,337 Acquisitions ​ - ​ 144,514 ​ - ​ 144,514 Acquisitions through business combination (1) ​ - ​ 13,196 ​ - ​ 13,196 Write off ​ - ​ (49,805) ​ - ​ (49,805) Foreign currency translation adjustment ​ 3,244 ​ 66,386 ​ 63,254 ​ 132,884 Balance at December 31, 2021 ​ 23,537 ​ 997,609 ​ 458,980 ​ 1,480,126 (1) See Note 9.3 Business combination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2021 ​ 14,495 ​ 398,521 ​ 330,715 ​ 743,731 Write off ​ - ​ (49,805) ​ - ​ (49,805) Amortization expense (1) ​ 3,165 ​ 131,288 ​ 63,716 ​ 198,169 Foreign currency translation adjustment ​ 2,514 ​ 43,051 ​ 56,840 ​ 102,405 Balance at December 31, 2021 ​ 20,174 ​ 523,055 ​ 451,271 ​ 994,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2021, net ​ 3,363 ​ 474,554 ​ 7,709 ​ 485,626 (1) See Note 26.3 Impairment, depreciation and amortization. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2020 ​ 19,375 ​ 768,923 ​ 377,815 ​ 1,166,113 Acquisitions ​ - ​ 106,404 ​ - ​ 106,404 Write off ​ - ​ (68,484) ​ - ​ (68,484) Foreign currency translation adjustment ​ 918 ​ 16,475 ​ 17,911 ​ 35,304 Balance at December 31, 2020 ​ 20,293 ​ 823,318 ​ 395,726 ​ 1,239,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2020 ​ 11,071 ​ 342,229 ​ 273,855 ​ 627,155 Write off ​ - ​ (68,484) ​ - ​ (68,484) Amortization expense (1) ​ 3,118 ​ 113,452 ​ 47,184 ​ 163,754 Foreign currency translation adjustment ​ 306 ​ 11,324 ​ 9,676 ​ 21,306 Balance at December 31, 2020 ​ 14,495 ​ 398,521 ​ 330,715 ​ 743,731 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2020, net ​ 5,798 ​ 424,797 ​ 65,011 ​ 495,606 (1) Licenses, software and computer applications includes cancellations of Core Factoring and Sede 30 projects amounted to COP 6,879 and COP 2,716 , respectively. See Note 26.3 Impairment, depreciation and amortization. ​ As of December 31, 2021 and 2020, the assessment made by the Bank indicates there is no evidence of impairment of intangible assets. As of December 31, 2021 and 2020, 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, 2021, 2020 and 2019, the Bank incurred costs that are directly related to software development in the amounts of COP 11,882, COP 18,736 and COP 85,532, respectively. These costs were the result of the analysis design and implementation of the transformation projects, the most representative of which are: Implementation of the New GAP Application (ALM), Core Banking Renewal - Collections, Connected and SAP BPC (automation of the disclosure process). The expenses were recorded mainly as fees in the line ‘Other administrative and general expenses’ of the Consolidated statement of Income. Intangibles which did not meet the criteria to be recognized as assets During the period ended December 31, 2021, 2020 and 2019, the Bank recognized in the statement of income the amount of COP 10,046, COP 86,168 and 48,584, respectively, related to expenditures which were not recognized as intangible assets. These expenses were not recorded as assets due to the lack of characterists to be reliably identifiable, and those assets do not support critical processes to be recognized as intangible assets. 9.2 Goodwill The following table sets forth an analysis of the activity in the goodwill account: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Balance at beginning of the year, net ​ 7,011,715 ​ 6,694,354 Acquisitions (1) ​ 10,660 ​ - Effect of change in foreign exchange rate (2) ​ 1,120,771 ​ 317,361 Balance at end of the year, net ​ 8,143,146 ​ 7,011,715 (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination (2) The conversion rate from US dollars to Colombian pesos at the end of December 31, 2021 is COP 3,981.16 (in pesos) and 2020 is COP 3,432.50 (in pesos). See Note 2.D.3. Foreign subsidiaries ​ The Bank tests goodwill recognized as a result of business combinations for impairment at least annually using a process that begins with an estimation of the recoverable amount of a group of cash-generation units equal to the operating segment. Recoverable amount is determined by management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. Determination of recoverable amount requires management to make assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; the assessment of the appropriate discount rate; estimation of the recoverable amount of cash-generation units; and the valuation of the separable assets of each business whose goodwill is being reviewed. ​ The key assumptions used by management in determining the recoverable amount are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate ​ Growth rate ​ Operating segment ​ Goodwill 2021 ​ Valuation Methodology ​ Key Assumptions ​ (real) ​ (real) ​ In millions of COP Banking Panama ​ 6,080,314 ​ Discounted Cash flow ​ 5 years plan ​ 8.80% and 8.70 % 5.40 % Banking El Salvador ​ 1,122,986 ​ Discounted Cash flow ​ 5 years plan ​ 14.90 % 4.10 % Banking Guatemala ​ 929,186 ​ Discounted Cash flow ​ 5 years plan ​ 10.10 % 5.10 % Others Segments (1) ​ 10,660 ​ Does not apply ​ Does not apply ​ Does not apply ​ Does not apply ​ (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination. In 2021 and 2020, the Bank tested the aforementioned goodwill for impairment purposes at the following operating segment levels: Banking Panama, Banking El Salvador and Banking Guatemala. Each operating segment represents a group of cash generating units. Evaluating the goodwill impairment at an operating segment level ensures 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 such as the discount rate and the growth rate in the operating segments’ recoverable amount, the Bank undertook a sensitivity analysis of these inputs through alternative scenarios. The tables below present the estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis: As of December 31, 2021 Banking Panama ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.30% ​ 8.80% ​ 8.30% Growth rate ​ 9.20% ​ 8.70% ​ 8.20% 5.40% ​ 10,929,065 ​ 12,664,169 ​ 15,019,623 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 4.90% ​ 5.40% ​ 5.90% 8.80% and 8.70% ​ 11,550,846 ​ 12,664,169 ​ 14,175,111 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 15.90% ​ 14.90% ​ 13.90% 4.10% ​ 4,611,843 ​ 5,041,507 ​ 5,559,874 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 3.60% ​ 4.10% ​ 4.60% 14.90% ​ 4,948,901 ​ 5,041,507 ​ 5,143,103 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 10.60% ​ 10.10% ​ 9.60% 5.10% ​ 5,514,165 ​ 6,156,028 ​ 6,942,610 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 4.60% ​ 5.10% ​ 5.60% 10.10% ​ 5,807,354 ​ 6,156,028 ​ 6,582,183 ​ As of December 31, 2020 Banking Panama ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 9.10% ​ 8.60% ​ 8.10% 5.80% ​ 10,825,415 ​ 12,875,675 ​ 15,818,601 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 5.30% ​ 5.80% ​ 6.30% 8.60% ​ 11,445,342 ​ 12,875,675 ​ 14,927,894 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 15.00% ​ 14.50% ​ 14.00% 3.70% ​ 2,767,605 ​ 2,910,600 ​ 3,067,742 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 3.20% ​ 3.70% ​ 4.20% 14.50% ​ 2,860,861 ​ 2,910,600 ​ 2,965,172 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 11.30% ​ 10.80% ​ 10.30% 5.10% ​ 3,183,867 ​ 3,511,578 ​ 3,903,315 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 4.60% ​ 5.10% ​ 5.60% 10.80% ​ 3,347,817 ​ 3,511,578 ​ 3,706,836 ​ The Bank considers goodwill as an asset with indefinite useful life. ​ 9.3 Intangible assets On November 10, 2021, Bancolombia S.A., entered into a stock purchase agreement, pursuant to which Bancolombia agreed to purchase an additional 47.37% stake in the capital stock of the Colombian company Vlipco S.A.S. Vlipco provides technology services to financial companies and qualifies as a business as defined in IFRS 3. ​ At the acquisition date, the Bank owned 91,838 shares of Vlipco that represented 47.40% of the total capital stock of the company, classified as an investment in joint venture. ​ The transaction was completed on November 30, 2021, upon receipt of required regulatory approvals from the Superintendencia of Industry and Commerce, and as a result Bancolombia obtained control of Vlipco. The consideration paid by Bancolombia was COP 9,474, in cash. ​ The acquisition of Vlipco in stages is being accounted for under the acquisition method in accordance with IFRS 3. Accordingly, the Bank has remeasured its previously held equity interest in Vlipco at its acquisition-date fair value and recognized the resulting gain or loss and equity method adjustment. ​ The purchase price was preliminarily allocated to the acquired assets and liabilities based on their estimated fair values at the acquisition date as summarized in the following table. The goodwill of COP 10,660 is calculated as the purchase premium after adjusting for the fair value of net assets acquired, and reflects the value expected from the synergies from combining Vlipco’s technology services with the Bank’s financial services, as well as the opportunity to increase its national and international operations in the payments gateway market, that do not qualify for a separate recognition as intangible assets. The goodwill has been allocated to the segment Other Segments. None of the goodwill is expected to be deductible for income tax purposes. ​ The Bank has elected to measure the non-controlling interests of 5.23% in the acquiree at fair value, the amount at the acquisition date was COP 1,047. ​ For this acquisition, the estimated fair value of assets acquired and liabilities assumed are based on the information available at November 30, 2021. The Bank believes that this information provides a reasonable basis for determining fair values. ​ ​ ​ ​ ​ ​ In millions of COP Vlipco Purchase Price Allocation ​ ​ Pruchase price on November 30, 2021 ​ 9,474 Fair value of previously held invesment ​ 9,479 Non-controlling interest at fair value ​ 1,047 TOTAL ​ 20,000 ​ ​ ​ Book value of net assets acquired ​ ​ ASSETS ​ ​ Cash and cash equivalents ​ 296 Accounts receivable ​ 241 Taxes receivable ​ 433 Premises and equipment, net ​ 22 Other assets ​ 32 Total Assets ​ 1,024 ​ ​ ​ LIABILITIES ​ ​ Short-term borrowings ​ 37 Accounts payable ​ 45 Taxes liabilities ​ 78 Employee benefit plans ​ 106 Total Liabilities ​ 266 Net Assets at book value ​ 758 ​ ​ ​ Vlipco intangibles assets recognized at the acquisition date: ​ ​ Software (1) ​ 13,196 Deferred tax ​ (4,614) Fair value of net assets acquired ​ 9,340 ​ ​ ​ Goodwill ​ 10,660 (1) The fair value of the intangible assets includes a software development that supports the operation of the Wompi payment gateway, with a fair value of COP 13,196 . Acquisition-related cost In connection with the acquisition of Vlipco, the Bank incurred costs which are recorded in the ‘Other administrative and general expenses’ line item of the Consolidated Statement of Income. Previously held interest Prior to control being obtained, the Bank accounted for its investment in Vlipco using the equity method, due to the fact that the Bank had joint control of Vlipco and, accordingly, it was classified as a joint venture. The previous shareholding was 47.40%. ​ ​ ​ ​ ​ Date and nature of investment ​ Share in equity ​ Investment recorded as an joint venture (1) ​ 47.40 % November 2021 – acquisition of 47.37% , control obtained ​ 47.37 % Total at December 31, 2021 ​ 94.77 % (1) Investment made since July 2019, the participation percentage was 48.91% at initial recognition. At the date of obtaining control (the acquisition date), the Bank remeasured the previously held equity interest to fair value and recognized revenue amounting to COP 5,197 in the Consolidated Statement of Income as ‘Dividends and net income on equity investments’ (See Note 25.5. Dividends and net income on equity investments).

PREMISES AND EQUIPMENT, NET

PREMISES AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
PREMISES AND EQUIPMENT, NET
PREMISES AND EQUIPMENT, NET	NOTE 10. PREMISES AND EQUIPMENT, NET As of December 31, 2021 and 2020, the premises and equipment, net consisted of the following: As of December 31, 2021 Premises and equipment for own use ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment for own use ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2021 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 498,981 ​ 39,661 ​ - ​ (15,206) ​ - ​ 28,048 ​ 551,484 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 63,192 ​ 35,205 ​ - ​ (65,769) ​ - ​ 4,412 ​ 37,040 Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,652,899 ​ 127,695 ​ - ​ (70,783) ​ - ​ 85,429 ​ 1,795,240 Accumulated depreciation ​ (390,798) ​ - ​ (33,158) ​ 7,633 ​ - ​ (42,461) ​ (458,784) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 666,748 ​ 44,767 ​ - ​ (83,214) ​ - ​ 34,084 ​ 662,385 Accumulated depreciation ​ (389,892) ​ - ​ (53,785) ​ 80,105 ​ - ​ (24,433) ​ (388,005) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 895,602 ​ 83,503 ​ - ​ (145,334) ​ - ​ 47,285 ​ 881,056 Accumulated depreciation ​ (539,795) ​ - ​ (110,969) ​ 140,254 ​ - ​ (35,444) ​ (545,954) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 27,203 ​ 19,488 ​ - ​ (6,985) ​ (116) ​ 2,776 ​ 42,366 Accumulated depreciation ​ (14,477) ​ - ​ (3,771) ​ 1,103 ​ 15 ​ (1,103) ​ (18,233) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 41,667 ​ 21,057 ​ - ​ (57,649) ​ - ​ 232 ​ 5,307 Accumulated depreciation ​ (1,168) ​ - ​ (273) ​ 1,014 ​ - ​ (83) ​ (510) Total premises and equipment for own use - cost ​ 3,846,292 ​ 371,376 ​ - ​ (444,940) ​ (116) ​ 202,266 ​ 3,974,878 Total premises and equipment - accumulated depreciation ​ (1,336,130) ​ - ​ (201,956) ​ 230,109 ​ 15 ​ (103,524) ​ (1,411,486) Total premises and equipment for own use, net ​ 2,510,162 ​ 371,376 ​ (201,956) ​ (214,831) ​ (101) ​ 98,742 ​ 2,563,392 ​ (1) See Note 26.3. Impairment, depreciation and amortization. ​ Premises and equipment in operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment in operating leases ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2021 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ - ​ 2,091 ​ - ​ - ​ - ​ - ​ 2,091 Accumulated depreciation ​ - ​ - ​ (106) ​ - ​ - ​ - ​ (106) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 74,120 ​ 54,293 ​ - ​ (1,996) ​ (5,346) ​ - ​ 121,071 Accumulated depreciation ​ (30,412) ​ - ​ (23,106) ​ 1,659 ​ 4,975 ​ - ​ (46,884) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,299,514 ​ 1,254,452 ​ - ​ (39,746) ​ (400,709) ​ - ​ 3,113,511 Accumulated depreciation ​ (551,080) ​ - ​ (241,011) ​ (1,732) ​ 141,400 ​ - ​ (652,423) Total premises and equipment in operating leases - cost ​ 2,373,634 ​ 1,310,836 ​ - ​ (41,742) ​ (406,055) ​ - ​ 3,236,673 Total premises and equipment - accumulated depreciation ​ (581,492) ​ - ​ (264,223) ​ (73) ​ 146,375 ​ - ​ (699,413) Total premises and equipment in operating leases, net ​ 1,792,142 ​ 1,310,836 ​ (264,223) ​ (41,815) ​ (259,680) ​ - ​ 2,537,260 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment total ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2021 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 6,219,926 ​ 1,682,212 ​ - ​ (486,682) ​ (406,171) ​ 202,266 ​ 7,211,551 Total premises and equipment - accumulated depreciation ​ (1,917,622) ​ - ​ (466,179) ​ 230,036 ​ 146,390 ​ (103,524) ​ (2,110,899) Total premises and equipment, net ​ 4,302,304 ​ 1,682,212 ​ (466,179) ​ (256,646) ​ (259,781) ​ 98,742 ​ 5,100,652 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2020 Premises and equipment for own use ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment for own use ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2020 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 486,915 ​ 17,410 ​ - ​ (12,988) ​ - ​ 7,644 ​ 498,981 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 30,898 ​ 38,395 ​ - ​ (7,330) ​ - ​ 1,229 ​ 63,192 Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,606,420 ​ 68,785 ​ - ​ (42,705) ​ (2,876) ​ 23,275 ​ 1,652,899 Accumulated depreciation ​ (360,921) ​ - ​ (29,982) ​ 10,628 ​ - ​ (10,523) ​ (390,798) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 647,278 ​ 45,269 ​ - ​ (38,181) ​ - ​ 12,382 ​ 666,748 Accumulated depreciation ​ (372,471) ​ - ​ (43,466) ​ 34,473 ​ - ​ (8,428) ​ (389,892) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 896,146 ​ 123,795 ​ - ​ (144,387) ​ - ​ 20,048 ​ 895,602 Accumulated depreciation ​ (558,561) ​ - ​ (104,164) ​ 139,204 ​ - ​ (16,274) ​ (539,795) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 22,384 ​ 8,644 ​ - ​ (3,321) ​ (510) ​ 6 ​ 27,203 Accumulated depreciation ​ (11,376) ​ (1,052) ​ (3,966) ​ 1,846 ​ 89 ​ (18) ​ (14,477) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 9,502 ​ 52,453 ​ - ​ (20,320) ​ - ​ 32 ​ 41,667 Accumulated depreciation ​ (1,031) ​ - ​ (125) ​ 11 ​ - ​ (23) ​ (1,168) Total premises and equipment for own use - cost ​ 3,699,543 ​ 354,751 ​ - ​ (269,232) ​ (3,386) ​ 64,616 ​ 3,846,292 Total premises and equipment - accumulated depreciation ​ (1,304,360) ​ (1,052) ​ (181,703) ​ 186,162 ​ 89 ​ (35,266) ​ (1,336,130) Total premises and equipment for own use, net ​ 2,395,183 ​ 353,699 ​ (181,703) ​ (83,070) ​ (3,297) ​ 29,350 ​ 2,510,162 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment in operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment in operating leases ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2020 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 103 ​ - ​ - ​ (103) ​ - ​ - ​ - Accumulated depreciation ​ (85) ​ - ​ (5) ​ 90 ​ - ​ - ​ - Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 55,989 ​ 28,059 ​ - ​ (3,410) ​ (6,518) ​ - ​ 74,120 Accumulated depreciation ​ (25,542) ​ - ​ (13,911) ​ 3,127 ​ 5,914 ​ - ​ (30,412) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,914,752 ​ 798,388 ​ - ​ (13,903) ​ (399,723) (2) - ​ 2,299,514 Accumulated depreciation ​ (512,535) ​ (13,179) ​ (165,084) ​ 4,023 ​ 135,695 (2) - ​ (551,080) Total premises and equipment in operating leases - cost ​ 1,970,844 ​ 826,447 ​ - ​ (17,416) ​ (406,241) ​ - ​ 2,373,634 Total premises and equipment - accumulated depreciation ​ (538,162) ​ (13,179) ​ (179,000) ​ 7,240 ​ 141,609 ​ - ​ (581,492) Total premises and equipment in operating leases, net ​ 1,432,682 ​ 813,268 ​ (179,000) ​ (10,176) ​ (264,632) ​ - ​ 1,792,142 (1) See Note 26.3. Impairment, depreciation and amortization. (2) Corresponds to transfers of vehicles to Assets Held for Sale, in the subsidiary Renting Colombia, due to the decrease in demand for vehicle rentals during 2020. ​ Premises and equipment total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment total ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2020 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 5,670,387 ​ 1,181,198 ​ - ​ (286,648) ​ (409,627) ​ 64,616 ​ 6,219,926 Total premises and equipment - accumulated depreciation ​ (1,842,522) ​ (14,231) ​ (360,703) ​ 193,402 ​ 141,698 ​ (35,266) ​ (1,917,622) Total premises and equipment, net ​ 3,827,865 ​ 1,166,967 ​ (360,703) ​ (93,246) ​ (267,929) ​ 29,350 ​ 4,302,304 (1) See Note 26.3. Impairment, depreciation and amortization. ​ As of December 31, 2021, there were contractual commitments for the purchase of premises and equipment of COP 158,128. As of December 31, 2021 and 2020, there was no property and equipment related to subsidiaries classified as held for sale or premises and equipment pledged as collateral. Additionally, the assessment made by the Bank indicates there is no evidence of impairment of its premises and equipment. ​ As of December 31, 2021 and 2020, the amount of fully depreciated property and equipment that is still in use is COP 622,589 and COP 563,625, respectively, mainly comprised of computer equipment, Furniture and fixtures and office equipment.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2021
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES	NOTE 11. INVESTMENT PROPERTIES The table below sets forth the reconciliation between the initial balance account and the balance at the end of the period, at fair value: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Balance at the beginning of the year ​ 2,839,350 ​ 1,992,964 Acquisitions ​ 14,709 ​ 163,344 Subsequent expenditure recognised as an asset ​ 422,755 ​ 105,085 Sales/Write-offs ​ (259,743) ​ (111,092) Amount reclassified from equity securities (1) ​ - ​ 686,114 Amount reclassified from inventories (2) ​ 47,387 ​ 6,436 Gains on valuation (3) ​ 67,762 ​ (3,501) Balance at the end of the period (4) ​ 3,132,220 ​ 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Returned properties from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation. (3) See Note 25.4 Other operating income, net. (4) Between December 31, 2021 and 2020, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities. The valuation adjustments recorded by the Bank related to its investment properties are detailed below: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ Net increase (decrease) Amount Amount Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ in investment ​ reclassified ​ reclassified ​ value at the end ​ ​ year ​ ​ ​ properties ​ from inventories ​ from inventories ​ of the year In millions of COP Buildings ​ 2,583,155 ​ 72,533 ​ 246,645 (1) - ​ 47,387 ​ 2,949,720 Lands ​ 256,195 ​ (4,771) ​ (68,924) (2) - ​ - ​ 182,500 Total ​ 2,839,350 ​ 67,762 ​ 177,721 ​ - ​ 47,387 ​ 3,132,220 (1) Corresponds mainly to additions for subsequent expenditure recognised as an asset amounting to COP 422,155 , and the sales amounting to COP 169,866 by Fondo de Capital Privado Fondo Inmobiliario Colombia. (2) Corresponds to the disposal of eight lands by Valores Simesa S.A. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ Net increase (decrease) Amount Amount Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ in investment ​ reclassified ​ reclassified ​ value at the end ​ ​ year ​ ​ ​ properties ​ from inventories (1) ​ from inventories ​ of the year In millions of COP Buildings ​ 1,724,719 ​ 7,756 ​ 158,130 (2) 686,114 ​ 6,436 ​ 2,583,155 Lands ​ 268,245 ​ (11,257) ​ (793) ​ - ​ - ​ 256,195 Total ​ 1,992,964 ​ (3,501) ​ 157,337 ​ 686,114 ​ 6,436 ​ 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Corresponds mainly to acquisition of buildings amounting to COP 61,719 by Bancolombia S.A. and amounting to COP 74,227 by Fondo de Capital Privado Fondo Inmobiliario Colombia. ​ 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, 2021 ​ December 31, 2020 ​ December 31, 2019 ​ ​ In millions of COP Income from rentals ​ 139,021 ​ 125,494 ​ 85,507 Operating expenses due to: ​ ​ ​ ​ ​ ​ Investment properties that generated income through rentals ​ 15,331 ​ 16,012 ​ 15,669 Investment properties that did not generate income through rentals ​ 10,050 ​ 6,004 ​ 2,183 ​ 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, 2021 and 2020, 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 measurement techniques and inputs used by consulting companies, see Note 30 Fair Value of assets and liabilities. As of December 31, 2021 and 2020, the Bank does not have investment properties held under financial leases.

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2021
INCOME TAX
INCOME TAX	NOTE 12. INCOME TAX The income tax is recognized in each of the countries where the Bancolombia Group has operations, in accordance with the tax regulations in force in each of the jurisdictions. 12.1 Components recognized in the income statement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 In millions of Colombian pesos Current tax (1) ​ ​ ​ ​ ​ ​ Fiscal term ​ (1,321,400) ​ (673,603) ​ (1,040,558) Prior fiscal terms ​ 71,932 ​ 4,723 ​ (7,908) Total current tax ​ (1,249,468) ​ (668,880) ​ (1,048,466) Deferred tax ​ ​ ​ ​ ​ ​ Fiscal term (2) ​ (530,926) ​ 684,413 ​ (210,898) Adjustments for consolidation purposes ​ 4,169 ​ (8,947) ​ (3,600) Total deferred tax ​ (526,757) ​ 675,466 ​ (214,498) Total income tax (3) ​ (1,776,225) ​ 6,586 ​ (1,262,964) (1) The nominal income tax rate used in Colombia for the year 2021 is 31% and for the year 2020 it was 32% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 3% for the year 2021 and 4% for the year 2020. (2) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. (3) See table 12.3 Reconciliation of the effective tax rate. 12.2 Legal regulatory changes ​ Colombia: The applicable Corporate Income Tax rate in Colombia for FY 2022 onwards is 35%. Financial institutions must add a surcharge of 3% on the general rate of the corporate income Tax until 2025. These additional points are applicable when taxable income exceeds over 120.000 UVT. ​ From FY 2022, only 50% of the industry and trade Tax- ITT can be credited against the Corporate Income Tax liability. ​ A reduced statute of limitations has been established for FY 2022 and 2023. The reduced statute of limitations applies for taxpayers that increase their net income tax liability by at least 35% or 25% with respect to the net income tax in the previous year. The limitation period will apply after 6 ​ Article 616-1 of the Tax Statute was modified, leaving transitory paragraph 1 of the same article invalid, therefore, as of the year 2022, an electronic sales invoice, equivalent document and/or electronic documents will be required. current tax regulations as fiscal support for the origin of deductions in income tax and deductible taxes in sales tax (VAT). ​ At the same time, for the purposes of the electronic invoice being deemed as a support of costs, expenses and creditable taxes, when the sale of a good and / or the provision of a service is carried out on credit or a term is extended for the payment, the acquirer must confirm the reception of the electronic invoice and the goods or services acquired by electronic message sent to the issuer for issuance of the same, taking into account the deadlines, as well as the conditions, mechanisms, technical and technological requirements established by the DIAN. ​ The Tax Administration will determine those who are obliged to provide information in accordance with the automatic exchange of information, as well as the information they must provide and the due diligence procedures they must comply with. In addition, authority for the superivision of the due diligence procedures has been transferred to the DIAN and the penalty system for the breach of obligations related to the prevention of money laundering and the financing of terrorism applicable to the entities supervised by the respective superintendence has been deleted. ​ Finally, the definition of “final beneficiary” is modified into the tax legal system. On December 27th of 2021, the tax administration issued Ruling 164 which ruled sections 631-5 y 631-6 of the Colombian Tax code and set forth the terms and conditions applicable to the final beneficiary register by its acronym in spanish RUB. ​ Other Countries: The income tax rate in the other countries where the Group has a presence amounts to 25% in Guatemala and Panama Costa Rica $500.000 ​ 12.3 Reconciliation of the effective tax rate The reconciliation between total income tax expenses calculated at the current nominal tax rate and the tax expense recognized in the income statement for the periods ended December 31, 2021, 2020 and 2019 is detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, Reconciliation of the tax rate ​ 2021 ​ 2020 ​ 2019 In millions of Colombian pesos Accounting profit ​ 5,984,012 ​ 308,773 ​ 4,477,531 Applicable tax with nominal rate ​ (2,034,564) ​ (111,158) ​ (1,477,585) Non-deductible expenses to determine taxable profit (loss) ​ (260,546) ​ (709,601) ​ (281,633) Accounting and non-tax expense (income) to determine taxable profit (loss) ​ 767,857 ​ 580,970 ​ 822,683 Differences in accounting bases (1) ​ (32,714) ​ (400,042) ​ (304,871) Fiscal and non-accounting expense (income) to determine taxable profit (loss) ​ (285,191) ​ (270,326) ​ (434,929) Ordinary activities income exempt from taxation ​ 412,495 ​ 290,822 ​ 258,622 Ordinary activities income not constituting income or occasional tax gain ​ 98,870 ​ 153,638 ​ 173,791 Tax deductions ​ 226,064 ​ 112,746 ​ 151,011 Goodwill Depreciation ​ 200,617 ​ 212,378 ​ 194,679 Tax depreciation surplus ​ 140,384 ​ 156,998 ​ 100,286 Untaxed recoveries ​ (84,692) ​ (35,788) ​ (22,800) Tax rate effect in other countries (2) ​ (384,669) ​ (139,106) ​ (27,038) Prior fiscal terms ​ 71,932 ​ 4,723 ​ (7,908) Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) (3) ​ (612,068) ​ 160,332 ​ (407,272) Total income tax ​ (1,776,225) ​ 6,586 ​ (1,262,964) (1) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS) (2) The variation originates from the adjustments for the different rates in the jurisdictions where Grupo Bancolombia is present. (3) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. ​ 12.4 Components recognized in Other Comprehensive Income (OCI) ​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ 7,444 ​ (1,791) ​ 5,653 Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) ​ 3,994 ​ 48,153 ​ 52,147 Gains due to asset revaluation ​ - ​ (142) ​ (142) Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ (61,052) ​ 9,527 ​ (51,525) Loss on net investment hedge in foreign operations ​ (1,207,052) ​ 493,346 ​ (713,706) Exchange differences arising on translating the foreign operations. ​ 2,513,742 ​ - ​ 2,513,742 Unrealized gains on investments in associates and joint ventures using equity method ​ 2,913 ​ (982) ​ 1,931 Net ​ 1,259,989 ​ 548,111 ​ 1,808,100 (1) Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI. See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ 8,556 ​ (4,940) ​ 3,616 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) ​ (132,593) ​ 37,736 ​ (94,857) Gains due to asset revaluation ​ 3,561 ​ (1,211) ​ 2,350 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ 53,311 ​ (5,612) ​ 47,699 Loss on net investment hedge in foreign operations ​ (341,792) ​ 39,443 ​ (302,349) Exchange differences arising on translating the foreign operations. ​ 339,475 ​ - ​ 339,475 Unrealized gains on investments in associates and joint ventures using equity method ​ 5,020 ​ (89) ​ 4,931 Net ​ (64,462) ​ 65,327 ​ 865 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. ​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2019 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement expense related to defined benefit liability ​ (38,451) ​ 14,835 ​ (23,616) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) ​ 56,496 ​ (12,607) ​ 43,889 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ 27,675 ​ - ​ 27,675 Loss on net investment hedge in foreign operations ​ (60,258) ​ 20,213 ​ (40,045) Exchange differences arising on translating the foreign operations. ​ 104,955 ​ - ​ 104,955 Unrealized gains on investments in associates and joint ventures using equity method ​ 8,151 ​ (32) ​ 8,119 Net ​ 98,568 ​ 22,409 ​ 120,977 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. 12.5 Deferred tax In accordance with its financial projections, the companies from the Bancolombia Group's expects in the future to generate enough liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared considering information from the Bancolombia Group's economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on ​ ​ ​ ​ ​ ​ ​ Adjustments for ​ ​ ​ ​ December 31, ​ Income ​ Effect on ​ Effect on ​ Foreign ​ consolidation ​ December 31, ​ ​ 2020 ​ Statement ​ OCI ​ Equity ​ Exchange ​ purposes ​ 2021 In millions of Colombian pesos Asset Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ 4,041 ​ (1,413) ​ - ​ - ​ 530 ​ - ​ 3,158 Employee Benefits ​ 231,470 ​ 49,867 ​ (1,798) ​ - ​ 3,744 ​ - ​ 283,283 Deterioration assessment ​ 860,229 ​ (338,036) ​ - ​ - ​ 91,976 ​ 437 ​ 614,606 Financial instruments evaluation ​ 4,939 ​ 373 ​ 71 ​ - ​ - ​ - ​ 5,383 Tax credits settlement ​ 73,051 ​ (43,387) ​ - ​ - ​ - ​ - ​ 29,664 Financial Obligations ​ 45,601 ​ 194,501 ​ - ​ - ​ - ​ - ​ 240,102 Net investment coverage in operations abroad ​ 346,956 ​ 167,456 ​ 493,346 ​ - ​ 2,186 ​ - ​ 1,009,944 Other deductions ​ 111,930 ​ (20,769) ​ - ​ - ​ 621 ​ - ​ 91,782 implementation adjustment ​ 400,123 ​ (13,528) ​ - ​ - ​ 23,409 ​ - ​ 410,004 Total Asset Deferred Tax ​ 2,078,340 ​ (4,936) ​ 491,619 ​ - ​ 122,466 ​ 437 ​ 2,687,926 Liability Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ (288,662) ​ (25,687) ​ (142) ​ - ​ (3,099) ​ - ​ (317,590) Employee Benefits ​ (7) ​ - ​ 7 ​ - ​ - ​ - ​ - Deterioration assessment ​ (14,875) ​ 2,032 ​ - ​ - ​ (4,082) ​ 2,274 ​ (14,651) Financial instruments evaluation ​ (231,491) ​ 148,753 ​ 57,609 ​ (15,395) ​ (238) ​ 1,458 ​ (39,304) Derivatives evaluation ​ (113,968) ​ (40,495) ​ - ​ - ​ - ​ - ​ (154,463) Lease restatement ​ (237,852) ​ (13,010) ​ - ​ - ​ - ​ - ​ (250,862) Investments in associates. Adjustment for equity method ​ (784) ​ (176,089) ​ (982) ​ 5,119 ​ - ​ - ​ (172,736) Goodwill ​ (1,184,058) ​ (383,107) ​ - ​ - ​ (2,830) ​ - ​ (1,569,995) Properties received in payment ​ (138,210) ​ (24,448) ​ - ​ - ​ (2,896) ​ - ​ (165,554) Other deductions ​ (240,827) ​ (13,942) ​ - ​ (4,614) ​ (3,858) ​ - ​ (263,241) implementation adjustment ​ (8,405) ​ 3 ​ - ​ - ​ (1,339) ​ - ​ (9,741) Total Liability Deferred Tax ​ (2,459,139) ​ (525,990) ​ 56,492 ​ (14,890) ​ (18,342) ​ 3,732 ​ (2,958,137) Net Deferred Tax ​ (380,799) ​ (530,926) ​ 548,111 ​ (14,890) ​ 104,124 ​ 4,169 ​ (270,211) ​ 12.6 Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized is In accordance with IAS 12, no deferred tax credit was recorded, because management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future. ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of Colombian pesos Temporary differences ​ ​ ​ ​ Local Subsidiaries ​ (1,800,928) ​ (1,219,380) Foreign Subsidiaries ​ (17,966,532) ​ (4,547,635) ​ 12.7 Tax credits For the 2021 period, a deferred tax asset was recognized since the Group companies will have future taxable profits in which they can charge this temporary difference. ​ The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group's entities, which have not been used, as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax Company ​ Base ​ recognized asset In millions of Colombian pesos Renting Colombia ​ 89,501 ​ 29,536 Pasarela Colombia ​ 366 ​ 128 Total ​ 89,867 ​ 29,664 ​ 12.8 Dividends 12.8.1 Dividend Payment If the parent company or any of its subsidiaries were to distribute dividends, they would be subject to the tax regulations of each of the countries in which they are decreed and distributed. In the case of Colombian companies, dividends will be subject to the application of Articles 48 and 49 of the Tax Statute and consequently will be subject to withholding at source at the established rates, in accordance with the tax characteristics of each shareholder. 12.8.2 Dividends received from Subsidiary Companies Considering the historical tax status of the dividends received by the Bank from its affiliates and national subsidiaries, it is expected that in the future dividends will be received on the basis of non-income tax. They will not be subject to withholding tax, taking into account that the Bank, its affiliates and national subsidiaries belong to the same business group. 12.9 Tax In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied in accordance with the interpretations made by the Group Bancolombia. ​ In Colombia due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax authority may at any time have different criteria than that of the Bancolombia Group. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Group Bancolombia accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. In the other countries where the Group is present, uncertain tax positions have not not recognized. For Colombia, the Group recognizes uncertain tax positions according to the criteria established in the interpretation of IFRIC 23. Additionally, these positions were updated in the course of 2021. The movement of the provision as of December 2021 is presented below and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December ​ Balance December 2020 ​ Update ​ Payments ​ Reversal ​ 2021 ​ 113,522 ​ 8,760 ​ - ​ (122,282) ​ - ​ ​ The value of the uncertain tax position was recovered, taking into account that the tax returns on which it was constituted became final in the course of 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December ​ Balance December 2019 ​ Update ​ Payments ​ Reversal ​ 2020 ​ 102,552 ​ 10,970 ​ - ​ - ​ 113,522 ​ ​

ASSETS HELD FOR SALE AND INVENT

ASSETS HELD FOR SALE AND INVENTORIES, NET	12 Months Ended
	Dec. 31, 2021
ASSETS HELD FOR SALE AND INVENTORIES, NET
ASSETS HELD FOR SALE AND INVENTORIES, NET	NOTE 13. ASSETS HELD FOR SALE AND INVENTORIES, NET The breakdown of inventories and assets held for sale, net of the Bank is as follows: ​ ​ ​ ​ ​ ​ Assets held for sale and inventories ​ December 31, 2021 ​ December 31, 2020 In millions of COP Inventories, net ​ 413,097 ​ 426,642 Assets held for sale ​ 133,697 ​ 82,503 Total assets held for sale and inventories, net ​ 546,794 ​ 509,145 ​ 13.1. Inventories Due to the nature of the financial services provided by some subsidiaries of the Bank, assets provided through operating or financial leases to third parties that do not exercise the purchase option or that do not have a purchase option, are recorded as inventories once the agreement expires, considering that in the course of the ordinary activities performed by such subsidiaries, those assets are routinely sold. ​ The Bank’s inventories at December 31, 2021 and 2020, are summarized as follows: ​ ​ ​ ​ ​ ​ Inventories ​ December 31, 2021 ​ December 31, 2020 In millions of COP Lands and buildings ​ 335,936 ​ 380,009 Vehicles ​ 80,064 ​ 59,035 Machinery ​ 31,422 ​ 30,473 Total inventory cost ​ 447,422 ​ 469,517 Impairment ​ (34,325) ​ (42,875) Total inventories, net ​ 413,097 ​ 426,642 ​ 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, 2021 and 2020. 13.2. Assets held for sale The assets recognized by the Bank as assets held for sale correspond to machinery, equipment, motor vehicles, technology, and investment property, among others that have been received as foreclosed assets. These assets are subject to a current plan for their sale, which contains the details of the selling price allocation and the advertising and marketing plan. Furthermore, the plan specifies the conditions to proceed with the selling process. The total balance of assets held for sale, by operating segment, are detailed below: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 2,277 ​ 2,063 ​ - ​ - ​ 4,340 Cost ​ 2,305 ​ 2,153 ​ - ​ - ​ 4,458 Impairment ​ (28) ​ (90) ​ - ​ - ​ (118) Real estate for residential purposes ​ 9,119 (1) 83,321 (2) 7,419 ​ 1,355 ​ 101,214 Cost ​ 9,147 ​ 85,315 ​ 7,642 ​ 1,699 ​ 103,803 Impairment ​ (28) ​ (1,994) ​ (223) ​ (344) ​ (2,589) Real estate different from residential properties ​ 13,817 (3) 14,326 ​ - ​ - ​ 28,143 Cost ​ 13,817 ​ 14,383 ​ - ​ - ​ 28,200 Impairment ​ - ​ (57) ​ - ​ - ​ (57) Total assets held for sale - cost ​ 25,269 ​ 101,851 ​ 7,642 ​ 1,699 ​ 136,461 Total assets held for sale - impairment ​ (56) ​ (2,141) ​ (223) ​ (344) ​ (2,764) Total assets held for sale (4) ​ 25,213 ​ 99,710 ​ 7,419 ​ 1,355 ​ 133,697 (1) The decrease corresponds to reclassifications to the Marketable and non-marketable for sale assets category. See Note 14 Other assets, net. (2) The increase corresponds to 62 Real estate for residential purposes received during 2021. (3) The increase corresponds to the income from 22 assets, mainly a warehouse received for COP 9,123 . (4) For 2021 there are no assets related to investments held for sale. As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 1,978 ​ 1,299 ​ - ​ - ​ 3,277 Cost ​ 2,070 ​ 1,384 ​ - ​ - ​ 3,454 Impairment ​ (92) ​ (85) ​ - ​ - ​ (177) Real estate for residential purposes ​ 26,138 ​ 35,732 ​ 4,918 ​ 3,464 ​ 70,252 Cost ​ 26,348 ​ 37,156 ​ 5,120 ​ 3,464 ​ 72,088 Impairment ​ (210) ​ (1,424) ​ (202) ​ - ​ (1,836) Real estate different from residential properties ​ - ​ 8,974 ​ - ​ - ​ 8,974 Cost ​ - ​ 9,055 ​ - ​ - ​ 9,055 Impairment ​ - ​ (81) ​ - ​ - ​ (81) Total assets held for sale - cost ​ 28,418 ​ 47,595 ​ 5,120 ​ 3,464 ​ 84,597 Total assets held for sale - impairment ​ (302) ​ (1,590) ​ (202) ​ - ​ (2,094) Total assets held for sale (1) ​ 28,116 ​ 46,005 ​ 4,918 ​ 3,464 ​ 82,503 (1) For 2020 there are no assets related to investments held for sale. Impairment losses are recognized for the difference between the carrying and recoverable amount of the asset.

OTHER ASSETS, NET

OTHER ASSETS, NET	12 Months Ended
	Dec. 31, 2021
OTHER ASSETS, NET
OTHER ASSETS, NET	NOTE 14. OTHER ASSETS, NET As of December 31, 2021 and 2020 the Bank’s other assets, net consist of: ​ ​ ​ ​ ​ ​ Other Assets, net ​ December 31, 2021 ​ December 31, 2020 In millions of COP Tax advance (1) ​ 1,643,171 ​ 1,205,870 Marketable and non-marketable for sale assets ​ 850,688 ​ 856,527 Other receivables (2) ​ 777,830 ​ 891,811 Assets pledged as collateral ​ 472,443 ​ 295,260 Prepaid expenses ​ 454,595 ​ 376,608 Receivables related to abandoned accounts (3) ​ 386,451 ​ 276,087 Receivable Sales of goods and service ​ 198,453 ​ 93,417 Accounts receivable from contracts with customers (4) ​ 182,672 ​ 177,991 Taxes receivable ​ 141,624 ​ 49,069 Operating leases ​ 109,122 ​ 80,056 Balance in credit card clearing house ​ 90,627 ​ 163,813 Commission for letters of credit ​ 74,320 ​ 24,702 Debtors ​ 19,483 ​ 15,723 Others ​ 350,970 ​ 213,828 Total other assets ​ 5,752,449 ​ 4,720,762 Allowance others ​ (791) ​ (1,560) Total other assets, net ​ 5,751,658 ​ 4,719,202 (1) The balance in favor of taxes for the year 2020, requested during the year 2021, is in process with the DIAN. (2) The other receivables are mainly comprised by factoring importations, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables,debt securities and spot transactions, TIP interests, FRECH interest subsidized by the government, among others. (3) 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). (4) See Note 25.3 Fees and commissions. ​

DEPOSITS BY CUSTOMERS

DEPOSITS BY CUSTOMERS	12 Months Ended
	Dec. 31, 2021
DEPOSITS BY CUSTOMERS.
DEPOSITS BY CUSTOMERS	NOTE 15. DEPOSITS BY CUSTOMERS The detail of the deposits as of December 31, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ Deposits ​ December 31, 2021 ​ December 31, 2020 In millions of COP ​ ​ ​ ​ Saving accounts ​ 106,398,922 ​ 86,147,655 Time deposits ​ 59,492,839 ​ 61,083,519 Checking accounts ​ 40,567,168 ​ 31,894,229 Other deposits ​ 3,931,919 ​ 1,695,390 Total ​ 210,390,848 (1) 180,820,793 (1) As of December 31, 2021 includes Nequi Deposits by COP 1,408,869 . ​ The following table details the time deposits issued by the Bank: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2021 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 6.00 % 14,224,144 ​ 14,199,074 Between 6 months and 12 months ​ 0.01 % 6.50 % 6,048,004 ​ 6,032,234 Between 12 months and 18 months ​ 0.00 % 7.25 % 5,800,772 ​ 5,823,728 Greater than 18 months ​ 0.00 % 9.79 % 33,419,919 ​ 34,666,641 Total ​ ​ ​ ​ ​ 59,492,839 ​ 60,721,677 (1) See Note 30. Fair value of assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2020 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 7.00 % 10,324,370 ​ 10,313,384 Between 6 months and 12 months ​ 0.20 % 7.25 % 7,061,159 ​ 7,061,834 Between 12 months and 18 months ​ 0.25 % 6.50 % 7,798,737 ​ 7,895,539 Greater than 18 months ​ 0.01 % 9.45 % 35,899,253 ​ 37,014,083 Total ​ ​ ​ ​ ​ 61,083,519 ​ 62,284,840 (1) See Note 30. Fair value of assets and liabilities. ​ ​ The detail of Time deposits issued by the Bank by maturity is as follows: ​ ​ ​ ​ ​ ​ December 31, 2021 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 42,595,157 ​ 43,621,375 Between 1 and 3 years ​ 11,584,328 ​ 11,729,237 Between 3 and 5 years ​ 2,719,748 ​ 2,795,178 Greater than 5 years ​ 2,593,606 ​ 2,575,887 Total ​ 59,492,839 ​ 60,721,677 (1) See Note 30. Fair value of assets and liabilities. ​ ​ ​ ​ ​ ​ December 31, 2020 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 43,134,613 ​ 43,489,653 Between 1 and 3 years ​ 11,592,876 ​ 11,971,664 Between 3 and 5 years ​ 5,194,234 ​ 5,538,916 Greater than 5 years ​ 1,161,796 ​ 1,284,607 Total ​ 61,083,519 ​ 62,284,840 (1) See Note 30 Fair value of assets and liabilities. ​

INTERBANK DEPOSITS AND REPURCHA

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING	12 Months Ended
	Dec. 31, 2021
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING	NOTE 16. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: ​ ​ ​ ​ ​ ​ Interbank and repurchase agreements and other similar secured borrowing ​ December 31, 2021 ​ December 31, 2020 In millions of COP Interbank Deposits ​ ​ ​ ​ Interbank liabilities ​ 886,405 ​ 762,574 Total interbank ​ 886,405 ​ 762,574 Repurchase agreements and other similar secured borrowing ​ ​ ​ ​ Short selling operations ​ 276,242 ​ 128,257 Temporary transfer of securities ​ 487,083 ​ 2,087,906 Total Repurchase agreements and other similar secured borrowing (1) ​ 763,325 ​ 2,216,163 Total money market transactions ​ 1,649,730 ​ 2,978,737 (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 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 applies in determining the enforceability of offsetting rights. The Bank does not offset repurchase and resale transactions with the same counterparty in the consolidated statement of financial position. The table below presents repurchases and resale transactions included in the consolidated statement of financial position at December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net balance ​ ​ ​ ​ ​ ​ Assets / ​ Amounts offset in ​ presented in the ​ Financial ​ Assets / ​ ​ liabilities gross ​ the statement of ​ statement of financial ​ instruments as ​ liabilities ​ ​ ​ ​ financial position ​ position ​ collaterals ​ net In millions of COP Securities purchased under resale agreements (1) ​ 817,960 ​ - ​ 817,960 ​ (817,960) ​ - Securities sold under repurchase agreements ​ (763,325) ​ - ​ (763,325) ​ 763,325 ​ - Total repurchase and resale agreements ​ 54,635 ​ - ​ 54,635 ​ (54,635) ​ - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net balance ​ ​ ​ ​ ​ ​ Assets / ​ Amounts offset in ​ presented in the ​ Financial ​ Assets / ​ ​ liabilities gross ​ the statement of ​ statement of financial ​ instruments as ​ liabilities ​ ​ ​ ​ financial position ​ position ​ collaterals ​ net In millions of COP Securities purchased under resale agreements ​ 322,160 ​ - ​ 322,160 ​ (322,160) ​ - Securities sold under repurchase agreements ​ (2,216,163) ​ - ​ (2,216,163) ​ 2,216,163 ​ - Total repurchase and resale agreements ​ (1,894,003) ​ - ​ (1,894,003) ​ 1,894,003 ​ - ​ 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, 2021
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS	NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS As of December 31, 2021 and 2020, the composition of the borrowings from other financial institutions measured at amortized cost is the following: ​ ​ ​ ​ ​ ​ Borrowings from other financial institutions ​ December 31, 2021 ​ December 31, 2020 In millions of COP Obligations granted by domestic banks ​ 4,816,609 ​ 6,001,619 Obligations granted by foreign banks ​ 3,734,949 ​ 5,200,507 Total ​ 8,551,558 ​ 11,202,126 ​ Obligations granted by domestic banks As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Maximum (1) Minimum (1) December 31, 2021 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 10.79 % 0.11 % 2,259,714 Banco de comercio exterior de Colombia (Bancoldex) ​ 8.66 % 0.77 % 876,498 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 6.00 % 0.03 % 836,185 Other private financial entities ​ 8.62 % 4.24 % 844,212 Total ​ ​ ​ ​ ​ 4,816,609 (1) The increase in the intervention rate issued by Banco de la República during the year 2021, which went from 1.75% to 3.00% , has an impact on the rates of operations in financial obligations. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Maximum (1) Minimum (1) December 31, 2020 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 7.32 % 0.02 % 2,561,051 Banco de comercio exterior de Colombia (Bancoldex) ​ 7.85 % 0.44 % 1,460,412 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 6.44 % 0.10 % 1,050,552 Other private financial entities ​ 6.83 % 3.35 % 929,604 Total ​ ​ ​ ​ ​ 6,001,619 (1) The decrease in the intervention rate issued by Banco de la República during the year 2020, which went from 4.25% to 1.75% , has an impact on the rates of operations in financial obligations. ​ The maturities of financial obligations with domestic banks as of December 31, 2021 and 2020, are as follows: ​ ​ ​ ​ ​ ​ Domestic ​ December 31, 2021 ​ December 31, 2020 In millions of COP Amount expected to be settled: ​ ​ ​ ​ More than twelve months after the reporting period ​ 4,595,510 ​ 5,387,563 No more than twelve months after the reporting period ​ 221,099 ​ 614,056 Total ​ 4,816,609 ​ 6,001,619 ​ Obligations granted by foreign banks As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Maximum ​ Rate Minimum ​ December 31, 2021 In millions of COP Financing with Correspondent Banks and Multilateral Entities ​ 4.46 % 0.53 % 3,169,060 Banco Interamericano de Desarrollo (BID) ​ 4.05 % 1.81 % 525,475 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 2.97 % 2.97 % 40,147 Corporación Andina de Fomento (CAF) ​ 2.44 % 2.44 % 267 Total ​ ​ ​ ​ ​ 3,734,949 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Maximum ​ Rate Minimum ​ December 31, 2020 In millions of COP Financing with Correspondent Banks and Multilateral Entities ​ 4.81 % 0.49 % 4,825,811 Banco Interamericano de Desarrollo (BID) ​ 3.25 % 2.58 % 231,563 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 4.75 % 4.60 % 138,116 Corporación Andina de Fomento (CAF) ​ 2.58 % 2.52 % 5,017 Total ​ ​ ​ ​ ​ 5,200,507 ​ The maturities of the financial obligations with foreign entities as of December 31, 2021 and 2020 are the following: ​ ​ ​ ​ ​ ​ Foreign ​ December 31, 2021 ​ December 31, 2020 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 1,919,781 ​ 3,084,730 More than twelve months after the reporting period ​ 1,815,168 ​ 2,115,777 Total ​ 3,734,949 ​ 5,200,507 ​ As of December 31, 2021 and 2020, there were some financial covenants, mainly regarding capital adequacy ratios, past due loans and allowances, linked to some of the aforementioned outstanding credit facilities. None of these covenants had been breached nor were the related obligations past due.

DEBT INSTRUMENTS IN ISSUE

DEBT INSTRUMENTS IN ISSUE	12 Months Ended
	Dec. 31, 2021
DEBT INSTRUMENTS IN ISSUE.
DEBT INSTRUMENTS IN ISSUE	NOTE 18. DEBT INSTRUMENTS IN ISSUE Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance ​ Rate Range ​ Bancolombia S.A. (2) ​ Local ​ COP ​ 4,158,757 ​ 4,190,777 ​ 4.35%-10.30% ​ Bancolombia S.A. ​ Foreign ​ USD ​ 2,967,644 ​ 11,449,784 ​ 0.30%-5.19% ​ Banistmo S.A. y filiales ​ Foreign ​ USD ​ 1,079,981 ​ 4,334,751 ​ 1.20%-5.00% ​ Banagrícola S.A. y Filiales ​ Foreign ​ USD ​ 162,000 ​ 644,557 ​ 5.60%-6.40% ​ Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 113,413 ​ 457,155 ​ 0.45%-3.75% ​ Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 3,645 ​ 14,575 ​ 0.95%-0.95% ​ Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 569 ​ 2,265 ​ 0.25%-7.25% ​ Total ​ ​ ​ ​ ​ ​ ​ 21,093,864 ​ ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance ​ Rate Range ​ Bancolombia S.A. ​ Local ​ COP ​ 4,125,500 ​ 4,159,065 ​ 3.37%-10.77% ​ Bancolombia S.A. (2) ​ Foreign ​ USD ​ 2,956,491 ​ 9,749,569 ​ 0.25%-5.19% ​ Banistmo S.A. y filiales (3) ​ Foreign ​ USD ​ 1,158,763 ​ 4,003,076 ​ 0.50%-5.00% ​ Banco Agrícola S.A. (4) ​ Foreign ​ USD ​ 212,000 ​ 727,116 ​ 5.58%-6.41% ​ Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 121,399 ​ 426,689 ​ 0.40%-3.75% ​ Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 16,595 ​ 57,955 ​ 2.30%-2.65% ​ Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 910 ​ 3,123 ​ 0.25%-7.25% ​ Total ​ ​ ​ ​ ​ ​ ​ 19,126,593 ​ ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.2. Issue of Bancolombia S.A. ordinary bonds. (3) See Note 18.3. Issue of Banistmo S.A. ordinary bonds. (4) See Note 18.4. Payment of Banco Agrícola S.A. bonds. ​ The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ Between ​ Between ​ ​ ​ ​ Issuer ​ 1 year ​ 1 and 3 years ​ 3 and 5 years ​ Greater than 5 years ​ Total amortized cost In millions of COP Local currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 1,213,988 ​ 1,213,988 Ordinary bonds ​ - ​ - ​ 164,753 ​ 2,812,036 ​ 2,976,789 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 7,753,417 ​ 7,753,417 Ordinary bonds ​ 408,859 ​ 205,913 ​ 331,131 ​ 8,203,767 ​ 9,149,670 Total ​ 408,859 ​ 205,913 ​ 495,884 ​ 19,983,208 ​ 21,093,864 (1) In the event of default of the Bank, the subordinated bonds, 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. ​ 18.1 Issue of Bancolombia S.A. sustainable ordinary bonds. On September 16, 2021, Bancolombia S.A. issued in the Colombian public securities market sustainable ordinary bonds in an aggregate principal amount of six hundred thousand million pesos (COP 600,000) (approximately USD 156,848), under the program for ordinary bonds, green bonds, social bonds, sustainable bonds, orange bonds and subordinated bonds. Bids for 1.8 times the aggregate amount of bonds offered were received. The bonds are offered in two series with terms of 3 5 As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Less than ​ Between ​ Between ​ ​ ​ ​ ​ ​ 1 year ​ 1 to 3 years ​ 3 to 5 years ​ Greater than 5 years ​ Total amortized cost In millions of COP Local currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 1,216,831 ​ 1,216,831 Ordinary bonds ​ - ​ - ​ 154,671 ​ 2,787,563 ​ 2,942,234 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 6,659,541 ​ 6,659,541 Ordinary bonds ​ 151,992 ​ 588,958 ​ 284,323 ​ 7,282,714 ​ 8,307,987 Total ​ 151,992 ​ 588,958 ​ 438,994 ​ 17,946,649 ​ 19,126,593 (1) In the event of default of the Bank, the subordinated bonds 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. ​ 18.2 Issue of Bancolombia S.A. ordinary bonds. On January 8, 2020, Bancolombia S.A. announced that Citigroup Global Markets Inc. had commenced a foreign in-the-money tender offer to purchase all of the 5.950% ordinary bonds due 2021 issued by the Bank (the "Bonds"), subject to the terms and conditions set forth in the tender offer document ("the Offer"). The Bank redeemed all the remaining bonds that were not purchased in the Offer. On January 23, 2020, the Bank issued USD 950,000 aggregate principal amount of senior notes through an international public offering. The bonds have a 5 year maturity and a coupon of 3% , payable semi-annually on January 29 and July 29 of each year, commencing on July 29, 2020. The Bank used the net proceeds from the issuance of these bonds to complete Offer described above and to redeem the remaining bonds that were not purchased in the Offering. The closing of the issuance occurred on January 29, 2020. 18.3 Issue of Banistmo S.A. ordinary bonds. On July 28, 2020, Banistmo, a subsidiary of the Bancolombia Group in Panama, issued USD 400,000 aggregate principal amount of ordinary bonds, with a term of 7 years and a coupon of 4.250%. 18.4 Payment of Banco Agrícola S.A. bonds. On June 18, 2020, the structured financing transaction for USD 300,371, including principal plus interest, matured and was fully paid. For information related to the disclosures of fair value of the debt securities in issue, see Note 30 Fair value of assets and liabilities. The following is a schedule of the debt instruments in issue by maturity: ​ ​ ​ ​ ​ Issuer ​ December 31, 2021 ​ December 31, 2020 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 5,697,371 ​ 1,514,548 More than twelve months after the reporting period ​ 15,396,493 ​ 17,612,045 Total ​ 21,093,864 ​ 19,126,593 ​ As of December 31, 2021 and 2020, there were no financial covenants linked to the aforementioned securities in issue, except for some financial covenants related to the Banistmo´s social gender private placement bond. None of these covenants had been breached nor were the related obligations past due.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 19. EMPLOYEE BENEFIT PLANS The following table shows liabilities relating to post-employment benefit and long-term benefit plans: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Post-employment and long-term benefit plans ​ 2021 ​ 2020 In millions of COP 19.1 Defined benefit pension plan ​ 168,816 ​ 163,204 19.2 Severance obligation ​ 18,429 ​ 22,228 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium ​ 219,496 ​ 202,580 19.4 Other long term benefits ​ 465,744 ​ 465,046 Total Post-employment and long-term benefit plans ​ 872,485 ​ 853,058 Fair value Plan assets ​ 34,248 ​ 29,113 Total Unfunded Post-employment and long-term benefit plans ​ 838,237 ​ 823,945 ​ These benefits include all types of payments that the Bank provides to its employees. The recognition of liabilities related to post-employment and long-term employee benefit plans is based on actuarial computations which involve judgments and assumptions made by management (with the assistance of external actuaries) related to the future macroeconomic and employee demographic factors, among others, which will not necessarily coincide with the future outcome of such factors. As of December 31, 2019, the amount recognized through profit or loss, due to benefit employee plans’ current service cost and interest cost, was COP 135,415; on the other hand, COP 45,340 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. ​ Post-employment benefits 19.1 Defined benefit pension plan Colombia Under Colombian law, employee pension obligations are managed as a defined contribution plan since 1990. The Bank’s legal retirement benefit obligation as of December 31, 2020 and 2019 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 31, 2021, 555 participants were covered by this plan, and as of December 31, 2020, 603 participants. For purposes of the projected assessment of the pension plan obligation, in the absence of an extensive market for high-quality corporate debt, the sovereign bond curve of the Colombian government is used, with maturity similar to the residual life of the obligation of the projected benefit. The net cost of pensions is accounted for in the statement of income as “salaries and employee benefits”, and includes the interest costs and cost of current service. ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 127,132 ​ 129,028 Interest cost ​ 7,011 ​ 7,244 Benefits paid ​ (11,545) ​ (12,009) Net actuarial (gain) / loss due to changes in demographic assumptions ​ (7,459) ​ 23 Net actuarial loss due to plan experience ​ (5,121) ​ 2,846 Defined obligation, unfunded as of December 31 ​ 110,018 ​ 127,132 ​ Panama The Chase Manhattan Bank Corporation, N.A. (formerly “HSBC Bank Panama”, later merged with Banistmo S.A. in 2000) offered a defined benefit pension plan based on the average salaries paid during the 120 most recent months prior to the employee's retirement date and the years of employment service. The right to this plan was obtained after 10 years of service with the organization. This individual plan covered a certain group of employees who were hired by Chase Manhattan Bank Corporation, N.A. and it was not extended to employees of HSBC Bank Panama, now Banistmo, S.A. As of December 31, 2021, and 2020, there were 47 participants (17 participants with deferred benefits and 30 participants receiving benefits), and 50 participants (20 participants with deferred benefits and 30 participants receiving benefits), respectively. ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 5,920 ​ 5,371 Interest cost ​ 150 ​ 164 Actuarial (gain) / loss – experience ​ (825) ​ 372 Actuarial loss - financial assumptions ​ 266 ​ 353 Benefits paid from plan assets ​ (383) ​ (572) Foreign currency translation effect ​ 897 ​ 232 Defined obligation, funded as of December 31 ​ 6,025 ​ 5,920 ​ 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 wage ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 30,152 ​ 28,753 Current cost of service ​ 1,664 ​ 1,165 Interest cost ​ 2,253 ​ 2,597 Benefits paid ​ (1,347) ​ (1,251) Actuarial loss / (gain) - financial assumptions ​ 13,840 ​ (2,052) Foreign currency translation effect ​ 6,211 ​ 940 Defined obligation, funded as of December 31 ​ 52,773 ​ 30,152 ​ 19.2 Severance obligation Colombia Under Colombian labor regulations, employees hired before 1990 are entitled to receive severance in an amount equal to 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 2021 and 2020, 204 and 287 participants, respectively, were covered by this plan. The balances recognized in the statement of financial position are listed below: ​ ​ ​ ​ ​ ​ Defined benefit severance obligation plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 22,228 ​ 26,547 Current cost of service ​ 531 ​ 716 Interest cost ​ 1,149 ​ 1,490 Benefits paid ​ (6,678) ​ (6,214) Net actuarial loss (gain) due to assumption changes and plan experience ​ 1,199 ​ (311) Defined obligation, unfunded as of December 31 ​ 18,429 ​ 22,228 Current severance regimen (1) ​ 95,331 ​ 87,022 Total ​ 113,760 ​ 109,250 (1) Corresponds to the amounts pending to transfer to private funds. See Note 20 Other liabilities 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium Colombia Under Colombian labor regulations, employers and employees are entitled to negotiate private agreements. The Bank’s employees and its subsidiaries Valores Bancolombia, Banca de Inversión Bancolombia and Fiduciaria Bancolombia participate in a defined benefit plan according to which they are entitled to receive, on the date of their retirement, a single payment. 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, 2021, and 2020, there were 2,738 and 2,819 participants respectively, covered by the plan. Banagrícola S.A established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date, death or disability based on the number of years of service to the organization. As of December 31, 2021, there was 1 participant covered by the plan. Guatemala Grupo Agromercantil Holding has established a defined benefit plan for its employees. Under this plan, the employees are entitled to receive a one-off payment based on the number of years of service to the organization in the event of waiver before retirement. As of December 31, 2021, and 2020, there were 3,263 and 3,017 participants respectively, covered by the plan. Panama Banistmo S.A established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date, death or disability based on the number of years of service to the organization. As of December 31, 2021, there was 1 participant covered by the plan. The annual change of the present value of the obligations of defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ Retirement Pension Premium Plan and Senior Management Pension Plan Premium ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 202,580 ​ 198,260 Current service cost ​ 18,669 ​ 16,626 Interest cost ​ 11,686 ​ 11,770 Benefits paid ​ (19,788) ​ (23,226) Past service cost (1) ​ 3,326 ​ 381 Others changes ​ (1,900) ​ - Net actuarial (gain) due to assumption changes and plan experience ​ (7,214) ​ (3,745) Foreign currency translation effect (2) ​ 12,137 ​ 2,514 Defined obligation, unfunded as of December 31 ​ 219,496 ​ 202,580 (1) Corresponds to the updating of the percentage of the tax factor used to calculate the total benefit. (2) Corresponds to Grupo Agromercantil Holding S.A. given higher devaluation between COP to USD currencies 19.4 Other long term benefits In addition to legal benefits and the aforementioned post-employment benefits, the Bank grants to its employees other benefits based on the employees’ seniority. For the periods ended December 31, 2021 and December 31, 2020, the reconciliation of the other long term benefits is set below: ​ ​ ​ ​ ​ Other long term benefits ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 465,046 ​ 416,969 Current service cost ​ 47,339 ​ 40,637 Interest cost ​ 27,490 ​ 24,021 First time application effect of IAS 19 to new defined benefit obligation of Banco Agromercantil Holding S.A. at Decembre 31, 2020 (1) ​ - ​ 20,723 Benefits paid ​ (45,086) ​ (37,049) Net actuarial (gain) due to assumption changes and plan experience (2) ​ (34,463) ​ (654) Foreign currency translation effect ​ 5,418 ​ 399 Defined obligation, unfunded as of December 31 ​ 465,744 ​ 465,046 (1) In 2020, Grupo Agromercantil Holding S.A. decided to recognize a new employee benefit plan for its employees based on the continuous and uninterrupted years of service in the organization. (2) Mainly due to changes in the discount rate and the inflation rate used in actuarial valuations of 2021 against 2020. ​ 19.5 Plan Assets Bancolombia The Bank established an asset plan to secure the benefits promised in the Senior Management Pension Plan Premium. The assets plan is managed by a Private Pension Fund. The plan's investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3. The plan assets’ fair value as of December 31, 2021 and 2020 is as follow: ​ ​ ​ ​ ​ Bancolombia’s Plan assets ​ 2021 ​ 2020 In millions of COP Fair value of assets as of January 1 ​ 25,211 ​ 31,761 Employee contributions ​ 2,500 ​ - Interest income on plan assets ​ 1,538 ​ 1,918 Return on plan assets greater than discount rate ​ 872 ​ 629 Benefits paid ​ - ​ (9,097) Fair value assets at the end of the year ​ 30,121 ​ 25,211 ​ Banistmo The Bank, through its subsidiary Banistmo, has established a plan with assets to secure benefits promised by Banistmo to the employees entitled to participate in the Pension Plan under the terms described above and to comply with Panama labor code, which specifies the terms for securing the payments to be made in the event of an employee’s termination (voluntary or involuntary) or upon retirement (termination indemnity plan). Banistmo’s pension and post-retirement plan assets consider investments in fixed-term deposits and cash and due from banks, in order to reduce the investment risk. The plan assets are managed by a trustee (third party). Likewise, the assets allocation is periodically reviewed by Banistmo and, when necessary, adjusted according to the investment strategy. The plan's investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3. The expected return on assets assumption represents the long term rate of return based on analysis of historical returns, historical asset class volatilities and the fund’s past experience. The components of the periodic net cost of the plans previously mentioned and the total of charges (credits) recognized in the consolidated statement of income are as follows: The following table details the change in plan assets: ​ ​ ​ ​ ​ Banistmo’s Plan assets ​ 2021 ​ 2020 In millions of COP Fair value of assets as of January 1 ​ 3,902 ​ 4,220 Interest income on plan assets ​ 30 ​ 40 Return on plan assets less than discount rate ​ - ​ (25) Benefits paid ​ (405) ​ (572) Foreign currency translation effect ​ 600 ​ 239 Fair value of assets as of December 31 ​ 4,127 ​ 3,902 ​ Defined contribution plans ​ The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: ​ ​ ​ ​ ​ ​ Defined contribution plans ​ 2021 ​ 2020 In millions of COP Pension ​ 186,117 ​ 185,925 Current severance regimen ​ 64,075 ​ 60,376 Total ​ 250,192 ​ 246,301 ​ 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, 2021 ​ December 31, 2020 ​ Discount rate ​ 8.00 % 5.50 % Rate of wage increase ​ 7.20 % 5.75 % Projected inflation ​ 4.70 % 3.25 % Rate of pension increase ​ 4.70 % 3.25 % ​ Bancolombfia Panama ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 2.40 % 2.40 % Rate of wage increase ​ 2.00 % 2.00 % Projected inflation ​ 1.00 % 1.00 % ​ Banistmo ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 3.70 % 2.40 % Expected long-term rate of return on plan assets ​ 0.70 % (1.70) % Rate of wage increase ​ 2.00 % 1.00 % ​ El Salvador ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 2.50 % 2.30 % Rate of wage increase ​ 2.00 % 2.00 % Projected inflation ​ 1.00 % 1.00 % ​ Guatemala ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 6.10 % 8.20 % Rate of wage increase ​ 5.00 % 5.00 % Projected inflation ​ 4.00 % 4.00 % ​ In 2021, 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 2021 corresponds to the yield of sovereign bonds of each country where the plan is established, either Colombia, Panama, Guatemala and El Salvador, as applicable, since the market transactions of these countries involving corporate bonds of high quality have no high levels of activity. The assumption of the rate of inflation is based on the long term projection of the Central Bank of Colombia, Panama, Guatemala and El Salvador. The nature of the risks related to the obligations aforementioned are summarized below: Investment risk The present value of the obligation for the defined benefits plan is calculated using a discount rate determined with reference to high quality sovereign yields of each country. Currently, the plan includes investment in financial instruments that are not vulnerable to market risks Interest rate risks A reduction of the bond interest rates will increase the obligation of the plan Longevity risk The present value of the obligation of the defined benefit plan is calculated with reference to the highest estimate of the mortality of participants during their time of employment. An increase in the life expectancy of the participants will increase the plan obligation Salary risk The present value of the obligation of the benefit plan is calculated with reference to the future salaries of the participants. As such, an increase in the participants’ wages will increase the obligation of the plan ​ Estimated payment of future benefits The payments of benefits, which reflect future service rendered, are considered to be paid as follows: ​ ​ ​ ​ ​ ​ Years ​ Pension Benefits ​ Other benefits In millions of COP 2022 ​ 14,181 ​ 65,543 2023 ​ 14,213 ​ 75,429 2024 ​ 14,148 ​ 71,459 2025 ​ 14,016 ​ 71,908 2026 ​ 13,895 ​ 81,911 2027 a 2031 ​ 64,575 ​ 419,943 ​ Sensitivity analysis In presenting the sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method used to calculate the defined benefit obligation (DBO) recognized in the Statement of Financial Position. 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. There were no changes in the methods and assumptions used in preparing the sensitivity analyses from prior years. Colombia Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.50 % 0.50% increase ​ (3,657) Discount rate ​ 7.50 % 0.50% decrease ​ 3,904 Salary increases ​ 5.20 % 0.50% increase ​ 4,261 Salary decreases ​ 4.20 % 0.50% decrease ​ (4,019) Mortality Table ​ RV-08 ("Rentistas Validos") ​ One year increase in life expectancy ​ 4,972 ​ Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.25 % 0.50% increase ​ (5,228) Discount rate ​ 8.25 % 0.50% decrease ​ 5,729 Salary increases ​ 7.70 % 0.50% increase ​ 5,815 Salary decreases ​ 6.70 % 0.50% decrease ​ (5,349) ​ Severance obligation ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 7.50 % 0.50% increase ​ (341) Discount rate ​ 6.50 % 0.50% decrease ​ 353 Salary increases ​ 7.70 % 0.50% increase ​ 852 Salary decreases ​ 6.70 % 0.50% decrease ​ (832) ​ Senior Management Pension Plan Premium ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.25 % 0.50% increase ​ (882) Discount rate ​ 7.25 % 0.50% decrease ​ 921 Salary increases ​ 7.70 % 0.50% increase ​ 1,105 Salary decreases ​ 6.70 % 0.50% decrease ​ 1,068 ​ Panama Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 4.20 % 0.50% increase ​ (254) Discount rate ​ 3.20 % 0.50% decrease ​ 274 Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 208 ​ Guatemala Pension Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.60 % 0.50% increase ​ (5,156) Discount rate ​ 5.60 % 0.50% decrease ​ 5,984 Salary increases ​ 5.50 % 0.50% increase ​ 3,813 Salary decreases ​ 4.50 % 0.50% decrease ​ (3,415) Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 1,755 ​ ​ Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 5.90 % 0.50% increase ​ (1,666) Discount rate ​ 4.90 % 0.50% decrease ​ 1,764 Salary increases ​ 5.50 % 0.50% increase ​ 1,763 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,680) ​ El Salvador Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 3.10 % 0.50% increase ​ (1,195) Discount rate ​ 2.10 % 0.50% decrease ​ 1,301 Salary increases ​ 2.50 % 0.50% increase ​ 331 Salary decreases ​ 1.50 % 0.50% decrease ​ (373) ​ Other long term benefits Colombia ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.50 % 0.50% increase ​ (14,472) Discount rate ​ 7.50 % 0.50% decrease ​ 15,214 Salary increases ​ 7.70 % 0.50% increase ​ 15,237 Salary decreases ​ 6.70 % 0.50% decrease ​ (14,628) ​ Guatemala ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.10 % 0.50% increase ​ (1,119) Discount rate ​ 5.10 % 0.50% decrease ​ 1,207 Salary increases ​ 5.50 % 0.50% increase ​ 1,208 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,130) ​ El Salvador ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 3.00 % 0.50% increase ​ (236) Discount rate ​ 2.00 % 0.50% decrease ​ 253 ​ Bonuses and short-term benefits Short-term employment benefit plans recognized in the Consolidated Statement of Financial Position in the line “other liabilities” consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Other employment benefit plans ​ 2021 ​ 2020 In millions of COP Current severance obligation (1) ​ 95,331 ​ 87,022 Bonuses and short-term benefits (2) ​ 526,273 ​ 11,816 Other employment benefit plans ​ 621,604 ​ 98,838 (1) See 19.2 Severance obligation. (2) The increases between December 31, 2021 and 2020, corresponds to the reactivation of bonuses related to employees’ variable compensation. See Note 20 Other Liabilities.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2021
OTHER LIABILITIES
OTHER LIABILITIES	NOTE 20. OTHER LIABILITIES Other liabilities consist of the following: ​ ​ ​ ​ ​ ​ Other liabilities ​ December 31, 2021 ​ December 31, 2020 In millions of COP Payables ​ 2,491,055 ​ 1,967,492 Suppliers ​ 1,435,569 ​ 1,119,734 Advances ​ 799,819 ​ 779,681 Collection services (1) ​ 716,031 ​ 316,749 Bonuses and short-term benefits (2) ​ 526,273 ​ 11,816 Deposits delivered as security (3) ​ 376,447 ​ 570,097 Salaries and other labor obligations (4) ​ 352,198 ​ 311,627 Security contributions ​ 340,322 ​ 318,179 Provisions (5) ​ 288,017 ​ 346,597 Advances in leasing operations and loans ​ 169,153 ​ 123,932 Dividends (6) ​ 78,304 ​ 299,495 Deferred interests ​ 77,115 ​ 24,929 Liabilities from contracts with customers (7) ​ 55,025 ​ 64,071 Other ​ 57,396 ​ 110,313 Total ​ 7,762,724 ​ 6,364,712 (1) In 2020 there is a decrease for a lower transaction volume, related to the COVID-19 pandemic. (2) For further information, see Note 19 Employee benefit plans (Bonuses and short-term benefits). (3) See Note 5.2 Derivative financial instruments. (4) For more information related to other employee benefits, see Note 19 Employee benefits. (5) See Note 21 Provisions and contingent liabilities. (6) The increase is due to the last installment payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2021 and 2020, respectively. (7) See Note 25.3 Fees and commissions.

PROVISIONS AND CONTINGENT LIABI

PROVISIONS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
PROVISIONS AND CONTINGENT LIABILITIES
PROVISIONS AND CONTINGENT LIABILITIES	NOTE 21. PROVISIONS AND CONTINGENT LIABILITIES 21.1. Provisions The following tables show the detail of the provisions: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings ​ guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2021 ​ 35,640 ​ 2,399 ​ 23,035 ​ 285,198 ​ 325 ​ 346,597 Additions recognized in the year ​ 8,766 ​ 13,625 ​ 8,219 ​ - ​ 938 ​ 31,548 Provisions used during the period ​ (5,587) ​ (500) ​ - ​ - ​ - ​ (6,087) Provisions reversed during the period ​ (4,513) ​ (184) ​ (243) ​ (92,567) ​ (167) ​ (97,674) Foreign currency translation adjustment ​ 158 ​ - ​ 100 ​ 12,024 ​ - ​ 12,282 Effect of discounted cash flows ​ 1,351 ​ - ​ - ​ - ​ - ​ 1,351 Final balance at December 31, 2021 ​ 35,815 ​ 15,340 ​ 31,111 ​ 204,655 ​ 1096 ​ 288,017 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in the reversal of the provision in Bancolombia, Banistmo, GAH and Banco Agrícola due to lower risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings ​ guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2020 ​ 35,752 ​ 6,607 ​ 16,945 ​ 131,386 ​ - ​ 190,690 Additions recognized in the year ​ 9,063 ​ 1,259 ​ 6,190 ​ 224,603 ​ 325 ​ 241,440 Provisions used during the period ​ (4,673) ​ (3,059) ​ - ​ - ​ - ​ (7,732) Provisions reversed during the period ​ (5,196) ​ (2,408) ​ (50) ​ (71,497) ​ - ​ (79,151) Foreign currency translation adjustment ​ 382 ​ - ​ (50) ​ 706 ​ - ​ 1,038 Effect of discounted cash flows ​ 312 ​ - ​ - ​ - ​ - ​ 312 Final balance at December 31, 2020 ​ 35,640 ​ 2,399 ​ 23,035 ​ 285,198 ​ 325 ​ 346,597 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in Bancolombia, Banistmo, GAH and Banco Agrícola due to increased risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​ The following explains the significant changes in the provisions of financial guarantees and loan commitments during period at December 31, 2021 and 2020 with the expected credit loss model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ TOTAL Balance at January 1, 2021 ​ 192,597 ​ 75,135 ​ 40,501 ​ 308,233 Transfers ​ (77,194) ​ 3,221 ​ 42,737 ​ (31,236) Transfer to stage 1 ​ (45,706) ​ (65,020) ​ (15,063) ​ (125,789) Transfer to stage 2 ​ (23,860) ​ 87,990 ​ (16,801) ​ 47,329 Transfer to stage 3 ​ (7,628) ​ (19,749) ​ 74,601 ​ 47,224 Provisions used during the period ​ 241,953 ​ 32,694 ​ 59,949 ​ 334,596 Provisions reversed during the period ​ (229,798) ​ (55,735) ​ (102,418) ​ (387,951) Translation adjustment ​ 7,615 ​ 4,462 ​ 47 ​ 12,124 Balance at December 31, 2021 ​ 135,173 ​ 59,777 ​ 40,816 ​ 235,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 ​ Stage2 ​ Stage3 ​ TOTAL Balance at January 1, 2020 ​ 119,865 ​ 28,433 ​ 33 ​ 148,331 Transfers ​ 30,893 ​ 54,918 ​ 295 ​ 86,106 Transfer to stage 1 ​ 75,694 ​ (44,821) ​ - ​ 30,873 Transfer to stage 2 ​ (34,778) ​ 115,398 ​ - ​ 80,620 Transfer to stage 3 ​ (10,023) ​ (15,659) ​ 295 ​ (25,387) Provisions used during the period ​ 95,212 ​ 9,283 ​ 40,192 ​ 144,687 Provisions reversed during the period ​ (54,823) ​ (16,724) ​ - ​ (71,547) Translation adjustment ​ 1,450 ​ (775) ​ (19) ​ 656 Balance at December 31, 2020 ​ 192,597 ​ 75,135 ​ 40,501 ​ 308,233 ​ Judicial proceedings 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 estimated to be made in connection with these proceedings will not generate significant losses in addition to the provisions recognized as of December 31, 2021 and 2020. In addition, the Bank does not expect to obtain any reimbursement from judicial proceedings raised against it and, therefore, has not recognized any assets for that purpose, see Note 21.2 Contingent liabilities. Loan commitments In order to meet the needs of its customers, the Bank issues loan commitments, letters of credit and bank guarantees. Loan commitments are those approved irrevocable loans, in which, despite having acquired a commitment to grant them, due to the contract or agreement or for any other reason they are still pending disbursement. See Note 2.D Significant Accounting Policies (7.5.2 Financial guarantee contracts and loan commitments). Financial guarantees The Bank issues bank guarantees on behalf of its customers. A bank guarantee represents an irrevocable commitment pursuant to which the Bank will cover, up to the maximum amount guaranteed,a breach of the client's contractual obligations to third parties for a certain period of time. These are commitments issued by the Bank to guarantee the performance of a customer to a third party and are mainly issued to guarantee agreements established between parties from the energy sector, hydrocarbons sector, private sector and public procurement contracts. The Bank expects most of those guarantees provided to expire before they are used. See Note 2.D Significant Accounting Policies (7.5.2 Financial guarantee contracts and loan commitments). 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 is responsible before the guarantee’s beneficiary in the following situations: ● Lack of energy supply due to a low availability from the generating company (the guaranteed entity). ● Non-compliance with the contract signed by the guaranteed entity. ● Non-compliance with the payment of energy supply. ● Non-compliance with the construction and operating of power plants. ● Non-compliance with the construction and operating of transmission lines. Guarantees for the hydrocarbons sector The Bank is responsible before the guarantee’s beneficiary in the following situations: ● Non-compliance with the contractual obligations in the Minimum Exploration Program. ● Non-compliance with the contractual obligations in the Additional Exploratory Program ● Non-compliance with the contractual obligations in the Post Exploratory Program. ● Non-compliance with the Technical Evaluation obligations. Guarantees for public procurement The Bank must pay a state entity up to the amount guaranteed for the breach by the contractor of the contractual or legal obligations agreed. Onerous contracts For the Bank, an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Commitment issued by the Bank to guarantee the performance of a customer from the private sector The Bank must pay the third party if there is any breach of what has been agreed upon or due to the economic insolvency of the client. As of December 31, 2021 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 620,120 Guarantees greater than 1 month and up to 3 months ​ 1,051,714 Guarantees greater than 3 months and up to 1 years (1) ​ 5,616,089 Guarantees greater than 1 year and up to 3 years (2) ​ 1,513,774 Guarantees greater than 3 years and up to 5 years ​ 84,273 Guarantees greater than 5 years ​ 150,494 Total ​ 9,036,464 (1) Mainly due to the change in duration for COP 2,505,284 and the opening of guarantees for COP 880,388 that expire in 2022, with the following economic sectors: Energy services and the private sector. (2) Mainly due to the change in duration for COP 3,056,310 and the opening of guarantees for COP 812,403 that expire in 2022, with the economic sector of financial services. ​ As of December 31, 2020 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 388,859 Guarantees greater than 1 month and up to 3 months ​ 616,879 Guarantees greater than 3 months and up to 1 year ​ 2,911,975 Guarantees greater than 1 year and up to 3 years (1) ​ 3,568,858 Guarantees greater than 3 years and up to 5 years ​ 42,788 Guarantees greater than 5 years ​ 144,157 Total ​ 7,673,516 (1) Mainly due to 4 new guarantees amounting to COP 2,909,063 , expiring in 2022 with in Telecommunications and financial sectors. ​ The total amount outstanding is the maximum potential payments which represent a “worse-case scenario”, and does not reflect expected results. The table below shows the maximum exposure to credit risk and provision based on the bank´s internal credit rating system, 12 month Basel PD range and year-end stage classification. As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standard ​ PD range ​ Stage 1 ​ Stage 2 ​ Stage 3 Total ​ Total ​ ​ ​ ​ Exposure ​ Provision ​ Exposure ​ Provision ​ Exposure ​ Provision Exposure ​ Provision In millions of COP Normal risk ​ 0% - 3.11% ​ 8,638,607 ​ 15 ​ 31,477 ​ 2 ​ - ​ - 8,670,084 ​ 17 Acceptable risk ​ > 3.11% - 11.15% ​ 189,644 ​ 18 ​ 30,634 ​ 1 ​ - ​ - 220,278 ​ 19 Appreciable risk ​ > 11.15% - 72.75% ​ 434 ​ - ​ - ​ - ​ - ​ - 434 ​ - Significant risk ​ > 72.75% - 89.89% ​ - ​ - ​ - ​ - ​ 140,520 ​ 30,748 140,520 ​ 30,748 Bad risk ​ > 89.89% - 100% ​ - ​ - ​ 4,206 ​ 11 ​ 942 ​ 316 5,148 ​ 327 Total ​ ​ ​ 8,828,685 ​ 33 ​ 66,317 ​ 14 ​ 141,462 ​ 31,064 9,036,464 ​ 31,111 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standard ​ PD range ​ Stage 1 ​ Stage 2 ​ Stage 3 Total ​ Total ​ ​ ​ ​ Exposure ​ Provision ​ Exposure ​ Provision ​ Exposure ​ Provision Exposure ​ Provision In millions of COP Normal risk ​ 0% - 3.11% ​ 6,693,881 ​ 30 ​ 25,056 ​ - ​ - ​ - 6,718,937 ​ 30 Acceptable risk ​ > 3.11% - 11.15% ​ 637,593 ​ 211 ​ 16,118 ​ 8 ​ - ​ - 653,711 ​ 219 Appreciable risk ​ > 11.15% - 72.75% ​ 187,633 ​ 264 ​ 88,103 ​ 100 ​ - ​ - 275,736 ​ 364 Significant risk ​ > 72.75% - 89.89% ​ - ​ - ​ - ​ - ​ - ​ - - ​ - Bad risk ​ > 89.89% - 100% ​ - ​ - ​ - ​ - ​ 25,132 ​ 22,422 25,132 ​ 22,422 Total ​ ​ ​ 7,519,107 ​ 505 ​ 129,277 ​ 108 ​ 25,132 ​ 22,422 7,673,516 ​ 23,035 ​ 21.2. Contingent liabilities Contingencies with an individual claimed amount against the Bank higher than USD 5,000, with significant importance to the financial statements as of December 31, 2021 are presented below: BANCOLOMBIA Constitutional Public Interest Action (“Acción Popular”) of Carlos Julio Aguilar, et al. This constitutional public interest action (“Acción Popular”) was filed by the plaintiff arguing that the restructuring of the Departamento del Valle’s financial obligations and the performance plan executed, allegedly violates the collective rights of the public administration’s morality and of the public funds of the Departamento del Valle. This action was on hold due to its merger with the constitutional public interest action filed by Carlos Aponte against various financial institutions. As of December 31, 2020, such proceeding is in the evidentiary stage, specifically in the practice of the expert opinion and no provisions have been made. Fiscal Responsibility Lawsuit (“Proceso de responsabilidad fiscal”) between Contraloría Departamental de Cundinamarca vs. GEHS, Bancolombia, et al. The Wastewater Treatments Plant Chía I Delicias Sur of the Municipality of Chía’s development was represented by a leasing agreement entered on September 28, 2015 by and between the Municipality of Chia (tenant) and Bancolombia S.A., valued at USD 5,846. The object of such agreement was the financing of the project, optimization, design and construction of the wastewater treatment plant PTAR Chía I Delicias Sur; as of December 31, 2018, the agreement was in the advances stage (with payment of interest on the disbursements made to the supplier), which refers to the contractual stage in which the proceeds are delivered for the execution of the project in advance of the final payment. The current Mayor of the Municipality of Chía has conveyed anomalies he has found in the execution of the aforementioned project and, as a consequence of the aforementioned anomalies, the Contraloría de Cundinamarca initiated a fiscal responsibility lawsuit for an alleged patrimonial detriment in public funds of the amount of USD 5,846 against GEHS Global Environment and Health Solutions of Colombia (provider), Guillermo Varela Romero, Rafael Antonio Ballesteros Gómez, Luis Alejandro Prieto González and Bancolombia S.A. As of December 31, 2021, the fiscal responsibility lawsuit is pending for the appeal against the decision of the judge that denied the nullity of a judge resolution. The pleadings stage has not started yet. The process has a provision of USD 1,145 . BANISTMO Ordinary claim filed by Menelao Mora and Said Diaz: ​ The plaintiffs seek payment of the costs of the material and moral damages resulting from a criminal proceeding filed by Banistmo (28-10-2004) against them for alleged criminal acts that caused damage to the Bank because of the unauthorized use of credit lines to enterprises for which they acted as legal representatives. The plaintiffs seek damages in the amount of USD 20,000. In initial judgment, Bank was ordered to repair the material damages, product of the criminal process against the plaintiffs, as well as to pay the sum of USD 2,300 to each of the plaintiffs for moral damages. The Bank filed an appeal against the initial judgement, alleging errors made in the consideration of the evidence and legal grounds on which the decision was based. The external counsel has labeled this contingency as probable. Ordinary Claim filed by Deniss Rafael Pérez Perozo, Carlos Pérez Leal et al. ​ Promotora Terramar (a HSBC client) received USD 299 in payments through Visa Gift Cards issued by U.S Bank, as partial payment for two apartments in Panama City. ​ The Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity promoted by Promotora Terramar on June 3rd, 2008, when a deposit monitoring alert was activated due to the high number of cards with the same BIN and Bank. Therefore, pursuant to the Business Establishments Affiliate Agreement, HSBC held USD 287 from Promotora Terramar´s accounts; nevertheless, after further investigations the money was refunded. ​ The plaintiffs filed on October 2013 a claim for compensation of the material and moral damages caused, which according to their valuation amounts to USD 5,252,435. Although Banistmo was notified on November 26, 2014, as of December 31, 2021, the process is suspended and pending the initiation of the evidentiary stage. The external counsel has labeled this contingency as remote. Constructora Tymsa Lawsuit was initiated after supposed fraudulent acts on a sale of a property owned by the plaintiff. Plaintiff asked to rescind the public documents effecting the transfer of the property, in which Limipa was the buyer. Limipa then took a credit from Banistmo and guaranteed its contractual obligation with an administration and guarantee trust, which was administrated by Banistmo Investments. Tymsa claims that the signature and fingerprint were forged. Plaintiff’s claims are in an amount up to USD 10,000 plus interests and other expenses. Banistmo and Banistmo Investments have contested their responsibility or guilty conduct related to the transfere of the property. Bank’s counselors have qualified this contingency as eventual. As of December 31, the process is in notification stages. BANCO AGRÍCOLA Authority on Taxes ​ The authority on taxes of El Salvador, in accordance with the resolution of October 2018, determined that Banco Agrícola failed to pay and declare income taxes related to fiscal year 2014 for a total of USD 11,116 and related penalties. In 2021, there was a decision on an appeal from the Bank. According to resolution of the appeal, the initial resolution from the authority on taxes was modified, adjusting the tax on income to the amount of USD 6,341 and repealing the penalties aware. The Bank intends to bring the case to the Administrative Judges to have nullified the initial decisions. According to external counselors, this contingency is qualified as remote. As of December 31, 2021, the Bank has not recorden provisions for this matter. ARRENDADORA FINANCIERA S.A. ARFINSA SUBSIDIARY OF BANCO AGRÍCOLA Corporación de Alimentos S.A. de CV- Cordal The plaintiffs filed a claim for alleged damages derived from funds wrongfully delivered to third parties that were not entitled to receive said funds. Arfinsa claims that these funds were not under its responsibility as assignee or administrator. The claim seeks USD 6,454 . As of December 31, 2021, the process is in the evidentiary stage, specifically in the discovery of accounting records. The external counsel has labeled this contingency as remote. BANCO AGROMERCANTIL Superintendence of Tax Administration ​ The Superintendence of Tax Administration of Guatemala (SAT) made a tax adjustment on the Income Tax return duly paid by BAM for 2014 fiscal year for a value of USD 13.617 6.808 6.808 ​ This trial is pending the first decision, as of December 31, 2021. There are no provisions recorded for this lawsuit. ​ Delicarnes, Sociedad Anónima ​ Delicarnes, Sociedad Anónima, acquired a mortgage loan from BAM and failed to pay its obligation on the agreed date, so BAM filed a collection lawsuit against it. Delicarnes, in addition to opposing the collection lawsuit, filed against BAM an ordinary claim for damages caused, on the basis that Delicarnes believes it did not breach the contract and therefore, should not have been sued. ​ In 2021, the court ruled in favor of BAM, in the first instance. The judgement was appealed by the counterparty. As of December 31, 2021, the lawsuit was in appeal stage. There are no provisions recorded for this matter. Dany Ward Mcnab Valladares ​ Lawsuit concluded on April 2021 due to withdrawal by the plaintiffs, after an extrajudicial agreement with BAM.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
SHARE CAPITAL	NOTE 22. SHARE CAPITAL The subscribed and paid-in capital is the following: ​ ​ ​ ​ ​ ​ Share capital ​ December 31, 2021 ​ December 31, 2020 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 subscribed and paid-in shares ​ 961,827,000 ​ 961,827,000 Subscribed and paid capital (nominal value, in millions of COP) ​ 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 general 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% of its annual net income or 70% 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 at least 78% 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 annual general ordinary stockholders' meeting in which the dividend was declared. The payment of dividends must be made in cash during the year following the applicable date for the annual general ordinary stockholders' meeting. If the payment is made in the Bank’s own equity securities instead of cash, that must be approved by 80% of the outstanding common shareholders and 80% of the outstanding preferred shares. The annual net profits of Bancolombia must be applied as follows: (i) first, an amount equal to 10% of Bancolombia’s net profits to a legal reserve until such reserve is equal to at least 50% 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 general ordinary stockholders' meeting by the vote of the holders of a majority of the shares entitled to vote. ​ The Board of Directors of Bancolombia S.A., considering the current capital levels and the results of operations and business of the Bancolombia Group in 2021, and recommended to management to review the dividend policy to increase the percentage of profit distribution to be proposed to shareholders at the next ordinary general shareholders' meeting ​ ​ ​ ​ Dividends declared with respect to ​ Cash dividends per share net income earned in: ​ (Stated in COP) 2021 ​ 3,120 2020 ​ 260 2019 ​ 1,638 2018 ​ 1,092 2017 ​ 1,020 ​ Common shares The holders of common shares are entitled to vote on any matter subject to approval at an annual general ordinary stockholders' meeting. Within 15 calendar days prior to such meeting, such holders are entitled to inspect the books and records of the Company. ​ Also, the holders of common shares will receive a proportion of the profits subject to the provisions of law, statutes and established at general shareholders’ meeting. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares. ​ Preferred shares Holders of preferred shares are entitled to receive dividends based on the net 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 non-cumulative minimum preferred dividend equal to one percent (1%) 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. 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 dividend in shares requires the approval of 80% or more of the shares present at a shareholders’ meeting, which will include 80% or more of the outstanding preferred shares. In the event of absence of such holders of preferred shares, a stock dividend only has can be payable to the holders of common shares that aprove this payment. Reserved Shares Stocks that are available between maximum authorized shares and paid-in shares. The Bank has not reserved shares.

APPROPRIATED RESERVES

APPROPRIATED RESERVES	12 Months Ended
	Dec. 31, 2021
APPROPRIATED RESERVES
APPROPRIATED RESERVES	NOTE 23. APPROPRIATED RESERVES As of December 31, 2021 and 2020, the appropriated retained earnings consist of the following: ​ ​ ​ ​ ​ ​ Concept ​ December 31, 2021 ​ December 31, 2020 In millions of COP Appropriation of net income (1)(2) ​ 13,628,995 ​ 13,406,195 Others ​ 1,032,012 ​ 424,409 Total Appropiated reserves ​ 14,661,007 ​ 13,830,604 (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) Includes no claimed dividends reclassification by COP 4,441 pursuant to Article 85 of the Bank’s bylaws. ​ ​ ​ ​

UNCONSOLIDATED STRUCTURED ENTIT

UNCONSOLIDATED STRUCTURED ENTITIES	12 Months Ended
	Dec. 31, 2021
UNCONSOLIDATED STRUCTURED ENTITIES
UNCONSOLIDATED STRUCTURED ENTITIES	NOTE 24. UNCONSOLIDATED STRUCTURED ENTITIES Nature and risks associated with the Bank’s interests in unconsolidated structured entities The term "unconsolidated structured entities" refers to all structured entities that are not controlled by the Bank. The Bank manages transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities. The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 1,661,019 ​ 167,129,575 ​ 168,790,594 The Bank’s interest-assets ​ ​ ​ ​ ​ ​ Investments at fair value through profit or loss ​ 110,026 ​ - ​ 110,026 Investments at fair value through other comprehensive income ​ 42,864 ​ - ​ 42,864 Loans and advances to customers ​ - ​ 5,851,195 ​ 5,851,195 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 152,890 ​ 5,851,195 ​ 6,004,085 The Bank’s maximum exposure ​ 152,890 ​ 5,851,195 ​ 6,004,085 Fees income ​ 6,936 ​ 471,765 ​ 478,701 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 2,405,326 ​ 162,021,763 ​ 164,427,089 The Bank’s interest-assets ​ ​ ​ ​ ​ - Investments at fair value through profit or loss ​ 154,397 ​ - ​ 154,397 Investments at fair value through other comprehensive income ​ 142,400 ​ - ​ 142,400 Loans and advances to customers ​ - ​ 4,211,304 ​ 4,211,304 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 296,797 ​ 4,211,304 ​ 4,508,101 The Bank’s maximum exposure ​ 296,797 ​ 4,211,304 ​ 4,508,101 Fees income ​ 8,756 ​ 464,805 ​ 473,561 ​ 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 retains beneficial interests in the form of servicing fees on the securitized mortgages. Revenues generated by the Bank´s asset management, are derived from the following type of business lines: related trusts, mutual funds sold to individuals, corporate trusts, escrow accounts, private equity funds, and delegated tailor-made mandates from third parties. Generally, the revenues correspond to the fees received from the management of resources that are invested in several instruments and management of properties and premises related to real estate projects in progress. Likewise, the Bank receives fees for management assets pledged as collateral for clients’ commitments and obligations, and fees from management of resources of government agencies and entities. On the other hand, there is not an additional exposure to loss, such as funding commitments with regards to the Bank’s involvement with those entities.

OPERATING INCOME

OPERATING INCOME	12 Months Ended
	Dec. 31, 2021
OPERATING INCOME
OPERATING INCOME	NOTE 25. OPERATING INCOME 25.1. Interest and valuation on financial instruments The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 In millions of COP Interest on debt instruments using the effective interest method ​ 311,488 ​ 308,453 ​ 160,200 Interest and valuation on financial instruments ​ ​ ​ ​ ​ ​ Debt investments ​ 466,124 ​ 533,506 ​ 881,985 Derivatives ​ 33,637 ​ (337,796) ​ (182,769) Spot transactions ​ 27,348 ​ 20,173 ​ 483 Repos ​ (56,555) ​ (1,025) ​ (175,259) Total valuation on financial instruments ​ 470,554 ​ 214,858 ​ 524,440 Total Interest and valuation on financial instruments ​ 782,042 ​ 523,311 ​ 684,640 ​ 25.2. Interest expenses The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 In millions of COP Deposits (1) ​ 2,814,505 ​ 4,084,192 ​ 4,164,798 Debt instruments in issue ​ 1,053,441 ​ 1,053,989 ​ 1,164,808 Borrowing costs (2) ​ 293,949 ​ 527,825 ​ 627,058 Lease liabilities (3) ​ 111,556 ​ 118,600 ​ 121,946 Preferred shares ​ 57,701 ​ 57,701 ​ 57,908 Borrowings from other financial institutions ​ 3,870 ​ 5,838 ​ 21,663 Other interest ​ 16,534 ​ 14,863 ​ 21,613 Total interest expenses ​ 4,351,556 ​ 5,863,008 ​ 6,179,794 (1) The decrease is mainly presented in Bancolombia S.A., due to intervention rate issued by Banco de la República decreased in 2020 until October 2021, which has an impact on the rates of deposits and local borrowing costs. (2) Lower expenses in 2021 due to the annual decrease in financial obligations by COP 2.7 billion; additionally, rates have decreased due to the effects of the global economic situation. Also, the amount in 2019 includes the expense recognized for borrowing costs of the subsidiaries sold for COP 1,224 . (3) For more information refer to Note 7.2 Lessee. Net interest income amounts to COP 11,304,222, COP 10,578,422 and COP 10,608,726 for the years ended December 31, 2021, 2020 and 2019, respectively, and includes interest on loan portfolio and financial leasing operations, interest on debt instruments measured by the effective interest method and interest expense. 25.3. Fees and commissions The Bank has elected to present the income from contracts with customers as an element in a line named “Fees and commissions income” in the consolidated statement of income separated from the other income sources. The information contained in this section about the fees and commission’s income presents information on the nature, amount, timing and uncertainty of the income from ordinary activities which arise from a contract with a customer under the regulatory framework of IFRS 15 Revenue from Ordinary activities from Contracts with Customers. In the following table, the description of the main activities through which the Bank generates revenue from contracts with customers is presented: Fees and Commissions Description Banking services Banking Services are related to commissions from the use of digital physical channels or once the customer makes a transaction. The performance obligation is fulfilled once the payment is delivered to its beneficiary and the proof of receipt of the payment is sent, in that moment, the collection of the commission charged to the customer is generated, which is a fixed amount. The commitment is satisfied during the entire validity of the contract with the customer. The Bank acts as principal. Credit and debit card fees In debit card product contracts, it is identified that the price assigned to the services promised by the Bank to the customers is fixed. Given that no financing component exists, it is established on the basis of the national and international interbank rate. Additionally, the product charges to the customers commissions for handling fees, at a determined time and with a fixed rate. For Credit Cards, the commissions are the handling fees and depend on the card franchise. The commitment is satisfied in so far that the customer has capacity available on the card. Other revenue received by the (issuer) credit card product, is advance commission; this revenue is the charge generated each time the customer makes a national or international advance, at owned or non-owned ATMs, or through a physical branch. The exchange bank fee is a revenue for the Issuing Bank of the credit card for the services provided to the business for the transaction effected at the point of sale. The commission is accrued and collected immediately at the establishment and has a fixed amount. In the credit cards product there is a customer loyalty program, in which points are awarded for each transaction made by the customer in a retail establishment. The program is administrated by a third party who assumes the inventory and claims risks, for which it acts as agent. The Bank, recognized it as a lower value of the revenue from the exchange bank fee. The rights and obligations of each party in respect of the goods and services for transfer are clearly identified, the payment terms are explicit, and it is probable, that is, it takes into consideration the capacity of the customer and the intention of having to pay the consideration at termination to those entitled to change the transferred goods or services. The revenue is recognized at a point in time: the Bank satisfies the performance obligation when the “control” of the goods or services was transferred to the customers. Deposits Deposits are related to the services generated from the offices network of the Bank once a customer makes a transaction. The Bank generally commits to maintain active channels for the products that the customer has with the Bank, with the purpose of making payments and transfers, sending statements and making transactions in general. The commissions are deducted from the deposit account, and they are incurred at a point in time. The Bank acts as principal. Electronic services and ATMs Revenue received from electronic services and ATMs arises through the provision of services so that the customers may make required transactions, and which are enabled by the Bank. These include online and real-time payments by the customers of the Bank holding a checking or savings accounts, with a debit or credit card for the products and services that the customer offers. Each transaction has a single price, for a single service. The provision of collection services or other different services provided by the Bank, through electronic equipment, generates consideration chargeable to the customer established contractually by the Bank as a fee. The Bank acts as principal and the revenue is recognized at a point in time. Brokerage Brokerage is a group of services for the negotiation and administration of operations for purchasing fixed revenue securities, equities and operations with derivatives in its own name, but on the account of others. The performance obligations are fulfilled at a point in time when the commission agent in making its best effort can execute the business entrusted by the customer in the best conditions. The performance obligations are considered satisfied once the service stipulated in the contract is fulfilled, as consideration fixed, or variable payments are agreed, depending on the service. The Bank acts generally as principle and in some special cases as agent. Remittance Revenue for remittance is received as consideration for the commitment established by the Bank to pay remittances sent by the remitting companies to the beneficiaries of the same. The commitment is satisfied at a point in time to the extent that the remittance is paid to the beneficiary. The price is fixed, but may vary in accordance to the transferred amount, due to the operation being dependent on the volume of operations generated and the transaction type. There is no component of financing, nor the right to receive consideration dependent on the occurrence or not of a future event. Acceptances, Guarantees and Standby Letters of Credit Banking Service from acceptances, guarantees and standby letters of credit which are not part of the portfolio of the Bank. There exist different performance obligations; the satisfaction of performance obligations occurs when the service is given to the customer. The consideration in these types of contracts may include fixed amounts, variable amounts, or both, and the Bank acts as principal. The revenue is recognized at a point in time. Trust Revenue related to Trust are received from the administration of the customer resources in the business of investment trusts, property trusts, management trusts, guarantee trusts, for the resources of the general social security system, Collective portfolios and Private Equity Funds (PEF). The commitments are established in contracts independently and in an explicit manner, and the services provided by the Bank are not inter-related between the contracts. The performance obligation corresponds to performing the best management in terms of the services to be provided in relation to trust characteristics, thus fixed and variable prices are established depending on the complexity of the business, similarly, revenues are recognized throughout or at a determined time. In all the established businesses it acts as principal. Placement of Securities Valores Bancolombia makes available its commercial strength for the deposit, reinvestment of resources through financial instruments to the issuing company. It receives a payment for deposits made. The commitment of the contract is satisfied to the extent that the resources requested by the issuer are obtained through the distribution desks of Valores Bancolombia. The collection is made monthly. It is established that Valores Bancolombia may undertake collection of these commissions at the end of the month through a collection account charged to the issuer, acting as principal. Bancassurance The bank receives a commission for collecting insurance premiums at a given time and for allowing the use of its network to sell insurance from different insurance companies over time. The Bank in these bancassurance contracts acts as agent (intermediary between the customer and the insurance company), since it is the insurance company which assumes the risks, and which handles the complaints and claims of the customers inherent in each insurance. Therefore, the insurance company acts as principal before the customer. The prices agreed in bancassurance are defined as a percentage on the value of the policy premiums. The payment shall be tied to the premiums collected, sold or taken for the case of employees’ insurance. The aforementioned then means that the price is variable, since, the revenue will depend on the quantity of policies or calculations made by the insurance companies. Collections The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect. Services These are the maintenance services performed on the fleet owned by the customers, these services are performed on demand, and the value of the service cost is invoiced plus an intermediation margin. The collection is made by the amount of expense invoiced by the provider plus an intermediation percentage, which ranges between 0% and 4% depending on the customer. The contract is written, is based on a framework contract which is held between the customers which contains the general terms of negotiation and the payment terms are generally 30 days after generating the invoice. The revenue is recognized when the service is provided. There is no financing nor sanctions for early cancellations. In logistic operation services the contract is written, with a defined duration, and details the rights and obligations of the parties. In general terms, the Bank commits to provide to customers merchandise transport services, which includes the driver, fuel, maintenance, tolls and other elements required to carry out the routes requested by the customer. Once the trip is finished, the price is variable and is determined by the average cost per route, which is updated at the start of the year. At the end of the month an adjustment is made to this price, with the actual costs incurred in the operation, such as the fuel, tolls, handling, maintenance, administrative expenses, among others. To view the details of the balance, refer to line ‘Services’ in Note 25.4 Other operational Income. Gains on sale of assets These are the revenue from the sale of assets, where the sale value is higher than the book value recorded in the accounts, the difference representing the gains. The recognition of the revenue is at a point in time once the sale is realized. The Bank acts as principal in this type of transaction and the transaction price is determined by the market value of the asset being sold. To view the details of the balance, refer to line ‘Gain on sale of assets’ in Note 25.4 Other operational Income. Investment Banking Investment Banking offers to customer’s financial advisory services in the structuring of businesses in accordance with the needs of each one of them. The advisory services consist in realizing a financial structuring of a credit or bond in which the Investment Bank offers the elements so that the company decides the best option for structuring the instrument. In the financial advisory contract, a best efforts clause is included. The promises given to the customers are established in the contracts independently and explicitly. The services provided by the Invesment Bank are not interrelated between the contracts, correspond to the independent advice agreed and do not include additional services in the commission agreed with the customer. The advisory services offered in each one of the contracts are identifiable separately from the other performance commitments that the Investment Bank may have with the customers. The Investment Bank does not have a standard contract for the provision of advisory services, given than each contract is tailored to the customer’s needs. The transaction price is defined at the start of the contract and is assigned to each service provided independently. The price contains a fixed and a variable portion which is provided in the contracts. The variation depends on the placement amount for the case of a financial structuring contract and coordination of the issuance and conditions of the same. In these operations Banca de Inversion Bancolombia provides advice to the customers and the price shall depend at times on the success and amount of the operation. In the contracts subject to evaluation there are no incremental costs associated with the satisfaction of the commitments of the Bank with the customers provided for. In the contracts signed with the customers, a penalty clause is established in case of a customer withdrawing from continuing with the provision of the services established in the commercial offer. The penalty shall be recognized in the financial statements once the Investment Bank is notified on the withdrawal under the concept of charges for early termination of the contract. ​ The Bank presents the information on revenue from contracts with customers in accordance with its operating segments defined earlier in Note 3 Operating Segments for each of the principal services offered. The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Bank’ segments see Note 3 Operating segments: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ ​ Banking ​ ​ Banking El ​ ​ Banking ​ ​ ​ ​ ​ Investment ​ ​ ​ ​ ​ International ​ ​ All Other ​ ​ Total ​ ​ ​ Colombia ​ ​ Panama ​ ​ Salvador ​ ​ Guatemala ​ ​ Trust ​ ​ Banking ​ ​ Brokerage ​ ​ Banking ​ ​ Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ In millions of COP Fees and Commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking services ​ 414,870 ​ ​ 69,379 ​ ​ 118,532 ​ ​ 56,548 ​ ​ - ​ ​ - ​ ​ - ​ ​ 22,902 ​ ​ - ​ ​ 682,231 ​ Credit and debit card fees and commercial estabilshments ​ 1,830,128 ​ ​ 174,226 ​ ​ 168,273 ​ ​ 61,831 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,663 ​ ​ - ​ ​ 2,236,121 ​ Brokerage ​ - ​ ​ 12,661 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 14,193 ​ ​ - ​ ​ - ​ ​ 26,854 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 43,863 ​ ​ 16,125 ​ ​ 6,928 ​ ​ 3,716 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,917 ​ ​ - ​ ​ 72,549 ​ Trust ​ - ​ ​ 17,420 ​ ​ 6,567 ​ ​ 704 ​ ​ 347,838 ​ ​ - ​ ​ 90,548 ​ ​ 46 ​ ​ - ​ ​ 463,123 ​ Placement of securities and investment banking ​ - ​ ​ 1,998 ​ ​ 1,353 ​ ​ - ​ ​ - ​ ​ 79,521 ​ ​ 11,481 ​ ​ - ​ ​ - ​ ​ 94,353 ​ Bancassurance (1) ​ 636,632 ​ ​ 49,730 ​ ​ 129 ​ ​ - ​ ​ 40 ​ ​ 10 ​ ​ 51 ​ ​ - ​ ​ - ​ ​ 686,592 ​ Payment and collections ​ 723,297 ​ ​ 10,064 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 733,361 ​ Others ​ 192,682 ​ ​ - ​ ​ 57,942 ​ ​ 37,109 ​ ​ - ​ ​ - ​ ​ 1,009 ​ ​ 6,781 ​ ​ 3,097 ​ ​ 298,620 ​ Total revenue from contracts with customers (1) ​ 3,841,472 ​ ​ 351,603 ​ ​ 359,724 ​ ​ 159,908 ​ ​ 347,878 ​ ​ 79,531 ​ ​ 117,282 ​ ​ 33,309 ​ ​ 3,097 ​ ​ 5,293,804 ​ (1) Decrease in revenues due to the number of claims arising from the impact of the global COVID-19 pandemic. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ ​ Banking ​ ​ Banking El ​ ​ Banking ​ ​ ​ ​ ​ Investment ​ ​ ​ ​ ​ International ​ ​ All Other ​ ​ Total ​ ​ ​ Colombia ​ ​ Panama ​ ​ Salvador ​ ​ Guatemala ​ ​ Trust ​ ​ Banking ​ ​ Brokerage ​ ​ Banking ​ ​ Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ In millions of COP Fees and Commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking services ​ 329,281 ​ ​ 77,727 ​ ​ 105,821 ​ ​ 49,782 ​ ​ - ​ ​ - ​ ​ - ​ ​ 20,234 ​ ​ - ​ ​ 582,845 ​ Credit and debit card fees and commercial estabilshments ​ 1,484,085 ​ ​ 147,448 ​ ​ 126,857 ​ ​ 85,643 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,834 ​ ​ - ​ ​ 1,845,867 ​ Brokerage ​ - ​ ​ 10,047 ​ ​ - ​ ​ 9 ​ ​ - ​ ​ - ​ ​ 18,308 ​ ​ - ​ ​ - ​ ​ 28,364 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 38,864 ​ ​ 13,976 ​ ​ 5,112 ​ ​ 2,713 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,109 ​ ​ - ​ ​ 61,774 ​ Trust ​ 844 ​ ​ 18,089 ​ ​ 1,868 ​ ​ 788 ​ ​ 349,127 ​ ​ - ​ ​ 81,373 ​ ​ 46 ​ ​ 2,115 ​ ​ 454,250 ​ Placement of securities and investment banking ​ - ​ ​ 789 ​ ​ 1,723 ​ ​ - ​ ​ - ​ ​ 37,354 ​ ​ 12,170 ​ ​ - ​ ​ - ​ ​ 52,036 ​ Bancassurance ​ 685,783 ​ ​ 42,697 ​ ​ 139 ​ ​ - ​ ​ 8 ​ ​ 3 ​ ​ 12 ​ ​ - ​ ​ - ​ ​ 728,642 ​ Payment and collections ​ 595,222 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 595,222 ​ Others ​ 157,303 ​ ​ - ​ ​ 48,272 ​ ​ 37,333 ​ ​ 15 ​ ​ 90 ​ ​ 765 ​ ​ 5,673 ​ ​ (38) ​ ​ 249,413 ​ Total revenue from contracts with customers ​ 3,291,382 ​ ​ 310,773 ​ ​ 289,792 ​ ​ 176,268 ​ ​ 349,150 ​ ​ 37,447 ​ ​ 112,628 ​ ​ 28,896 ​ ​ 2,077 ​ ​ 4,598,413 ​ ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ ​ Banking ​ ​ Banking El ​ ​ Banking ​ ​ ​ ​ ​ Investment ​ ​ ​ ​ ​ International ​ ​ All Other ​ ​ Total ​ ​ ​ Colombia ​ ​ Panama ​ ​ Salvador ​ ​ Guatemala ​ ​ Trust ​ ​ Banking ​ ​ Brokerage ​ ​ Banking ​ ​ Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ In millions of COP Fees and Commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking services ​ 422,943 ​ ​ 77,976 ​ ​ 99,222 ​ ​ 52,627 ​ ​ - ​ ​ - ​ ​ - ​ ​ 15,683 ​ ​ - ​ ​ 668,451 ​ Credit and debit card fees and commercial estabilshments ​ 1,421,039 ​ ​ 200,372 ​ ​ 117,541 ​ ​ 78,764 ​ ​ - ​ ​ - ​ ​ - ​ ​ 4,230 ​ ​ - ​ ​ 1,821,946 ​ Brokerage ​ - ​ ​ 7,893 ​ ​ - ​ ​ 24 ​ ​ - ​ ​ - ​ ​ 18,617 ​ ​ - ​ ​ - ​ ​ 26,534 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 32,829 ​ ​ 14,369 ​ ​ 5,541 ​ ​ 2,440 ​ ​ - ​ ​ - ​ ​ - ​ ​ 844 ​ ​ - ​ ​ 56,023 ​ Trust ​ - ​ ​ 13,033 ​ ​ 1,713 ​ ​ 572 ​ ​ 349,402 ​ ​ - ​ ​ 80,534 ​ ​ 41 ​ ​ 509 ​ ​ 445,804 ​ Placement of securities and investment banking ​ - ​ ​ 391 ​ ​ 1,496 ​ ​ - ​ ​ - ​ ​ 30,142 ​ ​ 6,961 ​ ​ - ​ ​ - ​ ​ 38,990 ​ Bancassurance ​ 607,758 ​ ​ 35,014 ​ ​ 160 ​ ​ - ​ ​ 36 ​ ​ 7 ​ ​ 51 ​ ​ - ​ ​ - ​ ​ 643,026 ​ Payment and collections ​ 623,758 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 623,758 ​ Others ​ 161,420 ​ ​ 1,007 ​ ​ 42,636 ​ ​ 36,427 ​ ​ - ​ ​ 680 ​ ​ 7,201 ​ ​ 5,002 ​ ​ 79 ​ ​ 254,452 ​ Total revenue from contracts with customers ​ 3,269,747 ​ ​ 350,055 ​ ​ 268,309 ​ ​ 170,854 ​ ​ 349,438 ​ ​ 30,829 ​ ​ 113,364 ​ ​ 25,800 ​ ​ 588 ​ ​ 4,578,984 ​ ​ For the determination of the transaction price, the Bank assigns to each one of the services the amount which represents the value expected to be received as consideration for each independent commitment, which is based on the relative price of independent sale. The price that the Bank determines for each performance obligation is done by defining the cost of each service, related tax and associated risks to the operation and inherent to the transaction plus the margin expected to be received in each one of the services, taking as references the market prices and conditions, as well as the segmentation of the customer. In the transactions evaluated in the contracts, changes in the price of the transaction are not identified. Contract Assets The Bank receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When the Bank incurs costs for providing the service prior to the invoicing, and if these are directly related with a contract, they improve the resources of the entity and are expected to recuperate, these costs correspond to a contract asset. Currently, the Group does not have assets related to contracts with customers. As a practical expedient, the Bank recognizes the incremental costs of obtaining a contract as an expense when the amortization period of the asset is one year or less. Contract Liabilities The contract liabilities constitute the obligation of the Bank to transfer the services to a customer, for which the Group has received a payment on the part of the final customer or if the amount is due before the execution of the contract. They also include deferred income related to services that shall be delivered or provided in the future, which will be invoiced to the customer in advance, but which are still not due. The contract liabilities increased COP 9,046 in 2021. The changes in contract liabilities are due to performance circumscribed in the contract. The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Accounts receivable from contracts with customers (1) ​ 182,672 ​ 177,991 ​ 203,198 Liabilities from contracts with customers (2) ​ 55,025 ​ 64,071 ​ 60,791 (1) Allowances for receivables from customers are COP 16,537 , COP 36,061 and COP 9,769 for the year 2021, 2020 and 2019 respectively. The increase in 2021 for impairment, corresponds to the growth of accounts receivable for credit card fees, due to the additional extensions granted to customers, according to External Circulars 007, 009, 014 and 022 of 2020 of the SFC. (2) See Note 20 Other liabilities. Fees and Commissions Expenses ​ ​ ​ ​ ​ ​ ​ ​ Fees and Commissions Expenses ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Banking services ​ 798,729 ​ 587,531 ​ 585,593 Sales, collections and other services (1) ​ 619,715 ​ 558,038 ​ 423,630 Correspondent banking (2) ​ 307,308 ​ 213,850 ​ 176,326 Payments and collections ​ 26,897 ​ 20,034 ​ 44,990 Others ​ 108,034 ​ 182,132 ​ 322,700 Total expenses for commissions ​ 1,860,683 ​ 1,561,585 ​ 1,553,239 (1) Increase in 2021 due to greater demand for attention through the telephone channel (contact center services). (2) The increase is due to higher transactions, due to the opening of new correspondents in 2021. ​ 25.4. Other operating income The following table sets forth the detail of other operating income net for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ Other operating income ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Leases (1) ​ 936,574 ​ 711,575 ​ 682,525 Net foreign exchange and Derivatives Foreign exchange contracts (2) ​ 296,534 ​ 599,396 ​ 219,835 Gains on sale of assets (3) ​ 227,445 ​ 65,932 ​ 93,548 Services ​ 140,451 ​ 143,145 ​ 170,494 Investment property valuation (4) ​ 67,762 ​ (3,501) ​ 93,197 Other reversals ​ 56,381 ​ 70,352 ​ 49,079 Insurance (5) ​ 54,833 ​ 59,514 ​ 60,452 Penalties for failure to contracts ​ 15,680 ​ 8,207 ​ 28,554 Hedging ​ (6,133) ​ (3,746) ​ 663 Others ​ 232,614 ​ 193,698 ​ 136,900 Total Other operating income ​ 2,022,141 ​ 1,844,572 ​ 1,535,247 (1) As of December 31, 2021, 2020 and 2019, the amount consists of income from operating leases for COP 787,561 , COP 577,449 and COP 562,067 (See Note 7.1. Lessor); property leases for COP 139,021 , COP 125,494 and COP 85,507 (See Note 11. Investment properties); and other assets leases for COP 9,992 , COP 8,632 and COP 34,951 ; respectively. (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) The increase in 2021 corresponds mainly to gains on assets held for sale, mainly vehicles and assets returned from leasing contracts. (4) At the end of 2020 there was a devaluation of investment properties, as a result of the conditions of each property and the effect of the COVID-19 pandemic. See Note 11. Investment properties. (5) Corresponds to income from insurance operations of Seguros Agromercantil S.A., which operates in Guatemala. ​ ​ 25.5. Dividends and net income on equity investments The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ Dividends and net income on equity investments ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Equity method (1) ​ 199,652 ​ 136,596 ​ 249,231 Dividends (2) ​ 108,079 ​ 14,217 ​ 84,183 Gains on sale of investments in associates (3) ​ 9,896 ​ - ​ 77,916 Equity investments (4) ​ 7,253 ​ (27,795) ​ 71,207 Impairment of investments in associates (5) ​ (1,733) ​ (4,399) ​ - Others (6) ​ 5,197 ​ 4,706 ​ (101,938) Total dividends received, and share of profits of equity method investees ​ 328,344 ​ 123,325 ​ 380,599 (1) Corresponds to income from equity method of investments in associates as of December 31, 2021 and 2020 for COP 179,033 and COP 123,676 , respectively, and joint ventures for COP 20,619 and COP 13,019 , respectively. For further information, see Note 8 investments in associates and joint ventures. (2) Dividends received from equity investments at fair value through profit or loss as of December 31, 2021, 2020 and 2019 amount COP 40,439 , COP 650 and COP 73,685 , respectively. The increase in 2021 is explained by the dividends of the privileged share of Tuya S.A. Dividends from equity investments at fair value through OCI amount COP 12,665 , COP 13,567 and COP 10,498 , respectively. As of December 31, 2021, 2020 and 2019, the amount includes dividends of investments derecognised for COP 251 , COP 490 and COP 4,100 , respectively. (3) Corresponds to the payment of the contingent value, as resulting from the sale made in 2019 of investments in associates Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. (4) During 2020, the losses in the investment portfolios of the Bank are due to the negative macroeconomic impacts generated by the global COVID-19 pandemic. (5) For 2021 and 2020, corresponds to the recognized impairment losses of the associate Internacional Ejecutiva de Aviación S.A.S. For further information, see Note 8 Investments in associates and joint ventures. (6) In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Vlipco S.A.S. previous to its acquisition date, the transaction was made in November 2021. For further information, see Note 9.3 Business combinations. In 2020, corresponds to the valuation of the financial liability that the Bank had with BAM Financial Corporation (BFC), due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. In February 2020, BFC notified its decision to exercise the contractual put option for the sale of the GAH common stock held, and in September, 2020, the Bank purchased 40% of the common stock of GAH from BFC, after obtaining the neccesary regulatory approvals.

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2021
OPERATING EXPENSES
OPERATING EXPENSES	NOTE 26. OPERATING EXPENSES 26.1. Salaries and employee benefit The detail for salaries and employee benefits for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefit ​ 2021 ​ 2020 ​ 2019 In millions of COP ​ ​ ​ ​ ​ ​ Salaries ​ 1,648,872 ​ 1,568,432 ​ 1,449,765 Bonuses (1) ​ 714,353 ​ 112,843 ​ 560,149 Private premium ​ 384,056 ​ 402,154 ​ 378,979 Social security contributions ​ 355,166 ​ 334,831 ​ 319,424 Indemnization payment ​ 137,453 ​ 100,228 ​ 140,633 Other benefits ​ 542,696 ​ 526,242 ​ 517,874 Total Salaries and employee benefit ​ 3,782,596 ​ 3,044,730 ​ 3,366,824 (1) The decrease in 2020 corresponds to the suspension of bonuses related to the variable compensation of Grupo Bancolombia employees during this year. ​ 26.2. Other administrative and general expenses The detail for administrative and general expenses for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ Other administrative and general expenses ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP ​ ​ ​ ​ Fees (1) ​ 756,835 ​ 539,473 ​ 531,669 Maintenance and repairs ​ 592,493 ​ 580,752 ​ 599,519 Insurance ​ 495,146 ​ 518,553 ​ 423,785 Data processing ​ 363,105 ​ 307,609 ​ 234,219 Frauds and claims ​ 201,115 ​ 144,689 ​ 65,589 Transport ​ 198,828 ​ 178,841 ​ 212,582 Advertising ​ 153,066 ​ 128,011 ​ 151,246 Public services ​ 149,029 ​ 110,998 ​ 116,837 Cleaning and security services ​ 111,717 ​ 106,112 ​ 100,593 Contributions and affiliations ​ 101,727 ​ 95,638 ​ 73,689 Communications ​ 71,861 ​ 75,847 ​ 77,375 Trust (2) ​ 64,575 ​ 34,470 ​ 59,334 Properties improvements and installation ​ 64,554 ​ 46,489 ​ 51,187 Useful and stationery ​ 53,476 ​ 50,575 ​ 83,891 Real estate management ​ 28,962 ​ 26,968 ​ 25,012 Others ​ 115,431 ​ 195,764 ​ 262,531 Total other administrative and general expenses ​ 3,521,920 ​ 3,140,789 ​ 3,069,058 Taxes other than income tax (3) ​ 719,593 ​ 765,766 ​ 757,820 (1) The Increase generated mainly by digital transformation fees. (2) The increase is mainly to the payment of yields trust. The yields for 2020 were impacted by the COVID-19 pandemic. (3) See Note 12 Income tax. ​ ​ 26.3. Impairment, depreciation and amortization The detail for Impairment, depreciation and amortization for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Impairment, depreciation and amortization ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP ​ ​ ​ ​ Depreciation of premises and equipment (1) ​ 466,179 ​ 360,703 ​ 358,439 Amortization of intangible assets (2) ​ 198,169 ​ 163,754 ​ 141,104 Depreciation of right-of-use assets ​ 190,819 ​ 211,910 ​ 177,709 Impairment of other assets, net (3) ​ 65,391 ​ 101,423 ​ 147,338 Total impairment, depreciation and amortization ​ 920,558 ​ 837,790 ​ 824,590 (1) See Note 10 Premises and equipment, net. (2) See Note 9 Goodwill and intangibles assets, net (3) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2021, 2020 and 2019 is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Impairment (recovery) of other assets, net ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP ​ ​ ​ ​ Banking Colombia (1) ​ 38,632 ​ 47,420 ​ 108,861 Banking Panamá ​ 17,962 ​ 13,211 ​ 17,869 Banking Guatemala (2) ​ 7,554 ​ 42,006 ​ 29,930 All other segments ​ 848 ​ 1,339 ​ 792 International Banking ​ - ​ 182 ​ 933 Brokerage ​ - ​ - ​ 1 Banking El Salvador ​ 395 ​ (2,735) ​ (11,048) Total ​ 65,391 ​ 101,423 ​ 147,338 (1) Corresponds to impairment of foreclosed assets. (2) Corresponds mainly to the recognition of impairment of North Shore Development Company S.A. in 2020, sold in 2021. ​ During 2021, 2020 and 2019 there did not materialize significant cybersecurity breaches according to the data security policies established by Management.blished by the management.

EARNING PER SHARE ('EPS')

EARNING PER SHARE ('EPS')	12 Months Ended
	Dec. 31, 2021
EARNING PER SHARE ('EPS')
EARNING PER SHARE ('EPS')	NOTE 27. EARNING PER SHARE (‘EPS’) Basic EPS is calculated by reducing the income from continuing operations by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period, considering the allocation of remaining earnings to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. EPS is determined by dividing the total earnings allocated to each security by the weighted average number of common shares outstanding. Diluted EPS assumes the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Bank had no dilutive potential common shares as of December 31, 2021, 2020 and 2019. The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2021, 2020 and 2019 (in millions of pesos, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Income from continuing operations before attribution of non-controlling interests ​ 4,207,787 ​ 315,359 ​ 3,214,567 Less: Non-controlling interests from continuing operations ​ 120,992 ​ 39,365 ​ 97,216 Net income from continuing operations ​ 4,086,795 ​ 275,994 ​ 3,117,351 Less: Preferred dividends declared ​ 59,851 ​ 682,876 ​ 435,810 Less: Allocation of undistributed earnings to preferred stockholders ​ 1,830,636 ​ (583,718) ​ 998,864 Net income allocated to common shareholders for basic and diluted EPS ​ 2,196,308 ​ 176,836 ​ 1,682,677 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 ​ 4,309 ​ 347 ​ 3,301 Basic and Diluted earnings per share from continuing operations ​ 4,309 ​ 347 ​ 3,301 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 28. RELATED PARTY TRANSACTIONS IAS 24 Related Party Disclosures requires that an entity discloses: (a) Transactions with its related parties; and (b) Relationships between a parent and its subsidiaries irrespective of whether there have been transactions between them. Under IAS 24, an entity must disclose transactions with its related parties, outstanding balances, including commitments, recognized in the consolidated and separate financial statements of a parent or investors with joint control or significant influence over, an investee presented in accordance with IFRS 10 Consolidated Financial Statements. 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 equal or higher than 20% of the Bank’s capital: - Grupo de Inversiones Suramericana S.A. - Fondo Bancolombia ADR Program. ● Members of Board of Directors and Senior Management, understood as the president and corporate Vice-presidents, as well as their close relatives (spouse and children) and the companies in which they have a participation of 10% or more of the Bank's capital. ● Associates and joint ventures for which the Bank provides commercial banking services and deposits. For these purposes all companies in which the Bank has joint control or significant influence have been included. For more information see note 8. Investments in associates and joint control. The Parent Company provides banking and financial services to its related parties in order to satisfy their liquidity needs, and except for the intercompany merger agreement described below, these transactions are conducted on similar terms to third-party transactions and are not individually material. In the case of treasury operations, Bancolombia operates between its own position and its related parties through transactional channels or systems established for this purpose and under the conditions established by current regulations Between the Parent Company and its related parties, during the periods ending at December 31, 2021, 2020 and 2019, there were no: - Loans that for its contractual terms do not represent a lending transaction. - Loans with interest rates different to those that are ordinarily paid or charged to third parties in similar conditions of term, risk, etc. - No guarantees, pledges or commitments have been given or received in respect of the aforementioned transactions. As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders with an ​ ​ ​ ​ ​ ​ ​ interest equal or ​ Directors and ​ Associates and ​ ​ ​ higher than 20% of ​ senior ​ joint ventures ​ ​ ​ the Bank's capital (1) ​ management ​ ​ ​ In millions of COP ​ Assets ​ ​ ​ ​ ​ ​ ​ Financial assets investments ​ 2,755 ​ - ​ 9,635 ​ Derivative financial instruments ​ - ​ 25 ​ - ​ Loans and advances to customers ​ 937,190 ​ 17,821 ​ 234,956 ​ Allowance for loans, advances and lease losses ​ (3,028) ​ (84) ​ (5,360) ​ Investment in associates and joint ventures ​ - ​ - ​ 2,720,559 ​ Other assets ​ 7,644 ​ 913 ​ 172,636 ​ Total assets ​ 944,561 ​ 18,675 ​ 3,132,426 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 2,101,846 ​ 8,162 ​ 195,647 ​ Derivative financial instruments ​ - ​ - ​ 7,782 ​ Other liabilities ​ 1,120 ​ 387 ​ 36,596 ​ Total liabilities ​ 2,102,966 ​ 8,549 ​ 240,025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest and other operating income ​ 766,772 ​ 857 ​ 27,440 ​ Valuation on financial instruments ​ (1,840) ​ 1,112 ​ (8,405) ​ Dividends and net income on equity investments ​ 58 ​ - ​ 289,423 ​ Other income ​ - ​ - ​ 52,582 ​ Net income ​ 764,990 ​ 1,969 ​ 361,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interests and other operating expenses ​ 20,315 ​ 224 ​ 137,786 ​ Fees ​ 1,243 ​ 1,700 ​ 977 ​ Other expenses ​ 72,435 ​ 4 ​ 30,784 ​ Total expenses ​ 93,993 ​ 1,928 ​ 169,547 ​ (1) Includes Grupo Sura conglomerate. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders with an ​ ​ ​ ​ ​ ​ ​ interest equal or ​ Directors and ​ Associates and ​ ​ ​ higher than 20% of ​ senior ​ joint ventures ​ ​ ​ the Bank’s capital (1) ​ management ​ ​ ​ In millions of COP ​ Assets ​ ​ ​ ​ ​ ​ ​ Financial assets investments ​ 742 ​ - ​ 9,786 ​ Derivative financial instruments ​ - ​ 108 ​ 2,327 ​ Loans and advances to customers ​ 1,080,819 ​ 17,270 ​ 231,371 ​ Allowance for loans, advances and lease losses ​ (3,035) ​ (71) ​ (153) ​ Investment in associates and joint ventures ​ - ​ - ​ 2,506,315 ​ Other assets ​ 11,549 ​ 2,122 ​ 59,158 ​ Total assets ​ 1,090,075 ​ 19,429 ​ 2,808,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 2,136,549 ​ 8,092 ​ 178,382 ​ Derivative financial instruments ​ 513 ​ - ​ - ​ Other liabilities ​ 6,859 ​ - ​ 26,779 ​ Total liabilities ​ 2,143,921 ​ 8,092 ​ 205,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest and other operating income ​ 816,502 ​ 975 ​ 25,589 ​ Valuation on financial instruments ​ 2,383 ​ 160 ​ 7,557 ​ Dividends and net income on equity investments ​ 78 ​ - ​ 136,596 ​ Other income ​ - ​ - ​ 47,916 ​ Net income ​ 818,963 ​ 1,135 ​ 217,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interests and other operating expenses ​ 62,134 ​ 243 ​ 82,500 ​ Fees ​ 2,601 ​ 1,675 ​ 703 ​ Other expenses ​ 148,850 ​ 55 ​ 22,830 ​ Total expenses ​ 213,585 ​ 1,973 ​ 106,033 ​ (1) Includes Grupo Sura conglomerate. ​ ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders with an ​ ​ ​ ​ ​ ​ ​ interest equal or ​ Directors and ​ Associates and ​ ​ ​ higher than 20% of ​ senior ​ joint ventures ​ ​ ​ the Bank’s capital (1) ​ management ​ ​ ​ In millions of COP ​ Assets ​ ​ ​ ​ ​ ​ ​ Financial assets investments ​ 14,369 ​ - ​ 34,378 ​ Derivative financial instruments ​ - ​ 235 ​ 6,581 ​ Loans and advances to customers ​ 1,115,151 ​ 20,910 ​ 130,170 ​ Allowance for loans, advances and lease losses ​ (2,007) ​ (75) ​ (160) ​ Investment in associates and joint ventures ​ - ​ - ​ 2,367,757 ​ Other assets ​ 54,563 ​ 773 ​ 53,830 ​ Total assets ​ 1,182,076 ​ 21,843 ​ 2,592,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 1,761,362 ​ 4,345 ​ 156,516 ​ Other liabilities ​ 1,379 ​ - ​ 33,705 ​ Total liabilities ​ 1,762,741 ​ 4,345 ​ 190,221 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest and other operating income ​ 738,594 ​ 231 ​ 10,830 ​ Valuation on financial instruments ​ ​ ​ (63) ​ 1,349 ​ Dividends and net income on equity investments ​ 33 ​ - ​ 316,270 ​ Other income ​ - ​ - ​ 99,424 ​ Net income ​ 738,627 ​ 168 ​ 427,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interests and other operating expenses ​ 66,286 ​ 160 ​ 47,840 ​ Fees ​ 540 ​ 1,236 ​ 1,197 ​ Other expenses ​ 131,938 ​ 52 ​ 24,359 ​ Total expenses ​ 198,764 ​ 1,448 ​ 73,396 ​ (1) Includes Grupo Sura conglomerate. ​ During the years ending December 31, 2021, 2020 and 2019, the Bank paid fees to the directors of COP 1,655, COP 1,675 and COP 1,236, respectively, as compensation for attending meetings of Board and Support Committees (Audit Committee, etc.). The payments to senior management in the same periods were COP 10,487, COP 14,786, and COP 16,488 for short-term benefits, COP 604, COP 50 and COP 439 for long-term benefits, and COP 3,207, COP 9,592 and COP 2,112 for other payments for post – employement benefits, respectively. The Parent company, which is also the ultimate parent company, is Bancolombia S.A. Transactions between companies included in consolidation, described in the significant accounting policies, see Note 2.C.1 Subsidiaries, meet the definition of related party transactions and were eliminated from the consolidated financial statements.

LIABILITIES FROM FINANCING ACTI

LIABILITIES FROM FINANCING ACTIVITIES	12 Months Ended
	Dec. 31, 2021
LIABILITIES FROM FINANCING ACTIVITIES
LIABILITIES FROM FINANCING ACTIVITIES	NOTE 29. LIABILITIES FROM FINANCING ACTIVITIES The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ ​ ​ Balance as of ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2021 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2021 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 2,216,163 ​ (1,457,203) ​ 4,365 ​ - ​ - ​ 763,325 Borrowings from other financial institutions (1) ​ 11,202,126 ​ (4,558,397) ​ 1,624,466 ​ 293,949 ​ (10,586) ​ 8,551,558 Debt instruments in issue (1) ​ 19,126,593 ​ (1,425,634) ​ 2,339,464 ​ 1,053,441 ​ - ​ 21,093,864 Preferred shares (2) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 33,129,086 ​ (7,498,935) ​ 3,968,295 ​ 1,405,091 ​ (10,586) ​ 30,992,951 (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 293,817 and COP 941,459 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ ​ ​ Balanceasof ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2020 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2020 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 1,313,737 ​ 903,120 ​ (694) ​ - ​ - ​ 2,216,163 Borrowings from other financial institutions (1)(2) ​ 13,959,343 ​ (4,137,376) ​ 837,779 ​ 527,825 ​ 14,555 ​ 11,202,126 Debt instruments in issue (1) ​ 19,921,515 ​ (2,608,701) ​ 759,790 ​ 1,053,989 ​ - ​ 19,126,593 Preferred shares (3) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 35,778,799 ​ (5,900,658) ​ 1,596,875 ​ 1,639,515 ​ 14,555 ​ 33,129,086 (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 553,125 and COP 992,952 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) Borrowings from other financial institutions cash flows include COP 1,117,680 related to acquisition of 40% of interest in Grupo Agromercantil Holding (GAH), which are classified as cash flows from operating activities in the consolidated statement of cash flow. (3) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders ​ ​ (4)

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF ASSETS AND LIABILITIES
FAIR VALUE OF ASSETS AND LIABILITIES	NOTE 30. FAIR VALUE OF ASSETS AND LIABILITIES The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ amount ​ Value ​ amount ​ Value In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value through profit or loss ​ 15,036,467 ​ 15,036,467 ​ 15,571,214 ​ 15,571,214 Debt instruments at fair value through OCI ​ 7,245,451 ​ 7,245,451 ​ 8,238,981 ​ 8,238,981 Debt instruments at amortized cost ​ 6,527,230 ​ 6,502,271 ​ 5,154,601 ​ 5,200,688 Derivative financial instruments ​ 2,454,005 ​ 2,454,005 ​ 2,800,719 ​ 2,800,719 Equity securities at fair value ​ 480,153 ​ 480,153 ​ 588,207 ​ 588,207 Loans and advances to customers, net ​ 204,459,001 ​ 213,262,329 ​ 174,793,687 ​ 183,162,834 Investment property ​ 3,132,220 ​ 3,132,220 ​ 2,839,350 ​ 2,839,350 Investments in associates (1) ​ 1,358,368 ​ 1,358,368 ​ 1,263,765 ​ 1,263,765 Total ​ 240,692,895 ​ 249,471,264 ​ 211,250,524 ​ 219,665,758 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ (210,390,848) ​ (211,619,686) ​ (180,820,793) ​ (182,022,114) Interbank deposits ​ (886,405) ​ (886,405) ​ (762,574) ​ (762,574) Repurchase agreements and other similar secured borrowing ​ (763,325) ​ (763,325) ​ (2,216,163) ​ (2,216,163) Derivative financial instruments ​ (1,961,109) ​ (1,961,109) ​ (2,381,326) ​ (2,381,326) Borrowings from other financial institutions ​ (8,551,558) ​ (8,551,558) ​ (11,202,126) ​ (11,202,126) Preferred shares ​ (584,204) ​ (604,025) ​ (584,204) ​ (602,987) Debt instruments in issue ​ (21,093,864) ​ (21,696,836) ​ (19,126,593) ​ (20,530,091) Total ​ (244,231,313) ​ (246,082,944) ​ (217,093,779) ​ (219,717,381) (1) It corresponds to investments in associates P.A Viva Malls and Distrito Vera. See Note 8 Investments in associates and joint ventures. · 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 : · The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia) to the Bank. All methodologies and procedures developed by the pricing services provider are supervised by the SFC, which has not objected to them. On a daily basis, the back-office Service Valuation Officer (SVO) verifies the valuation of investments, and the Credit and Financial Risk Manager area reports the results of the portfolio’s valuation. Fair value measurement Assets and liabilities a. Debt instruments The Bank assigns prices to those debt investments, using the prices provided by the official pricing services provider (Precia) and assigns the appropriate level according to the procedure described above. For securities not traded or over-the-counter such as certain bonds issued by other financial institutions, the Bank generally determines fair value utilizing internal valuation and standard techniques. These techniques include determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time bandings, which match the timings of the cash flows and maturities of the instruments. b. Equity securities The Bank performs the market price valuation of its investments in variable income using the prices provided by the official pricing services provider (Precia) and classifies those investments according to the procedure described above (Hierarchy of fair value section). Likewise, the fair value of unlisted equity securities is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, and if necessary considered, are subject to appropriate discounts for lack of liquidity or marketability. Interests in investment funds, trusts and collective portfolios are valued using the investment unit value determined by the fund management company. For investment funds where the underlying assets are investment properties, the investment unit value depends on the investment properties value, determined as described below in “i. Investment property”. c. Derivative financial instruments The Bank holds positions in standardized derivatives, such as futures over local stocks, and over the representative exchange rate (TRM). These instruments are evaluated according to the information provided by Precia, which perfectly matches the information provided by the Central Counterparty Clearing House – CCP. Additionally, the Bank holds positions in OTC derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs. d. Credit valuation adjustment The Bank measures the effects of the credit risk of its counterparties and its own creditworthiness in determining fair value of the swap, option and forward derivatives. Counterparty credit-risk adjustments are applied to derivatives when the Bank’s position is a derivative asset and the Bank’s credit risk is incorporated when the position is a derivative liability. The Bank attempts to mitigate credit risk to third parties which are international banks by entering into master netting agreements. The agreements allow to offset or bring net amounts that are liabilities, derivates from transactions carried out by the different agreements. Master netting agreements take different forms and may allow payments to be made under a variety of other master agreements or other negotiation agreements between the same parties; some may have a monthly basis and others only apply at the time the agreements are terminated. When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral. The Bank generally calculates the asset’s credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (“CDS”). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in Colombia. The Bank also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if the Bank believes market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Bank’s credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by the Bank in foreign currency. For derivatives transacted with local financial institutions, the Bank calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the Colombian financial market. e. Impaired loans measured at fair value The Bank measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset. For vehicles under leasing arrangements, the Bank uses an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions. Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices. For real estate assets, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (the appraisal is estimated based on either of three approaches: cost, sales comparison and income approach, and is required every three years). When the property has been valued in the last 12 months and the market conditions have not shown significant changes, the most recent valuation is considered the fair value of the property. For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists. f. Assets held for sale measured at fair value less cost of sale The Bank measures certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly of real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process. g. Mortgage-backed securities (“TIPS”) and Asset-Backed securities The Bank invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. TIPS are part of the Bank portfolio and its fair value is measured with published price by the official pricing services provider. These securities are leveled by margin and are assigned level 2 or 3 based on the Precia information. Residual TIPS have their fair value measured using the discounted flow method, taking into account the amortization tables of the Titularizadora Colombiana, the betas in COP and UVR of Precia (used to construct the curves) and the margins; when they are residual TIPS of subordinated issues, a liquidity premium is applied. These securities are assigned level 3. h. Investments in associates measured at fair value The Bank recognizes its investments in P.A Viva Malls and P.A Distrito Vera as an associate at fair value. The estimated amount is provided by the fund manager as the variation of the units according to the units owned by the FCP Fondo Inmobiliario Colombia. The associate’s assets are comprised of investment properties which are measured using the following techniques: comparable prices, discounted cash flows, replacement cost and direct capitalization. For further information about techniques methodologies and inputs used by the external party see “Quantitative Information about Level 3 Fair Value Measurements”. i. Investment property The Bank’s investment property is valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs. Assets and liabilities measured at fair value on a recurring basis The following table presents for each of the Fair-Value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ ​ December 31, 2021 ​ December 31, 2020 Type of instrument ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Investment securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 8,377,741 ​ 600,743 ​ - ​ 8,978,484 ​ 9,177,665 ​ 1,262,313 ​ - ​ 10,439,978 Securities issued or secured by government entities ​ - ​ 67,395 ​ - ​ 67,395 ​ - ​ 72,401 ​ - ​ 72,401 Securities issued by other financial institutions ​ 197,315 ​ 378,787 ​ 113,058 ​ 689,160 ​ 138,101 ​ 461,349 ​ 122,285 ​ 721,735 Securities issued by foreign governments ​ 3,083,180 ​ 2,097,595 ​ - ​ 5,180,775 ​ 3,211,372 ​ 1,023,427 ​ - ​ 4,234,799 Corporate bonds ​ 28,483 ​ 92,170 ​ - ​ 120,653 ​ 25,161 ​ 66,348 ​ 10,792 ​ 102,301 Total debt instruments at fair value through profit or loss ​ 11,686,719 ​ 3,236,690 ​ 113,058 ​ 15,036,467 ​ 12,552,299 ​ 2,885,838 ​ 133,077 ​ 15,571,214 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ - ​ 2,515,927 ​ - ​ 2,515,927 ​ - ​ 2,552,041 ​ - ​ 2,552,041 Securities issued by other financial institutions ​ 188,638 ​ 122,020 ​ - ​ 310,658 ​ 230,095 ​ 542,640 ​ - ​ 772,735 Securities issued by foreign governments ​ 2,672,889 ​ 1,621,060 ​ - ​ 4,293,949 ​ 2,561,302 ​ 2,253,751 ​ - ​ 4,815,053 Corporate bonds ​ 87,021 ​ 37,896 ​ - ​ 124,917 ​ 62,556 ​ 36,596 ​ - ​ 99,152 Total debt instruments at fair value through OCI ​ 2,948,548 ​ 4,296,903 ​ - ​ 7,245,451 ​ 2,853,953 ​ 5,385,028 ​ - ​ 8,238,981 Total debt instruments ​ 14,635,267 ​ 7,533,593 ​ 113,058 ​ 22,281,918 ​ 15,406,252 ​ 8,270,866 ​ 133,077 ​ 23,810,195 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 35,833 ​ 109,314 ​ 335,006 ​ 480,153 ​ 90,988 ​ 51,863 ​ 445,356 ​ 588,207 Total equity securities ​ 35,833 ​ 109,314 ​ 335,006 ​ 480,153 ​ 90,988 ​ 51,863 ​ 445,356 ​ 588,207 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 251,299 ​ 478,068 ​ 729,367 ​ - ​ 582,282 ​ 392,843 ​ 975,125 Equity contracts ​ - ​ 6,483 ​ 313 ​ 6,796 ​ - ​ 1,688 ​ - ​ 1,688 Total forwards ​ - ​ 257,782 ​ 478,381 ​ 736,163 ​ - ​ 583,970 ​ 392,843 ​ 976,813 Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ 1,007,173 ​ 415,182 ​ 1,422,355 ​ - ​ 794,202 ​ 152,851 ​ 947,053 Interest rate contracts ​ 89,069 ​ 111,696 ​ 46,393 ​ 247,158 ​ 30,146 ​ 673,723 ​ 136,173 ​ 840,042 Total swaps ​ 89,069 ​ 1,118,869 ​ 461,575 ​ 1,669,513 ​ 30,146 ​ 1,467,925 ​ 289,024 ​ 1,787,095 Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 368 ​ 3,578 ​ 44,383 ​ 48,329 ​ 22 ​ 2,277 ​ 34,512 ​ 36,811 Total options ​ 368 ​ 3,578 ​ 44,383 ​ 48,329 ​ 22 ​ 2,277 ​ 34,512 ​ 36,811 Total derivative financial instruments ​ 89,437 ​ 1,380,229 ​ 984,339 ​ 2,454,005 ​ 30,168 ​ 2,054,172 ​ 716,379 ​ 2,800,719 Investment properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lands ​ - ​ - ​ 182,500 ​ 182,500 ​ - ​ - ​ 256,195 ​ 256,195 Buildings ​ - ​ - ​ 2,949,720 ​ 2,949,720 ​ - ​ - ​ 2,583,155 ​ 2,583,155 Total investment properties ​ - ​ - ​ 3,132,220 ​ 3,132,220 ​ - ​ - ​ 2,839,350 ​ 2,839,350 Investment in associates at fair valure ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls ​ - ​ - ​ 1,355,688 ​ 1,355,688 ​ - ​ - ​ 1,263,765 ​ 1,263,765 P.A Distrito Vera ​ - ​ - ​ 2,680 ​ 2,680 ​ - ​ - ​ - ​ - Total investment in associates at fair value ​ - ​ - ​ 1,358,368 ​ 1,358,368 ​ - ​ - ​ 1,263,765 ​ 1,263,765 Total ​ 14,760,537 ​ 9,023,136 ​ 5,922,991 ​ 29,706,664 ​ 15,527,408 ​ 10,376,901 ​ 5,397,927 ​ 31,302,236 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ December 31, 2021 ​ December 31, 2020 Type of instrument ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ (535,535) ​ (70,002) ​ (605,537) ​ - ​ (823,360) ​ (57,254) ​ (880,614) Equity contracts ​ - ​ (25,068) ​ - ​ (25,068) ​ - ​ (15,333) ​ - ​ (15,333) Total forwards ​ - ​ (560,603) ​ (70,002) ​ (630,605) ​ - ​ (838,693) ​ (57,254) ​ (895,947) Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ (798,396) ​ (162,442) ​ (960,838) ​ - ​ (581,120) ​ (34,505) ​ (615,625) Interest rate contracts ​ (76,925) ​ (227,220) ​ (4,312) ​ (308,457) ​ (26,940) ​ (773,774) ​ (2,439) ​ (803,153) Total swaps ​ (76,925) ​ (1,025,616) ​ (166,754) ​ (1,269,295) ​ (26,940) ​ (1,354,894) ​ (36,944) ​ (1,418,778) Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ (61,209) ​ - ​ (61,209) ​ (17) ​ (66,584) ​ - ​ (66,601) Total options ​ - ​ (61,209) ​ - ​ (61,209) ​ (17) ​ (66,584) ​ - ​ (66,601) Total derivative financial instruments ​ (76,925) ​ (1,647,428) ​ (236,756) ​ (1,961,109) ​ (26,957) ​ (2,260,171) ​ (94,198) ​ (2,381,326) Total ​ (76,925) ​ (1,647,428) ​ (236,756) ​ (1,961,109) ​ (26,957) ​ (2,260,171) ​ (94,198) ​ (2,381,326) ​ Fair value of assets and liabilities that are not measured at fair value in the Statement of Financial Position The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are not measured at fair value in the statement of financial position, but for which the fair value is disclosed at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ December 31, 2021 ​ December 31, 2020 Type of instrument ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Debt instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 147,502 ​ - ​ - ​ 147,502 ​ 131,530 ​ - ​ - ​ 131,530 Securities issued or secured by government entities ​ - ​ 50,598 ​ 2,647,497 ​ 2,698,095 ​ - ​ - ​ 2,423,639 ​ 2,423,639 Securities issued by other financial institutions ​ 294,421 ​ 294,717 ​ 3,106 ​ 592,244 ​ 238,317 ​ - ​ 32,428 ​ 270,745 Securities issued by foreign governments ​ 318,035 ​ 182,987 ​ - ​ 501,022 ​ 239,623 ​ 150,667 ​ - ​ 390,290 Corporate bonds ​ 1,039,185 ​ 15,034 ​ 1,509,189 ​ 2,563,408 ​ 644,745 ​ 13,265 ​ 1,326,474 ​ 1,984,484 Total – Debt instruments ​ 1,799,143 ​ 543,336 ​ 4,159,792 ​ 6,502,271 ​ 1,254,215 ​ 163,932 ​ 3,782,541 ​ 5,200,688 Loans and advances to customers, net ​ ​ ​ ​ ​ 213,262,329 ​ 213,262,329 ​ - ​ - ​ 183,162,834 ​ 183,162,834 Total ​ 1,799,143 ​ 543,336 ​ 217,422,121 ​ 219,764,600 ​ 1,254,215 ​ 163,932 ​ 186,945,375 ​ 188,363,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ December 31, 2021 ​ December 31, 2020 Type of instruments ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Deposits by customers ​ - ​ (24,126,509) ​ (187,493,177) ​ (211,619,686) ​ - ​ (29,309,307) ​ (152,712,807) ​ (182,022,114) Interbank deposits ​ - ​ - ​ (886,405) ​ (886,405) ​ - ​ - ​ (762,574) ​ (762,574) Repurchase agreements and other similar secured borrowing ​ - ​ - ​ (763,325) ​ (763,325) ​ - ​ - ​ (2,216,163) ​ (2,216,163) Borrowings from other financial institutions ​ - ​ - ​ (8,551,558) ​ (8,551,558) ​ - ​ - ​ (11,202,126) ​ (11,202,126) Debt instruments in issue ​ (11,673,618) (1) (7,948,718) ​ (2,074,500) ​ (21,696,836) ​ (10,507,774) ​ (8,407,005) ​ (1,615,312) ​ (20,530,091) Preferred shares ​ - ​ - ​ (604,025) ​ (604,025) ​ - ​ - ​ (602,987) ​ (602,987) Total ​ (11,673,618) ​ (32,075,227) ​ (200,372,990) ​ (244,121,835) ​ (10,507,774) ​ (37,716,312) ​ (169,111,969) ​ (217,336,055) (1) Change of level in bonds issued by Bancolombia according to its market liquidity. ​ IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting. The financial instruments below are not measured at fair value on a recurring and nonrecurring basis: Short-term financial instruments Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers’ acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding. Deposits from customers The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date. Interbank deposits and repurchase agreements and other similar secured borrowings Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development bank borrowings have also been valued at their carrying amount because they bear interest at variable rates. Borrowings from other financial institutions The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows were discounted using reference curves formed by the weighted average of the Bank’s deposit rates. Debt instruments in issue The fair value of debt instruments in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and the Bank’s creditworthiness. Preferred shares In the valuation of the liability component of preferred shares related to the minimum dividend of 1% of the subscription price, the Bank uses the Gordon Model to price the obligation, taking into account its own credit risk, which is measured using the market spread based on observable inputs such as quoted prices of sovereign debt. The Gordon Model is commonly used to determine the intrinsic value of a stock based on a future series of dividends that are estimated by the Bank and growth at a constant rate considering the Bank’s own perspectives of the payout ratio. Loans and advances to customers 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, consumer, small business loans, mortgage and leasing. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit’s principal and interest projected cash flows to the prepayment date. The projected cash flows are discounted using reference curves according to the type of loan and its maturity date. Items Measured at fair value on a non-recurring basis The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Fair-value hierarchy ​ Total fair ​ Fair-value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Machinery and equipment ​ - ​ - ​ 4,340 ​ 4,340 ​ - ​ - ​ 3,277 ​ 3,277 Real estate for residential purposes ​ - ​ - ​ 101,214 ​ 101,214 ​ - ​ - ​ 70,252 ​ 70,252 Real estate different from residential properties ​ - ​ - ​ 28,143 ​ 28,143 ​ - ​ - ​ 8,974 ​ 8,974 Total ​ - ​ - ​ 133,697 ​ 133,697 ​ - ​ - ​ 82,503 ​ 82,503 ​ Changes in Level 3 Fair-Value category The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2021 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ level3 ​ level3 ​ 2021 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 122,285 ​ (106) ​ - ​ 5,034 ​ (14,623) ​ - ​ (32,211) ​ 32,679 ​ - ​ 113,058 Corporate bonds ​ 10,792 ​ - ​ - ​ - ​ (7,127) ​ - ​ ​ ​ - ​ (3,665) ​ - Total ​ 133,077 ​ (106) ​ - ​ 5,034 ​ (21,750) ​ - ​ (32,211) ​ 32,679 ​ (3,665) ​ 113,058 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 580,206 ​ 105,528 ​ - ​ 532,190 ​ (456,806) ​ (19,593) ​ - ​ 235,709 ​ (39,601) ​ 937,633 Interest rate contracts ​ 136,173 ​ (37,024) ​ - ​ 6,635 ​ (26,569) ​ (7,308) ​ - ​ 13,812 ​ (39,326) ​ 46,393 Equity contracts ​ - ​ - ​ - ​ 313 ​ - ​ - ​ - ​ - ​ - ​ 313 Total ​ 716,379 ​ 68,504 ​ - ​ 539,138 ​ (483,375) ​ (26,901) (1) - ​ 249,521 ​ (78,927) ​ 984,339 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 445,356 ​ (474) ​ 36,656 ​ 2,664 ​ (124,343) ​ - ​ - ​ 2 ​ (24,855) ​ 335,006 Total ​ 445,356 ​ (474) ​ 36,656 ​ 2,664 ​ (124,343) ​ - ​ - ​ 2 ​ (24,855) ​ 335,006 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,263,765 ​ 105,202 ​ - ​ - ​ (13,279) ​ - ​ - ​ - ​ - ​ 1,355,688 PA Distrito Vera ​ - ​ 237 ​ - ​ 1,779 ​ (2,529) ​ 3,193 ​ - ​ - ​ - ​ 2,680 Total ​ 1,263,765 ​ 105,439 ​ - ​ 1,779 ​ (15,808) ​ 3,193 ​ - ​ - ​ - ​ 1,358,368 Total Assets ​ 2,558,577 ​ 173,363 ​ 36,656 ​ 548,615 ​ (645,276) ​ (23,708) ​ (32,211) ​ 282,202 ​ (107,447) ​ 2,790,771 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ (91,759) ​ 2,351 ​ - ​ (71,358) ​ 52,311 ​ 19,593 ​ - ​ (160,156) ​ 16,574 ​ (232,444) Interest rate contracts ​ (2,439) ​ (7,694) ​ - ​ (648) ​ 28 ​ 7,308 ​ - ​ (3,278) ​ 2,411 ​ (4,312) Total ​ (94,198) ​ (5,343) ​ - ​ (72,006) ​ 52,339 ​ 26,901 (1) - ​ (163,434) ​ 18,985 ​ (236,756) Total liabilities ​ (94,198) ​ (5,343) ​ - ​ (72,006) ​ 52,339 ​ 26,901 ​ - ​ (163,434) ​ 18,985 ​ (236,756) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications ​ Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2020 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level3 ​ Level3 ​ 2020 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 126,049 ​ 14,325 ​ - ​ 4,325 ​ (24,501) ​ - ​ (36,507) ​ 40,558 ​ (1,964) ​ 122,285 Corporate bonds ​ 2,030 ​ 1,344 ​ - ​ - ​ - ​ - ​ (1,353) ​ 8,771 ​ - ​ 10,792 Total ​ 128,079 ​ 15,669 ​ - ​ 4,325 ​ (24,501) ​ - ​ (37,860) ​ 49,329 ​ (1,964) ​ 133,077 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 394,280 ​ 16,561 ​ - ​ 463,285 ​ (282,053) ​ (4,270) ​ - ​ 308 ​ (7,905) ​ 580,206 Interest rate contracts ​ 56,054 ​ 53,367 ​ - ​ 33,076 ​ (3,934) ​ - ​ - ​ 1,758 ​ (4,148) ​ 136,173 Equity contracts ​ 142 ​ - ​ - ​ - ​ (142) ​ - ​ - ​ - ​ - ​ - Total ​ 450,476 ​ 69,928 ​ - ​ 496,361 ​ (286,129) ​ (4,270) (1) - ​ 2,066 ​ (12,053) ​ 716,379 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 1,079,700 ​ (17,045) ​ 36,682 ​ 26,281 ​ (79,287) ​ (573,592) ​ - ​ 27 ​ (27,410) ​ 445,356 Total ​ 1,079,700 ​ (17,045) ​ 36,682 ​ 26,281 ​ (79,287) ​ (573,592) ​ - ​ 27 ​ (27,410) ​ 445,356 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,249,818 ​ 56,116 ​ - ​ - ​ (42,169) ​ - ​ - ​ - ​ - ​ 1,263,765 Total ​ 1,249,818 ​ 56,116 ​ - ​ - ​ (42,169) ​ - ​ - ​ - ​ - ​ 1,263,765 Total Assets ​ 2,908,073 ​ 124,668 ​ 36,682 ​ 526,967 ​ (432,086) ​ (577,862) ​ (37,860) ​ 51,422 ​ (41,427) ​ 2,558,577 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ (119,643) ​ (4,067) ​ - ​ (73,770) ​ 111,182 ​ 4,270 ​ - ​ (12,325) ​ 2,594 ​ (91,759) Interest rate contracts ​ (1,376) ​ - ​ - ​ (40) ​ 519 ​ - ​ - ​ (2,399) ​ 857 ​ (2,439) Equity contracts ​ (199) ​ - ​ - ​ - ​ 199 ​ - ​ - ​ - ​ - ​ - Total ​ (121,218) ​ (4,067) ​ - ​ (73,810) ​ 111,900 ​ 4,270 (1) - ​ (14,724) ​ 3,451 ​ (94,198) Total liabilities ​ (121,218) ​ (4,067) ​ - ​ (73,810) ​ 111,900 ​ 4,270 ​ - ​ (14,724) ​ 3,451 ​ (94,198) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. In 2020 the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being according to IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. ​ Level 3 fair value rollforward The following were the significant Level 3 transfers for the period December 31, 2020 to 2021: Transfer of COP 86,087 and COP (12,658) in 2021 and 2020 respectively, from Level 2 to Level 3 of the derivative foreign exchange contracts and Interest rate contracts, was presented due to the transfer of the credit risk from the Bank to the credit risk of the counterparty. As of December 31, 2021 and 2020 unrealized gains and losses on debt instruments were COP (106) and COP 15,669; Equity Securities COP (474) and COP (17,045), respectively. Transfer of COP 24,855 in 2021, out Level 3 in Equity securities is caused by Banistmo with Fondo Renta Fija Valor. Transfers between Level 1 and Level 2 of the Fair Value hierarchy The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Transfers level 1 ​ Tra

RISK MANAGEMENT

RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2021
RISK MANAGEMENT
RISK MANAGEMENT	= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M. For Banco Agrícola and BAM, borrowers with annual sales >= USD 5 M and < USD 25 M. Commercial For BAM, companies with annual sales >= USD 2 M y < USD 5 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola, borrowers with annual sales < USD 5 M and BAM, borrowers with annual sales < USD 2 M. ​ · Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows: Classification Vehicles Credits granted for the acquisition of vehicles. The vehicle financed is used as collateral for the loan. Credit cards Revolving credit limits for the acquisition of consumer goods, utilized by means of a plastic card. Payroll loans It is a credit line attached to an authorized individual payroll amount. Other loans Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. The counterparties in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or construction of 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 30 The counterparties in the mortgage portfolio are mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are issued for the purpose of encouraging the activities of small business and are subject to the following requirements: (i) their indebtedness with all entities cannot exceed 120 minimum wages (excluding mortgage obligations for housing financing); (ii) the client's total assets, excluding mortgage assets, are less than 500 minimum wages. For the classification of those small business that present combinations of number of employees parameters and total assets different from those indicated, the determining factor will be that of total assets. The borrowers in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income. Analysis of the behavior and impairment of the loan portfolio and financial lease operations As of December 31, 2021, the Bank’s total loan portfolio valued in Colombian pesos registered an increase of 15.1% compared to December 2020, driven by a growth mainly of Bancolombia’s Commercial and Consumer loans, the increasing dynamics in USD portfolio focused in BAM and Bancolombia Panamá, besides devaluation of the Colombian peso against the U.S. dollar that increased the equivalent value in pesos of Group´s portfolio. The 30-day past due loan ratio (consolidated) stood at 4.55% in December 2021 compared to 5.47% in December 2020, this decrease has been driven by the support given for the bank to costumers, offering tailored relief and financial structures according to the new reality due to COVID-19 effects. ● Commercial loans and finance lease amounted to COP 140,031 billion, which represented an increase of 13.7% with respect to 2020. Its 30-day past due loan ratio was 3.77% compared to 4.90% in December 2020. ● Consumer loans stood at COP 48,363 billion, which represented an increase of 17.8% with respect to 2020. Its 30-day past due loan ratio was 5.63% compared to 6.76% in December 2020. ● Mortgage loans came to COP 30,647 billion, which represented an increase of 18.06% with respect to 2020. Its 30-day past due loan ratio was 6.04% compared to 5.71% in December 2020. ● Small Business loans ended at COP 1,282 billion, which represented an increase of 4.07% with respect to 2020. Its 30-day past due loan ratio was 12.85% compared to 14.09% in December 2020. In order to monitor credit risk associated with clients, the Bank has established regular meetings conducted by the AEC Committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity and sector, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. The amount and allowance of clients included in the described watch list, as of December 31, 2021 and December 2020 is shown below. ​ December 2021: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2021 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 13,487,382 ​ 1.79 % 241,520 Level 2 – Medium Risk ​ 7,896,250 ​ 8.38 % 661,419 Level 3 – High Risk ​ 3,678,230 ​ 47.87 % 1,760,840 Level 4 – High Risk ​ 6,329,634 ​ 82.42 % 5,217,032 Total ​ 31,391,496 ​ 25.10 % 7,880,811 ​ December 2020: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2020 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 18,297,145 ​ 1.86 % 340,643 Level 2 – Medium Risk ​ 8,271,558 ​ 7.10 % 587,281 Level 3 – High Risk ​ 4,608,165 ​ 40.45 % 1,864,016 Level 4 – High Risk ​ 5,840,519 ​ 73.02 % 4,264,740 Total ​ 37,017,387 ​ 19.06 % 7,056,680 ​ 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 repay the loan or lease. Collateral is considered in the determination of the allowance for loans and advances and lease losses when it complies with the following conditions: ● Its fair value was established according to technical and objective criteria. ● The Bank is granted a preference to obtain the payment of the obligation, becoming an effective legal mechanism over it. ● Its performance is reasonably possible. The Bank has defined the criteria for collateral enforceability, which are established according to the classification of the loan portfolio. In addition, the Bank has set guidelines to value collateral 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 at least once a year. 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. To determine the suitability of appraiser’s selection, there are internal guidelines to be fulfilled related to independence, professional certification, reputation and experience. In a similar way, to validate the appraisal´s suitability, the bank has defined guidelines based on current regulations which are related to methodologies, report quality and commercial value. During the reporting period, the Group’s collateral policies have not changed significantly in relation to the way collateral is held and its overall quality. The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 25,087,070 ​ 1,700,588 ​ 28,131,226 ​ 132 ​ 408,974 ​ 55,327,990 Goods Given in Real Estate Leasing ​ - ​ - ​ 200 ​ 15,868,852 ​ - ​ 15,869,052 Goods Given in Leasing Other Than Real Estate ​ - ​ 54 ​ - ​ 6,168,941 ​ - ​ 6,168,995 Stand by Letters of Credit ​ 632,108 ​ - ​ - ​ - ​ - ​ 632,108 Security Deposits ​ 427,921 ​ 348,964 ​ - ​ - ​ 104,061 ​ 880,946 Guarantee Fund ​ 6,190,851 ​ 5,642 ​ - ​ 93,877 ​ 300,679 ​ 6,591,049 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 5,389,352 ​ 38,094 ​ - ​ - ​ 613 ​ 5,428,059 Other Collateral (Pledges) ​ 3,412,129 ​ 6,707,149 ​ 97,455 ​ - ​ 3,614 ​ 10,220,347 Without Guarantee (Uncovered Balance) ​ 73,772,412 ​ 39,562,549 ​ 2,417,906 ​ 2,987,826 ​ 464,244 ​ 119,204,937 Total loans and financial leases ​ 114,911,843 ​ 48,363,040 ​ 30,646,787 ​ 25,119,628 ​ 1,282,185 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 20,197,850 ​ 1,625,193 ​ 23,877,715 ​ - ​ 239,737 ​ 45,940,495 Goods Given in Real Estate Leasing ​ - ​ - ​ 220 ​ 14,946,258 ​ - ​ 14,946,478 Goods Given in Leasing Other Than Real Estate ​ - ​ - ​ - ​ 5,647,128 ​ - ​ 5,647,128 Stand by Letters of Credit ​ 533,921 ​ 202 ​ - ​ - ​ - ​ 534,123 Security Deposits ​ 257,602 ​ 328,212 ​ - ​ - ​ 34,950 ​ 620,764 Guarantee Fund ​ 4,894,425 ​ 5,796 ​ - ​ 100,402 ​ 355,760 ​ 5,356,383 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 4,323,241 ​ 3" id="sjs-B4">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 SFC issued the External Circular Letter 018 as of September 2021, with guidelines for the definition of the risk appetite framework and establishes a system that integrates the management of credit, market, liquidity, operational, counterparty, guarantee, insurance and country risks through the creation of Chapter XXXI "Integral Risk Management System (SIAR)" in the Basic Accounting and Financial Circular. This system provides for a comprehensive view of the risks to which an entity is exposed and is in alingment with international practices and recommendations made by multilateral organizations about the matter. In accordance with the requirements of the Circular, in December 2021 the "Internal Implementation Plan" was sent to the SFC, denoting the activities proposed for the compliance and development of the instructions contained therein. The instructions indicated in the Circular will become effective as of June 1, 2023, with the exception of numeral 10 of Part II of Chapter XXXI related to the aggregation of data on risks and reporting, which will become effective no later than December 31, 2023. To strengthen comprehensive risk management, the Bank has a three lines of defense model, with a cohesive and coordinated approach, in which its independence is guaranteed. Within the Corporate Governance Framework, the roles of the responsible areas in each line are defined, according to the level of responsibility in Grupo Bancolombia, in order to guarantee effective and efficient coordination among them for risk management (in its different stages) and internal control. First line: Second line: Specifically, the Board of Directors reviews and approves the resources, structure and processes of the Bank associated with risk management; in addition, it evaluates, through periodic reports from Management, the levels of exposure to the different risks, their impact and the mitigation strategies, in accordance with the functions established in the current regulation and the Corporate Governance Code regarding the risk management. For the development of its supervisory functions, the Board has the support of the Risk Committee which is in charge of the approval, monitoring and control of policies, methodologies, tools, guidelines and strategies for the identification, measurement, control and mitigation of risks. According to the corporate guidelines, the Risk Committee consists of members from the Board of Directors. The main function of the Corporate Risk Vicepresidency is to design and propose risk management strategies to the Board of Directors and Senior Management, lead its execution and define the Group’s risk appetite, in such a way as to ensure alignment with the corporate strategy of the Group. In addition, it defines the risk guidelines in policies, methodologies and tools for the Group. The Risk Corporate Vicepresidency professionals manage the different risks inherent to the activities undertaken in the fulfillment of their responsibilities. ​ Third line : Specifically, the Internal Audit function periodically evaluates the execution of the processes and the application of the methodologies for measurement and control of risks that support the operations carried out by the entity, in accordance with current regulations and internal regulations defined by the Board of Directors and Senior Management. 31.1 Credit risk Credit risk is the risk of an economic loss to the Bank due to a non-fulfillment of financial obligations by a customer or counterparty and arises principally from the decline on borrower´s creditworthiness or changes in the business climate. Credit risk is the single largest risk for the Bank's business; the Bank manages its exposure to credit risk. The information below contains the maximum exposure to credit risk: December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 185,100,233 ​ 19,299,753 ​ 15,923,497 ​ 220,323,483 Commercial ​ 97,000,580 ​ 8,335,781 ​ 9,575,482 ​ 114,911,843 Consumer ​ 41,773,555 ​ 3,927,387 ​ 2,662,098 ​ 48,363,040 Mortgage ​ 25,447,635 ​ 3,654,710 ​ 1,544,442 ​ 30,646,787 Small Business Loans ​ 950,991 ​ 183,693 ​ 147,501 ​ 1,282,185 Financial Leases ​ 19,927,472 ​ 3,198,182 ​ 1,993,974 ​ 25,119,628 Off-Balance Sheet Exposures ​ 45,348,295 ​ 697,067 ​ 302,358 ​ 46,347,720 Financial Guarantees ​ 8,714,751 ​ 46,845 ​ 942 ​ 8,762,538 Loan Commitments ​ 36,633,544 ​ 650,222 ​ 301,416 ​ 37,585,182 Loss Allowance ​ (2,589,992) ​ (3,383,311) ​ (10,126,945) ​ (16,100,248) Total ​ 227,858,536 ​ 16,613,509 ​ 6,098,910 ​ 250,570,955 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 156,253,029 ​ 18,778,668 ​ 16,378,033 ​ 191,409,730 Commercial ​ 80,863,445 ​ 8,203,659 ​ 9,592,183 ​ 98,659,287 Consumer ​ 33,766,023 ​ 4,599,535 ​ 2,690,381 ​ 41,055,939 Mortgage ​ 21,676,563 ​ 3,093,690 ​ 1,188,859 ​ 25,959,112 Small Business Loans ​ 965,822 ​ 109,655 ​ 156,598 ​ 1,232,075 Financial Leases ​ 18,981,176 ​ 2,772,129 ​ 2,750,012 ​ 24,503,317 Off-Balance Sheet Exposures ​ 38,980,523 ​ 859,263 ​ 320,205 ​ 40,159,991 Financial Guarantees ​ 7,553,064 ​ 77,626 ​ 1,641 ​ 7,632,331 Loan Commitments ​ 31,427,459 ​ 781,637 ​ 318,564 ​ 32,527,660 Loss Allowance ​ (3,525,671) ​ (3,063,121) ​ (10,335,484) ​ (16,924,276) Total ​ 191,707,881 ​ 16,574,810 ​ 6,362,754 ​ 214,645,445 ​ Other Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Exposure to Credit Risk - Other Financial Instruments ​ ​ Maximum Exposure ​ Collateral * ​ Net Exposure ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ 28,833,828 ​ 29,003,922 ​ (1,214,692) ​ (2,529,943) ​ 27,619,136 ​ 26,473,979 Derivatives ** ​ 1,090,121 ​ 1,093,357 ​ (87) ​ (136) ​ 1,090,034 ​ 1,093,221 Equity ​ 480,153 ​ 588,207 ​ - ​ - ​ 480,153 ​ 588,207 Total ​ 30,404,102 ​ 30,685,486 ​ (1,214,779) ​ (2,530,079) ​ 29,189,323 ​ 28,155,407 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% Maximum exposure to credit risk of the loans and advances refers to the carrying amount at the end of the period. It does not take into account any collateral received or any other credit risk mitigants. Maximum exposure to credit risk of financial guarantees and loan commitments corresponds to the total amount guaranteed at the end of the period. It does not take into account any collateral received or any other credit risk mitigants. 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 mitigants. Maximum exposure to credit risk of debt instruments and equity securities refers to the carrying amount at the end of the period without considering any guarantee received. a. Credit Risk Management - Loans and Advances Credit risk management during 2021 continued to focus on the deployment of customer support strategies through the possibilities provided by local regulations and structural solutions offered by the bank to obtain repayment. Although the first half of the year was characterized by the most challenging situations related to the economic uncertainty concerning Covid-19 and the public order situation in Colombia, it was offset during the second half by general economic confidence due to the advance of vaccination plans in the countries where the Bank has a presence, as well as the gradual recovery in relevant economic sectors. Until the third quarter of the year, the bank continued to offer alternatives in force by governments, to improve the borrower’s ability to repay loans. The key point for these solutions was their agreed application with the customer, knowing structural issues and focused actions tailored to their new economic reality following each country’s regulatory framework. In December 2021, the relief plans of local governments related to Covid-19 in the markets where the Bank has a presence expired. However, some provisions of those prior relief efforts are still active and are monitored by the Bank. Similarly, the Bank continued to offer alternatives to redefine conditions in the traditional regulatory framework, which includes facilities open to customers affected beyond Covid-19 situations. The portfolio of loans subject to active financial is classified as follows: December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ # financial obligations ​ Amount ​ ECL Stage 1 ​ 18,900 ​ 1,947,617 ​ 54,551 Stage 2 ​ 39,067 ​ 5,708,061 ​ 577,688 Stage 3 ​ 21,693 ​ 1,567,188 ​ 810,867 Total Loans and Advances ​ 79,660 ​ 9,222,866 ​ 1,443,106 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ # financial obligations ​ Amount ​ ECL Stage 1 ​ 479,512 ​ 17,866,538 ​ 724,148 Stage 2 ​ 220,256 ​ 9,782,256 ​ 1,458,818 Stage 3 ​ 77,986 ​ 2,277,165 ​ 1,330,512 Total Loans and Advances ​ 777,754 ​ 29,925,959 ​ 3,513,478 ​ The following table shows the 30-day past due loan ratio on portfolio loans that had Covid-19 financial reliefs during 2020 and 2021, and that were ended: December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ Commercial and financial leases ​ Consumer ​ Mortgage ​ Small business loan ​ Total Total Loans and Advances ​ 140,031,471 ​ 48,363,040 ​ 30,646,787 ​ 1,282,185 ​ 220,323,483 Total Past-due ​ 5,282,456 ​ 2,721,730 ​ 1,851,082 ​ 164,762 ​ 10,020,030 Past-due of customer with not current financial reliefs ​ 620,309 ​ 1,272,036 ​ 516,122 ​ 50,151 ​ 2,458,618 % Past-due with not current reliefs ​ 12% ​ 47% ​ 28% ​ 30% ​ 25% ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ Commercial and financial leases ​ Consumer ​ Mortgage ​ Small business loan ​ Total Total Loans and Advances ​ 123,162,604 ​ 41,055,939 ​ 25,959,112 ​ 1,232,075 ​ 191,409,730 Total Past-due ​ 6,036,849 ​ 2,774,345 ​ 1,482,245 ​ 173,562 ​ 10,467,001 Past-due of customer with not current financial reliefs ​ 686,532 ​ 1,886,479 ​ 362,339 ​ 60,420 ​ 2,995,770 % Past-due with not current reliefs ​ 11% ​ 68% ​ 24% ​ 35% ​ 29% ​ The monitoring of the credit portfolio continues to be a key factor in the identification and application of strategies in different credit cycle stages, beyond what happened due to circumstances arising from the pandemic. 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: Contains guidelines with regards to the establishment of credit exposure limits. This is set as a result of legal requirements and according to the Bank’s internal guidelines. ● Origination policies: These policies aim to acquire ample and sufficient knowledge of the characteristics of potential borrowers and to select them properly. The risk level of the individual and legal entities is determined using rating and scoring models which define cut-off points that are applied in the process of issuing credit. These models use information such as the credit history of the borrower, sociodemographic particularities, the type of business the borrower engages in, the borrower’s ability to repay the loan, and information received from the credit risk bureaus. In addition, sectorial and macroeconomic behavior is taken into account. Loan applications, depending on their amount and risk level, are presented for approval at the level of management authority required. ● Collaterals policies : For the purpose of mitigating risk associated with non-fulfillment of obligations agreed upon by the borrower, the Bank has established policies for the valuation of collateral received as well as for the determination of the maximum loan amount that can be granted against the value of the collateral. ● Allowance policies: The objective of this policy is to fulfill legal requirements and the Bank’s business policies. In addition, this policy is meant to provide the guidelines to analyze the client’s status and take the necessary actions in order to mitigate credit risk to which the Bank is exposed. For further information, please see Note 2. ● Monitoring policies: Contains various monitoring procedures, portfolio reports and policies for the purpose of overseeing, in an adequate and timely manner, the evolution of credit risk. These procedures include a continuous process of classification and reassessment of credit operations and they maintain consistency with the policies implemented for granting loans. ● Portfolio recovery policies: Through these policies, the Bank aims to establish those mechanisms that allow it to anticipate the action to be taken in the event of possible delays and minimize the impact resulting from non-fulfillment of payment or delays by the borrower. Additionally, the aspects established in this policy delimit what the Bank has defined as collection management and that make it possible to obtain information to improve the origination policies and the allowances for loans and advances and lease losses models. The established actions are combined with strategies to adjust to the economy, market and costumer conditions, allowing the Bank to offer alternatives tailored to each case, such as payment deals, foreclosed assets, cession agreements, modifications, restructuring, and so on. Management of credit risk is carried out through all the credit life cycle. These processes are defined in the following way: ● Origination: Knowing the borrower, payment capacity analysis, payment behavior and credit approval and structure. ● Monitoring: Knowing the borrower’s situation during the life of the credit. ● Recovery: Collection management during the different stages of the same credit. In order to support the credit origination processes, the Bank develops models, methodologies and analytic techniques 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, methodologies and analytics techniques, as well as the parameters, variables and the cut-off points that are applied in the process of issuing credit, according to market and product conditions, as well as the appetite framework approved by the board of directors. Those models, methodologies and analytic techniques can incorporate different kinds of variables such as social demographic, qualitative issues, internal and external behavior, product parameters, etc. In addition, as defined for regulatory basis, Risk Corporate Vice Presidency performs back testing to these models and methodologies in order to evaluate their effectiveness, reporting their results to the board of directors. The Risk Corporate Vice Presidency establishes through internal guidelines the scoring or cut-off points required in the different process of issuing credit. In the same way, this Vice Presidency can adjust parameters to give a different score considering relevant qualitative and quantitative information, such as customer´s sector, financial indicators, historical payment behavior, etc. Moreover, on a monthly basis, the entire credit portfolio is rated considering the established internal models for the purpose of evaluating the credit risk of each borrower and constitutes the required allowance for loans and advances and lease losses. In addition to the evaluation and qualification of the portfolio, the monthly allowance for loans and advances and lease losses serves to measure the present condition of the portfolio and the methodologies used for its calculation serve as a tool to evaluate risk, be it in a collective or individual manner. Collective evaluation of the portfolio applies the following parameters for measuring risk: probability of default (PD), loss given default (LGD) and exposure at default (EAD). For further details please see Note 2 Significant Accounting Policies, section 7.4.5 Impairment of financial assets at amortized cost. An individual’s risk evaluation is made in respect of consumers classified in stage 3 with significant exposure and corporate clients classified in stage 2 who were previously in stage 3. The analysis is based on the projection of the individual client cash flow, parameters such as recovery rates estimated by models that include financial, behavioral information, collaterals and qualitative variables, which serve as elements to measure risk and define allowances for loans, advances and lease losses for each borrower. Annual backtesting must be performed on the allowances for loans and advances and lease losses models for the purpose of maintaining suitable hedge levels in accordance with the Bank’s risk appetite. The Bank is continuously monitoring the concentration of 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 where the loans were originated. ● By sector: According to the sectorial sub-segmentation defined by the Bank based mainly on the code CIIU 1 . ● By categories: According to the portfolio category of each agreement (commercial, financial leases, consumer loans, small business loans and mortgages). ● By economic group: According to the characteristics of economic groups as established by regulations. ● By maturity: According to the remaining term to loan maturity. ● By past due days: This concentration evaluates loans that are more than one month overdue. 1 CIIU: International Standard Industrial Classification of All Economic Activities. b. Credit Quality Analysis - Loans and Financial Leases As a result of atypical effects during the year driven by economic and social uncertainty and general risks due COVID-19, the Bank continues to apply different strategies focused on analysis and diagnosis of the portfolio, identifying early alerts to provide proactive solutions to their customers. Those strategies are aligned with the common monitoring process made by the Bank and the watch list methodology. Rating System for Credit Risk Management The principal aim of this rating system 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. Information from financial statements, profit and loss statements, historical payment behavior both with the Bank and with other entities, and qualitative information on variables that are not explicit in the financial statements are taken into account. 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. In the case of a retail customer, granting and behavior scoring models are used in order to identify the level of risk associated with the borrower. These models include information such as personal details, financial information, historical behavior, the total number of credit products and external information from credit bureaus. Description of Loans and Financial Leases In order to evaluate and manage credit risk, the credits and financial leasing operations have been classified as: · Loans granted to individuals or companies in order to carry out organized economic activities and are not classified as small business loans. The borrowers in this portfolio are mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification: ​ Segment Incomes/Sales Corporate Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M. For Banco Agrícola and BAM, borrowers with annual sales >= USD 5 M and < USD 25 M. Commercial For BAM, companies with annual sales >= USD 2 M y < USD 5 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola, borrowers with annual sales < USD 5 M and BAM, borrowers with annual sales < USD 2 M. ​ · Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows: Classification Vehicles Credits granted for the acquisition of vehicles. The vehicle financed is used as collateral for the loan. Credit cards Revolving credit limits for the acquisition of consumer goods, utilized by means of a plastic card. Payroll loans It is a credit line attached to an authorized individual payroll amount. Other loans Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. The counterparties in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or construction of 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 30 The counterparties in the mortgage portfolio are mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are issued for the purpose of encouraging the activities of small business and are subject to the following requirements: (i) their indebtedness with all entities cannot exceed 120 minimum wages (excluding mortgage obligations for housing financing); (ii) the client's total assets, excluding mortgage assets, are less than 500 minimum wages. For the classification of those small business that present combinations of number of employees parameters and total assets different from those indicated, the determining factor will be that of total assets. The borrowers in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income. Analysis of the behavior and impairment of the loan portfolio and financial lease operations As of December 31, 2021, the Bank’s total loan portfolio valued in Colombian pesos registered an increase of 15.1% compared to December 2020, driven by a growth mainly of Bancolombia’s Commercial and Consumer loans, the increasing dynamics in USD portfolio focused in BAM and Bancolombia Panamá, besides devaluation of the Colombian peso against the U.S. dollar that increased the equivalent value in pesos of Group´s portfolio. The 30-day past due loan ratio (consolidated) stood at 4.55% in December 2021 compared to 5.47% in December 2020, this decrease has been driven by the support given for the bank to costumers, offering tailored relief and financial structures according to the new reality due to COVID-19 effects. ● Commercial loans and finance lease amounted to COP 140,031 billion, which represented an increase of 13.7% with respect to 2020. Its 30-day past due loan ratio was 3.77% compared to 4.90% in December 2020. ● Consumer loans stood at COP 48,363 billion, which represented an increase of 17.8% with respect to 2020. Its 30-day past due loan ratio was 5.63% compared to 6.76% in December 2020. ● Mortgage loans came to COP 30,647 billion, which represented an increase of 18.06% with respect to 2020. Its 30-day past due loan ratio was 6.04% compared to 5.71% in December 2020. ● Small Business loans ended at COP 1,282 billion, which represented an increase of 4.07% with respect to 2020. Its 30-day past due loan ratio was 12.85% compared to 14.09% in December 2020. In order to monitor credit risk associated with clients, the Bank has established regular meetings conducted by the AEC Committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity and sector, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. The amount and allowance of clients included in the described watch list, as of December 31, 2021 and December 2020 is shown below. ​ December 2021: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2021 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 13,487,382 ​ 1.79 % 241,520 Level 2 – Medium Risk ​ 7,896,250 ​ 8.38 % 661,419 Level 3 – High Risk ​ 3,678,230 ​ 47.87 % 1,760,840 Level 4 – High Risk ​ 6,329,634 ​ 82.42 % 5,217,032 Total ​ 31,391,496 ​ 25.10 % 7,880,811 ​ December 2020: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2020 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 18,297,145 ​ 1.86 % 340,643 Level 2 – Medium Risk ​ 8,271,558 ​ 7.10 % 587,281 Level 3 – High Risk ​ 4,608,165 ​ 40.45 % 1,864,016 Level 4 – High Risk ​ 5,840,519 ​ 73.02 % 4,264,740 Total ​ 37,017,387 ​ 19.06 % 7,056,680 ​ 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 repay the loan or lease. Collateral is considered in the determination of the allowance for loans and advances and lease losses when it complies with the following conditions: ● Its fair value was established according to technical and objective criteria. ● The Bank is granted a preference to obtain the payment of the obligation, becoming an effective legal mechanism over it. ● Its performance is reasonably possible. The Bank has defined the criteria for collateral enforceability, which are established according to the classification of the loan portfolio. In addition, the Bank has set guidelines to value collateral 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 at least once a year. 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. To determine the suitability of appraiser’s selection, there are internal guidelines to be fulfilled related to independence, professional certification, reputation and experience. In a similar way, to validate the appraisal´s suitability, the bank has defined guidelines based on current regulations which are related to methodologies, report quality and commercial value. During the reporting period, the Group’s collateral policies have not changed significantly in relation to the way collateral is held and its overall quality. The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 25,087,070 ​ 1,700,588 ​ 28,131,226 ​ 132 ​ 408,974 ​ 55,327,990 Goods Given in Real Estate Leasing ​ - ​ - ​ 200 ​ 15,868,852 ​ - ​ 15,869,052 Goods Given in Leasing Other Than Real Estate ​ - ​ 54 ​ - ​ 6,168,941 ​ - ​ 6,168,995 Stand by Letters of Credit ​ 632,108 ​ - ​ - ​ - ​ - ​ 632,108 Security Deposits ​ 427,921 ​ 348,964 ​ - ​ - ​ 104,061 ​ 880,946 Guarantee Fund ​ 6,190,851 ​ 5,642 ​ - ​ 93,877 ​ 300,679 ​ 6,591,049 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 5,389,352 ​ 38,094 ​ - ​ - ​ 613 ​ 5,428,059 Other Collateral (Pledges) ​ 3,412,129 ​ 6,707,149 ​ 97,455 ​ - ​ 3,614 ​ 10,220,347 Without Guarantee (Uncovered Balance) ​ 73,772,412 ​ 39,562,549 ​ 2,417,906 ​ 2,987,826 ​ 464,244 ​ 119,204,937 Total loans and financial leases ​ 114,911,843 ​ 48,363,040 ​ 30,646,787 ​ 25,119,628 ​ 1,282,185 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 20,197,850 ​ 1,625,193 ​ 23,877,715 ​ - ​ 239,737 ​ 45,940,495 Goods Given in Real Estate Leasing ​ - ​ - ​ 220 ​ 14,946,258 ​ - ​ 14,946,478 Goods Given in Leasing Other Than Real Estate ​ - ​ - ​ - ​ 5,647,128 ​ - ​ 5,647,128 Stand by Letters of Credit ​ 533,921 ​ 202 ​ - ​ - ​ - ​ 534,123 Security Deposits ​ 257,602 ​ 328,212 ​ - ​ - ​ 34,950 ​ 620,764 Guarantee Fund ​ 4,894,425 ​ 5,796 ​ - ​ 100,402 ​ 355,760 ​ 5,356,383 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 4,323,241 ​ 3

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 32. SUBSEQUENT EVENTS Approval of Consolidated Financial Statements The consolidated financial statements were approved by the Board of Director on April 26, 2022. Ordinary claim filed by Menelao Mora and Said Diaz: On March 4, 2022, the Court of Appeals upheld the initial judgment and added US$261 for each plaintiff as an additional award for costs incurred. The Bank formally announced the filing of a request to null the sentence (“recurso de casación”) before the Supreme Court based on errors made in the consideration of the evidence as well as the legal grounds on which the decision was made. External counsel evaluated the risk level of the case and, accordingly, the Bank has established a provision of US$2,561. PA FAI Calle 77 acquisition On June 4, 2021, Bancolombia S.A. entered into an agreement with CCLA Colombia S.A.S. for the conditional assignment of the fiduciary rights of the Trust named PA FAI Calle 77, which owns the Nomad 77 Building located in the city of Bogotá (Colombia), which is the first project built for Multifamily rental housing in Colombia. Bancolombia S.A. concluded that it has control over the PA FAI Calle 77 given that it has exposures, or rights, to variable returns from its involvement in the investee and also has the ability to use its power to affect returns from the rental housing activity, through its participation in executive committees, and has the capacity to direct the activity that most significantly affects returns of all business – namely, approval rights over the disposal of the real estate projects. The transaction was completed on March 1, 2022, upon Bancolombia S.A.’s obtaining the registration that qualifies it as a lessor of real estate for urban housing from the “Secretaría de Habitat” of Bogota. This registration was the condition to which the cession of the fiduciary rights was subject. Therefore, on March 1, 2022, the Group obtained control of the PA FAI Calle 77 Trust, and has an equity interest of 98%. This acquisition reflects the Group's objective to evolve its value proposition based on the current needs of the market, seeking to provide a differential service in the rental of housing real estate. The consideration paid by Bancolombia S.A. was COP 56,968, which consisted of a cash advance of COP 29,025 on June 9, 2021 and settlement of an active financial leasing obligation that the previous owners had with the bank for COP 27,943. The acquisition of the PA FAI Calle 77 Trust was accounted for in accordance with the acquisition method of IFRS 3. The purchase price was assigned to the assets and liabilities acquired based on their estimated fair values at the acquisition date. The Bank opted to measure at fair value the non-controlling interest in the acquiree of 2.00%; at the acquisition date, the non-controlling interest amounted to COP 1,166. The estimate of the fair value of the assets acquired and liabilities assumed was based on information available as of March 1, 2022. The Bank considers that this information provides a reasonable basis for determining fair values: ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ ​ ​ ​ Purchase Price Allocation: ​ ​ ​ Purchase price on June 9, 2021 ​ 56,968 ​ Non-controlling interest at fair value ​ 1,166 ​ TOTAL ​ 58,134 ​ ​ ​ ​ ​ Fair value of net assets acquired: ​ ​ ​ Assets ​ ​ ​ Cash and cash equivalents ​ 799 ​ Accounts receivable ​ 299 ​ Premises and equipment, net ​ 3 ​ Investment property ​ 60,849 ​ Other assets ​ 79 ​ Total assets ​ 62,029 ​ ​ ​ ​ ​ Liability ​ ​ ​ Accounts payable ​ 1,080 ​ Deferred tax ​ 283 ​ Other liabilities ​ 99 ​ Total liabilities ​ 1,462 ​ ​ ​ ​ ​ Fair value of net assets acquired ​ 60,567 ​ ​ ​ ​ ​ Gain from a bargain purchase ​ 2,433 ​ ​ The acquisition of PA FAI Calle 77 Trust resulted in the recognition of a gain from a bargain purchase of COP 2,433, which was recognized in the “Dividends and net income on equity investments” line item of the Consolidated Statement of Income. The amount of the identifiable net assets of the acquiree exceeds the fair value of the consideration transferred, plus the fair value of the non-controlling interest therein, due to the fact that the price was agreed to nine months before the effective transfer of control of the business. Acquisition-related cost In connection with the acquisition, the Bank incurred costs which are recorded in the "Other administrative and general expenses" line item of the Consolidated Statement of Income.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Basis for preparation	A. Basis for preparation of the consolidated financial statements The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). ​ The preparation of consolidated financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. ​ Impacts of COVID-19 on the preparation of the consolidated financial statements ​ During 2021, the macroeconomic and epidemiological context caused by the Coronavirus 2019 (COVID-19) pandemic in Colombia and in the countries where the Bank operates were characterized less by the shock situation than that evidenced during 2020, despite the appearance and global expansion of the omicron variant, which caused a period of uncertainty in global financial markets. Although governments have provided more focused responses to control outbreaks and vaccination programs are positively progressing to gradually cover a larger part of the population, an upward trend in the infections level, marked by a reduction in the severity of infections, began to be observed as of December 31, 2021, due to the new omicron variant. The year 2021 was characterized by the beginning of the economic recovery process, generating a significant positive rebound compared to 2020, due to the lower impact of the COVID-19 pandemic on economic activity, reducing its overall impact and making it possible to expect the world to move officially from a pandemic to an endemic situation during 2022. ​ During the year, there were occasional restrictions on mobility in Colombia and in other countries where the Bank operates during the peak of the pandemic in the first half of the year, but by the end of 2021, most of the controls had been lifted, returning to the normal development of daily activities. These elements have allowed the impact of the epidemiological situation to be relatively contained and the economic recovery to continue. ​ The progressive return to a normal economic and social environment has been the predominant factor as of December 31, 2021, despite the contagiousness of the new variant, positively impacting productive activity in Colombia and in the other countries where the Bank operates. However, increases in the production costs of goods and services are still being experienced, due to the restrictions of previous periods, which caused increases in the materials prices and supply chain constraints. ​ These situations were periodically evaluated during 2021 by Management to take appropriate measures in the ongoing management of the business; accordingly, the Bank continues with customer support strategies through credit relief and concessions due the end of the debtor support programme (‘PAD’) in Colombia on August 31, 2021, enacted by the Superintendencia Financiera de Colombia (‘SFC’), and the end of the extension of the general relief law in force in Panama since 2020, which were intended to address the social and health situation, seeking to mitigate the direct and indirect effects thereof. The effects on the Bank’s performance and financial position were included in the accompanying notes of the consolidated financial statements (see notes 3 to 32). Likewise, the Bank considered the current economic environment including the effects of the COVID-19 pandemic on its customers economy and businesses in preparation of the consolidated statement of financial position as of December 31, 2021, taking into account the best available reliable information and the evolution of the key assumptions on estimates made at the date of preparation and issuance of these consolidated financial statements. For further information, see section E. Use of estimates and judgments, paragraph 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. ​ Preparation of the consolidated financial statements under going concern basis ​ Management has also assessed the Bank’s ability to continue as a going concern and confirms that the Bank has adequate liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Bank's liquidity position at the date of authorization of the consolidated financial statements and taking into account the uncertainty about the development of the COVID-19 pandemic, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. ​ The consolidated financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct. ​ Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (‘OCI’) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. ​ The consolidated financial statements are stated in Colombian pesos and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the market exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. ​ The parent company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separate financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the shareholders. ​ The separate financial statements are those presented by the parent company in which the entity recognizes and measures impairment for credit risk through allowances for loans losses and recognizes provisions for foreclosed assets, in accordance with the accounting required by the SFC, which differ in certain accounting principles from IFRS that are used in the consolidated financial statements.
Presentation of consolidated financial statements	B. Presentation of the consolidated 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 treatment is permitted or required by an accounting standard or interpretation and described in the Bank's policies. ​ The consolidated statement of comprehensive income presents net income and items of other comprehensive income (‘OCI’) classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. ​ The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows.
Consolidation	C. Consolidation ​ 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of December 31, 2021 and 2020. The parent company consolidates the financial results of the entities over which it exerts control. ​ In accordance with IFRS 10 Consolidated financial statements, a subsidiary is an entity controlled by any of the entities that comprise the Bank, as long as the controlling entity has: ​ ● Power over the investee that gives it the ability to direct their relevant activities that significantly affect the investee’s returns. ● Exposure or rights to variable returns for its involvement with the investee. ● Ability to use its power over the investee to affect the investor’s returns. These type of entities include cases where the Bank has a high exposure to variable returns and retains decision-making power over the investee, either directly or through an agent. The parent company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PROPORTION OF ​ PROPORTION OF ​ PROPORTION OF ​ ​ ​ JURISDICTION ​ ​ ​ OWNERSHIP ​ OWNERSHIP ​ OWNERSHIP ​ ENTITY ​ OF ​ BUSINESS ​ INTEREST AND ​ INTEREST AND ​ INTEREST AND ​ ​ ​ INCORPORATION ​ ​ ​ VOTING POWER ​ VOTING POWER ​ VOTING POWER ​ ​ ​ ​ ​ ​ ​ HELD BY THE ​ HELD BY THE ​ HELD BY THE ​ ​ ​ ​ ​ ​ ​ BANK 2021 ​ BANK 2020 ​ BANK 2019 ​ 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 % VLIPCO S.A.S. (1) ​ Colombia ​ Technology services provider ​ 94.77 % - ​ - ​ Renting Colombia S.A.S. ​ Colombia ​ Operating leasing ​ 100.00 % 100.00 % 100.00 % Transportempo S.A.S. ​ Colombia ​ Transportation ​ 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. ​ Colombia ​ Investments ​ 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S. ​ Colombia ​ Payment solutions ​ 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) ​ Colombia ​ Real estate investment fund ​ 49.96 % 49.96 % 49.96 % P.A. Inmuebles CEM (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Calle 92 FIC-11 (2) ​ Colombia ​ Mercantil trust ​ 32.47 % 32.47 % - ​ P.A. FIC Edificio Corfinsura (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC-A5 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC Inmuebles (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC Clínica de Prado (2) ​ Colombia ​ Mercantil trust ​ 38.49 % 38.49 % - ​ P.A. FIC A6 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Central Point (2) ​ Colombia ​ Mercantil trust ​ 37.47 % 37.47 % - ​ Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Fideicomiso Twins Bay (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ Fideicomiso Lote Av San Martín (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Fideicomiso Lote 30 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ Fideicomiso Fondo Inmobiliario Bancolombia (3) ​ Colombia ​ Mercantil trust ​ 17.54 % - ​ - ​ Valores Simesa S.A. (4) ​ Colombia ​ Investments ​ 66.82 % 67.11 % 67.11 % Fideicomiso Lote Abelardo Castro (5) ​ Colombia ​ Mercantil trust ​ - ​ 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B1B2 (4) ​ Colombia ​ Mercantil trust ​ 66.49 % 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B3B4 (4) ​ Colombia ​ Mercantil trust ​ 66.49 % 66.77 % 66.77 % Bancolombia Panamá S.A. ​ Panama ​ Banking ​ 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa ​ Panama ​ Investments ​ 100.00 % 100.00 % 100.00 % Banagrícola S.A. ​ Panama ​ Investments ​ 99.17 % 99.17 % 99.17 % 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. (6) ​ Panama ​ Financial services ​ - ​ 100.00 % 100.00 % Leasing Banistmo S.A. ​ Panama ​ Leasing ​ 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. ​ Panama ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Banistmo Panamá Fondo de Inversión S.A. ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. ​ Panama ​ Collective investment fund ​ 100.00 % 100.00 % 100.00 % Fondo Renta Sostenible Global S.A. (7) ​ Panama ​ Collective investment fund ​ 100.00 % 100.00 % 100.00 % Banistmo Capital Markets Group Inc. (7) ​ Panama ​ Purchase and sale of securities ​ 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (7) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (7) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (7) ​ Panama ​ Portfolio holder ​ 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (7) ​ Panama ​ Real estate broker ​ 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. (8) ​ Panama ​ Holding ​ 100.00 % 100.00 % 60.00 % Banco Agromercantil de Guatemala S.A. (8) ​ Guatemala ​ Banking ​ 99.66 % 99.59 % 59.72 % Seguros Agromercantil de Guatemala S.A. (8) ​ Guatemala ​ Insurance agency ​ 79.92 % 79.90 % 47.93 % Financiera Agromercantil S.A. (8) ​ Guatemala ​ Financial services ​ 100.00 % 100.00 % 60.00 % Agrovalores S.A. (8) ​ Guatemala ​ Securities brokerage ​ 100.00 % 100.00 % 60.00 % Arrendadora Agromercantil S.A. (8) ​ Guatemala ​ Operating Leasing ​ 100.00 % 100.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (8) (9) ​ Guatemala ​ Insurance agency ​ 100.00 % 100.00 % 60.00 % Asistencia y Ajustes S.A. (8) ​ Guatemala ​ Services ​ 100.00 % 100.00 % 60.00 % Serproba S.A. (8) ​ Guatemala ​ Maintenance and remodelling services ​ 100.00 % 100.00 % 60.00 % Servicios de Formalización S.A. (8) ​ Guatemala ​ Loans formalization ​ 100.00 % 100.00 % 60.00 % Conserjería, Mantenimiento y Mensajería S.A. (8) (9) ​ Guatemala ​ Maintenance services ​ 100.00 % 100.00 % 60.00 % Mercom Bank Ltd. (8)(10) ​ Barbados ​ Banking ​ 99.66 % 99.59 % 59.72 % New Alma Enterprises Ltd. (8) ​ Bahamas ​ Investments ​ 99.66 % 99.59 % 59.72 % Bancolombia Puerto Rico Internacional Inc. ​ Puerto Rico ​ Banking ​ 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (11) ​ Cayman Islands ​ Banking ​ 100.00 % 100.00 % 100.00 % Banco Agrícola S.A. ​ El Salvador ​ Banking ​ 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa ​ El Salvador ​ Leasing ​ 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. ​ El Salvador ​ Credit card services ​ 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. ​ El Salvador ​ Securities brokerage ​ 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA ​ El Salvador ​ Investments ​ 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. ​ El Salvador ​ Administers investment funds ​ 98.89 % 98.89 % 98.89 % Bagrícola Costa Rica S.A. ​ Costa Rica ​ Outsourcing ​ 99.17 % 99.17 % 99.17 % Bancolombia Capital Holdings USA LLC (12) ​ United States ​ Holding ​ 100.00 % - ​ - ​ Bancolombia Capital Adviser LLC (12) ​ United States ​ Investment advisor ​ 100.00 % - ​ - ​ Bancolombia Capital LLC (12) ​ United States ​ Securities brokerage ​ 100.00 % - ​ - ​ (1) On November 30, 2021, the Bank acquired 91,791 common shares of VLIPCO S.A.S. for COP 9,474 ; after such transaction, the Bank had a 94.77% interest in the company. The Bank held a 47.40% interest in VLIPCO S.A.S. before the purchase transaction. For further information, see Note 8. Investments in associates and joint ventures and Note 9.3. Business combinations. (2) In 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (3) Company consolidated by the Fondo de Capital Privado Fondo Inmobiliario Colombia since October 2021. (4) The decrease in shareholding is due to the repurchase of outstanding stock carried out by the subsidiary during 2021. (5) The trust rights were assigned in June 2021. (6) Merger between the Banistmo S.A. (absorbing entity) and Financomer S.A. (absorbed entity) in November 2021. (7) Investments in non-operational stage. (8) On September 29, 2020, the Bank acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH), a company that owns the financial conglomerate Agromercantil of Guatemala. (9) Companies in voluntary liquidation. (10) On September 30, 2021, Mercom Bank Ltd. shareholder authorized the beginning of an organized and gradual process of transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bank. For further information, see Note 1. Reporting entity. (11) On October 05, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. The wind-down was expected to be completed before the end of the year 2021. For further information, see Note 1. Reporting entity. (12) Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information see Note 1. Reporting entity. ​ When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies, in order to prepare consolidated financial statements using uniform accounting policies. ​ All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. ​ Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the parent company’s shareholders equity and profit or loss. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income. ​ The loan and financial leases originated by Banistmo and Bancolombia Panama are subject to prudential regulation in Panama by the Superintendencia de Bancos de Panamá (‘SBP´) requiring the maintenance of minimum reserves as a countercyclical capital buffer. In the second quarter of 2020, this regulation was suspended, through the General Resolution of the Board of Directors SBP-GJD-0007-2020, to provide financial relief to the banks. For the years ended as of December 31, 2021 and 2020, the reserves recognized amounted to COP 1,428,964 and COP 1,232,033. The establishment of these reserves restrict the ability of the aforementioned subsidiaries to pay dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. ​ 2. Transactions between entities under common control Combinations of entities under common control, i.e., transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3 Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8 Accounting policies, changes in accounting estimates and errors, the Bank has developed an accounting policy considering the pronouncements of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquirer’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. ​ 3. Investments in associates and joint ventures An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. ​ A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. ​ At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and is included in the carrying amount of the investment and it is not amortized. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of assets. Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher of its value in use and its fair value less costs of disposal, and its carrying value. ​ The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. ​ Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recognize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture after the date of acquisition, less any impairment loss on the investment. When the Bank's share of losses of an associate or joint venture exceeds the Bank's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank's net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. ​ When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income as “Unrealized gain/(loss) on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends and net income on equity investments”, in accordance with the Bank's participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. ​ The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of comprehensive income. ​ The dividends received from the associate or joint venture reduce the investment carrying value. ​ When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remains 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 partial interest in the associate or joint venture, is recognized in the consolidated statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. For further information, please see Note 8. Investments in associates and joint ventures. ​ 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. ​ The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses. ​ If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3, or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, the Bank will apply all of the principles of IFRS 3. In this case, the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at least annually. ​ When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. ​ When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. ​ 5. Fund’s administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. ​ The Bank consolidates the following funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ownership ​ % of ownership ​ % of ownership ​ Assets managed Name ​ Country ​ interest held by ​ interest held by ​ interest held by ​ December 31, ​ December 31, ​ ​ ​ ​ the Bank, 2021 ​ the Bank, 2020 ​ the Bank, 2019 ​ 2021 ​ 2020 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) ​ Colombia ​ 49.96 % 49.96 % 49.96 % 4,415,509 ​ 4,128,801 Fideicomiso Lote Abelardo Castro (2) ​ Colombia ​ - ​ 66.77 % 66.77 % - ​ 13,314 Fideicomiso Lote Distrito Vera B1B2 (3) ​ Colombia ​ 66.49 % 66.77 % 66.77 % 57,025 ​ 58,459 Fideicomiso Lote Distrito Vera B3B4 (3) ​ Colombia ​ 66.49 % 66.77 % 66.77 % 54,941 ​ 56,364 Banistmo Panamá Fondo de Inversión S.A. ​ Panama ​ 100.00 % 100.00 % 100.00 % 414,962 ​ 522,777 (1) From 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. This equity securities are considered a business, because of their capacity to generate income. For further information, see Note 2. C. Consolidation. (2) Trust rights in P.A. Lote Abelardo Castro were transferred in June 2021. (3) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2 and B3B4), during 2021. ​ For all the aforementioned funds, the Bank participated in the design of the structured entity, makes operating and financial decisions on behalf of the funds and is exposed to variable returns such as dividends or returns paid in quarterly installments. ​ Commissions earned by the management of funds that are not consolidated are included in the consolidated statement of income as “Fees and commissions income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the parent company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment by investment basis. ​ Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. ​ 6.1. Significant non-controlling interest ​ FCP Fondo Inmobiliario Colombia ​ As of December 31, 2021 and 2020, the portion of non-controlling interest in the FCP Fondo Inmobiliario Colombia was 50.04%, which is considered a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Fondo Inmobiliario Colombia is Bogotá (Colombia). ​ During 2021 and 2020, returns were delivered to the non-controlling interest in quarterly installments due to the nature of its business, which mainly comprises a long- term investment in real estate which is considered a low-risk portfolio. The return delivered amounted to COP 64,717 and COP 43,297, as of December 31, 2021 and 2020, respectively. ​ The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, related to the FCP Fondo Inmobiliario Colombia: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ In millions of COP Assets ​ 4,415,509 ​ 4,128,801 ​ ​ Liabilities ​ 1,509,275 ​ 1,450,781 ​ ​ Net assets ​ 2,906,234 ​ 2,678,020 ​ ​ ​ ​ Year-Ended 2021 ​ Year-Ended 2020 ​ Year-Ended 2019 ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ Valuation of investment properties ​ 85,148 ​ (8,251) ​ 77,527 Valuation of trust rights ​ - ​ 4 ​ 52,215 Rents ​ 187,194 ​ 186,528 ​ 161,263 Profits of equity method investees ​ 105,439 ​ 56,116 ​ 138,100 Other income ​ 92,298 ​ 38,135 ​ 2,034 Total Income ​ 470,079 ​ 272,532 ​ 431,139 Expenses ​ ​ ​ ​ ​ ​ Interest on loans ​ (73,201) ​ (78,008) ​ (73,088) Other administrative and general expenses ​ (212,385) ​ (141,430) ​ (170,374) Total Expenses ​ (285,586) ​ (219,438) ​ (243,462) Net Income ​ 184,493 ​ 53,094 ​ 187,677 Condensed cash flow (1) ​ ​ ​ ​ ​ ​ Net cash used in operating activities ​ (34,442) ​ (172,003) ​ (257,733) Net cash provided by financing activities ​ 21,882 ​ 235,214 ​ 256,787 Cash and cash equivalents at beginning of year ​ 63,368 ​ 157 ​ 1,103 Cash and cash equivalents at end of year ​ 50,808 ​ 63,368 ​ 157 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. ​ The information above represents the amounts before inter-company eliminations. As of December 31, 2021, 2020 and 2019, the profit allocated to non-controlling interest amounted to COP 92,353, COP 26,599 and COP 93,946, respectively. ​ As of December 31, 2021, 2020 and 2019, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 1,369,084, COP 1,340,317 and COP 1,250,131, respectively. ​ Grupo Agromercantil Holding S.A. ​ On February 28, 2020, the Bank announced that it received a notice from BAM Financial Corporation (‘BFC’), which held a non-controlling interest of 40.00% of the common stock of Grupo Agromercantil Holding (GAH), notifying the Bank of BFC’s decision to exercise a contractual put option for the sale of the GAH common stock held by BFC to Bancolombia Panama S.A. (the Bank’s subsidiary domiciled in Panama) in accordance with preexisting agreements. On September 29, 2020, regulatory authorizations were obtained to complete the acquisition of the remaining 40.00% of the shareholding of the GAH. With those authorizations, the acquisition of 100.00% of the operations was completed and GAH is no longer considered a significant non-controlling interest for the Bank and its subsidiaries. Therefore, in accordance with IFRS 10, changes in the parent’s ownership interest in the subsidiary are considered as equity transactions. ​ The following table summarizes the net income and cash flows for the year ended December 31, 2019 GAH: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year-Ended 2019 ​ ​ ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments ​ ​ ​ 218,536 Total fees and commission, net ​ ​ ​ 132,845 Other operating income ​ ​ ​ 68,288 Dividends received and equity method ​ ​ ​ 668 Total operating income, net ​ ​ ​ 420,337 Operating expenses ​ ​ ​ (478,133) Income tax ​ ​ ​ 19,367 Net income ​ ​ ​ (38,429) Condensed cash flow ​ ​ ​ ​ Net cash used in operating activities ​ ​ ​ (62,327) Net cash provided by investing activities ​ ​ ​ 273,604 Net cash used in financing activities ​ ​ ​ (26,926) Translation adjustment ​ ​ ​ 12,648 Cash and cash equivalents at beginning of year ​ ​ ​ 1,500,647 Cash and cash equivalents at end of year ​ ​ ​ 1,697,646 Other comprehensive income ​ ​ ​ ​ Investments at fair value through OCI ​ ​ ​ (3,362) Translation adjustment ​ ​ ​ 9,281 Others ​ ​ ​ (8,093) Total other comprehensive income ​ ​ ​ (2,174) ​ For the year 2021, there were no dividends declared, and for the year 2020 and 2019, the dividends received from Grupo Agromercantil amounted to COP 85,297 and COP 31,936, respectively. ​ D. Significant Accounting Policies
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 (other comprehensive income) if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. ​ Non-monetary items that are measured at cost are held at the exchange rate at the transaction date, while those which are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognized in the consolidated statement of comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognized in net income, any exchange component of that gain or loss shall be recognized in net income.
Foreign subsidiaries	3. Foreign subsidiaries The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Bank´s presentation currency is translated into the presentation currency, as follows: ​ ● Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position, ● Income and expenses for each statement of income and statement of comprehensive income is translated at average exchange rates, and ● All resulting exchange differences are recognized in other comprehensive income in translation adjustment reserve. As part of the consolidation process, exchange differences arising from debt securities in issue and the portion of other financial securities designated as hedges of foreign operations that are determined to be an effective hedge are recognized in other comprehensive income in Translation adjustment reserve. When a foreign operation is sold or any debt securities in issue forming part of the net investment are repaid, the associated exchange differences are reclassified to net income, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate. ​ The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert consolidated statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2019 Year-end exchange rate ​ 3,981.16 ​ 3,432.50 ​ 3,277.14 Average rate for the period ended at ​ 3,747.24 ​ 3,691.27 ​ 3,282.39
Cash and cash equivalents	4. Cash and cash equivalents The Bank considers cash and cash equivalents to include cash and balances at banks and the Central Bank, interbank assets and reverse repurchase agreements and other similar secured lending that have original maturities up to 90 days, as shown in Note 4. Cash and cash equivalents.
Security deposits	5. Security deposits Security deposits are assets pledged as collateral that correspond to cash guarantees made by the Bank to other financial institutions. The carrying amount is increased when a margin call is issued or when it is necessary to increase the trading quota; conversely, it is decreased when the aim is to lower that quota. The security deposits are recognized as other assets in the consolidated statement of financial position at the amount paid in favor of the counterpart and these assets are subject to interest recognition. These assets are included in the consolidated statement of financial position as “Other assets, net”.
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; and c) goodwill is recognized as an asset in the consolidated statement of financial position or a gain from a bargain purchase. ​ The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Bank (if any). ​ Goodwill is measured as the excess of the sum of the consideration transferred, the value of any non-controlled interest and, when applicable, the fair value of any previous equity interest in the acquired entity, over the net fair value of the acquired assets, liabilities or contingent liabilities assumed at the date of acquisition. ​ For each business combination, at the date of acquisition, the Bank measures the non-controlling interest by the proportional share of the identifiable assets acquired, as well as liabilities and contingent liabilities assumed by the acquired company, or by their fair value. ​ Any contingent consideration in a business combination is classified as a liability or as equity and is recognized at fair value at the date of acquisition, the liability is remeasured at subsequent reporting dates in accordance with IAS 37 Provisions, contingent liabilities and contingent assets, and the consideration classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. ​ The goodwill acquired in a business combination is allocated, at the date of acquisition, to the Bank's cash-generating units (or group of cash generating units) which are expected to benefit from the combination, regardless of whether other assets or liabilities of the acquiree are assigned to those units or group of units. ​ For business combinations achieved in stages, any previous equity interest held by the Bank in the acquiree is remeasured at its fair value at the date of acquisition and any resulting gain (or loss) is reported in the consolidated statement of income or other comprehensive income, as appropriate. Amounts related to such investments previously recognized in other comprehensive income that must be recycled through net income are reclassified to the consolidated statement of income, as if such investment had been sold. When the associate had other comprehensive income, which was not reclassified to profit or loss, the amounts were reclassified within equity to retained earnings once the investment was sold. ​ On November 30, 2021, the Bank acquired control of Vlipco S.A.S., a company that provides technology services. For further details of this transaction, see Note 9.3. Business combination. 7. Financial instruments
Financial instruments	7. Financial instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. ​ 7.1. Recognition of financial assets and liabilities Financial assets and liabilities are recognized in the consolidated statement of financial position when the Bank becomes party to the contractual provisions of the instrument. This includes regular way purchases and sales, which are those purchases and sales of financial assets that require the delivery of assets within the time frame established by regulation or convention in the marketplace. The Bank uses settlement date accounting for regular way contracts when recording financial asset transactions. ​ 7.2. Offsetting of financial instruments Financial assets and financial liabilities are reported on a net basis on the consolidated 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 an 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 of financial instruments The fair value of all financial assets and liabilities is determined at the consolidated statement of financial position date, for recognition or disclosure in the notes to the consolidated financial statements. ​ To determine fair value, characteristics of the asset or liability are taken into account in the same way that market participants would use when pricing the asset or liability at the measurement date; the following items are taken into consideration to assess the estimates: ​ ● Based on quoted prices (unadjusted) in active markets for identical assets or liabilities to which the Bank can access at the measurement date (level 1). ● Based on inputs of valuation methodologies commonly used by the market participants, these inputs are other than quoted prices that are observable for the assets or liabilities, either directly or indirectly; considering inputs as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities like interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads, and market-corroborated inputs (level 2). ● Based on internal valuation techniques of discounted cash flow and other valuation methodologies, where one or more inputs are unobservable and therefore estimated by the Bank for the assets or liabilities, in the absence of observable inputs (level 3). The accounting judgments used in determining fair value relate to matters such as liquidity risk, credit risk and volatility. The changes in estimates related to these factors could affect the recognized fair value of the financial instruments. In Note 30. Fair value of assets and liabilities, an analysis is provided of the fair values of financial instruments and non-financial assets and liabilities, including further details about the measurement of fair value, hierarchy levels and transfers between levels, if any.
Financial assets	7.4. Financial assets At initial recognition, the Bank measures financial assets at fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs directly attributable to the acquisition of the financial assets. Financial assets are then classified considering their subsequent measurement at fair value through profit or loss, fair value through OCI or amortized cost on the basis of the business model for managing the financial assets and the contractual cash flow characteristics of the instrument. In addition, for particular investments in equity instruments, in accordance with IFRS 9 Financial instruments, the Bank made the irrevocable election to present subsequent changes in fair value in other comprehensive income. ​ 7.4.1 Money market operations ​ Interbank assets and interbank deposits ​ These are funds that the Bank lends to other financial institutions or borrows from the Central Bank and other financial institutions. The transactions in an asset position with maturity of up to ninety days are classified as cash equivalents, as long as they are not impacted by market fluctuations. The operations in an asset position with maturity greater than ninety days and all the operations in a liability position are measured at amortized cost and presented as “Other assets, net” or “Interbank deposits”, respectively, in the consolidated statement of financial position. ​ 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 consolidated statement of financial position when the Bank substantially retains all of the risks and rewards of the securities. However, the securities are disclosed as pledged assets. The amounts received are initially recognized, at fair value, as a financial liability and subsequently measured at amortized cost. The difference between the sale value and the repurchase value is treated as interest expense and accrued over the life of the agreement by the effective interest rate method. ​ 7.4.2 Debt and equity securities ​ Securities at amortized cost ​ Debt securities are classified at amortized cost only if the asset is maintained within a business model whose objective is to hold it in order to collect contractual cash flows and the contractual terms of the security give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The subsequent measurement of its interest income is recognized using the effective interest rate method. ​ The effective interest method is a method used to calculate the amortized cost of an asset and to assign the income or cost in interest during the relevant period. The effective interest rate is the discount rate at which the present value of future estimated cash payments or those received through the expected life of the financial instrument, or, when appropriate, in a shorter time frame, are equal to the net carrying value at the beginning. To calculate the effective interest rate, the Bank estimates cash flows considering all the contractual terms of the financial instrument, including transaction costs and premiums granted minus commissions and discounts, but without considering future credit losses. ​ Securities at fair value through profit or loss ​ These are equity securities and debt securities that are not subsequently measured at amortized cost or at fair value through other comprehensive income. The difference between the current fair value and the immediately preceding fair value of the respective security is recorded as a higher or lower value of the asset, affecting the consolidated statement of income. ​ Investments at fair value through other comprehensive income ​ Investments in debt securities are classified as measured at fair value through other comprehensive income if they are maintained under a business model whose objective is achieved by both obtaining the contractual cash flows and selling the instruments and, in addition, the instruments give rise, on specific dates to cash flows that correspond only to payments of capital and interest on the principal amount outstanding. ​ Changes in fair value of the investment are recognized in other comprehensive income, except for impairment gains or losses, interest income and foreign exchange gains or losses which are recognized in profit or loss. When the financial asset is written off, the accumulated gain or loss previously recognized in other comprehensive income is reclassified from equity to the consolidated statement of income. Interest income from these financial assets is recognized in the consolidated statement of income as “Interest and valuation on financial instruments” of the consolidated statement of income, using the effective interest rate method. ​ 7.4.3 Equity instruments at fair value through other comprehensive income ​ The Bank has made an irrevocable election to present in other comprehensive income, subsequent changes in fair value of some equity instruments that are not held for trading. Dividends from this type of instrument are recognized in net income only when the entity’s right to receive payment of the dividend is established. ​ 7.4.4 Loans and advances to customers and financial institutions, leases and other receivables ​ These are financial assets that consist primarily of corporate loans, personal loans (including mainly consumer finance and overdrafts), residential mortgage loans and financial leases. The Bank established that loans, advances to customers and other receivables are held within a business model whose objective is to hold them in order to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They are initially measured at fair value, plus transaction costs and origination fees that are directly attributable to the acquisition. They are subsequently measured at amortized cost using the effective interest rate method. ​ 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVTOCI’ ​ 7.4.5.1 Allowance for loans, advances and leases ​ As described in section E. Use of estimates and judgments, paragraph 1. Credit risk Impairment and Note 6. Loans and advances to customers, net, Management assessed the adequacy of the allowance for loan losses based on evaluations of the loan portfolio using objective and subjective criteria. As disclosed by Management, expected credit losses are calculated using individual and collective models and methodologies based on assumptions and judgements considering historical credit data, current borrower situation and reasonable and supportable forecasts of future economic conditions. Collective models include parameters of probability of default at 12 months, probability of default throughout the lifetime of the obligation (when the loan is classified as stage 2), loss given default, and exposure at default with the inclusion of the prospective approach that includes assumptions of future macroeconomic conditions in plausible future scenarios. In addition, for loans individually assessed in stage 3, the Bank will evaluate defaulted significant loans, analyzing the debt profile of each debtor, the fair value of guarantees granted, information on the credit behavior and the future cash flows expected from the client. ​ At the end of each period, the Bank assesses the impairment model based on the expected loss of a financial asset or a group of them measured at amortized cost, or at fair value through other comprehensive income, where the impairment loss will be measured from “day 1” after its initial recognition. The model is structured in three phases in which the financial asset can be categorized, from its initial recognition, considering the degree of credit risk, and the circumstances that have produced a significant increase in it, as described below: ​ ​ ​ ​ ​ ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ (Initial recognition) ​ (Significant increase in credit risk ​ (Credit-impaired assets) ​ ​ ​ since initial recognition) ​ ​ ​ 12-month expected credit losses ​ Lifetime expected credit losses ​ Lifetime expected credit losses ​ ​ The expected loss is based on estimates of losses, including reasonable information about past events, current situations, and forecasts about future economic conditions. ​ The Bank has determined that the measurement of impairment of the loan portfolio and financial leasing operations can be made through a collective or individual assessment, in accordance with the amount of and characteristics of the loan. ​ Collective models include 12-months probability of default parameters (12-month PD), the lifetime probability of default (lifetime PD-when the loan is classified as stage 2), loss given default (LGD), and exposure at default (EAD) with the inclusion of the prospective approach. The individual analysis methodology is applied to significant exposures and includes the evaluation of weighted loss scenarios, considering the macroeconomic forecasts and the special conditions of each debtor for the future generation of the cash flow. ​ During 2021, some adjustments were implemented in the methodology to better estimate the ECL in the loan portfolio. In addition, the Bank recorded a general provision adjustment (Overlay) on the loans with relief granted as a consequence of the COVID-19 pandemic in Panama and Colombia. ​ The probability of default models were not updated with recent information, in order to exclude data from grace periods or extended terms granted in response to the pandemic; therefore, the models incorporate data up to February 2020. ​ These adjustments are explained in detail later. ​ Staging assessment ​ The staging assessment of a significant increase in credit risk can be classified in different stages: ​ ● Stage 1: Financial instruments that have not had a significant increase in credit risk since initial recognition, or that have low credit risk at the reporting date. ● Stage 2: Financial instruments that have had a significant increase in credit risk since initial recognition (unless they have low credit risk at the reporting date), but that do not have objective evidence of impairment. ● Stage 3: Financial assets that have objective evidence of impairment (OEI) at the reporting date. ​ For each of the stages, an expected credit loss (ECL) will be calculated which will include current and future conditions, both of the behavior of the portfolio and of different associated macroeconomic conditions. For stage 1, a 12-month ECL will be calculated which will acknowledge the expected credit losses that result from default events that are possible within 12 months after the reporting date, while for stage 2 and 3 a Lifetime ECL will be calculated which contains the expected credit losses that result from all possible default events over the expected life of the financial instrument. ​ Significant increase in risk ​ To establish whether an asset presents a significant increase in risk since the initial recognition, the Bank performs an assessment of quantitative and qualitative factors and reviews, for each portfolio, the rebuttable presumption of more than 30 days of default. The way in which the Bank determines whether the credit risk of financial instruments has increased significantly since the initial recognition is as follows: ​ Quantitative criteria ​ Lifetime PD assessment: The Bank has determined that the most suitable quantitative way to establish the significant increase in credit risk is by comparing the residual lifetime PD at the initial recognition and the current lifetime PD. To measure this difference, two thresholds are defined: ​ ● Absolute threshold: Is the absolute difference between the value of the residual lifetime PD at the initial recognition and the current lifetime PD. This threshold determines the value from which a positive absolute variation identifies an increase in the risk of the instrument. ● Relative threshold: It is a percentage variation between the value of the residual lifetime PD at the initial recognition and the current lifetime PD. This threshold determines the value from which a positive percentage variation identifies an increase in the instrument risk. In the event the comparison of PD’s results in the surpassing of one threshold but not the other, it is not considered that there is a significant increase in the risk for the instrument. If the instrument does not exceed the threshold, other qualitative criteria are assessed, which can identify a significant increase in credit risk even when the obligation is very close to expiration. These criterions are the following: ​ Qualitative criteria ​ ● The assets restructured by risk, where the client is experiencing financial difficulties, are classified in stage 2 and provisioned by lifetime expected credit loss until the instrument is canceled, or cured, or it is transferred to stage 3 because it fulfills the definition of default. The following table shows the cure period of the assets restructured by country: ​ ​ ​ ​ Country Portfolio Months ​ SME Commercial 36 Colombia Corporate Does not apply ​ Mortgage 34 ​ Consumer 22 ​ Consumer 19 Panama Commercial Does not apply ​ Mortgage 14 ​ Commercial 18 El Salvador Consumer 18 ​ Mortgage 34 ​ ● Clients on the watch list with medium risk level. ● The Bank additionally reviews every six months if there are collective criteria for the migration of a group of clients to stage 2, for example, if a significant change has occurred from the commencement of a specific product or geographic region, or the occurrence of industry events, regulatory, market or any other, that is considered a significant event with impact on the generation of future cash flow of the customer's operation. The Bank implemented the following measures in Staging assessment as a consequence of the reprofile of the loan’s repayment schedule due to COVID-19: Measures applied in 2021: ​ In Colombia, some reliefs were provided until the month of August 2021, and for these clients the following measures were implemented: ​ 1. The clients that in 2020 were identified with medium or high risk and classified in stages 2 or 3 were reviewed again in 2021 at the AEC committee (Special Client Administration), and those which were identified with less risk returned to stage 1 or stage 2 in accordance with the new risk level. 2. Clients who were given a relief in Colombia due to COVID-19 (similar to a restructuring), are classified in stage 2 for the following period of time: ​ ​ ​ Portfolio Months SME Commercial 12 Corporate Client-to-client review Mortgage 16 Consumer 12 ​ 3. Clients with payment concessions cannot upgrade a stage for a period of 3 months after the payment concession ends. In Panama, at the end of December 2021, massive relief continues, so the following adjustments are made to the stage classifications: ​ ● Consumer loan clients identified as unemployed or whose wages have decreased and have not made at least 3 payments because these payments are not still due, are classified in stage 2. ● In the mortgage portfolio, clients with massive relief who have not made at least 3 payments are not still due, are classified in stage 2. ● Consumer loan clients without a payment agreement and who have not made any payment are classified in stage 3. Measures applied in 2020: 1. Clients identified with greater risk through the implementation of expert models and crisis forums are classified in stage 2. 2. Clients with payment modifications that in the last year were past due more than 30 days are classified in stage 2. 3. Clients with payment concessions cannot upgrade a stage for a period of 3 months after the payment concession was granted. 4. Clients identified as affected by their ability to pay due to COVID-19 are classified in stage 2. Refutable presumption of more than 30 days of default ​ The Bank has reviewed for each portfolio the presumption of a significant increase in 30 days past due and finds historical evidence that there is a relationship between this presumption and default, except for Banistmo's mortgage portfolio, where the Bank has refuted the presumption. The basis for refuting this presumption in Banistmo is that there is reasonable and sustainable information that shows that when the contractual payments are more than 30 days past due, this does not represent a significant increase in the credit risk of a financial instrument, the main causes being: ​ ● Banistmo has a percentage of the mortgage portfolio that remains in the delinquency range of 31 - 60 days for operational issues due to the collection of checks (which generate a high operational burden), so that usual payment practice exceeds 30 days; in accordance with IFRS 9.B5.5.20, when a non-payment is an administrative oversight, instead of a financial difficulty of the borrower, this presumption may be refused. ● There is no relationship between mortgages whose payments are past due for more than 30 days and default. In accordance with the previous paragraph, the significant increase in credit risk for Banistmo's mortgage portfolio is defined at 60 days past due. The following table show the participation for each of the stages and the distribution of stage 2 is detailed for the reasons that represent the significant increase in credit risk: ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 2 ​ ​ Portfolio Stage 1 ​ Threshold ​ Watch list ​ Restructured ** More Than ​ COVID-19 ​ Total ​ Stage 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 Days* ​ Measures ​ ​ ​ ​ ​ Commercial 84.74 % 37.67 % 59.77 % 1.00 % 1.14 % 0.42 % 7.28 % 7.98 % Consumer 86.36 % 62.19 % 0.65 % 7.99 % 13.75 % 15.42 % 8.52 % 5.12 % Mortgage 83.76 % 27.18 % 0.50 % 8.49 % 8.42 % 55.41 % 12.67 % 3.58 % Total Portfolio 84.95 % 40.72 % 32.73 % 4.31 % 5.66 % 16.58 % 8.39 % 6.67 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 2 ​ ​ Portfolio Stage 1 ​ Threshold ​ Watch list ​ Restructured ** More Than ​ COVID-19 ​ Total ​ Stage 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 Days* ​ Measures ​ ​ ​ ​ ​ Commercial 82.20 % 20.80 % 73.80 % 0.80 % 1.40 % 3.20 % 8.10 % 9.70 % Consumer 82.30 % 52.20 % 0.10 % 4.40 % 12.00 % 31.40 % 11.00 % 6.70 % Mortgage 83.80 % 35.80 % 0.10 % 5.30 % 7.80 % 51.00 % 11.80 % 4.40 % Total Portfolio 82.40 % 31.80 % 40.70 % 2.60 % 5.40 % 19.60 % 9.30 % 8.30 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. ​ Definition of default ​ To establish whether an asset is in default, the Bank performs an assessment of quantitative and qualitative factors and reviews for each portfolio the rebuttable presumption of more than 90 days of default. The criteria applied by the Bank to determine if there is a breach are the following: Quantitative criteria ​ ● Clients with at least one written off loan. ● Clients who are 90 or more days past due. ​ Qualitative criteria ​ ● Clients in special states of restructuring or business reorganization and insolvency agreements. ● Clients on the watchlist with high risk level. ● The Bank also aligns all products of the same client to stage 3 when one of its obligations is in default. Refutable presumption of more than 90 days of default The Bank has reviewed for each portfolio the presumption of default in 90 days past due and finds historical evidence of high probability of loss at 90 days, except for Banistmo's mortgage portfolio, where the Bank has refuted the presumption. The basis for refuting this presumption is that there is historical evidence that shows that the default occurs at 180 days. ​ Measurement of expected credit losses by collective methodology ​ The quantification of the expected credit losses collectively is done according to the stage classification, the homogeneous groups defined in each type of portfolio and the client’s risk level. ​ The segmentation of homogeneous groups is carried out by type of client; for individuals it is grouped by product and for companies by industry segments defined from the sales level of the client. ​ Similarly, risk level is assigned based on the type of client. For individuals, the risk is measured using a behavioral scoring model for consumer products and a behavioral scoring for housing products; the function of these models is to rank the clients according to risk and thus have a better follow-up with them. Scoring is based on historical behavior and management variables for each one of the products. In Colombia, Guatemala and Panama, the rating system for the consumer portfolio is assessed using random forest methodology, which are mathematical models that allow a greater number of variables related to the client and that have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. ​ For companies, the level of risk is measured based on an internal rating model, which uses qualitative and quantitative variables as financial indicators of the client, with ranking on a scale between level 1 and 19. Also, involved in this process are qualification programs of the region, factors of the local market and the knowledge of the client in the market. In Colombia, a random forest methodology model is used for rating the SME portfolio; these are mathematical models which allow the use of a greater number of variables related to the client such as financial information, internal and external payment behavior, non- financial variables (such as: partners, seniority), sociodemographic and transactional information, imports, exports, among others, and have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. ​ The Bank implemented the following measures in the assignment of the score as a consequence of the reprofile of the loan’s repayment schedule due to COVID-19: ​ Measures applied in 2021: ​ 1. Minimum qualification for customers with modified loans continues for 4 months after relief ends. ​ Measures applied in 2020: ​ 1. Commercial clients are individually analyzed through crisis forums and the portfolio rating process carried out at the end of 2020. 2. Minimum score for modified or restructured clients. 3. Consumer loans with current relief at the end of 2021 are assigned the highest impairment rating between the current month and the rating before COVID-19 pandemic (February 2020). ​ For further details, please see Note 31. Risk management, section Description of Loans and Financial Leases. ​ To estimate the expected credit losses (ECL) under the collective methodology, the following formula is used: ​ ECL = Probability of Default * Loss Given Default * Esposure At Default ​ The factors are estimated using statistical models developed from internal historical information of the entity and then adjusted with forward-looking information as described below: ● Probability of Default (PD): Estimated probability of occurrence of a default of an instrument. IFRS 9 proposes the specification of this parameter and its application according to the classification of stages 1, 2 and 3. o PD 12 months: The estimated probability of occurrence of a default in the next 12 months of the instrument’s life as of the date of analysis. The Bank defines the use of PD 12 months for current portfolio that does not present a significant increase in credit risk or any impairment evidence (portfolio classified in stage 1). To estimate the probability of default for 12 months, the Bank uses traditional techniques such as logistic regression, modeling the behavior of the portfolio by level of risk for each of the segments. o Lifetime PD: The estimated probability of occurrence of a default over the remaining life of an instrument, being dependent on the conditions of the product and the level of risk. The Bank defines the use of lifetime PD for portfolio with a significant increase in credit risk (portfolio classified in stage 2). The Bank estimates this factor using survival models which propose a statistical analysis to quantify the survival rate of a portfolio for a given period. One of the advantages of the methodology is the inclusion of prepaid models. The Bank made improvement in the stage 2 ECL assessment methodology to measure losses over the lifetime of the loan (Cox proportional hazards model, sometimes abbreviated Cox Model), which allow a better adjustment of the macroeconomic variables in the face of the COVID-19 situation. o PD stage 3: The customers evaluated by the collective methodology in stage 3 have an associated probability of default of 100.00%. ● Loss Given Default (LGD): The severity of Loss Given Default is the percentage of exposure that the entity ultimately expects to lose in the event of a default in a financial instrument. The general formulation for the calculation of the LGD is equal to (1 – Recovery Percentage), where the recovery percentage refers to the sum of the flows received from the transaction discounted at the rate for the client on the date of analysis on the total of the exposure at the time of default, including contractual debt sales and other recovery strategy. For secured products, this is primarily based on collateral type and projected collateral values, the use of appraisals to determine the value of the collateral and time to repossession and recovery costs observed. The Bank made adjustments in the LGD parameter (Loss Given Default) and the collateral methodology, in order to incorporate maintenance expenses of the collaterals foreclosed upon, implement a greater segregation of default bands and eliminate the loan portfolio historic data that were not representative of the current portfolio. ● Exposure at Default (EAD): The exposed value of the asset valued at amortized cost (includes the balance of capital, interest and accounts receivable), this is based on the contractual repayments owed by the borrower over a 12 month or lifetime basis. For revolving products and those with available borrowing that is likely to be used in its entirety, the Exposure At Default (EAD) estimate considers the use of the CCF (risk conversion factor), in order to find a relationship corresponding to the used and unused component of the instrument. To estimate the expected credit losses (ECL), a component of probability of becoming loan is included. To estimate the lifetime expected credit loss, the exposed balance is projected annually, taking into account the discount of contractual payments agreed with the client for each year. Cash flows are discounted at the effective interest rate or an approximation of it. The Bank changed one of the assumptions used to measure the expected loss of stage 1. Where in the past, it was assumed that the loss occurs at the beginning of the year, as best practice it is now assumed that the loss occurs in the middle of the year. Forward-looking information incorporated in the ECL models ​ To incorporate the prospective information to the factors defined for the estimation of the expected loss, the Bank uses methodologies that correlate the historical behavior of the portfolio with certain economic variables. The Bank uses projections based on three macro scenarios (base, pessimistic and optimistic); each scenario has a plausible probability of occurrence to evaluate the best estimate of the expected loss under possible future economic conditions. ​ To make the projections, the Corporate Economic Research team has defined a process for the generation of estimates under two perspectives: thematic and analytical. ​ ● Thematic Perspective: In the first instance, a series of external variables are defined, which are those whose values are established at a global level and in whose definition the idiosyncratic dynamics of the analyzed country have no incidence. As these are issues whose detailed study is beyond the scope of the Corporate Economic Research team, the Bank uses as reference the estimates made by external analysts. ● Analytical Perspective: This consists in the compilation of the historical information for the most important economic and financial variables of the country. The information bases are compiled from official sources, which mostly correspond to official authorities, such as the Superintendency or Central Bank of each country. The Bank estimates forecasts based on time series models widely used in econometrics. As a result, projections are obtained for the economic variables of interest, which are formulated monthly in a time horizon that includes the current year and five subsequent years. After five years, given the technical difficulties and the high uncertainty, the projection of the economic variables for the total remaining useful life of each instrument corresponds to the value of the last projection. The Bank considers that a five (5) years projection horizon continues to be reasonable and that maintaining the fifth-year estimate for subsequent periods is a good approximation. This is based on the natural behavior of any statistical or econometric exercise of variable projection, in which the series tend towards a reversion to the mean or, in this case, to the long-term trend or equilibrium level. Then, in subsequent periods they remain there once the macroeconomic projections reach that steady state and only the materialization of a shock (unpredictable, so it is not possible to project when it will happen) would cause a deviation. It is reasonable to think that in a period of 5 years, the macroeconomic variables projection would already be at a level very close to their equilibrium, since historically the maximum periods of consecutive deviation above or below the long-term trend (more or less 0.25 standard deviations of the variable) of the economic cycle (from the series of annual economic growth in the period 1972-2020) has been precisely a period of 5 years. With the current projections as of December 31, 2021, although the economic shock of the COVID-19 pandemic was of unprecedented magnitude, the subsequent economic recovery has also occurred at an unprecedented speed, so the scenario that incorporates the figures for the fifth year of the projection proposes records very close to the long-term levels of the variables and allows this assumption to remain valid. Economic scenario weightings ​ To incorporate not only a perspective, but also to recognize the uncertainty surrounding the short and medium-term economic context that the country will experience, the projection work incorporates three scenarios: base, optimistic and pessimistic. ​ It is intended that each perspective contain reasonable expectations and that each has a relevant level of probability associated with it. In other words, we seek to formulate possible, not extreme, scenarios. Due to economic events and risks related to COVID-19, at the closure of 2020 the economic scenario weightings were as follows: base scenario with a weighting of 60.00%, pessimistic scenario with a weighting of 30.00%, and finally optimistic scenario with a weighting of 10.00%. In 2021, the scenarios are weighted as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country Optimistic Base Pessimistic ​ 2020 2021 2020 2021 2020 2021 Colombia 10.00 % 20.00 % 60.00 % 50.00 % 30.00 % 30.00
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 consolidated 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 consolidated 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 consolidated statement of income unless the financial liability is designated as at fair value through profit or loss, for which it 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 are comprised of 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. After initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. The liability component corresponds to the preferred dividend related to 1% of the subscription price, which is the payment of the minimum dividend on the preferred shares for each period in accordance with the Bank’s bylaws. ​ 7.5.2 Financial guarantee contracts and loan commitments ​ In order to meet the needs of its customers, the Bank issues financial standby letters of credit, bank guarantees and loan commitments. Loan commitments are those agreements under which the Bank has an irrevocable obligation to grant the loan. The financial guarantee contracts issued by the Bank are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due to accordance with the original or modified terms of a debt instrument. ​ Both financial guarantee contracts and loan commitments are initially recognized as liabilities at fair value, which is normally the fee received, adjusted for the directly attributable transaction costs incurred. Subsequently, liabilities are measured at the higher of the provision amount measured according to IFRS 9, and the amount initially recognized, less the accumulated amortization recognized according to IFRS 15 Revenue from contracts with customers. ​ Income derived from guarantees is recognized as fees and commission income in the consolidated statement of income over the term of the contract, in accordance with the method and frequency of commission’s payments.
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 when the Bank neither transfers nor retains substantially all of the risks and rewards of ownership but 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 consolidated statement of financial position when it is extinguished, that is, when the obligation is discharged, cancelled or expired. ​ Debt exchange ​ The Bank assesses whether the instruments subject to exchange are substantially different from each other, considering qualitative aspects such as currencies, terms, rates, conditions of subordination, regulatory framework, among others; and quantitative aspects, including whether the present value of discounted cash flows under the conditions of the new instruments (including any commission paid net of any commission received) and using the original effective interest rate to calculate the discount, is at least 10 percent different from the discounted present value of the cash flows that still remain of the original financial liability. ​ When it is determined that the instruments subject to debt exchange are not substantially different (based on the analysis of qualitative variables such as changes in currency or emission market, and quantitative assessments in some cases), the transaction is recognized as a debt modification. In this case, the amortized cost of the modified liability is adjusted to the present value of the estimated contractual cash flows which are discounted at the original effective interest rate of the financial instrument, and a gain or loss is recognized immediately in profit or loss. Incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability; its subsequent measurement continues at amortized cost. In debt exchanges where the new instrument is considered substantially different, the liability is derecognized against the consolidated statement of income, and a new financial liability arises. ​ 7.6.1 Written-Off loan portfolio ​ Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party. In general, this characteristic will be fulfilled when the following delinquency conditions are present: ​ ​ ​ ​ ​ Type ​ Length of delinquency ​ Consumer ​ 180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola and 1,080 days ​ Commercial ​ 360 days ​ Small Business Loan ​ 180 days, 1,080 days ​ Mortgage ​ 1,080 days 1,440 days ​ ​ Among the reasons underlying a loan's non-recoverability are the estimated recovery time of the obligation and the probable recovery percentage given the existence or lack of collateral. When default conditions are present, it is initially necessary to evaluate whether the collateral that supports the loan generates a reasonable expectation of recovery; if so, the necessary steps are taken to realize on the collateral prior to writing-off the loan. In cases where the collateral net fair value indicates that there are no reasonable expectations of recovery, loans are written-off in the consolidated financial statements.
Derivatives financial instruments	7.7. Derivatives financial instruments ​ A financial derivative is an instrument whose value changes in response to changes in a variable such as an interest rate, exchange rate, the price of a financial instrument, a credit rating or a credit index. This instrument requires no initial payment, or a smaller investment than would be required for other financial instruments with a similar response to changes in market conditions, and it is generally settled at a future date. The Bank recognizes its derivatives financial instruments at fair value based on the prices and methodologies provided by the official pricing services provider (Precia). 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. For further information, see Note 30. Fair value of assets and liabilities, section d. Credit valuation adjustment. ​ The Bank carries out derivative transactions to facilitate the business of clients related to the Management of their market and credit risk, managing the exposure in its own position to changes in interest rates and risks in exchange rates, or to obtain benefits from changes in valuations experienced by these instruments in the market. Derivatives are recognized and measured at fair value through profit or loss, unless such derivatives are designated as hedging instruments in cash flow hedges or as a hedge of a net investment in a foreign operation. In those cases, the effective portion of changes in the fair value of the derivatives are recognized in other comprehensive income. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. 7.7.1 Hedge accounting ​ 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. When the hedging relationship is considered to be highly effective, the changes in value of the hedging derivative are accounted for according to their classification, as fair value hedges, cash flow hedges and hedges of net investment in foreign operations, as set out in the paragraph below. ​ The Bank assesses at the inception of the hedge and on a monthly basis during the life of the instrument, whether the hedge used in the transaction is expected to be aligned with the hedge effectiveness requirement (prospective effectiveness): ​ ● Economic relationship between the hedging instrument and the hedged item. ● The effect of credit risk does not predominate over the value of the economic relationship. ● Designated hedge ratio is consistent with risk management strategy. The Bank discontinues the hedge accounting when the hedging relationship no longer meets the criteria provided for hedge effectiveness or when the hedging instrument expires or is sold, terminated or exercised. Consequently, the item no longer complies with the hedge accounting conditions or the hedging relationship no longer complies with the risk management objective. When hedge accounting for a fair value hedge is terminated, the previous adjustments related to the changes in fair value of the hedged item are subsequently recorded in the consolidated statement of income in the same manner as other components of the carrying amount of that asset. When hedge accounting for a cash flow hedge is terminated, the accumulated gains and losses recorded in equity will be reclassified to the consolidated statement of income in the same period or periods during which the hedged expected future cash flows are realized. ​ Before the establishment of 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 ways: ​ Fair value hedges ​ Changes in the fair value of derivatives that are designated and qualify as hedging instruments in fair value hedges are recognized in the consolidated statement of income as interest and valuation on financial instruments. The change in fair value of the hedged item attributable to the hedged risk is included as part of the carrying value of the hedged item, and it is also recognized in the aforementioned item of the consolidated 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 consolidated statement of income during the remaining term until their expiry. ​ The amortization of the effective interest rate shall begin as long as there is an adjustment to the carrying value of the hedged item and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. The adjustment is based on a recalculated effective interest rate at the date amortization begins. If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the consolidated statement of income. If the hedge instrument expires or it is sold, terminated or exercised, or when the hedge no longer meets the criteria for hedge accounting, the Bank discontinues prospectively the hedge accounting. For the items hedged at amortized cost, the difference between the carrying value of the item hedged at the termination of the hedge and the nominal value are amortized using the effective rate method during the time beyond the original terms of the hedge. If the hedged item is derecognized, the remaining value to amortize is recognized immediately in the consolidated 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 consolidated statement of income. ​ If the hedging instrument expires or is sold, terminated or exercised, without replacement or rollover into another hedging instrument, or if the hedging designation no longer meets the criteria provided for the hedge effectiveness requirements after any subsequent rebalancing adjustment, any accumulated gain or loss previously recognized in OCI remains in OCI, until the planned operation or the firm commitment affects the result. ​ The Bank ceases hedge accounting when the hedging relationship ceases to meet the objective of managing the hedged risk when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized in other comprehensive income when the forecast transaction is ultimately recognized in net income. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in net income. ​ Hedges of a net investment in a foreign operation:
Day one profit adjustment	7.8. Day one profit adjustment ​ If an asset has been acquired, or a liability has been assumed, in a market transaction, it might be assumed that the transaction price can be taken to be the fair value of the asset or the liability. However, the fair value of the financial asset or financial liability can be different from the transaction price at initial recognition. When the amounts are not equal, the asset or liability should be measured at fair value and the difference between the transaction price and fair value is required to be recognized as follows: ​ ● If the fair value is assessed as Level 1 based on the inputs or the valuation technique uses only data from observable markets, therefore Bank recognizes the difference as a gain or loss on initial recognition. ● In all other circumstances, the Bank defers day one gain or loss recognition in the consolidated statement of income over the life of the transaction.
Premises and equipment	8. Premises and equipment Premises and equipment include tangible items that are held for use, for rental to others, or for administrative purposes and are expected to be used for more than one period. ​ Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, in order to derecognize the depreciable amount of promises and equipment over the estimated useful lives of the assets. The depreciable amount is the cost of an asset less its residual value. The estimated useful lives for each asset group are: ​ ​ ​ ​ Asset group ​ Useful life range Buildings ​ 10 Furniture and fixtures (1) ​ 5 Computer equipment ​ 3 Equipment and machinery ​ 3 Vehicles ​ 3 (1) Companies in El Salvador have a useful life range of 4 to 20 years . The asset’s 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 consolidated statement of income are adjusted based on the new estimation. ​ The Bank assesses at the end of each year whether there is any indication of external or internal reduction in the asset’s recoverable value. If there is any indication of impairment, the Bank estimates the recoverable amount of the assets and then recognizes the impairment loss in the consolidated statement of income. ​ An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount and is recognized in the consolidated statement of income as “Impairment, depreciation and amortization”. ​ When the carrying value exceeds the recoverable value (the greater of fair value less the costs of sale and value in use), the carrying value is adjusted to its recoverable value, modifying the future charges for depreciation, according to its new remaining useful life. ​ In a similar way, when indications exist that the value of an asset has been recovered, reversal of an impairment loss is recognized immediately in the consolidated statement of income and consequently the future charges for the asset’s depreciation are adjusted. In any case, the reversal of the impairment loss of assets cannot increase it carrying value above the amount that it would have if impairment losses in previous periods had not been recognized. ​ For the purposes of assessing impairment, assets are grouped at the smallest identifiable group that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). The evaluation can be carried out at the 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 “Other administrative and general expenses”. ​ Gains and losses in the sale of premises and equipment are registered in the consolidated statement of income as “Other operating income” or “Other operating expenses”.
Investment properties	9. Investment properties ​ Land and buildings that the Bank holds to earn rentals or for capital appreciation or both rather than for their use in the supply of services or sale in the ordinary course of business are recognized as investment properties. ​ The investment properties are measured initially at cost, including the transaction costs. The carrying value includes the cost of replacement or substitution of a part of an investment property at the time the cost is incurred, if the cost meets the recognition criteria; and it excludes the daily maintenance costs of the investment property which are included in the consolidated statement of income as “Other operating expenses”. ​ After the initial recognition, the investment properties are measured at fair value which reflects the market conditions at the consolidated statement of financial position date and are valued by external experts using valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement cost. The gains and losses that arise from changes in the fair values of investment properties are included in the consolidated statement of income as “Other operating income”. ​ The investment properties are derecognized, either at the moment of their disposal or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the net disposal proceeds of the investment properties and the carrying value is recognized in net income in the period the disposal occurs. ​ Transfers of an asset to or from the investment properties are only made when there is a change in its use. For a transfer from an investment property to premises and equipment, the cost taken into account for its subsequent accounting is the fair value at the time of the change in use. If a premise and equipment becomes an investment property, it will be accounted for at its fair value.
Intangible assets	10. Intangible assets ​ An intangible asset is an identifiable non-monetary asset with no physical appearance. Separately acquired intangible assets are measured initially at their cost. The cost of intangible assets acquired in business combinations is their fair value at the date of acquisition. After the initial recognition, the intangible assets are accounted for at cost less any accumulated amortization and any accumulated impairment loss. The costs of internally generated intangible assets, excluding the costs from development that meet the recognition criteria, are not capitalized and the expense is reflected in the consolidated statement of income as it is incurred. ​ The useful lives of intangible assets are determined as finite or indefinite. The intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. The amortization period and the amortization method for intangible assets with a finite useful life are reviewed at least annually. The expected changes in the useful life or in the pattern of consumption of the future economic benefits of the asset are accounted for when changing the period or amortization method, as appropriate, and they are treated as changes in the accounting estimates. The amortization expense of intangible assets with finite useful lives is recognized in the consolidated statement of income. The useful lives of the intangible assets with finite life ranges between 1 ​ When intangible assets with finite useful life are written-off, the expected future economic benefits period is reduced to increase the amount of amortization, resulting in the derecognition of the intangible asset in a shorter period than initially estimated. ​ The Bank assesses annually its intangible assets with finite life in order to identify whether any indications of impairment exist, as well as possible reversal of previous impairment losses. ​ Intangible assets with indefinite useful lives are not subject to amortization but are periodically tested to identify any impairment, either individually or at the cash-generating unit level. The assessment of the indefinite life is reviewed annually to determine if it continues being supportable. In the event that the assessment was not valid, the change from indefinite useful life to finite useful life is recognized prospectively. ​ The gain or loss that arises when an intangible asset is derecognized is measured as the difference between the disposal value and the carrying value of the asset and is recognized in the consolidated statement of income. ​ The Bank’s intangible assets comprise mainly intangibles of finite useful life: licenses, software and computer applications, customer relationships and trademarks (See Note 9. Goodwill and intangible assets, net). Intangibles of indefinite useful life include Goodwill. ​ For further information on the effects of the COVID-19 pandemic, see section E. Use of estimates and judgments, paragraph 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. On November 30, 2021, the Bank acquired control of Vlipco S.A.S., a company that provides technology services, and as a result of this transaction an intangible asset was recognized corresponding to entity's software developments. For further details of this transaction, see Note 9.3. Business combination. 10.1 Research and development costs ​ Research costs are recorded as expenses as they are incurred. ​ Costs directly related to the development of a stand-alone project are recognized as intangible assets when the following criteria are met: ​ ● It is technically feasible 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 consolidated statement of financial position, the related capitalized costs are recorded at cost less accumulated depreciation and accumulated impairment losses. Costs are capitalized during the application development stage and amortized on a straight-line basis from the beginning of the production stage over the period of expected future economic benefits. During the development period, the asset is subjected to impairment testing at least annually to determine if impairment indications exist. The research and development costs that do not qualify for capitalization are recorded as expenses in the consolidated statement of income of the period (see item 13. Impairment of non-financial assets and cash-generating units and goodwill, set below).
Inventories	11. Inventories ​ The inventories of returned property are those assets that come from an early termination of a lease (returned properties) or those upon which the lease has already concluded (premises and equipment), which are expected to be sold in the normal course of business. These are controlled by the Bank and are expected to generate future economic benefits. ​ The inventories of returned property are recognized as an asset from the date on which the Bank assumes the risks and benefits of the inventories, provided that the cost of the asset can be reliably measured, and it is probable that it will generate future economic benefits. ​ The inventories of returned property are valued using the specific identification method and their costs include the carrying value at the time the asset is returned. ​ The carrying value of returned property is measured at the lower of cost and net realizable value (NRV). The net realizable value is the estimated selling price in the ordinary course of business less estimated costs to sell. The adjustment in the carrying value to reflect the NRV is recognized in the consolidated statement of income for the period in which the goods are returned. The value of any reversion that comes from an increase in the NRV in which the increase occurs is recognized as a lower expense in the period. ​ Other new inventories are measured initially at acquisition cost which comprises the sum of the purchase price, the import costs (if applicable), the non-recoverable taxes paid, the storage, the transport costs, and other attributable or necessary costs for their acquisition, less discounts, reductions or similar items. Those inventories do not include selling costs. ​ The Bank must review the NRV of its inventories at least annually or whenever necessary if indicated by market conditions. Any write-down adjustment must be recognized directly in the consolidated 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 consolidated statement of financial position at the lower of their carrying value and their fair value less costs to sell and they are not depreciated nor amortized from the date of their classification. ​ The held for sale condition is met if the assets or group of assets are available, in their current condition, for immediate sale and the sale transaction is highly probable and is expected to be completed within the year following the date of classification. ​ The Bank performs the measurement of the assets held for sale at the consolidated statement of financial position date. However, these assets are evaluated quarterly if impairment indicators exist that imply review of the carrying value recorded in the accounts. If those indications are identified, impairment losses are recognized for the difference between the carrying and recoverable amount of an asset as “Impairment, depreciation and amortization” in the consolidated statement of income. ​ Gains and losses in the sale of premises and equipment are recognized in the consolidated statement of income as “Other operating income” or “Other operating expenses”. ​ A discontinued operation is a component of an entity that has been disposed of, or is classified as held for sale, and represents a separate major line of business or a geographical area of operations, is part of a single coordinated and individual plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. ​ Income and expenses coming from a discontinued operation must be disclosed separately from those coming from continued operations, in a single item after the income tax, in the consolidated statement of income of the current period and comparatively with previous period even though the Bank retains a non-controlling interest in the subsidiary after the sale. ​ Management has developed quantitative thresholds such as “rules of thumb” to determine the materiality of major line of business. In the absence of particular standards, a line of business below the threshold of 5% of net assets in the consolidated statement of financial position is not considered material.
Impairment of non-financial assets, cash-generating units and goodwill	13. Impairment of non-financial assets and cash-generating units and goodwill ​ The Bank evaluates at the end of each period whether there is any indication that on a stand-alone basis non-financial assets and cash-generating units are impaired. If some indication of impairment does exist, the Bank estimates the recoverable amount of the assets and the loss by impairment, the impairment loss is recognized for the amount by which the carrying amount of the cash generating unit exceeds its recoverable amount. Regardless of whether impairment indicators exist, impairment of goodwill is assessed annually. ​ The 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 the 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 and growth 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. ​ 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 consolidated 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 the requirements to be recognized as assets held for sale and where there are no plans to use them in the supply of services or for administrative purposes. ​ Foreclosed assets are initially recognized at the lower of net amount of the charged-off financial assets to which the foreclosed assets relate 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 obtaining a plan for its commercialization. If net amount of the charged-off financial assets is greater than net realizable value of the foreclosed asset, an adjustment for impairment of credit risk of the financial asset is recorded in the results for the period. ​ There is evidence of impairment when these group of assets remain in the consolidated statement of financial position for a period of time exceeding one year from the reception date, without buyer having been found, despite the Bank’s ongoing efforts to sell them (even adjusting the selling price). ​ Foreclosed assets are subsequently assessed to determine whether an impairment lost must be recognized. In the case of events that arise 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 complete impairment is carried out.
Employee benefits	15. Employee benefits ​ 15.1 Short term benefits ​ The Bank grants to its employees short-term benefits such as bonuses based on added value to clients and the Bank’s results (which was suspended for the year 2020), 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. For further information, see Note 19. Employee benefit plans. ​ 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 by the Bank and the expected date of obtaining the benefit. ​ 15.3 Pensions and other post-employment benefits ​ - Defined contribution plans The Bank makes monthly contributions to pension funds, due to legal requirements and it has no legal obligation to pay further contributions. ​ The Bank recognizes contributions in the consolidated statement of income once the contribution is accrued. Any contributions unpaid at the consolidated statement of financial position date are included as a liability. ​ - Defined benefit plans These are post-employment benefit plans in which the Bank has the legal or constructive obligation to take responsibility for the payments of benefits that have been agreed, for example, severance obligation, retirement pension premium plan and senior management pension plan premium and pension plan. The Bank makes an actuarial valuation based on the projected unit credit method and a risk-free rate which reflects current market assessments of the time value of money in each country, related to the characteristics and the benefit flows weighted average, to discount such obligation.
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 Management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period, which estimate is discounted using a risk-free rate which reflects current market assessments of the time value of money in each country, which for Colombia is the interest rate on treasury bonds (TES)1. The corresponding expense of any provision is recorded in the consolidated statement of income, as a provision, net of all expected reimbursement. The increase of the provision due to the time value of money is recognized as a financial expense. ​ The amounts recognized in the consolidated statement of financial position, 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 present obligations 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 consolidated statement of financial position, 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 consolidated statement of financial position; instead, these 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 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. The redemption of points for prizes is carried out by a third party. According to IFRS 15, the expenses of the Bank's commitments with its clients arising from this program are recognized as a lower value of the fees and commission income, considering the total number of points that can be redeemed over the accumulated prizes and taking into account the probability of redemptions. ​
Revenue recognition	18. Revenue recognition ​ The Bank recognizes revenue from ordinary activities, which represent the transfer of goods or services committed with customers in exchange for an amount that reflects the consideration to which the entity expects to be entitled in exchange for such assets or services. The recognition and measurement of interest income and dividend income from debt and equity instruments are not within the scope of IFRS 15. Instead, they are within the scope of IFRS 9. ​ The Bank evaluates the contracts and commitments established with customers, identifying compliance with the five steps established in IFRS 15 as follows: ​ 1. Identifying the contract: The parties’ rights, payment conditions, evaluation of the commercial basis and characteristics of the consideration are identified, and the Bank evaluates if there are modifications or combinations that apply. 2. Identifying performance obligations: The Bank evaluates the commitments included in the entity's contracts to identify when the customer makes use of the service and whether the obligations are identifiable separately. 3. Determining the transaction price: The characteristics of the amounts for which the agreed services were exchanged are reviewed in the Bank's contracts, to estimate the effect of variable consideration in kind, or others payable to the customer. 4. Allocating the transaction price to performance obligations: In the evaluation of prices under the Bank's contracts, these are allocated individually to the services provided by the Bank, even for products where there are packaged commitments. 5. Satisfaction of performance obligations: The obligations established in contracts with customers are satisfied when the control of the service is transferred to the customer and the recognition is performed as established in IFRS 15, over time or at a point in time. The Bank satisfies a performance obligation and recognizes revenue over time if one of the following criteria is met: ​ a) The Bank's performance does not create an asset with an alternative use for the entity, and it has an enforceable right to receive payment for the performance completed to date. b) The Bank's performance creates or enhances an asset that the customer controls as the asset is created or enhanced. c) The customer simultaneously receives and consumes the benefits provided by the Bank’s performance as the Bank performs. ​ For performance obligations where none of the indicated conditions is fulfilled, the Bank satisfies the performance obligation at a point in time, at which the customer obtains control of the promised services and the entity satisfies a performance obligation. When the Bank fulfills a performance obligation through the delivery of promised goods or services, it creates a contractual asset for the consideration amount obtained with the performance. ​ A contract asset is the right of the Bank to receive a payment in exchange for goods or services that the Bank has transferred to a customer, when that right is dependent on something other than the passage of time (for example, billing or delivery of other elements part of the contract). The Bank recognizes the contractual assets as current assets, as they are expected to be realized within the normal operating cycle. ​ The costs of contracts eligible for capitalization as incremental costs when obtaining a contract are recognized as a contractual asset. Contractual costs are capitalized when incurred if the Bank expects to recover those costs. Contractual costs constitute non-current assets to the extent that the Bank expects to receive the economic benefits of those assets in a period greater than twelve months. The contractual costs are amortized systematically and consistently with the transfer of the services to the customer once the corresponding revenue has been recognized. The capitalized contractual costs are impaired if the customer withdraws or if the carrying amount of the asset exceeds the projection of the discounted cash flows that are related to the contract. When the amount of consideration received from a customer exceeds the amount of the recognized revenue, this creates a contractual liability. Contract liabilities constitute the Bank's obligation to transfer goods or services to a customer, for which the Bank has received a payment from the end customer or if the amount is past due. They also include deferred income related to goods or services that shall be delivered or provided in the future, which will be billed to the customer in advance, but which are not yet past due. ​ Revenue is measured based on the consideration specified in the contract with the customer, and excludes amounts received on behalf of third parties when the Bank is an agent. The Bank recognizes revenue when it transfers control over a good or service to a customer. Revenue is presented net of reimbursements and discounts and after eliminating inter-group sales. The Bank evaluates its revenue categories based on specific criteria to determine whether it acts as principal or agent. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Bank and it is possible to reliably measure the related revenues and costs. ​ 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 consolidated statement of income as “Interest and valuation on financial instruments”. ​ 18.2. Fees and commission income ​ The Bank charges fees for the services it provides to its customers. Fee income can be divided into the following three categories: ​ Income from fees that are an integral part of the effective interest rate of a financial instrument ​ Commissions for loan commitments that have a high probability of being used are deferred (together with any incremental cost) via the effective interest rate, once the loan is granted (in accordance with section 18.1). If the commitment expires and no loan is made, the fee is recognized as income at the time of termination. ​ The opening fees received for the issuance of a financial liability measured at amortized cost are included in the effective interest rate of the financial instrument and its recognition as income is generated during the estimated life of the asset. ​ Income from fees obtained from the services that are provided during a certain period of time ​ These payments include income from commissions and asset management, custody and other administration and advisory commissions. In loan commitments, when it is not possible to demonstrate the probability that a loan will be used, the opening fees of the loan are recognized in the consolidated statement of income as revenue from ordinary activities, in accordance with IFRS 15, and are recognized based on the past due and the frequency of fee payment. ​ Income from the provision of services ​ Fees arising from the negotiation or participation in the negotiation of a transaction for a third party, such as the acquisition of shares or other securities or the purchase or sale of businesses, are recognized at the closing of the underlying transaction. Commissions or fee components that are linked to a specified performance are recognized after the corresponding criteria are met. ​ 18.3. Dividend revenue ​ For the investments that are not associates or joint ventures, dividends are recognized when the right to payment of the Bank is established, which is generally when the shareholders declare the dividend. These are included in the consolidated statement of income as dividends received and share of profits of equity method investees. ​ 18.4. Total operating income, net ​ Income derived from commercial operations (trading) includes all profits and losses from variations in the fair value and revenue or expenses for related interests from financial liabilities or assets. This includes any ineffectiveness registered in the hedging transactions.
Income tax	19. Income tax ​ The Bank recognizes, when appropriate, deferred tax assets and liabilities by estimating the future tax effects attributable to differences between book values of assets, liabilities and their tax bases. Deferred tax assets and liabilities are measured based on the tax rate that, in accordance with the valid tax laws in each country where the Bank has operations, must be applied in the year in which the deferred tax assets and liabilities are expected to be realized or settled. The future effects of changes in tax laws or tax rates are recognized in the deferred taxes as from the date of publication of the law providing for such changes. ​ Tax bases for deferred tax must be calculated by factoring in the definition of IAS 12 Income tax and the value of the assets and liabilities that will be realized or settled in the future according to the valid tax laws of each of the countries where the Bank has operations. ​ Deferred tax liabilities due to deductible temporary differences associated with investments in subsidiary and associated entities or shares in joint ventures, are recognized, except when the Bank is able to control the period in which the deductible temporary difference is reverted, and it is likely that the temporary difference will not be reverted in the foreseeable future. ​ Deferred tax assets, identified with temporary differences, are only recognized if it is considered likely that the Bank will have sufficient taxable income in the future that allows it to be recovered based on the stand-alone entity expected cash flow forecast for the next three years. ​ Tax credit from fiscal losses and surplus amounts from the presumptive income on the net income are recognized as a deferred asset, provided that it is likely that the Bank will generate future net income to allow their offset. ​ The deferred tax is recorded as debit or credit according to the result of each of the companies that form the Bank, and for the purpose of disclosure on the consolidated statement of financial position it is disclosed as net. ​ The deferred tax expense is recognized in the consolidated statement of income under the heading “Income tax”, except when referring to amounts directly recognized in OCI (Other Comprehensive Income). ​ Regulatory changes in tax laws and in tax rates are recognized in the consolidated statement of income under the heading “Income Tax” in the period when such rule becomes enforceable. Interest and fines are recognized in the consolidated statement of income under the other administrative and general expenses. ​ The Bank periodically assesses the tax positions adopted in tax returns, and, according to the results of the tax audits conducted by the tax authorities, determines possible tax outcomes provided it has a present obligation and it is more likely than not that the Bank will have to dispose of the economic resources to cancel the obligation, and the Bank can make an accurate 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. In 2021, the value of the uncertain tax position in Colombia was recovered, considering that the tax returns on which it was based were final in the course of the same year and no glosses were received from the Dirección de Impuestos y Aduanas Nacionales ('DIAN') on these aspects. ​ Revisions of tax returns must be documented, as well as any uncertain tax positions that are taken in them. For further information about deferred tax considerations derived from the last Colombian tax reform (Law 2155 of 2021), see Note 12. Income Tax. ​ Transfer pricing policy ​ The Bank has as a general policy that each of its companies be responsible for their income, costs and expenses independently. The policy takes into account the regulation for the parent company provided for in the Organic Statute of the Financial System (article 119, numeral 4) which in relation to the autonomy of the subsidiaries states that: The activity of the subsidiaries of entities subject to the control and supervision of the SFC must be carried out in conditions of independence and administrative autonomy, so that they have sufficient decision-making capacity to carry out the operations that constitute their object. ​ The Bank recognizes arm’s length operations with economic links. These operations are documented and reported to the tax Administration according to the last evaluation date corresponding to the previous year. Therefore, the income tax returns for 2020 and 2019, filed in 2021 and 2020, were adjusted for amount of COP 5,207 and COP 11,198, respectively.
Operating segments	20. Operating segments ​ Operating segments are defined as components of the Bank that are engaged in business activities from which they may earn revenues and incur expenses, for which separate financial information is available that is regularly used by the chief operating decision maker in deciding how to allocate resources and in assessing performance. ​ The Bank manages and measures the performance of its operations through the operating segments using the same accounting policies described in the summary of significant accounting policies described in Note 3. Operating segments.
Earnings per share	21. Earnings per share ​ The basic earnings per share are calculated by dividing net income attributable to the ordinary equity holders of the parent company by the weighted average number of ordinary shares outstanding during the period. ​ To calculate diluted earnings per share, the net income attributable to ordinary equity holders, and the weighted average number of outstanding shares, is adjusted by the dilutive effects inherent to potential ordinary shares. Currently, the Bank does not have any dilutive instruments as to be considered in diluted earnings per share due to the fact that the Bank’s current common shares are anti-dilutive.
Paid-in capital	22. Paid-in capital ​ Paid in capital represents the amount paid by the shareholders in excess of the nominal value of the shares.
Use of estimates and judgments	E. Use of estimates and judgments The preparation of consolidated financial statements requires Bank's Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported 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 estimates that the Bank uses in preparing its consolidated financial statements are detailed below: ​ 1. Credit risk impairment As disclosed by Management and described in section D. Significant Accounting Policies, paragraph 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVTOCI’, expected credit losses are calculated using individual and collective models and methodologies based on assumptions and judgement considering historical credit data, current borrower situation and reasonable and supportable forecasts of future economic conditions. Collective models include parameters of probability of default at 12 months, probability of default throughout the lifetime of the obligation, loss given default, and exposure at default with the inclusion of the prospective approach that include assumptions of future macroeconomic conditions in plausible future scenarios. In addition, for loans individually assessed in stage 3, the Bank will evaluate defaulted significant loans, analyzing the debt profile of each debtor, the fair value of guarantees granted, information on credit behavior and the future cash flows expected from the client. ​ Expected credit losses (‘ECL’) are calculated using individual and collective models and methodologies based on assumptions and judgement considering historical credit data, current situation and reasonable and supportable forecasts of future economic conditions. The impact of COVID-19 has increased the uncertainty around ECL impairment calculations and has required Management to make additional judgements and accounting estimates that affect the reported amount of assets and level of expenses regarding provisions. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. ​ The estimation of impairment charges is a critical accounting policy because of the significance of this line item, the sensitivity of the charges to changes in assumptions about future events (behavior of the expected macroeconomic variables), weighting of macroeconomic scenarios, uncertainty about the COVID-19 effects and other somewhat subjective judgments that are incorporated in the individual credit loss models. ​ Some relevant assumptions must be made to operate the mathematical models behind the expected credit loss assessment. Assumptions are constructed from historical data to consider whether a customer has a significant increase in risk or is in default; these are reviewed by expert panels. Other assumptions such as future economic conditions, the simulation of reasonable future economic scenarios and the likelihood of those scenarios have a high impact on lifetime default probability models. These scenarios are determined and leveraged by the Direction of Economic Research, which operates independently of the Bank’s risk Management division. ​ The main factors considered in collective estimations of credit losses are the definition of significant increase in credit risk, definition of default, collateral values, loan maturity and macroeconomic forecast of variables such as unemployment, GDP, interest rates, among others. It is also important to consider any other variable that could influence a client´s willingness to pay. ​ In addition, individual credit loss models consider assumptions on how the financial performance and future cash flow of a client could be affected, the client’s expected future operational and commercial activity, the capacity to generate sufficient cash to pay debt obligations and trends and regulatory changes in the economic sector in which the client operates, changes in the collateral value, weighting of the scenarios used, as well as other internal or external factors. ​ Given the inherent uncertainties and the high level of subjectivity involved in the assessment of three following factors, it is possible that the outcomes in the next financial year could differ from the expectations on which Management’s estimates are based: ​ ● Exposure at default : The exposed balance of assets to the current capital balance, interest, and receivable accounts. In the case of products whose nature is revolving and that have an available borrowing that is susceptible to be used in its entirety according to loan contracts subscribed with clients, this parameter includes an estimation of the use of those products after the client’s default. ● 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 12 months. This is linked to the rating/scoring of each debtor/operation. ● Loss given default (LGD): This is defined as the economic impairment that 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. This parameter has been assessed as a critical estimate due to the effects caused by COVID-19 in the real economy. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. Impairment loss models and methodologies, and the related assumptions, are assessed by the Bank’s Chief Risk Officer (CRO) on a regular basis, using robust validation procedures in order to assure a reasonable coverage of effective losses. This process enables Management to periodically determine whether assumptions and models used to measure credit risk impairment should be adjusted to achieve more precise estimations. Internal controls, data governance standards and approval processes, have been implemented by the Bank to make estimations more accurate. For further details, please see Note 2. Significant accounting policies, section 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVOCI’. ​ 2. Impairment testing of cash generating units (‘CGU’), including goodwill The Bank tests goodwill recognized upon business combinations for impairment at least annually. The impairment test for goodwill involves estimates and significant judgments, including the identification of cash generating units and the allocation of goodwill based on the expectations of which operating segments of the Bank will benefit from the acquisition. The fair value of the acquired companies is sensitive to changes in the valuation models’ assumptions. Adverse changes in any of the factors underlying these assumptions could lead the Bank to record a goodwill impairment charge. Management believes that the assumptions and estimates used are reasonable and supportable in the existing market environment and commensurate with the risk profile of the assets valued. See Note 9. Goodwill and intangible assets, net, for further information related to carrying amount, valuation methodologies, key assumptions, sensitivities and the allocation of goodwill. Having considered the extraordinary uncertainty created by COVID-19 and its potential impact on the carrying value of goodwill, Management performed multiple weighted scenarios for assessing the expected future cash flows for each CGU taking into consideration the impact of COVID-19. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. ​ 3. Deferred tax Deferred tax assets and liabilities are recorded on deductible or levied temporary differences originating between tax and accounting bases, taking into account the tax rules applicable in each country where the Bank has operations. Due to the changing conditions of the political, social and economic environment, the constant amendments to tax legislation and the permanent changes in the tax principles and changes in interpretations by tax authorities determining the tax bases for the deferred tax items involves difficult judgments including estimates of future gains, offsets or tax deductions. ​ Accordingly, the determination of the deferred tax is considered a critical accounting policy. ​ For more information relating to the nature of deferred tax assets and liabilities recognized by the Bank, please see Note 12. Income tax. ​ 4. Provisions and contingent liabilities The Bank is subject to contingent liabilities, including those arising from judicial, regulatory and arbitration proceedings, tax and other claims arising from the conduct of the Bank’s business activities. These contingencies are evaluated based on Management’s best estimates and provisions are established for legal and other claims by assessing the likelihood of the loss actually occurring as probable, possible or remote. Contingences are provisioned and 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 consolidated 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 critical estimates because the probability of their occurrence and the amounts that the Bank may be required to pay are based on the Bank’s judgment and those of its internal and external experts, which will not necessarily coincide with the future outcome of the proceedings. For further information regarding legal proceedings and contingencies and their carrying amounts, see Note 21. Provisions and contingent liabilities. 5. Fair value of financial assets and liabilities Financial assets and liabilities recorded at fair value on the Bank’s statement of financial position include debt, equity securities and derivatives classified at fair value through profit or loss, debt classified at fair value through other comprehensive income and equity securities which the Bank has made an irrevocable election to present changes in its fair value in other comprehensive income. To increase consistency and comparability in fair value measurements and related disclosures, IFRS 13 Fair value measurement specifies different levels of inputs that may be used to measure the fair value of financial instruments. In accordance with this standard, financial instruments are classified as follows: ​ Level 1: ​ 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: ​ Transfers into or out of Level 3 are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities became unobservable or observable, respectively, in the current marketplace. 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 determine the price for assets or liabilities. Determination of these assumptions includes consideration of market conditions and liquidity levels. Changes in the market conditions, such as reduced liquidity in the capital markets or changes in secondary market activities, may reduce the availability and reliability of quoted prices or observable data used to determine fair value. ​ When developing fair value measurements, the Bank maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value. Internal models used to determine fair value are validated in accordance with the Bank’s policies by an internal model validation group. Additionally, the Bank uses third-party pricing services to obtain fair values, which are used to either record the price of an instrument or to corroborate internally developed prices. Third-party price validation procedures are performed over the reasonableness of the fair value measurements. ​ For further details regarding carrying amount and sensitivity disclosures, please see Note 30. Fair value of assets and liabilities. ​ The impact of COVID-19 on markets and financial instrument valuations were not a significant impact on the value of financial assets such as debt securities, equities, etc. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. ​ 6. Measurement of Employee benefits The measurement of post-employment benefit obligations and long-term employee benefits takes into account a range of inputs and it is dependent upon a series of assumptions of future events. The projected unit credit method is used to determine the present value of the obligation for the defined benefits and its associated cost. Future measurements of obligations may differ to those presented in the consolidated financial statements, among others, due to changes in economic and demographic assumptions and significant events. As of December 31, 2021, an improvement in the actuarial valuation methodology of the post-employment and long-term benefit plans was presented, in order to include typified discount rates by each benefit plan, with the objective of presenting more relevant information on the value of these plans in the consolidated financial statements. For further information, see Note 19. Employee benefit plans. ​ 7. Transaction price determination With respect to contracts with the Bank’s customers, for the determination of the transaction price, the Bank allocates to each one of the performance obligations under the contract the price which represents the value expected to be received in respect of each such performance obligation based on its relative stand-alone selling price. Such price is determined based on the cost of each service, related tax and associated risks to the operation and inherent to the transaction, plus the margin expected to be received for the services, considering in each case the market price for the service, the conditions agreed with the customer and the customer’s segment. The bank has fixed and variable prices considering the characteristics of each service, future events, discounts, returns and other variables that may influence the selling price. No significant financing components are factored in the determination of the selling price. ​ 8. Leases The measurement of the right-of-use asset and of the lease liabilities requires a series of judgments, among which are the determination of the term of the lease and the rate used in discounting the cash flows. The term of the lease is defined according to the historical information of the contracts and the period over which an asset is expected to be economically usable, which involves a high degree of uncertainty due to the use of relevant information about past events. In the Bank’s case, the weighted average lessee’s incremental borrowing rate was used to discount the cash flows associated with the leasing contracts. The Bank performs analysis taking into account the currency, lease term, economic environment and class of underlying assets, as to determine the weighted average lessee’s incremental borrowing rate. During the lockdowns that took place in 2021 and 2020 to stem the COVID-19 pandemic, the Bank did not receive substantial rent concessions as lessee in the payment terms of its lease contracts. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. ​ 9. Uncertainty over Income Tax Treatments In the process of determining the current and deferred tax for periods subject to review by the tax authority, the applicable rules have been applied and interpretations have been made to take positions, on which different interpretations could arise from those made by the entity. Due to the complexity of the tax system, the continuous modifications of the fiscal rules, the accounting changes with implications in the tax bases and in general the legal instability of the country, at any time the tax authority could have different criteria from the Bank. Therefore, a dispute or inspection by the tax authority on a specific tax treatment may affect the deferred or current tax asset or liability bank´s accounting, in accordance with the requirements of IAS 12. ​ Management and its advisors believe that their decisions concerning the estimates and judgments made in each fiscal period are in accordance with those required by the current tax regulations, and therefore have not considered it necessary to recognize any additional provisions to those indicated in Note 12. Income tax. ​ 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates The progressive return to a normal economic and social environment has been the predominant factor as of December 31, 2021, despite the contagiousness of the omicron variant, positively impacting productive activity in Colombia and in the other countries where the Bank operates, as well as the future economy performance expectations. However, the Bank continues to assess the application of additional prudential measures to evaluate (a) whether uncertainties arose as to the ability to continue generating revenues from contracts with customers and commissions, (b) going concern considerations in relation to liquidity, regulatory capital requirements and concentrations of market risk, (c) whether fair value adjustments were necessary for financial instruments, (d) the measurement of the impact of changes in loan terms agreed with customers, (e) whether a significant increase in credit risk (SICR) has occurred for its financial assets, and (f) any potential impact on the carrying value of goodwill and non-financial assets, among others: ​ * Relevant uncertainties or analysis regarding the ability to continue generating revenues from contracts with customers and commissions: ​ * Assessment of changes in business strategies and business model: ​ * Assessment of significant changes in fair value measurements of financial instruments: ​ * Assessment of changes in credit conditions: temporary measures in Colombia, El Salvador, Guatemala and Panama, to support our customers who took a payment holiday and help them resume payment during this extraordinary situation. ​ Furthermore, in order to provide an economic relief to customers whose ability to pay had been affected by the COVID-19 situation, in June 2021 the Superintendencia de Bancos de Panamá (‘SPB’) issued agreement number 002-2021 and the General Resolutions of the Board of Directors SBP-GJD-0003-2021 and SBP-GJD-0004-2021, which established guidelines for credit and counterparty risk management of modified loans, granted new loan restructurings as of July 01, 2021 and until September 30, 2021, based on the debtor's payment capacity, financial viability and each bank’s policies, and also established the mechanisms for reporting this portfolio to the SBP. These regulatory changes represented an extension of general relief law in force since 2020. In Colombia, the SFC had established a debtor support programme (‘PAD’) applicable until August 31, 2021, however, Bancolombia S.A. continues to offer concessions and relief to its customers under similar conditions to those established by the PAD, although not limited to those affecting customer’s income or payment capacity as a direct consequence of the COVID-19 situation. In Banco Agrícola S.A., in accordance with the expectation of economic recovery and the degree to which the customer was affected by the pandemic, special concessions were granted until September 30, 2021. ​ Until September 30, 2021, the Bank maintained a program to support customers in accordance with each customer’s individual situation to help them to resume payments by means of the modification of loan terms when the debtors have been financially affected due to the COVID-19 pandemic. Therefore, the Bank established a segmentation of clients in specific groups based on their capability to resume payments (customers will be in a position to resume payments once the payment holiday arrangements expire and those who might need additional short or longer term support), for which the entity offers: i) reduction in the installment amounts without increasing the initially agreed interest rate and ii) periods of payment holidays or additional extensions of time. Some of these reliefs continue to be granted, as a way of accommodating customers who have difficulties in meeting their credit obligations. ​ In this regard, Management has evaluated each of these relief efforts and granted and applied the corresponding judgment to assess, in each case, whether a modification is considered “substantial” or “non-substantial”. Therefore, the Bank has an accounting policy of applying the “10% test” for modified loans. Consequently, the terms are substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted using the original effective interest rate (‘EIR´), is at least 10 percent different from the net present value of the remaining cash flows of the original financial asset. If the relief results in a substantial modification, the financial asset should be derecognized. When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial asset, the Bank adjusts the gross carrying amount of the existing loan to reflect the revised estimated cash flow payments discounted using the original EIR. The adjustment is recognized as a modification gain or loss in accordance with IFRS 9:5.4.3. The adjustment is recognized in the consolidated statement of income under the line "Interest income on loans and financial leases". ​ The aforementioned relief provided by the Bank to company and individual customers in some cases resulted in the renegotiation of the contractual terms. The impact of the relief provided to clients due to the holiday payments and loan modification amounted to COP 53,745 as of December 31, 2021 and was recognized as a higher value in the line “Interest income on loans and financial leases” of the consolidated statement of income and amounted to COP 150,958 as a lower value in the same line of the consolidated statement of income as of December 31, 2020. ​ * Credit risk impairment assessment: ​ For 2021, the Bank updated its macroeconomic projections for all the countries in which it operates. This update considered the applicable government’s measures announced for each country to support the economy. To the extent that the severity of the economic downturn depends on the actions taken by governments, different probabilities of occurrence have been assigned to the base, pessimistic and optimistic scenarios. These probabilities, which reflect the expectations that the Bank has set for the future macroeconomic conditions, have been updated using the best available and reliable information based on past events, current conditions, and forecasts, in order to identify the increase in risk of debtors and to incorporate the economic perspectives in the expected loss models. ​ In order to mitigate excessively procyclical assumptions when determining the provisions caused by the volatility of the macroeconomic forecasts which induce significant constitution of provisions followed by releases of comparable magnitudes and given the high uncertainty associated with the economic behavior due to COVID-19, to measure forward-looking effects, the Bank used a temporary adjustment to the allowance in the form of an Overlay as a single non-recurring event into the ECL measurement process associated with the mid-term macroeconomic forecasts stabilization in Colombia due to the smoothing of the macroeconomic variables. ​ In addition, the Bank made the following improvements to the methodologies used for the accounting for expected credit losses: ​ ● Improvement in the stage 2 ECL assessment methodology to measure losses over the lifetime of the loan (Cox proportional hazards model, sometimes abbreviated Cox model), which allow a better adjustment of the macroeconomic variables in the face of the situation due to COVID-19. ● Mid-term macroeconomic forecasts stabilization in Colombia due to the smoothing of the macroeconomic variables. ● Change in one of the assumptions used to measure the expected loss of stage 1; while in the past, it was assumed that the loss occurs at the beginning of the year, as best practice it is now assumed that the loss occurs in the middle of the year. ● Adjustments in the LGD parameter (Loss Given Default) and the collateral methodology, in order to incorporate external direct expenses and maintenance expenses of the collaterals received in payment, improve to a greater segregation of default bands and eliminate data that are not representative of the current portfolio. These methodological improvements generated a Reversal of provision for credit losses of COP 383,790 as of December 2021. ​ On the other hand, the government support measures put into place in the countries in which the Bank operates may vary from jurisdiction to jurisdiction and it remains unclear how these will evolve and how they might impede the decrease in the risk deterioration metrics of our customers. For example, the governmental support measures may negatively impact the identification of customers that are in a difficult financial situation but that are not reaching the level of default to be considered customers with a significant risk increase, or at the default height of arrears. ​ To identify the increase in risk of debtors for which financial relief was granted, the Bank has added a Management Overlay adjustment, which is applied in countries where there was still a massive relief population, which allows for estimating the portfolio risk and reflects a level of expected credit losses in accordance with the current situation in the portfolio once the aforementioned relief efforts expire. In some cases, this loss allowance is recorded globally given the uncertainty in the portfolio subject to payment deferrals (Banistmo), where the Overlays were generated on populations identified as high risk (unemployed, uncontacted customers and decrease in income); in other cases, it was possible to incorporate the Overlay client by client (Colombia), either because they were identified through direct contact or by expert models, which allow increasing the risk rating and/or stage impairment. ​ The estimated Overlay considered by the Bank as of December 31, 2021, was COP 727,216. The Overlays will be released to the extent that the client presents good payment behavior or used in cases where the client does not comply with the agreement and consequently defaults. ​ * Impairment of non-financial assets: variables could trigger an impairment in certain Bank investments in associates and joint ventures and, taking into account that some of these investments could reflect an adverse behavior in their accumulated results, Management developed the respective analysis of the most significant investments in associates and joint ventures financial performance, and advanced the process of estimating their recoverable value. Management did not identify the existence of an impairment in associate’s companies and joint ventures at the date of this report as of December 31, 2021 and 2020. ​ Additionally, the Bank has considered all macroeconomic impacts when developing the economic budget assessments, forecasts and other underlying assumptions commonly used to determine the recoverable value of non-financial long-lived assets, such as goodwill, intangibles, investment property, plant and equipment, among others. As of December 31, 2021, and 2020, the total amount of the long-lived assets was concluded to be recoverable based on the assessments carried out by Management. However, for foreclosed assets, it has been necessary to recognize an impairment adjustment for amount of COP 39,173 and COP 48,257 as of December 31, 2021 and 2020, respectively, based on updated appraisals. Further, for assets held for sale, the Bank recognized an impairment adjustment amounted to COP 1,339 as of December 31, 2020, for COVID-19 impacts presented mainly in the vehicles held for sale by the company Renting Colombia; as of December 31, 2021, this situation did not arise. ​ * Other issues: ​ - Recognition of provisions: As of December 31, 2021 and 2020, Management has assessed the recognition of provisions without having identified any circumstances that would have implied the recognition of present obligations that have a high probability of outflow of resources or the recognition of significant unavoidable costs of meeting the obligations under a contract that may exceed the benefits expected to be received, as onerous contracts by the COVID-19 pandemic. - Resources to promote the provision of services: Despite the pandemic, the Bank’s financial subsidiaries continued to support customers by providing them financial services, and we complied with the biosecurity recommendations suggested by the World Health Organization, applicable to the financial services provided by the Bank. Accordingly, the Bank took the necessary measures to prepare its branches and administrative offices to comply with the biosafety requirements of the national government of each country in which the Bank operates, guaranteeing the availability of financial services and reducing the time customers and users of financial services spend in offices and branches. As a result of these measurements, the Bank allocated in expenses amounts of COP 3,339 and COP 39,421 as of December 31, 2021 and 2020, respectively, to put in place additional protocols that have worked effectively in Colombia and all other countries in which the Bank operates; however, by 2021, these expenses ceased to be temporary and were integrated as a part of the business operation. Additionally, to ensure service continuity in the network of bank branches in Colombia, the Bank has incurred in maintenance, repair and adaptation expenses an amount of COP 5,697 as of December 31, 2021, as a result of the damages to premises caused during the Colombian national strike, which began in April 2021 after the filing of the first tax reform bill called Ley de Solidaridad Sostenible, which was subsequently withdrawn in May 2021. - Bitcoin Law in El Salvador: To promote financial inclusion and boost the economic growth of El Salvador, on June 8, 2021 the Bitcoin Law was issued, which authorized the circulation of the virtual currency Bitcoin as legal tender, on par with the US dollar, from September 7, 2021, whose value depend exclusively to free market criteria and will use the dollar as a reference currency. In this way, it was mandated that all economic agents accept t
Recently Issued Accounting Pronouncements	F. Recently issued accounting pronouncements ​ a) Accounting Pronouncements Applicable in 2020 Interest Rate Benchmark Reform (IBOR reform)-Phase 1. Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosure: ​ The amendments to IFRS 9 provided temporary exceptions to apply specific hedge accounting requirements to hedging relationships, that are directly affected by the reform to LIBOR and other Interbank Offered Rates, which included: ​ - To assume that the expected hedged cash flows based on benchmark interest rates are not altered because of the reform. - To assume that both the hedged cash flows and the hedged risk of a hedge exposed to benchmark interest rates are not altered because of the reform, in the prospective measurement of hedge effectiveness. - Hedging relationships will not be discontinued because of ineffectiveness arising from the reform to the benchmark interest rate. ​ The Bank applied these amendments as of January 01, 2020. For further information, see Note 5.2 Derivative financial instruments. ​ Interest Rate Benchmark Reform (IBOR reform)-Phase 2. Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure, IFRS 4 Insurance Contracts and IFRS 16 Leases: ​ Interest Rate Benchmark Reform-Phase 2 requires that, for financial instruments at amortized cost and at fair value through profit or loss, changes to the basis for determining the contractual cash flows required by interest rate benchmark reform are reflected by adjusting their effective interest rate. No immediate gain or loss is recognized. This expedient is only applicable to changes that are required by interest rate benchmark reform, which is the case if, and only if, the change is necessary as a direct consequence of interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the previous basis (that is, the basis immediately preceding the change). Where some or all change in the basis for determining the contractual cash flows of a financial asset and liability does not meet the above criteria, the above practical expedient is first applied to the changes required by interest rate benchmark reform, including updating the instrument’s effective interest rate. Any additional changes are accounted for in the normal way (that is, assessed for modification or derecognition, with the resulting modification gain / loss recognized immediately in profit or loss where the instrument is not derecognized). ​ The Bank applied these amendments after January 01, 2021, disclosing in its notes the nature and extent of risks to which it is exposed, the management of these risks and the progress to complete the transition to alternative benchmark rate. For further information, see Note 31. Risk Management, section Interest Rate Benchmark Reform. ​ Covid-19-Related Rent Concessions beyond June 30, 2021. Amendment to IFRS 16 Leases: ​ The 2021 amendment resulted in the practical expedient applying to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met. ​ Management evaluated this practical expedient at the beginning of the annual reporting period on June 01,2020, with the May 2020, amendment to IFRS 16 Leases-Covid-19-Related Rent Concessions. However, no significant impacts were included in the consolidated financial statements as of December 31, 2021, due to the Bank not receiving substantial modifications as a lessee in the terms of payment of its lease contracts beyond June 30, 2022, as a result of the COVID-19 pandemic. ​ b) Recently Issued Accounting Pronouncements Applicable in Future Periods Amendments to IAS 1 Presentation of Financial Statements ​ - The amendments specify that the conditions which exist at the end of the reporting period of an obligation are those which will be used to determine if a right to defer settlement of a liability exists. - Management expectations about events after the balance sheet date, for example on whether a covenant will be breached, or whether early settlement will take place, are not relevant. - The amendments clarify the situations that are considered settlement of a liability. ​ The amendments to IAS 1 are required to be applied for annual periods beginning on or after January 01, 2023. The amendments must be applied retrospectively in accordance with IAS 8. Early application is permitted. ​ Management is evaluating the impact of the modification on the Bank´s consolidated statement of financial position and disclosures. ​ Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: ​ In addition, this amendment clarifies that before recognizing the provision for loss on the onerous contract, impairment losses on the assets held to comply with the contract must be recognized, in accordance with IAS 36. ​ This amendment is applicable for annual periods beginning on or after January 01, 2022 and early application is permitted. ​ Management is currently evaluating the impact that this amendment would have on the Bank’s consolidated financial statement and disclosures. ​ Amendments to IFRS 3 Business Combinations: ​ - The IASB may add an additional exception to the recognition principle in IFRS 3. This exception indicates that on the acquisition date the acquirer will account for contingent liabilities and liabilities within the scope of IAS 37 or IFRIC 21 Levies if incurred separately, rather than assumed in a business combination. - Explicitly incorporate the prohibition of the recognition of contingent assets acquired in a business combination, clarifying that the reference to the 2018 Conceptual Framework does not change the requirement for these assets. The amendment to IFRS 3 is effective for annual periods beginning on or after January 01, 2022. Early application is permitted if the Bank also applies all the modifications made by the amendments to the references to the Conceptual Framework in the IFRS Standards, issued in March 2018. Management evaluated the impact of the changes that the amendment to IFRS 3 would have on the Bank’s consolidated financial statements and disclosures, and no impact is expected. ​ Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Definition of Accounting Estimates: ​ Management evaluated and concluded that no impact is expected, due to the new definition of accounting estimates being in accordance with that which the Bank currently applies and discloses. ​ Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. Disclosure of Accounting Policies: Management is currently evaluating the impact that this amendment would have on the Bank’s consolidated financial statement and disclosures. ​ Amendments to IAS 12 Income Taxes. Deferred Tax related to Assets and Liabilities arising from a Single Transaction: ​ Management is currently evaluating the impact that this amendment would have on the Bank’s consolidated financial statement and disclosures. ​ Annual improvements to IFRS Cycle 2018-2020 ​ During 2021, the following amendments have been evaluated by the Bank without identifying significant impacts on the consolidated financial statements or disclosures: ​ ● IFRS 1 First-time Adoption of International Financial Reporting Standards: The Board proposes to require a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRSs. This proposed amendment would also apply to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1. These improvements apply from January 01, 2022. ● Illustrative Examples accompanying IFRS 16 Leases: The Board proposes to amend Illustrative Example 13 accompanying IFRS 16 to remove the illustration of payments from the lessor relating to leasehold improvements. The proposed amendment would remove potential for confusion regarding the treatment of lease incentives applying IFRS 16. These improvements apply from January 01, 2022. ● Amendments to IFRS 9 Financial Instruments-Fees in the ‘10 percent’ test for derecognition of financial liabilities : In determining whether to derecognize a financial liability that has been modified or exchanged, an entity is required to assess whether the terms are substantially different. The Board clarified the fees that should be included by an entity when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. Based on this amendment, the entity shall include only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. This amendment is mandatory for the annual periods beginning on or after January 01, 2022. Earlier application is permitted. The Bank applied this amendment to financial liabilities that were modified or exchanged on the periods beginning on after January 01, 2020.

REPORTING ENTITY (Tables)

REPORTING ENTITY (Tables)	12 Months Ended
	Dec. 31, 2021
REPORTING ENTITY
Schedule of the effect on shareholders' equity	The effect on shareholders' equity is as follows: ​ ​ ​ ​ Consideration paid to non-controlling interests ​ 1,117,680 * Carrying amount of non-controlling interests acquired ​ 913,193 * Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity ​ 204,487 ​

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Schedule of subsidiaries making up the Bank's organizational structure	The parent company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PROPORTION OF ​ PROPORTION OF ​ PROPORTION OF ​ ​ ​ JURISDICTION ​ ​ ​ OWNERSHIP ​ OWNERSHIP ​ OWNERSHIP ​ ENTITY ​ OF ​ BUSINESS ​ INTEREST AND ​ INTEREST AND ​ INTEREST AND ​ ​ ​ INCORPORATION ​ ​ ​ VOTING POWER ​ VOTING POWER ​ VOTING POWER ​ ​ ​ ​ ​ ​ ​ HELD BY THE ​ HELD BY THE ​ HELD BY THE ​ ​ ​ ​ ​ ​ ​ BANK 2021 ​ BANK 2020 ​ BANK 2019 ​ 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 % VLIPCO S.A.S. (1) ​ Colombia ​ Technology services provider ​ 94.77 % - ​ - ​ Renting Colombia S.A.S. ​ Colombia ​ Operating leasing ​ 100.00 % 100.00 % 100.00 % Transportempo S.A.S. ​ Colombia ​ Transportation ​ 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. ​ Colombia ​ Investments ​ 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S. ​ Colombia ​ Payment solutions ​ 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) ​ Colombia ​ Real estate investment fund ​ 49.96 % 49.96 % 49.96 % P.A. Inmuebles CEM (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Calle 92 FIC-11 (2) ​ Colombia ​ Mercantil trust ​ 32.47 % 32.47 % - ​ P.A. FIC Edificio Corfinsura (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC-A5 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC Inmuebles (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. FIC Clínica de Prado (2) ​ Colombia ​ Mercantil trust ​ 38.49 % 38.49 % - ​ P.A. FIC A6 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Central Point (2) ​ Colombia ​ Mercantil trust ​ 37.47 % 37.47 % - ​ Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Fideicomiso Twins Bay (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ Fideicomiso Lote Av San Martín (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ P.A. Fideicomiso Lote 30 (2) ​ Colombia ​ Mercantil trust ​ 49.96 % 49.96 % - ​ Fideicomiso Fondo Inmobiliario Bancolombia (3) ​ Colombia ​ Mercantil trust ​ 17.54 % - ​ - ​ Valores Simesa S.A. (4) ​ Colombia ​ Investments ​ 66.82 % 67.11 % 67.11 % Fideicomiso Lote Abelardo Castro (5) ​ Colombia ​ Mercantil trust ​ - ​ 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B1B2 (4) ​ Colombia ​ Mercantil trust ​ 66.49 % 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B3B4 (4) ​ Colombia ​ Mercantil trust ​ 66.49 % 66.77 % 66.77 % Bancolombia Panamá S.A. ​ Panama ​ Banking ​ 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa ​ Panama ​ Investments ​ 100.00 % 100.00 % 100.00 % Banagrícola S.A. ​ Panama ​ Investments ​ 99.17 % 99.17 % 99.17 % 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. (6) ​ Panama ​ Financial services ​ - ​ 100.00 % 100.00 % Leasing Banistmo S.A. ​ Panama ​ Leasing ​ 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. ​ Panama ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Banistmo Panamá Fondo de Inversión S.A. ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. ​ Panama ​ Collective investment fund ​ 100.00 % 100.00 % 100.00 % Fondo Renta Sostenible Global S.A. (7) ​ Panama ​ Collective investment fund ​ 100.00 % 100.00 % 100.00 % Banistmo Capital Markets Group Inc. (7) ​ Panama ​ Purchase and sale of securities ​ 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (7) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (7) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (7) ​ Panama ​ Portfolio holder ​ 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (7) ​ Panama ​ Real estate broker ​ 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. (8) ​ Panama ​ Holding ​ 100.00 % 100.00 % 60.00 % Banco Agromercantil de Guatemala S.A. (8) ​ Guatemala ​ Banking ​ 99.66 % 99.59 % 59.72 % Seguros Agromercantil de Guatemala S.A. (8) ​ Guatemala ​ Insurance agency ​ 79.92 % 79.90 % 47.93 % Financiera Agromercantil S.A. (8) ​ Guatemala ​ Financial services ​ 100.00 % 100.00 % 60.00 % Agrovalores S.A. (8) ​ Guatemala ​ Securities brokerage ​ 100.00 % 100.00 % 60.00 % Arrendadora Agromercantil S.A. (8) ​ Guatemala ​ Operating Leasing ​ 100.00 % 100.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (8) (9) ​ Guatemala ​ Insurance agency ​ 100.00 % 100.00 % 60.00 % Asistencia y Ajustes S.A. (8) ​ Guatemala ​ Services ​ 100.00 % 100.00 % 60.00 % Serproba S.A. (8) ​ Guatemala ​ Maintenance and remodelling services ​ 100.00 % 100.00 % 60.00 % Servicios de Formalización S.A. (8) ​ Guatemala ​ Loans formalization ​ 100.00 % 100.00 % 60.00 % Conserjería, Mantenimiento y Mensajería S.A. (8) (9) ​ Guatemala ​ Maintenance services ​ 100.00 % 100.00 % 60.00 % Mercom Bank Ltd. (8)(10) ​ Barbados ​ Banking ​ 99.66 % 99.59 % 59.72 % New Alma Enterprises Ltd. (8) ​ Bahamas ​ Investments ​ 99.66 % 99.59 % 59.72 % Bancolombia Puerto Rico Internacional Inc. ​ Puerto Rico ​ Banking ​ 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (11) ​ Cayman Islands ​ Banking ​ 100.00 % 100.00 % 100.00 % Banco Agrícola S.A. ​ El Salvador ​ Banking ​ 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa ​ El Salvador ​ Leasing ​ 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. ​ El Salvador ​ Credit card services ​ 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. ​ El Salvador ​ Securities brokerage ​ 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA ​ El Salvador ​ Investments ​ 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. ​ El Salvador ​ Administers investment funds ​ 98.89 % 98.89 % 98.89 % Bagrícola Costa Rica S.A. ​ Costa Rica ​ Outsourcing ​ 99.17 % 99.17 % 99.17 % Bancolombia Capital Holdings USA LLC (12) ​ United States ​ Holding ​ 100.00 % - ​ - ​ Bancolombia Capital Adviser LLC (12) ​ United States ​ Investment advisor ​ 100.00 % - ​ - ​ Bancolombia Capital LLC (12) ​ United States ​ Securities brokerage ​ 100.00 % - ​ - ​ (1) On November 30, 2021, the Bank acquired 91,791 common shares of VLIPCO S.A.S. for COP 9,474 ; after such transaction, the Bank had a 94.77% interest in the company. The Bank held a 47.40% interest in VLIPCO S.A.S. before the purchase transaction. For further information, see Note 8. Investments in associates and joint ventures and Note 9.3. Business combinations. (2) In 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (3) Company consolidated by the Fondo de Capital Privado Fondo Inmobiliario Colombia since October 2021. (4) The decrease in shareholding is due to the repurchase of outstanding stock carried out by the subsidiary during 2021. (5) The trust rights were assigned in June 2021. (6) Merger between the Banistmo S.A. (absorbing entity) and Financomer S.A. (absorbed entity) in November 2021. (7) Investments in non-operational stage. (8) On September 29, 2020, the Bank acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH), a company that owns the financial conglomerate Agromercantil of Guatemala. (9) Companies in voluntary liquidation. (10) On September 30, 2021, Mercom Bank Ltd. shareholder authorized the beginning of an organized and gradual process of transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bank. For further information, see Note 1. Reporting entity. (11) On October 05, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. The wind-down was expected to be completed before the end of the year 2021. For further information, see Note 1. Reporting entity. (12) Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information see Note 1. Reporting entity. ​
Schedule of consolidated funds	The Bank consolidates the following funds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ownership ​ % of ownership ​ % of ownership ​ Assets managed Name ​ Country ​ interest held by ​ interest held by ​ interest held by ​ December 31, ​ December 31, ​ ​ ​ ​ the Bank, 2021 ​ the Bank, 2020 ​ the Bank, 2019 ​ 2021 ​ 2020 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) ​ Colombia ​ 49.96 % 49.96 % 49.96 % 4,415,509 ​ 4,128,801 Fideicomiso Lote Abelardo Castro (2) ​ Colombia ​ - ​ 66.77 % 66.77 % - ​ 13,314 Fideicomiso Lote Distrito Vera B1B2 (3) ​ Colombia ​ 66.49 % 66.77 % 66.77 % 57,025 ​ 58,459 Fideicomiso Lote Distrito Vera B3B4 (3) ​ Colombia ​ 66.49 % 66.77 % 66.77 % 54,941 ​ 56,364 Banistmo Panamá Fondo de Inversión S.A. ​ Panama ​ 100.00 % 100.00 % 100.00 % 414,962 ​ 522,777 (1) From 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. This equity securities are considered a business, because of their capacity to generate income. For further information, see Note 2. C. Consolidation. (2) Trust rights in P.A. Lote Abelardo Castro were transferred in June 2021. (3) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2 and B3B4), during 2021. ​
Schedule of exchange rate used by the Bank and its subsidiaries	The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert consolidated statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2019 Year-end exchange rate ​ 3,981.16 ​ 3,432.50 ​ 3,277.14 Average rate for the period ended at ​ 3,747.24 ​ 3,691.27 ​ 3,282.39
Schedule of cure period assets restructured by risk	​ ​ ​ ​ Country Portfolio Months ​ SME Commercial 36 Colombia Corporate Does not apply ​ Mortgage 34 ​ Consumer 22 ​ Consumer 19 Panama Commercial Does not apply ​ Mortgage 14 ​ Commercial 18 El Salvador Consumer 18 ​ Mortgage 34
Schedule of relief in Colombia due to COVID-19 like a risk restructuring	​ ​ ​ Portfolio Months SME Commercial 12 Corporate Client-to-client review Mortgage 16 Consumer 12
Schedule of participation for each of the stages and the distribution of stage 2	The following table show the participation for each of the stages and the distribution of stage 2 is detailed for the reasons that represent the significant increase in credit risk: ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 2 ​ ​ Portfolio Stage 1 ​ Threshold ​ Watch list ​ Restructured ** More Than ​ COVID-19 ​ Total ​ Stage 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 Days* ​ Measures ​ ​ ​ ​ ​ Commercial 84.74 % 37.67 % 59.77 % 1.00 % 1.14 % 0.42 % 7.28 % 7.98 % Consumer 86.36 % 62.19 % 0.65 % 7.99 % 13.75 % 15.42 % 8.52 % 5.12 % Mortgage 83.76 % 27.18 % 0.50 % 8.49 % 8.42 % 55.41 % 12.67 % 3.58 % Total Portfolio 84.95 % 40.72 % 32.73 % 4.31 % 5.66 % 16.58 % 8.39 % 6.67 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 2 ​ ​ Portfolio Stage 1 ​ Threshold ​ Watch list ​ Restructured ** More Than ​ COVID-19 ​ Total ​ Stage 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 Days* ​ Measures ​ ​ ​ ​ ​ Commercial 82.20 % 20.80 % 73.80 % 0.80 % 1.40 % 3.20 % 8.10 % 9.70 % Consumer 82.30 % 52.20 % 0.10 % 4.40 % 12.00 % 31.40 % 11.00 % 6.70 % Mortgage 83.80 % 35.80 % 0.10 % 5.30 % 7.80 % 51.00 % 11.80 % 4.40 % Total Portfolio 82.40 % 31.80 % 40.70 % 2.60 % 5.40 % 19.60 % 9.30 % 8.30 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. ​
Schedule of economic scenario weighting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Country Optimistic Base Pessimistic ​ 2020 2021 2020 2021 2020 2021 Colombia 10.00 % 20.00 % 60.00 % 50.00 % 30.00 % 30.00 % Panama 10.00 % 15.00 % 60.00 % 60.00 % 30.00 % 25.00 % El Salvador 10.00 % 16.00 % 60.00 % 66.00 % 30.00 % 18.00 % Guatemala 10.00 % 15.00 % 60.00 % 55.00 % 30.00 % 30.00 %
Summary of information about the projections of macroeconomic variables	The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ Colombia ​ ​ ​ ​ ​ Panama ​ ​ ​ Cutoff Optimistic ​ Base ​ Pessimistic ​ Optimistic ​ Base ​ Pessimistic ​ 2021 10.40 % 10.00 % 9.60 % 18.00 % 16.00 % 13.50 % 2022 5.70 % 4.00 % 2.40 % 7.50 % 6.50 % 4.50 % 2023 5.30 % 3.40 % 1.50 % 5.50 % 4.50 % 3.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ Guatemala ​ ​ ​ ​ ​ El Salvador ​ ​ ​ Cutoff Optimistic ​ Base ​ Pessimistic ​ Optimistic ​ Base ​ Pessimistic ​ 2021 7.10 % 5.70 % 4.40 % 11.00 % 9.50 % 7.50 % 2022 5.20 % 4.30 % 3.00 % 4.30 % 3.70 % 2.80 % 2023 4.00 % 3.40 % 2.30 % 2.60 % 2.30 % 1.80 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ Colombia ​ ​ ​ ​ ​ Panama ​ ​ ​ Cutoff Optimistic ​ Base ​ Pessimistic ​ Optimistic ​ Base ​ Pessimistic ​ 2020 (6.50) % (7.40) % (9.80) % (17.70) % (19.20) % (21.70) % 2021 8.20 % 5.70 % 3.20 % 10.00 % 6.50 % 2.90 % 2022 5.50 % 4.50 % 4.00 % 5.80 % 4.80 % 3.80 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ Guatemala ​ ​ ​ ​ ​ El Salvador ​ ​ ​ Cutoff Optimistic ​ Base ​ Pessimistic ​ Optimistic ​ Base ​ Pessimistic ​ 2020 (1.60) % (2.90) % (3.50) % (6.00) % (7.00) % (8.20) % 2021 3.50 % 3.00 % 2.50 % 4.40 % 3.40 % 2.60 % 2022 4.00 % 3.50 % 2.80 % 3.70 % 3.00 % 2.40 % ​
Schedule of significant increase in risk using external credit rating	​ ​ ​ ​ EXTERNAL RATING ORIGIN ​ SIGNIFICANT INCREASE ​ ​ IN RISK Ba1/BB+ ​ 3 Notches Ba2/BB ​ 3 Notches Ba3/BB- ​ 3 Notches B1/B+ ​ 2 Notches B2/B ​ 2 Notches B3/B- ​ 1 Notch Caa/CCC ​ 1 Notch ​
Summary of information about written-off loan portfolio	Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party. In general, this characteristic will be fulfilled when the following delinquency conditions are present: ​ ​ ​ ​ ​ Type ​ Length of delinquency ​ Consumer ​ 180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola and 1,080 days ​ Commercial ​ 360 days ​ Small Business Loan ​ 180 days, 1,080 days ​ Mortgage ​ 1,080 days 1,440 days ​ ​
Schedule of estimated useful lives for each asset group	​ ​ ​ ​ Asset group ​ Useful life range Buildings ​ 10 Furniture and fixtures (1) ​ 5 Computer equipment ​ 3 Equipment and machinery ​ 3 Vehicles ​ 3 (1) Companies in El Salvador have a useful life range of 4 to 20 years .
FCP Fondo Inmobiliario Colombia
SIGNIFICANT ACCOUNTING POLICIES
Schedule of assets, liabilities, net assets, net income and cash flows of non-controlling interest	The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, related to the FCP Fondo Inmobiliario Colombia: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ ​ In millions of COP Assets ​ 4,415,509 ​ 4,128,801 ​ ​ Liabilities ​ 1,509,275 ​ 1,450,781 ​ ​ Net assets ​ 2,906,234 ​ 2,678,020 ​ ​ ​ ​ Year-Ended 2021 ​ Year-Ended 2020 ​ Year-Ended 2019 ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ Valuation of investment properties ​ 85,148 ​ (8,251) ​ 77,527 Valuation of trust rights ​ - ​ 4 ​ 52,215 Rents ​ 187,194 ​ 186,528 ​ 161,263 Profits of equity method investees ​ 105,439 ​ 56,116 ​ 138,100 Other income ​ 92,298 ​ 38,135 ​ 2,034 Total Income ​ 470,079 ​ 272,532 ​ 431,139 Expenses ​ ​ ​ ​ ​ ​ Interest on loans ​ (73,201) ​ (78,008) ​ (73,088) Other administrative and general expenses ​ (212,385) ​ (141,430) ​ (170,374) Total Expenses ​ (285,586) ​ (219,438) ​ (243,462) Net Income ​ 184,493 ​ 53,094 ​ 187,677 Condensed cash flow (1) ​ ​ ​ ​ ​ ​ Net cash used in operating activities ​ (34,442) ​ (172,003) ​ (257,733) Net cash provided by financing activities ​ 21,882 ​ 235,214 ​ 256,787 Cash and cash equivalents at beginning of year ​ 63,368 ​ 157 ​ 1,103 Cash and cash equivalents at end of year ​ 50,808 ​ 63,368 ​ 157 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. ​
Grupo Agromercantil Holding (GAH)
SIGNIFICANT ACCOUNTING POLICIES
Schedule of assets, liabilities, net assets, net income and cash flows of non-controlling interest	The following table summarizes the net income and cash flows for the year ended December 31, 2019 GAH: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year-Ended 2019 ​ ​ ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments ​ ​ ​ 218,536 Total fees and commission, net ​ ​ ​ 132,845 Other operating income ​ ​ ​ 68,288 Dividends received and equity method ​ ​ ​ 668 Total operating income, net ​ ​ ​ 420,337 Operating expenses ​ ​ ​ (478,133) Income tax ​ ​ ​ 19,367 Net income ​ ​ ​ (38,429) Condensed cash flow ​ ​ ​ ​ Net cash used in operating activities ​ ​ ​ (62,327) Net cash provided by investing activities ​ ​ ​ 273,604 Net cash used in financing activities ​ ​ ​ (26,926) Translation adjustment ​ ​ ​ 12,648 Cash and cash equivalents at beginning of year ​ ​ ​ 1,500,647 Cash and cash equivalents at end of year ​ ​ ​ 1,697,646 Other comprehensive income ​ ​ ​ ​ Investments at fair value through OCI ​ ​ ​ (3,362) Translation adjustment ​ ​ ​ 9,281 Others ​ ​ ​ (8,093) Total other comprehensive income ​ ​ ​ (2,174) ​

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING SEGMENTS
Schedule of financial performance by operating segment	The CODM reviews the performance of the Bank using the following financial information by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2021 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ Adjustments for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations In millions of COP Total interest and valuation on financial instruments ​ 11,498,013 ​ 1,963,509 ​ 1,193,824 ​ 1,178,615 ​ 46 ​ — ​ 12,277 ​ 251,135 ​ 37,898 ​ 16,135,317 ​ 428 ​ 16,135,745 Interest income on loans and financial leases ​ 11,118,035 ​ 1,791,476 ​ 1,072,718 ​ 1,109,804 ​ 46 ​ — ​ 28 ​ 215,529 ​ 36,226 ​ 15,343,862 ​ 428 ​ 15,344,290 Total debt investments ​ 399,517 ​ 156,377 ​ 105,035 ​ 67,772 ​ — ​ — ​ 12,540 ​ 35,739 ​ 632 ​ 777,612 ​ — ​ 777,612 Derivatives ​ 17,263 ​ 1,860 ​ 15,345 ​ — ​ — ​ — ​ (832) ​ 1 ​ — ​ 33,637 ​ — ​ 33,637 Total liquidity operations ​ (36,802) ​ 13,796 ​ 726 ​ 1,039 ​ — ​ — ​ 541 ​ (134) ​ 1040 ​ (19,794) ​ — ​ (19,794) Interest expenses ​ (2,666,843) ​ (796,396) ​ (240,144) ​ (397,138) ​ (167) ​ (7) ​ (73) ​ (198,012) ​ (52,776) ​ (4,351,556) ​ — ​ (4,351,556) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 8,831,170 ​ 1,167,113 ​ 953,680 ​ 781,477 ​ (121) ​ (7) ​ 12,204 ​ 53,123 ​ (14,878) ​ 11,783,761 ​ 428 ​ 11,784,189 Total credit impairment charges, net ​ (2,122,515) ​ (323,216) ​ 4,271 ​ 35,841 ​ (4,595) ​ (55) ​ (116) ​ 14,995 ​ (17,836) ​ (2,413,226) ​ (7,304) ​ (2,420,530) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 6,708,655 ​ 843,897 ​ 957,951 ​ 817,318 ​ (4,716) ​ (62) ​ 12,088 ​ 68,118 ​ (32,714) ​ 9,370,535 ​ (6,876) ​ 9,363,659 Revenues (Expenses) from transactions with other operating segments of the Bank ​ 18,458 ​ (10,089) ​ 7 ​ (26,324) ​ (26,584) ​ 3,576 ​ 59,995 ​ 81,997 ​ (101,036) ​ — ​ — ​ — Fees and commissions income (1) ​ 3,841,472 ​ 351,603 ​ 359,724 ​ 159,908 ​ 347,878 ​ 79,531 ​ 117,282 ​ 33,309 ​ 3,097 ​ 5,293,804 ​ — ​ 5,293,804 Fees and commissions expenses ​ (1,524,691) ​ (151,906) ​ (116,600) ​ (50,144) ​ (3,881) ​ (49) ​ (4,135) ​ (6,556) ​ (2,721) ​ (1,860,683) ​ — ​ (1,860,683) Total fees and commissions, net ​ 2,316,781 ​ 199,697 ​ 243,124 ​ 109,764 ​ 343,997 ​ 79,482 ​ 113,147 ​ 26,753 ​ 376 ​ 3,433,121 ​ — ​ 3,433,121 Other operating income ​ 653,968 ​ 19,101 ​ 9,712 ​ 82,855 ​ 12,702 ​ 879 ​ (6,075) ​ 11,109 ​ 1,238,893 ​ 2,023,144 ​ (1,003) ​ 2,022,141 Dividends and net income on equity investments ​ 93,769 ​ 4,387 ​ 2,760 ​ 658 ​ 28,201 ​ (232) ​ 2,177 ​ 20 ​ 196,604 ​ 328,344 ​ — ​ 328,344 Total operating income, net ​ 9,791,631 ​ 1,056,993 ​ 1,213,554 ​ 984,271 ​ 353,600 ​ 83,643 ​ 181,332 ​ 187,997 ​ 1,302,123 ​ 15,155,144 ​ (7,879) ​ 15,147,265 Operating expenses (2) ​ (5,550,033) ​ (700,226) ​ (549,782) ​ (464,199) ​ (129,923) ​ (34,905) ​ (119,265) ​ (61,191) ​ (633,171) ​ (8,242,695) ​ — ​ (8,242,695) Impairment, depreciation and amortization ​ (529,662) ​ (104,493) ​ (81,201) ​ (102,991) ​ (1,548) ​ (206) ​ (1,896) ​ (1,993) ​ (95,773) ​ (919,763) ​ (795) ​ (920,558) Total operating expenses ​ (6,079,695) ​ (804,719) ​ (630,983) ​ (567,190) ​ (131,471) ​ (35,111) ​ (121,161) ​ (63,184) ​ (728,944) ​ (9,162,458) ​ (795) ​ (9,163,253) Profit before income tax ​ 3,711,936 ​ 252,274 ​ 582,571 ​ 417,081 ​ 222,129 ​ 48,532 ​ 60,171 ​ 124,813 ​ 573,179 ​ 5,992,686 ​ (8,674) ​ 5,984,012 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ Adjustments for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations In millions of COP Total interest and valuation on financial instruments ​ 11,944,262 ​ 1,986,566 ​ 1,226,150 ​ 1,101,638 ​ 32 ​ — ​ 47,030 ​ 347,881 ​ 33,946 ​ 16,687,505 ​ 1,145 ​ 16,688,650 Interest income on loans and financial leases ​ 11,859,262 ​ 1,793,826 ​ 1,140,924 ​ 1,012,174 ​ 32 ​ — ​ 45 ​ 293,802 ​ 31,767 ​ 16,131,832 ​ 1,145 ​ 16,132,977 Total debt investments ​ 451,781 ​ 170,416 ​ 84,366 ​ 83,767 ​ — ​ — ​ 17,086 ​ 33,885 ​ 658 ​ 841,959 ​ — ​ 841,959 Derivatives ​ (381,725) ​ (502) ​ 227 ​ — ​ — ​ — ​ 29,209 ​ 14,995 ​ — ​ (337,796) ​ — ​ (337,796) Total liquidity operations ​ 14,944 ​ 22,826 ​ 633 ​ 5,697 ​ — ​ — ​ 690 ​ 5,199 ​ 1521 ​ 51,510 ​ — ​ 51,510 Interest expenses ​ (3,914,661) ​ (841,736) ​ (293,317) ​ (450,091) ​ (166) ​ (4) ​ (35) ​ (299,755) ​ (63,243) ​ (5,863,008) ​ — ​ (5,863,008) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 8,029,601 ​ 1,144,830 ​ 932,833 ​ 651,547 ​ (134) ​ (4) ​ 46,995 ​ 48,126 ​ (29,297) ​ 10,824,497 ​ 1,145 ​ 10,825,642 Total credit impairment charges, net ​ (5,889,710) ​ (907,910) ​ (366,691) ​ (297,386) ​ (1,270) ​ 42 ​ (1,518) ​ (56,122) ​ (13,166) ​ (7,533,731) ​ 7,282 ​ (7,526,449) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 2,139,891 ​ 236,920 ​ 566,142 ​ 354,161 ​ (1,404) ​ 38 ​ 45,477 ​ (7,996) ​ (42,463) ​ 3,290,766 ​ 8,427 ​ 3,299,193 Revenues (Expenses) from transactions the operating segments of the Bank ​ 142 ​ (25,054) ​ (7,531) ​ (35,171) ​ (24,159) ​ 20,509 ​ 61,393 ​ 118,854 ​ (108,983) ​ — ​ — ​ — Fees and commission income (1) ​ 3,291,382 ​ 310,773 ​ 289,792 ​ 176,268 ​ 349,150 ​ 37,447 ​ 112,628 ​ 28,896 ​ 2,077 ​ 4,598,413 ​ — ​ 4,598,413 Fees and commission expenses ​ (1,313,286) ​ (118,016) ​ (74,887) ​ (39,871) ​ (4,095) ​ (61) ​ (3,597) ​ (4,600) ​ (3,172) ​ (1,561,585) ​ — ​ (1,561,585) Total fees and commission income, net ​ 1,978,096 ​ 192,757 ​ 214,905 ​ 136,397 ​ 345,055 ​ 37,386 ​ 109,031 ​ 24,296 ​ (1,095) ​ 3,036,828 ​ — ​ 3,036,828 Other operating income (Expenses) ​ 817,677 ​ 30,145 ​ 14,266 ​ 74,021 ​ 13,078 ​ 1,524 ​ (5,736) ​ 12,939 ​ 887,454 ​ 1,845,368 ​ (796) ​ 1,844,572 Dividends and net income on equity investments ​ 43,737 ​ 6,984 ​ 858 ​ 953 ​ 29,145 ​ (2,503) ​ (27,930) ​ 32 ​ 54,010 ​ 105,286 ​ 18,039 ​ 123,325 Total operating income, net ​ 4,979,543 ​ 441,752 ​ 788,640 ​ 530,361 ​ 361,715 ​ 56,954 ​ 182,235 ​ 148,125 ​ 788,923 ​ 8,278,248 ​ 25,670 ​ 8,303,918 Operating expenses (2) ​ (4,967,506) ​ (590,269) ​ (424,516) ​ (423,211) ​ (104,005) ​ (23,658) ​ (88,828) ​ (58,073) ​ (477,289) ​ (7,157,355) ​ — ​ (7,157,355) Impairment, depreciation and amortization ​ (405,811) ​ (112,358) ​ (69,318) ​ (132,237) ​ (1,379) ​ (217) ​ (1,892) ​ (2,631) ​ (111,044) ​ (836,887) ​ (903) ​ (837,790) Total operating expenses ​ (5,373,317) ​ (702,627) ​ (493,834) ​ (555,448) ​ (105,384) ​ (23,875) ​ (90,720) ​ (60,704) ​ (588,333) ​ (7,994,242) ​ (903) ​ (7,995,145) Profit (Loss) before income tax ​ (393,774) ​ (260,875) ​ 294,806 ​ (25,087) ​ 256,331 ​ 33,079 ​ 91,515 ​ 87,421 ​ 200,590 ​ 284,006 ​ 24,767 ​ 308,773 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ Adjustments for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ Banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations In millions of COP Total interest and valuation on financial instruments ​ 12,970,741 ​ 1,876,925 ​ 1,094,422 ​ 977,980 ​ 152 ​ 8 ​ 5,018 ​ 614,073 ​ 12,160 ​ 17,551,479 ​ (170,795) ​ 17,380,684 Interest income on loans and financial leases ​ 12,592,221 ​ 1,654,600 ​ 1,052,680 ​ 905,016 ​ 132 ​ — ​ 96 ​ 411,504 ​ 11,804 ​ 16,628,053 ​ 267 ​ 16,628,320 Total Debt investments ​ 716,032 ​ 172,610 ​ 40,915 ​ 73,152 ​ 20 ​ 8 ​ 14,757 ​ 24,682 ​ 9 ​ 1,042,185 ​ — ​ 1,042,185 Derivatives ​ (172,399) ​ 1,625 ​ — ​ — ​ — ​ — ​ (10,416) ​ 169,483 ​ — ​ (11,707) ​ (171,062) ​ (182,769) Total liquidity operations ​ (165,113) ​ 48,090 ​ 827 ​ (188) ​ — ​ — ​ 581 ​ 8,404 ​ 347 ​ (107,052) ​ — ​ (107,052) Interest expenses ​ (4,408,233) ​ (720,587) ​ (295,433) ​ (388,571) ​ (138) ​ (4) ​ (26) ​ (304,519) ​ (62,283) ​ (6,179,794) ​ — ​ (6,179,794) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 8,562,508 ​ 1,156,338 ​ 798,989 ​ 589,409 ​ 14 ​ 4 ​ 4,992 ​ 309,554 ​ (50,123) ​ 11,371,685 ​ (170,795) ​ 11,200,890 Total credit impairment charges, net ​ (2,564,417) ​ (408,132) ​ (83,110) ​ (333,699) ​ (716) ​ (251) ​ (4,363) ​ 19,169 ​ (6,943) ​ (3,382,462) ​ (28,659) ​ (3,411,121) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 5,998,091 ​ 748,206 ​ 715,879 ​ 255,710 ​ (702) ​ (247) ​ 629 ​ 328,723 ​ (57,066) ​ 7,989,223 ​ (199,454) ​ 7,789,769 Revenues (Expenses) from transactions with other operating segments of the Bank ​ (19,212) ​ (36,107) ​ (2,154) ​ (36,255) ​ (25,529) ​ 31,585 ​ 62,628 ​ 167,419 ​ (142,375) ​ — ​ — ​ — Fees and commission income (1) ​ 3,269,747 ​ 350,055 ​ 268,309 ​ 170,854 ​ 349,438 ​ 30,829 ​ 113,364 ​ 25,800 ​ 588 ​ 4,578,984 ​ (12) ​ 4,578,972 Fees and commission expenses ​ (1,297,186) ​ (143,616) ​ (60,673) ​ (38,006) ​ (2,942) ​ (154) ​ (3,229) ​ (3,922) ​ (3,511) ​ (1,553,239) ​ — ​ (1,553,239) Total fees and commission income, net ​ 1,972,561 ​ 206,439 ​ 207,636 ​ 132,848 ​ 346,496 ​ 30,675 ​ 110,135 ​ 21,878 ​ (2,923) ​ 3,025,745 ​ (12) ​ 3,025,733 Other operating income(Expenses) ​ 433,887 ​ 29,704 ​ 6,158 ​ 68,288 ​ 13,341 ​ 5,830 ​ (9,392) ​ 7,067 ​ 986,126 ​ 1,541,009 ​ (5,762) ​ 1,535,247 Dividends and net income on equity investments ​ 131,029 ​ 5,562 ​ 211 ​ 668 ​ 43,498 ​ 24,810 ​ 16,514 ​ 27 ​ 269,736 ​ 492,055 ​ (111,456) ​ 380,599 Total operating income, net ​ 8,516,356 ​ 953,804 ​ 927,730 ​ 421,259 ​ 377,104 ​ 92,653 ​ 180,514 ​ 525,114 ​ 1,053,498 ​ 13,048,032 ​ (316,684) ​ 12,731,348 Operating expenses (2) ​ (5,203,354) ​ (573,042) ​ (444,933) ​ (358,923) ​ (121,259) ​ (32,558) ​ (112,204) ​ (61,087) ​ (522,103) ​ (7,429,463) ​ 236 ​ (7,429,227) Impairment, depreciation and amortization ​ (407,102) ​ (105,232) ​ (46,381) ​ (120,130) ​ (1,031) ​ (187) ​ (1,738) ​ (2,746) ​ (138,738) ​ (823,285) ​ (1,305) ​ (824,590) Total operating expenses ​ (5,610,456) ​ (678,274) ​ (491,314) ​ (479,053) ​ (122,290) ​ (32,745) ​ (113,942) ​ (63,833) ​ (660,841) ​ (8,252,748) ​ (1,069) ​ (8,253,817) Profit (Loss) before income tax ​ 2,905,900 ​ 275,530 ​ 436,416 ​ (57,794) ​ 254,814 ​ 59,908 ​ 66,572 ​ 461,281 ​ 392,657 ​ 4,795,284 ​ (317,753) ​ 4,477,531 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. ​
Schedule of financial information of the total assets and liabilities by operating segment	The following table presents financial information of the total assets and liabilities by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ Allother ​ Total before ​ for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations Total assets ​ 209,948,788 ​ 40,561,211 ​ 20,980,061 ​ 19,510,688 ​ 638,280 ​ 2,039,204 ​ 371,278 ​ 24,074,957 ​ 7,117,110 ​ 325,241,577 ​ (35,386,529) ​ 289,855,048 Total liabilities ​ 177,198,960 ​ 36,231,139 ​ 18,416,563 ​ 17,763,659 ​ 108,254 ​ 55,743 ​ 125,176 ​ 15,568,638 ​ 3,037,853 ​ 268,505,985 ​ (12,576,395) ​ 255,929,590 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments ​ ​ ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total before ​ for ​ Total after ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ eliminations ​ consolidation ​ eliminations Total assets ​ 175,697,801 ​ 35,062,418 ​ 17,986,495 ​ 16,304,094 ​ 686,895 ​ 1,648,144 ​ 316,051 ​ 20,502,898 ​ 10,408,401 ​ 278,613,197 ​ (23,044,692) ​ 255,568,505 Total liabilities ​ 159,782,056 ​ 31,483,993 ​ 16,158,124 ​ 15,052,385 ​ 110,830 ​ 37,134 ​ 57,800 ​ 13,286,310 ​ 2,856,435 ​ 238,825,067 ​ (11,371,775) ​ 227,453,292
Schedule of financial information of the investments in associates and joint ventures by operating segment	The following table presents financial information of the investments in associates and joint ventures by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 601,758 ​ 22,631 ​ 303,506 ​ 394,061 ​ 1,398,603 ​ 2,720,559 Equity method ​ 45,555 ​ 2,747 ​ 27,377 ​ 1,011 ​ 122,962 ​ 199,652 (1) As of December 31, 2021, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 382,747 ​ 17,254 ​ 280,051 ​ 549,745 ​ 1,276,518 ​ 2,506,315 Equity method ​ 39,922 ​ 840 ​ 28,848 ​ 14,912 ​ 52,074 ​ 136,596 (1) As of December 31, 2020, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. ​
Schedule of geographic information	The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the Interest and valuation was originated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Geographic information ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ ​ valuation ​ assets (1) ​ valuation ​ assets (1) ​ valuation ​ assets (1) In millions of COP Colombia ​ 11,605,829 ​ 9,413,340 ​ 12,152,560 ​ 8,381,397 ​ 13,129,674 ​ 7,095,848 Panama ​ 2,251,653 ​ 838,278 ​ 2,400,442 ​ 737,039 ​ 2,592,875 ​ 792,841 Puerto Rico ​ 49,662 ​ 1,644 ​ 64,104 ​ 1,413 ​ 83,303 ​ 1,586 El Salvador ​ 1,194,026 ​ 434,212 ​ 1,227,645 ​ 370,983 ​ 1,097,976 ​ 373,378 Costa Rica ​ - ​ - ​ - ​ 72 ​ - ​ 107 Guatemala ​ 1,178,619 ​ 347,084 ​ 1,101,643 ​ 295,622 ​ 978,101 ​ 288,794 Total ​ 16,279,789 ​ 11,034,558 ​ 16,946,394 ​ 9,786,526 ​ 17,881,929 ​ 8,552,554 Eliminations and translation adjustment ​ (144,044) ​ 7,655,610 ​ (257,744) ​ 6,537,003 ​ (501,245) ​ 6,173,494 Total, net ​ 16,135,745 ​ 18,690,168 ​ 16,688,650 ​ 16,323,529 ​ 17,380,684 ​ 14,726,048 (1) Includes assets held for sale, premises and equipment, investment property, goodwill and intangible assets.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2021
CASH AND CASH EQUIVALENTS
Schedule of cash and cash equivalents	For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Cash and balances at central bank ​ ​ ​ ​ Cash ​ 7,994,899 ​ 7,210,250 Due from central banks (1) ​ 9,817,664 ​ 7,871,879 Due from other private financial entities ​ 5,092,792 ​ 4,867,472 Checks on hold ​ 136,050 ​ 109,736 Remittances of domestic negotiated checks in transit ​ 106,271 ​ 125,737 Total cash and due from banks ​ 23,147,676 ​ 20,185,074 Money market transactions ​ ​ ​ ​ Interbank borrowings ​ 1,388,411 ​ 3,193,915 Reverse repurchase agreements and other similar secured loans ​ 793,759 ​ 322,160 Total money market transactions ​ 2,182,170 ​ 3,516,075 Total cash and cash equivalents ​ 25,329,846 ​ 23,701,149 (1) According to External Resolution Number 9 of 2020, that modifies External Resolution Number 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 3.50% of its customer’s deposits with a maturity of less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemala Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. Additionally, according to the norm of the banks Number 3-06 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount of its deposits and debt securities in issue average daily balances as a liquidity reserve between 1.00% and 18.00% during 2021, and during 2020 the range of the amount equivalent was between 1.00% and 15.00% , represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00% . ​

FINANCIAL ASSETS INVESTMENTS _2

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2021
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Schedule of financial assets investments	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income ​ cost ​ value In millions of COP Securities issued by the Colombian Government (1) ​ 8,978,484 ​ 2,515,927 ​ 147,042 ​ 11,641,453 Securities issued by foreign governments ​ 5,180,775 ​ 4,293,949 ​ 497,544 ​ 9,972,268 Securities issued by government entities ​ 67,395 ​ - ​ 2,740,671 ​ 2,808,066 Corporate bonds ​ 120,653 ​ 124,917 ​ 2,544,550 ​ 2,790,120 Securities issued by other financial institutions (2) ​ 689,160 ​ 310,658 ​ 597,423 ​ 1,597,241 Total debt instruments ​ 15,036,467 ​ 7,245,451 (3) 6,527,230 ​ 28,809,148 Total equity securities (4) ​ 85,244 ​ 394,909 ​ ​ ​ 480,153 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 29,289,301 (1) Lower investment in TES - Treasury instruments. (2) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 113,114 . For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities. (3) The Bank has recognized in the consolidated statement of comprehensive income COP (51,525) related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. (4) Decrease due mainly to payments received by residual rights amounting to COP 122,988 . ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income ​ cost ​ value In millions of COP Securities issued by the Colombian Government ​ 10,439,978 ​ 2,552,041 ​ 126,392 ​ 13,118,411 Securities issued by foreign governments ​ 4,234,799 ​ 4,815,053 ​ 384,607 ​ 9,434,459 Securities issued by government entities ​ 72,401 ​ - ​ 2,446,892 ​ 2,519,293 Corporate bonds ​ 102,301 ​ 99,152 ​ 1,935,096 ​ 2,136,549 Securities issued by other financial institutions (1) ​ 721,735 ​ 772,735 ​ 261,614 ​ 1,756,084 Total debt instruments ​ 15,571,214 ​ 8,238,981 (2) 5,154,601 ​ 28,964,796 Total equity securities ​ 69,426 ​ 518,781 ​ ​ ​ 588,207 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 29,553,003 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 159,075 . For further information on TIPS' fair value measurement see Note 30 fair value of assets and liabilities. (2) The Bank has recognized in the consolidated statement of comprehensive income COP 47,699 related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. ​ ​
Schedule of debt instruments portfolio by maturity	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ Between 1 and 3 ​ Between 3 and 5 ​ Greater than 5 ​ ​ ​ ​ year ​ years ​ years ​ years ​ Total In millions of COP Securities at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 938,984 ​ 6,251,182 ​ 1,276,374 ​ 511,944 ​ 8,978,484 Securities issued by foreign governments ​ 4,606,436 ​ 64,189 ​ 175,555 ​ 334,595 ​ 5,180,775 Securities issued by other financial institutions ​ 187,194 ​ 264,720 ​ 115,920 ​ 121,326 ​ 689,160 Corporate bonds ​ 18,861 ​ 37,377 ​ 19,591 ​ 44,824 ​ 120,653 Securities issued by government entities ​ 14,105 ​ 39,491 ​ 9,667 ​ 4,132 ​ 67,395 Subtotal ​ 5,765,580 ​ 6,656,959 ​ 1,597,107 ​ 1,016,821 ​ 15,036,467 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ 2,325,032 ​ 1,085,997 ​ 539,525 ​ 343,395 ​ 4,293,949 Securities issued by the Colombian Government ​ 2,515,927 ​ - ​ - ​ - ​ 2,515,927 Securities issued by other financial institutions ​ 71,491 ​ 59,225 ​ 57,922 ​ 122,020 ​ 310,658 Corporate bonds ​ - ​ - ​ - ​ 124,917 ​ 124,917 Subtotal ​ 4,912,450 ​ 1,145,222 ​ 597,447 ​ 590,332 ​ 7,245,451 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by government entities ​ 2,690,415 ​ - ​ - ​ 50,256 ​ 2,740,671 Corporate bonds ​ 22,504 ​ 574,384 ​ 50,426 ​ 1,897,236 ​ 2,544,550 Securities issued by other financial institutions ​ 193,334 ​ 68,148 ​ 55,451 ​ 280,490 ​ 597,423 Securities issued by foreign governments ​ 33,770 ​ 14,540 ​ 242,050 ​ 207,184 ​ 497,544 Securities issued by the Colombian Government ​ - ​ 145,060 ​ - ​ 1,982 ​ 147,042 Subtotal ​ 2,940,023 ​ 802,132 ​ 347,927 ​ 2,437,148 ​ 6,527,230 Total debt instruments ​ 13,618,053 ​ 8,604,313 ​ 2,542,481 ​ 4,044,301 ​ 28,809,148 ​ For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 ​ Between 1 and 3 ​ Between 3 and 5 ​ Greater than 5 ​ ​ ​ ​ year ​ years ​ years ​ years ​ Total In millions of COP Securities at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 1,677,621 ​ 4,936,287 ​ 2,551,658 ​ 1,274,412 ​ 10,439,978 Securities issued by foreign governments ​ 3,831,724 ​ 13,683 ​ 13,197 ​ 376,195 ​ 4,234,799 Securities issued by other financial institutions ​ 159,674 ​ 196,538 ​ 175,621 ​ 189,902 ​ 721,735 Corporate bonds ​ 9,339 ​ 40,389 ​ 27,412 ​ 25,161 ​ 102,301 Securities issued by government entities ​ 66,725 ​ 110 ​ 1,338 ​ 4,228 ​ 72,401 Subtotal ​ 5,745,083 ​ 5,187,007 ​ 2,769,226 ​ 1,869,898 ​ 15,571,214 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ 2,840,523 ​ 1,127,176 ​ 257,456 ​ 589,898 ​ 4,815,053 Securities issued by the Colombian Government ​ 2,552,041 ​ - ​ - ​ - ​ 2,552,041 Securities issued by other financial institutions ​ 577,109 ​ 53,135 ​ - ​ 142,491 ​ 772,735 Corporate bonds ​ 36,595 ​ - ​ - ​ 62,557 ​ 99,152 Subtotal ​ 6,006,268 ​ 1,180,311 ​ 257,456 ​ 794,946 ​ 8,238,981 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by government entities ​ 2,446,892 ​ - ​ - ​ - ​ 2,446,892 Corporate bonds ​ - ​ 272,347 ​ 275,660 ​ 1,387,089 ​ 1,935,096 Securities issued by foreign governments ​ 8,847 ​ 15,540 ​ 69,765 ​ 290,455 ​ 384,607 Securities issued by other financial institutions ​ 42,811 ​ 152,629 ​ 47,857 ​ 18,317 ​ 261,614 Securities issued by the Colombian Government ​ 28,366 ​ - ​ 98,026 ​ - ​ 126,392 Subtotal ​ 2,526,916 ​ 440,516 ​ 491,308 ​ 1,695,861 ​ 5,154,601 Total debt instruments ​ 14,278,267 ​ 6,807,834 ​ 3,517,990 ​ 4,360,705 ​ 28,964,796 ​ For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities.
Schedule of the equity instruments designated at fair value through OCI analyzed by listing status	The following table details the equity instruments designated at fair value through OCI analyzed by listing status: ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount Equity securities ​ December 31, 2021 ​ December 31, 2020 In millions of COP Securities at fair value through OCI : ​ ​ ​ ​ Equity securities listed in Colombia ​ 57,791 ​ 70,155 Equity securities listed in foreign countries ​ 6,732 ​ 5,415 Equity securities unlisted: ​ ​ ​ ​ TELERED ​ 150,943 ​ 101,988 Asociación Gremial de Instituciones Financieras Credibanco S.A. ​ 87,344 ​ 99,553 Compañía De Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. ​ 14,054 ​ 46,889 Fondo Renta Fija Valor (1) ​ 100 ​ 24,855 Cámara de Riesgo Central de Contraparte de Colombia S.A. ​ 6,038 ​ 5,482 Transacciones y Transferencias, S. A. ​ 8,282 ​ 5,248 500 Luchadores II, L.P. ​ 9,181 ​ 4,811 CADENALCO ​ 3,638 ​ 3,908 Others (2) ​ 50,806 ​ 150,477 Total equity securities at fair value through OCI ​ 394,909 ​ 518,781 (1) Decrease due to reclassification from Fair value through OCI to Fair value through profit or loss. (2) Decrease due mainly to payments received by residual rights amounting to COP 122,988
Schedule of the detail of the securities pledged as collateral	The detail of the securities pledged as collateral as of December 31, 2021 and 2020 is as follows: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Securities issued by other financial institutions ​ Between 3 and 6 months ​ Time deposits ​ 5,458 Securities issued by other financial institutions ​ Between 6 and 12 months ​ Time deposits ​ 4,974 Securities issued by other financial institutions ​ Greater than 12 months ​ Time deposits ​ 4,919 Securities issued by other financial institutions ​ Greater than 12 months ​ Bonds ​ 4,269 Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 4,233 Securities issued by the Colombian Government ​ Between 6 and 12 months ​ Tax refund titles ​ 40,011 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 421,707 Securities issued by foreign governments ​ Greater than 12 months ​ Bonds ​ 124,107 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 609,678 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 242,716 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 303,847 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 546,563 Total securities pledged as collateral ​ ​ ​ ​ ​ 1,156,241 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Less than 3 months ​ TES - Treasury instruments ​ 59,803 Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 287,816 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 1,742,072 Securities issued by foreign governments ​ Between 6 and 12 months ​ Bonds ​ 89,245 Securities issued by foreign governments ​ Greater than 12 months ​ Bonds ​ 82,380 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 2,261,316 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 49,624 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 340,222 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 389,846 Total securities pledged as collateral ​ ​ ​ ​ ​ 2,651,162
Schedule of changes in debt securities	The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at fair value through other comprehensive income and Amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments portfolio measure at fair value through OCI and amortized cost ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Gross carrying amount as at 1 January 2021 ​ 13,237,154 ​ 156,428 ​ 13,393,582 Transfer from stage 1 to stage 2 (1) ​ (47,331) ​ 47,331 ​ - Sales and maturities ​ (8,690,663) ​ - ​ (8,690,663) Purchases ​ 8,655,481 ​ - ​ 8,655,481 Valuation and payments ​ (335,851) ​ (1,596) ​ (337,447) Foreign exchange ​ 726,724 ​ 25,004 ​ 751,728 Gross carrying amount as at 31 December 2021 ​ 13,545,514 ​ 227,167 ​ 13,772,681 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments portfolio measure at fair value through OCI and amortized cost ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Gross carrying amount as at 1 January 2020 ​ 7,827,746 ​ 95,835 ​ 7,923,581 Sales and maturities ​ (4,562,773) ​ - ​ (4,562,773) Purchases ​ 9,830,079 ​ 56,645 ​ 9,886,724 Valuation and payments ​ (12,681) ​ (595) ​ (13,276) Foreign exchange ​ 154,783 ​ 4,543 ​ 159,326 Gross carrying amount as at 31 December 2020 ​ 13,237,154 ​ 156,428 ​ 13,393,582 ​
Schedule of provisions for the debt instruments portfolio using the expected credit losses model	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Securities at amortized cost ​ 6,300,063 ​ 227,167 ​ 6,527,230 Carrying amount ​ 6,317,752 ​ 234,157 ​ 6,551,909 Loss allowance ​ (17,689) ​ (6,990) ​ (24,679) Securities at fair value through other comprehensive income ​ 7,245,451 ​ - ​ 7,245,451 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 13,545,514 ​ 227,167 ​ 13,772,681 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage2 ​ Total In millions of COP Securities at amortized cost ​ 4,998,173 ​ 156,428 ​ 5,154,601 Carrying amount ​ 5,032,673 ​ 161,054 ​ 5,193,727 Loss allowance ​ (34,500) ​ (4,626) ​ (39,126) Securities at fair value through other comprehensive income ​ 8,238,981 ​ - ​ 8,238,981 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 13,237,154 ​ 156,428 ​ 13,393,582
Schedule of the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2021 ​ 37,745 ​ 4,626 ​ 42,371 Transfer from stage 1 to stage 2 (1) ​ (1,670) ​ 1,670 ​ - Sales and maturities ​ (7,985) ​ - ​ (7,985) New debt instruments purchased ​ 11,831 ​ - ​ 11,831 Remeasurement (2) ​ (23,744) ​ (46) ​ (23,790) Foreign exchange ​ 4,757 ​ 739 ​ 5,496 Loss allowance of December 31, 2021 ​ 20,934 ​ 6,989 ​ 27,923 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. (2) Decrease in stage 1 due to lower impairment loss value in Banistmo S.A. because of better economic conditions As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2020 ​ 13,013 ​ 1,588 ​ 14,601 Sales and maturities ​ (6,313) ​ - ​ (6,313) New debt instruments purchased ​ 19,856 ​ 3,429 ​ 23,285 Remeasurement ​ 10,872 ​ (466) ​ 10,406 Foreign exchange ​ 317 ​ 75 ​ 392 Loss allowance of December 31, 2020 ​ 37,745 ​ 4,626 ​ 42,371 ​ The increase in loss allowance is due to higher risk in all issuers in Bank’s investment portfolio. ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2019 ​ 14,174 ​ 609 ​ 14,783 Change in measurement ​ 228 ​ - ​ 228 Sales and maturities ​ (6,599) ​ (1) ​ (6,600) New debt instruments purchased ​ 5,235 ​ 1,234 ​ 6,469 Remeasurement ​ (89) ​ (259) ​ (348) Foreign exchange ​ 64 ​ 5 ​ 69 Loss allowance of December 31, 2019 ​ 13,013 ​ 1,588 ​ 14,601 ​
Schedule of the carrying values of bank's derivatives by type of risk	The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Derivatives ​ December 31, 2021 ​ December 31, 2020 In millions of COP Forwards ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 729,367 ​ 975,125 Equity contracts ​ 6,796 ​ 1,688 Subtotal assets ​ 736,163 ​ 976,813 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (605,537) ​ (880,614) Equity contracts ​ (25,068) ​ (15,333) Subtotal liabilities ​ (630,605) ​ (895,947) Total forwards ​ 105,558 ​ 80,866 Swaps ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 1,422,355 ​ 947,053 Interest rate contracts ​ 247,158 ​ 840,042 Subtotal assets ​ 1,669,513 ​ 1,787,095 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (960,838) ​ (615,625) Interest rate contracts ​ (308,457) ​ (803,153) Subtotal liabilities ​ (1,269,295) ​ (1,418,778) Total swaps ​ 400,218 ​ 368,317 Options ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 48,329 ​ 36,811 Subtotal assets ​ 48,329 ​ 36,811 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (61,209) ​ (66,601) Subtotal liabilities ​ (61,209) ​ (66,601) Total options ​ (12,880) ​ (29,790) Derivative assets ​ 2,454,005 ​ 2,800,719 Derivative liabilities ​ (1,961,109) ​ (2,381,326)
Schedule of the notional amounts of the derivatives contracts	The table below presents the notional amounts of the derivatives contracts as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Derivatives ​ December 31, 2021 ​ December 31, 2020 In millions of COP Forwards ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 28,582,048 ​ 21,850,683 Equity contracts ​ 995,675 ​ 202,075 Subtotal assets ​ 29,577,723 ​ 22,052,758 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (26,394,184) ​ (21,869,963) Equity contracts ​ (391,835) ​ (2,832,595) Subtotal liabilities ​ (26,786,019) ​ (24,702,558) Total forwards ​ 2,791,704 ​ (2,649,800) Swaps ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 9,084,313 ​ 9,785,196 Interest rate contracts ​ 32,953,368 ​ 27,496,792 Subtotal assets ​ 42,037,681 ​ 37,281,988 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (6,825,078) ​ (4,956,902) Interest rate contracts ​ (26,172,799) ​ (15,130,999) Subtotal liabilities ​ (32,997,877) ​ (20,087,901) Total swaps ​ 9,039,804 ​ 17,194,087 Options ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 2,239,713 ​ 1,702,445 Subtotal assets ​ 2,239,713 ​ 1,702,445 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (1,954,132) ​ (1,598,200) Subtotal liabilities ​ (1,954,132) ​ (1,598,200) Total options ​ 285,581 ​ 104,245 Futures ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 5,994,775 ​ 8,302,204 Equity contracts ​ 20,002 ​ - Subtotal assets ​ 6,014,777 ​ 8,302,204 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ (7,445,574) ​ (5,975,467) Others ​ (8) ​ (750,000) Subtotal liabilities ​ (7,445,582) ​ (6,725,467) Total futures ​ (1,430,805) ​ 1,576,737 Derivative assets ​ 79,869,894 ​ 69,339,395 Derivative liabilities ​ (69,183,610) ​ (53,114,126)
Schedule of the remaining contractual life of the derivatives portfolio	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 736,163 ​ 1,669,513 ​ 48,329 ​ 2,454,005 Less than 1 year ​ 696,501 ​ 536,333 ​ 41,762 ​ 1,274,596 Between 1 and 3 years ​ 39,662 ​ 572,400 ​ 6,567 ​ 618,629 Greater than 3 years ​ - ​ 560,780 ​ - ​ 560,780 Liabilities ​ (630,605) ​ (1,269,295) ​ (61,209) ​ (1,961,109) Less than 1 year ​ (579,036) ​ (333,194) ​ (56,826) ​ (969,056) Between 1 and 3 years ​ (51,569) ​ (392,277) ​ (4,383) ​ (448,229) Greater than 3 years ​ - ​ (543,824) ​ - ​ (543,824) ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 976,813 ​ 1,787,095 ​ 36,811 ​ 2,800,719 Less than 1 year ​ 971,321 ​ 268,929 ​ 34,865 ​ 1,275,115 Between 1 and 3 years ​ 5,492 ​ 625,533 ​ 1,946 ​ 632,971 Greater than 3 years ​ - ​ 892,633 ​ - ​ 892,633 Liabilities ​ (895,947) ​ (1,418,778) ​ (66,601) ​ (2,381,326) Less than 1 year ​ (876,888) ​ (181,920) ​ (62,094) ​ (1,120,902) Between 1 and 3 years ​ (19,059) ​ (412,431) ​ (4,507) ​ (435,997) Greater than 3 years ​ - ​ (824,427) ​ - ​ (824,427)
Schedule of collateral for derivatives	The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Collateral granted ​ 911,050 ​ 641,795 Collateral received ​ (376,447) ​ (570,097)
Schedule of unrecognised gains or (losses) for derivatives trading at the initial moment	The table below presents the unrecognised gains or (losses) for derivatives trading at the initial moment, due to use of valuation techniques for which not all inputs were observable market data: ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Opciones ​ Total In millions of COP Balance at January 1, 2021 ​ 29,102 ​ 26,984 ​ 21,452 ​ 77,538 Increase due to new trades ​ 169,430 ​ 19,368 ​ 90,437 ​ 279,235 Reduction due to amortization ​ (179,115) ​ (11,560) ​ (70,751) ​ (261,426) Reduction due to sale or transfer ​ (2,499) ​ (6,898) ​ (14,463) ​ (23,860) Balance at December 31, 2021 ​ 16,918 ​ 27,894 ​ 26,675 ​ 71,487 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Opciones ​ Total In millions of COP Balance at January 1, 2020 ​ 6,666 ​ 15,736 ​ 26,572 ​ 48,974 Increase due to new trades ​ 321,006 ​ 21,481 ​ 79,181 ​ 421,668 Reduction due to amortization ​ (293,579) ​ (9,250) ​ (77,180) ​ (380,009) Reduction due to sale or transfer ​ (4,991) ​ (983) ​ (7,121) ​ (13,095) Balance at December 31, 2020 ​ 29,102 ​ 26,984 ​ 21,452 ​ 77,538
Schedule of the hedged exposures covered by the Group's hedging strategies	The following table contains details of the hedged expresures covered by the Group’s hedging strategies: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of COP ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ 333,407 ​ (6,369) ​ Financial assets investments ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In thousands of USD ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - ​ 83,746 ​ (1,600) ​ Financial assets investments ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In millions of COP ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ 300,959 ​ (11,182) ​ Financial assets investments ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In thousands of USD ​ ​ Carrying amount of hedged ​ Accumulated amount of fair value ​ ​ ​ ​ item ​ adjustments on the hedged item ​ Balance sheet line item ​ ​ Assets ​ Liabilities ​ ​ Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - ​ 87,679 ​ (3,258) ​ Financial assets investments ​
Schedule of the notional amount and fair value of the hedged item	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, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Notional amount ​ 316,701 ​ 273,055 Fair value ​ 333,407 ​ 300,959 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In thousands of USD Notional amount ​ 79,550 ​ 79,550 Fair value ​ 83,746 ​ 87,679
Schedule of the information regarding effectiveness of the hedging relationships	The following table contains information regarding the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of COP ​ ​ Gains / (loss) recognized in ​ Hedge Ineffectiveness recognized in ​ P&L line item that includes hedge ​ ​ OCI ​ P&L ​ ineffectiveness Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ 6,285 ​ (6,133) ​ Other operating income ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In millions of COP ​ ​ Gains / (loss) recognized in ​ Hedge Ineffectiveness recognized in ​ P&L line item that includes hedge ​ ​ OCI ​ P&L ​ ineffectiveness Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ (5,459) ​ (3,746) ​ Other operating income ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 In millions of COP ​ ​ Gains / (loss) recognized in ​ Hedge Ineffectiveness recognized in ​ P&L line item that includes hedge ​ ​ OCI ​ P&L ​ ineffectiveness Fair value hedges ​ ​ ​ ​ ​ ​ Interest rate ​ ​ ​ ​ ​ ​ - Fixed rate ​ (6,592) ​ 663 ​ Other operating income
Schedule of derivative instruments subject to enforceable master netting agreements and other similar agreements	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Swaps ​ 1,422,355 ​ (960,838) Forwards ​ 729,367 ​ (605,537) Options ​ 48,329 ​ (61,209) Interest rate contracts ​ ​ ​ ​ Swaps ​ 247,158 ​ (308,457) Equity contracts ​ ​ ​ ​ Forwards ​ 6,796 ​ (25,068) Gross derivative assets/liabilities ​ 2,454,005 ​ (1,961,109) Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 2,454,005 ​ (1,961,109) Master netting agreements ​ (1,785,702) ​ 1,961,109 Collateral received/paid ​ (668,303) ​ - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ - ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Swaps ​ 947,053 ​ (615,625) Forwards ​ 975,125 ​ (880,614) Options ​ 36,811 ​ (66,601) Interest rate contracts ​ ​ ​ ​ Swaps ​ 840,042 ​ (803,153) Equity contracts ​ ​ ​ ​ Forwards ​ 1,688 ​ (15,333) Gross derivative assets/liabilities ​ 2,800,719 ​ (2,381,326) Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 2,800,719 ​ (2,381,326) Master netting agreements ​ (2,258,118) ​ 2,381,326 Collateral received/paid ​ (542,601) ​ - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ -
Schedule of notional value of hedging instruments by benchmark interest rate impacted by interest rate reform	​ ​ ​ ​ ​ ​ In thousands of USD ​ ​ Notional value of ​ Maturing after ​ ​ hedging instruments ​ 31 December 2020 Fair value hedges ​ ​ ​ ​ USD LIBOR ​ 79,550 ​ 79,550

LOANS AND ADVANCES TO CUSTOME_2

LOANS AND ADVANCES TO CUSTOMERS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
LOANS AND ADVANCES TO CUSTOMERS, NET
Schedule of loans and financial leasing operating portfolio	The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2021 ​ December 31, 2020 In millions of COP Commercial ​ 114,911,843 ​ 98,659,287 Consumer ​ 48,363,040 ​ 41,055,939 Mortgage ​ 30,646,787 ​ 25,959,112 Financial Leases (1) ​ 25,119,628 ​ 24,503,317 Small Business Loans ​ 1,282,185 ​ 1,232,075 Total gross loans and advances to customers ​ 220,323,483 ​ 191,409,730 Total allowance ​ (15,864,482) ​ (16,616,043) Total Net loans and advances to customers ​ 204,459,001 ​ 174,793,687 (1) See note 7.1 Lessor.
Schedule of the changes in the allowance for loans and advances and lease losses	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2021 ​ 7,673,720 ​ 5,753,430 ​ 992,515 ​ 1,996,033 ​ 200,345 ​ 16,616,043 Loan purchases / Loan sales (1) ​ (27,817) ​ - ​ - ​ - ​ - ​ (27,817) Recovery of charged - off loans ​ 125,208 ​ 349,125 ​ 26,660 ​ 61,303 ​ 3,140 ​ 565,436 Credit impairment charges on loans, advances and financial leases, net ​ 198,619 ​ 2,268,595 ​ 68,809 ​ (34,678) ​ 19,833 ​ 2,521,178 Adjusted stage 3 (2) ​ 216,330 ​ 288,214 ​ 49,893 ​ 40,747 ​ 12,550 ​ 607,734 Charges-off ​ (674,248) ​ (3,618,009) ​ (110,408) ​ (554,701) ​ (79,065) ​ (5,036,431) Translation adjustment ​ 301,211 ​ 263,912 ​ 33,589 ​ 12,363 ​ 7,264 ​ 618,339 Balance at December 31, 2021 ​ 7,813,023 ​ 5,305,267 ​ 1,061,058 ​ 1,521,067 ​ 164,067 ​ 15,864,482 (1) This balance corresponds to the provision for portfolio sales of Bancolombia S.A. to Banco Davivienda for COP 86,800 , Money Corp for COP 5,922 , and Jobandtalent Co SAS for COP 5,060 . (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2020 ​ 5,456,993 ​ 3,445,818 ​ 860,665 ​ 1,025,403 ​ 140,516 ​ 10,929,395 Recovery of charged - off loans ​ 118,196 ​ 256,836 ​ 15,943 ​ 44,381 ​ 1,552 ​ 436,908 Credit impairment charges on loans, advances and financial leases, net (1) ​ 2,406,228 ​ 3,745,662 ​ 163,527 ​ 903,191 ​ 117,147 ​ 7,335,755 Adjusted stage 3 (1)(2) ​ 213,214 ​ 203,420 ​ 39,793 ​ 63,240 ​ 9,907 ​ 529,574 Charges-off ​ (527,318) ​ (1,875,355) ​ (89,727) ​ (40,150) ​ (67,853) ​ (2,600,403) Translation adjustment ​ 6,407 ​ (22,951) ​ 2,314 ​ (32) ​ (924) ​ (15,186) Balance at December 31, 2020 ​ 7,673,720 ​ 5,753,430 ​ 992,515 ​ 1,996,033 ​ 200,345 ​ 16,616,043 (1) The increases are mostly due to the consequences of the COVID-19 pandemic in 2020. For more information see Note 31. Risk management. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2019 ​ 5,360,833 ​ 2,892,891 ​ 853,764 ​ 990,970 ​ 137,373 ​ 10,235,831 Loan purchases / Loan sales (1) ​ (4,332) ​ - ​ - ​ (1,557) ​ - ​ (5,889) Recovery of charged - off loans ​ 139,268 ​ 317,722 ​ 33,869 ​ 57,057 ​ 3,734 ​ 551,650 Credit impairment charges on loans, advances and financial leases, net ​ 1,299,379 ​ 1,971,037 ​ 33,808 ​ 25,130 ​ 55,827 ​ 3,385,181 Adjusted stage 3 (2) ​ 223,824 ​ 148,001 ​ 42,495 ​ 50,119 ​ 9,277 ​ 473,716 Charges-off ​ (1,572,113) ​ (1,890,490) ​ (104,720) ​ (97,148) ​ (65,909) ​ (3,730,380) Translation adjustment ​ 10,134 ​ 6,657 ​ 1,449 ​ 832 ​ 214 ​ 19,286 Balance at December 31, 2019 ​ 5,456,993 ​ 3,445,818 ​ 860,665 ​ 1,025,403 ​ 140,516 ​ 10,929,395 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. ​
Schedule of significant changes in the loans and the allowance for loans losses by category	The following explains the significant changes in the loans and the allowance for loans losses by category during the periods ended at December 31, 2021 and 2020 as a result of applying the expected credit loss model according to IFRS 9: ​ As of December 31, 2021 ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 80,863,445 (1,212,753) 8,203,659 (761,415) 9,592,183 (5,699,552) 98,659,287 (7,673,720) Transfers of financial instruments: ​ (1,251,539) ​ (45,325) ​ 791,803 ​ (33,245) ​ 459,736 ​ 78,570 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,892,044) ​ 53,521 ​ 1,892,044 ​ (53,521) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (487,386) ​ 32,490 ​ - ​ - ​ 487,386 ​ (32,490) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,076,007 ​ (106,935) ​ (1,076,007) ​ 106,935 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (858,035) ​ 100,584 ​ 858,035 ​ (100,584) ​ - ​ - Transfers from stage 3 to stage 1 ​ 51,884 ​ (24,401) ​ - ​ - ​ (51,884) ​ 24,401 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 833,801 ​ (187,243) ​ (833,801) ​ 187,243 ​ - ​ - Remeasurement arising from transfer of stage ​ (250,567) ​ 105,392 ​ (220,848) ​ (67,128) ​ (198,643) ​ (458,309) ​ (670,058) ​ (420,045) Remeasurement from remaining in the stage ​ (5,706,414) ​ 463,588 ​ (257,121) ​ 54,320 ​ (17,667) ​ (552,577) ​ (5,981,202) ​ (34,669) Remeasurement due to changes in economics factors ​ - ​ (7,878) ​ - ​ (141,352) ​ - ​ 4,333 ​ - ​ (144,897) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 5,955 ​ - ​ 111,748 ​ - ​ (2,204) ​ - ​ 115,499 New financial assets purchased/originated (1) ​ 62,765,437 ​ (429,280) ​ 1,944,115 ​ (258,663) ​ 1,459,164 ​ (943,074) ​ 66,168,716 ​ (1,631,017) Financial assets that have been derecognized ​ (43,381,187) ​ 425,740 ​ (2,792,192) ​ 211,516 ​ (1,544,304) ​ 965,533 ​ (47,717,683) ​ 1,602,789 Charges-off ​ (9,647) ​ 617 ​ (18,777) ​ 8,772 ​ (645,824) ​ 664,859 ​ (674,248) ​ 674,248 Foreign Exchange and other movements ​ 3,971,052 ​ (51,954) ​ 685,142 ​ (42,300) ​ 470,837 ​ (206,957) ​ 5,127,031 ​ (301,211) Balance at December 31, 2021 ​ 97,000,580 ​ (745,898) ​ 8,335,781 ​ (917,747) ​ 9,575,482 ​ (6,149,378) ​ 114,911,843 ​ (7,813,023) (1) Includes financial assets purchased, originated and restructured. ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 33,766,023 (1,750,083) 4,599,535 (1,651,656) 2,690,381 (2,351,691) 41,055,939 (5,753,430) Transfers of financial instruments: ​ (968,284) ​ (122,078) ​ (41,117) ​ 159,002 ​ 1,009,401 ​ (36,924) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,581,266) ​ 167,288 ​ 1,581,266 ​ (167,288) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (892,097) ​ 107,874 ​ - ​ - ​ 892,097 ​ (107,874) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,405,690 ​ (313,273) ​ (1,405,690) ​ 313,273 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (406,905) ​ 163,117 ​ 406,905 ​ (163,117) ​ - ​ - Transfers from stage 3 to stage 1 ​ 99,389 ​ (83,967) ​ - ​ - ​ (99,389) ​ 83,967 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 190,212 ​ (150,100) ​ (190,212) ​ 150,100 ​ - ​ - Remeasurement arising from transfer of stage ​ (221,972) ​ 318,636 ​ (101,206) ​ (396,682) ​ 531,017 ​ (2,418,524) ​ 207,839 ​ (2,496,570) Remeasurement from remaining in the stage ​ (2,934,505) ​ 336,232 ​ (133,850) ​ (274,514) ​ 348,768 ​ (100,822) ​ (2,719,587) ​ (39,104) Remeasurement due to changes in economics factors ​ - ​ (109,364) ​ - ​ (162,311) ​ - ​ 1,395 ​ - ​ (270,280) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 41,498 ​ - ​ 303,387 ​ - ​ 22,858 ​ - ​ 367,743 New financial assets purchased/originated (1) ​ 20,615,952 ​ (640,857) ​ 1,086,672 ​ (393,999) ​ 501,214 ​ (403,843) ​ 22,203,838 ​ (1,438,699) Financial assets that have been derecognized ​ (9,262,503) ​ 401,903 ​ (970,555) ​ 282,944 ​ (338,144) ​ 286,129 ​ (10,571,202) ​ 970,976 Charges-off ​ (618,911) ​ 186,964 ​ (845,688) ​ 439,923 ​ (2,153,410) ​ 2,991,122 ​ (3,618,009) ​ 3,618,009 Foreign Exchange and other movements ​ 1,397,755 ​ (65,128) ​ 333,596 ​ (106,612) ​ 72,871 ​ (92,172) ​ 1,804,222 ​ (263,912) Balance at December 31, 2021 ​ 41,773,555 ​ (1,402,277) ​ 3,927,387 ​ (1,800,518) ​ 2,662,098 ​ (2,102,472) ​ 48,363,040 ​ (5,305,267) (1) Includes financial assets purchased, originated and restructured. ​ Financial Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 18,981,176 (204,071) 2,772,129 (310,450) 2,750,012 (1,481,512) 24,503,317 (1,996,033) Transfers of financial instruments: ​ (382,684) ​ (35,495) ​ 361,729 ​ 1,126 ​ 20,955 ​ 34,369 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,032,874) ​ 16,261 ​ 1,032,874 ​ (16,261) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (105,352) ​ 3,909 ​ - ​ - ​ 105,352 ​ (3,909) ​ - ​ - Transfers from stage 2 to stage 1 ​ 720,654 ​ (48,455) ​ (720,654) ​ 48,455 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (160,592) ​ 24,862 ​ 160,592 ​ (24,862) ​ - ​ - Transfers from stage 3 to stage 1 ​ 34,888 ​ (7,210) ​ - ​ - ​ (34,888) ​ 7,210 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 210,101 ​ (55,930) ​ (210,101) ​ 55,930 ​ - ​ - Remeasurement arising from transfer of stage ​ (114,836) ​ 46,099 ​ (78,108) ​ (120,366) ​ 69,433 ​ (165,187) ​ (123,511) ​ (239,454) Remeasurement from remaining in the stage ​ (1,697,491) ​ 58,449 ​ (61,487) ​ (121,067) ​ (25,284) ​ (77,333) ​ (1,784,262) ​ (139,951) Remeasurement due to changes in economics factors ​ - ​ (10,269) ​ - ​ (3,393) ​ - ​ 1,143 ​ - ​ (12,519) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (6,666) ​ - ​ 237,506 ​ - ​ (47,816) ​ - ​ 183,024 New financial assets purchased/originated (1) ​ 4,531,913 ​ (29,822) ​ 429,419 ​ (22,306) ​ 25,613 ​ (8,949) ​ 4,986,945 ​ (61,077) Financial assets that have been derecognized ​ (2,031,001) ​ 41,897 ​ (235,306) ​ 22,802 ​ (301,413) ​ 137,906 ​ (2,567,720) ​ 202,605 Charges-off ​ (398) ​ 29 ​ (304) ​ 5,679 ​ (553,999) ​ 548,993 ​ (554,701) ​ 554,701 Foreign Exchange and other movements ​ 640,793 ​ (3,105) ​ 10,110 ​ (3,680) ​ 8,657 ​ (5,578) ​ 659,560 ​ (12,363) Balance at December 31, 2021 ​ 19,927,472 ​ (142,954) ​ 3,198,182 ​ (314,149) ​ 1,993,974 ​ (1,063,964) ​ 25,119,628 ​ (1,521,067) (1) Includes financial assets purchased, originated and restructured. ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 21,676,563 (121,503) 3,093,690 (231,137) 1,188,859 (639,875) 25,959,112 (992,515) Transfers of financial instruments: ​ (687,642) ​ (79,010) ​ 621,566 ​ 40,788 ​ 66,076 ​ 38,222 ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,286,673) ​ 19,724 ​ 2,286,673 ​ (19,724) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (125,284) ​ 3,774 ​ - ​ - ​ 125,284 ​ (3,774) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,647,426 ​ (76,522) ​ (1,647,426) ​ 76,522 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (142,948) ​ 25,392 ​ 142,948 ​ (25,392) ​ - ​ - Transfers from stage 3 to stage 1 ​ 76,889 ​ (25,986) ​ - ​ - ​ (76,889) ​ 25,986 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 125,267 ​ (41,402) ​ (125,267) ​ 41,402 ​ - ​ - Remeasurement arising from transfer of stage ​ (54,790) ​ 80,969 ​ 45,212 ​ (98,943) ​ 66,276 ​ (161,020) ​ 56,698 ​ (178,994) Remeasurement from remaining in the stage ​ (1,286,955) ​ (8,687) ​ (332,481) ​ (43,005) ​ 375,381 ​ (194,104) ​ (1,244,055) ​ (245,796) Remeasurement due to changes in economics factors ​ - ​ (5,176) ​ - ​ (35,961) ​ - ​ 1,502 ​ - ​ (39,635) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 12,457 ​ - ​ 107,285 ​ - ​ 158,773 ​ - ​ 278,515 New financial assets purchased/originated (1) ​ 6,293,219 ​ (31,292) ​ 58,403 ​ (8,186) ​ 42,534 ​ (29,531) ​ 6,394,156 ​ (69,009) Financial assets that have been derecognized ​ (1,909,582) ​ 11,017 ​ (182,935) ​ 18,593 ​ (154,164) ​ 79,947 ​ (2,246,681) ​ 109,557 Charges-off ​ (5,665) ​ 4,038 ​ (5,076) ​ 1,937 ​ (99,667) ​ 104,433 ​ (110,408) ​ 110,408 Foreign Exchange and other movements ​ 1,422,487 ​ (3,656) ​ 356,331 ​ (12,238) ​ 59,147 ​ (17,695) ​ 1,837,965 ​ (33,589) Balance at December 31, 2021 ​ 25,447,635 ​ (140,843) ​ 3,654,710 ​ (260,867) ​ 1,544,442 ​ (659,348) ​ 30,646,787 ​ (1,061,058) (1) Includes financial assets purchased, originated and restructured. ​ Small business loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2021 965,822 (44,663) 109,655 (33,329) 156,598 (122,353) 1,232,075 (200,345) Transfers of financial instruments: ​ (71,045) ​ (716) ​ 12,970 ​ 5,253 ​ 58,075 ​ (4,537) ​ - ​ - Transfers from stage 1 to stage 2 ​ (54,843) ​ 3,552 ​ 54,843 ​ (3,552) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (50,148) ​ 4,473 ​ - ​ 1 ​ 50,148 ​ (4,474) ​ - ​ - Transfers from stage 2 to stage 1 ​ 31,728 ​ (7,736) ​ (31,728) ​ 7,736 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (21,366) ​ 6,644 ​ 21,366 ​ (6,644) ​ - ​ - Transfers from stage 3 to stage 1 ​ 2,218 ​ (1,005) ​ - ​ - ​ (2,218) ​ 1,005 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 11,221 ​ (5,576) ​ (11,221) ​ 5,576 ​ - ​ - Remeasurement arising from transfer of stage ​ (7,398) ​ 7,279 ​ (7,679) ​ (3,067) ​ (17,680) ​ (47,983) ​ (32,757) ​ (43,771) Remeasurement from remaining in the stage ​ (230,823) ​ 14,626 ​ 66,725 ​ (2,983) ​ 3,486 ​ (3,676) ​ (160,612) ​ 7,967 Remeasurement due to changes in economics factors ​ - ​ 2,188 ​ - ​ (2,616) ​ - ​ 34 ​ - ​ (394) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 1,250 ​ - ​ 5,078 ​ - ​ 1,161 ​ - ​ 7,489 New financial assets purchased/originated (1) ​ 470,193 ​ (10,894) ​ 30,148 ​ (7,569) ​ 18,954 ​ (14,239) ​ 519,295 ​ (32,702) Financial assets that have been derecognized ​ (235,533) ​ 7,853 ​ (19,136) ​ 4,513 ​ (21,511) ​ 13,522 ​ (276,180) ​ 25,888 Charges-off ​ (7,422) ​ 1,531 ​ (13,819) ​ 5,560 ​ (57,824) ​ 71,974 ​ (79,065) ​ 79,065 Foreign Exchange and other movements ​ 67,197 ​ (1,299) ​ 4,829 ​ (1,095) ​ 7,403 ​ (4,870) ​ 79,429 ​ (7,264) Balance at December 31, 2021 ​ 950,991 ​ (22,845) ​ 183,693 ​ (30,255) ​ 147,501 ​ (110,967) ​ 1,282,185 ​ (164,067) (1) Includes financial assets purchased, originated and restructured. ​ ​ As of December 31, 2020 ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 80,068,756 (544,996) 4,763,023 (514,230) 7,936,774 (4,397,767) 92,768,553 (5,456,993) Transfers of financial instruments: ​ (3,713,748) ​ (26,439) ​ 2,187,077 ​ 125,585 ​ 1,526,671 ​ (99,146) ​ - ​ - Transfers from stage 1 to stage 2 ​ (3,731,056) ​ 38,304 ​ 3,731,056 ​ (38,304) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (697,975) ​ 27,097 ​ - ​ - ​ 697,975 ​ (27,097) ​ - ​ - Transfers from stage 2 to stage 1 ​ 708,096 ​ (86,383) ​ (708,096) ​ 86,383 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (892,418) ​ 112,395 ​ 892,418 ​ (112,395) ​ - ​ - Transfers from stage 3 to stage 1 ​ 7,187 ​ (5,457) ​ - ​ - ​ (7,187) ​ 5,457 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 56,535 ​ (34,889) ​ (56,535) ​ 34,889 ​ - ​ - Remeasurement arising from transfer of stage ​ (57,304) ​ 59,649 ​ (131,960) ​ (84,391) ​ (143,019) ​ (788,544) ​ (332,283) ​ (813,286) Remeasurement from remaining in the stage ​ (4,653,349) ​ (77,848) ​ (261,305) ​ 24,899 ​ 50,574 ​ (494,646) ​ (4,864,080) ​ (547,595) Remeasurement due to changes in economics factors ​ - ​ (772,811) ​ - ​ (293,441) ​ - ​ (2,878) ​ - ​ (1,069,130) Remeasurement due to changes in model inputs ​ - ​ 331,595 ​ - ​ 131,911 ​ - ​ 4,960 ​ - ​ 468,466 Remeasurement due to methodological changes ​ - ​ 215,377 ​ - ​ 40,491 ​ - ​ (18,034) ​ - ​ 237,834 New financial assets purchased/originated (1) ​ 42,257,583 ​ (601,500) ​ 2,628,002 ​ (325,057) ​ 1,098,017 ​ (706,337) ​ 45,983,602 ​ (1,632,894) Financial assets that have been derecognized ​ (34,261,422) ​ 202,191 ​ (1,078,837) ​ 124,173 ​ (497,305) ​ 292,603 ​ (35,837,564) ​ 618,967 Charges-off ​ (4,621) ​ 408 ​ (30,889) ​ 8,392 ​ (491,808) ​ 518,518 ​ (527,318) ​ 527,318 Foreign Exchange and other movements ​ 1,227,550 ​ 1,621 ​ 128,548 ​ 253 ​ 112,279 ​ (8,281) ​ 1,468,377 ​ (6,407) Balance at December 31, 2020 ​ 80,863,445 ​ (1,212,753) ​ 8,203,659 ​ (761,415) ​ 9,592,183 ​ (5,699,552) ​ 98,659,287 ​ (7,673,720) (1) Includes financial assets purchased, originated and restructured. ​ Consumer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 35,957,631 (1,206,691) 1,969,289 (653,426) 1,773,750 (1,585,701) 39,700,670 (3,445,818) Transfers of financial instruments: ​ (3,707,605) ​ 73,070 ​ 2,272,046 ​ (40,762) ​ 1,435,559 ​ (32,308) ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,770,159) ​ 161,268 ​ 2,770,159 ​ (161,268) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (1,383,742) ​ 112,749 ​ - ​ - ​ 1,383,742 ​ (112,749) ​ - ​ - Transfers from stage 2 to stage 1 ​ 335,819 ​ (94,528) ​ (335,819) ​ 94,528 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (238,526) ​ 91,967 ​ 238,526 ​ (91,967) ​ - ​ - Transfers from stage 3 to stage 1 ​ 110,477 ​ (106,419) ​ - ​ - ​ (110,477) ​ 106,419 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 76,232 ​ (65,989) ​ (76,232) ​ 65,989 ​ - ​ - Remeasurement arising from transfer of stage ​ (57,958) ​ 93,488 ​ 27,810 ​ (701,575) ​ 321,896 ​ (2,088,963) ​ 291,748 ​ (2,697,050) Remeasurement from remaining in the stage ​ (2,464,765) ​ (174,482) ​ (42,505) ​ (77,187) ​ (6,527) ​ (11,317) ​ (2,513,797) ​ (262,986) Remeasurement due to changes in economics factors ​ - ​ (193,515) ​ - ​ (78,723) ​ - ​ 14,943 ​ - ​ (257,295) Remeasurement due to changes in model inputs ​ - ​ (229,585) ​ - ​ (56,358) ​ - ​ (9,317) ​ - ​ (295,260) Remeasurement due to methodological changes ​ - ​ 174,522 ​ - ​ 5,783 ​ - ​ 13 ​ - ​ 180,318 New financial assets purchased/originated (1) ​ 11,872,373 ​ (581,092) ​ 1,007,026 ​ (343,514) ​ 465,788 ​ (393,820) ​ 13,345,187 ​ (1,318,426) Financial assets that have been derecognized ​ (7,969,415) ​ 220,085 ​ (269,213) ​ 85,520 ​ (154,352) ​ 139,176 ​ (8,392,980) ​ 444,781 Charges-off ​ (303,296) ​ 75,717 ​ (404,025) ​ 187,363 ​ (1,168,034) ​ 1,612,275 ​ (1,875,355) ​ 1,875,355 Foreign Exchange and other movements ​ 439,058 ​ (1,600) ​ 39,107 ​ 21,223 ​ 22,301 ​ 3,328 ​ 500,466 ​ 22,951 Balance at December 31, 2020 ​ 33,766,023 ​ (1,750,083) ​ 4,599,535 ​ (1,651,656) ​ 2,690,381 ​ (2,351,691) ​ 41,055,939 ​ (5,753,430) (1) Includes financial assets purchased, originated and restructured. ​ ​ Financial leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 21,069,884 (103,962) 1,857,427 (173,512) 1,623,518 (747,929) 24,550,829 (1,025,403) Transfers of financial instruments: ​ (2,110,496) ​ (7,637) ​ 864,373 ​ 72,160 ​ 1,246,123 ​ (64,523) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,795,460) ​ 14,441 ​ 1,795,460 ​ (14,441) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (595,521) ​ 8,606 ​ - ​ - ​ 595,521 ​ (8,606) ​ - ​ - Transfers from stage 2 to stage 1 ​ 271,917 ​ (27,677) ​ (271,917) ​ 27,677 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (694,294) ​ 70,158 ​ 694,294 ​ (70,158) ​ - ​ - Transfers from stage 3 to stage 1 ​ 8,568 ​ (3,007) ​ - ​ - ​ (8,568) ​ 3,007 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 35,124 ​ (11,234) ​ (35,124) ​ 11,234 ​ - ​ - Remeasurement arising from transfer of stage ​ (15,234) ​ 25,467 ​ (21,789) ​ (175,238) ​ (32,869) ​ (596,970) ​ (69,892) ​ (746,741) Remeasurement from remaining in the stage ​ (1,495,273) ​ (44,438) ​ (27,939) ​ (24,127) ​ 16,038 ​ (130,711) ​ (1,507,174) ​ (199,276) Remeasurement due to changes in economics factors ​ - ​ (37,766) ​ - ​ (25,905) ​ - ​ (1,631) ​ - ​ (65,302) Remeasurement due to changes in model inputs ​ - ​ 30,674 ​ - ​ 19,613 ​ - ​ (7,119) ​ - ​ 43,168 Remeasurement due to methodological changes ​ - ​ (42,164) ​ - ​ (431) ​ - ​ (1,754) ​ - ​ (44,349) New financial assets purchased/originated (1) ​ 2,652,974 ​ (32,284) ​ 201,858 ​ (20,383) ​ 26,014 ​ (13,934) ​ 2,880,846 ​ (66,601) Financial assets that have been derecognized ​ (1,447,843) ​ 7,161 ​ (94,995) ​ 15,893 ​ (101,053) ​ 45,235 ​ (1,643,891) ​ 68,289 Charges-off ​ (245) ​ 6 ​ (9,645) ​ 737 ​ (30,260) ​ 39,407 ​ (40,150) ​ 40,150 Foreign Exchange and other movements ​ 327,409 ​ 872 ​ 2,839 ​ 743 ​ 2,501 ​ (1,583) ​ 332,749 ​ 32 Balance at December 31, 2020 ​ 18,981,176 ​ (204,071) ​ 2,772,129 ​ (310,450) ​ 2,750,012 ​ (1,481,512) ​ 24,503,317 ​ (1,996,033) (1) Includes financial assets purchased, originated and restructured. ​ Mortgage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 21,584,674 (115,817) 1,340,380 (166,255) 1,058,229 (578,593) 23,983,283 (860,665) Transfers of financial instruments: ​ (1,953,986) ​ (37,087) ​ 1,751,078 ​ 17,155 ​ 202,908 ​ 19,932 ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,107,576) ​ 16,759 ​ 2,107,576 ​ (16,759) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (158,243) ​ 5,534 ​ - ​ - ​ 158,243 ​ (5,534) ​ - ​ - Transfers from stage 2 to stage 1 ​ 257,791 ​ (36,111) ​ (257,791) ​ 36,111 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (193,935) ​ 29,595 ​ 193,935 ​ (29,595) ​ - ​ - Transfers from stage 3 to stage 1 ​ 54,042 ​ (23,269) ​ - ​ - ​ (54,042) ​ 23,269 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 95,228 ​ (31,792) ​ (95,228) ​ 31,792 ​ - ​ - Remeasurement arising from transfer of stage ​ (29,583) ​ 45,506 ​ (14,999) ​ (68,139) ​ 55,225 ​ (162,553) ​ 10,643 ​ (185,186) Remeasurement from remaining in the stage ​ (670,018) ​ (1,610) ​ (29,867) ​ 28,275 ​ 37,035 ​ (95,904) ​ (662,850) ​ (69,239) Remeasurement due to changes in economics factors ​ - ​ (12,789) ​ - ​ (88,897) ​ - ​ 57,295 ​ - ​ (44,391) Remeasurement due to changes in model inputs ​ - ​ (63,963) ​ - ​ 19,573 ​ - ​ (17,785) ​ - ​ (62,175) Remeasurement due to methodological changes ​ - ​ 77,559 ​ - ​ 27,589 ​ - ​ - ​ - ​ 105,148 New financial assets purchased/originated (1) ​ 3,405,877 ​ (19,252) ​ 83,612 ​ (8,025) ​ 12,878 ​ (6,318) ​ 3,502,367 ​ (33,595) Financial assets that have been derecognized ​ (1,126,329) ​ 6,450 ​ (62,141) ​ 7,996 ​ (103,654) ​ 55,729 ​ (1,292,124) ​ 70,175 Charges-off ​ (823) ​ 13 ​ (101) ​ 82 ​ (88,803) ​ 89,632 ​ (89,727) ​ 89,727 Foreign Exchange and other movements ​ 466,751 ​ (513) ​ 25,728 ​ (491) ​ 15,041 ​ (1,310) ​ 507,520 ​ (2,314) Balance at December 31, 2020 ​ 21,676,563 ​ (121,503) ​ 3,093,690 ​ (231,137) ​ 1,188,859 ​ (639,875) ​ 25,959,112 ​ (992,515) (1) Includes financial assets purchased, originated and restructured. ​ Small business loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 Stage2 Stage3 Total ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ Gross ​ ​ ​ ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance ​ carrying ​ Allowance In millions of COP Balance at January 1, 2020 1,088,656 (39,456) 70,219 (16,615) 120,533 (84,445) 1,279,408 (140,516) Transfers of financial instruments: ​ (115,997) ​ 5,969 ​ 28,366 ​ 2,844 ​ 87,631 ​ (8,813) ​ - ​ - Transfers from stage 1 to stage 2 ​ (58,455) ​ 3,597 ​ 58,455 ​ (3,597) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (71,502) ​ 5,749 ​ - ​ - ​ 71,502 ​ (5,749) ​ - ​ - Transfers from stage 2 to stage 1 ​ 6,941 ​ (1,847) ​ (6,941) ​ 1,847 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (25,717) ​ 6,015 ​ 25,717 ​ (6,015) ​ - ​ - Transfers from stage 3 to stage 1 ​ 7,019 ​ (1,530) ​ - ​ - ​ (7,019) ​ 1,530 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 2,569 ​ (1,421) ​ (2,569) ​ 1,421 ​ - ​ - Remeasurement arising from transfer of stage ​ (2,093) ​ 2,523 ​ (7,658) ​ (11,680) ​ (24,797) ​ (66,242) ​ (34,548) ​ (75,399) Remeasurement from remaining in the stage ​ (119,612) ​ 4,178 ​ (1,359) ​ (2,026) ​ (278) ​ (12,344) ​ (121,249) ​ (10,192) Remeasurement due to changes in economics factors ​ - ​ (19,442) ​ - ​ (522) ​ - ​ 486 ​ - ​ (19,478) Remeasurement due to changes in model inputs ​ - ​ 12,172 ​ - ​ 1,348 ​ - ​ 252 ​ - ​ 13,772 Remeasurement due to methodological changes ​ - ​ (326) ​ - ​ 72 ​ - ​ - ​ - ​ (254) New financial assets purchased/originated (1) ​ 359,511 ​ (18,809) ​ 39,573 ​ (12,742) ​ 26,816 ​ (20,925) ​ 425,900 ​ (52,476) Financial assets that have been derecognized ​ (256,947) ​ 7,606 ​ (9,387) ​ 2,433 ​ (7,390) ​ 5,382 ​ (273,724) ​ 15,421 Charges-off ​ (8,010) ​ 653 ​ (11,606) ​ 3,428 ​ (48,237) ​ 63,772 ​ (67,853) ​ 67,853 Foreign Exchange and other movements ​ 20,314 ​ 269 ​ 1,507 ​ 131 ​ 2,320 ​ 524 ​ 24,141 ​ 924 Balance at December 31, 2020 ​ 965,822 ​ (44,663) ​ 109,655 ​ (33,329) ​ 156,598 ​ (122,353) ​ 1,232,075 ​ (200,345) (1) Includes financial assets purchased, originated and restructured.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of finance leases	As of December 31, 2021 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 1,183,637 ​ 735,304 Between 1 and 5 years ​ 8,352,753 ​ 6,958,333 Greater than 5 years ​ 25,499,661 ​ 17,425,991 Total gross investment in finance lease receivable/ present value of minimum payments ​ 35,036,051 ​ 25,119,628 Less: Future financial income (1) ​ (9,916,423) ​ - Present value of payments receivable (2) ​ 25,119,628 ​ 25,119,628 Minimum non-collectable payments impairment ​ (1,520,880) ​ (1,520,880) Total ​ 23,598,748 ​ 23,598,748 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. As of December 31, 2020 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 1,242,852 ​ 1,103,071 Between 1 and 5 years ​ 10,228,072 ​ 8,532,456 Greater than 5 years ​ 21,682,923 ​ 14,867,790 Total gross investment in finance lease receivable/ present value of minimum payments ​ 33,153,847 ​ 24,503,317 Less: Future financial income (1) ​ (8,650,530) ​ - Present value of payments receivable (2) ​ 24,503,317 ​ 24,503,317 Minimum non-collectable payments impairment ​ (1,996,033) ​ (1,996,033) Total ​ 22,507,284 ​ 22,507,284 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net.
Schedule of unsecured residual value	​ ​ ​ ​ ​ ​ Type of asset ​ December 31, 2021 ​ December 31, 2020 In millions of COP Technological equipment ​ 37,139 ​ 31,761 Vehicles ​ 23,912 ​ 21,578 Machinery and equipment ​ 11,683 ​ 11,170 Furniture and fixtures ​ 128 ​ 138 Total ​ 72,862 ​ 64,647 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor.
Schedule of amounts recognized as income for extensions	Amounts recognized as income for extensions At the end of the reporting period, the following entries are recognized as income corresponding to contract extensions or automatic time extension of financial leasing contracts: ​ ​ ​ ​ ​ ​ Type of asset ​ December 31, 2021 ​ December 31, 2020 In millions of COP Technological equipment ​ 15,210 ​ 16,217 Buildings ​ 3,052 ​ 3,032 Machinery and equipment ​ 720 ​ 1,481 Vehicles ​ 537 ​ 527 Furniture and fixtures ​ 1 ​ 1 Total ​ 19,520 ​ 21,258 ​
Schedule of minimum payments on operating leases to be received	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Less than 1 year ​ 400,296 ​ 343,516 Between 1 and 5 years ​ 308,802 ​ 465,069 Greater than 5 years ​ 75,521 ​ 71,622 Total ​ 784,619 ​ 880,207 ​
Schedule of the rollforward of right of use assets	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right of use assets ​ Balance at January 01, 2021 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2021 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,845,970 ​ 48,913 ​ 61,281 ​ - ​ (64,972) ​ (11,048) ​ 135,010 ​ 2,015,154 Accumulated depreciation ​ (278,008) ​ - ​ - ​ (163,422) ​ 30,637 ​ 11,055 ​ (31,409) ​ (431,147) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,466 ​ 224 ​ - ​ - ​ - ​ (9) ​ 291 ​ 3,972 Accumulated depreciation ​ (1,674) ​ - ​ - ​ (969) ​ - ​ - ​ (178) ​ (2,821) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 65,681 ​ 14,723 ​ - ​ - ​ (526) ​ 3,304 ​ 4,175 ​ 87,357 Accumulated depreciation ​ (18,282) ​ - ​ - ​ (13,606) ​ 440 ​ - ​ (1,090) ​ (32,538) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 58,103 ​ 22,195 ​ - ​ - ​ (7,292) ​ (1,029) ​ 392 ​ 72,369 Accumulated depreciation ​ (14,241) ​ - ​ - ​ (12,822) ​ 10,567 ​ 282 ​ (267) ​ (16,481) Total right of use assets – cost ​ 1,973,220 ​ 86,055 ​ 61,281 ​ - ​ (72,790) ​ (8,782) ​ 139,868 ​ 2,178,852 Total right of use assets - accumulated depreciation ​ (312,205) ​ - ​ - ​ (190,819) ​ 41,644 ​ 11,337 ​ (32,944) ​ (482,987) Total right of use assets, net ​ 1,661,015 ​ 86,055 ​ 61,281 ​ (190,819) ​ (31,146) ​ 2,555 ​ 106,924 ​ 1,695,865 (1) See Note 26.3 Impairment, depreciation and amortization. ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right of use assets ​ Balance at January 01, 2020 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2020 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,754,066 ​ 70,028 ​ 24,306 ​ - ​ (78,748) ​ 36,693 ​ 39,625 ​ 1,845,970 Accumulated depreciation ​ (134,306) ​ - ​ - ​ (183,452) ​ 40,107 ​ - ​ (357) ​ (278,008) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,842 ​ - ​ - ​ - ​ (463) ​ 5 ​ 82 ​ 3,466 Accumulated depreciation ​ (906) ​ - ​ - ​ (991) ​ 211 ​ - ​ 12 ​ (1,674) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 57,116 ​ 31,492 ​ - ​ - ​ (21,567) ​ (3,278) ​ 1,918 ​ 65,681 Accumulated depreciation ​ (16,795) ​ - ​ - ​ (17,338) ​ 15,794 ​ - ​ 57 ​ (18,282) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 33,103 ​ 41,435 ​ - ​ - ​ (13,665) ​ (2,948) ​ 178 ​ 58,103 Accumulated depreciation ​ (4,004) ​ (1,767) ​ - ​ (10,129) ​ 1,766 ​ (36) ​ (71) ​ (14,241) Total right of use assets – cost ​ 1,848,127 ​ 142,955 ​ 24,306 ​ - ​ (114,443) ​ 30,472 ​ 41,803 ​ 1,973,220 Total right of use assets - accumulated depreciation ​ (156,011) ​ (1,767) ​ - ​ (211,910) ​ 57,878 ​ (36) ​ (359) ​ (312,205) Total right of use assets, net ​ 1,692,116 ​ 141,188 ​ 24,306 ​ (211,910) ​ (56,565) ​ 30,436 ​ 41,444 ​ 1,661,015 (1) See Note 26.3 Impairment, depreciation and amortization.
Schedule of the changes in lease liabilities	The following table sets forth the changes in lease liabilities as of December 31, 2021 and 2020: ​ As of December 31, 2021 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2021 ​ 1,818,358 (+) New contracts ​ 63,515 (+/-) Reassessment of the lease liability ​ (41,800) (-) Payments ​ (259,140) (+) Accrued Interest (1) ​ 122,011 (+/-) Effect of changes in foreign exchange rate ​ 116,133 Balance at December 31, 2021 ​ 1,819,077 (1) The difference of COP 10,455 with the interest expense on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. As of December 31, 2020 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2020 ​ 1,831,585 (+) New contracts ​ 98,107 (+/-) Reassessment of the lease liability ​ (12,546) (-) Payments ​ (261,297) (+) Accrued Interest (1) ​ 126,846 (+/-) Effect of changes in foreign exchange rate ​ 35,663 Balance at December 31, 2020 ​ 1,818,358 (1) The difference of COP 8,246 with the interest expensive on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts.
Schedule of maturity analysis of lease liabilities	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,632 ​ 49,939 ​ 39,367 ​ 1,665,386 ​ 1,760,324 Vehicles ​ 159 ​ 119 ​ - ​ - ​ 278 Computer equipment ​ - ​ 29,964 ​ 15,890 ​ 11,559 ​ 57,413 Furniture and fixtures ​ 566 ​ 496 ​ - ​ - ​ 1,062 Total lease liabilities ​ 6,357 ​ 80,518 ​ 55,257 ​ 1,676,945 ​ 1,819,077 ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,562 ​ 42,237 ​ 62,490 ​ 1,656,546 ​ 1,766,835 Vehicles ​ - ​ 446 ​ 131 ​ - ​ 577 Computer equipment ​ 875 ​ 3,486 ​ 33,188 ​ 11,471 ​ 49,020 Furniture and fixtures ​ - ​ 949 ​ 977 ​ - ​ 1,926 Total lease liabilities ​ 6,437 ​ 47,118 ​ 96,786 ​ 1,668,017 ​ 1,818,358
Schedule of weighted average rates and average useful life of right of use assets	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 207 ​ 123 ​ 5.35 % Computer equipment ​ 72 ​ 40 ​ 6.94 % Furniture and fixtures ​ 45 ​ 12 ​ 6.50 % Vehicles ​ 46 ​ 18 ​ 3.79 % ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 295 ​ 159 ​ 5.96 % Computer equipment ​ 70 ​ 38 ​ 4.53 % Furniture and fixtures ​ 45 ​ 24 ​ 6.55 % Vehicles ​ 42 ​ 23 ​ 3.68 %
Summary of leases in the Consolidated Statement of Income	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Financial interest ​ Expenses depreciation (2) ​ Payments of penalties ​ Effect of changes in foreign exchange rate ​ Short-term leases ​ Leases for which the underlying asset is of low value ​ Variable payments ​ In millions of COP Buildings ​ 109,062 ​ 163,422 ​ 2,108 ​ 250 ​ 961 ​ 249 ​ 2,038 ​ Vehicles ​ 16 ​ 12,822 ​ - ​ - ​ - ​ 18 ​ - ​ Computer equipment ​ 2,381 ​ 13,606 ​ - ​ - ​ - ​ 5,103 ​ - ​ Furniture and fixtures ​ 97 ​ 969 ​ - ​ - ​ 875 ​ 1,193 ​ - ​ Total ​ 111,556 (1) 190,819 ​ 2,108 ​ 250 ​ 1,836 ​ 6,563 ​ 2,038 ​ (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 10,455 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. (0) ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets ​ Financial interest ​ Expenses depreciation (2) ​ Payments of penalties ​ Effect of changes in foreign exchange rate ​ Short-term leases ​ Leases for which the underlying asset is of low value ​ Variable payments ​ In millions of COP Buildings ​ 117,680 ​ 183,452 ​ 247 ​ (375) ​ 1,809 ​ 2,992 ​ 679 ​ Vehicles ​ 263 ​ 10,129 ​ - ​ - ​ - ​ 24 ​ - ​ Computer equipment ​ 499 ​ 17,338 ​ - ​ - ​ - ​ 820 ​ - ​ Furniture and fixtures ​ 158 ​ 991 ​ - ​ - ​ 542 ​ 4,006 ​ - ​ Total ​ 118,600 (1) 211,910 ​ 247 ​ (375) ​ 2,351 ​ 7,842 ​ 679 ​ (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 8,246 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization.
Schedule of minimum payments lease liabilities	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total minimum payments lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,890 ​ 56,726 ​ 46,573 ​ 2,394,751 ​ 2,503,940 Vehicles ​ 160 ​ 129 ​ - ​ - ​ 289 Computer equipment ​ - ​ 32,439 ​ 21,693 ​ 13,228 ​ 67,360 Furniture and fixtures ​ - ​ 1,096 ​ - ​ - ​ 1,096 Total minimum payments lease liabilities ​ 6,050 ​ 90,390 ​ 68,266 ​ 2,407,979 ​ 2,572,685 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of assets ​ Maturity less than 1 year ​ Maturity between 1 and 3 years ​ Maturity between 3 and 5 years ​ Maturity more than 5 years ​ Total minimum payments lease liabilities In millions of COP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings ​ 5,697 ​ 45,492 ​ 71,088 ​ 2,444,892 ​ 2,567,169 Vehicles ​ - ​ 458 ​ 145 ​ - ​ 603 Computer equipment ​ 1,006 ​ 3,756 ​ 35,181 ​ 14,415 ​ 54,358 Furniture and fixtures ​ - ​ 1,002 ​ 1,052 ​ - ​ 2,054 Total minimum payments lease liabilities ​ 6,703 ​ 50,708 ​ 107,466 ​ 2,459,307 ​ 2,624,184
Summary of impacts of the adoption of IFRS 16 to the Consolidated Statement of Financial Position	The change in accounting policy affected the following items in the consolidated statement of financial position as of January 1, 2019: ​ ​ ​ ​ Concepts ​ January 1, 2019 Increase in right of use assets (1) ​ 1,543,427 Net of deferred tax ​ (119,173) Increase in lease liabilities ​ 1,848,833 Net of effect of changes in foreign exchange rate ​ (9,560) Decrease in retained earnings ​ 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. und er IAS 17 at December 31, 2018 .

INVESTMENTS IN ASSOCIATES AND_2

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Schedule of bank's investments in associates and joint ventures	The following table presents information regarding the Bank’s investments in associates and joint ventures: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2021 ​ December 31, 2020 In millions of COP Investments in associates (1) ​ 2,138,156 ​ 1,973,092 Investments in joint ventures ​ 582,403 ​ 533,223 Total ​ 2,720,559 ​ 2,506,315 (1) As of December 31, 2021 and 2020, the amount includes investments in associates at fair value for COP 1,358,368 and COP 1,263,765 , respectively and investments in associates at equity method value for COP 779,788 COP 709,327 respectively. See Note 30 Fair value of assets and liabilities. ​
Schedule of the investments in associates	The following are the investments in associates that the Bank holds as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Associates ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ OCI (Equity ​ OCI (TA) (4) ​ OCI (Deferred ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ method) (3) ​ ​ ​ tax) (5) ​ amount In millions of COP Investments in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls. (6) ​ Development and operation of commercial spaces ​ Colombia ​ 49.00 % 105,202 ​ - ​ - ​ - ​ - ​ 1,355,688 Protección S.A. ​ Administration of pension funds and severances ​ Colombia ​ 20.58 % 56,901 ​ 17,694 ​ 2,165 ​ - ​ (824) ​ 630,821 Titularizadora Colombiana S.A. Hitos.* ​ Mortgage portfolio securities ​ Colombia ​ 26.98 % 737 ​ (1,379) ​ 19 ​ - ​ (34) ​ 34,241 Redeban Multicolor S.A.* ​ Network data transmission services ​ Colombia ​ 20.36 % 3,743 ​ (605) ​ 46 ​ - ​ (48) ​ 26,045 ACH Colombia S.A.* ​ Electronic transfer services ​ Colombia ​ 19.94 % 14,448 ​ (952) ​ - ​ - ​ (85) ​ 18,854 P.A La Felicidad.* (7) ​ Real estate ecosystems ​ Colombia ​ 20.00 % 3 ​ - ​ - ​ - ​ - ​ 14,443 Servicio Salvadoreño de Protección, S. A. de C.V.* ​ Custodial services and transfer of monetary types ​ El Salvador ​ 25.00 % 1,549 ​ (740) ​ (13) ​ (210) ​ 9 ​ 13,145 P.A Madrid II.* (8) ​ Real estate ecosystems ​ Colombia ​ 20.00 % (3) ​ - ​ - ​ - ​ - ​ 9,117 Reintegra S.A.S.* (9) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - ​ 1,742 ​ - ​ - ​ - ​ 8,049 P.A Boreal.* (10) ​ Real estate ecosystems ​ Colombia ​ 20.00 % 1,520 ​ - ​ - ​ - ​ - ​ 7,942 Servicios Financieros, S.A. de C.V.* ​ Processing of financial transactions and electronic payment methods ​ El Salvador ​ 49.78 % 803 ​ 9 ​ - ​ (81) ​ - ​ 7,801 Servicios de Identidad Digital S.A.S.* (11) ​ Provide digital citizens services ​ Colombia ​ 33.33 % (4,878) ​ - ​ - ​ - ​ - ​ 4,566 P.A Distrito Vera.* (12) ​ Real estate ecosystems ​ Colombia ​ 33.33 % 237 ​ - ​ - ​ - ​ - ​ 2,680 ACH de El Salvador, S. A. de C.V.* ​ Electronic transfer services ​ El Salvador ​ 25.00 % 395 ​ 6 ​ - ​ (139) ​ - ​ 1,686 P.A Mirador de la Ciénaga.* (13) ​ Real estate ecosystems ​ Colombia ​ 13.00 % (1) ​ - ​ - ​ - ​ - ​ 1,329 Agricapital S.A.S.* (14) ​ Financial services ​ Colombia ​ 10.02 % (63) ​ - ​ - ​ - ​ - ​ 1,191 Internacional Ejecutiva de Aviación S.A.S.* (15) ​ Aircraft and aircraft travel ​ Colombia ​ 25.00 % (1,560) ​ (170) ​ 674 ​ - ​ - ​ 558 Net investments in associates ​ ​ ​ ​ ​ ​ ​ 179,033 ​ 15,605 ​ 2,891 (16) (430) ​ (982) (16) 2,138,156 (1) Corresponds to the income recognized as equity method in the Consolidated statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2021. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2021. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2021. (6) During 2021, the investment in the associate P.A Viva Malls made a refund of contributions by COP 13,279 . (7) During 2021, Banca de inversión Bancolombia S.A ancreased its capital contribution in P.A La Felicidad by COP 2,413 . (8) During 2021, Banca de inversión Bancolombia S.A increased its capital contribution in P.A Madrid II by COP 1,954 . (9) The carrying amount includes the elimination of downstream transactions between Bancolombia S.A. and Reintegra S.A.S made during 2020 and 2019. (10) During 2021, the investment in the associate P.A Boreal made a refund of contributions by COP 3,300 . (11) During 2021, the Bank increased its capital contribution in Servicios de Identidad Digital S.A.S by COP 4,539 . (12) In 2021, the initial cost of the company was COP 3,191 , additionally, the FCP Fondo Inmobiliario Colombia, a Bank´s subsidiary, increased its capital contribution in P.A Distrito Vera by COP 1,780 . During the same year, Distrito Vera made a restitution of contributions for COP 2,529 . (13) During 2021, Inversiones CFNS S.A.S, the Bank's subsidiary, acquired 20% interest in P.A. Mirador de la Cienaga. This investment is part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 1,330 was disbursed as capital contributions. (14) During 2021, the Bank acquired 10.02 % interest in Agricapital S.A.S.by COP 1,254 . (15) During 2021, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. 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 1,733 . See note 25.5 Dividends and net income on equity investments. During the same year, the Bank sold 25 % interest in the associate Internacional Ejecutiva de Aviación by COP 1,148 . (16) See Consolidated Statement of Comprehensive Income. (*) As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Associates ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ OCI (Equity ​ OCI (TA) (4) ​ OCI (Deferred ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ method) (3) ​ ​ ​ tax) (5) ​ amount In millions of COP Investments in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls. ​ Development and operation of commercial spaces ​ Colombia ​ 49.00 % 56,116 ​ - ​ - ​ - ​ - ​ 1,263,765 Protección S.A. ​ Administration of pension funds and severances ​ Colombia ​ 20.58 % 59,959 ​ 15,529 ​ 264 ​ - ​ (56) ​ 582,073 Titularizadora Colombiana S.A. Hitos* ​ Mortgage portfolio securities ​ Colombia ​ 26.98 % 2,274 ​ (1,398) ​ 172 ​ - ​ (7) ​ 36,081 Redeban Multicolor S.A.* ​ Network data transmission services ​ Colombia ​ 20.36 % 816 ​ (651) ​ - ​ - ​ 1 ​ 22,256 ACH Colombia S.A.* ​ Electronic transfer services ​ Colombia ​ 19.94 % 9,191 ​ (952) ​ - ​ - ​ 3 ​ 13,505 P.A La Felicidad. (6) ​ Real estate development ​ Colombia ​ 20.00 % - ​ - ​ - ​ - ​ - ​ 12,027 Servicio Salvadoreño de Protección, S. A. de C.V.* ​ Custodial services and transfer of monetary types ​ El Salvador ​ 25.00 % 241 ​ (727) ​ - ​ (5) ​ (29) ​ 9,914 P.A Boreal* (6) ​ Real estate development ​ Colombia ​ 20.00 % 6 ​ - ​ - ​ - ​ - ​ 9,722 P.A Madrid II. (6) ​ Real estate development ​ Colombia ​ 20.00 % - ​ - ​ - ​ - ​ - ​ 7,166 Servicios Financieros, S.A. de C.V.* (7) ​ Processing of financial transactions and electronic payment methods ​ El Salvador ​ 49.78 % 395 ​ 9 ​ - ​ 36 ​ - ​ 5,991 Servicios de Identidad Digital S.A.S. (8) ​ Provide digital citizens services ​ Colombia ​ 33.33 % (2,798) ​ - ​ - ​ - ​ - ​ 4,905 Internacional Ejecutiva de Aviación S.A.S. (9) ​ Aircraft and aircraft travel ​ Colombia ​ 33.33 % (2,827) ​ (844) ​ (1,194) ​ - ​ 12 ​ 4,338 ACH de El Salvador, S. A. de C.V.* ​ Electronic transfer services ​ El Salvador ​ 25.00 % 204 ​ 6 ​ - ​ (56) ​ - ​ 1,349 Reintegra S.A.S.* (10) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - ​ 1,742 ​ - ​ - ​ - ​ - Net investments in associates ​ ​ ​ ​ ​ ​ ​ 123,577 ​ 12,714 ​ (758) (9) (25) ​ (76) (9) 1,973,092 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2020. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2020. (6) During 2020, Banca de inversión Bancolombia S.A. and Inversiones CFNS S.A.S, the Bank's subsidiaries, acquired 20% interest in P.A. La Felicidad, P.A. Boreal and P.A. Madrid II. These investments are part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 28,910 were disbursed as capital contributions. (7) In October 2020, Banco Agricola S.A, a Bank´s subsidiary, increased its capital contribution in Serfinsa S.A by USD 670 . This contribution increased the ownership interest by 1.92% . (8) During 2020, the Bank increased its capital contribution in Servicios de Identidad S.A.S by COP 5,333 . (9) During 2020, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. 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 Consolidated Statement of Income for COP 4,399 . See note 25.5 Dividends and net income on equity investments. (10) In 2020, the Bank increased its capital contribution in Reintegra S.A.S by COP 1,612 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2020 and 2019, exceeds the net investment on the entity. (11) See Consolidated Statement of Comprehensive Income. (*)
Schedule of additional information regarding the Bank's most significant associates	The following is additional information regarding the Bank’s most significant associates as of December 31, 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millions of COP P.A Viva Malls. ​ 2,810,414 ​ 43,703 ​ - ​ 514,485 ​ 214,538 ​ 50,208 Protección S.A. ​ 3,698,529 ​ 1,461,115 ​ 74,155 ​ 1,816,422 ​ 276,519 ​ 10,331 Titularizadora Colombiana S.A. Hitos. ​ 131,166 ​ 8,303 ​ 20,663 ​ 27,341 ​ 3,347 ​ 2,596 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millions of COP P.A Viva Malls. ​ 2,633,341 ​ 54,228 ​ - ​ 328,937 ​ 42,253 ​ 42,169 Protección S.A. ​ 3,031,933 ​ 1,031,421 ​ 63,571 ​ 1,983,426 ​ 291,391 ​ 24,697 Titularizadora Colombiana S.A. Hitos. ​ 142,522 ​ 12,840 ​ 20,595 ​ 31,341 ​ 7,376 ​ 3,412 ​
Schedule of the joint ventures	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ OCI ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ (Deferred ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ tax) (3 ) ​ amount In millions of COP Investments in joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compañía de financiamiento TUYA S.A. (4) ​ Financing Services ​ Colombia ​ 50.00 % 5,342 ​ - ​ - ​ 546,633 Fideicomiso Ruta del Sol - compartimento A.* (5) ​ Investment in infrastructure projects ​ Colombia ​ 25.90 % 16,657 ​ 13 ​ - ​ 16,664 Puntos Colombia S.A.S.* ​ Administration of the customers loyalty ​ Colombia ​ 50.00 % 1,894 ​ - ​ - ​ 9,601 Ecosistemas Digitales de Negocio S.A.S.* (6) ​ Digital electronic billing services ​ Colombia ​ 50.00 % 734 ​ - ​ - ​ 3,615 VILIV S.A.S.* (7) ​ Market place ​ Colombia ​ 50.00 % (2,420) ​ - ​ - ​ 3,346 P.A Muverang.* (8) ​ Sustainable mobility services ​ Colombia ​ 33.33 % (1,392) ​ - ​ - ​ 2,544 P.A Reintegra.* (9) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - ​ - ​ - ​ - Vlipco S.A.S.* (10) ​ Technology services provider ​ Colombia ​ 47.40 % (196) ​ - ​ - ​ - Net investments in joint ventures ​ ​ ​ ​ ​ ​ ​ 20,619 ​ 13 ​ - ​ 582,403 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2021. (4) During 2021, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A by COP 24,500 . (5) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A by COP 7 . (6) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Ecosistemas Digitales de Negocio S.A.S. for COP 1,565 . (7) During 2021, Banca de Inversión Bancolombia S.A increases its capital contribution in Viliv S.A.S. by COP 4,050 . (8) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang for COP 2,220 . (9) In 2021, the Bank adquire a 46 % interest in P.A Reintegra by COP 17 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and P.A Reintegra made during 2021. (10) In November 2021, the Bank acquired 91,791 shares of the investment in Vlipco S.A.S. by amount of COP 9,474 , in this operation the Bank increased its interest to 94.77% , a result of this transaction The Bank acquired control and changed its classification to subsidiary. See Note 9.3 Business Combinations. ​ For the purposes of applying the equity method of accounting, financial statements as of November 30, 2021 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2021. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ OCI ​ ​ Company name ​ Main activity ​ Country ​ Ownership ​ Included in ​ Accumulated ​ (Equity ​ Carrying ​ ​ ​ ​ ​ ​ interest ​ earnings (1) ​ OCI (2) ​ method) (3) ​ amount In millions of COP Investments in joint ventures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compañía de financiamiento TUYA S.A. (4) ​ Financing company ​ Colombia ​ 50.00 % 13,333 ​ - ​ (13) ​ 516,791 Puntos Colombia S.A.S ​ Administration of the customers loyalty ​ Colombia ​ 50.00 % 6,334 ​ - ​ - ​ 7,707 Vlipco S.A.S. (5) ​ Technology services provider ​ Colombia ​ 47.28 % (672) ​ - ​ - ​ 3,977 Ecosistemas Digitales de Negocio S.A.S. (6) ​ Collaborative digital ecosystems ​ Colombia ​ 50.00 % (3,226) ​ - ​ - ​ 1,316 P.A Muverang (before P.A Dinamarca) .(7) ​ Sustainable mobility services ​ Colombia ​ 33.33 % (818) ​ - ​ - ​ 1,716 VILIV S.A.S. (8) ​ Market place ​ Colombia ​ 50.00 % (906) ​ - ​ - ​ 1,716 Fideicomiso Ruta del Sol - compartimento A. (9) ​ Investment in infrastructure projects ​ Colombia ​ 26.50 % (3) ​ 13 ​ - ​ - P.A CRECE. (8) ​ Non-financial products and services platform ​ Colombia ​ 50.00 % (1,000) ​ - ​ - ​ - P.A Servicios Tecnológicos Arus- Bancolombia. (10) ​ Technology services provider ​ Colombia ​ - ​ (23) ​ - ​ - ​ - Net investments in joint ventures ​ ​ ​ ​ ​ ​ ​ 13,019 ​ 13 ​ (13) ​ 533,223 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) During 2020, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 37,002 . (5) In October 2020, the Bank capitalized the company for COP 460 . (6) In April 2020, the Bank through Inversiones CFNS S.A.S, entered into an agreement with GDX Colombia S.A.S. to form the joint venture Ecosistemas Digitales de Negocio S.A.S., the initial contribution was of COP 3,514 , and then increases its capital contribution for COP 1,028 . The purpose of the entity is to provide electronic invoicing services. (7) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang (before P.A Dinamarca) for COP 2,034 . (8) In April 2020, Banca de Inversión Bancolombia S.A, a Bank subsidiary, increases its capital contribution in P.A CRECE for COP 1,013 . In August 2020, Banca de Inversión Bancolombia S.A. transferred its rights in P.A CRECE to a new joint venture VILIV S.A.S., the net value of the rights transferred was COP 1,022 . In September 2020, Banca de Inversión Bancolombia S.A. increases its capital contribution in VILIV S.A.S. for COP 1,600 . (9) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A for COP 3 . (10) In July 2020, the Joint venture P.A Servicios Tecnológicos Arus- Bancolombia was liquidated.
Schedule of additional information regarding the bank's most significant joint ventures	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ Profits ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millons of COP Compañía de financiamiento TUYA S.A. ​ 3,965,397 (1) 3,392,041 ​ 1,675,439 ​ 10,681 (2) - (1) Includes cash and cash equivalents by COP 353,348 . (2) Includes interest and valuation income by COP 630,936 , interest expenses by COP 82,537 , depreciation and amortization by COP 21,113 and income tax by COP 13,828. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ (Loss) ​ Dividends Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (Declared) In millons of COP Compañía de financiamiento TUYA S.A. ​ 3,235,475 (1) 2,721,800 ​ 1,524,072 ​ 26,665 (2) - (1) Includes cash and cash equivalents by COP 339,044 . (2) Includes intereset and valuation income by COP 605,979 , interest expenses by COP 142,770 , depreciation and amortization by COP 18,692 and income tax by COP 2,381 . ​

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule of intangible assets and goodwill, net	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Intangible assets ​ 485,626 ​ 495,606 Goodwill (1) ​ 8,143,146 ​ 7,011,715 Total ​ 8,628,772 ​ 7,507,321 (1) Includes the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination.
Schedule of intangible assets	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2021 ​ 20,293 ​ 823,318 ​ 395,726 ​ 1,239,337 Acquisitions ​ - ​ 144,514 ​ - ​ 144,514 Acquisitions through business combination (1) ​ - ​ 13,196 ​ - ​ 13,196 Write off ​ - ​ (49,805) ​ - ​ (49,805) Foreign currency translation adjustment ​ 3,244 ​ 66,386 ​ 63,254 ​ 132,884 Balance at December 31, 2021 ​ 23,537 ​ 997,609 ​ 458,980 ​ 1,480,126 (1) See Note 9.3 Business combination. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2021 ​ 14,495 ​ 398,521 ​ 330,715 ​ 743,731 Write off ​ - ​ (49,805) ​ - ​ (49,805) Amortization expense (1) ​ 3,165 ​ 131,288 ​ 63,716 ​ 198,169 Foreign currency translation adjustment ​ 2,514 ​ 43,051 ​ 56,840 ​ 102,405 Balance at December 31, 2021 ​ 20,174 ​ 523,055 ​ 451,271 ​ 994,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2021, net ​ 3,363 ​ 474,554 ​ 7,709 ​ 485,626 (1) See Note 26.3 Impairment, depreciation and amortization. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2020 ​ 19,375 ​ 768,923 ​ 377,815 ​ 1,166,113 Acquisitions ​ - ​ 106,404 ​ - ​ 106,404 Write off ​ - ​ (68,484) ​ - ​ (68,484) Foreign currency translation adjustment ​ 918 ​ 16,475 ​ 17,911 ​ 35,304 Balance at December 31, 2020 ​ 20,293 ​ 823,318 ​ 395,726 ​ 1,239,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2020 ​ 11,071 ​ 342,229 ​ 273,855 ​ 627,155 Write off ​ - ​ (68,484) ​ - ​ (68,484) Amortization expense (1) ​ 3,118 ​ 113,452 ​ 47,184 ​ 163,754 Foreign currency translation adjustment ​ 306 ​ 11,324 ​ 9,676 ​ 21,306 Balance at December 31, 2020 ​ 14,495 ​ 398,521 ​ 330,715 ​ 743,731 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2020, net ​ 5,798 ​ 424,797 ​ 65,011 ​ 495,606 (1) Licenses, software and computer applications includes cancellations of Core Factoring and Sede 30 projects amounted to COP 6,879 and COP 2,716 , respectively. See Note 26.3 Impairment, depreciation and amortization. ​
Schedule of reconciliation of changes in goodwill	The following table sets forth an analysis of the activity in the goodwill account: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Balance at beginning of the year, net ​ 7,011,715 ​ 6,694,354 Acquisitions (1) ​ 10,660 ​ - Effect of change in foreign exchange rate (2) ​ 1,120,771 ​ 317,361 Balance at end of the year, net ​ 8,143,146 ​ 7,011,715 (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination (2) The conversion rate from US dollars to Colombian pesos at the end of December 31, 2021 is COP 3,981.16 (in pesos) and 2020 is COP 3,432.50 (in pesos). See Note 2.D.3. Foreign subsidiaries ​
Summary of key assumptions used by management in determining the recoverable amount	The key assumptions used by management in determining the recoverable amount are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate ​ Growth rate ​ Operating segment ​ Goodwill 2021 ​ Valuation Methodology ​ Key Assumptions ​ (real) ​ (real) ​ In millions of COP Banking Panama ​ 6,080,314 ​ Discounted Cash flow ​ 5 years plan ​ 8.80% and 8.70 % 5.40 % Banking El Salvador ​ 1,122,986 ​ Discounted Cash flow ​ 5 years plan ​ 14.90 % 4.10 % Banking Guatemala ​ 929,186 ​ Discounted Cash flow ​ 5 years plan ​ 10.10 % 5.10 % Others Segments (1) ​ 10,660 ​ Does not apply ​ Does not apply ​ Does not apply ​ Does not apply ​ (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination.
Schedule of estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis	As of December 31, 2021 Banking Panama ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ ​ 9.30% ​ 8.80% ​ 8.30% Growth rate ​ 9.20% ​ 8.70% ​ 8.20% 5.40% ​ 10,929,065 ​ 12,664,169 ​ 15,019,623 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 4.90% ​ 5.40% ​ 5.90% 8.80% and 8.70% ​ 11,550,846 ​ 12,664,169 ​ 14,175,111 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 15.90% ​ 14.90% ​ 13.90% 4.10% ​ 4,611,843 ​ 5,041,507 ​ 5,559,874 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 3.60% ​ 4.10% ​ 4.60% 14.90% ​ 4,948,901 ​ 5,041,507 ​ 5,143,103 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 10.60% ​ 10.10% ​ 9.60% 5.10% ​ 5,514,165 ​ 6,156,028 ​ 6,942,610 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 4.60% ​ 5.10% ​ 5.60% 10.10% ​ 5,807,354 ​ 6,156,028 ​ 6,582,183 ​ As of December 31, 2020 Banking Panama ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 9.10% ​ 8.60% ​ 8.10% 5.80% ​ 10,825,415 ​ 12,875,675 ​ 15,818,601 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 5.30% ​ 5.80% ​ 6.30% 8.60% ​ 11,445,342 ​ 12,875,675 ​ 14,927,894 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 15.00% ​ 14.50% ​ 14.00% 3.70% ​ 2,767,605 ​ 2,910,600 ​ 3,067,742 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 3.20% ​ 3.70% ​ 4.20% 14.50% ​ 2,860,861 ​ 2,910,600 ​ 2,965,172 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate Growth rate ​ 11.30% ​ 10.80% ​ 10.30% 5.10% ​ 3,183,867 ​ 3,511,578 ​ 3,903,315 ​ ​ ​ ​ ​ ​ ​ ​ Growth rate Discount rate ​ 4.60% ​ 5.10% ​ 5.60% 10.80% ​ 3,347,817 ​ 3,511,578 ​ 3,706,836 ​
VLIPCO S.A.S.
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule of the estimated fair value of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ In millions of COP Vlipco Purchase Price Allocation ​ ​ Pruchase price on November 30, 2021 ​ 9,474 Fair value of previously held invesment ​ 9,479 Non-controlling interest at fair value ​ 1,047 TOTAL ​ 20,000 ​ ​ ​ Book value of net assets acquired ​ ​ ASSETS ​ ​ Cash and cash equivalents ​ 296 Accounts receivable ​ 241 Taxes receivable ​ 433 Premises and equipment, net ​ 22 Other assets ​ 32 Total Assets ​ 1,024 ​ ​ ​ LIABILITIES ​ ​ Short-term borrowings ​ 37 Accounts payable ​ 45 Taxes liabilities ​ 78 Employee benefit plans ​ 106 Total Liabilities ​ 266 Net Assets at book value ​ 758 ​ ​ ​ Vlipco intangibles assets recognized at the acquisition date: ​ ​ Software (1) ​ 13,196 Deferred tax ​ (4,614) Fair value of net assets acquired ​ 9,340 ​ ​ ​ Goodwill ​ 10,660 (1) The fair value of the intangible assets includes a software development that supports the operation of the Wompi payment gateway, with a fair value of COP 13,196 .
Summary of previously held interest in business combination	​ ​ ​ ​ ​ Date and nature of investment ​ Share in equity ​ Investment recorded as an joint venture (1) ​ 47.40 % November 2021 – acquisition of 47.37% , control obtained ​ 47.37 % Total at December 31, 2021 ​ 94.77 % (1) Investment made since July 2019, the participation percentage was 48.91% at initial recognition.

PREMISES AND EQUIPMENT, NET (Ta

PREMISES AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
PREMISES AND EQUIPMENT, NET
Schedule of premises and equipment for own use	As of December 31, 2021 Premises and equipment for own use ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment for own use ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2021 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 498,981 ​ 39,661 ​ - ​ (15,206) ​ - ​ 28,048 ​ 551,484 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 63,192 ​ 35,205 ​ - ​ (65,769) ​ - ​ 4,412 ​ 37,040 Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,652,899 ​ 127,695 ​ - ​ (70,783) ​ - ​ 85,429 ​ 1,795,240 Accumulated depreciation ​ (390,798) ​ - ​ (33,158) ​ 7,633 ​ - ​ (42,461) ​ (458,784) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 666,748 ​ 44,767 ​ - ​ (83,214) ​ - ​ 34,084 ​ 662,385 Accumulated depreciation ​ (389,892) ​ - ​ (53,785) ​ 80,105 ​ - ​ (24,433) ​ (388,005) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 895,602 ​ 83,503 ​ - ​ (145,334) ​ - ​ 47,285 ​ 881,056 Accumulated depreciation ​ (539,795) ​ - ​ (110,969) ​ 140,254 ​ - ​ (35,444) ​ (545,954) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 27,203 ​ 19,488 ​ - ​ (6,985) ​ (116) ​ 2,776 ​ 42,366 Accumulated depreciation ​ (14,477) ​ - ​ (3,771) ​ 1,103 ​ 15 ​ (1,103) ​ (18,233) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 41,667 ​ 21,057 ​ - ​ (57,649) ​ - ​ 232 ​ 5,307 Accumulated depreciation ​ (1,168) ​ - ​ (273) ​ 1,014 ​ - ​ (83) ​ (510) Total premises and equipment for own use - cost ​ 3,846,292 ​ 371,376 ​ - ​ (444,940) ​ (116) ​ 202,266 ​ 3,974,878 Total premises and equipment - accumulated depreciation ​ (1,336,130) ​ - ​ (201,956) ​ 230,109 ​ 15 ​ (103,524) ​ (1,411,486) Total premises and equipment for own use, net ​ 2,510,162 ​ 371,376 ​ (201,956) ​ (214,831) ​ (101) ​ 98,742 ​ 2,563,392 ​ (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2020 Premises and equipment for own use ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment for own use ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2020 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 486,915 ​ 17,410 ​ - ​ (12,988) ​ - ​ 7,644 ​ 498,981 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 30,898 ​ 38,395 ​ - ​ (7,330) ​ - ​ 1,229 ​ 63,192 Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,606,420 ​ 68,785 ​ - ​ (42,705) ​ (2,876) ​ 23,275 ​ 1,652,899 Accumulated depreciation ​ (360,921) ​ - ​ (29,982) ​ 10,628 ​ - ​ (10,523) ​ (390,798) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 647,278 ​ 45,269 ​ - ​ (38,181) ​ - ​ 12,382 ​ 666,748 Accumulated depreciation ​ (372,471) ​ - ​ (43,466) ​ 34,473 ​ - ​ (8,428) ​ (389,892) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 896,146 ​ 123,795 ​ - ​ (144,387) ​ - ​ 20,048 ​ 895,602 Accumulated depreciation ​ (558,561) ​ - ​ (104,164) ​ 139,204 ​ - ​ (16,274) ​ (539,795) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 22,384 ​ 8,644 ​ - ​ (3,321) ​ (510) ​ 6 ​ 27,203 Accumulated depreciation ​ (11,376) ​ (1,052) ​ (3,966) ​ 1,846 ​ 89 ​ (18) ​ (14,477) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 9,502 ​ 52,453 ​ - ​ (20,320) ​ - ​ 32 ​ 41,667 Accumulated depreciation ​ (1,031) ​ - ​ (125) ​ 11 ​ - ​ (23) ​ (1,168) Total premises and equipment for own use - cost ​ 3,699,543 ​ 354,751 ​ - ​ (269,232) ​ (3,386) ​ 64,616 ​ 3,846,292 Total premises and equipment - accumulated depreciation ​ (1,304,360) ​ (1,052) ​ (181,703) ​ 186,162 ​ 89 ​ (35,266) ​ (1,336,130) Total premises and equipment for own use, net ​ 2,395,183 ​ 353,699 ​ (181,703) ​ (83,070) ​ (3,297) ​ 29,350 ​ 2,510,162 (1) See Note 26.3. Impairment, depreciation and amortization.
Schedule of premises and equipment in operating leases	Premises and equipment in operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment in operating leases ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2021 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ - ​ 2,091 ​ - ​ - ​ - ​ - ​ 2,091 Accumulated depreciation ​ - ​ - ​ (106) ​ - ​ - ​ - ​ (106) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 74,120 ​ 54,293 ​ - ​ (1,996) ​ (5,346) ​ - ​ 121,071 Accumulated depreciation ​ (30,412) ​ - ​ (23,106) ​ 1,659 ​ 4,975 ​ - ​ (46,884) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,299,514 ​ 1,254,452 ​ - ​ (39,746) ​ (400,709) ​ - ​ 3,113,511 Accumulated depreciation ​ (551,080) ​ - ​ (241,011) ​ (1,732) ​ 141,400 ​ - ​ (652,423) Total premises and equipment in operating leases - cost ​ 2,373,634 ​ 1,310,836 ​ - ​ (41,742) ​ (406,055) ​ - ​ 3,236,673 Total premises and equipment - accumulated depreciation ​ (581,492) ​ - ​ (264,223) ​ (73) ​ 146,375 ​ - ​ (699,413) Total premises and equipment in operating leases, net ​ 1,792,142 ​ 1,310,836 ​ (264,223) ​ (41,815) ​ (259,680) ​ - ​ 2,537,260 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment in operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment in operating leases ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2020 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 103 ​ - ​ - ​ (103) ​ - ​ - ​ - Accumulated depreciation ​ (85) ​ - ​ (5) ​ 90 ​ - ​ - ​ - Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 55,989 ​ 28,059 ​ - ​ (3,410) ​ (6,518) ​ - ​ 74,120 Accumulated depreciation ​ (25,542) ​ - ​ (13,911) ​ 3,127 ​ 5,914 ​ - ​ (30,412) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,914,752 ​ 798,388 ​ - ​ (13,903) ​ (399,723) (2) - ​ 2,299,514 Accumulated depreciation ​ (512,535) ​ (13,179) ​ (165,084) ​ 4,023 ​ 135,695 (2) - ​ (551,080) Total premises and equipment in operating leases - cost ​ 1,970,844 ​ 826,447 ​ - ​ (17,416) ​ (406,241) ​ - ​ 2,373,634 Total premises and equipment - accumulated depreciation ​ (538,162) ​ (13,179) ​ (179,000) ​ 7,240 ​ 141,609 ​ - ​ (581,492) Total premises and equipment in operating leases, net ​ 1,432,682 ​ 813,268 ​ (179,000) ​ (10,176) ​ (264,632) ​ - ​ 1,792,142 (1) See Note 26.3. Impairment, depreciation and amortization. (2) Corresponds to transfers of vehicles to Assets Held for Sale, in the subsidiary Renting Colombia, due to the decrease in demand for vehicle rentals during 2020.
Schedule of premises and equipment total	Premises and equipment total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment total ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2021 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 6,219,926 ​ 1,682,212 ​ - ​ (486,682) ​ (406,171) ​ 202,266 ​ 7,211,551 Total premises and equipment - accumulated depreciation ​ (1,917,622) ​ - ​ (466,179) ​ 230,036 ​ 146,390 ​ (103,524) ​ (2,110,899) Total premises and equipment, net ​ 4,302,304 ​ 1,682,212 ​ (466,179) ​ (256,646) ​ (259,781) ​ 98,742 ​ 5,100,652 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ ​ ​ Balance at ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ Balance at Premises and equipment total ​ January 1, ​ ​ ​ Expenses ​ ​ ​ Assets ​ changes in ​ December 31, ​ ​ 2020 ​ Additions ​ depreciation (1) ​ Disposals ​ classified ​ foreign ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as held for ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sale ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 5,670,387 ​ 1,181,198 ​ - ​ (286,648) ​ (409,627) ​ 64,616 ​ 6,219,926 Total premises and equipment - accumulated depreciation ​ (1,842,522) ​ (14,231) ​ (360,703) ​ 193,402 ​ 141,698 ​ (35,266) ​ (1,917,622) Total premises and equipment, net ​ 3,827,865 ​ 1,166,967 ​ (360,703) ​ (93,246) ​ (267,929) ​ 29,350 ​ 4,302,304 (1) See Note 26.3. Impairment, depreciation and amortization.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVESTMENT PROPERTIES
Schedule of changes in investment property	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Balance at the beginning of the year ​ 2,839,350 ​ 1,992,964 Acquisitions ​ 14,709 ​ 163,344 Subsequent expenditure recognised as an asset ​ 422,755 ​ 105,085 Sales/Write-offs ​ (259,743) ​ (111,092) Amount reclassified from equity securities (1) ​ - ​ 686,114 Amount reclassified from inventories (2) ​ 47,387 ​ 6,436 Gains on valuation (3) ​ 67,762 ​ (3,501) Balance at the end of the period (4) ​ 3,132,220 ​ 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Returned properties from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation. (3) See Note 25.4 Other operating income, net. (4) Between December 31, 2021 and 2020, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities.
Schedule of valuation obtained for investment property	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ Net increase (decrease) Amount Amount Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ in investment ​ reclassified ​ reclassified ​ value at the end ​ ​ year ​ ​ ​ properties ​ from inventories ​ from inventories ​ of the year In millions of COP Buildings ​ 2,583,155 ​ 72,533 ​ 246,645 (1) - ​ 47,387 ​ 2,949,720 Lands ​ 256,195 ​ (4,771) ​ (68,924) (2) - ​ - ​ 182,500 Total ​ 2,839,350 ​ 67,762 ​ 177,721 ​ - ​ 47,387 ​ 3,132,220 (1) Corresponds mainly to additions for subsequent expenditure recognised as an asset amounting to COP 422,155 , and the sales amounting to COP 169,866 by Fondo de Capital Privado Fondo Inmobiliario Colombia. (2) Corresponds to the disposal of eight lands by Valores Simesa S.A. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ Net increase (decrease) Amount Amount Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ in investment ​ reclassified ​ reclassified ​ value at the end ​ ​ year ​ ​ ​ properties ​ from inventories (1) ​ from inventories ​ of the year In millions of COP Buildings ​ 1,724,719 ​ 7,756 ​ 158,130 (2) 686,114 ​ 6,436 ​ 2,583,155 Lands ​ 268,245 ​ (11,257) ​ (793) ​ - ​ - ​ 256,195 Total ​ 1,992,964 ​ (3,501) ​ 157,337 ​ 686,114 ​ 6,436 ​ 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Corresponds mainly to acquisition of buildings amounting to COP 61,719 by Bancolombia S.A. and amounting to COP 74,227 by Fondo de Capital Privado Fondo Inmobiliario Colombia.
Schedule of main income recorded by the Bank related to its investment properties	The table sets forth the main income recorded by the Bank related to its investment properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ December 31, 2019 ​ ​ In millions of COP Income from rentals ​ 139,021 ​ 125,494 ​ 85,507 Operating expenses due to: ​ ​ ​ ​ ​ ​ Investment properties that generated income through rentals ​ 15,331 ​ 16,012 ​ 15,669 Investment properties that did not generate income through rentals ​ 10,050 ​ 6,004 ​ 2,183

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAX
Schedule of tax components recognized in the income statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 In millions of Colombian pesos Current tax (1) ​ ​ ​ ​ ​ ​ Fiscal term ​ (1,321,400) ​ (673,603) ​ (1,040,558) Prior fiscal terms ​ 71,932 ​ 4,723 ​ (7,908) Total current tax ​ (1,249,468) ​ (668,880) ​ (1,048,466) Deferred tax ​ ​ ​ ​ ​ ​ Fiscal term (2) ​ (530,926) ​ 684,413 ​ (210,898) Adjustments for consolidation purposes ​ 4,169 ​ (8,947) ​ (3,600) Total deferred tax ​ (526,757) ​ 675,466 ​ (214,498) Total income tax (3) ​ (1,776,225) ​ 6,586 ​ (1,262,964) (1) The nominal income tax rate used in Colombia for the year 2021 is 31% and for the year 2020 it was 32% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 3% for the year 2021 and 4% for the year 2020. (2) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. (3) See table 12.3 Reconciliation of the effective tax rate.
Schedule of reconciliation of the effective tax rate	The reconciliation between total income tax expenses calculated at the current nominal tax rate and the tax expense recognized in the income statement for the periods ended December 31, 2021, 2020 and 2019 is detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, Reconciliation of the tax rate ​ 2021 ​ 2020 ​ 2019 In millions of Colombian pesos Accounting profit ​ 5,984,012 ​ 308,773 ​ 4,477,531 Applicable tax with nominal rate ​ (2,034,564) ​ (111,158) ​ (1,477,585) Non-deductible expenses to determine taxable profit (loss) ​ (260,546) ​ (709,601) ​ (281,633) Accounting and non-tax expense (income) to determine taxable profit (loss) ​ 767,857 ​ 580,970 ​ 822,683 Differences in accounting bases (1) ​ (32,714) ​ (400,042) ​ (304,871) Fiscal and non-accounting expense (income) to determine taxable profit (loss) ​ (285,191) ​ (270,326) ​ (434,929) Ordinary activities income exempt from taxation ​ 412,495 ​ 290,822 ​ 258,622 Ordinary activities income not constituting income or occasional tax gain ​ 98,870 ​ 153,638 ​ 173,791 Tax deductions ​ 226,064 ​ 112,746 ​ 151,011 Goodwill Depreciation ​ 200,617 ​ 212,378 ​ 194,679 Tax depreciation surplus ​ 140,384 ​ 156,998 ​ 100,286 Untaxed recoveries ​ (84,692) ​ (35,788) ​ (22,800) Tax rate effect in other countries (2) ​ (384,669) ​ (139,106) ​ (27,038) Prior fiscal terms ​ 71,932 ​ 4,723 ​ (7,908) Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) (3) ​ (612,068) ​ 160,332 ​ (407,272) Total income tax ​ (1,776,225) ​ 6,586 ​ (1,262,964) (1) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS) (2) The variation originates from the adjustments for the different rates in the jurisdictions where Grupo Bancolombia is present. (3) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. ​
Schedule of components recognized in Other Comprehensive Income	​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ 7,444 ​ (1,791) ​ 5,653 Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) ​ 3,994 ​ 48,153 ​ 52,147 Gains due to asset revaluation ​ - ​ (142) ​ (142) Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ (61,052) ​ 9,527 ​ (51,525) Loss on net investment hedge in foreign operations ​ (1,207,052) ​ 493,346 ​ (713,706) Exchange differences arising on translating the foreign operations. ​ 2,513,742 ​ - ​ 2,513,742 Unrealized gains on investments in associates and joint ventures using equity method ​ 2,913 ​ (982) ​ 1,931 Net ​ 1,259,989 ​ 548,111 ​ 1,808,100 (1) Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI. See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ 8,556 ​ (4,940) ​ 3,616 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) ​ (132,593) ​ 37,736 ​ (94,857) Gains due to asset revaluation ​ 3,561 ​ (1,211) ​ 2,350 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ 53,311 ​ (5,612) ​ 47,699 Loss on net investment hedge in foreign operations ​ (341,792) ​ 39,443 ​ (302,349) Exchange differences arising on translating the foreign operations. ​ 339,475 ​ - ​ 339,475 Unrealized gains on investments in associates and joint ventures using equity method ​ 5,020 ​ (89) ​ 4,931 Net ​ (64,462) ​ 65,327 ​ 865 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. ​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2019 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement expense related to defined benefit liability ​ (38,451) ​ 14,835 ​ (23,616) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) ​ 56,496 ​ (12,607) ​ 43,889 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ 27,675 ​ - ​ 27,675 Loss on net investment hedge in foreign operations ​ (60,258) ​ 20,213 ​ (40,045) Exchange differences arising on translating the foreign operations. ​ 104,955 ​ - ​ 104,955 Unrealized gains on investments in associates and joint ventures using equity method ​ 8,151 ​ (32) ​ 8,119 Net ​ 98,568 ​ 22,409 ​ 120,977 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation.
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on ​ ​ ​ ​ ​ ​ ​ Adjustments for ​ ​ ​ ​ December 31, ​ Income ​ Effect on ​ Effect on ​ Foreign ​ consolidation ​ December 31, ​ ​ 2020 ​ Statement ​ OCI ​ Equity ​ Exchange ​ purposes ​ 2021 In millions of Colombian pesos Asset Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ 4,041 ​ (1,413) ​ - ​ - ​ 530 ​ - ​ 3,158 Employee Benefits ​ 231,470 ​ 49,867 ​ (1,798) ​ - ​ 3,744 ​ - ​ 283,283 Deterioration assessment ​ 860,229 ​ (338,036) ​ - ​ - ​ 91,976 ​ 437 ​ 614,606 Financial instruments evaluation ​ 4,939 ​ 373 ​ 71 ​ - ​ - ​ - ​ 5,383 Tax credits settlement ​ 73,051 ​ (43,387) ​ - ​ - ​ - ​ - ​ 29,664 Financial Obligations ​ 45,601 ​ 194,501 ​ - ​ - ​ - ​ - ​ 240,102 Net investment coverage in operations abroad ​ 346,956 ​ 167,456 ​ 493,346 ​ - ​ 2,186 ​ - ​ 1,009,944 Other deductions ​ 111,930 ​ (20,769) ​ - ​ - ​ 621 ​ - ​ 91,782 implementation adjustment ​ 400,123 ​ (13,528) ​ - ​ - ​ 23,409 ​ - ​ 410,004 Total Asset Deferred Tax ​ 2,078,340 ​ (4,936) ​ 491,619 ​ - ​ 122,466 ​ 437 ​ 2,687,926 Liability Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ (288,662) ​ (25,687) ​ (142) ​ - ​ (3,099) ​ - ​ (317,590) Employee Benefits ​ (7) ​ - ​ 7 ​ - ​ - ​ - ​ - Deterioration assessment ​ (14,875) ​ 2,032 ​ - ​ - ​ (4,082) ​ 2,274 ​ (14,651) Financial instruments evaluation ​ (231,491) ​ 148,753 ​ 57,609 ​ (15,395) ​ (238) ​ 1,458 ​ (39,304) Derivatives evaluation ​ (113,968) ​ (40,495) ​ - ​ - ​ - ​ - ​ (154,463) Lease restatement ​ (237,852) ​ (13,010) ​ - ​ - ​ - ​ - ​ (250,862) Investments in associates. Adjustment for equity method ​ (784) ​ (176,089) ​ (982) ​ 5,119 ​ - ​ - ​ (172,736) Goodwill ​ (1,184,058) ​ (383,107) ​ - ​ - ​ (2,830) ​ - ​ (1,569,995) Properties received in payment ​ (138,210) ​ (24,448) ​ - ​ - ​ (2,896) ​ - ​ (165,554) Other deductions ​ (240,827) ​ (13,942) ​ - ​ (4,614) ​ (3,858) ​ - ​ (263,241) implementation adjustment ​ (8,405) ​ 3 ​ - ​ - ​ (1,339) ​ - ​ (9,741) Total Liability Deferred Tax ​ (2,459,139) ​ (525,990) ​ 56,492 ​ (14,890) ​ (18,342) ​ 3,732 ​ (2,958,137) Net Deferred Tax ​ (380,799) ​ (530,926) ​ 548,111 ​ (14,890) ​ 104,124 ​ 4,169 ​ (270,211) ​
Schedule of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized	In accordance with IAS 12, no deferred tax credit was recorded, because management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future. ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of Colombian pesos Temporary differences ​ ​ ​ ​ Local Subsidiaries ​ (1,800,928) ​ (1,219,380) Foreign Subsidiaries ​ (17,966,532) ​ (4,547,635) ​
Schedule of fiscal losses and presumptive income excesses over net income	​ The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group's entities, which have not been used, as of December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax Company ​ Base ​ recognized asset In millions of Colombian pesos Renting Colombia ​ 89,501 ​ 29,536 Pasarela Colombia ​ 366 ​ 128 Total ​ 89,867 ​ 29,664
Schedule of uncertain positions	For Colombia, the Group recognizes uncertain tax positions according to the criteria established in the interpretation of IFRIC 23. Additionally, these positions were updated in the course of 2021. The movement of the provision as of December 2021 is presented below and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December ​ Balance December 2020 ​ Update ​ Payments ​ Reversal ​ 2021 ​ 113,522 ​ 8,760 ​ - ​ (122,282) ​ - ​ ​ The value of the uncertain tax position was recovered, taking into account that the tax returns on which it was constituted became final in the course of 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December ​ Balance December 2019 ​ Update ​ Payments ​ Reversal ​ 2020 ​ 102,552 ​ 10,970 ​ - ​ - ​ 113,522 ​

ASSETS HELD FOR SALE AND INVE_2

ASSETS HELD FOR SALE AND INVENTORIES, NET (Tables)	12 Months Ended
	Dec. 31, 2021
ASSETS HELD FOR SALE AND INVENTORIES, NET
Schedule of assets held for sale and inventories, net	The breakdown of inventories and assets held for sale, net of the Bank is as follows: ​ ​ ​ ​ ​ ​ Assets held for sale and inventories ​ December 31, 2021 ​ December 31, 2020 In millions of COP Inventories, net ​ 413,097 ​ 426,642 Assets held for sale ​ 133,697 ​ 82,503 Total assets held for sale and inventories, net ​ 546,794 ​ 509,145
Schedule of inventories, net	​ ​ ​ ​ ​ ​ Inventories ​ December 31, 2021 ​ December 31, 2020 In millions of COP Lands and buildings ​ 335,936 ​ 380,009 Vehicles ​ 80,064 ​ 59,035 Machinery ​ 31,422 ​ 30,473 Total inventory cost ​ 447,422 ​ 469,517 Impairment ​ (34,325) ​ (42,875) Total inventories, net ​ 413,097 ​ 426,642 ​
Schedule of assets held for sale by operating segment	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 2,277 ​ 2,063 ​ - ​ - ​ 4,340 Cost ​ 2,305 ​ 2,153 ​ - ​ - ​ 4,458 Impairment ​ (28) ​ (90) ​ - ​ - ​ (118) Real estate for residential purposes ​ 9,119 (1) 83,321 (2) 7,419 ​ 1,355 ​ 101,214 Cost ​ 9,147 ​ 85,315 ​ 7,642 ​ 1,699 ​ 103,803 Impairment ​ (28) ​ (1,994) ​ (223) ​ (344) ​ (2,589) Real estate different from residential properties ​ 13,817 (3) 14,326 ​ - ​ - ​ 28,143 Cost ​ 13,817 ​ 14,383 ​ - ​ - ​ 28,200 Impairment ​ - ​ (57) ​ - ​ - ​ (57) Total assets held for sale - cost ​ 25,269 ​ 101,851 ​ 7,642 ​ 1,699 ​ 136,461 Total assets held for sale - impairment ​ (56) ​ (2,141) ​ (223) ​ (344) ​ (2,764) Total assets held for sale (4) ​ 25,213 ​ 99,710 ​ 7,419 ​ 1,355 ​ 133,697 (1) The decrease corresponds to reclassifications to the Marketable and non-marketable for sale assets category. See Note 14 Other assets, net. (2) The increase corresponds to 62 Real estate for residential purposes received during 2021. (3) The increase corresponds to the income from 22 assets, mainly a warehouse received for COP 9,123 . (4) For 2021 there are no assets related to investments held for sale. As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 1,978 ​ 1,299 ​ - ​ - ​ 3,277 Cost ​ 2,070 ​ 1,384 ​ - ​ - ​ 3,454 Impairment ​ (92) ​ (85) ​ - ​ - ​ (177) Real estate for residential purposes ​ 26,138 ​ 35,732 ​ 4,918 ​ 3,464 ​ 70,252 Cost ​ 26,348 ​ 37,156 ​ 5,120 ​ 3,464 ​ 72,088 Impairment ​ (210) ​ (1,424) ​ (202) ​ - ​ (1,836) Real estate different from residential properties ​ - ​ 8,974 ​ - ​ - ​ 8,974 Cost ​ - ​ 9,055 ​ - ​ - ​ 9,055 Impairment ​ - ​ (81) ​ - ​ - ​ (81) Total assets held for sale - cost ​ 28,418 ​ 47,595 ​ 5,120 ​ 3,464 ​ 84,597 Total assets held for sale - impairment ​ (302) ​ (1,590) ​ (202) ​ - ​ (2,094) Total assets held for sale (1) ​ 28,116 ​ 46,005 ​ 4,918 ​ 3,464 ​ 82,503 (1) For 2020 there are no assets related to investments held for sale.

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER ASSETS, NET
Schedule of detailed information about other assets	​ ​ ​ ​ ​ ​ Other Assets, net ​ December 31, 2021 ​ December 31, 2020 In millions of COP Tax advance (1) ​ 1,643,171 ​ 1,205,870 Marketable and non-marketable for sale assets ​ 850,688 ​ 856,527 Other receivables (2) ​ 777,830 ​ 891,811 Assets pledged as collateral ​ 472,443 ​ 295,260 Prepaid expenses ​ 454,595 ​ 376,608 Receivables related to abandoned accounts (3) ​ 386,451 ​ 276,087 Receivable Sales of goods and service ​ 198,453 ​ 93,417 Accounts receivable from contracts with customers (4) ​ 182,672 ​ 177,991 Taxes receivable ​ 141,624 ​ 49,069 Operating leases ​ 109,122 ​ 80,056 Balance in credit card clearing house ​ 90,627 ​ 163,813 Commission for letters of credit ​ 74,320 ​ 24,702 Debtors ​ 19,483 ​ 15,723 Others ​ 350,970 ​ 213,828 Total other assets ​ 5,752,449 ​ 4,720,762 Allowance others ​ (791) ​ (1,560) Total other assets, net ​ 5,751,658 ​ 4,719,202 (1) The balance in favor of taxes for the year 2020, requested during the year 2021, is in process with the DIAN. (2) The other receivables are mainly comprised by factoring importations, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables,debt securities and spot transactions, TIP interests, FRECH interest subsidized by the government, among others. (3) 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). (4) See Note 25.3 Fees and commissions.

DEPOSITS BY CUSTOMERS (Tables)

DEPOSITS BY CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2021
DEPOSITS BY CUSTOMERS.
Schedule of detail of deposits	​ ​ ​ ​ ​ ​ Deposits ​ December 31, 2021 ​ December 31, 2020 In millions of COP ​ ​ ​ ​ Saving accounts ​ 106,398,922 ​ 86,147,655 Time deposits ​ 59,492,839 ​ 61,083,519 Checking accounts ​ 40,567,168 ​ 31,894,229 Other deposits ​ 3,931,919 ​ 1,695,390 Total ​ 210,390,848 (1) 180,820,793 (1) As of December 31, 2021 includes Nequi Deposits by COP 1,408,869 .
Schedule of time deposits issued by bank	The following table details the time deposits issued by the Bank: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2021 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 6.00 % 14,224,144 ​ 14,199,074 Between 6 months and 12 months ​ 0.01 % 6.50 % 6,048,004 ​ 6,032,234 Between 12 months and 18 months ​ 0.00 % 7.25 % 5,800,772 ​ 5,823,728 Greater than 18 months ​ 0.00 % 9.79 % 33,419,919 ​ 34,666,641 Total ​ ​ ​ ​ ​ 59,492,839 ​ 60,721,677 (1) See Note 30. Fair value of assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2020 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 7.00 % 10,324,370 ​ 10,313,384 Between 6 months and 12 months ​ 0.20 % 7.25 % 7,061,159 ​ 7,061,834 Between 12 months and 18 months ​ 0.25 % 6.50 % 7,798,737 ​ 7,895,539 Greater than 18 months ​ 0.01 % 9.45 % 35,899,253 ​ 37,014,083 Total ​ ​ ​ ​ ​ 61,083,519 ​ 62,284,840 (1) See Note 30. Fair value of assets and liabilities.
Schedule of time deposits issued by the bank by maturity	​ ​ ​ ​ ​ ​ December 31, 2021 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 42,595,157 ​ 43,621,375 Between 1 and 3 years ​ 11,584,328 ​ 11,729,237 Between 3 and 5 years ​ 2,719,748 ​ 2,795,178 Greater than 5 years ​ 2,593,606 ​ 2,575,887 Total ​ 59,492,839 ​ 60,721,677 (1) See Note 30. Fair value of assets and liabilities. ​ ​ ​ ​ ​ ​ December 31, 2020 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 43,134,613 ​ 43,489,653 Between 1 and 3 years ​ 11,592,876 ​ 11,971,664 Between 3 and 5 years ​ 5,194,234 ​ 5,538,916 Greater than 5 years ​ 1,161,796 ​ 1,284,607 Total ​ 61,083,519 ​ 62,284,840 (1) See Note 30 Fair value of assets and liabilities.

INTERBANK DEPOSITS AND REPURC_2

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Tables)	12 Months Ended
	Dec. 31, 2021
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Schedule of money market operations recognized as liabilities	The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: ​ ​ ​ ​ ​ ​ Interbank and repurchase agreements and other similar secured borrowing ​ December 31, 2021 ​ December 31, 2020 In millions of COP Interbank Deposits ​ ​ ​ ​ Interbank liabilities ​ 886,405 ​ 762,574 Total interbank ​ 886,405 ​ 762,574 Repurchase agreements and other similar secured borrowing ​ ​ ​ ​ Short selling operations ​ 276,242 ​ 128,257 Temporary transfer of securities ​ 487,083 ​ 2,087,906 Total Repurchase agreements and other similar secured borrowing (1) ​ 763,325 ​ 2,216,163 Total money market transactions ​ 1,649,730 ​ 2,978,737 (1) Total repo liabilities have maturities of less than 30 days .
Schedule of repurchases and resale transactions	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net balance ​ ​ ​ ​ ​ ​ Assets / ​ Amounts offset in ​ presented in the ​ Financial ​ Assets / ​ ​ liabilities gross ​ the statement of ​ statement of financial ​ instruments as ​ liabilities ​ ​ ​ ​ financial position ​ position ​ collaterals ​ net In millions of COP Securities purchased under resale agreements (1) ​ 817,960 ​ - ​ 817,960 ​ (817,960) ​ - Securities sold under repurchase agreements ​ (763,325) ​ - ​ (763,325) ​ 763,325 ​ - Total repurchase and resale agreements ​ 54,635 ​ - ​ 54,635 ​ (54,635) ​ - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net balance ​ ​ ​ ​ ​ ​ Assets / ​ Amounts offset in ​ presented in the ​ Financial ​ Assets / ​ ​ liabilities gross ​ the statement of ​ statement of financial ​ instruments as ​ liabilities ​ ​ ​ ​ financial position ​ position ​ collaterals ​ net In millions of COP Securities purchased under resale agreements ​ 322,160 ​ - ​ 322,160 ​ (322,160) ​ - Securities sold under repurchase agreements ​ (2,216,163) ​ - ​ (2,216,163) ​ 2,216,163 ​ - Total repurchase and resale agreements ​ (1,894,003) ​ - ​ (1,894,003) ​ 1,894,003 ​ -

BORROWINGS FROM OTHER FINANCI_2

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Schedule of borrowings from other financial institutions measured at amortized cost	As of December 31, 2021 and 2020, the composition of the borrowings from other financial institutions measured at amortized cost is the following: ​ ​ ​ ​ ​ ​ Borrowings from other financial institutions ​ December 31, 2021 ​ December 31, 2020 In millions of COP Obligations granted by domestic banks ​ 4,816,609 ​ 6,001,619 Obligations granted by foreign banks ​ 3,734,949 ​ 5,200,507 Total ​ 8,551,558 ​ 11,202,126
Schedule of Obligations granted by domestic banks	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Maximum (1) Minimum (1) December 31, 2021 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 10.79 % 0.11 % 2,259,714 Banco de comercio exterior de Colombia (Bancoldex) ​ 8.66 % 0.77 % 876,498 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 6.00 % 0.03 % 836,185 Other private financial entities ​ 8.62 % 4.24 % 844,212 Total ​ ​ ​ ​ ​ 4,816,609 (1) The increase in the intervention rate issued by Banco de la República during the year 2021, which went from 1.75% to 3.00% , has an impact on the rates of operations in financial obligations. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Maximum (1) Minimum (1) December 31, 2020 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 7.32 % 0.02 % 2,561,051 Banco de comercio exterior de Colombia (Bancoldex) ​ 7.85 % 0.44 % 1,460,412 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 6.44 % 0.10 % 1,050,552 Other private financial entities ​ 6.83 % 3.35 % 929,604 Total ​ ​ ​ ​ ​ 6,001,619 (1) The decrease in the intervention rate issued by Banco de la República during the year 2020, which went from 4.25% to 1.75% , has an impact on the rates of operations in financial obligations.
Schedule of maturities of financial obligations with domestic banks	The maturities of financial obligations with domestic banks as of December 31, 2021 and 2020, are as follows: ​ ​ ​ ​ ​ ​ Domestic ​ December 31, 2021 ​ December 31, 2020 In millions of COP Amount expected to be settled: ​ ​ ​ ​ More than twelve months after the reporting period ​ 4,595,510 ​ 5,387,563 No more than twelve months after the reporting period ​ 221,099 ​ 614,056 Total ​ 4,816,609 ​ 6,001,619
Schedule of Obligations granted by foreign banks	Obligations granted by foreign banks As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Maximum ​ Rate Minimum ​ December 31, 2021 In millions of COP Financing with Correspondent Banks and Multilateral Entities ​ 4.46 % 0.53 % 3,169,060 Banco Interamericano de Desarrollo (BID) ​ 4.05 % 1.81 % 525,475 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 2.97 % 2.97 % 40,147 Corporación Andina de Fomento (CAF) ​ 2.44 % 2.44 % 267 Total ​ ​ ​ ​ ​ 3,734,949 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Maximum ​ Rate Minimum ​ December 31, 2020 In millions of COP Financing with Correspondent Banks and Multilateral Entities ​ 4.81 % 0.49 % 4,825,811 Banco Interamericano de Desarrollo (BID) ​ 3.25 % 2.58 % 231,563 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 4.75 % 4.60 % 138,116 Corporación Andina de Fomento (CAF) ​ 2.58 % 2.52 % 5,017 Total ​ ​ ​ ​ ​ 5,200,507
Schedule of maturities of financial obligations with foreign banks	The maturities of the financial obligations with foreign entities as of December 31, 2021 and 2020 are the following: ​ ​ ​ ​ ​ ​ Foreign ​ December 31, 2021 ​ December 31, 2020 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 1,919,781 ​ 3,084,730 More than twelve months after the reporting period ​ 1,815,168 ​ 2,115,777 Total ​ 3,734,949 ​ 5,200,507

DEBT INSTRUMENTS IN ISSUE (Tabl

DEBT INSTRUMENTS IN ISSUE (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT INSTRUMENTS IN ISSUE.
Schedule of bonds issued	Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance ​ Rate Range ​ Bancolombia S.A. (2) ​ Local ​ COP ​ 4,158,757 ​ 4,190,777 ​ 4.35%-10.30% ​ Bancolombia S.A. ​ Foreign ​ USD ​ 2,967,644 ​ 11,449,784 ​ 0.30%-5.19% ​ Banistmo S.A. y filiales ​ Foreign ​ USD ​ 1,079,981 ​ 4,334,751 ​ 1.20%-5.00% ​ Banagrícola S.A. y Filiales ​ Foreign ​ USD ​ 162,000 ​ 644,557 ​ 5.60%-6.40% ​ Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 113,413 ​ 457,155 ​ 0.45%-3.75% ​ Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 3,645 ​ 14,575 ​ 0.95%-0.95% ​ Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 569 ​ 2,265 ​ 0.25%-7.25% ​ Total ​ ​ ​ ​ ​ ​ ​ 21,093,864 ​ ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance ​ Rate Range ​ Bancolombia S.A. ​ Local ​ COP ​ 4,125,500 ​ 4,159,065 ​ 3.37%-10.77% ​ Bancolombia S.A. (2) ​ Foreign ​ USD ​ 2,956,491 ​ 9,749,569 ​ 0.25%-5.19% ​ Banistmo S.A. y filiales (3) ​ Foreign ​ USD ​ 1,158,763 ​ 4,003,076 ​ 0.50%-5.00% ​ Banco Agrícola S.A. (4) ​ Foreign ​ USD ​ 212,000 ​ 727,116 ​ 5.58%-6.41% ​ Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 121,399 ​ 426,689 ​ 0.40%-3.75% ​ Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 16,595 ​ 57,955 ​ 2.30%-2.65% ​ Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 910 ​ 3,123 ​ 0.25%-7.25% ​ Total ​ ​ ​ ​ ​ ​ ​ 19,126,593 ​ ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.2. Issue of Bancolombia S.A. ordinary bonds. (3) See Note 18.3. Issue of Banistmo S.A. ordinary bonds. (4) See Note 18.4. Payment of Banco Agrícola S.A. bonds. ​
Schedule of detailed information about breakdown of the Bank securities in issue by maturity	The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ Between ​ Between ​ ​ ​ ​ Issuer ​ 1 year ​ 1 and 3 years ​ 3 and 5 years ​ Greater than 5 years ​ Total amortized cost In millions of COP Local currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 1,213,988 ​ 1,213,988 Ordinary bonds ​ - ​ - ​ 164,753 ​ 2,812,036 ​ 2,976,789 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 7,753,417 ​ 7,753,417 Ordinary bonds ​ 408,859 ​ 205,913 ​ 331,131 ​ 8,203,767 ​ 9,149,670 Total ​ 408,859 ​ 205,913 ​ 495,884 ​ 19,983,208 ​ 21,093,864 (1) In the event of default of the Bank, the subordinated bonds, 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, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Less than ​ Between ​ Between ​ ​ ​ ​ ​ ​ 1 year ​ 1 to 3 years ​ 3 to 5 years ​ Greater than 5 years ​ Total amortized cost In millions of COP Local currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 1,216,831 ​ 1,216,831 Ordinary bonds ​ - ​ - ​ 154,671 ​ 2,787,563 ​ 2,942,234 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 6,659,541 ​ 6,659,541 Ordinary bonds ​ 151,992 ​ 588,958 ​ 284,323 ​ 7,282,714 ​ 8,307,987 Total ​ 151,992 ​ 588,958 ​ 438,994 ​ 17,946,649 ​ 19,126,593 (1) In the event of default of the Bank, the subordinated bonds will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. ​
Schedule of detailed information about debt securities in issue by maturity	The following is a schedule of the debt instruments in issue by maturity: ​ ​ ​ ​ ​ Issuer ​ December 31, 2021 ​ December 31, 2020 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 5,697,371 ​ 1,514,548 More than twelve months after the reporting period ​ 15,396,493 ​ 17,612,045 Total ​ 21,093,864 ​ 19,126,593 ​

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of employee benefit plans
Schedule of post-employment benefit and long-term benefit plans	The following table shows liabilities relating to post-employment benefit and long-term benefit plans: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Post-employment and long-term benefit plans ​ 2021 ​ 2020 In millions of COP 19.1 Defined benefit pension plan ​ 168,816 ​ 163,204 19.2 Severance obligation ​ 18,429 ​ 22,228 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium ​ 219,496 ​ 202,580 19.4 Other long term benefits ​ 465,744 ​ 465,046 Total Post-employment and long-term benefit plans ​ 872,485 ​ 853,058 Fair value Plan assets ​ 34,248 ​ 29,113 Total Unfunded Post-employment and long-term benefit plans ​ 838,237 ​ 823,945
Schedule of short-term employment benefit plans	Short-term employment benefit plans recognized in the Consolidated Statement of Financial Position in the line “other liabilities” consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, Other employment benefit plans ​ 2021 ​ 2020 In millions of COP Current severance obligation (1) ​ 95,331 ​ 87,022 Bonuses and short-term benefits (2) ​ 526,273 ​ 11,816 Other employment benefit plans ​ 621,604 ​ 98,838 (1) See 19.2 Severance obligation. (2) The increases between December 31, 2021 and 2020, corresponds to the reactivation of bonuses related to employees’ variable compensation. See Note 20 Other Liabilities.
Schedule of expense recognized in salaries and employee benefits	The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: ​ ​ ​ ​ ​ ​ Defined contribution plans ​ 2021 ​ 2020 In millions of COP Pension ​ 186,117 ​ 185,925 Current severance regimen ​ 64,075 ​ 60,376 Total ​ 250,192 ​ 246,301
Schedule of economic assumptions used in the determination of the present value of the defined benefit plans	The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows: Colombia ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 8.00 % 5.50 % Rate of wage increase ​ 7.20 % 5.75 % Projected inflation ​ 4.70 % 3.25 % Rate of pension increase ​ 4.70 % 3.25 % ​ Bancolombfia Panama ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 2.40 % 2.40 % Rate of wage increase ​ 2.00 % 2.00 % Projected inflation ​ 1.00 % 1.00 % ​ Banistmo ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 3.70 % 2.40 % Expected long-term rate of return on plan assets ​ 0.70 % (1.70) % Rate of wage increase ​ 2.00 % 1.00 % ​ El Salvador ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 2.50 % 2.30 % Rate of wage increase ​ 2.00 % 2.00 % Projected inflation ​ 1.00 % 1.00 % ​ Guatemala ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2021 ​ December 31, 2020 ​ Discount rate ​ 6.10 % 8.20 % Rate of wage increase ​ 5.00 % 5.00 % Projected inflation ​ 4.00 % 4.00 %
Schedule of estimated payment of future benefits	The payments of benefits, which reflect future service rendered, are considered to be paid as follows: ​ ​ ​ ​ ​ ​ Years ​ Pension Benefits ​ Other benefits In millions of COP 2022 ​ 14,181 ​ 65,543 2023 ​ 14,213 ​ 75,429 2024 ​ 14,148 ​ 71,459 2025 ​ 14,016 ​ 71,908 2026 ​ 13,895 ​ 81,911 2027 a 2031 ​ 64,575 ​ 419,943
Banistmo
Disclosure of employee benefit plans
Schedule of change in plan assets	The following table details the change in plan assets: ​ ​ ​ ​ ​ Banistmo’s Plan assets ​ 2021 ​ 2020 In millions of COP Fair value of assets as of January 1 ​ 3,902 ​ 4,220 Interest income on plan assets ​ 30 ​ 40 Return on plan assets less than discount rate ​ - ​ (25) Benefits paid ​ (405) ​ (572) Foreign currency translation effect ​ 600 ​ 239 Fair value of assets as of December 31 ​ 4,127 ​ 3,902
Defined benefit pension plan | Colombia
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 127,132 ​ 129,028 Interest cost ​ 7,011 ​ 7,244 Benefits paid ​ (11,545) ​ (12,009) Net actuarial (gain) / loss due to changes in demographic assumptions ​ (7,459) ​ 23 Net actuarial loss due to plan experience ​ (5,121) ​ 2,846 Defined obligation, unfunded as of December 31 ​ 110,018 ​ 127,132
Schedule of sensitivity analysis for actuarial assumptions	Colombia Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.50 % 0.50% increase ​ (3,657) Discount rate ​ 7.50 % 0.50% decrease ​ 3,904 Salary increases ​ 5.20 % 0.50% increase ​ 4,261 Salary decreases ​ 4.20 % 0.50% decrease ​ (4,019) Mortality Table ​ RV-08 ("Rentistas Validos") ​ One year increase in life expectancy ​ 4,972
Defined benefit pension plan | Guatemala
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 30,152 ​ 28,753 Current cost of service ​ 1,664 ​ 1,165 Interest cost ​ 2,253 ​ 2,597 Benefits paid ​ (1,347) ​ (1,251) Actuarial loss / (gain) - financial assumptions ​ 13,840 ​ (2,052) Foreign currency translation effect ​ 6,211 ​ 940 Defined obligation, funded as of December 31 ​ 52,773 ​ 30,152 ​
Defined benefit pension plan | Panama
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 5,920 ​ 5,371 Interest cost ​ 150 ​ 164 Actuarial (gain) / loss – experience ​ (825) ​ 372 Actuarial loss - financial assumptions ​ 266 ​ 353 Benefits paid from plan assets ​ (383) ​ (572) Foreign currency translation effect ​ 897 ​ 232 Defined obligation, funded as of December 31 ​ 6,025 ​ 5,920
Pension plan | Guatemala
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Pension Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.60 % 0.50% increase ​ (5,156) Discount rate ​ 5.60 % 0.50% decrease ​ 5,984 Salary increases ​ 5.50 % 0.50% increase ​ 3,813 Salary decreases ​ 4.50 % 0.50% decrease ​ (3,415) Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 1,755
Defined benefit severance obligation plan | Colombia
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	The balances recognized in the statement of financial position are listed below: ​ ​ ​ ​ ​ ​ Defined benefit severance obligation plan ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 22,228 ​ 26,547 Current cost of service ​ 531 ​ 716 Interest cost ​ 1,149 ​ 1,490 Benefits paid ​ (6,678) ​ (6,214) Net actuarial loss (gain) due to assumption changes and plan experience ​ 1,199 ​ (311) Defined obligation, unfunded as of December 31 ​ 18,429 ​ 22,228 Current severance regimen (1) ​ 95,331 ​ 87,022 Total ​ 113,760 ​ 109,250 (1) Corresponds to the amounts pending to transfer to private funds. See Note 20 Other liabilities
Schedule of sensitivity analysis for actuarial assumptions	Severance obligation ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 7.50 % 0.50% increase ​ (341) Discount rate ​ 6.50 % 0.50% decrease ​ 353 Salary increases ​ 7.70 % 0.50% increase ​ 852 Salary decreases ​ 6.70 % 0.50% decrease ​ (832)
Defined benefit severance obligation plan | Panama
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 4.20 % 0.50% increase ​ (254) Discount rate ​ 3.20 % 0.50% decrease ​ 274 Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 208
Retirement Pension Premium Plan and Senior Management Pension Plan Premium
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	The annual change of the present value of the obligations of defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ Retirement Pension Premium Plan and Senior Management Pension Plan Premium ​ 2021 ​ 2020 In millions of COP Present value of the obligation as of January 1 ​ 202,580 ​ 198,260 Current service cost ​ 18,669 ​ 16,626 Interest cost ​ 11,686 ​ 11,770 Benefits paid ​ (19,788) ​ (23,226) Past service cost (1) ​ 3,326 ​ 381 Others changes ​ (1,900) ​ - Net actuarial (gain) due to assumption changes and plan experience ​ (7,214) ​ (3,745) Foreign currency translation effect (2) ​ 12,137 ​ 2,514 Defined obligation, unfunded as of December 31 ​ 219,496 ​ 202,580 (1) Corresponds to the updating of the percentage of the tax factor used to calculate the total benefit. (2) Corresponds to Grupo Agromercantil Holding S.A. given higher devaluation between COP to USD currencies
Senior Management Pension Plan Premium | Bancolombia
Disclosure of employee benefit plans
Schedule of plan assets fair value	The plan assets’ fair value as of December 31, 2021 and 2020 is as follow: ​ ​ ​ ​ ​ Bancolombia’s Plan assets ​ 2021 ​ 2020 In millions of COP Fair value of assets as of January 1 ​ 25,211 ​ 31,761 Employee contributions ​ 2,500 ​ - Interest income on plan assets ​ 1,538 ​ 1,918 Return on plan assets greater than discount rate ​ 872 ​ 629 Benefits paid ​ - ​ (9,097) Fair value assets at the end of the year ​ 30,121 ​ 25,211
Senior Management Pension Plan Premium | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Senior Management Pension Plan Premium ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.25 % 0.50% increase ​ (882) Discount rate ​ 7.25 % 0.50% decrease ​ 921 Salary increases ​ 7.70 % 0.50% increase ​ 1,105 Salary decreases ​ 6.70 % 0.50% decrease ​ 1,068
Retirement Pension Premium Plan | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.25 % 0.50% increase ​ (5,228) Discount rate ​ 8.25 % 0.50% decrease ​ 5,729 Salary increases ​ 7.70 % 0.50% increase ​ 5,815 Salary decreases ​ 6.70 % 0.50% decrease ​ (5,349)
Other long term benefits | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Other long term benefits Colombia ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.50 % 0.50% increase ​ (14,472) Discount rate ​ 7.50 % 0.50% decrease ​ 15,214 Salary increases ​ 7.70 % 0.50% increase ​ 15,237 Salary decreases ​ 6.70 % 0.50% decrease ​ (14,628)
Other long term benefits | Guatemala
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Guatemala ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.10 % 0.50% increase ​ (1,119) Discount rate ​ 5.10 % 0.50% decrease ​ 1,207 Salary increases ​ 5.50 % 0.50% increase ​ 1,208 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,130)
Other long term benefits | El Salvador
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	El Salvador ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 3.00 % 0.50% increase ​ (236) Discount rate ​ 2.00 % 0.50% decrease ​ 253

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER LIABILITIES
Schedule of other liabilities	​ ​ ​ ​ ​ ​ Other liabilities ​ December 31, 2021 ​ December 31, 2020 In millions of COP Payables ​ 2,491,055 ​ 1,967,492 Suppliers ​ 1,435,569 ​ 1,119,734 Advances ​ 799,819 ​ 779,681 Collection services (1) ​ 716,031 ​ 316,749 Bonuses and short-term benefits (2) ​ 526,273 ​ 11,816 Deposits delivered as security (3) ​ 376,447 ​ 570,097 Salaries and other labor obligations (4) ​ 352,198 ​ 311,627 Security contributions ​ 340,322 ​ 318,179 Provisions (5) ​ 288,017 ​ 346,597 Advances in leasing operations and loans ​ 169,153 ​ 123,932 Dividends (6) ​ 78,304 ​ 299,495 Deferred interests ​ 77,115 ​ 24,929 Liabilities from contracts with customers (7) ​ 55,025 ​ 64,071 Other ​ 57,396 ​ 110,313 Total ​ 7,762,724 ​ 6,364,712 (1) In 2020 there is a decrease for a lower transaction volume, related to the COVID-19 pandemic. (2) For further information, see Note 19 Employee benefit plans (Bonuses and short-term benefits). (3) See Note 5.2 Derivative financial instruments. (4) For more information related to other employee benefits, see Note 19 Employee benefits. (5) See Note 21 Provisions and contingent liabilities. (6) The increase is due to the last installment payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2021 and 2020, respectively. (7) See Note 25.3 Fees and commissions.

PROVISIONS AND CONTINGENT LIA_2

PROVISIONS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
PROVISIONS AND CONTINGENT LIABILITIES
Schedule of provisions	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings ​ guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2021 ​ 35,640 ​ 2,399 ​ 23,035 ​ 285,198 ​ 325 ​ 346,597 Additions recognized in the year ​ 8,766 ​ 13,625 ​ 8,219 ​ - ​ 938 ​ 31,548 Provisions used during the period ​ (5,587) ​ (500) ​ - ​ - ​ - ​ (6,087) Provisions reversed during the period ​ (4,513) ​ (184) ​ (243) ​ (92,567) ​ (167) ​ (97,674) Foreign currency translation adjustment ​ 158 ​ - ​ 100 ​ 12,024 ​ - ​ 12,282 Effect of discounted cash flows ​ 1,351 ​ - ​ - ​ - ​ - ​ 1,351 Final balance at December 31, 2021 ​ 35,815 ​ 15,340 ​ 31,111 ​ 204,655 ​ 1096 ​ 288,017 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in the reversal of the provision in Bancolombia, Banistmo, GAH and Banco Agrícola due to lower risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings ​ guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2020 ​ 35,752 ​ 6,607 ​ 16,945 ​ 131,386 ​ - ​ 190,690 Additions recognized in the year ​ 9,063 ​ 1,259 ​ 6,190 ​ 224,603 ​ 325 ​ 241,440 Provisions used during the period ​ (4,673) ​ (3,059) ​ - ​ - ​ - ​ (7,732) Provisions reversed during the period ​ (5,196) ​ (2,408) ​ (50) ​ (71,497) ​ - ​ (79,151) Foreign currency translation adjustment ​ 382 ​ - ​ (50) ​ 706 ​ - ​ 1,038 Effect of discounted cash flows ​ 312 ​ - ​ - ​ - ​ - ​ 312 Final balance at December 31, 2020 ​ 35,640 ​ 2,399 ​ 23,035 ​ 285,198 ​ 325 ​ 346,597 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in Bancolombia, Banistmo, GAH and Banco Agrícola due to increased risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​
Schedule of provisions of financial guarantees and loan commitments	The following explains the significant changes in the provisions of financial guarantees and loan commitments during period at December 31, 2021 and 2020 with the expected credit loss model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ TOTAL Balance at January 1, 2021 ​ 192,597 ​ 75,135 ​ 40,501 ​ 308,233 Transfers ​ (77,194) ​ 3,221 ​ 42,737 ​ (31,236) Transfer to stage 1 ​ (45,706) ​ (65,020) ​ (15,063) ​ (125,789) Transfer to stage 2 ​ (23,860) ​ 87,990 ​ (16,801) ​ 47,329 Transfer to stage 3 ​ (7,628) ​ (19,749) ​ 74,601 ​ 47,224 Provisions used during the period ​ 241,953 ​ 32,694 ​ 59,949 ​ 334,596 Provisions reversed during the period ​ (229,798) ​ (55,735) ​ (102,418) ​ (387,951) Translation adjustment ​ 7,615 ​ 4,462 ​ 47 ​ 12,124 Balance at December 31, 2021 ​ 135,173 ​ 59,777 ​ 40,816 ​ 235,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 ​ Stage2 ​ Stage3 ​ TOTAL Balance at January 1, 2020 ​ 119,865 ​ 28,433 ​ 33 ​ 148,331 Transfers ​ 30,893 ​ 54,918 ​ 295 ​ 86,106 Transfer to stage 1 ​ 75,694 ​ (44,821) ​ - ​ 30,873 Transfer to stage 2 ​ (34,778) ​ 115,398 ​ - ​ 80,620 Transfer to stage 3 ​ (10,023) ​ (15,659) ​ 295 ​ (25,387) Provisions used during the period ​ 95,212 ​ 9,283 ​ 40,192 ​ 144,687 Provisions reversed during the period ​ (54,823) ​ (16,724) ​ - ​ (71,547) Translation adjustment ​ 1,450 ​ (775) ​ (19) ​ 656 Balance at December 31, 2020 ​ 192,597 ​ 75,135 ​ 40,501 ​ 308,233 ​
Schedule of commitments	As of December 31, 2021 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 620,120 Guarantees greater than 1 month and up to 3 months ​ 1,051,714 Guarantees greater than 3 months and up to 1 years (1) ​ 5,616,089 Guarantees greater than 1 year and up to 3 years (2) ​ 1,513,774 Guarantees greater than 3 years and up to 5 years ​ 84,273 Guarantees greater than 5 years ​ 150,494 Total ​ 9,036,464 (1) Mainly due to the change in duration for COP 2,505,284 and the opening of guarantees for COP 880,388 that expire in 2022, with the following economic sectors: Energy services and the private sector. (2) Mainly due to the change in duration for COP 3,056,310 and the opening of guarantees for COP 812,403 that expire in 2022, with the economic sector of financial services. ​ As of December 31, 2020 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 388,859 Guarantees greater than 1 month and up to 3 months ​ 616,879 Guarantees greater than 3 months and up to 1 year ​ 2,911,975 Guarantees greater than 1 year and up to 3 years (1) ​ 3,568,858 Guarantees greater than 3 years and up to 5 years ​ 42,788 Guarantees greater than 5 years ​ 144,157 Total ​ 7,673,516 (1) Mainly due to 4 new guarantees amounting to COP 2,909,063 , expiring in 2022 with in Telecommunications and financial sectors. ​
Schedule of contingencies	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standard ​ PD range ​ Stage 1 ​ Stage 2 ​ Stage 3 Total ​ Total ​ ​ ​ ​ Exposure ​ Provision ​ Exposure ​ Provision ​ Exposure ​ Provision Exposure ​ Provision In millions of COP Normal risk ​ 0% - 3.11% ​ 8,638,607 ​ 15 ​ 31,477 ​ 2 ​ - ​ - 8,670,084 ​ 17 Acceptable risk ​ > 3.11% - 11.15% ​ 189,644 ​ 18 ​ 30,634 ​ 1 ​ - ​ - 220,278 ​ 19 Appreciable risk ​ > 11.15% - 72.75% ​ 434 ​ - ​ - ​ - ​ - ​ - 434 ​ - Significant risk ​ > 72.75% - 89.89% ​ - ​ - ​ - ​ - ​ 140,520 ​ 30,748 140,520 ​ 30,748 Bad risk ​ > 89.89% - 100% ​ - ​ - ​ 4,206 ​ 11 ​ 942 ​ 316 5,148 ​ 327 Total ​ ​ ​ 8,828,685 ​ 33 ​ 66,317 ​ 14 ​ 141,462 ​ 31,064 9,036,464 ​ 31,111 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standard ​ PD range ​ Stage 1 ​ Stage 2 ​ Stage 3 Total ​ Total ​ ​ ​ ​ Exposure ​ Provision ​ Exposure ​ Provision ​ Exposure ​ Provision Exposure ​ Provision In millions of COP Normal risk ​ 0% - 3.11% ​ 6,693,881 ​ 30 ​ 25,056 ​ - ​ - ​ - 6,718,937 ​ 30 Acceptable risk ​ > 3.11% - 11.15% ​ 637,593 ​ 211 ​ 16,118 ​ 8 ​ - ​ - 653,711 ​ 219 Appreciable risk ​ > 11.15% - 72.75% ​ 187,633 ​ 264 ​ 88,103 ​ 100 ​ - ​ - 275,736 ​ 364 Significant risk ​ > 72.75% - 89.89% ​ - ​ - ​ - ​ - ​ - ​ - - ​ - Bad risk ​ > 89.89% - 100% ​ - ​ - ​ - ​ - ​ 25,132 ​ 22,422 25,132 ​ 22,422 Total ​ ​ ​ 7,519,107 ​ 505 ​ 129,277 ​ 108 ​ 25,132 ​ 22,422 7,673,516 ​ 23,035 ​

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
Schedule of subscribed and paid-in capital	The subscribed and paid-in capital is the following: ​ ​ ​ ​ ​ ​ Share capital ​ December 31, 2021 ​ December 31, 2020 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 subscribed and paid-in shares ​ 961,827,000 ​ 961,827,000 Subscribed and paid capital (nominal value, in millions of COP) ​ 480,914 ​ 480,914
Schedule of dividends declared	​ ​ ​ ​ Dividends declared with respect to ​ Cash dividends per share net income earned in: ​ (Stated in COP) 2021 ​ 3,120 2020 ​ 260 2019 ​ 1,638 2018 ​ 1,092 2017 ​ 1,020

APPROPRIATED RESERVES (Tables)

APPROPRIATED RESERVES (Tables)	12 Months Ended
	Dec. 31, 2021
APPROPRIATED RESERVES
Schedule of appropriated retained earnings	​ ​ ​ ​ ​ ​ Concept ​ December 31, 2021 ​ December 31, 2020 In millions of COP Appropriation of net income (1)(2) ​ 13,628,995 ​ 13,406,195 Others ​ 1,032,012 ​ 424,409 Total Appropiated reserves ​ 14,661,007 ​ 13,830,604 (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) Includes no claimed dividends reclassification by COP 4,441 pursuant to Article 85 of the Bank’s bylaws.

UNCONSOLIDATED STRUCTURED ENT_2

UNCONSOLIDATED STRUCTURED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2021
UNCONSOLIDATED STRUCTURED ENTITIES
Schedule of interests in unconsolidated structured entities	The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 1,661,019 ​ 167,129,575 ​ 168,790,594 The Bank’s interest-assets ​ ​ ​ ​ ​ ​ Investments at fair value through profit or loss ​ 110,026 ​ - ​ 110,026 Investments at fair value through other comprehensive income ​ 42,864 ​ - ​ 42,864 Loans and advances to customers ​ - ​ 5,851,195 ​ 5,851,195 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 152,890 ​ 5,851,195 ​ 6,004,085 The Bank’s maximum exposure ​ 152,890 ​ 5,851,195 ​ 6,004,085 Fees income ​ 6,936 ​ 471,765 ​ 478,701 ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 2,405,326 ​ 162,021,763 ​ 164,427,089 The Bank’s interest-assets ​ ​ ​ ​ ​ - Investments at fair value through profit or loss ​ 154,397 ​ - ​ 154,397 Investments at fair value through other comprehensive income ​ 142,400 ​ - ​ 142,400 Loans and advances to customers ​ - ​ 4,211,304 ​ 4,211,304 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 296,797 ​ 4,211,304 ​ 4,508,101 The Bank’s maximum exposure ​ 296,797 ​ 4,211,304 ​ 4,508,101 Fees income ​ 8,756 ​ 464,805 ​ 473,561

OPERATING INCOME (Tables)

OPERATING INCOME (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING INCOME
Schedule of interest and valuation on financial asset instruments	The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 In millions of COP Interest on debt instruments using the effective interest method ​ 311,488 ​ 308,453 ​ 160,200 Interest and valuation on financial instruments ​ ​ ​ ​ ​ ​ Debt investments ​ 466,124 ​ 533,506 ​ 881,985 Derivatives ​ 33,637 ​ (337,796) ​ (182,769) Spot transactions ​ 27,348 ​ 20,173 ​ 483 Repos ​ (56,555) ​ (1,025) ​ (175,259) Total valuation on financial instruments ​ 470,554 ​ 214,858 ​ 524,440 Total Interest and valuation on financial instruments ​ 782,042 ​ 523,311 ​ 684,640
Schedule of interest on financial liability instruments	The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 In millions of COP Deposits (1) ​ 2,814,505 ​ 4,084,192 ​ 4,164,798 Debt instruments in issue ​ 1,053,441 ​ 1,053,989 ​ 1,164,808 Borrowing costs (2) ​ 293,949 ​ 527,825 ​ 627,058 Lease liabilities (3) ​ 111,556 ​ 118,600 ​ 121,946 Preferred shares ​ 57,701 ​ 57,701 ​ 57,908 Borrowings from other financial institutions ​ 3,870 ​ 5,838 ​ 21,663 Other interest ​ 16,534 ​ 14,863 ​ 21,613 Total interest expenses ​ 4,351,556 ​ 5,863,008 ​ 6,179,794 (1) The decrease is mainly presented in Bancolombia S.A., due to intervention rate issued by Banco de la República decreased in 2020 until October 2021, which has an impact on the rates of deposits and local borrowing costs. (2) Lower expenses in 2021 due to the annual decrease in financial obligations by COP 2.7 billion; additionally, rates have decreased due to the effects of the global economic situation. Also, the amount in 2019 includes the expense recognized for borrowing costs of the subsidiaries sold for COP 1,224 . (3) For more information refer to Note 7.2 Lessee.
Schedule of balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers	The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Bank’ segments see Note 3 Operating segments: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ ​ Banking ​ ​ Banking El ​ ​ Banking ​ ​ ​ ​ ​ Investment ​ ​ ​ ​ ​ International ​ ​ All Other ​ ​ Total ​ ​ ​ Colombia ​ ​ Panama ​ ​ Salvador ​ ​ Guatemala ​ ​ Trust ​ ​ Banking ​ ​ Brokerage ​ ​ Banking ​ ​ Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ In millions of COP Fees and Commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking services ​ 414,870 ​ ​ 69,379 ​ ​ 118,532 ​ ​ 56,548 ​ ​ - ​ ​ - ​ ​ - ​ ​ 22,902 ​ ​ - ​ ​ 682,231 ​ Credit and debit card fees and commercial estabilshments ​ 1,830,128 ​ ​ 174,226 ​ ​ 168,273 ​ ​ 61,831 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,663 ​ ​ - ​ ​ 2,236,121 ​ Brokerage ​ - ​ ​ 12,661 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 14,193 ​ ​ - ​ ​ - ​ ​ 26,854 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 43,863 ​ ​ 16,125 ​ ​ 6,928 ​ ​ 3,716 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,917 ​ ​ - ​ ​ 72,549 ​ Trust ​ - ​ ​ 17,420 ​ ​ 6,567 ​ ​ 704 ​ ​ 347,838 ​ ​ - ​ ​ 90,548 ​ ​ 46 ​ ​ - ​ ​ 463,123 ​ Placement of securities and investment banking ​ - ​ ​ 1,998 ​ ​ 1,353 ​ ​ - ​ ​ - ​ ​ 79,521 ​ ​ 11,481 ​ ​ - ​ ​ - ​ ​ 94,353 ​ Bancassurance (1) ​ 636,632 ​ ​ 49,730 ​ ​ 129 ​ ​ - ​ ​ 40 ​ ​ 10 ​ ​ 51 ​ ​ - ​ ​ - ​ ​ 686,592 ​ Payment and collections ​ 723,297 ​ ​ 10,064 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 733,361 ​ Others ​ 192,682 ​ ​ - ​ ​ 57,942 ​ ​ 37,109 ​ ​ - ​ ​ - ​ ​ 1,009 ​ ​ 6,781 ​ ​ 3,097 ​ ​ 298,620 ​ Total revenue from contracts with customers (1) ​ 3,841,472 ​ ​ 351,603 ​ ​ 359,724 ​ ​ 159,908 ​ ​ 347,878 ​ ​ 79,531 ​ ​ 117,282 ​ ​ 33,309 ​ ​ 3,097 ​ ​ 5,293,804 ​ (1) Decrease in revenues due to the number of claims arising from the impact of the global COVID-19 pandemic. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ ​ Banking ​ ​ Banking El ​ ​ Banking ​ ​ ​ ​ ​ Investment ​ ​ ​ ​ ​ International ​ ​ All Other ​ ​ Total ​ ​ ​ Colombia ​ ​ Panama ​ ​ Salvador ​ ​ Guatemala ​ ​ Trust ​ ​ Banking ​ ​ Brokerage ​ ​ Banking ​ ​ Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ In millions of COP Fees and Commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking services ​ 329,281 ​ ​ 77,727 ​ ​ 105,821 ​ ​ 49,782 ​ ​ - ​ ​ - ​ ​ - ​ ​ 20,234 ​ ​ - ​ ​ 582,845 ​ Credit and debit card fees and commercial estabilshments ​ 1,484,085 ​ ​ 147,448 ​ ​ 126,857 ​ ​ 85,643 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,834 ​ ​ - ​ ​ 1,845,867 ​ Brokerage ​ - ​ ​ 10,047 ​ ​ - ​ ​ 9 ​ ​ - ​ ​ - ​ ​ 18,308 ​ ​ - ​ ​ - ​ ​ 28,364 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 38,864 ​ ​ 13,976 ​ ​ 5,112 ​ ​ 2,713 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,109 ​ ​ - ​ ​ 61,774 ​ Trust ​ 844 ​ ​ 18,089 ​ ​ 1,868 ​ ​ 788 ​ ​ 349,127 ​ ​ - ​ ​ 81,373 ​ ​ 46 ​ ​ 2,115 ​ ​ 454,250 ​ Placement of securities and investment banking ​ - ​ ​ 789 ​ ​ 1,723 ​ ​ - ​ ​ - ​ ​ 37,354 ​ ​ 12,170 ​ ​ - ​ ​ - ​ ​ 52,036 ​ Bancassurance ​ 685,783 ​ ​ 42,697 ​ ​ 139 ​ ​ - ​ ​ 8 ​ ​ 3 ​ ​ 12 ​ ​ - ​ ​ - ​ ​ 728,642 ​ Payment and collections ​ 595,222 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 595,222 ​ Others ​ 157,303 ​ ​ - ​ ​ 48,272 ​ ​ 37,333 ​ ​ 15 ​ ​ 90 ​ ​ 765 ​ ​ 5,673 ​ ​ (38) ​ ​ 249,413 ​ Total revenue from contracts with customers ​ 3,291,382 ​ ​ 310,773 ​ ​ 289,792 ​ ​ 176,268 ​ ​ 349,150 ​ ​ 37,447 ​ ​ 112,628 ​ ​ 28,896 ​ ​ 2,077 ​ ​ 4,598,413 ​ ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ ​ Banking ​ ​ Banking El ​ ​ Banking ​ ​ ​ ​ ​ Investment ​ ​ ​ ​ ​ International ​ ​ All Other ​ ​ Total ​ ​ ​ Colombia ​ ​ Panama ​ ​ Salvador ​ ​ Guatemala ​ ​ Trust ​ ​ Banking ​ ​ Brokerage ​ ​ Banking ​ ​ Segments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue from contracts with customers ​ In millions of COP Fees and Commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking services ​ 422,943 ​ ​ 77,976 ​ ​ 99,222 ​ ​ 52,627 ​ ​ - ​ ​ - ​ ​ - ​ ​ 15,683 ​ ​ - ​ ​ 668,451 ​ Credit and debit card fees and commercial estabilshments ​ 1,421,039 ​ ​ 200,372 ​ ​ 117,541 ​ ​ 78,764 ​ ​ - ​ ​ - ​ ​ - ​ ​ 4,230 ​ ​ - ​ ​ 1,821,946 ​ Brokerage ​ - ​ ​ 7,893 ​ ​ - ​ ​ 24 ​ ​ - ​ ​ - ​ ​ 18,617 ​ ​ - ​ ​ - ​ ​ 26,534 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 32,829 ​ ​ 14,369 ​ ​ 5,541 ​ ​ 2,440 ​ ​ - ​ ​ - ​ ​ - ​ ​ 844 ​ ​ - ​ ​ 56,023 ​ Trust ​ - ​ ​ 13,033 ​ ​ 1,713 ​ ​ 572 ​ ​ 349,402 ​ ​ - ​ ​ 80,534 ​ ​ 41 ​ ​ 509 ​ ​ 445,804 ​ Placement of securities and investment banking ​ - ​ ​ 391 ​ ​ 1,496 ​ ​ - ​ ​ - ​ ​ 30,142 ​ ​ 6,961 ​ ​ - ​ ​ - ​ ​ 38,990 ​ Bancassurance ​ 607,758 ​ ​ 35,014 ​ ​ 160 ​ ​ - ​ ​ 36 ​ ​ 7 ​ ​ 51 ​ ​ - ​ ​ - ​ ​ 643,026 ​ Payment and collections ​ 623,758 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 623,758 ​ Others ​ 161,420 ​ ​ 1,007 ​ ​ 42,636 ​ ​ 36,427 ​ ​ - ​ ​ 680 ​ ​ 7,201 ​ ​ 5,002 ​ ​ 79 ​ ​ 254,452 ​ Total revenue from contracts with customers ​ 3,269,747 ​ ​ 350,055 ​ ​ 268,309 ​ ​ 170,854 ​ ​ 349,438 ​ ​ 30,829 ​ ​ 113,364 ​ ​ 25,800 ​ ​ 588 ​ ​ 4,578,984 ​
Schedule of contract assets and liabilities	The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Accounts receivable from contracts with customers (1) ​ 182,672 ​ 177,991 ​ 203,198 Liabilities from contracts with customers (2) ​ 55,025 ​ 64,071 ​ 60,791 (1) Allowances for receivables from customers are COP 16,537 , COP 36,061 and COP 9,769 for the year 2021, 2020 and 2019 respectively. The increase in 2021 for impairment, corresponds to the growth of accounts receivable for credit card fees, due to the additional extensions granted to customers, according to External Circulars 007, 009, 014 and 022 of 2020 of the SFC. (2) See Note 20 Other liabilities.
Schedule of fees and commissions expenses	​ ​ ​ ​ ​ ​ ​ ​ Fees and Commissions Expenses ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Banking services ​ 798,729 ​ 587,531 ​ 585,593 Sales, collections and other services (1) ​ 619,715 ​ 558,038 ​ 423,630 Correspondent banking (2) ​ 307,308 ​ 213,850 ​ 176,326 Payments and collections ​ 26,897 ​ 20,034 ​ 44,990 Others ​ 108,034 ​ 182,132 ​ 322,700 Total expenses for commissions ​ 1,860,683 ​ 1,561,585 ​ 1,553,239 (1) Increase in 2021 due to greater demand for attention through the telephone channel (contact center services). (2) The increase is due to higher transactions, due to the opening of new correspondents in 2021.
Schedule of other operating income	​ ​ ​ ​ ​ ​ ​ ​ Other operating income ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Leases (1) ​ 936,574 ​ 711,575 ​ 682,525 Net foreign exchange and Derivatives Foreign exchange contracts (2) ​ 296,534 ​ 599,396 ​ 219,835 Gains on sale of assets (3) ​ 227,445 ​ 65,932 ​ 93,548 Services ​ 140,451 ​ 143,145 ​ 170,494 Investment property valuation (4) ​ 67,762 ​ (3,501) ​ 93,197 Other reversals ​ 56,381 ​ 70,352 ​ 49,079 Insurance (5) ​ 54,833 ​ 59,514 ​ 60,452 Penalties for failure to contracts ​ 15,680 ​ 8,207 ​ 28,554 Hedging ​ (6,133) ​ (3,746) ​ 663 Others ​ 232,614 ​ 193,698 ​ 136,900 Total Other operating income ​ 2,022,141 ​ 1,844,572 ​ 1,535,247 (1) As of December 31, 2021, 2020 and 2019, the amount consists of income from operating leases for COP 787,561 , COP 577,449 and COP 562,067 (See Note 7.1. Lessor); property leases for COP 139,021 , COP 125,494 and COP 85,507 (See Note 11. Investment properties); and other assets leases for COP 9,992 , COP 8,632 and COP 34,951 ; respectively. (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) The increase in 2021 corresponds mainly to gains on assets held for sale, mainly vehicles and assets returned from leasing contracts. (4) At the end of 2020 there was a devaluation of investment properties, as a result of the conditions of each property and the effect of the COVID-19 pandemic. See Note 11. Investment properties. (5) Corresponds to income from insurance operations of Seguros Agromercantil S.A., which operates in Guatemala. ​
Schedule of dividends received, and share of profits of equity method investees	​ ​ ​ ​ ​ ​ ​ ​ Dividends and net income on equity investments ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP Equity method (1) ​ 199,652 ​ 136,596 ​ 249,231 Dividends (2) ​ 108,079 ​ 14,217 ​ 84,183 Gains on sale of investments in associates (3) ​ 9,896 ​ - ​ 77,916 Equity investments (4) ​ 7,253 ​ (27,795) ​ 71,207 Impairment of investments in associates (5) ​ (1,733) ​ (4,399) ​ - Others (6) ​ 5,197 ​ 4,706 ​ (101,938) Total dividends received, and share of profits of equity method investees ​ 328,344 ​ 123,325 ​ 380,599 (1) Corresponds to income from equity method of investments in associates as of December 31, 2021 and 2020 for COP 179,033 and COP 123,676 , respectively, and joint ventures for COP 20,619 and COP 13,019 , respectively. For further information, see Note 8 investments in associates and joint ventures. (2) Dividends received from equity investments at fair value through profit or loss as of December 31, 2021, 2020 and 2019 amount COP 40,439 , COP 650 and COP 73,685 , respectively. The increase in 2021 is explained by the dividends of the privileged share of Tuya S.A. Dividends from equity investments at fair value through OCI amount COP 12,665 , COP 13,567 and COP 10,498 , respectively. As of December 31, 2021, 2020 and 2019, the amount includes dividends of investments derecognised for COP 251 , COP 490 and COP 4,100 , respectively. (3) Corresponds to the payment of the contingent value, as resulting from the sale made in 2019 of investments in associates Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. (4) During 2020, the losses in the investment portfolios of the Bank are due to the negative macroeconomic impacts generated by the global COVID-19 pandemic. (5) For 2021 and 2020, corresponds to the recognized impairment losses of the associate Internacional Ejecutiva de Aviación S.A.S. For further information, see Note 8 Investments in associates and joint ventures. (6) In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Vlipco S.A.S. previous to its acquisition date, the transaction was made in November 2021. For further information, see Note 9.3 Business combinations. In 2020, corresponds to the valuation of the financial liability that the Bank had with BAM Financial Corporation (BFC), due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. In February 2020, BFC notified its decision to exercise the contractual put option for the sale of the GAH common stock held, and in September, 2020, the Bank purchased 40% of the common stock of GAH from BFC, after obtaining the neccesary regulatory approvals.

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING EXPENSES
Schedule of salaries and employee benefit expenses	The detail for salaries and employee benefits for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefit ​ 2021 ​ 2020 ​ 2019 In millions of COP ​ ​ ​ ​ ​ ​ Salaries ​ 1,648,872 ​ 1,568,432 ​ 1,449,765 Bonuses (1) ​ 714,353 ​ 112,843 ​ 560,149 Private premium ​ 384,056 ​ 402,154 ​ 378,979 Social security contributions ​ 355,166 ​ 334,831 ​ 319,424 Indemnization payment ​ 137,453 ​ 100,228 ​ 140,633 Other benefits ​ 542,696 ​ 526,242 ​ 517,874 Total Salaries and employee benefit ​ 3,782,596 ​ 3,044,730 ​ 3,366,824 (1) The decrease in 2020 corresponds to the suspension of bonuses related to the variable compensation of Grupo Bancolombia employees during this year. ​
Schedule of other administrative and general expenses	The detail for administrative and general expenses for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ Other administrative and general expenses ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP ​ ​ ​ ​ Fees (1) ​ 756,835 ​ 539,473 ​ 531,669 Maintenance and repairs ​ 592,493 ​ 580,752 ​ 599,519 Insurance ​ 495,146 ​ 518,553 ​ 423,785 Data processing ​ 363,105 ​ 307,609 ​ 234,219 Frauds and claims ​ 201,115 ​ 144,689 ​ 65,589 Transport ​ 198,828 ​ 178,841 ​ 212,582 Advertising ​ 153,066 ​ 128,011 ​ 151,246 Public services ​ 149,029 ​ 110,998 ​ 116,837 Cleaning and security services ​ 111,717 ​ 106,112 ​ 100,593 Contributions and affiliations ​ 101,727 ​ 95,638 ​ 73,689 Communications ​ 71,861 ​ 75,847 ​ 77,375 Trust (2) ​ 64,575 ​ 34,470 ​ 59,334 Properties improvements and installation ​ 64,554 ​ 46,489 ​ 51,187 Useful and stationery ​ 53,476 ​ 50,575 ​ 83,891 Real estate management ​ 28,962 ​ 26,968 ​ 25,012 Others ​ 115,431 ​ 195,764 ​ 262,531 Total other administrative and general expenses ​ 3,521,920 ​ 3,140,789 ​ 3,069,058 Taxes other than income tax (3) ​ 719,593 ​ 765,766 ​ 757,820 (1) The Increase generated mainly by digital transformation fees. (2) The increase is mainly to the payment of yields trust. The yields for 2020 were impacted by the COVID-19 pandemic. (3) See Note 12 Income tax.
Schedule of impairment, depreciation and amortization expenses	The detail for Impairment, depreciation and amortization for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Impairment, depreciation and amortization ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP ​ ​ ​ ​ Depreciation of premises and equipment (1) ​ 466,179 ​ 360,703 ​ 358,439 Amortization of intangible assets (2) ​ 198,169 ​ 163,754 ​ 141,104 Depreciation of right-of-use assets ​ 190,819 ​ 211,910 ​ 177,709 Impairment of other assets, net (3) ​ 65,391 ​ 101,423 ​ 147,338 Total impairment, depreciation and amortization ​ 920,558 ​ 837,790 ​ 824,590 (1) See Note 10 Premises and equipment, net. (2) See Note 9 Goodwill and intangibles assets, net (3) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2021, 2020 and 2019 is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Impairment (recovery) of other assets, net ​ 2021 ​ 2020 ​ 2019 ​ ​ In millions of COP ​ ​ ​ ​ Banking Colombia (1) ​ 38,632 ​ 47,420 ​ 108,861 Banking Panamá ​ 17,962 ​ 13,211 ​ 17,869 Banking Guatemala (2) ​ 7,554 ​ 42,006 ​ 29,930 All other segments ​ 848 ​ 1,339 ​ 792 International Banking ​ - ​ 182 ​ 933 Brokerage ​ - ​ - ​ 1 Banking El Salvador ​ 395 ​ (2,735) ​ (11,048) Total ​ 65,391 ​ 101,423 ​ 147,338 (1) Corresponds to impairment of foreclosed assets. (2) Corresponds mainly to the recognition of impairment of North Shore Development Company S.A. in 2020, sold in 2021.

EARNING PER SHARE ('EPS') (Tabl

EARNING PER SHARE ('EPS') (Tables)	12 Months Ended
	Dec. 31, 2021
EARNING PER SHARE ('EPS')
Schedule of computation of basic EPS	The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2021, 2020 and 2019 (in millions of pesos, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Income from continuing operations before attribution of non-controlling interests ​ 4,207,787 ​ 315,359 ​ 3,214,567 Less: Non-controlling interests from continuing operations ​ 120,992 ​ 39,365 ​ 97,216 Net income from continuing operations ​ 4,086,795 ​ 275,994 ​ 3,117,351 Less: Preferred dividends declared ​ 59,851 ​ 682,876 ​ 435,810 Less: Allocation of undistributed earnings to preferred stockholders ​ 1,830,636 ​ (583,718) ​ 998,864 Net income allocated to common shareholders for basic and diluted EPS ​ 2,196,308 ​ 176,836 ​ 1,682,677 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 ​ 4,309 ​ 347 ​ 3,301 Basic and Diluted earnings per share from continuing operations ​ 4,309 ​ 347 ​ 3,301

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Schedule of transactions between related parties	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders with an ​ ​ ​ ​ ​ ​ ​ interest equal or ​ Directors and ​ Associates and ​ ​ ​ higher than 20% of ​ senior ​ joint ventures ​ ​ ​ the Bank's capital (1) ​ management ​ ​ ​ In millions of COP ​ Assets ​ ​ ​ ​ ​ ​ ​ Financial assets investments ​ 2,755 ​ - ​ 9,635 ​ Derivative financial instruments ​ - ​ 25 ​ - ​ Loans and advances to customers ​ 937,190 ​ 17,821 ​ 234,956 ​ Allowance for loans, advances and lease losses ​ (3,028) ​ (84) ​ (5,360) ​ Investment in associates and joint ventures ​ - ​ - ​ 2,720,559 ​ Other assets ​ 7,644 ​ 913 ​ 172,636 ​ Total assets ​ 944,561 ​ 18,675 ​ 3,132,426 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 2,101,846 ​ 8,162 ​ 195,647 ​ Derivative financial instruments ​ - ​ - ​ 7,782 ​ Other liabilities ​ 1,120 ​ 387 ​ 36,596 ​ Total liabilities ​ 2,102,966 ​ 8,549 ​ 240,025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest and other operating income ​ 766,772 ​ 857 ​ 27,440 ​ Valuation on financial instruments ​ (1,840) ​ 1,112 ​ (8,405) ​ Dividends and net income on equity investments ​ 58 ​ - ​ 289,423 ​ Other income ​ - ​ - ​ 52,582 ​ Net income ​ 764,990 ​ 1,969 ​ 361,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interests and other operating expenses ​ 20,315 ​ 224 ​ 137,786 ​ Fees ​ 1,243 ​ 1,700 ​ 977 ​ Other expenses ​ 72,435 ​ 4 ​ 30,784 ​ Total expenses ​ 93,993 ​ 1,928 ​ 169,547 ​ (1) Includes Grupo Sura conglomerate. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders with an ​ ​ ​ ​ ​ ​ ​ interest equal or ​ Directors and ​ Associates and ​ ​ ​ higher than 20% of ​ senior ​ joint ventures ​ ​ ​ the Bank’s capital (1) ​ management ​ ​ ​ In millions of COP ​ Assets ​ ​ ​ ​ ​ ​ ​ Financial assets investments ​ 742 ​ - ​ 9,786 ​ Derivative financial instruments ​ - ​ 108 ​ 2,327 ​ Loans and advances to customers ​ 1,080,819 ​ 17,270 ​ 231,371 ​ Allowance for loans, advances and lease losses ​ (3,035) ​ (71) ​ (153) ​ Investment in associates and joint ventures ​ - ​ - ​ 2,506,315 ​ Other assets ​ 11,549 ​ 2,122 ​ 59,158 ​ Total assets ​ 1,090,075 ​ 19,429 ​ 2,808,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 2,136,549 ​ 8,092 ​ 178,382 ​ Derivative financial instruments ​ 513 ​ - ​ - ​ Other liabilities ​ 6,859 ​ - ​ 26,779 ​ Total liabilities ​ 2,143,921 ​ 8,092 ​ 205,161 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest and other operating income ​ 816,502 ​ 975 ​ 25,589 ​ Valuation on financial instruments ​ 2,383 ​ 160 ​ 7,557 ​ Dividends and net income on equity investments ​ 78 ​ - ​ 136,596 ​ Other income ​ - ​ - ​ 47,916 ​ Net income ​ 818,963 ​ 1,135 ​ 217,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interests and other operating expenses ​ 62,134 ​ 243 ​ 82,500 ​ Fees ​ 2,601 ​ 1,675 ​ 703 ​ Other expenses ​ 148,850 ​ 55 ​ 22,830 ​ Total expenses ​ 213,585 ​ 1,973 ​ 106,033 ​ (1) Includes Grupo Sura conglomerate. ​ ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders with an ​ ​ ​ ​ ​ ​ ​ interest equal or ​ Directors and ​ Associates and ​ ​ ​ higher than 20% of ​ senior ​ joint ventures ​ ​ ​ the Bank’s capital (1) ​ management ​ ​ ​ In millions of COP ​ Assets ​ ​ ​ ​ ​ ​ ​ Financial assets investments ​ 14,369 ​ - ​ 34,378 ​ Derivative financial instruments ​ - ​ 235 ​ 6,581 ​ Loans and advances to customers ​ 1,115,151 ​ 20,910 ​ 130,170 ​ Allowance for loans, advances and lease losses ​ (2,007) ​ (75) ​ (160) ​ Investment in associates and joint ventures ​ - ​ - ​ 2,367,757 ​ Other assets ​ 54,563 ​ 773 ​ 53,830 ​ Total assets ​ 1,182,076 ​ 21,843 ​ 2,592,556 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 1,761,362 ​ 4,345 ​ 156,516 ​ Other liabilities ​ 1,379 ​ - ​ 33,705 ​ Total liabilities ​ 1,762,741 ​ 4,345 ​ 190,221 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest and other operating income ​ 738,594 ​ 231 ​ 10,830 ​ Valuation on financial instruments ​ ​ ​ (63) ​ 1,349 ​ Dividends and net income on equity investments ​ 33 ​ - ​ 316,270 ​ Other income ​ - ​ - ​ 99,424 ​ Net income ​ 738,627 ​ 168 ​ 427,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interests and other operating expenses ​ 66,286 ​ 160 ​ 47,840 ​ Fees ​ 540 ​ 1,236 ​ 1,197 ​ Other expenses ​ 131,938 ​ 52 ​ 24,359 ​ Total expenses ​ 198,764 ​ 1,448 ​ 73,396 ​ (1) Includes Grupo Sura conglomerate. ​

LIABILITIES FROM FINANCING AC_2

LIABILITIES FROM FINANCING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2021
LIABILITIES FROM FINANCING ACTIVITIES
Schedule of reconciliation of the balances of liabilities from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ ​ ​ Balance as of ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2021 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2021 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 2,216,163 ​ (1,457,203) ​ 4,365 ​ - ​ - ​ 763,325 Borrowings from other financial institutions (1) ​ 11,202,126 ​ (4,558,397) ​ 1,624,466 ​ 293,949 ​ (10,586) ​ 8,551,558 Debt instruments in issue (1) ​ 19,126,593 ​ (1,425,634) ​ 2,339,464 ​ 1,053,441 ​ - ​ 21,093,864 Preferred shares (2) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 33,129,086 ​ (7,498,935) ​ 3,968,295 ​ 1,405,091 ​ (10,586) ​ 30,992,951 (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 293,817 and COP 941,459 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ ​ ​ Balanceasof ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2020 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2020 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 1,313,737 ​ 903,120 ​ (694) ​ - ​ - ​ 2,216,163 Borrowings from other financial institutions (1)(2) ​ 13,959,343 ​ (4,137,376) ​ 837,779 ​ 527,825 ​ 14,555 ​ 11,202,126 Debt instruments in issue (1) ​ 19,921,515 ​ (2,608,701) ​ 759,790 ​ 1,053,989 ​ - ​ 19,126,593 Preferred shares (3) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 35,778,799 ​ (5,900,658) ​ 1,596,875 ​ 1,639,515 ​ 14,555 ​ 33,129,086 (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 553,125 and COP 992,952 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) Borrowings from other financial institutions cash flows include COP 1,117,680 related to acquisition of 40% of interest in Grupo Agromercantil Holding (GAH), which are classified as cash flows from operating activities in the consolidated statement of cash flow. (3) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF ASSETS AND LIABILITIES
Schedule of carrying amount and the fair value of the assets and liabilities	The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ amount ​ Value ​ amount ​ Value In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value through profit or loss ​ 15,036,467 ​ 15,036,467 ​ 15,571,214 ​ 15,571,214 Debt instruments at fair value through OCI ​ 7,245,451 ​ 7,245,451 ​ 8,238,981 ​ 8,238,981 Debt instruments at amortized cost ​ 6,527,230 ​ 6,502,271 ​ 5,154,601 ​ 5,200,688 Derivative financial instruments ​ 2,454,005 ​ 2,454,005 ​ 2,800,719 ​ 2,800,719 Equity securities at fair value ​ 480,153 ​ 480,153 ​ 588,207 ​ 588,207 Loans and advances to customers, net ​ 204,459,001 ​ 213,262,329 ​ 174,793,687 ​ 183,162,834 Investment property ​ 3,132,220 ​ 3,132,220 ​ 2,839,350 ​ 2,839,350 Investments in associates (1) ​ 1,358,368 ​ 1,358,368 ​ 1,263,765 ​ 1,263,765 Total ​ 240,692,895 ​ 249,471,264 ​ 211,250,524 ​ 219,665,758 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ (210,390,848) ​ (211,619,686) ​ (180,820,793) ​ (182,022,114) Interbank deposits ​ (886,405) ​ (886,405) ​ (762,574) ​ (762,574) Repurchase agreements and other similar secured borrowing ​ (763,325) ​ (763,325) ​ (2,216,163) ​ (2,216,163) Derivative financial instruments ​ (1,961,109) ​ (1,961,109) ​ (2,381,326) ​ (2,381,326) Borrowings from other financial institutions ​ (8,551,558) ​ (8,551,558) ​ (11,202,126) ​ (11,202,126) Preferred shares ​ (584,204) ​ (604,025) ​ (584,204) ​ (602,987) Debt instruments in issue ​ (21,093,864) ​ (21,696,836) ​ (19,126,593) ​ (20,530,091) Total ​ (244,231,313) ​ (246,082,944) ​ (217,093,779) ​ (219,717,381) (1) It corresponds to investments in associates P.A Viva Malls and Distrito Vera. See Note 8 Investments in associates and joint ventures.
Schedule of fair-value hierarchy levels the Bank's assets that are measured at fair value on a recurring basis	The following table presents for each of the Fair-Value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ ​ December 31, 2021 ​ December 31, 2020 Type of instrument ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Investment securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value through profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 8,377,741 ​ 600,743 ​ - ​ 8,978,484 ​ 9,177,665 ​ 1,262,313 ​ - ​ 10,439,978 Securities issued or secured by government entities ​ - ​ 67,395 ​ - ​ 67,395 ​ - ​ 72,401 ​ - ​ 72,401 Securities issued by other financial institutions ​ 197,315 ​ 378,787 ​ 113,058 ​ 689,160 ​ 138,101 ​ 461,349 ​ 122,285 ​ 721,735 Securities issued by foreign governments ​ 3,083,180 ​ 2,097,595 ​ - ​ 5,180,775 ​ 3,211,372 ​ 1,023,427 ​ - ​ 4,234,799 Corporate bonds ​ 28,483 ​ 92,170 ​ - ​ 120,653 ​ 25,161 ​ 66,348 ​ 10,792 ​ 102,301 Total debt instruments at fair value through profit or loss ​ 11,686,719 ​ 3,236,690 ​ 113,058 ​ 15,036,467 ​ 12,552,299 ​ 2,885,838 ​ 133,077 ​ 15,571,214 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ - ​ 2,515,927 ​ - ​ 2,515,927 ​ - ​ 2,552,041 ​ - ​ 2,552,041 Securities issued by other financial institutions ​ 188,638 ​ 122,020 ​ - ​ 310,658 ​ 230,095 ​ 542,640 ​ - ​ 772,735 Securities issued by foreign governments ​ 2,672,889 ​ 1,621,060 ​ - ​ 4,293,949 ​ 2,561,302 ​ 2,253,751 ​ - ​ 4,815,053 Corporate bonds ​ 87,021 ​ 37,896 ​ - ​ 124,917 ​ 62,556 ​ 36,596 ​ - ​ 99,152 Total debt instruments at fair value through OCI ​ 2,948,548 ​ 4,296,903 ​ - ​ 7,245,451 ​ 2,853,953 ​ 5,385,028 ​ - ​ 8,238,981 Total debt instruments ​ 14,635,267 ​ 7,533,593 ​ 113,058 ​ 22,281,918 ​ 15,406,252 ​ 8,270,866 ​ 133,077 ​ 23,810,195 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 35,833 ​ 109,314 ​ 335,006 ​ 480,153 ​ 90,988 ​ 51,863 ​ 445,356 ​ 588,207 Total equity securities ​ 35,833 ​ 109,314 ​ 335,006 ​ 480,153 ​ 90,988 ​ 51,863 ​ 445,356 ​ 588,207 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 251,299 ​ 478,068 ​ 729,367 ​ - ​ 582,282 ​ 392,843 ​ 975,125 Equity contracts ​ - ​ 6,483 ​ 313 ​ 6,796 ​ - ​ 1,688 ​ - ​ 1,688 Total forwards ​ - ​ 257,782 ​ 478,381 ​ 736,163 ​ - ​ 583,970 ​ 392,843 ​ 976,813 Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ 1,007,173 ​ 415,182 ​ 1,422,355 ​ - ​ 794,202 ​ 152,851 ​ 947,053 Interest rate contracts ​ 89,069 ​ 111,696 ​ 46,393 ​ 247,158 ​ 30,146 ​ 673,723 ​ 136,173 ​ 840,042 Total swaps ​ 89,069 ​ 1,118,869 ​ 461,575 ​ 1,669,513 ​ 30,146 ​ 1,467,925 ​ 289,024 ​ 1,787,095 Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 368 ​ 3,578 ​ 44,383 ​ 48,329 ​ 22 ​ 2,277 ​ 34,512 ​ 36,811 Total options ​ 368 ​ 3,578 ​ 44,383 ​ 48,329 ​ 22 ​ 2,277 ​ 34,512 ​ 36,811 Total derivative financial instruments ​ 89,437 ​ 1,380,229 ​ 984,339 ​ 2,454,005 ​ 30,168 ​ 2,054,172 ​ 716,379 ​ 2,800,719 Investment properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lands ​ - ​ - ​ 182,500 ​ 182,500 ​ - ​ - ​ 256,195 ​ 256,195 Buildings ​ - ​ - ​ 2,949,720 ​ 2,949,720 ​ - ​ - ​ 2,583,155 ​ 2,583,155 Total investment properties ​ - ​ - ​ 3,132,220 ​ 3,132,220 ​ - ​ - ​ 2,839,350 ​ 2,839,350 Investment in associates at fair valure ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls ​ - ​ - ​ 1,355,688 ​ 1,355,688 ​ - ​ - ​ 1,263,765 ​ 1,263,765 P.A Distrito Vera ​ - ​ - ​ 2,680 ​ 2,680 ​ - ​ - ​ - ​ - Total investment in associates at fair value ​ - ​ - ​ 1,358,368 ​ 1,358,368 ​ - ​ - ​ 1,263,765 ​ 1,263,765 Total ​ 14,760,537 ​ 9,023,136 ​ 5,922,991 ​ 29,706,664 ​ 15,527,408 ​ 10,376,901 ​ 5,397,927 ​ 31,302,236 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ December 31, 2021 ​ December 31, 2020 Type of instrument ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ (535,535) ​ (70,002) ​ (605,537) ​ - ​ (823,360) ​ (57,254) ​ (880,614) Equity contracts ​ - ​ (25,068) ​ - ​ (25,068) ​ - ​ (15,333) ​ - ​ (15,333) Total forwards ​ - ​ (560,603) ​ (70,002) ​ (630,605) ​ - ​ (838,693) ​ (57,254) ​ (895,947) Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ (798,396) ​ (162,442) ​ (960,838) ​ - ​ (581,120) ​ (34,505) ​ (615,625) Interest rate contracts ​ (76,925) ​ (227,220) ​ (4,312) ​ (308,457) ​ (26,940) ​ (773,774) ​ (2,439) ​ (803,153) Total swaps ​ (76,925) ​ (1,025,616) ​ (166,754) ​ (1,269,295) ​ (26,940) ​ (1,354,894) ​ (36,944) ​ (1,418,778) Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ (61,209) ​ - ​ (61,209) ​ (17) ​ (66,584) ​ - ​ (66,601) Total options ​ - ​ (61,209) ​ - ​ (61,209) ​ (17) ​ (66,584) ​ - ​ (66,601) Total derivative financial instruments ​ (76,925) ​ (1,647,428) ​ (236,756) ​ (1,961,109) ​ (26,957) ​ (2,260,171) ​ (94,198) ​ (2,381,326) Total ​ (76,925) ​ (1,647,428) ​ (236,756) ​ (1,961,109) ​ (26,957) ​ (2,260,171) ​ (94,198) ​ (2,381,326)
Schedule of fair-value hierarchy levels the Bank's liabilities that are measured at fair value on a recurring basis	​
Schedule of fair-value hierarchy levels the Bank's assets and liabilities that are not measured at fair value in the statement of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ December 31, 2021 ​ December 31, 2020 Type of instrument ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Debt instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 147,502 ​ - ​ - ​ 147,502 ​ 131,530 ​ - ​ - ​ 131,530 Securities issued or secured by government entities ​ - ​ 50,598 ​ 2,647,497 ​ 2,698,095 ​ - ​ - ​ 2,423,639 ​ 2,423,639 Securities issued by other financial institutions ​ 294,421 ​ 294,717 ​ 3,106 ​ 592,244 ​ 238,317 ​ - ​ 32,428 ​ 270,745 Securities issued by foreign governments ​ 318,035 ​ 182,987 ​ - ​ 501,022 ​ 239,623 ​ 150,667 ​ - ​ 390,290 Corporate bonds ​ 1,039,185 ​ 15,034 ​ 1,509,189 ​ 2,563,408 ​ 644,745 ​ 13,265 ​ 1,326,474 ​ 1,984,484 Total – Debt instruments ​ 1,799,143 ​ 543,336 ​ 4,159,792 ​ 6,502,271 ​ 1,254,215 ​ 163,932 ​ 3,782,541 ​ 5,200,688 Loans and advances to customers, net ​ ​ ​ ​ ​ 213,262,329 ​ 213,262,329 ​ - ​ - ​ 183,162,834 ​ 183,162,834 Total ​ 1,799,143 ​ 543,336 ​ 217,422,121 ​ 219,764,600 ​ 1,254,215 ​ 163,932 ​ 186,945,375 ​ 188,363,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ December 31, 2021 ​ December 31, 2020 Type of instruments ​ Fair value hierarchy ​ Total fair ​ Fair value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Deposits by customers ​ - ​ (24,126,509) ​ (187,493,177) ​ (211,619,686) ​ - ​ (29,309,307) ​ (152,712,807) ​ (182,022,114) Interbank deposits ​ - ​ - ​ (886,405) ​ (886,405) ​ - ​ - ​ (762,574) ​ (762,574) Repurchase agreements and other similar secured borrowing ​ - ​ - ​ (763,325) ​ (763,325) ​ - ​ - ​ (2,216,163) ​ (2,216,163) Borrowings from other financial institutions ​ - ​ - ​ (8,551,558) ​ (8,551,558) ​ - ​ - ​ (11,202,126) ​ (11,202,126) Debt instruments in issue ​ (11,673,618) (1) (7,948,718) ​ (2,074,500) ​ (21,696,836) ​ (10,507,774) ​ (8,407,005) ​ (1,615,312) ​ (20,530,091) Preferred shares ​ - ​ - ​ (604,025) ​ (604,025) ​ - ​ - ​ (602,987) ​ (602,987) Total ​ (11,673,618) ​ (32,075,227) ​ (200,372,990) ​ (244,121,835) ​ (10,507,774) ​ (37,716,312) ​ (169,111,969) ​ (217,336,055) (1) Change of level in bonds issued by Bancolombia according to its market liquidity. ​
Schedule of Items Measured at fair value on a non-recurring basis	The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Fair-value hierarchy ​ Total fair ​ Fair-value hierarchy ​ Total fair ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ value In millions of COP Machinery and equipment ​ - ​ - ​ 4,340 ​ 4,340 ​ - ​ - ​ 3,277 ​ 3,277 Real estate for residential purposes ​ - ​ - ​ 101,214 ​ 101,214 ​ - ​ - ​ 70,252 ​ 70,252 Real estate different from residential properties ​ - ​ - ​ 28,143 ​ 28,143 ​ - ​ - ​ 8,974 ​ 8,974 Total ​ - ​ - ​ 133,697 ​ 133,697 ​ - ​ - ​ 82,503 ​ 82,503 ​
Schedule of Changes in Level 3 Fair-Value Category	The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2021 and 2020: As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2021 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ level3 ​ level3 ​ 2021 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 122,285 ​ (106) ​ - ​ 5,034 ​ (14,623) ​ - ​ (32,211) ​ 32,679 ​ - ​ 113,058 Corporate bonds ​ 10,792 ​ - ​ - ​ - ​ (7,127) ​ - ​ ​ ​ - ​ (3,665) ​ - Total ​ 133,077 ​ (106) ​ - ​ 5,034 ​ (21,750) ​ - ​ (32,211) ​ 32,679 ​ (3,665) ​ 113,058 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 580,206 ​ 105,528 ​ - ​ 532,190 ​ (456,806) ​ (19,593) ​ - ​ 235,709 ​ (39,601) ​ 937,633 Interest rate contracts ​ 136,173 ​ (37,024) ​ - ​ 6,635 ​ (26,569) ​ (7,308) ​ - ​ 13,812 ​ (39,326) ​ 46,393 Equity contracts ​ - ​ - ​ - ​ 313 ​ - ​ - ​ - ​ - ​ - ​ 313 Total ​ 716,379 ​ 68,504 ​ - ​ 539,138 ​ (483,375) ​ (26,901) (1) - ​ 249,521 ​ (78,927) ​ 984,339 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 445,356 ​ (474) ​ 36,656 ​ 2,664 ​ (124,343) ​ - ​ - ​ 2 ​ (24,855) ​ 335,006 Total ​ 445,356 ​ (474) ​ 36,656 ​ 2,664 ​ (124,343) ​ - ​ - ​ 2 ​ (24,855) ​ 335,006 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,263,765 ​ 105,202 ​ - ​ - ​ (13,279) ​ - ​ - ​ - ​ - ​ 1,355,688 PA Distrito Vera ​ - ​ 237 ​ - ​ 1,779 ​ (2,529) ​ 3,193 ​ - ​ - ​ - ​ 2,680 Total ​ 1,263,765 ​ 105,439 ​ - ​ 1,779 ​ (15,808) ​ 3,193 ​ - ​ - ​ - ​ 1,358,368 Total Assets ​ 2,558,577 ​ 173,363 ​ 36,656 ​ 548,615 ​ (645,276) ​ (23,708) ​ (32,211) ​ 282,202 ​ (107,447) ​ 2,790,771 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ (91,759) ​ 2,351 ​ - ​ (71,358) ​ 52,311 ​ 19,593 ​ - ​ (160,156) ​ 16,574 ​ (232,444) Interest rate contracts ​ (2,439) ​ (7,694) ​ - ​ (648) ​ 28 ​ 7,308 ​ - ​ (3,278) ​ 2,411 ​ (4,312) Total ​ (94,198) ​ (5,343) ​ - ​ (72,006) ​ 52,339 ​ 26,901 (1) - ​ (163,434) ​ 18,985 ​ (236,756) Total liabilities ​ (94,198) ​ (5,343) ​ - ​ (72,006) ​ 52,339 ​ 26,901 ​ - ​ (163,434) ​ 18,985 ​ (236,756) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications ​ Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2020 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level3 ​ Level3 ​ 2020 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 126,049 ​ 14,325 ​ - ​ 4,325 ​ (24,501) ​ - ​ (36,507) ​ 40,558 ​ (1,964) ​ 122,285 Corporate bonds ​ 2,030 ​ 1,344 ​ - ​ - ​ - ​ - ​ (1,353) ​ 8,771 ​ - ​ 10,792 Total ​ 128,079 ​ 15,669 ​ - ​ 4,325 ​ (24,501) ​ - ​ (37,860) ​ 49,329 ​ (1,964) ​ 133,077 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 394,280 ​ 16,561 ​ - ​ 463,285 ​ (282,053) ​ (4,270) ​ - ​ 308 ​ (7,905) ​ 580,206 Interest rate contracts ​ 56,054 ​ 53,367 ​ - ​ 33,076 ​ (3,934) ​ - ​ - ​ 1,758 ​ (4,148) ​ 136,173 Equity contracts ​ 142 ​ - ​ - ​ - ​ (142) ​ - ​ - ​ - ​ - ​ - Total ​ 450,476 ​ 69,928 ​ - ​ 496,361 ​ (286,129) ​ (4,270) (1) - ​ 2,066 ​ (12,053) ​ 716,379 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 1,079,700 ​ (17,045) ​ 36,682 ​ 26,281 ​ (79,287) ​ (573,592) ​ - ​ 27 ​ (27,410) ​ 445,356 Total ​ 1,079,700 ​ (17,045) ​ 36,682 ​ 26,281 ​ (79,287) ​ (573,592) ​ - ​ 27 ​ (27,410) ​ 445,356 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,249,818 ​ 56,116 ​ - ​ - ​ (42,169) ​ - ​ - ​ - ​ - ​ 1,263,765 Total ​ 1,249,818 ​ 56,116 ​ - ​ - ​ (42,169) ​ - ​ - ​ - ​ - ​ 1,263,765 Total Assets ​ 2,908,073 ​ 124,668 ​ 36,682 ​ 526,967 ​ (432,086) ​ (577,862) ​ (37,860) ​ 51,422 ​ (41,427) ​ 2,558,577 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ (119,643) ​ (4,067) ​ - ​ (73,770) ​ 111,182 ​ 4,270 ​ - ​ (12,325) ​ 2,594 ​ (91,759) Interest rate contracts ​ (1,376) ​ - ​ - ​ (40) ​ 519 ​ - ​ - ​ (2,399) ​ 857 ​ (2,439) Equity contracts ​ (199) ​ - ​ - ​ - ​ 199 ​ - ​ - ​ - ​ - ​ - Total ​ (121,218) ​ (4,067) ​ - ​ (73,810) ​ 111,900 ​ 4,270 (1) - ​ (14,724) ​ 3,451 ​ (94,198) Total liabilities ​ (121,218) ​ (4,067) ​ - ​ (73,810) ​ 111,900 ​ 4,270 ​ - ​ (14,724) ​ 3,451 ​ (94,198) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. In 2020 the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being according to IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. ​
Schedule of transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2	The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Transfers level 1 ​ Transfers level ​ Transfers level ​ Transfers level ​ ​ to level 2 ​ 2 to level 1 ​ 1 to level 2 ​ 2 to level 1 Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 10,293 ​ - ​ - ​ - Securities issued or secured by foreign government ​ - ​ - ​ 50 ​ 663 Total ​ 10,293 ​ - ​ 50 ​ 663 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by foreign government ​ - ​ - ​ 481,294 ​ 34,325 Total ​ - ​ - ​ 481,294 ​ 34,325 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 80,990 ​ - ​ - ​ 70,206 Total ​ 80,990 ​ - ​ - ​ 70,206 ​
Schedule of significant unobservable inputs related to the Bank's material categories of Level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions	As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sensitivity ​ Sensitivity ​ ​ ​ ​ Valuation ​ Significant ​ Range of ​ Weighted ​ 100 ​ 100 Financial instrument ​ Fair Value ​ technique ​ unobservable input ​ inputs ​ average ​ basis point ​ basis point ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ increase ​ decrease Amounts in millions of COP Debt instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by other financial institutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TIPS ​ 98,383 ​ Discounted cash flow ​ Yield ​ 0.14% a 5.46 % 2.74 % 96,097 ​ 100,779 ​ ​ ​ ​ ​ ​ Prepayment Speed ​ n/a ​ n/a ​ 95,889 ​ 102,148 Other bonds ​ 9,635 ​ Discounted cash flow ​ Yield ​ 1.16% a 1.16 % 1.16 % 9,276 ​ 10,014 ​ ​ ​ ​ ​ ​ Liquidity risk ​ 2.55% a 2.55 % 2.55 % 9,281 ​ 10,008 Time deposits ​ 5,040 ​ Discounted cash flow ​ Interest rate ​ 0.47% a 4.25 % 3.84 % 4,989 ​ 5,053 Total debt instruments ​ 113,058 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 335,006 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ 408,379 ​ Discounted cash flow ​ Credit spread ​ 0% a 32.81 % 6.83 % 406,899 ​ 409,594 ​ ​ ​ ​ ​ ​ Yield ​ ​ ​ ​ ​ ​ ​ ​ Swaps ​ 294,821 ​ Discounted cash flow ​ Credit spread ​ 0% a 28.85 % 3.82 % 309,046 ​ 285,805 ​ ​ ​ ​ ​ ​ Yield ​ ​ ​ ​ ​ ​ ​ ​ Options ​ 44,383 ​ Discounted cash flow ​ Credit spread ​ 0.14% a 37.57 % 0.63 % 44,048 ​ 44,575 Total derivative financial instruments ​ 747,583 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls ​ 1,355,688 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a P.A Distrito Vera ​ 2,680 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sensitivity ​ Sensitivity ​ ​ ​ ​ Valuation ​ Significant ​ Range of ​ Weighted ​ 100 ​ 100 Financial instrument ​ Fair Value ​ technique ​ unobservable input ​ inputs ​ average ​ basis point ​ basis point ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ increase ​ decrease In millions of COP Debt instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by other financial institutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TIPS ​ 108,992 ​ Discounted cash flow ​ Yield ​ 0.14% to 5.46 % 2.73 % 106,498 ​ 110,328 ​ ​ ​ ​ ​ ​ Prepayment Speed ​ n/a ​ n/a ​ 110,178 ​ 107,586 Other bonds ​ 9,786 ​ Discounted cash flow ​ Yield ​ 2.20% to 2.20 % 2.2 % 9,335 ​ 10,267 ​ ​ ​ ​ ​ ​ Liquidity risk ​ 2.55% to 2.55 % 2.55 % 9,337 ​ 10,265 Time deposits ​ 3,507 ​ Discounted cash flow ​ Interest rate ​ 2.95% to 5.10 % 5.13 % 3,499 ​ 3,514 Securities issued by other financial institutions ​ 122,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ 10,792 ​ Discounted cash flow ​ Yield ​ 3.32 % 3.32 % 10,711 ​ 10,890 Total debt instruments ​ 133,077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 445,356 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ 335,589 ​ Discounted cash flow ​ Credit spread ​ 0% to 22.58 % 3.69 % 334,916 ​ 336,268 Swaps ​ 252,080 ​ Discounted cash flow ​ Credit spread ​ 0% to 32.25 % 4.39 % 247,382 ​ 239,563 Options ​ 34,512 ​ Black-Scholes ​ Credit spread ​ 0% to 36.99 % 1.78 % 34,270 ​ 34,732 Total derivative financial instruments ​ 622,181 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls ​ 1,263,765 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a ​

RISK MANAGEMENT (Tables)

RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2021
RISK MANAGEMENT
Schedule of maximum exposure to credit risk	The information below contains the maximum exposure to credit risk: December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 185,100,233 ​ 19,299,753 ​ 15,923,497 ​ 220,323,483 Commercial ​ 97,000,580 ​ 8,335,781 ​ 9,575,482 ​ 114,911,843 Consumer ​ 41,773,555 ​ 3,927,387 ​ 2,662,098 ​ 48,363,040 Mortgage ​ 25,447,635 ​ 3,654,710 ​ 1,544,442 ​ 30,646,787 Small Business Loans ​ 950,991 ​ 183,693 ​ 147,501 ​ 1,282,185 Financial Leases ​ 19,927,472 ​ 3,198,182 ​ 1,993,974 ​ 25,119,628 Off-Balance Sheet Exposures ​ 45,348,295 ​ 697,067 ​ 302,358 ​ 46,347,720 Financial Guarantees ​ 8,714,751 ​ 46,845 ​ 942 ​ 8,762,538 Loan Commitments ​ 36,633,544 ​ 650,222 ​ 301,416 ​ 37,585,182 Loss Allowance ​ (2,589,992) ​ (3,383,311) ​ (10,126,945) ​ (16,100,248) Total ​ 227,858,536 ​ 16,613,509 ​ 6,098,910 ​ 250,570,955 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 156,253,029 ​ 18,778,668 ​ 16,378,033 ​ 191,409,730 Commercial ​ 80,863,445 ​ 8,203,659 ​ 9,592,183 ​ 98,659,287 Consumer ​ 33,766,023 ​ 4,599,535 ​ 2,690,381 ​ 41,055,939 Mortgage ​ 21,676,563 ​ 3,093,690 ​ 1,188,859 ​ 25,959,112 Small Business Loans ​ 965,822 ​ 109,655 ​ 156,598 ​ 1,232,075 Financial Leases ​ 18,981,176 ​ 2,772,129 ​ 2,750,012 ​ 24,503,317 Off-Balance Sheet Exposures ​ 38,980,523 ​ 859,263 ​ 320,205 ​ 40,159,991 Financial Guarantees ​ 7,553,064 ​ 77,626 ​ 1,641 ​ 7,632,331 Loan Commitments ​ 31,427,459 ​ 781,637 ​ 318,564 ​ 32,527,660 Loss Allowance ​ (3,525,671) ​ (3,063,121) ​ (10,335,484) ​ (16,924,276) Total ​ 191,707,881 ​ 16,574,810 ​ 6,362,754 ​ 214,645,445 ​ Other Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Exposure to Credit Risk - Other Financial Instruments ​ ​ Maximum Exposure ​ Collateral * ​ Net Exposure ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ 28,833,828 ​ 29,003,922 ​ (1,214,692) ​ (2,529,943) ​ 27,619,136 ​ 26,473,979 Derivatives ** ​ 1,090,121 ​ 1,093,357 ​ (87) ​ (136) ​ 1,090,034 ​ 1,093,221 Equity ​ 480,153 ​ 588,207 ​ - ​ - ​ 480,153 ​ 588,207 Total ​ 30,404,102 ​ 30,685,486 ​ (1,214,779) ​ (2,530,079) ​ 29,189,323 ​ 28,155,407 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100%
Schedule of credit risk management for loans and advances	December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ # financial obligations ​ Amount ​ ECL Stage 1 ​ 18,900 ​ 1,947,617 ​ 54,551 Stage 2 ​ 39,067 ​ 5,708,061 ​ 577,688 Stage 3 ​ 21,693 ​ 1,567,188 ​ 810,867 Total Loans and Advances ​ 79,660 ​ 9,222,866 ​ 1,443,106 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ # financial obligations ​ Amount ​ ECL Stage 1 ​ 479,512 ​ 17,866,538 ​ 724,148 Stage 2 ​ 220,256 ​ 9,782,256 ​ 1,458,818 Stage 3 ​ 77,986 ​ 2,277,165 ​ 1,330,512 Total Loans and Advances ​ 777,754 ​ 29,925,959 ​ 3,513,478 ​ The following table shows the 30-day past due loan ratio on portfolio loans that had Covid-19 financial reliefs during 2020 and 2021, and that were ended: December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ Commercial and financial leases ​ Consumer ​ Mortgage ​ Small business loan ​ Total Total Loans and Advances ​ 140,031,471 ​ 48,363,040 ​ 30,646,787 ​ 1,282,185 ​ 220,323,483 Total Past-due ​ 5,282,456 ​ 2,721,730 ​ 1,851,082 ​ 164,762 ​ 10,020,030 Past-due of customer with not current financial reliefs ​ 620,309 ​ 1,272,036 ​ 516,122 ​ 50,151 ​ 2,458,618 % Past-due with not current reliefs ​ 12% ​ 47% ​ 28% ​ 30% ​ 25% ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ Commercial and financial leases ​ Consumer ​ Mortgage ​ Small business loan ​ Total Total Loans and Advances ​ 123,162,604 ​ 41,055,939 ​ 25,959,112 ​ 1,232,075 ​ 191,409,730 Total Past-due ​ 6,036,849 ​ 2,774,345 ​ 1,482,245 ​ 173,562 ​ 10,467,001 Past-due of customer with not current financial reliefs ​ 686,532 ​ 1,886,479 ​ 362,339 ​ 60,420 ​ 2,995,770 % Past-due with not current reliefs ​ 11% ​ 68% ​ 24% ​ 35% ​ 29%
Schedule of amount and allowance of clients included in the described watch list	December 2021: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2021 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 13,487,382 ​ 1.79 % 241,520 Level 2 – Medium Risk ​ 7,896,250 ​ 8.38 % 661,419 Level 3 – High Risk ​ 3,678,230 ​ 47.87 % 1,760,840 Level 4 – High Risk ​ 6,329,634 ​ 82.42 % 5,217,032 Total ​ 31,391,496 ​ 25.10 % 7,880,811 ​ December 2020: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2020 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 18,297,145 ​ 1.86 % 340,643 Level 2 – Medium Risk ​ 8,271,558 ​ 7.10 % 587,281 Level 3 – High Risk ​ 4,608,165 ​ 40.45 % 1,864,016 Level 4 – High Risk ​ 5,840,519 ​ 73.02 % 4,264,740 Total ​ 37,017,387 ​ 19.06 % 7,056,680 ​
Schedule of loans and financial leases by type of collateral	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 25,087,070 ​ 1,700,588 ​ 28,131,226 ​ 132 ​ 408,974 ​ 55,327,990 Goods Given in Real Estate Leasing ​ - ​ - ​ 200 ​ 15,868,852 ​ - ​ 15,869,052 Goods Given in Leasing Other Than Real Estate ​ - ​ 54 ​ - ​ 6,168,941 ​ - ​ 6,168,995 Stand by Letters of Credit ​ 632,108 ​ - ​ - ​ - ​ - ​ 632,108 Security Deposits ​ 427,921 ​ 348,964 ​ - ​ - ​ 104,061 ​ 880,946 Guarantee Fund ​ 6,190,851 ​ 5,642 ​ - ​ 93,877 ​ 300,679 ​ 6,591,049 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 5,389,352 ​ 38,094 ​ - ​ - ​ 613 ​ 5,428,059 Other Collateral (Pledges) ​ 3,412,129 ​ 6,707,149 ​ 97,455 ​ - ​ 3,614 ​ 10,220,347 Without Guarantee (Uncovered Balance) ​ 73,772,412 ​ 39,562,549 ​ 2,417,906 ​ 2,987,826 ​ 464,244 ​ 119,204,937 Total loans and financial leases ​ 114,911,843 ​ 48,363,040 ​ 30,646,787 ​ 25,119,628 ​ 1,282,185 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 20,197,850 ​ 1,625,193 ​ 23,877,715 ​ - ​ 239,737 ​ 45,940,495 Goods Given in Real Estate Leasing ​ - ​ - ​ 220 ​ 14,946,258 ​ - ​ 14,946,478 Goods Given in Leasing Other Than Real Estate ​ - ​ - ​ - ​ 5,647,128 ​ - ​ 5,647,128 Stand by Letters of Credit ​ 533,921 ​ 202 ​ - ​ - ​ - ​ 534,123 Security Deposits ​ 257,602 ​ 328,212 ​ - ​ - ​ 34,950 ​ 620,764 Guarantee Fund ​ 4,894,425 ​ 5,796 ​ - ​ 100,402 ​ 355,760 ​ 5,356,383 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 4,323,241 ​ 36,910 ​ - ​ - ​ 742 ​ 4,360,893 Other Collateral (Pledges) ​ 2,775,786 ​ 5,131,570 ​ 41,429 ​ 133 ​ 4,399 ​ 7,953,317 Without Guarantee (Uncovered Balance) ​ 65,676,462 ​ 33,928,056 ​ 2,039,748 ​ 3,809,396 ​ 596,487 ​ 106,050,149 Total loans and financial leases ​ 98,659,287 ​ 41,055,939 ​ 25,959,112 ​ 24,503,317 ​ 1,232,075 ​ 191,409,730 ​
Schedule of financial assets that are classified in Stage 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In Millions of COP Classification ​ Amount ​ Allowance ​ Total ​ Fair Value of Collateral Commercial ​ 725,212 ​ 300,688 ​ 424,524 ​ 2,290,284 Consumer ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ 158,328 ​ 39,827 ​ 118,501 ​ 197,339 Small Business Loans ​ ​ ​ ​ ​ ​ ​ ​ Financial Leases ​ 812,927 ​ 292,016 ​ 520,911 ​ 1,291,636 Total credit assets ​ 1,696,467 ​ 632,531 ​ 1,063,936 ​ 3,779,259 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 In Millions of COP Classification ​ Amount ​ Allowance ​ Total ​ Fair Value of Collateral Commercial ​ 790,508 ​ 275,862 ​ 514,646 ​ 2,129,688 Consumer ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ 181,029 ​ 26,572 ​ 154,457 ​ 220,167 Small Business Loans ​ ​ ​ ​ ​ ​ ​ ​ Financial Leases ​ 1,013,141 ​ 286,413 ​ 726,728 ​ 1,616,142 Total credit assets ​ 1,984,678 ​ 588,847 ​ 1,395,831 ​ 3,965,997 ​
Schedule of loans concentration by category	The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories are as follows: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2021 ​ December 31, 2020 In millions of COP Commercial ​ 114,911,843 ​ 98,659,287 Corporate ​ 60,920,083 ​ 51,884,404 SME ​ 15,010,566 ​ 13,249,336 Others ​ 38,981,194 ​ 33,525,547 Consumer ​ 48,363,040 ​ 41,055,939 Credit card ​ 8,910,716 ​ 7,610,590 Vehicle ​ 4,595,726 ​ 3,929,299 Payroll loans ​ 9,307,057 ​ 7,879,427 Others ​ 25,549,541 ​ 21,636,623 Mortgage ​ 30,646,787 ​ 25,959,112 VIS 2 ​ 9,286,304 ​ 7,384,737 Non- VIS ​ 21,360,483 ​ 18,574,375 Financial Leases ​ 25,119,628 ​ 24,503,317 Small Business Loans ​ 1,282,185 ​ 1,232,075 Loans and advances to customers and financial institutions ​ 220,323,483 ​ 191,409,730 Allowance for loans and advances and lease losses ​ (15,864,482) ​ (16,616,043) Total net loan and financial leases ​ 204,459,001 ​ 174,793,687
Schedule of credit concentration of loans and financial leases by maturity	The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Between 1 and 5 ​ Between 5 and 15 ​ Greater Than 15 ​ ​ Maturity ​ Less Than 1 Year ​ Years ​ Years ​ Years ​ Total In millions of COP Commercial ​ 34,695,533 ​ 46,230,960 ​ 32,314,993 ​ 1,670,357 ​ 114,911,843 Corporate ​ 17,124,666 ​ 22,523,964 ​ 19,979,836 ​ 1,291,617 ​ 60,920,083 SME ​ 3,946,269 ​ 8,296,746 ​ 2,425,844 ​ 341,707 ​ 15,010,566 Others ​ 13,624,598 ​ 15,410,250 ​ 9,909,313 ​ 37,033 ​ 38,981,194 Consumer ​ 1,066,641 ​ 28,018,402 ​ 15,283,421 ​ 3,994,576 ​ 48,363,040 Credit card ​ 328,066 ​ 7,500,460 ​ 992,408 ​ 89,782 ​ 8,910,716 Vehicle ​ 48,381 ​ 2,048,490 ​ 1,905,002 ​ 593,853 ​ 4,595,726 Order of payment ​ 54,864 ​ 1,407,000 ​ 5,005,482 ​ 2,839,711 ​ 9,307,057 Others ​ 635,330 ​ 17,062,452 ​ 7,380,529 ​ 471,230 ​ 25,549,541 Mortgage ​ 70,037 ​ 1,027,396 ​ 7,950,061 ​ 21,599,293 ​ 30,646,787 VIS ​ 18,566 ​ 231,344 ​ 1,691,105 ​ 7,345,289 ​ 9,286,304 Non-VIS ​ 51,471 ​ 796,052 ​ 6,258,956 ​ 14,254,004 ​ 21,360,483 Financial Leases ​ 1,727,484 ​ 7,121,356 ​ 13,160,512 ​ 3,110,276 ​ 25,119,628 Small business loans ​ 183,156 ​ 644,545 ​ 205,482 ​ 249,002 ​ 1,282,185 Total gross loans and financial leases ​ 37,742,851 ​ 83,042,659 ​ 68,914,469 ​ 30,623,504 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ Between 1 and 5 ​ Between 5 and 15 ​ Greater Than 15 ​ ​ Maturity ​ Less Than 1 Year ​ Years ​ Years ​ Years ​ Total In millions of COP Commercial ​ 28,123,513 ​ 41,771,863 ​ 28,572,265 ​ 191,646 ​ 98,659,287 Corporate ​ 13,684,065 ​ 20,537,590 ​ 17,508,451 ​ 154,298 ​ 51,884,404 SME ​ 3,391,411 ​ 7,109,643 ​ 2,728,364 ​ 19,918 ​ 13,249,336 Others ​ 11,048,037 ​ 14,124,630 ​ 8,335,450 ​ 17,430 ​ 33,525,547 Consumer ​ 765,768 ​ 20,447,636 ​ 19,167,121 ​ 675,414 ​ 41,055,939 Credit card ​ 136,020 ​ 2,239,661 ​ 5,234,909 ​ - ​ 7,610,590 Vehicle ​ 59,748 ​ 1,869,431 ​ 1,999,959 ​ 161 ​ 3,929,299 Order of payment ​ 56,970 ​ 1,727,593 ​ 5,765,310 ​ 329,554 ​ 7,879,427 Others ​ 513,030 ​ 14,610,951 ​ 6,166,943 ​ 345,699 ​ 21,636,623 Mortgage ​ 50,830 ​ 722,804 ​ 8,468,455 ​ 16,717,023 ​ 25,959,112 VIS ​ 9,161 ​ 182,405 ​ 1,599,498 ​ 5,593,673 ​ 7,384,737 Non-VIS ​ 41,669 ​ 540,399 ​ 6,868,957 ​ 11,123,350 ​ 18,574,375 Financial Leases ​ 1,471,148 ​ 6,626,997 ​ 13,933,395 ​ 2,471,777 ​ 24,503,317 Small business loans ​ 215,420 ​ 792,563 ​ 223,323 ​ 769 ​ 1,232,075 Total gross loans and financial leases ​ 30,626,679 ​ 70,361,863 ​ 70,364,559 ​ 20,056,629 ​ 191,409,730 2 VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages.
Schedule of credit concentration of loans and financial leases by past due days	The following table shows the loans and financial leases according to past due days. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Past-due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ More Than 360 ​ ​ Period ​ 0 - 30 Days ​ 31 - 90 Days ​ 91 - 120 Days ​ 121 - 360 Days ​ Days ​ Total In millions of COP Commercial ​ 110,548,513 ​ 378,809 ​ 170,053 ​ 691,471 ​ 3,122,997 ​ 114,911,843 Consumer ​ 45,641,310 ​ 1,192,401 ​ 340,202 ​ 974,325 ​ 214,802 ​ 48,363,040 Mortgage ​ 28,795,705 ​ 694,085 ​ 99,448 ​ 250,893 ​ 806,656 ​ 30,646,787 Financial Leases ​ 24,200,502 ​ 136,901 ​ 30,788 ​ 141,589 ​ 609,848 ​ 25,119,628 Small Business Loans ​ 1,117,423 ​ 50,744 ​ 8,999 ​ 55,434 ​ 49,585 ​ 1,282,185 Total ​ 210,303,453 ​ 2,452,940 ​ 649,490 ​ 2,113,712 ​ 4,803,888 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Past-due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ More Than 360 ​ ​ Period ​ 0 - 30 Days ​ 31 - 90 Days ​ 91 - 120 Days ​ 121 - 360 Days ​ Days ​ Total In millions of COP Commercial ​ 93,964,499 ​ 442,168 ​ 380,250 ​ 940,604 ​ 2,931,766 ​ 98,659,287 Consumer ​ 38,281,594 ​ 1,186,264 ​ 360,392 ​ 1,041,383 ​ 186,306 ​ 41,055,939 Mortgage ​ 24,476,867 ​ 343,553 ​ 60,578 ​ 233,077 ​ 845,037 ​ 25,959,112 Financial Leases ​ 23,161,256 ​ 161,373 ​ 56,704 ​ 601,506 ​ 522,478 ​ 24,503,317 Small Business Loans ​ 1,058,513 ​ 44,729 ​ 14,062 ​ 66,913 ​ 47,858 ​ 1,232,075 Total ​ 180,942,729 ​ 2,178,087 ​ 871,986 ​ 2,883,483 ​ 4,533,445 ​ 191,409,730
Schedule of credit concentration of loans and financial leases by economic sector	The following table contains the detail of the portfolio of loans and financial leases by main economic activity of the borrower: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Economic sector ​ Loans and advances ​ ​ Local ​ Foreign ​ Total ​ ​ In millions of COP Agriculture ​ 4,651,163 ​ 2,336,176 ​ 6,987,339 Petroleum and Mining Products ​ 645,145 ​ 57,420 ​ 702,565 Food, Beverages and Tobacco ​ 7,870,572 ​ 295,771 ​ 8,166,343 Chemical Production ​ 3,871,876 ​ 96,760 ​ 3,968,636 Government ​ 6,012,867 ​ 96,458 ​ 6,109,325 Construction ​ 16,618,406 ​ 6,988,228 ​ 23,606,634 Commerce and Tourism ​ 20,662,350 ​ 6,971,109 ​ 27,633,459 Transport and Communications ​ 9,233,456 ​ 255,060 ​ 9,488,516 Public Services ​ 6,096,804 ​ 1,626,642 ​ 7,723,446 Consumer Services ​ 50,300,516 ​ 30,284,100 ​ 80,584,616 Commercial Services ​ 20,328,600 ​ 12,226,246 ​ 32,554,846 Other Industries and Manufactured Products ​ 7,894,237 ​ 4,903,521 ​ 12,797,758 Total ​ 154,185,992 ​ 66,137,491 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Economic sector ​ Loans and advances ​ ​ Local ​ Foreign ​ Total ​ ​ In millions of COP Agriculture ​ 4,045,683 ​ 1,913,513 ​ 5,959,196 Petroleum and Mining Products ​ 533,665 ​ 88,598 ​ 622,263 Food, Beverages and Tobacco ​ 7,217,056 ​ 420,145 ​ 7,637,201 Chemical Production ​ 3,612,279 ​ 68,406 ​ 3,680,685 Government ​ 5,584,177 ​ 82,377 ​ 5,666,554 Construction ​ 13,885,112 ​ 6,387,823 ​ 20,272,935 Commerce and Tourism ​ 18,290,824 ​ 8,413,363 ​ 26,704,187 Transport and Communications ​ 8,511,251 ​ 437,685 ​ 8,948,936 Public Services ​ 5,444,056 ​ 1,154,961 ​ 6,599,017 Consumer Services ​ 43,873,694 ​ 24,899,809 ​ 68,773,503 Commercial Services ​ 18,808,277 ​ 7,160,887 ​ 25,969,164 Other Industries and Manufactured Products ​ 6,641,593 ​ 3,934,496 ​ 10,576,089 Total ​ 136,447,667 ​ 54,962,063 ​ 191,409,730
Schedule of credit concentration of loans and financial leases by country	The following table shows the concentration of the loans and financial leases by country. Loans are presented based on the country in wich they were originated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ Allowance for loans and ​ ​ ​ Country ​ Loans and advances ​ % Participation ​ advances and lease losses ​ % Participation ​ Colombia ​ 150,253,740 ​ 68.20 % (12,089,509) ​ 76.20 % Panama ​ 39,523,944 ​ 17.94 % (2,213,859) ​ 13.95 % El Salvador ​ 14,179,860 ​ 6.44 % (676,827) ​ 4.27 % Puerto Rico ​ 903,270 ​ 0.41 % (60,475) ​ 0.38 % Guatemala ​ 15,453,481 ​ 7.01 % (823,258) ​ 5.19 % Other Countries ​ 9,188 ​ 0.00 % (554) ​ 0.00 % Total ​ 220,323,483 ​ 100.00 % (15,864,482) ​ 100.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Allowance for loans and ​ ​ ​ Country ​ Loans and advances ​ % Participation ​ advances and lease losses ​ % Participation ​ Colombia ​ 134,068,265 ​ 70.04 % (13,089,744) ​ 78.78 % Panama ​ 32,468,343 ​ 16.96 % (1,847,754) ​ 11.12 % El Salvador ​ 11,665,440 ​ 6.09 % (729,275) ​ 4.39 % Puerto Rico ​ 886,069 ​ 0.46 % (48,596) ​ 0.29 % Guatemala ​ 12,314,524 ​ 6.44 % (900,125) ​ 5.42 % Other Countries ​ 7,089 ​ 0.01 % (549) ​ 0.00 % Total ​ 191,409,730 ​ 100.00 % (16,616,043) ​ 100.00 %
Schedule of information about credit quality of the borrower	The following table shows information about credit quality of the borrower: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2021 Classification ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total ​ ​ In millions of COP Commercial ​ 97,000,580 ​ 8,335,781 ​ 9,575,482 ​ 114,911,843 Consumer ​ 41,773,555 ​ 3,927,387 ​ 2,662,098 ​ 48,363,040 Mortgage ​ 25,447,635 ​ 3,654,710 ​ 1,544,442 ​ 30,646,787 Small Business Loans ​ 950,991 ​ 183,693 ​ 147,501 ​ 1,282,185 Financial Leases ​ 19,927,472 ​ 3,198,182 ​ 1,993,974 ​ 25,119,628 Loans and Advances ​ 185,100,233 ​ 19,299,753 ​ 15,923,497 ​ 220,323,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2020 Classification ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total ​ ​ In millions of COP Commercial ​ 80,863,445 ​ 8,203,659 ​ 9,592,183 ​ 98,659,287 Consumer ​ 33,766,023 ​ 4,599,535 ​ 2,690,381 ​ 41,055,939 Mortgage ​ 21,676,563 ​ 3,093,690 ​ 1,188,859 ​ 25,959,112 Small Business Loans ​ 965,822 ​ 109,655 ​ 156,598 ​ 1,232,075 Financial Leases ​ 18,981,176 ​ 2,772,129 ​ 2,750,012 ​ 24,503,317 Loans and Advances ​ 156,253,029 ​ 18,778,668 ​ 16,378,033 ​ 191,409,730
Schedule of Stage 3 loans and advances according to their type of evaluation	The table below shows Stage 3 loans and advances according to their type of evaluation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2021 Impairment ​ Individual Evaluation ​ Collective Evaluation ​ ​ Carrying Amount ​ ECL ​ Carrying Amount ​ ECL In millions of COP Commercial ​ 6,701,278 ​ 3,730,093 ​ 2,874,204 ​ 2,419,285 Consumer ​ - ​ - ​ 2,662,098 ​ 2,102,473 Mortgage ​ - ​ - ​ 1,544,442 ​ 659,348 Financial Leases ​ 1,046,248 ​ 680,702 ​ (898,747) ​ 383,262 Small Business Loan ​ - ​ - ​ 1,993,974 ​ 110,967 Total ​ 7,747,526 ​ 4,410,795 ​ 8,175,971 ​ 5,675,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2020 Impairment ​ Individual Evaluation ​ Collective Evaluation ​ ​ Carrying Amount ​ ECL ​ Carrying Amount ​ ECL In millions of COP Commercial ​ 6,050,143 ​ 3,090,340 ​ 3,542,040 ​ 2,609,212 Consumer ​ - ​ - ​ 2,690,381 ​ 2,351,691 Mortgage ​ - ​ - ​ 1,188,859 ​ 639,875 Financial Leases ​ 1,543,691 ​ 1,053,567 ​ 1,206,321 ​ 427,945 Small Business Loan ​ - ​ - ​ 156,598 ​ 122,353 Total ​ 7,593,834 ​ 4,143,907 ​ 8,784,199 ​ 6,151,076
Schedule of changes in the expected credit losses for each methodology	The Bank has estimated the impact on the expected credit loss (ECL) assuming the forward-looking scenarios (e.g. optimistic and pessimistic) were weighted 100% instead of applying scenario probability weights across the two scenarios. The table below shows the impact on the expected credit loss (ECL) for each methodology: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Optimistic ​ Pessimistic ​ Optimistic ​ Pessimistic ​ In millions of COP ​ Collective methodology ​ (179,919) ​ 166,619 ​ (819,971) ​ 625,161 ​ Collateral methodology ​ (405,438) ​ 822,293 ​ (314,094) ​ 1,071,738 ​ Individual methodology* ​ (146,251) ​ 151,972 ​ (134,434) ​ 130,160 ​ Total ​ (731,608) ​ 1,140,884 ​ (1,268,499) ​ 1,827,059 ​ *For individual methodology, the applied scenarios are the base in the optimistic scenario and the alternative in the pessimistic scenario with a weighting of 100% each.
Schedule of credit quality analysis of the Group	Credit Quality Analysis of the Group ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ Equity ​ Derivatives (1) ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Low Risk ​ 24,183,394 ​ 25,567,960 ​ 256,916 ​ 274,916 ​ 1,047,939 ​ 1,078,261 Medium Risk ​ 2,730,400 ​ 2,092,898 ​ 33,627 ​ 1,590 ​ 38,521 ​ 3,380 High Risk ​ 1,920,034 ​ 1,343,064 ​ 12,526 ​ 5,767 ​ 3,661 ​ 1,207 Without Rating ​ - ​ - ​ 177,084 ​ 305,934 ​ - ​ 10,509 Total ​ 28,833,828 ​ 29,003,922 ​ 480,153 ​ 588,207 ​ 1,090,121 ​ 1,093,357 (1) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value.
Schedule of maximum exposure level to the credit risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Exposure ​ Collateral* ​ Net Exposure ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ 28,833,828 ​ 29,003,922 ​ (1,214,692) ​ (2,529,943) ​ 27,619,136 ​ 26,473,979 Derivatives ** ​ 1,090,121 ​ 1,093,357 ​ (87) ​ (136) ​ 1,090,034 ​ 1,093,221 Equity ​ 480,153 ​ 588,207 ​ - ​ - ​ 480,153 ​ 588,207 Total ​ 30,404,102 ​ 30,685,486 ​ (1,214,779) ​ (2,530,079) ​ 29,189,323 ​ 28,155,407 ​ See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: Shares:100% Investment funds: Book value 100% ​
Schedule of individual evaluation of impairment at the end of the period for other financial instruments	Debt instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exposure ​ Impairment ​ Final Exposure ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ 15,036,467 ​ 15,571,214 ​ - ​ - ​ 15,036,467 ​ 15,571,213 Amortized Cost ​ 13,797,361 ​ 13,432,708 ​ 27,923 ​ 42,371 ​ 13,769,438 ​ 13,390,337 Total ​ 28,833,828 ​ 29,003,922 ​ 27,923 ​ 42,371 ​ 28,805,905 ​ 28,961,550 ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exposure ​ Impairment ​ Final Exposure ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value through profit or loss ​ 85,244 ​ 69,426 ​ - ​ - ​ 85,244 ​ 69,426 Fair Value through OCI ​ 394,909 ​ 518,781 ​ - ​ - ​ 394,909 ​ 518,781 Total ​ 480,153 ​ 588,207 ​ - ​ - ​ 480,153 ​ 588,207
Schedule of level of collateral held	● Level of collateral held: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral* ​ Main type of collateral ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ Debt Securities ​ (1,214,692) ​ (2,529,943) ​ Government bonds (TES) ​ Government bonds (TES) Derivatives ​ (87) ​ (136) ​ Cash ​ Cash Equity ​ - ​ - ​ ​ ​ ​ Total ​ (1,214,779) ​ (2,530,079) ​ ​ ​ ​ See Notes on this table: * Collateral Held (-) and Collateral Pledged (+)
Schedule of risk exposure by economic sector and risk region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ Equity ​ Derivative ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sector Concentration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ 3,149,784 ​ 4,731,926 ​ 248,457 ​ 419,236 ​ 224,762 ​ 527,599 Financial ​ 4,437,972 ​ 1,717,723 ​ 199,500 ​ 87,044 ​ 511,994 ​ 546,356 Government ​ 21,246,072 ​ 22,554,273 ​ - ​ - ​ - ​ - Funds ETF ​ - ​ - ​ 32,196 ​ 81,927 ​ 353,365 ​ 19,402 Total ​ 28,833,828 ​ 29,003,922 ​ 480,153 ​ 588,207 ​ 1,090,121 ​ 1,093,357 Concentration by Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 5,275,608 ​ 5,195,358 ​ 1,806 ​ 2 ​ 67,379 ​ 34,164 Latin America ​ 23,457,650 ​ 23,443,701 ​ 443,390 ​ 538,676 ​ 352,541 ​ 600,339 Europe ​ - ​ 109,161 ​ - ​ - ​ 306,683 ​ 458,854 Others (Includes Funds and ETF) ​ 100,570 ​ 255,702 ​ 34,957 ​ 49,529 ​ 363,518 ​ - Total ​ 28,833,828 ​ 29,003,922 ​ 480,153 ​ 588,207 ​ 1,090,121 ​ 1,093,357
Schedule of risk exposure by credit rating	​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ ​ 2021 ​ 2020 Maximum Exposure to Credit Risk ​ ​ ​ ​ Sovereign Risk ​ 11,714,435 ​ 9,964,881 AAA ​ 6,566,489 ​ 9,645,217 AA+ ​ 3,068,211 ​ 1,781,437 AA ​ 103,626 ​ 153,263 AA- ​ 23,858 ​ 450,328 A+ ​ 441,670 ​ 803,321 A ​ 84,104 ​ 676,205 A- ​ 661,994 ​ 307,795 BBB+ ​ 560,987 ​ 659,735 BBB ​ 307,309 ​ 1,424,257 BBB- ​ 1,955,566 ​ 1,054,698 Other ​ 4,738,768 ​ 3,447,906 Not rated ​ 177,085 ​ 316,443 Total ​ 30,404,102 ​ 30,685,486
Summary of interest rate risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Modified Duration ​ Changes in Interest Rates (bps) Zone ​ Band ​ Lower Limit ​ Upper Limit ​ Legal Currency ​ UVR ​ Foreign Currency ​ ​ 1 ​ 0 ​ 0.08 ​ 274 ​ 274 ​ 100 Zone 1 ​ 2 ​ 0.08 ​ 0.25 ​ 268 ​ 274 ​ 100 ​ ​ 3 ​ 0.25 ​ 0.5 ​ 259 ​ 274 ​ 100 ​ ​ 4 ​ 0.5 ​ 1 ​ 233 ​ 274 ​ 100 ​ ​ 5 ​ 1 ​ 1.9 ​ 222 ​ 250 ​ 90 Zone 2 ​ 6 ​ 1.9 ​ 2.8 ​ 222 ​ 250 ​ 80 ​ ​ 7 ​ 2.8 ​ 3.6 ​ 211 ​ 220 ​ 75 ​ ​ 8 ​ 3.6 ​ 4.3 ​ 211 ​ 220 ​ 75 ​ ​ 9 ​ 4.3 ​ 5.7 ​ 172 ​ 200 ​ 70 ​ ​ 10 ​ 5.7 ​ 7.3 ​ 162 ​ 170 ​ 65 Zone 3 ​ 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
Summary of sensitivity factor by currency	​ ​ ​ ​ ​ Currency ​ Sensitivity Factor ​ United States Dollar ​ 12.49 % Euro ​ 11.00 % Other currencies ​ 13.02 % Equity and Fund Risk ​ 14.70 %
Schedule of total change on market risk and every risk factor	The following table presents the total change on market risk and every risk factor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2021 In millions of COP Factor ​ December 31 ​ Average ​ Maximum ​ Minimum Interest Rate ​ 403,556 ​ 407,530 ​ 450,774 ​ 347,163 Exchange Rate ​ 88,477 ​ 82,247 ​ 98,848 ​ 63,375 Share Price ​ 99,895 ​ 96,543 ​ 103,187 ​ 91,944 Collective Portfolios ​ 225,373 ​ 221,810 ​ 225,892 ​ 216,153 Total Value at Risk ​ 817,301 ​ 808,130 ​ 862,101 ​ 743,910 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2020 In millions of COP Factor ​ December 31 ​ Average ​ Maximum ​ Minimum Interest Rate ​ 402,882 ​ 340,886 ​ 402,882 ​ 286,283 Exchange Rate ​ 95,926 ​ 421,716 ​ 1,344,673 ​ 54,056 Share Price ​ 98,131 ​ 99,033 ​ 130,654 ​ 89,564 Collective Portfolios ​ 214,308 ​ 214,415 ​ 218,487 ​ 208,928 Total Value at Risk ​ 811,247 ​ 1,076,050 ​ 1,974,758 ​ 673,680
Schedule of interest rate risk sensitivity in local currency	The chart below provides information about Bancolombia’s interest rate risk sensitivity in local currency (COP) at December 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In millions of COP Assets sensitivity 100 bps ​ 859,122 ​ 759,905 Liabilities sensitivity 100 bps ​ 419,027 ​ 399,109 Net interest income sensitivity 100 bps ​ 440,095 ​ 360,796 ​ The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2020 and December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 In Thousands of USD Assets sensitivity 100 bps ​ 77,106 ​ 68,577 Liabilities sensitivity 100 bps ​ 55,786 ​ 58,009 Net interest income sensitivity 100 bps ​ 21,320 ​ 10,568
Schedule of equity risk exposure	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Fair Value ​ 49,925 ​ 40,502 ​ Delta ​ 14.70 % 14.70 % Sensitivity ​ 7,339 ​ 5,954 ​
Schedule of liquidity coverage ratio	​ ​ ​ ​ ​ ​ ​ Liquidity Coverage Ratio ​ December 31, 2021 ​ December 31, 2020 ​ Net cash outflows into 30 days** ​ 15,897,163 ​ 14,073,878 ​ Liquid Assets ​ 44,198,889 ​ 37,757,819 ​ Liquidity coverage ratio* ​ 278.03 % 268.28 % * The minimum level required of the liquidity coverage ratio by the legal norm is 100%. ** Net cash outflows into 30 days:
Schedule of liquid assets held by Banks	​ ​ ​ ​ ​ ​ Liquid Assets (1) ​ December 31, 2021 ​ December 31, 2020 High quality liquid assets* ​ ​ ​ ​ Cash ​ 22,641,516 ​ 18,356,375 High quality liquid securities ​ 18,258,002 ​ 16,729,107 Other Liquid Assets ​ ​ ​ ​ Other securities** ​ 3,299,371 ​ 2,672,337 Total Liquid Assets ​ 44,198,889 ​ 37,757,819 (1) Cash and those liquid assets received by the Central Bank for its operations expansion and monetary contraction are the assets with highest liquidity. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt instruments. * High-quality liquid assets : ** Other Securities :
Schedule of contractual maturities of financial assets	The tables below set out the remaining contractual maturities of principal and interest balances of the Group’s financial assets: Contractual maturities of financial assets December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ 0 - 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Cash and balances with central bank ​ 23,147,676 ​ - ​ - ​ - Interbank borrowings - Repurchase agreements ​ 2,815,395 ​ 16,009 ​ - ​ - Financial assets investments ​ 12,928,653 ​ 12,045,202 ​ 3,367,322 ​ 3,776,184 Loans and advances to customers ​ 79,699,695 ​ 77,406,800 ​ 48,316,830 ​ 82,004,125 Derivative financial instruments ​ 7,113,744 ​ 2,996,618 ​ 1,423,639 ​ 1,150,230 Total financial assets ​ 125,705,163 ​ 92,464,629 ​ 53,107,791 ​ 86,930,539 ​ Contractual maturities of financial assets December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ 0 - 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Cash and balances with central bank ​ 20,185,074 ​ - ​ - ​ - Interbank borrowings - Repurchase agreements ​ 3,749,640 ​ 35,310 ​ - ​ - Financial assets investments ​ 12,991,981 ​ 10,019,356 ​ 3,898,989 ​ 4,062,918 Loans and advances to customers ​ 65,699,670 ​ 65,425,431 ​ 41,214,446 ​ 67,751,331 Derivative financial instruments ​ 6,340,313 ​ 2,516,756 ​ 799,226 ​ 976,658 Total financial assets ​ 108,966,678 ​ 77,996,853 ​ 45,912,661 ​ 72,790,907
Schedule of contractual maturities of financial liabilities	The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial liabilities: Contractual maturities of financial liabilities December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities ​ 0 - 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Demand deposit from customers ​ 147,346,348 ​ - ​ - ​ - Time deposits from customers ​ 43,981,065 ​ 12,910,755 ​ 3,380,419 ​ 3,652,367 Interbank deposits-Repurchase agreements ​ 1,613,808 ​ 7,241 ​ - ​ - Borrowings from other financial institutions ​ 9,047,192 ​ 4,500,806 ​ 2,171,491 ​ 1,298,168 Debt securities in issue ​ 6,772,372 ​ 4,958,788 ​ 5,917,577 ​ 9,021,223 Derivative financial instruments ​ 6,946,974 ​ 2,898,219 ​ 1,714,709 ​ 1,857,768 Total financial liabilities ​ 215,707,759 ​ 25,275,809 ​ 13,184,196 ​ 15,829,526 ​ Contractual maturities of financial liabilities December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities ​ 0 - 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Demand deposit from customers ​ 118,041,884 ​ - ​ - ​ - Time deposits from customers ​ 43,948,183 ​ 12,555,125 ​ 5,563,309 ​ 1,345,843 Interbank deposits-Repurchase agreements ​ 2,937,007 ​ 38,892 ​ - ​ - Borrowings from other financial institutions ​ 5,021,402 ​ 3,353,845 ​ 2,169,508 ​ 1,282,177 Debt securities in issue ​ 1,684,715 ​ 6,932,978 ​ 6,261,008 ​ 7,950,753 Derivative financial instruments ​ 6,090,360 ​ 2,353,515 ​ 760,880 ​ 1,096,024 Total financial liabilities ​ 177,723,551 ​ 25,234,355 ​ 14,754,705 ​ 11,674,797
Schedule of contractual maturities of financial guarantees	The tables below set out the remaining contractual maturities of the Group’s financial guarantees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 0 - 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years In millions of COP Financial guarantees ​ 7,287,923 ​ 1,513,774 ​ 84,273 ​ 150,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ 0 - 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years In millions of COP Financial guarantees ​ 3,917,713 ​ 3,568,858 ​ 42,788 ​ 144,157
Schedule of financial instruments which have yet to transition to alternative benchmark rate	​ ​ ​ ​ ​ December 31, 2020 In millions of COP ​ ​ USD LIBOR 1 ​ Assets ​ ​ ​ Loans ​ 16,144,745 ​ Bonds ​ 522,796 ​ Derivatives ​ 124,822 ​ Total Assets ​ 16,792,363 ​ Liabilities ​ ​ ​ Loans ​ 5,526,743 ​ Term deposits ​ 3,168 ​ Total Liabilities ​ 5,529,911 ​ ​ 1 ​ ​ ​ ​ December 31, 2021 In millions of COP ​ ​ USD LIBOR 1 ​ Assets ​ ​ ​ Loans ​ 24,077,401 ​ Bonds ​ 954,238 ​ Derivatives ​ 170,402 ​ Total Assets ​ 25,202,041 ​ Liabilities ​ ​ ​ Loans ​ 4,123,825 ​ Term deposits ​ 11,700 ​ Total Liabilities ​ 4,135,525 ​ ​ 1
Summary of regulatory capital and capital adequacy ratios	​ ​ ​ ​ ​ ​ ​ Technical Capital ​ Asof ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ In millions of COP Primary capital (Tier I) ​ 25,513,812 ​ 20,824,348 ​ Additional primary capital ​ - ​ - ​ Secondary capital (Tier II) ​ 7,635,894 ​ 6,494,242 ​ Technical capital deductions ​ 14,599 ​ 14,231 ​ Technical capital ​ 33,135,107 ​ 27,304,359 ​ Risk-weighted assets (RWA) ​ 189,235,497 ​ 161,376,984 ​ Market risk ​ 8,685,251 ​ 8,570,279 ​ Operational risk ​ 16,035,309 ​ 15,268,313 ​ Leverage level ​ 304,076,581 ​ 264,425,656 ​ Leverage level to RWA and others ​ 8.39 % 7.88 % Primary capital to RWA (Tier I) ​ 11.92 % 11.24 % Combined capital buffers ​ 7.42 % 6.74 % Secondary capital to RWA (Tier II) ​ 11.92 % 11.24 % Technical capital to RWA ​ 15.49 % 14.74 %
Guatemala
RISK MANAGEMENT
Schedule of changes in the expected credit losses sensitivity analysis	The change in the expected credit losses (ECL) at 31 of December 2021, as a result of a possible positive or negative 1% change in those variables were assessed based on the assumptions used to calculate the ECL for each of the scenarios: base, optimistic and pessimistic, as following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Budget Balance – Current account deficit – Inflation – Interest Rate ​ ​ ​ ​ In Millions of COP ​ ​ ​ ​ [+1%] ​ Unchanged ​ [-1%] ​ ​ [+1%] ​ (226,212) ​ (102,482) ​ 27,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ GDP Growth ​ Unchanged ​ (123,730) ​ - ​ 129,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ [-1%] ​ (3,241) ​ 120,489 ​ 250,222 ​
Commercial and financial leases
RISK MANAGEMENT
Summary of portfolio variables	​ Segment Incomes/Sales Corporate Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M. For Banco Agrícola and BAM, borrowers with annual sales >= USD 5 M and < USD 25 M. Commercial For BAM, companies with annual sales >= USD 2 M y < USD 5 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola, borrowers with annual sales < USD 5 M and BAM, borrowers with annual sales < USD 2 M.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
Schedule of estimated fair value of assets acquired and liabilities assumed	The estimate of the fair value of the assets acquired and liabilities assumed was based on information available as of March 1, 2022. The Bank considers that this information provides a reasonable basis for determining fair values: ​ ​ ​ ​ ​ ​ In millions of COP ​ ​ ​ ​ ​ Purchase Price Allocation: ​ ​ ​ Purchase price on June 9, 2021 ​ 56,968 ​ Non-controlling interest at fair value ​ 1,166 ​ TOTAL ​ 58,134 ​ ​ ​ ​ ​ Fair value of net assets acquired: ​ ​ ​ Assets ​ ​ ​ Cash and cash equivalents ​ 799 ​ Accounts receivable ​ 299 ​ Premises and equipment, net ​ 3 ​ Investment property ​ 60,849 ​ Other assets ​ 79 ​ Total assets ​ 62,029 ​ ​ ​ ​ ​ Liability ​ ​ ​ Accounts payable ​ 1,080 ​ Deferred tax ​ 283 ​ Other liabilities ​ 99 ​ Total liabilities ​ 1,462 ​ ​ ​ ​ ​ Fair value of net assets acquired ​ 60,567 ​ ​ ​ ​ ​ Gain from a bargain purchase ​ 2,433 ​ ​

REPORTING ENTITY - Business acq

REPORTING ENTITY - Business acquisitions and divestures (Details) $ in Millions	1 Months Ended
	Jul. 31, 2019	Mar. 31, 2019	Dec. 31, 2021USD ($)	Sep. 29, 2020USD ($)	Sep. 29, 2020COP ($)
Arrendamiento Operativo CIB SAC - Renting Peru
REPORTING ENTITY
Percentage of ownership interests sold		100.00%
FiduPeru S.A.
REPORTING ENTITY
Percentage of ownership interests sold	100.00%
Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC, and Bancolombia Capital Advisers LLC
The effect on shareholders' equity
Capital			$ 1,500
Grupo Agromercantil Holding (GAH)
REPORTING ENTITY
Percentage of common stock acquired				40.00%	40.00%
Purchase price				$ 289,144,606	$ 1,117,680
The effect on shareholders' equity
Consideration paid to non-controlling interests					1,117,680
Carrying amount of non-controlling interests acquired					913,193
Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity					$ 204,487

REPORTING ENTITY - Bancolombia

REPORTING ENTITY - Bancolombia Cayman winding down of operations (Details) - COP ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Bancolombia Cayman S.A.
REPORTING ENTITY
Loans and advances to customers, net	$ 8,634	$ 6,539
Debt investments	189,220	241,154
Cash and cash equivalents	50,733	170,454
Other assets, net	609	622
Deposits by customers	155,827	282,405
Other liabilities	507	4,411
Net income	4,561	4,454
Deposits by banks		16,848
Guarantees, pledges or commitments	0
Mercom Bank Ltd.
REPORTING ENTITY
Loans and advances to customers, net	1,159,308	1,360,670
Debt investments	381,847	531,419
Cash and cash equivalents	1,133,518	696,452
Other assets, net	8,316	13,801
Deposits by customers	2,440,882	2,423,054
Other liabilities	2,919	4,518
Net income	$ 56,314	13,039
Financial obligations		$ 9,171
Nequi
REPORTING ENTITY
Percentage of operations to be operated as a digital bank	100.00%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Subsidiaries (Details) - COP ($) $ in Millions	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 29, 2020
VLIPCO S.A.S.
SIGNIFICANT ACCOUNTING POLICIES
Proportion of ownership interest and voting power held by the Bank	94.77%
Number of shares acquired	91,791
Value of shares acquired	$ 9,474
Percentage of common stock acquired	94.77%
Percentage of Ownership interest	47.40%
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Trust
Proportion of ownership interest and voting power held by the Bank		98.81%	98.81%	98.81%
Banca de Inversion Bancolombia S.A. Corporacion Financiera
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Investment banking
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Valores Bancolombia S.A. Comisionista de Bolsa
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Securities brokerage
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
VLIPCO S.A.S.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Technology services provider
Proportion of ownership interest and voting power held by the Bank		94.77%
Renting Colombia S.A.S.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Operating leasing
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Transportempo S.A.S.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Transportation
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Inversiones CFNS S.A.S.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Investments
Proportion of ownership interest and voting power held by the Bank		99.94%	99.94%	99.94%
Pasarela Colombia S.A.S.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Payment solutions
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Fondo de Capital Privado Fondo Inmobiliario Colombia
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Real estate investment fund
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%	49.96%
P.A. Inmuebles CEM
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. Calle 92 FIC-11
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		32.47%	32.47%
P.A. FIC Edificio Corfinsura
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. FIC-A5
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. FIC Inmuebles
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. FIC Clinica de Prado
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		38.49%	38.49%
P. A. FIC A6
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. Central Point
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		37.47%	37.47%
Fideicomiso Irrevocable de Garantia, Fuente de Pago y Administracion Inmobiliaria Polaris
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. Fideicomiso Twins Bay
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
Fideicomiso Lote Av San Martin
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
P.A. Fideicomiso Lote 30
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		49.96%	49.96%
Fideicomiso Fondo Inmobiliario Bancolombia
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		17.54%
Valores Simesa S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Investments
Proportion of ownership interest and voting power held by the Bank		66.82%	67.11%	67.11%
Fideicomiso Lote Abelardo Castro
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank			66.77%	66.77%
Fideicomiso Lote Distrito Vera B1B2
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		66.49%	66.77%	66.77%
Fideicomiso Lote Distrito Vera B3B4
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Colombia
Business		Mercantil trust
Proportion of ownership interest and voting power held by the Bank		66.49%	66.77%	66.77%
Bancolombia Panama S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Banking
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Sistemas de Inversiones y Negocios S.A. Sinesa
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Investments
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Banagricola S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Investments
Proportion of ownership interest and voting power held by the Bank		99.17%	99.17%	99.17%
Banistmo S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Banking
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Banistmo Investment Corporation S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Trust
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Financomer S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Financial services
Proportion of ownership interest and voting power held by the Bank			100.00%	100.00%
Leasing Banistmo S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Leasing
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Valores Banistmo S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Securities brokerage
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Banistmo Panama Fondo de Inversion SA
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Holding
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Suvalor Renta Fija Internacional Corto Plazo S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Collective investment fund
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Fondo Renta Sostenible Global S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Collective investment fund
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Banistmo Capital Markets Group Inc.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Purchase and sale of securities
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Anavi Investment Corporation S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Real estate
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Desarrollo de Oriente S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Real estate
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Steens Enterprises S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Portfolio holder
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Ordway Holdings S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Real estate broker
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Grupo Agromercantil Holding S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Panama
Business		Holding
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Percentage of common stock acquired					40.00%
Banco Agromercantil de Guatemala S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Banking
Proportion of ownership interest and voting power held by the Bank		99.66%	99.59%	59.72%
Seguros Agromercantil de Guatemala S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Insurance agency
Proportion of ownership interest and voting power held by the Bank		79.92%	79.90%	47.93%
Financiera Agromercantil S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Financial services
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Agrovalores S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Securities brokerage
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Arrendadora Agromercantil S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Operating Leasing
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Agencia de Seguros y Fianzas Agromercantil S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Insurance agency
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Asistencia y Ajustes S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Services
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Serproba S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Maintenance and remodelling services
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Servicios de Formalizacion S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Loans formalization
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Conserjeria, Mantenimiento y Mensajeria S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Guatemala
Business		Maintenance services
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	60.00%
Mercom Bank Ltd.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Barbados
Business		Banking
Proportion of ownership interest and voting power held by the Bank		99.66%	99.59%	59.72%
New Alma Enterprises Ltd.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Bahamas
Business		Investments
Proportion of ownership interest and voting power held by the Bank		99.66%	99.59%	59.72%
Bancolombia Puerto Rico Internacional Inc.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Puerto Rico
Business		Banking
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Bancolombia Cayman S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Cayman Islands
Business		Banking
Proportion of ownership interest and voting power held by the Bank		100.00%	100.00%	100.00%
Banco Agricola S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		El Salvador
Business		Banking
Proportion of ownership interest and voting power held by the Bank		97.36%	97.36%	97.36%
Arrendadora Financiera S.A. Arfinsa
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		El Salvador
Business		Leasing
Proportion of ownership interest and voting power held by the Bank		97.37%	97.37%	97.37%
Credibac S.A. de C.V.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		El Salvador
Business		Credit card services
Proportion of ownership interest and voting power held by the Bank		97.36%	97.36%	97.36%
Valores Banagricola S.A. de C.V.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		El Salvador
Business		Securities brokerage
Proportion of ownership interest and voting power held by the Bank		98.89%	98.89%	98.89%
Inversiones Financieras Banco Agricola S.A. IFBA
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		El Salvador
Business		Investments
Proportion of ownership interest and voting power held by the Bank		98.89%	98.89%	98.89%
Gestora de Fondos de Inversion Banagricola S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		El Salvador
Business		Administers investment funds
Proportion of ownership interest and voting power held by the Bank		98.89%	98.89%	98.89%
Bagricola Costa Rica S.A.
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		Costa Rica
Business		Outsourcing
Proportion of ownership interest and voting power held by the Bank		99.17%	99.17%	99.17%
Bancolombia Capital Holdings USA LLC
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		United States
Business		Holding
Proportion of ownership interest and voting power held by the Bank		100.00%
Bancolombia Capital Adviser LLC
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		United States
Business		Investment advisor
Proportion of ownership interest and voting power held by the Bank		100.00%
Bancolombia Capital LLC
SIGNIFICANT ACCOUNTING POLICIES
Jurisdiction of incorporation		United States
Business		Securities brokerage
Proportion of ownership interest and voting power held by the Bank		100.00%
Banistmo and Bancolombia Panama
SIGNIFICANT ACCOUNTING POLICIES
Capital reserve		$ 1,428,964	$ 1,232,033

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Funds administration (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fondo de Capital Privado Fondo Inmobiliario Colombia
SIGNIFICANT ACCOUNTING POLICIES
Country	Colombia
Percentage of ownership interest in subsidiary	49.96%	49.96%	49.96%
Assets managed	$ 4,415,509	$ 4,128,801
Fideicomiso Lote Abelardo Castro
SIGNIFICANT ACCOUNTING POLICIES
Country	Colombia
Percentage of ownership interest in subsidiary		66.77%	66.77%
Assets managed		$ 13,314
Fideicomiso Lote Distrito Vera B1B2
SIGNIFICANT ACCOUNTING POLICIES
Country	Colombia
Percentage of ownership interest in subsidiary	66.49%	66.77%	66.77%
Assets managed	$ 57,025	$ 58,459
Fideicomiso Lote Distrito Vera B3B4
SIGNIFICANT ACCOUNTING POLICIES
Country	Colombia
Percentage of ownership interest in subsidiary	66.49%	66.77%	66.77%
Assets managed	$ 54,941	$ 56,364
Banistmo Panama Fondo de Inversion S.A.
SIGNIFICANT ACCOUNTING POLICIES
Country	Panama
Percentage of ownership interest in subsidiary	100.00%	100.00%	100.00%
Assets managed	$ 414,962	$ 522,777

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - FCP Fondo Inmobiliario Colombia (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Assets		$ 289,855,048	$ 255,568,505
Liabilities		255,929,590	227,453,292
Condensed statement of income
Profits of equity method investees		328,344	123,325	$ 380,599
Expenses
Net income		4,207,787	315,359	3,214,567
Condensed cash flow
Net cash used in operating activities		6,095,305	11,230,345	12,315,612
Net cash provided by financing activities	[1]	(6,809,972)	(4,915,440)	(5,260,692)
Cash and cash equivalents at beginning of year		23,701,149	23,738,042	18,730,810
Cash and cash equivalents at end of year		25,329,846	23,701,149	23,738,042
Profit attributable to non-controlling interests		120,992	39,365	97,216
Non-controlling interests		$ 1,691,111	$ 1,569,984
FCP Fondo Inmobiliario Colombia
SIGNIFICANT ACCOUNTING POLICIES
Percentage of non-controlling interest		50.04%	50.04%
Amount of return delivered to non-controlling interest		$ 64,717	$ 43,297
Assets		4,415,509	4,128,801
Liabilities		1,509,275	1,450,781
Net assets		2,906,234	2,678,020
Condensed statement of income
Valuation of investment properties		85,148	(8,251)	77,527
Valuation of trust rights			4	52,215
Rents		187,194	186,528	161,263
Profits of equity method investees		105,439	56,116	138,100
Other Income		92,298	38,135	2,034
Total income		470,079	272,532	431,139
Expenses
Interest on loans		(73,201)	(78,008)	(73,088)
Other administrative and general expenses		(212,385)	(141,430)	(170,374)
Total Expenses		(285,586)	(219,438)	(243,462)
Net income		184,493	53,094	187,677
Condensed cash flow
Net cash used in operating activities		(34,442)	(172,003)	(257,733)
Net cash provided by financing activities		21,882	235,214	256,787
Cash and cash equivalents at beginning of year		63,368	157	1,103
Cash and cash equivalents at end of year		50,808	63,368	157
Profit attributable to non-controlling interests		92,353	26,599	93,946
Non-controlling interests		$ 1,369,084	$ 1,340,317	$ 1,250,131
[1]	For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities.

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Grupo Agromercantil Holding (Details) $ in Millions, $ in Millions		Sep. 29, 2020	Feb. 28, 2020	Dec. 31, 2021COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)
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				$ 11,784,189		$ 10,825,642	$ 11,200,890
Total fees and commission, net				3,433,121		3,036,828	3,025,733
Other operating income				2,022,141		1,844,572	1,535,247
Dividends received and equity method				108,079		14,217	84,183
Operating expenses				(9,163,253)		(7,995,145)	(8,253,817)
Income tax				(1,776,225)		6,586	(1,262,964)
Net income				4,207,787		315,359	3,214,567
Condensed cash flow
Net cash used in operating activities				6,095,305		11,230,345	12,315,612
Net cash provided by investing activities				(650,486)		(7,522,067)	(2,190,832)
Net cash used in financing activities	[1]			(6,809,972)		(4,915,440)	(5,260,692)
Translation adjustment				2,993,850		1,170,269	143,144
Cash and cash equivalents at beginning of year				23,701,149		23,738,042	18,730,810
Cash and cash equivalents at end of year				25,329,846		23,701,149	23,738,042
Other comprehensive income
Investments at fair value through OCI				52,147		(94,857)	43,889
Others				(142)		2,350	0
Total other comprehensive income				$ 1,814,640		442,064	127,033
Grupo Agromercantil Holding (GAH)
SIGNIFICANT ACCOUNTING POLICIES
Percentage of ownership interest in subsidiary		100.00%
Percentage of voting equity interests acquired		40.00%
Condensed statement of income
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments							218,536
Total fees and commission, net							132,845
Other operating income							68,288
Dividends received and equity method							668
Total operating income, net							420,337
Operating expenses							(478,133)
Income tax							19,367
Net income							(38,429)
Condensed cash flow
Net cash used in operating activities							(62,327)
Net cash provided by investing activities							273,604
Net cash used in financing activities							(26,926)
Translation adjustment							12,648
Cash and cash equivalents at beginning of year						1,697,646	1,500,647
Cash and cash equivalents at end of year							1,697,646
Other comprehensive income
Investments at fair value through OCI							(3,362)
Translation adjustment							9,281
Others							(8,093)
Total other comprehensive income							(2,174)
Dividends received					$ 0	$ 85,297	$ 31,936
Grupo Agromercantil Holding (GAH)
SIGNIFICANT ACCOUNTING POLICIES
Percentage of voting equity interests acquired		40.00%
BAM Financial Corporation (BFC) | Grupo Agromercantil Holding (GAH)
SIGNIFICANT ACCOUNTING POLICIES
Proportion of ownership interests held by non-controlling interests			40.00%
[1]	For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities.

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Exchange rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Year end exchange rate, U.S. dollar into Colombian pesos	3,981.16	3,432.50	3,277.14
Average rate for the period ended, U.S. dollar into Colombian pesos	3,747.24	3,691.27	3,282.39

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Cure period for assets restructured by risk (Details)	12 Months Ended
	Dec. 31, 2021
Colombia | SME Commercial
SIGNIFICANT ACCOUNTING POLICIES
Cure period	36 months
Colombia | Mortgages
SIGNIFICANT ACCOUNTING POLICIES
Cure period	34 months
Colombia | Consumer loans
SIGNIFICANT ACCOUNTING POLICIES
Cure period	22 months
Panama | Mortgages
SIGNIFICANT ACCOUNTING POLICIES
Cure period	14 months
Panama | Consumer loans
SIGNIFICANT ACCOUNTING POLICIES
Cure period	19 months
El Salvador | Mortgages
SIGNIFICANT ACCOUNTING POLICIES
Cure period	34 months
El Salvador | Consumer loans
SIGNIFICANT ACCOUNTING POLICIES
Cure period	18 months
El Salvador | Commercial Loans
SIGNIFICANT ACCOUNTING POLICIES
Cure period	18 months

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Relief in Colombia due to COVID-19 like risk restructuring (Details) - Stage Two - Colombia	12 Months Ended
	Dec. 31, 2021
SME Commercial
SIGNIFICANT ACCOUNTING POLICIES
Term of relief granted to clients due to COVID 19	12 months
Mortgages
SIGNIFICANT ACCOUNTING POLICIES
Term of relief granted to clients due to COVID 19	16 months
Consumer loans
SIGNIFICANT ACCOUNTING POLICIES
Term of relief granted to clients due to COVID 19	12 months

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES - Loans in default (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stage One
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	84.95%	82.40%
Stage Two
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	8.39%	9.30%
Stage Two | Threshold
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	40.72%	31.80%
Stage Two | Watch list
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	32.73%	40.70%
Stage Two | Restructured
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	4.31%	2.60%
Stage Two | More Than 30 Days
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	5.66%	5.40%
Stage Two | COVID-19 Measures
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	16.58%	19.60%
Stage Three
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	6.67%	8.30%
Commercial | Stage One
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	84.74%	82.20%
Commercial | Stage Two
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	7.28%	8.10%
Commercial | Stage Two | Threshold
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	37.67%	20.80%
Commercial | Stage Two | Watch list
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	59.77%	73.80%
Commercial | Stage Two | Restructured
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	1.00%	0.80%
Commercial | Stage Two | More Than 30 Days
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	1.14%	1.40%
Commercial | Stage Two | COVID-19 Measures
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	0.42%	3.20%
Commercial | Stage Three
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	7.98%	9.70%
Consumer | Stage One
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	86.36%	82.30%
Consumer | Stage Two
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	8.52%	11.00%
Consumer | Stage Two | Threshold
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	62.19%	52.20%
Consumer | Stage Two | Watch list
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	0.65%	0.10%
Consumer | Stage Two | Restructured
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	7.99%	4.40%
Consumer | Stage Two | More Than 30 Days
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	13.75%	12.00%
Consumer | Stage Two | COVID-19 Measures
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	15.42%	31.40%
Consumer | Stage Three
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	5.12%	6.70%
Mortgages | Stage One
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	83.76%	83.80%
Mortgages | Stage Two
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	12.67%	11.80%
Mortgages | Stage Two | Threshold
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	27.18%	35.80%
Mortgages | Stage Two | Watch list
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	0.50%	0.10%
Mortgages | Stage Two | Restructured
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	8.49%	5.30%
Mortgages | Stage Two | More Than 30 Days
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	8.42%	7.80%
Mortgages | Stage Two | COVID-19 Measures
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	55.41%	51.00%
Mortgages | Stage Three
SIGNIFICANT ACCOUNTING POLICIES
Percentage of loan portfolio in default	3.58%	4.40%
Banistmo | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Mortgage portfolio, delinquency period	31 days
Banistmo | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Mortgage portfolio, delinquency period	60 days

SIGNIFICANT ACCOUNTING POLIC_12

SIGNIFICANT ACCOUNTING POLICIES - Economic Scenario Weightings (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Percentage of global gdp growth rate	5.60%	5.60%
Additional provision recognized on overlay	$ 536,517
Stage Three | Foreign Subsidiaries | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Loans payable in default	$ 15,000	$ 5
Optimistic
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	10.00%	10.00%
Optimistic | Colombia
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	20.00%	20.00%	10.00%
Optimistic | Colombia | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(6.50%)
Optimistic | Colombia | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	10.40%	10.40%	8.20%
Optimistic | Colombia | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	5.70%	5.70%	5.50%
Optimistic | Colombia | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	5.30%	5.30%
Optimistic | Panama
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	15.00%	15.00%	10.00%
Optimistic | Panama | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(17.70%)
Optimistic | Panama | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	18.00%	18.00%	10.00%
Optimistic | Panama | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	7.50%	7.50%	5.80%
Optimistic | Panama | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	5.50%	5.50%
Optimistic | Guatemala
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	15.00%	15.00%	10.00%
Optimistic | Guatemala | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(1.60%)
Optimistic | Guatemala | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	7.10%	7.10%	3.50%
Optimistic | Guatemala | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	5.20%	5.20%	4.00%
Optimistic | Guatemala | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.00%	4.00%
Optimistic | El Salvador
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	16.00%	16.00%	10.00%
Optimistic | El Salvador | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(6.00%)
Optimistic | El Salvador | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	11.00%	11.00%	4.40%
Optimistic | El Salvador | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.30%	4.30%	3.70%
Optimistic | El Salvador | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	2.60%	2.60%
Base
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	60.00%	60.00%
Base | Colombia
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	50.00%	50.00%	60.00%
Base | Colombia | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(7.40%)
Base | Colombia | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	10.00%	10.00%	5.70%
Base | Colombia | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.00%	4.00%	4.50%
Base | Colombia | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	3.40%	3.40%
Base | Panama
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	60.00%	60.00%	60.00%
Base | Panama | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(19.20%)
Base | Panama | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	16.00%	16.00%	6.50%
Base | Panama | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	6.50%	6.50%	4.80%
Base | Panama | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.50%	4.50%
Base | Guatemala
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	55.00%	55.00%	60.00%
Base | Guatemala | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(2.90%)
Base | Guatemala | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	5.70%	5.70%	3.00%
Base | Guatemala | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.30%	4.30%	3.50%
Base | Guatemala | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	3.40%	3.40%
Base | El Salvador
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	66.00%	66.00%	60.00%
Base | El Salvador | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(7.00%)
Base | El Salvador | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	9.50%	9.50%	3.40%
Base | El Salvador | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	3.70%	3.70%	3.00%
Base | El Salvador | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	2.30%	2.30%
Pessimistic
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	30.00%	30.00%
Pessimistic | Colombia
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	30.00%	30.00%	30.00%
Pessimistic | Colombia | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(9.80%)
Pessimistic | Colombia | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	9.60%	9.60%	3.20%
Pessimistic | Colombia | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	2.40%	2.40%	4.00%
Pessimistic | Colombia | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	1.50%	1.50%
Pessimistic | Panama
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	25.00%	25.00%	30.00%
Pessimistic | Panama | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(21.70%)
Pessimistic | Panama | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	13.50%	13.50%	2.90%
Pessimistic | Panama | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.50%	4.50%	3.80%
Pessimistic | Panama | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	3.50%	3.50%
Pessimistic | Guatemala
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	30.00%	30.00%	30.00%
Pessimistic | Guatemala | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(3.50%)
Pessimistic | Guatemala | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	4.40%	4.40%	2.50%
Pessimistic | Guatemala | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	3.00%	3.00%	2.80%
Pessimistic | Guatemala | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	2.30%	2.30%
Pessimistic | El Salvador
SIGNIFICANT ACCOUNTING POLICIES
Probability weighting	18.00%	18.00%	30.00%
Pessimistic | El Salvador | Cutoff 2020
SIGNIFICANT ACCOUNTING POLICIES
GDP growth			(8.20%)
Pessimistic | El Salvador | Cutoff 2021
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	7.50%	7.50%	2.60%
Pessimistic | El Salvador | Cutoff 2022
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	2.80%	2.80%	2.40%
Pessimistic | El Salvador | Cutoff 2023
SIGNIFICANT ACCOUNTING POLICIES
GDP growth	1.80%	1.80%

SIGNIFICANT ACCOUNTING POLIC_13

SIGNIFICANT ACCOUNTING POLICIES - Provision for COVID-19 (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)
Panama
SIGNIFICANT ACCOUNTING POLICIES
General provision adjustment (overlay)	$ 354,620
Colombia
SIGNIFICANT ACCOUNTING POLICIES
General provision adjustment (overlay)	$ 372,596

SIGNIFICANT ACCOUNTING POLIC_14

SIGNIFICANT ACCOUNTING POLICIES - Significant Increase in Risk (Details)	12 Months Ended
	Dec. 31, 2021item
SIGNIFICANT ACCOUNTING POLICIES
Preferred dividend as percentage of the subscription price	1.00%
Difference in present value of discounted cash flows of new debt instruments as a percentage of the original debt instrument	10.00%
Percentage of loss given default	65.80%
Ba1/BB+
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	3
Ba2/BB
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	3
Ba3/BB-
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	3
B1/B+
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	2
B2/B
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	2
B3/B-
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	1
Caa/CCC
SIGNIFICANT ACCOUNTING POLICIES
Number of notches, increase in risk	1

SIGNIFICANT ACCOUNTING POLIC_15

SIGNIFICANT ACCOUNTING POLICIES - Written-Off loan portfolio (Details)	12 Months Ended
	Dec. 31, 2021
Consumer
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	180 days
Consumer | Grupo Agromercantil Holding S.A. | Vehicles
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	450 days
Consumer | Banistmo | Loans with mortgage guarantee
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	1080 days
Consumer | Banco Agricola S.A. | Loans with mortgage guarantee
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	720 days
Commercial
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	360 days
Small Business Loan
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	180 days
Small Business Loan | Banistmo | Loans with guarantee
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	1080 days
Mortgage | Grupo Agromercantil Holding S.A.
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	1440 days
Mortgage | Banistmo
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	1080 days
Mortgage | Banco Agricola S.A.
SIGNIFICANT ACCOUNTING POLICIES
Length of delinquency	720 days

SIGNIFICANT ACCOUNTING POLIC_16

SIGNIFICANT ACCOUNTING POLICIES - Premises and equipment and Intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, intangible assets	1 year
Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, intangible assets	10 years
Buildings | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	10 years
Buildings | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	75 years
Furniture and fixtures | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	5 years
Furniture and fixtures | Minimum | El Salvador
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	4 years
Furniture and fixtures | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	20 years
Furniture and fixtures | Maximum | El Salvador
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	20 years
Computer equipment | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	3 years
Computer equipment | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	20 years
Equipment and machinery | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	3 years
Equipment and machinery | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	40 years
Vehicles | Minimum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	3 years
Vehicles | Maximum
SIGNIFICANT ACCOUNTING POLICIES
Useful life, premises and equipment	6 years

SIGNIFICANT ACCOUNTING POLIC_17

SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Arm's length operations adjusted for amount	$ 5,207	$ 11,198
Reversal of provision for credit losses	565,436	436,908	$ 551,650
Estimated Overlay considered by the Bank	727,216
Maintenance, repair and adaptation expenses	5,697
COVID-19
SIGNIFICANT ACCOUNTING POLICIES
Impact of relief due to holiday payments and loan modification	53,745	150,958
Reversal of provision for credit losses	383,790
Allocation of Funds for Enhanced Safety Protocols	3,339	39,421
Write-off of intangible assets	9,595
COVID-19 | Foreclosed assets
SIGNIFICANT ACCOUNTING POLICIES
Impairment loss for long-lived assets held for sale	$ 39,173	48,257
COVID-19 | Vehicles
SIGNIFICANT ACCOUNTING POLICIES
Impairment loss for long-lived assets held for sale		$ 1,339

OPERATING SEGMENTS - Financial

OPERATING SEGMENTS - Financial performance by operating segment (Details) - COP ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING SEGMENTS
Threshold Revenue, bank corporate and government sales force targets and specializes		$ 100,000
Financial performance by operating segment
Total interest and valuation		16,135,745	$ 16,688,650	$ 17,380,684
Interest income on loans and financial leases		15,344,290	16,132,977	16,628,320
Total debt investments		777,612	841,959	1,042,185
Derivatives		33,637	(337,796)	(182,769)
Total liquidity operations		(19,794)	51,510	(107,052)
Interest expenses		(4,351,556)	(5,863,008)	(6,179,794)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		11,784,189	10,825,642	11,200,890
Total credit impairment charges, net		(2,420,530)	(7,526,449)	(3,411,121)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		9,363,659	3,299,193	7,789,769
Fees and commission income		5,293,804	4,598,413	4,578,972
Fees and commissions expenses		(1,860,683)	(1,561,585)	(1,553,239)
Total fees and commission, net		3,433,121	3,036,828	3,025,733
Other operating income		2,022,141	1,844,572	1,535,247
Dividends and net income on equity investments		328,344	123,325	380,599
Total operating income, net		15,147,265	8,303,918	12,731,348
Operating expenses		(8,242,695)	(7,157,355)	(7,429,227)
Impairment, depreciation and amortization		(920,558)	(837,790)	(824,590)
Total operating expenses		(9,163,253)	(7,995,145)	(8,253,817)
Profit before income tax		5,984,012	308,773	4,477,531
Operating Segments
Financial performance by operating segment
Total interest and valuation		16,135,317	16,687,505	17,551,479
Interest income on loans and financial leases		15,343,862	16,131,832	16,628,053
Total debt investments		777,612	841,959	1,042,185
Derivatives		33,637	(337,796)	(11,707)
Total liquidity operations		(19,794)	51,510	(107,052)
Interest expenses		(4,351,556)	(5,863,008)	(6,179,794)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		11,783,761	10,824,497	11,371,685
Total credit impairment charges, net		(2,413,226)	(7,533,731)	(3,382,462)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		9,370,535	3,290,766	7,989,223
Fees and commission income		5,293,804	4,598,413	4,578,984
Fees and commissions expenses		(1,860,683)	(1,561,585)	(1,553,239)
Total fees and commission, net		3,433,121	3,036,828	3,025,745
Other operating income		2,023,144	1,845,368	1,541,009
Dividends and net income on equity investments		328,344	105,286	492,055
Total operating income, net		15,155,144	8,278,248	13,048,032
Operating expenses		(8,242,695)	(7,157,355)	(7,429,463)
Impairment, depreciation and amortization		(919,763)	(836,887)	(823,285)
Total operating expenses		(9,162,458)	(7,994,242)	(8,252,748)
Profit before income tax		5,992,686	284,006	4,795,284
Operating Segments | Banking | Colombia
Financial performance by operating segment
Total interest and valuation		11,498,013	11,944,262	12,970,741
Interest income on loans and financial leases		11,118,035	11,859,262	12,592,221
Total debt investments		399,517	451,781	716,032
Derivatives		17,263	(381,725)	(172,399)
Total liquidity operations		(36,802)	14,944	(165,113)
Interest expenses		(2,666,843)	(3,914,661)	(4,408,233)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		8,831,170	8,029,601	8,562,508
Total credit impairment charges, net		(2,122,515)	(5,889,710)	(2,564,417)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		6,708,655	2,139,891	5,998,091
Revenues (Expenses) from transactions with other operating segments of the Bank		18,458	142	(19,212)
Fees and commission income		3,841,472	3,291,382	3,269,747
Fees and commissions expenses		(1,524,691)	(1,313,286)	(1,297,186)
Total fees and commission, net		2,316,781	1,978,096	1,972,561
Other operating income		653,968	817,677	433,887
Dividends and net income on equity investments		93,769	43,737	131,029
Total operating income, net		9,791,631	4,979,543	8,516,356
Operating expenses		(5,550,033)	(4,967,506)	(5,203,354)
Impairment, depreciation and amortization		(529,662)	(405,811)	(407,102)
Total operating expenses		(6,079,695)	(5,373,317)	(5,610,456)
Profit before income tax		3,711,936	(393,774)	2,905,900
Operating Segments | Banking | Panama
Financial performance by operating segment
Total interest and valuation		1,963,509	1,986,566	1,876,925
Interest income on loans and financial leases		1,791,476	1,793,826	1,654,600
Total debt investments		156,377	170,416	172,610
Derivatives		1,860	(502)	1,625
Total liquidity operations		13,796	22,826	48,090
Interest expenses		(796,396)	(841,736)	(720,587)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		1,167,113	1,144,830	1,156,338
Total credit impairment charges, net		(323,216)	(907,910)	(408,132)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		843,897	236,920	748,206
Revenues (Expenses) from transactions with other operating segments of the Bank		(10,089)	(25,054)	(36,107)
Fees and commission income		351,603	310,773	350,055
Fees and commissions expenses		(151,906)	(118,016)	(143,616)
Total fees and commission, net		199,697	192,757	206,439
Other operating income		19,101	30,145	29,704
Dividends and net income on equity investments		4,387	6,984	5,562
Total operating income, net		1,056,993	441,752	953,804
Operating expenses		(700,226)	(590,269)	(573,042)
Impairment, depreciation and amortization		(104,493)	(112,358)	(105,232)
Total operating expenses		(804,719)	(702,627)	(678,274)
Profit before income tax		252,274	(260,875)	275,530
Operating Segments | Banking | El Salvador
Financial performance by operating segment
Total interest and valuation		1,193,824	1,226,150	1,094,422
Interest income on loans and financial leases		1,072,718	1,140,924	1,052,680
Total debt investments		105,035	84,366	40,915
Derivatives		15,345	227
Total liquidity operations		726	633	827
Interest expenses		(240,144)	(293,317)	(295,433)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		953,680	932,833	798,989
Total credit impairment charges, net		4,271	(366,691)	(83,110)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		957,951	566,142	715,879
Revenues (Expenses) from transactions with other operating segments of the Bank		7	(7,531)	(2,154)
Fees and commission income		359,724	289,792	268,309
Fees and commissions expenses		(116,600)	(74,887)	(60,673)
Total fees and commission, net		243,124	214,905	207,636
Other operating income		9,712	14,266	6,158
Dividends and net income on equity investments		2,760	858	211
Total operating income, net		1,213,554	788,640	927,730
Operating expenses		(549,782)	(424,516)	(444,933)
Impairment, depreciation and amortization		(81,201)	(69,318)	(46,381)
Total operating expenses		(630,983)	(493,834)	(491,314)
Profit before income tax		582,571	294,806	436,416
Operating Segments | Banking | Guatemala
Financial performance by operating segment
Total interest and valuation		1,178,615	1,101,638	977,980
Interest income on loans and financial leases		1,109,804	1,012,174	905,016
Total debt investments		67,772	83,767	73,152
Total liquidity operations		1,039	5,697	(188)
Interest expenses		(397,138)	(450,091)	(388,571)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		781,477	651,547	589,409
Total credit impairment charges, net		35,841	(297,386)	(333,699)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		817,318	354,161	255,710
Revenues (Expenses) from transactions with other operating segments of the Bank		(26,324)	(35,171)	(36,255)
Fees and commission income		159,908	176,268	170,854
Fees and commissions expenses		(50,144)	(39,871)	(38,006)
Total fees and commission, net		109,764	136,397	132,848
Other operating income		82,855	74,021	68,288
Dividends and net income on equity investments		658	953	668
Total operating income, net		984,271	530,361	421,259
Operating expenses		(464,199)	(423,211)	(358,923)
Impairment, depreciation and amortization		(102,991)	(132,237)	(120,130)
Total operating expenses		(567,190)	(555,448)	(479,053)
Profit before income tax		417,081	(25,087)	(57,794)
Operating Segments | Trust
Financial performance by operating segment
Total interest and valuation		46	32	152
Interest income on loans and financial leases		46	32	132
Total debt investments				20
Interest expenses		(167)	(166)	(138)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(121)	(134)	14
Total credit impairment charges, net		(4,595)	(1,270)	(716)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(4,716)	(1,404)	(702)
Revenues (Expenses) from transactions with other operating segments of the Bank		(26,584)	(24,159)	(25,529)
Fees and commission income		347,878	349,150	349,438
Fees and commissions expenses		(3,881)	(4,095)	(2,942)
Total fees and commission, net		343,997	345,055	346,496
Other operating income		12,702	13,078	13,341
Dividends and net income on equity investments		28,201	29,145	43,498
Total operating income, net		353,600	361,715	377,104
Operating expenses		(129,923)	(104,005)	(121,259)
Impairment, depreciation and amortization		(1,548)	(1,379)	(1,031)
Total operating expenses		(131,471)	(105,384)	(122,290)
Profit before income tax		222,129	256,331	254,814
Operating Segments | Investment banking
Financial performance by operating segment
Total interest and valuation				8
Total debt investments				8
Interest expenses		(7)	(4)	(4)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(7)	(4)	4
Total credit impairment charges, net		(55)	42	(251)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(62)	38	(247)
Revenues (Expenses) from transactions with other operating segments of the Bank		3,576	20,509	31,585
Fees and commission income		79,531	37,447	30,829
Fees and commissions expenses		(49)	(61)	(154)
Total fees and commission, net		79,482	37,386	30,675
Other operating income		879	1,524	5,830
Dividends and net income on equity investments		(232)	(2,503)	24,810
Total operating income, net		83,643	56,954	92,653
Operating expenses		(34,905)	(23,658)	(32,558)
Impairment, depreciation and amortization		(206)	(217)	(187)
Total operating expenses		(35,111)	(23,875)	(32,745)
Profit before income tax		48,532	33,079	59,908
Operating Segments | Brokerage
Financial performance by operating segment
Total interest and valuation		12,277	47,030	5,018
Interest income on loans and financial leases		28	45	96
Total debt investments		12,540	17,086	14,757
Derivatives		(832)	29,209	(10,416)
Total liquidity operations		541	690	581
Interest expenses		(73)	(35)	(26)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		12,204	46,995	4,992
Total credit impairment charges, net		(116)	(1,518)	(4,363)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		12,088	45,477	629
Revenues (Expenses) from transactions with other operating segments of the Bank		59,995	61,393	62,628
Fees and commission income		117,282	112,628	113,364
Fees and commissions expenses		(4,135)	(3,597)	(3,229)
Total fees and commission, net		113,147	109,031	110,135
Other operating income		(6,075)	(5,736)	(9,392)
Dividends and net income on equity investments		2,177	(27,930)	16,514
Total operating income, net		181,332	182,235	180,514
Operating expenses		(119,265)	(88,828)	(112,204)
Impairment, depreciation and amortization		(1,896)	(1,892)	(1,738)
Total operating expenses		(121,161)	(90,720)	(113,942)
Profit before income tax		60,171	91,515	66,572
Operating Segments | International Banking
Financial performance by operating segment
Total interest and valuation		251,135	347,881	614,073
Interest income on loans and financial leases		215,529	293,802	411,504
Total debt investments		35,739	33,885	24,682
Derivatives		1	14,995	169,483
Total liquidity operations		(134)	5,199	8,404
Interest expenses		(198,012)	(299,755)	(304,519)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		53,123	48,126	309,554
Total credit impairment charges, net		14,995	(56,122)	19,169
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		68,118	(7,996)	328,723
Revenues (Expenses) from transactions with other operating segments of the Bank		81,997	118,854	167,419
Fees and commission income		33,309	28,896	25,800
Fees and commissions expenses		(6,556)	(4,600)	(3,922)
Total fees and commission, net		26,753	24,296	21,878
Other operating income		11,109	12,939	7,067
Dividends and net income on equity investments		20	32	27
Total operating income, net		187,997	148,125	525,114
Operating expenses		(61,191)	(58,073)	(61,087)
Impairment, depreciation and amortization		(1,993)	(2,631)	(2,746)
Total operating expenses		(63,184)	(60,704)	(63,833)
Profit before income tax		124,813	87,421	461,281
Operating Segments | All other segments
Financial performance by operating segment
Total interest and valuation		37,898	33,946	12,160
Interest income on loans and financial leases		36,226	31,767	11,804
Total debt investments		632	658	9
Total liquidity operations		1,040	1,521	347
Interest expenses		(52,776)	(63,243)	(62,283)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(14,878)	(29,297)	(50,123)
Total credit impairment charges, net		(17,836)	(13,166)	(6,943)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(32,714)	(42,463)	(57,066)
Revenues (Expenses) from transactions with other operating segments of the Bank		(101,036)	(108,983)	(142,375)
Fees and commission income		3,097	2,077	588
Fees and commissions expenses		(2,721)	(3,172)	(3,511)
Total fees and commission, net		376	(1,095)	(2,923)
Other operating income		1,238,893	887,454	986,126
Dividends and net income on equity investments		196,604	54,010	269,736
Total operating income, net		1,302,123	788,923	1,053,498
Operating expenses		(633,171)	(477,289)	(522,103)
Impairment, depreciation and amortization		(95,773)	(111,044)	(138,738)
Total operating expenses		(728,944)	(588,333)	(660,841)
Profit before income tax		573,179	200,590	392,657
Adjustments for consolidation
Financial performance by operating segment
Total interest and valuation		428	1,145	(170,795)
Interest income on loans and financial leases		428	1,145	267
Derivatives				(171,062)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		428	1,145	(170,795)
Total credit impairment charges, net		(7,304)	7,282	(28,659)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(6,876)	8,427	(199,454)
Fees and commission income				(12)
Total fees and commission, net				(12)
Other operating income		(1,003)	(796)	(5,762)
Dividends and net income on equity investments			18,039	(111,456)
Total operating income, net		(7,879)	25,670	(316,684)
Operating expenses				236
Impairment, depreciation and amortization		(795)	(903)	(1,305)
Total operating expenses		(795)	(903)	(1,069)
Profit before income tax		$ (8,674)	$ 24,767	$ (317,753)
VLIPCO S.A.S.
OPERATING SEGMENTS
Number of shares acquired	91,791
Purchase price	$ 9,474
Percentage of ownership interest in subsidiary	94.77%

OPERATING SEGMENTS - Financia_2

OPERATING SEGMENTS - Financial information of the total assets and liabilities by operating segment (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
OPERATING SEGMENTS
Total assets	$ 289,855,048	$ 255,568,505
Liabilities	255,929,590	227,453,292
Operating Segments
OPERATING SEGMENTS
Total assets	325,241,577	278,613,197
Liabilities	268,505,985	238,825,067
Operating Segments | Banking | Colombia
OPERATING SEGMENTS
Total assets	209,948,788	175,697,801
Liabilities	177,198,960	159,782,056
Operating Segments | Banking | Panama
OPERATING SEGMENTS
Total assets	40,561,211	35,062,418
Liabilities	36,231,139	31,483,993
Operating Segments | Banking | El Salvador
OPERATING SEGMENTS
Total assets	20,980,061	17,986,495
Liabilities	18,416,563	16,158,124
Operating Segments | Banking | Guatemala
OPERATING SEGMENTS
Total assets	19,510,688	16,304,094
Liabilities	17,763,659	15,052,385
Operating Segments | Trust
OPERATING SEGMENTS
Total assets	638,280	686,895
Liabilities	108,254	110,830
Operating Segments | Investment banking
OPERATING SEGMENTS
Total assets	2,039,204	1,648,144
Liabilities	55,743	37,134
Operating Segments | Brokerage
OPERATING SEGMENTS
Total assets	371,278	316,051
Liabilities	125,176	57,800
Operating Segments | International Banking
OPERATING SEGMENTS
Total assets	24,074,957	20,502,898
Liabilities	15,568,638	13,286,310
Operating Segments | All other segments
OPERATING SEGMENTS
Total assets	7,117,110	10,408,401
Liabilities	3,037,853	2,856,435
Adjustments for consolidation
OPERATING SEGMENTS
Total assets	(35,386,529)	(23,044,692)
Liabilities	$ (12,576,395)	$ (11,371,775)

OPERATING SEGMENTS - Financia_3

OPERATING SEGMENTS - Financial information of the investments in associates and joint ventures by operating segment (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING SEGMENTS
Investment in associates and joint ventures	$ 2,720,559	$ 2,506,315
Equity method	199,652	136,596	$ 249,231
Operating Segments
OPERATING SEGMENTS
Investment in associates and joint ventures	2,720,559	2,506,315
Equity method	199,652	136,596
Operating Segments | Banking | Colombia
OPERATING SEGMENTS
Investment in associates and joint ventures	601,758	382,747
Equity method	45,555	39,922
Operating Segments | Banking | El Salvador
OPERATING SEGMENTS
Investment in associates and joint ventures	22,631	17,254
Equity method	2,747	840
Operating Segments | Trust
OPERATING SEGMENTS
Investment in associates and joint ventures	303,506	280,051
Equity method	27,377	28,848
Operating Segments | Investment banking
OPERATING SEGMENTS
Investment in associates and joint ventures	394,061	549,745
Equity method	1,011	14,912
Operating Segments | All other segments
OPERATING SEGMENTS
Investment in associates and joint ventures	1,398,603	1,276,518
Equity method	$ 122,962	$ 52,074

OPERATING SEGMENTS - Geographic

OPERATING SEGMENTS - Geographic information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING SEGMENTS
Interest and valuation	$ 16,135,745	$ 16,688,650	$ 17,380,684
Long-lived assets	18,690,168	16,323,529	14,726,048
Operating Segments
OPERATING SEGMENTS
Interest and valuation	16,135,317	16,687,505	17,551,479
Operating Segments | Reportable Operating Segments
OPERATING SEGMENTS
Interest and valuation	16,279,789	16,946,394	17,881,929
Long-lived assets	11,034,558	9,786,526	8,552,554
Operating Segments | Reportable Operating Segments | Colombia
OPERATING SEGMENTS
Interest and valuation	11,605,829	12,152,560	13,129,674
Long-lived assets	9,413,340	8,381,397	7,095,848
Operating Segments | Reportable Operating Segments | Panama
OPERATING SEGMENTS
Interest and valuation	2,251,653	2,400,442	2,592,875
Long-lived assets	838,278	737,039	792,841
Operating Segments | Reportable Operating Segments | Puerto rico
OPERATING SEGMENTS
Interest and valuation	49,662	64,104	83,303
Long-lived assets	1,644	1,413	1,586
Operating Segments | Reportable Operating Segments | El Salvador
OPERATING SEGMENTS
Interest and valuation	1,194,026	1,227,645	1,097,976
Long-lived assets	434,212	370,983	373,378
Operating Segments | Reportable Operating Segments | Costa Rica
OPERATING SEGMENTS
Long-lived assets		72	107
Operating Segments | Reportable Operating Segments | Guatemala
OPERATING SEGMENTS
Interest and valuation	1,178,619	1,101,643	978,101
Long-lived assets	347,084	295,622	288,794
Eliminations and translation adjustment
OPERATING SEGMENTS
Interest and valuation	(144,044)	(257,744)	(501,245)
Long-lived assets	$ 7,655,610	$ 6,537,003	$ 6,173,494

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and balances at central bank
Cash	$ 7,994,899	$ 7,210,250
Due from central banks	9,817,664	7,871,879
Due from other private financial entities	5,092,792	4,867,472
Checks on hold	136,050	109,736
Remittances of domestic negotiated checks in transit	106,271	125,737
Total cash and due from banks	23,147,676	20,185,074
Money market transactions:
Interbank borrowings	1,388,411	3,193,915
Reverse repurchase agreements and other similar secured loans	793,759	322,160
Total money market transactions	2,182,170	3,516,075
Total cash and cash equivalents	25,329,846	23,701,149	$ 23,738,042	$ 18,730,810
Restricted cash	$ 472,443	$ 295,260
Legal banking reserve
Money market transactions:
Mandatory reserve percentage in central bank	3.50%	3.50%
Grupo Agromercantil Holding S.A. | Legal banking reserve
Money market transactions:
Mandatory reserve percentage in central bank	14.60%	14.60%
Banco Agricola S.A. | Liquidity reserve | Minimum
Money market transactions:
Mandatory reserve percentage in central bank	1.00%	1.00%
Banco Agricola S.A. | Liquidity reserve | Maximum
Money market transactions:
Mandatory reserve percentage in central bank	18.00%	15.00%
Bancolombia Panama S.A. and Banistmo S.A | Liquidity reserve
Money market transactions:
Mandatory reserve percentage in central bank	30.00%	30.00%

FINANCIAL ASSETS INVESTMENTS _3

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Financial assets investments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 29,289,301	$ 29,553,003
Investments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	29,289,301	29,553,003
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	28,809,148	28,964,796
Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	11,641,453	13,118,411
Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	9,972,268	9,434,459
Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,808,066	2,519,293
Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,790,120	2,136,549
Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,597,241	1,756,084
Debt instruments | Mortgage-backed securities (TIPS)
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	113,114	159,075
Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	480,153	588,207
Payments received by residual rights	122,988
Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	15,036,467	15,571,214
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	8,978,484	10,439,978
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	5,180,775	4,234,799
Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	67,395	72,401
Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	120,653	102,301
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	689,160	721,735
Fair value through profit or loss | Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	85,244	69,426
Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,245,451	8,238,981
Gains (losses) recognized at fair value through OCI	(51,525)	47,699
Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,515,927	2,552,041
Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,293,949	4,815,053
Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	124,917	99,152
Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	310,658	772,735
Fair value through other comprehensive income | Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	394,909	518,781
Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,527,230	5,154,601
Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	147,042	126,392
Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	497,544	384,607
Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,740,671	2,446,892
Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,544,550	1,935,096
Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 597,423	$ 261,614

FINANCIAL ASSETS INVESTMENTS _4

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Debt instruments portfolio by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 29,289,301	$ 29,553,003
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	28,809,148	28,964,796
Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	11,641,453	13,118,411
Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	9,972,268	9,434,459
Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,597,241	1,756,084
Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,790,120	2,136,549
Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,808,066	2,519,293
Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	15,036,467	15,571,214
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	8,978,484	10,439,978
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	5,180,775	4,234,799
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	689,160	721,735
Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	120,653	102,301
Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	67,395	72,401
Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,245,451	8,238,981
Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,515,927	2,552,041
Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,293,949	4,815,053
Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	310,658	772,735
Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	124,917	99,152
Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,527,230	5,154,601
Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	147,042	126,392
Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	497,544	384,607
Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	597,423	261,614
Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,544,550	1,935,096
Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,740,671	2,446,892
Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	125,705,163	108,966,678
Less than 1 year | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	13,618,053	14,278,267
Less than 1 year | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	5,765,580	5,745,083
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	938,984	1,677,621
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,606,436	3,831,724
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	187,194	159,674
Less than 1 year | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	18,861	9,339
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	14,105	66,725
Less than 1 year | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,912,450	6,006,268
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,515,927	2,552,041
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,325,032	2,840,523
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	71,491	577,109
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets		36,595
Less than 1 year | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,940,023	2,526,916
Less than 1 year | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets		28,366
Less than 1 year | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	33,770	8,847
Less than 1 year | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	193,334	42,811
Less than 1 year | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	22,504
Less than 1 year | Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,690,415	2,446,892
Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	92,464,629	77,996,853
Between 1 and 3 years | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	8,604,313	6,807,834
Between 1 and 3 years | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,656,959	5,187,007
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,251,182	4,936,287
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	64,189	13,683
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	264,720	196,538
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	37,377	40,389
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	39,491	110
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,145,222	1,180,311
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,085,997	1,127,176
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	59,225	53,135
Between 1 and 3 years | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	802,132	440,516
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	145,060
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	14,540	15,540
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	68,148	152,629
Between 1 and 3 years | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	574,384	272,347
Between 3 and 5 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	53,107,791	45,912,661
Between 3 and 5 years | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,542,481	3,517,990
Between 3 and 5 years | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,597,107	2,769,226
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,276,374	2,551,658
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	175,555	13,197
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	115,920	175,621
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	19,591	27,412
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	9,667	1,338
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	597,447	257,456
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	539,525	257,456
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	57,922
Between 3 and 5 years | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	347,927	491,308
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets		98,026
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	242,050	69,765
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	55,451	47,857
Between 3 and 5 years | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	50,426	275,660
Greater than 5 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	86,930,539	72,790,907
Greater than 5 years | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,044,301	4,360,705
Greater than 5 years | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,016,821	1,869,898
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	511,944	1,274,412
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	334,595	376,195
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	121,326	189,902
Greater than 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	44,824	25,161
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,132	4,228
Greater than 5 years | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	590,332	794,946
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	343,395	589,898
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	122,020	142,491
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	124,917	62,557
Greater than 5 years | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,437,148	1,695,861
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,982
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	207,184	290,455
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	280,490	18,317
Greater than 5 years | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,897,236	$ 1,387,089
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 50,256

FINANCIAL ASSETS INVESTMENTS _5

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Equity instruments designated at fair value through other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Equity securities and trust funds at fair value through OCI	$ 52,147	$ (94,857)	$ 43,889
Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Impairment loss	0	0	0
Dividends received from equity investments at fair value through OCI	12,665	13,567	$ 10,498
Fair value through other comprehensive income | Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	394,909	518,781
Fair value through other comprehensive income | Equity securities | Others
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Decrease due to payments received by residual rights	(122,988)
Fair value through other comprehensive income | Equity securities | Securities listed in Colombia
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	57,791	70,155
Fair value through other comprehensive income | Equity securities | Securities listed in foreign countries
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	6,732	5,415
Fair value through other comprehensive income | Equity securities | Securities unlisted | TELERED
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	150,943	101,988
Fair value through other comprehensive income | Equity securities | Securities unlisted | Asociacion Gremial de Instituciones Financieras Credibanco S.A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	87,344	99,553
Fair value through other comprehensive income | Equity securities | Securities unlisted | Compania De Procesamiento de Medios de Pago Guatemala (Bahamas), S A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	14,054	46,889
Fair value through other comprehensive income | Equity securities | Securities unlisted | Fondo Renta Fija Valor, S.A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	100	24,855
Fair value through other comprehensive income | Equity securities | Securities unlisted | Camara de Riesgo Central de Contraparte de Colombia S.A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	6,038	5,482
Fair value through other comprehensive income | Equity securities | Securities unlisted | Transacciones y Transferencias, S. A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	8,282	5,248
Fair value through other comprehensive income | Equity securities | Securities unlisted | 500 Luchadores II, L.P.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	9,181	4,811
Fair value through other comprehensive income | Equity securities | Securities unlisted | CADENALCO
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	3,638	3,908
Fair value through other comprehensive income | Equity securities | Securities unlisted | Others
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI	$ 50,806	$ 150,477

FINANCIAL ASSETS INVESTMENTS _6

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Securities pledged as collateral (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Investments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	$ 1,156,241	$ 2,651,162
Investments pledged as collateral in money market
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	609,678	2,261,316
Investments pledged as collateral in money market | Securities issued by other financial institutions | Between 3 and 6 months | Time deposits
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	5,458
Investments pledged as collateral in money market | Securities issued by other financial institutions | Between 6 and 12 months | Time deposits
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	4,974
Investments pledged as collateral in money market | Securities issued by other financial institutions | Greater 12 months | Time deposits
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	4,919
Investments pledged as collateral in money market | Securities issued by other financial institutions | Greater 12 months | Bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	4,269
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Less than 3 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral		59,803
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Between 3 and 6 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	4,233	287,816
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Between 6 and 12 months | Tax refund titles
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	40,011
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Greater 12 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	421,707	1,742,072
Investments pledged as collateral in money market | Securities issued by foreign governments | Between 6 and 12 months | Bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral		89,245
Investments pledged as collateral in money market | Securities issued by foreign governments | Greater 12 months | Bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	124,107	82,380
Investments pledged as collateral in derivative operations
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	546,563	389,846
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Between 3 and 6 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	242,716	49,624
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Greater 12 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	$ 303,847	$ 340,222

FINANCIAL ASSETS INVESTMENTS _7

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Changes in gross carrying amount of debt securities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	$ 29,553,003
Ending Balance	29,289,301	$ 29,553,003
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	28,964,796
Ending Balance	28,809,148	28,964,796
Fair value through OCI and amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	13,393,582	7,923,581
Sales and maturities	(8,690,663)	(4,562,773)
Purchases	8,655,481	9,886,724
Valuation and payments	(337,447)	(13,276)
Foreign exchange	751,728	159,326
Ending Balance	13,772,681	13,393,582
Fair value through OCI and amortized cost | Debt instruments | Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	13,237,154	7,827,746
Transfers from stage 1 to stage 2	(47,331)
Sales and maturities	(8,690,663)	(4,562,773)
Purchases	8,655,481	9,830,079
Valuation and payments	(335,851)	(12,681)
Foreign exchange	726,724	154,783
Ending Balance	13,545,514	13,237,154
Fair value through OCI and amortized cost | Debt instruments | Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	156,428	95,835
Transfers from stage 1 to stage 2	47,331
Purchases		56,645
Valuation and payments	(1,596)	(595)
Foreign exchange	25,004	4,543
Ending Balance	$ 227,167	$ 156,428

FINANCIAL ASSETS INVESTMENTS _8

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Provisions detail for the debt instruments portfolio using the expected credit losses model (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 29,289,301	$ 29,553,003
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	28,809,148	28,964,796
Debt instruments | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	13,772,681	13,393,582	$ 7,923,581
Debt instruments | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,527,230	5,154,601
Debt instruments | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,551,909	5,193,727
Debt instruments | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	(24,679)	(39,126)
Debt instruments | Fair value through other comprehensive income
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,245,451	8,238,981
Debt instruments | Stage One | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	13,545,514	13,237,154	7,827,746
Debt instruments | Stage One | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,300,063	4,998,173
Debt instruments | Stage One | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,317,752	5,032,673
Debt instruments | Stage One | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	(17,689)	(34,500)
Debt instruments | Stage One | Fair value through other comprehensive income
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,245,451	8,238,981
Debt instruments | Stage Two | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	227,167	156,428	$ 95,835
Debt instruments | Stage Two | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	227,167	156,428
Debt instruments | Stage Two | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	234,157	161,054
Debt instruments | Stage Two | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ (6,990)	$ (4,626)

FINANCIAL ASSETS INVESTMENTS _9

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Changes in allowance for debt instruments measured at amortized cost and fair value through other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	$ 16,616,043	$ 10,929,395	$ 10,235,831
Sales and maturities	(565,436)	(436,908)	(551,650)
New debt instruments purchased	31,111	23,035
Foreign exchange	618,339	(15,186)	19,286
Ending balance	15,864,482	16,616,043	10,929,395
Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
New debt instruments purchased	33	505
Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
New debt instruments purchased	14	108
Fair value through OCI and amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	42,371	14,601	14,783
Change in measurement			228
Sales and maturities	(7,985)	(6,313)	(6,600)
New debt instruments purchased	11,831	23,285	6,469
Remeasurement	(23,790)	10,406	(348)
Foreign exchange	5,496	392	69
Ending balance	27,923	42,371	14,601
Fair value through OCI and amortized cost | Debt instruments | Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	37,745	13,013	14,174
Transfer from stage 1 to stage 2	(1,670)
Change in measurement			228
Sales and maturities	(7,985)	(6,313)	(6,599)
New debt instruments purchased	11,831	19,856	5,235
Remeasurement	(23,744)	10,872	(89)
Foreign exchange	4,757	317	64
Ending balance	20,934	37,745	13,013
Fair value through OCI and amortized cost | Debt instruments | Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	4,626	1,588	609
Transfer from stage 1 to stage 2	1,670
Sales and maturities			(1)
New debt instruments purchased		3,429	1,234
Remeasurement	(46)	(466)	(259)
Foreign exchange	739	75	5
Ending balance	$ 6,989	$ 4,626	$ 1,588

FINANCIAL ASSETS INVESTMENTS_10

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Carrying values of derivatives by type of risk (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	$ 2,454,005	$ 2,800,719
Derivative financial liabilities	(1,961,109)	(2,381,326)
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	736,163	976,813
Derivative financial liabilities	(630,605)	(895,947)
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,669,513	1,787,095
Derivative financial liabilities	(1,269,295)	(1,418,778)
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	48,329	36,811
Derivative financial liabilities	(61,209)	(66,601)
Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	2,454,005	2,800,719
Derivative financial liabilities	(1,961,109)	(2,381,326)
Carrying amount | Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	736,163	976,813
Derivative financial liabilities	(630,605)	(895,947)
Total derivative financial assets (liabilities)	105,558	80,866
Carrying amount | Forwards | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	729,367	975,125
Derivative financial liabilities	(605,537)	(880,614)
Carrying amount | Forwards | Equity contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	6,796	1,688
Derivative financial liabilities	(25,068)	(15,333)
Carrying amount | Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,669,513	1,787,095
Derivative financial liabilities	(1,269,295)	(1,418,778)
Total derivative financial assets (liabilities)	400,218	368,317
Carrying amount | Swaps | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,422,355	947,053
Derivative financial liabilities	(960,838)	(615,625)
Carrying amount | Swaps | Interest rate contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	247,158	840,042
Derivative financial liabilities	(308,457)	(803,153)
Carrying amount | Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	48,329	36,811
Derivative financial liabilities	(61,209)	(66,601)
Total derivative financial assets (liabilities)	(12,880)	(29,790)
Carrying amount | Options | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	48,329	36,811
Derivative financial liabilities	$ (61,209)	$ (66,601)

FINANCIAL ASSETS INVESTMENTS_11

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Notional amounts of derivatives contracts (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	$ 79,869,894	$ 69,339,395
Notional amount, derivative financial liabilities	(69,183,610)	(53,114,126)
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	29,577,723	22,052,758
Notional amount, derivative financial liabilities	(26,786,019)	(24,702,558)
Notional amount, derivative financial assets (liabilities)	2,791,704	(2,649,800)
Forwards | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	28,582,048	21,850,683
Notional amount, derivative financial liabilities	(26,394,184)	(21,869,963)
Forwards | Equity contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	995,675	202,075
Notional amount, derivative financial liabilities	(391,835)	(2,832,595)
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	42,037,681	37,281,988
Notional amount, derivative financial liabilities	(32,997,877)	(20,087,901)
Notional amount, derivative financial assets (liabilities)	9,039,804	17,194,087
Swaps | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	9,084,313	9,785,196
Notional amount, derivative financial liabilities	(6,825,078)	(4,956,902)
Swaps | Interest rate contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	32,953,368	27,496,792
Notional amount, derivative financial liabilities	(26,172,799)	(15,130,999)
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	2,239,713	1,702,445
Notional amount, derivative financial liabilities	(1,954,132)	(1,598,200)
Notional amount, derivative financial assets (liabilities)	285,581	104,245
Options | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	2,239,713	1,702,445
Notional amount, derivative financial liabilities	(1,954,132)	(1,598,200)
Futures
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	6,014,777	8,302,204
Notional amount, derivative financial liabilities	(7,445,582)	(6,725,467)
Notional amount, derivative financial assets (liabilities)	(1,430,805)	1,576,737
Futures | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	5,994,775	8,302,204
Notional amount, derivative financial liabilities	(7,445,574)	(5,975,467)
Futures | Others
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial liabilities	(8)	$ (750,000)
Futures | Equity contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount, derivative financial asset	$ 20,002

FINANCIAL ASSETS INVESTMENTS_12

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Remaining contractual life of the derivatives portfolio (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	$ 2,454,005	$ 2,800,719
Derivative financial liabilities	(1,961,109)	(2,381,326)
Derivative financial instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	2,454,005	2,800,719
Derivative financial liabilities	(1,961,109)	(2,381,326)
Derivative financial instruments | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,274,596	1,275,115
Derivative financial liabilities	(969,056)	(1,120,902)
Derivative financial instruments | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	618,629	632,971
Derivative financial liabilities	(448,229)	(435,997)
Derivative financial instruments | Greater than 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	560,780	892,633
Derivative financial liabilities	(543,824)	(824,427)
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	736,163	976,813
Derivative financial liabilities	(630,605)	(895,947)
Forwards | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	696,501	971,321
Derivative financial liabilities	(579,036)	(876,888)
Forwards | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	39,662	5,492
Derivative financial liabilities	(51,569)	(19,059)
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,669,513	1,787,095
Derivative financial liabilities	(1,269,295)	(1,418,778)
Swaps | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	536,333	268,929
Derivative financial liabilities	(333,194)	(181,920)
Swaps | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	572,400	625,533
Derivative financial liabilities	(392,277)	(412,431)
Swaps | Greater than 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	560,780	892,633
Derivative financial liabilities	(543,824)	(824,427)
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	48,329	36,811
Derivative financial liabilities	(61,209)	(66,601)
Options | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	41,762	34,865
Derivative financial liabilities	(56,826)	(62,094)
Options | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	6,567	1,946
Derivative financial liabilities	$ (4,383)	$ (4,507)

FINANCIAL ASSETS INVESTMENTS_13

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Collateral for derivatives (Details) - Derivative financial instruments - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Collateral granted	$ 911,050	$ 641,795
Collateral received	$ (376,447)	$ (570,097)

FINANCIAL ASSETS INVESTMENTS_14

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Unrecognised gains or (losses) for derivatives trading (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative financial instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	$ 77,538	$ 48,974
Increase due to new trades	279,235	421,668
Reduction due to amortization	(261,426)	(380,009)
Reduction due to sale or transfer	(23,860)	(13,095)
Ending balance	71,487	77,538
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	29,102	6,666
Increase due to new trades	169,430	321,006
Reduction due to amortization	(179,115)	(293,579)
Reduction due to sale or transfer	(2,499)	(4,991)
Ending balance	16,918	29,102
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	26,984	15,736
Increase due to new trades	19,368	21,481
Reduction due to amortization	(11,560)	(9,250)
Reduction due to sale or transfer	(6,898)	(983)
Ending balance	27,894	26,984
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	21,452	26,572
Increase due to new trades	90,437	79,181
Reduction due to amortization	(70,751)	(77,180)
Reduction due to sale or transfer	(14,463)	(7,121)
Ending balance	$ 26,675	$ 21,452

FINANCIAL ASSETS INVESTMENTS_15

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Fair value hedging (Details) - Fair value hedges - Interest rate swaps $ in Thousands, $ in Millions	Dec. 31, 2021COP ($)item	Dec. 31, 2021USD ($)item	Dec. 31, 2020COP ($)item	Dec. 31, 2020USD ($)item
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Number of derivative contracts held	8	8	8	8
Fixed rate | Financial assets investments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Carrying amount of hedged assets	$ 333,407	$ 83,746	$ 300,959	$ 87,679
Accumulated amount of fair value adjustments on the hedged liabilities	$ (6,369)	$ (1,600)	$ (11,182)	$ (3,258)

FINANCIAL ASSETS INVESTMENTS_16

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Notional amount and fair value of financial assets investments (Details) - Fair value hedges - Derivative financial instruments - Financial assets investments $ in Thousands, $ in Millions	Dec. 31, 2021COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2020USD ($)
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount	$ 316,701	$ 79,550	$ 273,055	$ 79,550
Fair value	$ 333,407	$ 83,746	$ 300,959	$ 87,679

FINANCIAL ASSETS INVESTMENTS_17

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Effectiveness of hedging relationships (Details) - Fair value hedges - Interest rate swaps - Fixed rate - Other operating income - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Gains / (loss) recognized in OCI	$ 6,285	$ (5,459)	$ (6,592)
Hedge Ineffectiveness recognized in P&L	$ (6,133)	$ (3,746)	$ 663

FINANCIAL ASSETS INVESTMENTS_18

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Net foreign investment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Adjustment recognized in other comprehensive income	$ (713,706)	$ (302,349)	$ (40,045)
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Securities designated as hedged instrument				$ 2,200,000	$ 2,200,000	$ 2,200,000
Net foreign investment | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Adjustment recognized in other comprehensive income	$ (1,207,052)	$ (341,792)	$ (60,258)

FINANCIAL ASSETS INVESTMENTS_19

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Offsetting of derivatives (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives Liabilities
Derivative Liabilities
Gross derivative liabilities	$ (1,961,109)	$ (2,381,326)
Offsetting of derivatives
Derivative financial instruments in statement of financial position	(1,961,109)	(2,381,326)
Master netting agreements	1,961,109	2,381,326
Cash collateral paid
Total derivatives liabilities before collateral and Master netting agreements
Swaps | Foreign exchange contracts
Derivative Liabilities
Gross derivative liabilities	(960,838)	(615,625)
Swaps | Interest rate contracts
Derivative Liabilities
Gross derivative liabilities	(308,457)	(803,153)
Forwards | Foreign exchange contracts
Derivative Liabilities
Gross derivative liabilities	(605,537)	(880,614)
Forwards | Equity contracts
Derivative Liabilities
Gross derivative liabilities	(25,068)	(15,333)
Options | Foreign exchange contracts
Derivative Liabilities
Gross derivative liabilities	(61,209)	(66,601)
Derivatives Assets
Derivatives Assets
Gross derivative assets	2,454,005	2,800,719
Offsetting of derivatives
Derivative financial instruments in statement of financial position	2,454,005	2,800,719
Master netting agreements	(1,785,702)	(2,258,118)
Cash collateral received	(668,303)	(542,601)
Total derivatives assets before collateral and Master netting agreements
Swaps | Foreign exchange contracts
Derivatives Assets
Gross derivative assets	1,422,355	947,053
Swaps | Interest rate contracts
Derivatives Assets
Gross derivative assets	247,158	840,042
Forwards | Foreign exchange contracts
Derivatives Assets
Gross derivative assets	729,367	975,125
Forwards | Equity contracts
Derivatives Assets
Gross derivative assets	6,796	1,688
Options | Foreign exchange contracts
Derivatives Assets
Gross derivative assets	$ 48,329	$ 36,811

FINANCIAL ASSETS INVESTMENTS_20

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Interest rate benchmark reform (Details) - Fair value hedges - USD $ in Thousands	Dec. 31, 2021USD ($)
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Notional amount	$ 79,550
Hedging instruments maturing after 31 December 2021	$ 79,550

LOANS AND ADVANCES TO CUSTOME_3

LOANS AND ADVANCES TO CUSTOMERS, NET - Loans and financial leasing operating portfolio (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Gross loans and finance leases	$ 220,323,483	$ 191,409,730
Allowance for loans, advances and lease losses	(15,864,482)	(16,616,043)	$ (10,929,395)	$ (10,235,831)
Loans and advances to customers, net	204,459,001	174,793,687
Commercial
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Gross loans and finance leases	114,911,843	98,659,287
Allowance for loans, advances and lease losses	(7,813,023)	(7,673,720)	(5,456,993)	(5,360,833)
Consumer
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Gross loans and finance leases	48,363,040	41,055,939
Allowance for loans, advances and lease losses	(5,305,267)	(5,753,430)	(3,445,818)	(2,892,891)
Mortgage
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Gross loans and finance leases	30,646,787	25,959,112
Allowance for loans, advances and lease losses	(1,061,058)	(992,515)	(860,665)	(853,764)
Financial Leases
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Gross loans and finance leases	25,119,628	24,503,317
Allowance for loans, advances and lease losses	(1,521,067)	(1,996,033)	(1,025,403)	(990,970)
Small Business Loans
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Gross loans and finance leases	1,282,185	1,232,075
Allowance for loans, advances and lease losses	$ (164,067)	$ (200,345)	$ (140,516)	$ (137,373)

LOANS AND ADVANCES TO CUSTOME_4

LOANS AND ADVANCES TO CUSTOMERS, NET - Allowance for loans losses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	$ 16,616,043	$ 10,929,395	$ 10,235,831
Loan purchases / Loan sales	(27,817)		(5,889)
Recovery of charged - off loans	565,436	436,908	551,650
Credit impairment charges on loans, advances and financial leases, net	2,521,178	7,335,755	3,385,181
Adjusted stage 3	607,734	529,574	473,716
Charges-off	(5,036,431)	(2,600,403)	(3,730,380)
Translation adjustment	618,339	(15,186)	19,286
Ending balance	15,864,482	16,616,043	10,929,395
Banco Davivienda
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Provision for portfolio sales	86,800
Money Corp
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Provision for portfolio sales	5,922
Jobandtalent Co SAS
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Provision for portfolio sales	5,060
Commercial
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	7,673,720	5,456,993	5,360,833
Loan purchases / Loan sales	(27,817)		(4,332)
Recovery of charged - off loans	125,208	118,196	139,268
Credit impairment charges on loans, advances and financial leases, net	198,619	2,406,228	1,299,379
Adjusted stage 3	216,330	213,214	223,824
Charges-off	(674,248)	(527,318)	(1,572,113)
Translation adjustment	301,211	6,407	10,134
Ending balance	7,813,023	7,673,720	5,456,993
Consumer
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	5,753,430	3,445,818	2,892,891
Recovery of charged - off loans	349,125	256,836	317,722
Credit impairment charges on loans, advances and financial leases, net	2,268,595	3,745,662	1,971,037
Adjusted stage 3	288,214	203,420	148,001
Charges-off	(3,618,009)	(1,875,355)	(1,890,490)
Translation adjustment	263,912	(22,951)	6,657
Ending balance	5,305,267	5,753,430	3,445,818
Mortgage
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	992,515	860,665	853,764
Recovery of charged - off loans	26,660	15,943	33,869
Credit impairment charges on loans, advances and financial leases, net	68,809	163,527	33,808
Adjusted stage 3	49,893	39,793	42,495
Charges-off	(110,408)	(89,727)	(104,720)
Translation adjustment	33,589	2,314	1,449
Ending balance	1,061,058	992,515	860,665
Financial Leases
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	1,996,033	1,025,403	990,970
Loan purchases / Loan sales			(1,557)
Recovery of charged - off loans	61,303	44,381	57,057
Credit impairment charges on loans, advances and financial leases, net	(34,678)	903,191	25,130
Adjusted stage 3	40,747	63,240	50,119
Charges-off	(554,701)	(40,150)	(97,148)
Translation adjustment	12,363	(32)	832
Ending balance	1,521,067	1,996,033	1,025,403
Small business loan
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	200,345	140,516	137,373
Recovery of charged - off loans	3,140	1,552	3,734
Credit impairment charges on loans, advances and financial leases, net	19,833	117,147	55,827
Adjusted stage 3	12,550	9,907	9,277
Charges-off	(79,065)	(67,853)	(65,909)
Translation adjustment	7,264	(924)	214
Ending balance	$ 164,067	$ 200,345	$ 140,516

LOANS AND ADVANCES TO CUSTOME_5

LOANS AND ADVANCES TO CUSTOMERS, NET - Significant changes in the loans and the allowance for loans losses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commercial | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	$ 98,659,287	$ 92,768,553
Remeasurement arising from transfer of stage	(670,058)	(332,283)
Remeasurement from remaining in the stage	(5,981,202)	(4,864,080)
New financial assets purchased/originated	66,168,716	45,983,602
Financial assets that have been derecognized	(47,717,683)	(35,837,564)
Charges-off	(674,248)	(527,318)
Foreign Exchange and other movements	5,127,031	1,468,377
Ending balance	114,911,843	98,659,287
Commercial | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(7,673,720)	(5,456,993)
Remeasurement arising from transfer of stage	(420,045)	(813,286)
Remeasurement from remaining in the stage	(34,669)	(547,595)
Remeasurement due to changes in economics factors	(144,897)	(1,069,130)
Remeasurement due to changes in model inputs		468,466
Remeasurement due to methodological changes	115,499	237,834
New financial assets purchased/originated	(1,631,017)	(1,632,894)
Financial assets that have been derecognized	1,602,789	618,967
Charges-off	674,248	527,318
Foreign Exchange and other movements	(301,211)	(6,407)
Ending balance	(7,813,023)	(7,673,720)
Commercial | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	80,863,445	80,068,756
Transfers of financial instruments:	(1,251,539)	(3,713,748)
Transfers from stage 1 to stage 2	(1,892,044)	(3,731,056)
Transfers from stage 1 to stage 3	(487,386)	(697,975)
Transfers from stage 2 to stage 1	1,076,007	708,096
Transfers from stage 3 to stage 1	51,884	7,187
Remeasurement arising from transfer of stage	(250,567)	(57,304)
Remeasurement from remaining in the stage	(5,706,414)	(4,653,349)
New financial assets purchased/originated	62,765,437	42,257,583
Financial assets that have been derecognized	(43,381,187)	(34,261,422)
Charges-off	(9,647)	(4,621)
Foreign Exchange and other movements	3,971,052	1,227,550
Ending balance	97,000,580	80,863,445
Commercial | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(1,212,753)	(544,996)
Transfers of financial instruments:	(45,325)	(26,439)
Transfers from stage 1 to stage 2	53,521	38,304
Transfers from stage 1 to stage 3	32,490	27,097
Transfers from stage 2 to stage 1	(106,935)	(86,383)
Transfers from stage 3 to stage 1	(24,401)	(5,457)
Remeasurement arising from transfer of stage	105,392	59,649
Remeasurement from remaining in the stage	463,588	(77,848)
Remeasurement due to changes in economics factors	(7,878)	(772,811)
Remeasurement due to changes in model inputs		331,595
Remeasurement due to methodological changes	5,955	215,377
New financial assets purchased/originated	(429,280)	(601,500)
Financial assets that have been derecognized	425,740	202,191
Charges-off	617	408
Foreign Exchange and other movements	(51,954)	1,621
Ending balance	(745,898)	(1,212,753)
Commercial | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	8,203,659	4,763,023
Transfers of financial instruments:	791,803	2,187,077
Transfers from stage 1 to stage 2	1,892,044	3,731,056
Transfers from stage 2 to stage 1	(1,076,007)	(708,096)
Transfers from stage 2 to stage 3	(858,035)	(892,418)
Transfers from stage 3 to stage 2	833,801	56,535
Remeasurement arising from transfer of stage	(220,848)	(131,960)
Remeasurement from remaining in the stage	(257,121)	(261,305)
New financial assets purchased/originated	1,944,115	2,628,002
Financial assets that have been derecognized	(2,792,192)	(1,078,837)
Charges-off	(18,777)	(30,889)
Foreign Exchange and other movements	685,142	128,548
Ending balance	8,335,781	8,203,659
Commercial | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(761,415)	(514,230)
Transfers of financial instruments:	(33,245)	125,585
Transfers from stage 1 to stage 2	(53,521)	(38,304)
Transfers from stage 2 to stage 1	106,935	86,383
Transfers from stage 2 to stage 3	100,584	112,395
Transfers from stage 3 to stage 2	(187,243)	(34,889)
Remeasurement arising from transfer of stage	(67,128)	(84,391)
Remeasurement from remaining in the stage	54,320	24,899
Remeasurement due to changes in economics factors	(141,352)	(293,441)
Remeasurement due to changes in model inputs		131,911
Remeasurement due to methodological changes	111,748	40,491
New financial assets purchased/originated	(258,663)	(325,057)
Financial assets that have been derecognized	211,516	124,173
Charges-off	8,772	8,392
Foreign Exchange and other movements	(42,300)	253
Ending balance	(917,747)	(761,415)
Commercial | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	9,592,183	7,936,774
Transfers of financial instruments:	459,736	1,526,671
Transfers from stage 1 to stage 3	487,386	697,975
Transfers from stage 2 to stage 3	858,035	892,418
Transfers from stage 3 to stage 1	(51,884)	(7,187)
Transfers from stage 3 to stage 2	(833,801)	(56,535)
Remeasurement arising from transfer of stage	(198,643)	(143,019)
Remeasurement from remaining in the stage	(17,667)	50,574
New financial assets purchased/originated	1,459,164	1,098,017
Financial assets that have been derecognized	(1,544,304)	(497,305)
Charges-off	(645,824)	(491,808)
Foreign Exchange and other movements	470,837	112,279
Ending balance	9,575,482	9,592,183
Commercial | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(5,699,552)	(4,397,767)
Transfers of financial instruments:	78,570	(99,146)
Transfers from stage 1 to stage 3	(32,490)	(27,097)
Transfers from stage 2 to stage 3	(100,584)	(112,395)
Transfers from stage 3 to stage 1	24,401	5,457
Transfers from stage 3 to stage 2	187,243	34,889
Remeasurement arising from transfer of stage	(458,309)	(788,544)
Remeasurement from remaining in the stage	(552,577)	(494,646)
Remeasurement due to changes in economics factors	4,333	(2,878)
Remeasurement due to changes in model inputs		4,960
Remeasurement due to methodological changes	(2,204)	(18,034)
New financial assets purchased/originated	(943,074)	(706,337)
Financial assets that have been derecognized	965,533	292,603
Charges-off	664,859	518,518
Foreign Exchange and other movements	(206,957)	(8,281)
Ending balance	(6,149,378)	(5,699,552)
Consumer | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	41,055,939	39,700,670
Remeasurement arising from transfer of stage	207,839	291,748
Remeasurement from remaining in the stage	(2,719,587)	(2,513,797)
New financial assets purchased/originated	22,203,838	13,345,187
Financial assets that have been derecognized	(10,571,202)	(8,392,980)
Charges-off	(3,618,009)	(1,875,355)
Foreign Exchange and other movements	1,804,222	500,466
Ending balance	48,363,040	41,055,939
Consumer | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(5,753,430)	(3,445,818)
Remeasurement arising from transfer of stage	(2,496,570)	(2,697,050)
Remeasurement from remaining in the stage	(39,104)	(262,986)
Remeasurement due to changes in economics factors	(270,280)	(257,295)
Remeasurement due to changes in model inputs		(295,260)
Remeasurement due to methodological changes	367,743	180,318
New financial assets purchased/originated	(1,438,699)	(1,318,426)
Financial assets that have been derecognized	970,976	444,781
Charges-off	3,618,009	1,875,355
Foreign Exchange and other movements	(263,912)	22,951
Ending balance	(5,305,267)	(5,753,430)
Consumer | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	33,766,023	35,957,631
Transfers of financial instruments:	(968,284)	(3,707,605)
Transfers from stage 1 to stage 2	(1,581,266)	(2,770,159)
Transfers from stage 1 to stage 3	(892,097)	(1,383,742)
Transfers from stage 2 to stage 1	1,405,690	335,819
Transfers from stage 3 to stage 1	99,389	110,477
Remeasurement arising from transfer of stage	(221,972)	(57,958)
Remeasurement from remaining in the stage	(2,934,505)	(2,464,765)
New financial assets purchased/originated	20,615,952	11,872,373
Financial assets that have been derecognized	(9,262,503)	(7,969,415)
Charges-off	(618,911)	(303,296)
Foreign Exchange and other movements	1,397,755	439,058
Ending balance	41,773,555	33,766,023
Consumer | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(1,750,083)	(1,206,691)
Transfers of financial instruments:	(122,078)	73,070
Transfers from stage 1 to stage 2	167,288	161,268
Transfers from stage 1 to stage 3	107,874	112,749
Transfers from stage 2 to stage 1	(313,273)	(94,528)
Transfers from stage 3 to stage 1	(83,967)	(106,419)
Remeasurement arising from transfer of stage	318,636	93,488
Remeasurement from remaining in the stage	336,232	(174,482)
Remeasurement due to changes in economics factors	(109,364)	(193,515)
Remeasurement due to changes in model inputs		(229,585)
Remeasurement due to methodological changes	41,498	174,522
New financial assets purchased/originated	(640,857)	(581,092)
Financial assets that have been derecognized	401,903	220,085
Charges-off	186,964	75,717
Foreign Exchange and other movements	(65,128)	(1,600)
Ending balance	(1,402,277)	(1,750,083)
Consumer | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	4,599,535	1,969,289
Transfers of financial instruments:	(41,117)	2,272,046
Transfers from stage 1 to stage 2	1,581,266	2,770,159
Transfers from stage 2 to stage 1	(1,405,690)	(335,819)
Transfers from stage 2 to stage 3	(406,905)	(238,526)
Transfers from stage 3 to stage 2	190,212	76,232
Remeasurement arising from transfer of stage	(101,206)	27,810
Remeasurement from remaining in the stage	(133,850)	(42,505)
New financial assets purchased/originated	1,086,672	1,007,026
Financial assets that have been derecognized	(970,555)	(269,213)
Charges-off	(845,688)	(404,025)
Foreign Exchange and other movements	333,596	39,107
Ending balance	3,927,387	4,599,535
Consumer | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(1,651,656)	(653,426)
Transfers of financial instruments:	159,002	(40,762)
Transfers from stage 1 to stage 2	(167,288)	(161,268)
Transfers from stage 2 to stage 1	313,273	94,528
Transfers from stage 2 to stage 3	163,117	91,967
Transfers from stage 3 to stage 2	(150,100)	(65,989)
Remeasurement arising from transfer of stage	(396,682)	(701,575)
Remeasurement from remaining in the stage	(274,514)	(77,187)
Remeasurement due to changes in economics factors	(162,311)	(78,723)
Remeasurement due to changes in model inputs		(56,358)
Remeasurement due to methodological changes	303,387	5,783
New financial assets purchased/originated	(393,999)	(343,514)
Financial assets that have been derecognized	282,944	85,520
Charges-off	439,923	187,363
Foreign Exchange and other movements	(106,612)	21,223
Ending balance	(1,800,518)	(1,651,656)
Consumer | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	2,690,381	1,773,750
Transfers of financial instruments:	1,009,401	1,435,559
Transfers from stage 1 to stage 3	892,097	1,383,742
Transfers from stage 2 to stage 3	406,905	238,526
Transfers from stage 3 to stage 1	(99,389)	(110,477)
Transfers from stage 3 to stage 2	(190,212)	(76,232)
Remeasurement arising from transfer of stage	531,017	321,896
Remeasurement from remaining in the stage	348,768	(6,527)
New financial assets purchased/originated	501,214	465,788
Financial assets that have been derecognized	(338,144)	(154,352)
Charges-off	(2,153,410)	(1,168,034)
Foreign Exchange and other movements	72,871	22,301
Ending balance	2,662,098	2,690,381
Consumer | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(2,351,691)	(1,585,701)
Transfers of financial instruments:	(36,924)	(32,308)
Transfers from stage 1 to stage 3	(107,874)	(112,749)
Transfers from stage 2 to stage 3	(163,117)	(91,967)
Transfers from stage 3 to stage 1	83,967	106,419
Transfers from stage 3 to stage 2	150,100	65,989
Remeasurement arising from transfer of stage	(2,418,524)	(2,088,963)
Remeasurement from remaining in the stage	(100,822)	(11,317)
Remeasurement due to changes in economics factors	1,395	14,943
Remeasurement due to changes in model inputs		(9,317)
Remeasurement due to methodological changes	22,858	13
New financial assets purchased/originated	(403,843)	(393,820)
Financial assets that have been derecognized	286,129	139,176
Charges-off	2,991,122	1,612,275
Foreign Exchange and other movements	(92,172)	3,328
Ending balance	(2,102,472)	(2,351,691)
Financial Leases | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	24,503,317	24,550,829
Remeasurement arising from transfer of stage	(123,511)	(69,892)
Remeasurement from remaining in the stage	(1,784,262)	(1,507,174)
New financial assets purchased/originated	4,986,945	2,880,846
Financial assets that have been derecognized	(2,567,720)	(1,643,891)
Charges-off	(554,701)	(40,150)
Foreign Exchange and other movements	659,560	332,749
Ending balance	25,119,628	24,503,317
Financial Leases | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(1,996,033)	(1,025,403)
Remeasurement arising from transfer of stage	(239,454)	(746,741)
Remeasurement from remaining in the stage	(139,951)	(199,276)
Remeasurement due to changes in economics factors	(12,519)	(65,302)
Remeasurement due to changes in model inputs		43,168
Remeasurement due to methodological changes	183,024	(44,349)
New financial assets purchased/originated	(61,077)	(66,601)
Financial assets that have been derecognized	202,605	68,289
Charges-off	554,701	40,150
Foreign Exchange and other movements	(12,363)	32
Ending balance	(1,521,067)	(1,996,033)
Financial Leases | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	18,981,176	21,069,884
Transfers of financial instruments:	(382,684)	(2,110,496)
Transfers from stage 1 to stage 2	(1,032,874)	(1,795,460)
Transfers from stage 1 to stage 3	(105,352)	(595,521)
Transfers from stage 2 to stage 1	720,654	271,917
Transfers from stage 3 to stage 1	34,888	8,568
Remeasurement arising from transfer of stage	(114,836)	(15,234)
Remeasurement from remaining in the stage	(1,697,491)	(1,495,273)
New financial assets purchased/originated	4,531,913	2,652,974
Financial assets that have been derecognized	(2,031,001)	(1,447,843)
Charges-off	(398)	(245)
Foreign Exchange and other movements	640,793	327,409
Ending balance	19,927,472	18,981,176
Financial Leases | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(204,071)	(103,962)
Transfers of financial instruments:	(35,495)	(7,637)
Transfers from stage 1 to stage 2	16,261	14,441
Transfers from stage 1 to stage 3	3,909	8,606
Transfers from stage 2 to stage 1	(48,455)	(27,677)
Transfers from stage 3 to stage 1	(7,210)	(3,007)
Remeasurement arising from transfer of stage	46,099	25,467
Remeasurement from remaining in the stage	58,449	(44,438)
Remeasurement due to changes in economics factors	(10,269)	(37,766)
Remeasurement due to changes in model inputs		30,674
Remeasurement due to methodological changes	(6,666)	(42,164)
New financial assets purchased/originated	(29,822)	(32,284)
Financial assets that have been derecognized	41,897	7,161
Charges-off	29	6
Foreign Exchange and other movements	(3,105)	872
Ending balance	(142,954)	(204,071)
Financial Leases | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	2,772,129	1,857,427
Transfers of financial instruments:	361,729	864,373
Transfers from stage 1 to stage 2	1,032,874	1,795,460
Transfers from stage 2 to stage 1	(720,654)	(271,917)
Transfers from stage 2 to stage 3	(160,592)	(694,294)
Transfers from stage 3 to stage 2	210,101	35,124
Remeasurement arising from transfer of stage	(78,108)	(21,789)
Remeasurement from remaining in the stage	(61,487)	(27,939)
New financial assets purchased/originated	429,419	201,858
Financial assets that have been derecognized	(235,306)	(94,995)
Charges-off	(304)	(9,645)
Foreign Exchange and other movements	10,110	2,839
Ending balance	3,198,182	2,772,129
Financial Leases | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(310,450)	(173,512)
Transfers of financial instruments:	1,126	72,160
Transfers from stage 1 to stage 2	(16,261)	(14,441)
Transfers from stage 2 to stage 1	48,455	27,677
Transfers from stage 2 to stage 3	24,862	70,158
Transfers from stage 3 to stage 2	(55,930)	(11,234)
Remeasurement arising from transfer of stage	(120,366)	(175,238)
Remeasurement from remaining in the stage	(121,067)	(24,127)
Remeasurement due to changes in economics factors	(3,393)	(25,905)
Remeasurement due to changes in model inputs		19,613
Remeasurement due to methodological changes	237,506	(431)
New financial assets purchased/originated	(22,306)	(20,383)
Financial assets that have been derecognized	22,802	15,893
Charges-off	5,679	737
Foreign Exchange and other movements	(3,680)	743
Ending balance	(314,149)	(310,450)
Financial Leases | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	2,750,012	1,623,518
Transfers of financial instruments:	20,955	1,246,123
Transfers from stage 1 to stage 3	105,352	595,521
Transfers from stage 2 to stage 3	160,592	694,294
Transfers from stage 3 to stage 1	(34,888)	(8,568)
Transfers from stage 3 to stage 2	(210,101)	(35,124)
Remeasurement arising from transfer of stage	69,433	(32,869)
Remeasurement from remaining in the stage	(25,284)	16,038
New financial assets purchased/originated	25,613	26,014
Financial assets that have been derecognized	(301,413)	(101,053)
Charges-off	(553,999)	(30,260)
Foreign Exchange and other movements	8,657	2,501
Ending balance	1,993,974	2,750,012
Financial Leases | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(1,481,512)	(747,929)
Transfers of financial instruments:	34,369	(64,523)
Transfers from stage 1 to stage 3	(3,909)	(8,606)
Transfers from stage 2 to stage 3	(24,862)	(70,158)
Transfers from stage 3 to stage 1	7,210	3,007
Transfers from stage 3 to stage 2	55,930	11,234
Remeasurement arising from transfer of stage	(165,187)	(596,970)
Remeasurement from remaining in the stage	(77,333)	(130,711)
Remeasurement due to changes in economics factors	1,143	(1,631)
Remeasurement due to changes in model inputs		(7,119)
Remeasurement due to methodological changes	(47,816)	(1,754)
New financial assets purchased/originated	(8,949)	(13,934)
Financial assets that have been derecognized	137,906	45,235
Charges-off	548,993	39,407
Foreign Exchange and other movements	(5,578)	(1,583)
Ending balance	(1,063,964)	(1,481,512)
Mortgage | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	25,959,112	23,983,283
Remeasurement arising from transfer of stage	56,698	10,643
Remeasurement from remaining in the stage	(1,244,055)	(662,850)
New financial assets purchased/originated	6,394,156	3,502,367
Financial assets that have been derecognized	(2,246,681)	(1,292,124)
Charges-off	(110,408)	(89,727)
Foreign Exchange and other movements	1,837,965	507,520
Ending balance	30,646,787	25,959,112
Mortgage | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(992,515)	(860,665)
Remeasurement arising from transfer of stage	(178,994)	(185,186)
Remeasurement from remaining in the stage	(245,796)	(69,239)
Remeasurement due to changes in economics factors	(39,635)	(44,391)
Remeasurement due to changes in model inputs		(62,175)
Remeasurement due to methodological changes	278,515	105,148
New financial assets purchased/originated	(69,009)	(33,595)
Financial assets that have been derecognized	109,557	70,175
Charges-off	110,408	89,727
Foreign Exchange and other movements	(33,589)	(2,314)
Ending balance	(1,061,058)	(992,515)
Mortgage | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	21,676,563	21,584,674
Transfers of financial instruments:	(687,642)	(1,953,986)
Transfers from stage 1 to stage 2	(2,286,673)	(2,107,576)
Transfers from stage 1 to stage 3	(125,284)	(158,243)
Transfers from stage 2 to stage 1	1,647,426	257,791
Transfers from stage 3 to stage 1	76,889	54,042
Remeasurement arising from transfer of stage	(54,790)	(29,583)
Remeasurement from remaining in the stage	(1,286,955)	(670,018)
New financial assets purchased/originated	6,293,219	3,405,877
Financial assets that have been derecognized	(1,909,582)	(1,126,329)
Charges-off	(5,665)	(823)
Foreign Exchange and other movements	1,422,487	466,751
Ending balance	25,447,635	21,676,563
Mortgage | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(121,503)	(115,817)
Transfers of financial instruments:	(79,010)	(37,087)
Transfers from stage 1 to stage 2	19,724	16,759
Transfers from stage 1 to stage 3	3,774	5,534
Transfers from stage 2 to stage 1	(76,522)	(36,111)
Transfers from stage 3 to stage 1	(25,986)	(23,269)
Remeasurement arising from transfer of stage	80,969	45,506
Remeasurement from remaining in the stage	(8,687)	(1,610)
Remeasurement due to changes in economics factors	(5,176)	(12,789)
Remeasurement due to changes in model inputs		(63,963)
Remeasurement due to methodological changes	12,457	77,559
New financial assets purchased/originated	(31,292)	(19,252)
Financial assets that have been derecognized	11,017	6,450
Charges-off	4,038	13
Foreign Exchange and other movements	(3,656)	(513)
Ending balance	(140,843)	(121,503)
Mortgage | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	3,093,690	1,340,380
Transfers of financial instruments:	621,566	1,751,078
Transfers from stage 1 to stage 2	2,286,673	2,107,576
Transfers from stage 2 to stage 1	(1,647,426)	(257,791)
Transfers from stage 2 to stage 3	(142,948)	(193,935)
Transfers from stage 3 to stage 2	125,267	95,228
Remeasurement arising from transfer of stage	45,212	(14,999)
Remeasurement from remaining in the stage	(332,481)	(29,867)
New financial assets purchased/originated	58,403	83,612
Financial assets that have been derecognized	(182,935)	(62,141)
Charges-off	(5,076)	(101)
Foreign Exchange and other movements	356,331	25,728
Ending balance	3,654,710	3,093,690
Mortgage | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(231,137)	(166,255)
Transfers of financial instruments:	40,788	17,155
Transfers from stage 1 to stage 2	(19,724)	(16,759)
Transfers from stage 2 to stage 1	76,522	36,111
Transfers from stage 2 to stage 3	25,392	29,595
Transfers from stage 3 to stage 2	(41,402)	(31,792)
Remeasurement arising from transfer of stage	(98,943)	(68,139)
Remeasurement from remaining in the stage	(43,005)	28,275
Remeasurement due to changes in economics factors	(35,961)	(88,897)
Remeasurement due to changes in model inputs		19,573
Remeasurement due to methodological changes	107,285	27,589
New financial assets purchased/originated	(8,186)	(8,025)
Financial assets that have been derecognized	18,593	7,996
Charges-off	1,937	82
Foreign Exchange and other movements	(12,238)	(491)
Ending balance	(260,867)	(231,137)
Mortgage | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	1,188,859	1,058,229
Transfers of financial instruments:	66,076	202,908
Transfers from stage 1 to stage 3	125,284	158,243
Transfers from stage 2 to stage 3	142,948	193,935
Transfers from stage 3 to stage 1	(76,889)	(54,042)
Transfers from stage 3 to stage 2	(125,267)	(95,228)
Remeasurement arising from transfer of stage	66,276	55,225
Remeasurement from remaining in the stage	375,381	37,035
New financial assets purchased/originated	42,534	12,878
Financial assets that have been derecognized	(154,164)	(103,654)
Charges-off	(99,667)	(88,803)
Foreign Exchange and other movements	59,147	15,041
Ending balance	1,544,442	1,188,859
Mortgage | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(639,875)	(578,593)
Transfers of financial instruments:	38,222	19,932
Transfers from stage 1 to stage 3	(3,774)	(5,534)
Transfers from stage 2 to stage 3	(25,392)	(29,595)
Transfers from stage 3 to stage 1	25,986	23,269
Transfers from stage 3 to stage 2	41,402	31,792
Remeasurement arising from transfer of stage	(161,020)	(162,553)
Remeasurement from remaining in the stage	(194,104)	(95,904)
Remeasurement due to changes in economics factors	1,502	57,295
Remeasurement due to changes in model inputs		(17,785)
Remeasurement due to methodological changes	158,773
New financial assets purchased/originated	(29,531)	(6,318)
Financial assets that have been derecognized	79,947	55,729
Charges-off	104,433	89,632
Foreign Exchange and other movements	(17,695)	(1,310)
Ending balance	(659,348)	(639,875)
Small business loan | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	1,232,075	1,279,408
Remeasurement arising from transfer of stage	(32,757)	(34,548)
Remeasurement from remaining in the stage	(160,612)	(121,249)
New financial assets purchased/originated	519,295	425,900
Financial assets that have been derecognized	(276,180)	(273,724)
Charges-off	(79,065)	(67,853)
Foreign Exchange and other movements	79,429	24,141
Ending balance	1,282,185	1,232,075
Small business loan | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(200,345)	(140,516)
Remeasurement arising from transfer of stage	(43,771)	(75,399)
Remeasurement from remaining in the stage	7,967	(10,192)
Remeasurement due to changes in economics factors	(394)	(19,478)
Remeasurement due to changes in model inputs		13,772
Remeasurement due to methodological changes	7,489	(254)
New financial assets purchased/originated	(32,702)	(52,476)
Financial assets that have been derecognized	25,888	15,421
Charges-off	79,065	67,853
Foreign Exchange and other movements	(7,264)	924
Ending balance	(164,067)	(200,345)
Small business loan | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	965,822	1,088,656
Transfers of financial instruments:	(71,045)	(115,997)
Transfers from stage 1 to stage 2	(54,843)	(58,455)
Transfers from stage 1 to stage 3	(50,148)	(71,502)
Transfers from stage 2 to stage 1	31,728	6,941
Transfers from stage 3 to stage 1	2,218	7,019
Remeasurement arising from transfer of stage	(7,398)	(2,093)
Remeasurement from remaining in the stage	(230,823)	(119,612)
New financial assets purchased/originated	470,193	359,511
Financial assets that have been derecognized	(235,533)	(256,947)
Charges-off	(7,422)	(8,010)
Foreign Exchange and other movements	67,197	20,314
Ending balance	950,991	965,822
Small business loan | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(44,663)	(39,456)
Transfers of financial instruments:	(716)	5,969
Transfers from stage 1 to stage 2	3,552	3,597
Transfers from stage 1 to stage 3	4,473	5,749
Transfers from stage 2 to stage 1	(7,736)	(1,847)
Transfers from stage 3 to stage 1	(1,005)	(1,530)
Remeasurement arising from transfer of stage	7,279	2,523
Remeasurement from remaining in the stage	14,626	4,178
Remeasurement due to changes in economics factors	2,188	(19,442)
Remeasurement due to changes in model inputs		12,172
Remeasurement due to methodological changes	1,250	(326)
New financial assets purchased/originated	(10,894)	(18,809)
Financial assets that have been derecognized	7,853	7,606
Charges-off	1,531	653
Foreign Exchange and other movements	(1,299)	269
Ending balance	(22,845)	(44,663)
Small business loan | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	109,655	70,219
Transfers of financial instruments:	12,970	28,366
Transfers from stage 1 to stage 2	54,843	58,455
Transfers from stage 2 to stage 1	(31,728)	(6,941)
Transfers from stage 2 to stage 3	(21,366)	(25,717)
Transfers from stage 3 to stage 2	11,221	2,569
Remeasurement arising from transfer of stage	(7,679)	(7,658)
Remeasurement from remaining in the stage	66,725	(1,359)
New financial assets purchased/originated	30,148	39,573
Financial assets that have been derecognized	(19,136)	(9,387)
Charges-off	(13,819)	(11,606)
Foreign Exchange and other movements	4,829	1,507
Ending balance	183,693	109,655
Small business loan | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(33,329)	(16,615)
Transfers of financial instruments:	5,253	2,844
Transfers from stage 1 to stage 2	(3,552)	(3,597)
Transfers from stage 1 to stage 3	1
Transfers from stage 2 to stage 1	7,736	1,847
Transfers from stage 2 to stage 3	6,644	6,015
Transfers from stage 3 to stage 2	(5,576)	(1,421)
Remeasurement arising from transfer of stage	(3,067)	(11,680)
Remeasurement from remaining in the stage	(2,983)	(2,026)
Remeasurement due to changes in economics factors	(2,616)	(522)
Remeasurement due to changes in model inputs		1,348
Remeasurement due to methodological changes	5,078	72
New financial assets purchased/originated	(7,569)	(12,742)
Financial assets that have been derecognized	4,513	2,433
Charges-off	5,560	3,428
Foreign Exchange and other movements	(1,095)	131
Ending balance	(30,255)	(33,329)
Small business loan | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	156,598	120,533
Transfers of financial instruments:	58,075	87,631
Transfers from stage 1 to stage 3	50,148	71,502
Transfers from stage 2 to stage 3	21,366	25,717
Transfers from stage 3 to stage 1	(2,218)	(7,019)
Transfers from stage 3 to stage 2	(11,221)	(2,569)
Remeasurement arising from transfer of stage	(17,680)	(24,797)
Remeasurement from remaining in the stage	3,486	(278)
New financial assets purchased/originated	18,954	26,816
Financial assets that have been derecognized	(21,511)	(7,390)
Charges-off	(57,824)	(48,237)
Foreign Exchange and other movements	7,403	2,320
Ending balance	147,501	156,598
Small business loan | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Beginning balance	(122,353)	(84,445)
Transfers of financial instruments:	(4,537)	(8,813)
Transfers from stage 1 to stage 3	(4,474)	(5,749)
Transfers from stage 2 to stage 3	(6,644)	(6,015)
Transfers from stage 3 to stage 1	1,005	1,530
Transfers from stage 3 to stage 2	5,576	1,421
Remeasurement arising from transfer of stage	(47,983)	(66,242)
Remeasurement from remaining in the stage	(3,676)	(12,344)
Remeasurement due to changes in economics factors	34	486
Remeasurement due to changes in model inputs		252
Remeasurement due to methodological changes	1,161
New financial assets purchased/originated	(14,239)	(20,925)
Financial assets that have been derecognized	13,522	5,382
Charges-off	71,974	63,772
Foreign Exchange and other movements	(4,870)	524
Ending balance	$ (110,967)	$ (122,353)

LOANS AND ADVANCES TO CUSTOME_6

LOANS AND ADVANCES TO CUSTOMERS, NET - Impact of movements in the value of the portfolio and loss allowance by stage (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)
12-month expected credit losses | Stage One
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments	$ 28,847,204
Changes in loss allowance for credit losses	$ (878,256)
Percentage increase (decrease) in newly granted loans	34.00%
Percentage increase (decrease) in foreign exchange rate	16.00%
Lifetime expected credit losses | Stage Two
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments	$ 521,085
Changes in loss allowance for credit losses	313,787
Lifetime expected credit losses | Stage Two | Agribusiness
LOANS AND ADVANCES TO CUSTOMERS, NET
Transfers from stage 3 to stage 2	681,480
Lifetime expected credit losses | Stage Three
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments	(454,536)
Changes in loss allowance for credit losses	(208,353)
Charge-off	$ 401,163
Percentage increase (decrease) in the restatement of credits	16.00%
Lifetime expected credit losses | Stage Three | Building industry
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase from new significant clients in default	$ 45,868

LEASES - Summary of finance lea

LEASES - Summary of finance leases as lessor (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Total gross investment in finance lease receivable/ present value of minimum payments	$ 35,036,051	$ 33,153,847
Less: Future financial income	(9,916,423)	(8,650,530)
Present value of payments receivable	25,119,628	24,503,317
Minimum non-collectable payments impairment	(1,520,880)	(1,996,033)
Total	$ 23,598,748	$ 22,507,284
Minimum
LEASES
Term of finance lease	1 year	1 year
Maximum
LEASES
Term of finance lease	10 years	10 years
Less than 1 year
LEASES
Total gross investment in finance lease receivable/ present value of minimum payments	$ 1,183,637	$ 1,242,852
Present value of payments receivable	735,304	1,103,071
Between 1 and 5 years
LEASES
Total gross investment in finance lease receivable/ present value of minimum payments	8,352,753	10,228,072
Present value of payments receivable	6,958,333	8,532,456
Greater than 5 years
LEASES
Total gross investment in finance lease receivable/ present value of minimum payments	25,499,661	21,682,923
Present value of payments receivable	$ 17,425,991	$ 14,867,790

LEASES - Unsecured residual val

LEASES - Unsecured residual value (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
LEASES
Unsecured residual value	$ 72,862	$ 64,647
Technological equipment
LEASES
Unsecured residual value	37,139	31,761
Vehicles
LEASES
Unsecured residual value	23,912	21,578
Machinery and equipment
LEASES
Unsecured residual value	11,683	11,170
Furniture and fixtures
LEASES
Unsecured residual value	$ 128	$ 138

LEASES - Amounts recognized as

LEASES - Amounts recognized as income for extensions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASES
Amounts recognized as income for extensions	$ 19,520	$ 21,258
Financial leases	1,440,493	1,829,971	$ 1,918,655
Technological equipment
LEASES
Amounts recognized as income for extensions	15,210	16,217
Buildings
LEASES
Amounts recognized as income for extensions	3,052	3,032
Machinery and equipment
LEASES
Amounts recognized as income for extensions	720	1,481
Vehicles
LEASES
Amounts recognized as income for extensions	537	527
Furniture and fixtures
LEASES
Amounts recognized as income for extensions	$ 1	$ 1

LEASES - Operating leases as le

LEASES - Operating leases as lessor (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Minimum future operating lease payments to be received	$ 784,619	$ 880,207
Operating lease income	$ 787,561	$ 577,449
Minimum
LEASES
Term of operating leases	1 year	1 year
Maximum
LEASES
Term of operating leases	10 years	10 years
Less than 1 year
LEASES
Minimum future operating lease payments to be received	$ 400,296	$ 343,516
Between 1 and 5 years
LEASES
Minimum future operating lease payments to be received	308,802	465,069
Greater than 5 years
LEASES
Minimum future operating lease payments to be received	$ 75,521	$ 71,622

LEASES - Rollforward of right o

LEASES - Rollforward of right of use assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASES
Beginning balance	$ 1,661,015	$ 1,692,116	$ 1,572,446
Acquisition	86,055	141,188
Additions	61,281	24,306
Expenses depreciation	(190,819)	(211,910)	(177,709)
Disposal	(31,146)	(56,565)
Revaluation	2,555	30,436
Effect of changes in foreign exchange rate	106,924	41,444
Ending balance	1,695,865	1,661,015	1,692,116
Buildings
LEASES
Expenses depreciation	(163,422)	(183,452)
Furniture and fixtures
LEASES
Expenses depreciation	(969)	(991)
Computer equipment
LEASES
Expenses depreciation	(13,606)	(17,338)
Vehicles
LEASES
Expenses depreciation	(12,822)	(10,129)
Gross carrying amount
LEASES
Beginning balance	1,973,220	1,848,127
Acquisition	86,055	142,955
Additions	61,281	24,306
Disposal	(72,790)	(114,443)
Revaluation	(8,782)	30,472
Effect of changes in foreign exchange rate	139,868	41,803
Ending balance	2,178,852	1,973,220	1,848,127
Gross carrying amount | Buildings
LEASES
Beginning balance	1,845,970	1,754,066
Acquisition	48,913	70,028
Additions	61,281	24,306
Disposal	(64,972)	(78,748)
Revaluation	(11,048)	36,693
Effect of changes in foreign exchange rate	135,010	39,625
Ending balance	2,015,154	1,845,970	1,754,066
Gross carrying amount | Furniture and fixtures
LEASES
Beginning balance	3,466	3,842
Acquisition	224
Disposal		(463)
Revaluation	(9)	5
Effect of changes in foreign exchange rate	291	82
Ending balance	3,972	3,466	3,842
Gross carrying amount | Computer equipment
LEASES
Beginning balance	65,681	57,116
Acquisition	14,723	31,492
Disposal	(526)	(21,567)
Revaluation	3,304	(3,278)
Effect of changes in foreign exchange rate	4,175	1,918
Ending balance	87,357	65,681	57,116
Gross carrying amount | Vehicles
LEASES
Beginning balance	58,103	33,103
Acquisition	22,195	41,435
Disposal	(7,292)	(13,665)
Revaluation	(1,029)	(2,948)
Effect of changes in foreign exchange rate	392	178
Ending balance	72,369	58,103	33,103
Accumulated depreciation
LEASES
Beginning balance	(312,205)	(156,011)
Acquisition		(1,767)
Expenses depreciation	(190,819)	(211,910)
Disposal	41,644	57,878
Revaluation	11,337	(36)
Effect of changes in foreign exchange rate	(32,944)	(359)
Ending balance	(482,987)	(312,205)	(156,011)
Accumulated depreciation | Buildings
LEASES
Beginning balance	(278,008)	(134,306)
Expenses depreciation	(163,422)	(183,452)
Disposal	30,637	40,107
Revaluation	11,055
Effect of changes in foreign exchange rate	(31,409)	(357)
Ending balance	(431,147)	(278,008)	(134,306)
Accumulated depreciation | Furniture and fixtures
LEASES
Beginning balance	(1,674)	(906)
Expenses depreciation	(969)	(991)
Disposal		211
Effect of changes in foreign exchange rate	(178)	12
Ending balance	(2,821)	(1,674)	(906)
Accumulated depreciation | Computer equipment
LEASES
Beginning balance	(18,282)	(16,795)
Expenses depreciation	(13,606)	(17,338)
Disposal	440	15,794
Effect of changes in foreign exchange rate	(1,090)	57
Ending balance	(32,538)	(18,282)	(16,795)
Accumulated depreciation | Vehicles
LEASES
Beginning balance	(14,241)	(4,004)
Acquisition		(1,767)
Expenses depreciation	(12,822)	(10,129)
Disposal	10,567	1,766
Revaluation	282	(36)
Effect of changes in foreign exchange rate	(267)	(71)
Ending balance	$ (16,481)	$ (14,241)	$ (4,004)

LEASES - Change in lease liabil

LEASES - Change in lease liabilities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Beginning balance	$ 1,818,358	$ 1,831,585
New contracts	63,515	98,107
Reassessment of the lease liability	(41,800)	(12,546)
Payments	(259,140)	(261,297)
Accrued Interest	122,011	126,846
Effect of changes in foreign exchange rate (lease liabilities)	116,133	35,663
Ending balance	1,819,077	1,818,358
Interest expense on lease liabilities	$ 10,455	$ 8,246

LEASES - Maturity analysis of l

LEASES - Maturity analysis of lease liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASES
Lease liabilities	$ 1,819,077	$ 1,818,358	$ 1,831,585
Buildings
LEASES
Lease liabilities	1,760,324	1,766,835
Vehicles
LEASES
Lease liabilities	278	577
Computer equipment
LEASES
Lease liabilities	57,413	49,020
Furniture and fixtures
LEASES
Lease liabilities	1,062	1,926
Less than 1 year
LEASES
Lease liabilities	6,357	6,437
Less than 1 year | Buildings
LEASES
Lease liabilities	5,632	5,562
Less than 1 year | Vehicles
LEASES
Lease liabilities	159
Less than 1 year | Computer equipment
LEASES
Lease liabilities		875
Less than 1 year | Furniture and fixtures
LEASES
Lease liabilities	566
1 to 3 years
LEASES
Lease liabilities	80,518	47,118
1 to 3 years | Buildings
LEASES
Lease liabilities	49,939	42,237
1 to 3 years | Vehicles
LEASES
Lease liabilities	119	446
1 to 3 years | Computer equipment
LEASES
Lease liabilities	29,964	3,486
1 to 3 years | Furniture and fixtures
LEASES
Lease liabilities	496	949
3 to 5 years
LEASES
Lease liabilities	55,257	96,786
3 to 5 years | Buildings
LEASES
Lease liabilities	39,367	62,490
3 to 5 years | Vehicles
LEASES
Lease liabilities		131
3 to 5 years | Computer equipment
LEASES
Lease liabilities	15,890	33,188
3 to 5 years | Furniture and fixtures
LEASES
Lease liabilities		977
Greater than 5 years
LEASES
Lease liabilities	1,676,945	1,668,017
Greater than 5 years | Buildings
LEASES
Lease liabilities	1,665,386	1,656,546
Greater than 5 years | Computer equipment
LEASES
Lease liabilities	$ 11,559	$ 11,471

LEASES - Weighted average rates

LEASES - Weighted average rates and average useful life of right of use assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Future cash outflows of variable lease payments	$ 2,373	$ 2,323
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	207 months	295 months
Weighted average remaining lease terms	123 months	159 months
Weighted average discount rates	5.35%	5.96%
Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	72 months	70 months
Weighted average remaining lease terms	40 months	38 months
Weighted average discount rates	6.94%	4.53%
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	45 months	45 months
Weighted average remaining lease terms	12 months	24 months
Weighted average discount rates	6.50%	6.55%
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	46 months	42 months
Weighted average remaining lease terms	18 months	23 months
Weighted average discount rates	3.79%	3.68%

LEASES - Statement of Income im

LEASES - Statement of Income impact of leases (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	$ 111,556	$ 118,600	$ 121,946
Expenses depreciation	190,819	211,910	$ 177,709
Payments of penalties	2,108	247
Effect of changes in foreign exchange rate	250	(375)
Short-term leases	1,836	2,351
Leases for which the underlying asset is of low value	6,563	7,842
Variable payments	2,038	679
Interest expense on lease liabilities	10,455	8,246
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	109,062	117,680
Expenses depreciation	163,422	183,452
Payments of penalties	2,108	247
Effect of changes in foreign exchange rate	250	(375)
Short-term leases	961	1,809
Leases for which the underlying asset is of low value	249	2,992
Variable payments	2,038	679
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	16	263
Expenses depreciation	12,822	10,129
Leases for which the underlying asset is of low value	18	24
Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	2,381	499
Expenses depreciation	13,606	17,338
Leases for which the underlying asset is of low value	5,103	820
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	97	158
Expenses depreciation	969	991
Short-term leases	875	542
Leases for which the underlying asset is of low value	$ 1,193	$ 4,006

LEASES - Minimum payments lease

LEASES - Minimum payments lease liabilities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	$ 2,572,685	$ 2,624,184
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	1,096	2,054
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	2,503,940	2,567,169
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	289	603
Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	67,360	54,358
Less than 1 year
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	6,050	6,703
Less than 1 year | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	5,890	5,697
Less than 1 year | Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	160
Less than 1 year | Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities		1,006
1 to 3 years
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	90,390	50,708
1 to 3 years | Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	1,096	1,002
1 to 3 years | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	56,726	45,492
1 to 3 years | Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	129	458
1 to 3 years | Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	32,439	3,756
3 to 5 years
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	68,266	107,466
3 to 5 years | Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities		1,052
3 to 5 years | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	46,573	71,088
3 to 5 years | Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities		145
3 to 5 years | Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	21,693	35,181
Greater than 5 years
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	2,407,979	2,459,307
Greater than 5 years | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	2,394,751	2,444,892
Greater than 5 years | Computer equipment
Disclosure of quantitative information about right-of-use assets [line items]
Total minimum payments lease liabilities	$ 13,228	$ 14,415

LEASES - Impacts of adoption IF

LEASES - Impacts of adoption IFRS 16 (Details) - COP ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
LEASES
Right of use assets		$ 1,695,865	$ 1,661,015	$ 1,692,116	$ 1,572,446
Financial leases recognized		$ 25,119,628	$ 24,503,317
IFRS 16 Leases | ASU Adjustment
LEASES
Increase in right of use assets	$ 1,543,427
Net of deferred tax	(119,173)
Increase in lease liabilities	1,848,833
Net of effect of changes in foreign exchange rate	(9,560)
Decrease in retained earnings	$ 184,248
Transportempo S.A.S.
LEASES
Financial leases recognized					$ 29,019

INVESTMENTS IN ASSOCIATES AND_3

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates and joint ventures (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Investment in associates and joint ventures	$ 2,720,559	$ 2,506,315
Investments in associates at fair value	1,358,368	1,263,765
Investments in associates at equity value	779,788	709,327
Associates
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Investment in associates and joint ventures	2,138,156	1,973,092
Joint ventures
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Investment in associates and joint ventures	$ 582,403	$ 533,223

INVESTMENTS IN ASSOCIATES AND_4

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019COP ($)
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Total OCI	$ 4,874,389	$ 3,189,014
OCI (Equity method)	2,913	5,020		$ 8,151
Investment in associates	2,720,559	2,506,315
Contingent liabilities incurred in relation to interests in associates	$ 0	$ 0
P.A. Viva Malls
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Development and operation of commercial spaces	Development and operation of commercial spaces	Development and operation of commercial spaces
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	49.00%	49.00%	49.00%
Refund of contributions	$ 13,279
Proteccion S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Administration of pension funds and severances	Administration of pension funds and severances	Administration of pension funds and severances
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	20.58%	20.58%	20.58%
Titularizadora Colombiana S.A. Hitos
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Mortgage portfolio securities	Mortgage portfolio securities	Mortgage portfolio securities
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	26.98%	26.98%	26.98%
Redeban Multicolor S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Network data transmission services	Network data transmission services	Network data transmission services
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	20.36%	20.36%	20.36%
ACH Colombia S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Electronic transfer services	Electronic transfer services	Electronic transfer services
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	19.94%	19.94%	19.94%
P.A La Felicidad.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate development	Real estate development
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	20.00%	20.00%	20.00%
Capital contributions to associates	$ 2,413
Servicio Salvadoreno de Proteccion, S. A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Custodial services and transfer of monetary types	Custodial services and transfer of monetary types	Custodial services and transfer of monetary types
Country	El Salvador	El Salvador	El Salvador
Percentage of Ownership interest	25.00%	25.00%	25.00%
P.A Madrid II
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate development	Real estate development
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	20.00%	20.00%	20.00%
Capital contributions to associates	$ 1,954
Reintegra S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Collections and recovery of portfolio	Collections and recovery of portfolio	Collections and recovery of portfolio
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	46.00%	46.00%	46.00%
Capital contributions to associates		$ 1,612
P.A Boreal
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate development	Real estate development
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	20.00%	20.00%	20.00%
Refund of contributions	$ 3,300
Servicios Financieros, S.A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Processing of financial transactions and electronic payment methods	Processing of financial transactions and electronic payment methods	Processing of financial transactions and electronic payment methods
Country	El Salvador	El Salvador	El Salvador
Percentage of Ownership interest	49.78%	49.78%	49.78%
Percentage of voting equity interests acquired		1.92%
Capital contributions to associates			$ 670
Servicios de Identidad Digital S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Provide digital citizens services	Provide digital citizens services	Provide digital citizens services
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	33.33%	33.33%	33.33%
Capital contributions to associates	$ 4,539	$ 5,333
P.A Distrito Vera
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems
Country	Colombia
Percentage of Ownership interest	33.33%
ACH de El Salvador, S. A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Electronic transfer services	Electronic transfer services	Electronic transfer services
Country	El Salvador	El Salvador	El Salvador
Percentage of Ownership interest	25.00%	25.00%	25.00%
P.A Mirador de la Cienaga
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems
Country	Colombia
Percentage of Ownership interest	13.00%
Agricapital S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Financial services
Country	Colombia
Percentage of Ownership interest	10.02%
Percentage of voting equity interests acquired	10.02%
Capital contributions to associates	$ 1,254
Internacional Ejecutiva de Aviacion S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Aircraft and aircraft travel	Aircraft and aircraft travel	Aircraft and aircraft travel
Country	Colombia	Colombia	Colombia
Percentage of Ownership interest	25.00%	33.33%	33.33%
Refund of contributions	$ 1,148
Impairment loss recognized in the Statement of Income	$ 1,733	$ 4,399
Percentage of ownership interests sold	25.00%
P.A. La Felicidad, P.A. Boreal and P.A. Madrid II
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of voting equity interests acquired		20.00%
Capital contributions to associates		$ 28,910
Associates
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	$ 179,033	123,577
Total OCI	15,605	12,714
OCI (Equity method)	2,891	(758)
OCI (TA)	(430)	(25)
OCI (Deferred tax)	(982)	(76)
Investment in associates	2,138,156	1,973,092
Associates | P.A. Viva Malls
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	105,202	56,116
Investment in associates	1,355,688	1,263,765
Associates | Proteccion S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	56,901	59,959
Total OCI	17,694	15,529
OCI (Equity method)	2,165	264
OCI (Deferred tax)	(824)	(56)
Investment in associates	630,821	582,073
Associates | Titularizadora Colombiana S.A. Hitos
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	737	2,274
Total OCI	(1,379)	(1,398)
OCI (Equity method)	19	172
OCI (Deferred tax)	(34)	(7)
Investment in associates	34,241	36,081
Associates | Redeban Multicolor S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	3,743	816
Total OCI	(605)	(651)
OCI (Equity method)	46
OCI (Deferred tax)	(48)	1
Investment in associates	26,045	22,256
Associates | ACH Colombia S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	14,448	9,191
Total OCI	(952)	(952)
OCI (Deferred tax)	(85)	3
Investment in associates	18,854	13,505
Associates | P.A La Felicidad.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	3
Investment in associates	14,443	12,027
Associates | Servicio Salvadoreno de Proteccion, S. A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	1,549	241
Total OCI	(740)	(727)
OCI (Equity method)	(13)
OCI (TA)	(210)	(5)
OCI (Deferred tax)	9	(29)
Investment in associates	13,145	9,914
Associates | P.A Madrid II
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	(3)
Investment in associates	9,117	7,166
Associates | Reintegra S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Total OCI	1,742	1,742
Investment in associates	8,049	0
Associates | P.A Boreal
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	1,520	6
Investment in associates	7,942	9,722
Associates | Servicios Financieros, S.A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	803	395
Total OCI	9	9
OCI (TA)	(81)	36
Investment in associates	7,801	5,991
Associates | Servicios de Identidad Digital S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	(4,878)	(2,798)
Investment in associates	4,566	4,905
Associates | P.A Distrito Vera
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	237
Investment in associates	2,680
Associates | ACH de El Salvador, S. A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	395	204
Total OCI	6	6
OCI (TA)	(139)	(56)
Investment in associates	1,686	1,349
Associates | P.A Mirador de la Cienaga
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	(1)
Investment in associates	1,329
Associates | Agricapital S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	(63)
Investment in associates	1,191
Associates | Internacional Ejecutiva de Aviacion S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings	(1,560)	(2,827)
Total OCI	(170)	(844)
OCI (Equity method)	674	(1,194)
OCI (Deferred tax)		12
Investment in associates	$ 558	$ 4,338
Inversiones CFNS S.A.S. | P.A Mirador de la Cienaga
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of voting equity interests acquired	20.00%
Capital contributions to associates	$ 1,330
FCP Fondo Inmobiliario Colombia | P.A Distrito Vera
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Initial cost	3,191
Capital contributions to associates	1,780
Refund of contributions	$ 2,529

INVESTMENTS IN ASSOCIATES AND_5

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant associates (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	$ 289,855,048	$ 255,568,505
Liabilities	255,929,590	227,453,292
Total other comprehensive income	1,814,640	442,064	$ 127,033
P.A. Viva Malls
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	2,810,414	2,633,341
Liabilities	43,703	54,228
Income from ordinary activities	514,485	328,937
Profits (loss)	214,538	42,253
Dividends	50,208	42,169
Proteccion S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	3,698,529	3,031,933
Liabilities	1,461,115	1,031,421
Total other comprehensive income	74,155	63,571
Income from ordinary activities	1,816,422	1,983,426
Profits (loss)	276,519	291,391
Dividends	10,331	24,697
Titularizadora Colombiana S.A. Hitos
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	131,166	142,522
Liabilities	8,303	12,840
Total other comprehensive income	20,663	20,595
Income from ordinary activities	27,341	31,341
Profits (loss)	3,347	7,376
Dividends	$ 2,596	$ 3,412

INVESTMENTS IN ASSOCIATES AND_6

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in joint ventures (Details) - COP ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2021	Oct. 31, 2020	Sep. 30, 2020	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Total OCI						$ 4,874,389	$ 3,189,014
Investment in joint ventures						2,720,559	2,506,315
Compania de financiamiento Tuya S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Capital contributions to joint ventures						$ 24,500	37,002
Fideicomiso Ruta del Sol - compartimento A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Investment in infrastructure projects
Country						Colombia
Percentage of Ownership interest						25.90%
Included in earnings						$ 16,657
Total OCI						13
Investment in joint ventures						16,664
Capital contributions to joint ventures						$ 7	3
Puntos Colombia S.A.S
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Administration of the customers loyalty
Country						Colombia
Percentage of Ownership interest						50.00%
Included in earnings						$ 1,894
Investment in joint ventures						$ 9,601
Ecosistemas Digitales de Negocio S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Digital electronic billing services
Country						Colombia
Percentage of Ownership interest						50.00%
Included in earnings						$ 734
Investment in joint ventures						3,615
Capital contributions to joint ventures					$ 3,514	$ 1,565	1,028
VILIV S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Market place
Country						Colombia
Percentage of Ownership interest						50.00%
Included in earnings						$ (2,420)
Investment in joint ventures						3,346
Capital contributions to joint ventures				$ 1,600		$ 4,050
Net value of rights transferred								$ 1,022
P.A Muverang
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Sustainable mobility services
Country						Colombia
Percentage of Ownership interest						33.33%
Included in earnings						$ (1,392)
Investment in joint ventures						2,544
Capital contributions to joint ventures						$ 2,220	2,034
P.A Reintegra
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Collections and recovery of portfolio
Country						Colombia
Percentage of Ownership interest						46.00%
VLIPCO S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	47.40%
Capital contributions to joint ventures		$ 9,474	$ 460
Number of shares acquired	91,791	91,791
Percentage of common stock acquired	94.77%	94.77%
P.A CRECE
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Capital contributions to joint ventures					$ 1,013
Joint ventures
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Included in earnings						$ 20,619	13,019
Total OCI						13	13
OCI (Deferred tax)							(13)
Investment in joint ventures						$ 582,403	$ 533,223
Joint ventures | Compania de financiamiento Tuya S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Financing Services	Financing company
Country						Colombia	Colombia
Percentage of Ownership interest						50.00%	50.00%
Included in earnings						$ 5,342	$ 13,333
OCI (Deferred tax)							(13)
Investment in joint ventures						546,633	$ 516,791
Joint ventures | Fideicomiso Ruta del Sol - compartimento A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Investment in infrastructure projects
Country							Colombia
Percentage of Ownership interest							26.50%
Included in earnings							$ (3)
Total OCI							$ 13
Joint ventures | Puntos Colombia S.A.S
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Administration of the customers loyalty
Country							Colombia
Percentage of Ownership interest							50.00%
Included in earnings							$ 6,334
Investment in joint ventures							$ 7,707
Joint ventures | Ecosistemas Digitales de Negocio S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Collaborative digital ecosystems
Country							Colombia
Percentage of Ownership interest							50.00%
Included in earnings							$ (3,226)
Investment in joint ventures							$ 1,316
Joint ventures | VILIV S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Market place
Country							Colombia
Percentage of Ownership interest							50.00%
Included in earnings							$ (906)
Investment in joint ventures							$ 1,716
Joint ventures | P.A Muverang
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Sustainable mobility services
Country							Colombia
Percentage of Ownership interest							33.33%
Included in earnings							$ (818)
Investment in joint ventures							$ 1,716
Joint ventures | P.A Reintegra
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investment in joint ventures						0
Capital contributions to joint ventures						$ 17
Percentage of common stock acquired						46.00%
Joint ventures | VLIPCO S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity						Technology services provider	Technology services provider
Country						Colombia	Colombia
Percentage of Ownership interest						47.40%	47.28%
Included in earnings						$ (196)	$ (672)
Investment in joint ventures							$ 3,977
Joint ventures | P.A CRECE
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Non-financial products and services platform
Country							Colombia
Percentage of Ownership interest							50.00%
Included in earnings							$ (1,000)
Joint ventures | P.A. Servicios Tecnolgicos Arus Bancolombia
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity							Technology services provider
Country							Colombia
Included in earnings							$ (23)

INVESTMENTS IN ASSOCIATES AND_7

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	$ 289,855,048	$ 255,568,505
Liabilities	255,929,590	227,453,292
Cash and cash equivalents	25,329,846	23,701,149	$ 23,738,042	$ 18,730,810
Interest expense	4,351,556	5,863,008	6,179,794
Income tax	1,776,225	(6,586)	$ 1,262,964
Compania de financiamiento Tuya S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	3,965,397	3,235,475
Liabilities	3,392,041	2,721,800
Income from ordinary activities	1,675,439	1,524,072
Profits (loss)	10,681	26,665
Cash and cash equivalents	353,348	339,044
Interest and valuation income	630,936	605,979
Interest expense	82,537	142,770
Depreciation and amortization	21,113	18,692
Income tax	$ 13,828	$ 2,381

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Intangibles assets and goodwill net (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
Intangible assets	$ 485,626	$ 495,606
Goodwill	8,143,146	7,011,715	$ 6,694,354
Total	$ 8,628,772	$ 7,507,321

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	$ 495,606
Amortization expense	(198,169)	$ (163,754)	$ (141,104)
Intangible assets at end of year	485,626	495,606
Intangible assets controlled by entity but recognized directly to expense	10,046	86,168	48,584
Other administrative and general expenses
Reconciliation of initial and final balances of the cost and accrued amortization
Research and development expense	11,882	18,736	85,532
Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	1,239,337	1,166,113
Acquisitions	144,514	106,404
Acquisitions through business combination	13,196
Write off	(49,805)	(68,484)
Foreign currency translation adjustment	132,884	35,304
Intangible assets at end of year	1,480,126	1,239,337	1,166,113
Accumulated depreciation
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(743,731)	(627,155)
Write off	49,805	68,484
Amortization expense	198,169	163,754
Foreign currency translation adjustment	102,405	21,306
Intangible assets at end of year	(994,500)	(743,731)	(627,155)
Trademarks
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	5,798
Intangible assets at end of year	3,363	5,798
Trademarks | Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	20,293	19,375
Foreign currency translation adjustment	3,244	918
Intangible assets at end of year	23,537	20,293	19,375
Trademarks | Accumulated depreciation
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(14,495)	(11,071)
Amortization expense	3,165	3,118
Foreign currency translation adjustment	2,514	306
Intangible assets at end of year	(20,174)	(14,495)	(11,071)
Licenses, software and computer applications
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	424,797
Intangible assets at end of year	474,554	424,797
Licenses, software and computer applications | Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	823,318	768,923
Acquisitions	144,514	106,404
Acquisitions through business combination	13,196
Write off	(49,805)	(68,484)
Foreign currency translation adjustment	66,386	16,475
Intangible assets at end of year	997,609	823,318	768,923
Licenses, software and computer applications | Accumulated depreciation
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(398,521)	(342,229)
Write off	49,805	68,484
Amortization expense	131,288	113,452
Foreign currency translation adjustment	43,051	11,324
Intangible assets at end of year	(523,055)	(398,521)	(342,229)
Licenses, software and computer applications | Core Factoring
Reconciliation of initial and final balances of the cost and accrued amortization
Cancellations		6,879
Licenses, software and computer applications | Sede 30 projects
Reconciliation of initial and final balances of the cost and accrued amortization
Cancellations		2,716
Client relationships
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	65,011
Intangible assets at end of year	7,709	65,011
Client relationships | Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	395,726	377,815
Foreign currency translation adjustment	63,254	17,911
Intangible assets at end of year	458,980	395,726	377,815
Client relationships | Accumulated depreciation
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(330,715)	(273,855)
Amortization expense	63,716	47,184
Foreign currency translation adjustment	56,840	9,676
Intangible assets at end of year	$ (451,271)	$ (330,715)	$ (273,855)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
Balance	$ 7,011,715	$ 6,694,354
Acquisitions	10,660
Effect of change in foreign exchange rate	1,120,771	317,361
Balance	$ 8,143,146	$ 7,011,715
Year end exchange rate, U.S. dollar into Colombian pesos	3,981.16	3,432.50	3,277.14

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS, NET - Key assumptions used to determine recoverable amount of goodwill (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 8,143,146	$ 7,011,715	$ 6,694,354
Banking | Panama | Discounted cash flow | 5 years plan
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 6,080,314
Growth rate (real)	5.40%
Banking | Panama | Discounted cash flow | 5 years plan | Minimum
GOODWILL AND INTANGIBLE ASSETS, NET
Discount Rate (real)	8.80%
Banking | Panama | Discounted cash flow | 5 years plan | Maximum
GOODWILL AND INTANGIBLE ASSETS, NET
Discount Rate (real)	8.70%
Banking | El Salvador | Discounted cash flow | 5 years plan
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 1,122,986
Discount Rate (real)	14.90%
Growth rate (real)	4.10%
Banking | Guatemala | Discounted cash flow | 5 years plan
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 929,186
Discount Rate (real)	10.10%
Growth rate (real)	5.10%
Other
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 10,660

GOODWILL AND INTANGIBLE ASSET_7

GOODWILL AND INTANGIBLE ASSETS, NET - Sensitivity analysis (Details) - Banking - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Panama
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.40%	5.80%
Discount rate		8.60%
Panama | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.90%	5.30%
Discount rate		9.10%
Panama | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.40%	5.80%
Discount rate		8.60%
Panama | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.90%	6.30%
Discount rate		8.10%
Panama | Minimum
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	8.80%
Panama | Minimum | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	9.20%
Panama | Minimum | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	8.70%
Panama | Minimum | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	8.20%
Panama | Maximum
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	8.70%
Panama | Maximum | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	9.30%
Panama | Maximum | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	8.80%
Panama | Maximum | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	8.30%
Panama | Growth rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 10,929,065	$ 10,825,415
Panama | Growth rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	12,664,169	12,875,675
Panama | Growth rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	15,019,623	15,818,601
Panama | Discount rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	11,550,846	11,445,342
Panama | Discount rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	12,664,169	12,875,675
Panama | Discount rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 14,175,111	$ 14,927,894
El Salvador
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.10%	3.70%
Discount rate	14.90%	14.50%
El Salvador | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	3.60%	3.20%
Discount rate	15.90%	15.00%
El Salvador | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.10%	3.70%
Discount rate	14.90%	14.50%
El Salvador | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.60%	4.20%
Discount rate	13.90%	14.00%
El Salvador | Growth rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 4,611,843	$ 2,767,605
El Salvador | Growth rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	5,041,507	2,910,600
El Salvador | Growth rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	5,559,874	3,067,742
El Salvador | Discount rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,948,901	2,860,861
El Salvador | Discount rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	5,041,507	2,910,600
El Salvador | Discount rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 5,143,103	$ 2,965,172
Guatemala
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.10%	5.10%
Discount rate	10.10%	10.80%
Guatemala | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.60%	4.60%
Discount rate	10.60%	11.30%
Guatemala | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.10%	5.10%
Discount rate	10.10%	10.80%
Guatemala | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.60%	5.60%
Discount rate	9.60%	10.30%
Guatemala | Growth rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 5,514,165	$ 3,183,867
Guatemala | Growth rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	6,156,028	3,511,578
Guatemala | Growth rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	6,942,610	3,903,315
Guatemala | Discount rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	5,807,354	3,347,817
Guatemala | Discount rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	6,156,028	3,511,578
Guatemala | Discount rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 6,582,183	$ 3,706,836

GOODWILL AND INTANGIBLE ASSET_8

GOODWILL AND INTANGIBLE ASSETS, NET - Vlipco acquisition (Details) - COP ($) $ in Millions	Dec. 31, 2021	Nov. 30, 2021	Nov. 29, 2021	Dec. 31, 2021	Nov. 10, 2021	Jul. 31, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
Additional goodwill recognized				$ 10,660
Purchase Price Allocation
Non-controlling interest at fair value		$ 1,047
Intangibles assets recognized at the acquisition date
Software		$ 13,196
VLIPCO S.A.S.
GOODWILL AND INTANGIBLE ASSETS, NET
Percentage of common stock acquired		47.37%			47.37%	48.91%
Number of shares held			91,838
Ownership interest held in joint venture	94.77%		47.40%	47.40%
Additional goodwill recognized		$ 10,660
Goodwill expected to be deductible for tax purposes		$ 0
Percentage of non-controlling interests in acquiree		5.23%
Purchase Price Allocation
Purchase price		$ 9,474
Fair value of previously held investment		9,479
Non-controlling interest at fair value		1,047
Total		20,000
ASSETS
Cash and cash equivalents		296
Accounts receivable		241
Taxes receivable		433
Premises and equipment, net		22
Other assets		32
Total Assets		1,024
LIABILITIES
Short-term borrowings		37
Accounts payable		45
Tax liabilities recognised as of acquisition date		78
Employee benefit plans		106
Total Liabilities		266
Net Assets at book value		758
Intangibles assets recognized at the acquisition date
Software		13,196
Deferred tax		(4,614)
Fair value of net assets acquired		9,340
Goodwill		10,660
Gain on remeasurement of equity interest to fair value		$ 5,197

PREMISES AND EQUIPMENT, NET - P

PREMISES AND EQUIPMENT, NET - Premises and equipment for own use (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PREMISES AND EQUIPMENT, NET
Beginning Balance	$ 2,510,162	$ 2,395,183
Additions	371,376	353,699
Expenses depreciation	(201,956)	(181,703)
Disposals	(214,831)	(83,070)
Assets classified as held for sale	(101)	(3,297)
Effect of changes in foreign exchange rate	98,742	29,350
Ending Balance	2,563,392	2,510,162
Cost
PREMISES AND EQUIPMENT, NET
Beginning Balance	3,846,292	3,699,543
Additions	371,376	354,751
Disposals	(444,940)	(269,232)
Assets classified as held for sale	(116)	(3,386)
Effect of changes in foreign exchange rate	202,266	64,616
Ending Balance	3,974,878	3,846,292
Cost | Land
PREMISES AND EQUIPMENT, NET
Beginning Balance	498,981	486,915
Additions	39,661	17,410
Disposals	(15,206)	(12,988)
Effect of changes in foreign exchange rate	28,048	7,644
Ending Balance	551,484	498,981
Cost | Construction in progress
PREMISES AND EQUIPMENT, NET
Beginning Balance	63,192	30,898
Additions	35,205	38,395
Disposals	(65,769)	(7,330)
Effect of changes in foreign exchange rate	4,412	1,229
Ending Balance	37,040	63,192
Cost | Buildings
PREMISES AND EQUIPMENT, NET
Beginning Balance	1,652,899	1,606,420
Additions	127,695	68,785
Disposals	(70,783)	(42,705)
Assets classified as held for sale		(2,876)
Effect of changes in foreign exchange rate	85,429	23,275
Ending Balance	1,795,240	1,652,899
Cost | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance	666,748	647,278
Additions	44,767	45,269
Disposals	(83,214)	(38,181)
Effect of changes in foreign exchange rate	34,084	12,382
Ending Balance	662,385	666,748
Cost | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	895,602	896,146
Additions	83,503	123,795
Disposals	(145,334)	(144,387)
Effect of changes in foreign exchange rate	47,285	20,048
Ending Balance	881,056	895,602
Cost | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	27,203	22,384
Additions	19,488	8,644
Disposals	(6,985)	(3,321)
Assets classified as held for sale	(116)	(510)
Effect of changes in foreign exchange rate	2,776	6
Ending Balance	42,366	27,203
Cost | Leasehold improvements
PREMISES AND EQUIPMENT, NET
Beginning Balance	41,667	9,502
Additions	21,057	52,453
Disposals	(57,649)	(20,320)
Effect of changes in foreign exchange rate	232	32
Ending Balance	5,307	41,667
Accumulated depreciation
PREMISES AND EQUIPMENT, NET
Beginning Balance	(1,336,130)	(1,304,360)
Additions		(1,052)
Expenses depreciation	(201,956)	(181,703)
Disposals	230,109	186,162
Assets classified as held for sale	15	89
Effect of changes in foreign exchange rate	(103,524)	(35,266)
Ending Balance	(1,411,486)	(1,336,130)
Accumulated depreciation | Buildings
PREMISES AND EQUIPMENT, NET
Beginning Balance	(390,798)	(360,921)
Expenses depreciation	(33,158)	(29,982)
Disposals	7,633	10,628
Effect of changes in foreign exchange rate	(42,461)	(10,523)
Ending Balance	(458,784)	(390,798)
Accumulated depreciation | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance	(389,892)	(372,471)
Expenses depreciation	(53,785)	(43,466)
Disposals	80,105	34,473
Effect of changes in foreign exchange rate	(24,433)	(8,428)
Ending Balance	(388,005)	(389,892)
Accumulated depreciation | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	(539,795)	(558,561)
Expenses depreciation	(110,969)	(104,164)
Disposals	140,254	139,204
Effect of changes in foreign exchange rate	(35,444)	(16,274)
Ending Balance	(545,954)	(539,795)
Accumulated depreciation | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	(14,477)	(11,376)
Additions		(1,052)
Expenses depreciation	(3,771)	(3,966)
Disposals	1,103	1,846
Assets classified as held for sale	15	89
Effect of changes in foreign exchange rate	(1,103)	(18)
Ending Balance	(18,233)	(14,477)
Accumulated depreciation | Leasehold improvements
PREMISES AND EQUIPMENT, NET
Beginning Balance	(1,168)	(1,031)
Expenses depreciation	(273)	(125)
Disposals	1,014	11
Effect of changes in foreign exchange rate	(83)	(23)
Ending Balance	$ (510)	$ (1,168)

PREMISES AND EQUIPMENT, NET -_2

PREMISES AND EQUIPMENT, NET - Premises and equipment in operating leases (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PREMISES AND EQUIPMENT, NET
Beginning Balance	$ 1,792,142	$ 1,432,682
Additions	1,310,836	813,268
Expenses depreciation	(264,223)	(179,000)
Disposals	(41,815)	(10,176)
Assets classified as held for sale	(259,680)	(264,632)
Ending Balance	2,537,260	1,792,142
Cost
PREMISES AND EQUIPMENT, NET
Beginning Balance	2,373,634	1,970,844
Additions	1,310,836	826,447
Disposals	(41,742)	(17,416)
Assets classified as held for sale	(406,055)	(406,241)
Ending Balance	3,236,673	2,373,634
Cost | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance		103
Additions	2,091
Disposals		(103)
Ending Balance	2,091
Cost | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	74,120	55,989
Additions	54,293	28,059
Disposals	(1,996)	(3,410)
Assets classified as held for sale	(5,346)	(6,518)
Ending Balance	121,071	74,120
Cost | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	2,299,514	1,914,752
Additions	1,254,452	798,388
Disposals	(39,746)	(13,903)
Assets classified as held for sale	(400,709)	(399,723)
Ending Balance	3,113,511	2,299,514
Accumulated depreciation
PREMISES AND EQUIPMENT, NET
Beginning Balance	(581,492)	(538,162)
Additions		(13,179)
Expenses depreciation	(264,223)	(179,000)
Disposals	(73)	7,240
Assets classified as held for sale	146,375	141,609
Ending Balance	(699,413)	(581,492)
Accumulated depreciation | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance		(85)
Expenses depreciation	(106)	(5)
Disposals		90
Ending Balance	(106)
Accumulated depreciation | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	(30,412)	(25,542)
Expenses depreciation	(23,106)	(13,911)
Disposals	1,659	3,127
Assets classified as held for sale	4,975	5,914
Ending Balance	(46,884)	(30,412)
Accumulated depreciation | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	(551,080)	(512,535)
Additions		(13,179)
Expenses depreciation	(241,011)	(165,084)
Disposals	(1,732)	4,023
Assets classified as held for sale	141,400	135,695
Ending Balance	$ (652,423)	$ (551,080)

PREMISES AND EQUIPMENT, NET -_3

PREMISES AND EQUIPMENT, NET - Premises and equipment total (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PREMISES AND EQUIPMENT, NET
Beginning Balance	$ 4,302,304	$ 3,827,865
Additions	1,682,212	1,166,967
Expenses depreciation	(466,179)	(360,703)
Disposals	(256,646)	(93,246)
Assets classified as held for sale	(259,781)	(267,929)
Effect of changes in foreign exchange rate	98,742	29,350
Ending Balance	5,100,652	4,302,304
Contractual commitments	158,128
Fully depreciated property and equipment that is still in use	622,589	563,625
Gross carrying amount
PREMISES AND EQUIPMENT, NET
Beginning Balance	6,219,926	5,670,387
Additions	1,682,212	1,181,198
Disposals	(486,682)	(286,648)
Assets classified as held for sale	(406,171)	(409,627)
Effect of changes in foreign exchange rate	202,266	64,616
Ending Balance	7,211,551	6,219,926
Accumulated depreciation
PREMISES AND EQUIPMENT, NET
Beginning Balance	(1,917,622)	(1,842,522)
Additions		(14,231)
Expenses depreciation	(466,179)	(360,703)
Disposals	230,036	193,402
Assets classified as held for sale	146,390	141,698
Effect of changes in foreign exchange rate	(103,524)	(35,266)
Ending Balance	$ (2,110,899)	$ (1,917,622)

INVESTMENT PROPERTIES - Reconci

INVESTMENT PROPERTIES - Reconciliation (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVESTMENT PROPERTIES
Balance at the beginning of the year	$ 2,839,350	$ 1,992,964
Acquisitions	14,709	163,344
Additions	422,755	105,085
Sales/Write-offs	(259,743)	(111,092)
Amount reclassified from equity securities		686,114
Amount reclassified from inventories	47,387	6,436
Gains on valuation	67,762	(3,501)	$ 93,197
Balance at the end of the year	3,132,220	2,839,350	$ 1,992,964
Investment properties
INVESTMENT PROPERTIES
Transfers into Level 3 of fair value hierarchy, assets	0	0
Transfers out of Level 3 of fair value hierarchy, assets	$ 0	$ 0

INVESTMENT PROPERTIES - Valuati

INVESTMENT PROPERTIES - Valuation Adjustments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)item	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)
INVESTMENT PROPERTIES
Balance at the beginning of the year	$ 2,839,350	$ 1,992,964
Appraisals	67,762	(3,501)	$ 93,197
Net increase (decrease) in investment properties	177,721	157,337
Amount reclassified from equity securities		686,114
Amount reclassified from inventories	47,387	6,436
Balance at the end of the year	3,132,220	2,839,350	1,992,964
Additions from subsequent expenditure recognised as asset, investment property	422,155
Fondo de Capital Privado Fondo Inmobiliario Colombia
INVESTMENT PROPERTIES
Sales, investment property	169,866
Buildings
INVESTMENT PROPERTIES
Balance at the beginning of the year	2,583,155	1,724,719
Appraisals	72,533	7,756
Net increase (decrease) in investment properties	246,645	158,130
Amount reclassified from equity securities		686,114
Amount reclassified from inventories	47,387	6,436
Balance at the end of the year	2,949,720	2,583,155	1,724,719
Buildings | Fondo de Capital Privado Fondo Inmobiliario Colombia
INVESTMENT PROPERTIES
Additions from acquisitions, investment property		74,227
Land
INVESTMENT PROPERTIES
Balance at the beginning of the year	256,195	268,245
Appraisals	(4,771)	(11,257)
Net increase (decrease) in investment properties	(68,924)	(793)
Balance at the end of the year	$ 182,500	256,195	$ 268,245
Land | Valores Simesa S.A.
INVESTMENT PROPERTIES
Number of properties sold | item	8
Bancolombia S.A. | Buildings
INVESTMENT PROPERTIES
Additions from acquisitions, investment property		$ 61,719

INVESTMENT PROPERTIES - Amounts

INVESTMENT PROPERTIES - Amounts recognized in the statement of income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVESTMENT PROPERTIES
Income from rentals	$ 139,021	$ 125,494	$ 85,507
Operating expenses due to:
Investment properties that generated income through rentals	15,331	16,012	15,669
Investment properties that did not generate income through rentals	$ 10,050	$ 6,004	$ 2,183

INCOME TAX - Components recogni

INCOME TAX - Components recognized in income statement (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax
Fiscal term	$ (1,321,400)	$ (673,603)	$ (1,040,558)
Prior fiscal terms	71,932	4,723	(7,908)
Total current tax	(1,249,468)	(668,880)	(1,048,466)
Deferred tax
Fiscal term	(530,926)	684,413	(210,898)
Adjustments for consolidation purposes	4,169	(8,947)	(3,600)
Total deferred tax	(526,757)	675,466	(214,498)
Income tax	$ (1,776,225)	$ 6,586	$ (1,262,964)
Colombia
Deferred tax
Nominal Income Tax Rate	31.00%	32.00%
Income Tax, Points Liquidated	3.00%	4.00%
Deferred Income Tax Rate	38.00%	33.00%

INCOME TAX - Legal regulatory c

INCOME TAX - Legal regulatory changes (Details) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 30, 2020USD ($)	Dec. 31, 2021COP ($)
Colombia | Tax Year 2022 | Forecast
INCOME TAX
Income tax rate		35.00%
Percentage increase in net income tax liability		35.00%
Limitation period		6 months
Colombia | Tax Year 2022 to 2025 | Forecast
INCOME TAX
Additional points		3.00%
Threshold taxable income (UVT)		$ 120
Colombia | Tax Year 2022 onwards | Forecast
INCOME TAX
Threshold percentage of industry and trade tax which can be offset against corporate income tax liability.		50.00%
Colombia | Tax Year 2023 | Forecast
INCOME TAX
Percentage increase in net income tax liability		25.00%
Limitation period		12 months
Guatemala
INCOME TAX
Income tax rate		25.00%
Panama
INCOME TAX
Income tax rate		25.00%
El Salvador
INCOME TAX
Income tax rate		30.00%
Additional points	5.00%
Threshold net capital gains	$ 500,000
Costa Rica
INCOME TAX
Income tax rate		30.00%

INCOME TAX - Reconciliation of

INCOME TAX - Reconciliation of effective tax rate (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAX
Accounting profit	$ 5,984,012	$ 308,773	$ 4,477,531
Applicable tax with nominal rate	(2,034,564)	(111,158)	(1,477,585)
Non-deductible expenses to determine taxable profit (loss)	(260,546)	(709,601)	(281,633)
Accounting and non-tax expense (income) to determine of taxable profit (loss)	767,857	580,970	822,683
Differences in accounting bases	(32,714)	(400,042)	(304,871)
Fiscal and non-accounting expense (income) to determine of taxable profit (loss)	(285,191)	(270,326)	(434,929)
Ordinary activities income exempt from taxation	412,495	290,822	258,622
Ordinary activities income not constituting income or occasional tax gain	98,870	153,638	173,791
Tax deductions	226,064	112,746	151,011
Goodwill Depreciation	200,617	212,378	194,679
Tax depreciation surplus	140,384	156,998	100,286
Untaxed recoveries	(84,692)	(35,788)	(22,800)
Tax rate effect in other countries	(384,669)	(139,106)	(27,038)
Prior fiscal terms	71,932	4,723	(7,908)
Other effects of the tax rate by reconciliation between accounting profit and tax expense (income)	(612,068)	160,332	(407,272)
Total income tax	$ (1,776,225)	$ 6,586	$ (1,262,964)

INCOME TAX - Other comprehensiv

INCOME TAX - Other comprehensive income (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Amount before taxes
Remeasurement income related to defined benefit liability		$ 7,444		$ 8,556	$ (38,451)
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)		3,994		(132,593)	56,496
Gains due asset revaluation		0		3,561	0
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)		(61,052)		53,311	27,675
Loss on net investment hedge in foreign operations		(1,207,052)		(341,792)	(60,258)
Exchange differences arising on translating the foreign operations		2,513,742		339,475	104,955
Unrealized gain on investments in associates and joint ventures using equity method		2,913		5,020	8,151
Net		1,259,989		(64,462)	98,568
Deferred tax
Remeasurement income related to defined benefit liability		(1,791)		(4,940)	14,835
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	[2]	48,153	[1]	37,736	(12,607)
Gains due asset revaluation		(142)		(1,211)	0
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	[2]	9,527		(5,612)	0
Loss on net investment hedge in foreign operations		493,346		39,443	20,213
Unrealized gains on investments in associates and joint ventures using equity method		(982)		(89)	(32)
Net		548,111		65,327	22,409
Net taxes
Remeasurement income related to defined benefit liability		5,653		3,616	(23,616)
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)		52,147		(94,857)	43,889
Gains due asset revaluation		(142)		2,350	0
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)		(51,525)		47,699	27,675
Loss on net investment hedge in foreign operations		(713,706)		(302,349)	(40,045)
Exchange differences arising on translating the foreign operations		2,513,742		339,475	104,955
Unrealized gains on investments in associates and joint ventures using equity method		1,931		4,931	8,119
Other comprehensive income, attributable to the owners of the Parent Company, net of tax		$ 1,808,100		$ 865	$ 120,977
[1]	Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI.
[2]	The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation.

INCOME TAX - Deferred tax asset

INCOME TAX - Deferred tax asset and liabilities classification (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)
Asset Deferred Tax:
December 31, 2020	$ 2,078,340
Effect on Income Statement	(4,936)
Effect on OCI	491,619
Foreign Exchange	122,466
Adjustments for consolidation purposes	437
December 31, 2021	2,687,926
Liability Deferred Tax:
December 31, 2020	(2,459,139)
Effect on Income Statement	(525,990)
Effect on OCI	56,492
Effect on Equity	(14,890)
Foreign Exchange	(18,342)
Adjustments for consolidation purposes	3,732
December 31, 2021	(2,958,137)
Net Deferred Tax
December 31, 2020	(380,799)
Effect on Income Statement	(530,926)
Effect on OCI	548,111
Effect on Equity	(14,890)
Foreign Exchange	104,124
Adjustments for consolidation purposes	4,169
December 31, 2021	(270,211)
Deferred Tax Assets, Property and equipment
Asset Deferred Tax:
December 31, 2020	4,041
Effect on Income Statement	(1,413)
Foreign Exchange	530
December 31, 2021	3,158
Deferred Tax Assets, Employee Benefits
Asset Deferred Tax:
December 31, 2020	231,470
Effect on Income Statement	49,867
Effect on OCI	(1,798)
Foreign Exchange	3,744
December 31, 2021	283,283
Deferred Tax Assets, Deterioration assessment
Asset Deferred Tax:
December 31, 2020	860,229
Effect on Income Statement	(338,036)
Foreign Exchange	91,976
Adjustments for consolidation purposes	437
December 31, 2021	614,606
Deferred Tax Assets, Financial instruments evaluation
Asset Deferred Tax:
December 31, 2020	4,939
Effect on Income Statement	373
Effect on OCI	71
December 31, 2021	5,383
Deferred Tax Assets, Tax credits settlement
Asset Deferred Tax:
December 31, 2020	73,051
Effect on Income Statement	(43,387)
December 31, 2021	29,664
Deferred Tax Assets, Financial obligations
Asset Deferred Tax:
December 31, 2020	45,601
Effect on Income Statement	194,501
December 31, 2021	240,102
Deferred Tax Assets, Net investment coverage in operations abroad
Asset Deferred Tax:
December 31, 2020	346,956
Effect on Income Statement	167,456
Effect on OCI	493,346
Foreign Exchange	2,186
December 31, 2021	1,009,944
Deferred Tax Assets, Other deductions
Asset Deferred Tax:
December 31, 2020	111,930
Effect on Income Statement	(20,769)
Foreign Exchange	621
December 31, 2021	91,782
Deferred Tax Assets, Implementation adjustment
Asset Deferred Tax:
December 31, 2020	400,123
Effect on Income Statement	(13,528)
Foreign Exchange	23,409
December 31, 2021	410,004
Deferred Tax Liabilities, Property and equipment
Liability Deferred Tax:
December 31, 2020	(288,662)
Effect on Income Statement	(25,687)
Effect on OCI	(142)
Foreign Exchange	(3,099)
December 31, 2021	(317,590)
Deferred Tax Liabilities, Employee Benefits
Liability Deferred Tax:
December 31, 2020	(7)
Effect on OCI	7
Deferred Tax Liabilities, Deterioration assessment
Liability Deferred Tax:
December 31, 2020	(14,875)
Effect on Income Statement	2,032
Foreign Exchange	(4,082)
Adjustments for consolidation purposes	2,274
December 31, 2021	(14,651)
Deferred Tax Liabilities, Financial instruments evaluation
Liability Deferred Tax:
December 31, 2020	(231,491)
Effect on Income Statement	148,753
Effect on OCI	57,609
Effect on Equity	(15,395)
Foreign Exchange	(238)
Adjustments for consolidation purposes	1,458
December 31, 2021	(39,304)
Deferred Tax Liabilities, Derivatives evaluation
Liability Deferred Tax:
December 31, 2020	(113,968)
Effect on Income Statement	(40,495)
December 31, 2021	(154,463)
Deferred Tax Liabilities, Lease restatement
Liability Deferred Tax:
December 31, 2020	(237,852)
Effect on Income Statement	(13,010)
December 31, 2021	(250,862)
Deferred Tax Liabilities, Investments in associates Adjustment for equity method
Liability Deferred Tax:
December 31, 2020	(784)
Effect on Income Statement	(176,089)
Effect on OCI	(982)
Effect on Equity	5,119
December 31, 2021	(172,736)
Deferred Tax Liabilities, Goodwill
Liability Deferred Tax:
December 31, 2020	(1,184,058)
Effect on Income Statement	(383,107)
Foreign Exchange	(2,830)
December 31, 2021	(1,569,995)
Deferred Tax Liabilities, Properties received in payment
Liability Deferred Tax:
December 31, 2020	(138,210)
Effect on Income Statement	(24,448)
Foreign Exchange	(2,896)
December 31, 2021	(165,554)
Deferred Tax Liabilities, Other deductions
Liability Deferred Tax:
December 31, 2020	(240,827)
Effect on Income Statement	(13,942)
Effect on Equity	(4,614)
Foreign Exchange	(3,858)
December 31, 2021	(263,241)
Deferred Tax Liabilities, Implementation adjustment
Liability Deferred Tax:
December 31, 2020	(8,405)
Effect on Income Statement	3
Foreign Exchange	(1,339)
December 31, 2021	$ (9,741)

INCOME TAX - Temporary differen

INCOME TAX - Temporary differences in subsidiaries, branches, associates (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Local Subsidiaries
INCOME TAX
Temporary differences	$ (1,800,928)	$ (1,219,380)
Foreign Subsidiaries
INCOME TAX
Temporary differences	$ (17,966,532)	$ (4,547,635)

INCOME TAX - Tax credits (Detai

INCOME TAX - Tax credits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)
INCOME TAX
Base	$ 89,867
Deferred tax recognized asset	29,664
Renting Colombia
INCOME TAX
Base	89,501
Deferred tax recognized asset	29,536
Pasarela Colombia
INCOME TAX
Base	366
Deferred tax recognized asset	$ 128

INCOME TAX - Uncertain position

INCOME TAX - Uncertain positions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement of the provision for uncertain tax positions
Beginning balance	$ 113,522	$ 102,552
Ending balance		113,522
Tax contingent liability
Movement of the provision for uncertain tax positions
Update	8,760	$ 10,970
Reversal	$ (122,282)

ASSETS HELD FOR SALE AND INVE_3

ASSETS HELD FOR SALE AND INVENTORIES, NET - Breakdown of inventories and assets held for sale (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	$ 413,097	$ 426,642
Assets held for sale	133,697	82,503
Total assets held for sale and inventories, net	$ 546,794	$ 509,145

ASSETS HELD FOR SALE AND INVE_4

ASSETS HELD FOR SALE AND INVENTORIES, NET - Bank's inventories (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	$ 413,097	$ 426,642
Inventories pledged as security for liabilities	0	0
Gross carrying amount
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	447,422	469,517
Impairment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	34,325	42,875
Land and buildings | Gross carrying amount
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	335,936	380,009
Vehicles | Gross carrying amount
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	80,064	59,035
Machinery | Gross carrying amount
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	$ 31,422	$ 30,473

ASSETS HELD FOR SALE AND INVE_5

ASSETS HELD FOR SALE AND INVENTORIES, NET - Assets held for sale (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)item	Dec. 31, 2020COP ($)
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ 133,697	$ 82,503
Investments held for sale	0	0
Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	25,213	28,116
Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	99,710	46,005
El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	7,419	4,918
Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	1,355	3,464
Machinery and equipment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	4,340	3,277
Machinery and equipment | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	2,277	1,978
Machinery and equipment | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	2,063	1,299
Real estate for residential purposes
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	101,214	70,252
Real estate for residential purposes | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	9,119	26,138
Real estate for residential purposes | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ 83,321	35,732
Number of properties received | item	62
Real estate for residential purposes | El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ 7,419	4,918
Real estate for residential purposes | Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	1,355	3,464
Real estate different from residential properties
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	28,143	8,974
Real estate different from residential properties | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ 13,817
Number of properties received | item	22
Real estate different from residential properties | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ 14,326	8,974
Warehouse | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	9,123
Gross carrying amount
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	136,461	84,597
Gross carrying amount | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	25,269	28,418
Gross carrying amount | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	101,851	47,595
Gross carrying amount | El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	7,642	5,120
Gross carrying amount | Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	1,699	3,464
Gross carrying amount | Machinery and equipment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	4,458	3,454
Gross carrying amount | Machinery and equipment | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	2,305	2,070
Gross carrying amount | Machinery and equipment | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	2,153	1,384
Gross carrying amount | Real estate for residential purposes
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	103,803	72,088
Gross carrying amount | Real estate for residential purposes | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	9,147	26,348
Gross carrying amount | Real estate for residential purposes | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	85,315	37,156
Gross carrying amount | Real estate for residential purposes | El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	7,642	5,120
Gross carrying amount | Real estate for residential purposes | Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	1,699	3,464
Gross carrying amount | Real estate different from residential properties
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	28,200	9,055
Gross carrying amount | Real estate different from residential properties | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	13,817
Gross carrying amount | Real estate different from residential properties | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	14,383	9,055
Impairment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(2,764)	(2,094)
Impairment | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(56)	(302)
Impairment | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(2,141)	(1,590)
Impairment | El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(223)	(202)
Impairment | Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(344)
Impairment | Machinery and equipment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(118)	(177)
Impairment | Machinery and equipment | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(28)	(92)
Impairment | Machinery and equipment | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(90)	(85)
Impairment | Real estate for residential purposes
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(2,589)	(1,836)
Impairment | Real estate for residential purposes | Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(28)	(210)
Impairment | Real estate for residential purposes | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(1,994)	(1,424)
Impairment | Real estate for residential purposes | El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(223)	(202)
Impairment | Real estate for residential purposes | Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(344)
Impairment | Real estate different from residential properties
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(57)	(81)
Impairment | Real estate different from residential properties | Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ (57)	$ (81)

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER ASSETS, NET
Tax advance	$ 1,643,171	$ 1,205,870
Marketable and non-marketable for sale assets	850,688	856,527
Other receivables	777,830	891,811
Assets pledged as collateral	472,443	295,260
Prepaid expenses	454,595	376,608
Receivables related to abandoned accounts	386,451	276,087
Receivable Sales of goods and service	198,453	93,417
Accounts receivable from contracts with customers	182,672	177,991	$ 203,198
Taxes receivable	141,624	49,069
Operating leases	109,122	80,056
Balance in credit card clearing house	90,627	163,813
Commission for letters of credit	74,320	24,702
Debtors	19,483	15,723
Others	350,970	213,828
Total other assets	5,752,449	4,720,762
Allowance others	(791)	(1,560)
Total other assets, net	$ 5,751,658	$ 4,719,202

DEPOSITS BY CUSTOMERS - Summary

DEPOSITS BY CUSTOMERS - Summary of Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEPOSITS BY CUSTOMERS
Saving accounts	$ 106,398,922	$ 86,147,655
Term deposits	59,492,839	61,083,519
Checking accounts	40,567,168	31,894,229
Other deposits	3,931,919	1,695,390
Total	210,390,848	$ 180,820,793
Nequi
DEPOSITS BY CUSTOMERS
Total	$ 1,408,869

DEPOSITS BY CUSTOMERS - Summa_2

DEPOSITS BY CUSTOMERS - Summary of Time Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEPOSITS BY CUSTOMERS
Carrying value	$ 59,492,839	$ 61,083,519
Fair value	60,721,677	62,284,840
Less than 6 months
DEPOSITS BY CUSTOMERS
Carrying value	14,224,144	10,324,370
Fair value	$ 14,199,074	$ 10,313,384
Less than 6 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.10%	0.10%
Less than 6 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	6.00%	7.00%
Between 6 and 12 months
DEPOSITS BY CUSTOMERS
Carrying value	$ 6,048,004	$ 7,061,159
Fair value	$ 6,032,234	$ 7,061,834
Between 6 and 12 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.01%	0.20%
Between 6 and 12 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	6.50%	7.25%
Between 12 and 18 months
DEPOSITS BY CUSTOMERS
Carrying value	$ 5,800,772	$ 7,798,737
Fair value	$ 5,823,728	$ 7,895,539
Between 12 and 18 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.00%	0.25%
Between 12 and 18 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	7.25%	6.50%
Greater than 18 months
DEPOSITS BY CUSTOMERS
Carrying value	$ 33,419,919	$ 35,899,253
Fair value	$ 34,666,641	$ 37,014,083
Greater than 18 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.00%	0.01%
Greater than 18 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	9.79%	9.45%

DEPOSITS BY CUSTOMERS - Maturit

DEPOSITS BY CUSTOMERS - Maturity of Time Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEPOSITS BY CUSTOMERS
Carrying value	$ 59,492,839	$ 61,083,519
Fair value	60,721,677	62,284,840
Less than 1 year
DEPOSITS BY CUSTOMERS
Carrying value	42,595,157	43,134,613
Fair value	43,621,375	43,489,653
1 to 3 years
DEPOSITS BY CUSTOMERS
Carrying value	11,584,328	11,592,876
Fair value	11,729,237	11,971,664
3 to 5 years
DEPOSITS BY CUSTOMERS
Carrying value	2,719,748	5,194,234
Fair value	2,795,178	5,538,916
Greater than 5 years
DEPOSITS BY CUSTOMERS
Carrying value	2,593,606	1,161,796
Fair value	$ 2,575,887	$ 1,284,607

INTERBANK DEPOSITS AND REPURC_3

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Money market transactions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interbank Deposits
Interbank liabilities	$ 886,405	$ 762,574
Total interbank	886,405	762,574
Repurchase agreements and other similar secured borrowing
Short selling operations	276,242	128,257
Temporary transfer of securities	487,083	2,087,906
Total Repurchase agreements and other similar secured borrowing	763,325	2,216,163
Total money market transactions	$ 1,649,730	$ 2,978,737
Repo liabilities
Repurchase agreements and other similar secured borrowing
Debt instrument maturity	30 days

INTERBANK DEPOSITS AND REPURC_4

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Repurchases and resale agreements (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Assets / liabilities gross	$ 54,635	$ (1,894,003)
Net balance presented in the statement of financial position	54,635	(1,894,003)
Financial instruments as collateral	(54,635)	1,894,003
Securities purchased under resale agreements
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Assets / liabilities gross	817,960	322,160
Net balance presented in the statement of financial position	817,960	322,160
Financial instruments as collateral	(817,960)	(322,160)
Securities sold under repurchase agreements
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Assets / liabilities gross	(763,325)	(2,216,163)
Net balance presented in the statement of financial position	(763,325)	(2,216,163)
Financial instruments as collateral	$ 763,325	$ 2,216,163

BORROWINGS FROM OTHER FINANCI_3

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Summary (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 8,551,558	$ 11,202,126
Domestic
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	4,816,609	6,001,619
Foreign
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 3,734,949	$ 5,200,507

BORROWINGS FROM OTHER FINANCI_4

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 8,551,558	$ 11,202,126
Domestic
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	4,816,609	6,001,619
Domestic | Financiera de desarrollo territorial (Findeter)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 2,259,714	$ 2,561,051
Domestic | Financiera de desarrollo territorial (Findeter) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	10.79%	7.32%
Domestic | Financiera de desarrollo territorial (Findeter) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	0.11%	0.02%
Domestic | Banco de comercio exterior de Colombia (Bancoldex)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 876,498	$ 1,460,412
Domestic | Banco de comercio exterior de Colombia (Bancoldex) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	8.66%	7.85%
Domestic | Banco de comercio exterior de Colombia (Bancoldex) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	0.77%	0.44%
Domestic | Fondo para el financiamiento del sector agropecuario (Finagro)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 836,185	$ 1,050,552
Domestic | Fondo para el financiamiento del sector agropecuario (Finagro) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	6.00%	6.44%
Domestic | Fondo para el financiamiento del sector agropecuario (Finagro) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	0.03%	0.10%
Domestic | Other private financial entities
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 844,212	$ 929,604
Domestic | Other private financial entities | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	8.62%	6.83%
Domestic | Other private financial entities | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	4.24%	3.35%
Domestic | Banco de la Republica
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	3.00%	1.75%	4.25%

BORROWINGS FROM OTHER FINANCI_5

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks maturity (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 8,551,558	$ 11,202,126
Domestic
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	4,816,609	6,001,619
Domestic | Greater than 1 year
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	4,595,510	5,387,563
Domestic | Less than 1 year
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 221,099	$ 614,056

BORROWINGS FROM OTHER FINANCI_6

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 8,551,558	$ 11,202,126
Foreign
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	3,734,949	5,200,507
Foreign | Financing with Correspondent Banks and Multilateral Entities
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 3,169,060	$ 4,825,811
Foreign | Financing with Correspondent Banks and Multilateral Entities | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	4.46%	4.81%
Foreign | Financing with Correspondent Banks and Multilateral Entities | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	0.53%	0.49%
Foreign | Banco Interamericano de Desarrollo (BID)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 525,475	$ 231,563
Foreign | Banco Interamericano de Desarrollo (BID) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	4.05%	3.25%
Foreign | Banco Interamericano de Desarrollo (BID) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	1.81%	2.58%
Foreign | Banco Latinoamericano de Comercio Exterior (Bladex)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 40,147	$ 138,116
Foreign | Banco Latinoamericano de Comercio Exterior (Bladex) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	2.97%	4.75%
Foreign | Banco Latinoamericano de Comercio Exterior (Bladex) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	2.97%	4.60%
Foreign | Corporacion Andina de Fomento (CAF)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 267	$ 5,017
Foreign | Corporacion Andina de Fomento (CAF) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	2.44%	2.58%
Foreign | Corporacion Andina de Fomento (CAF) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	2.44%	2.52%

BORROWINGS FROM OTHER FINANCI_7

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks maturity (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 8,551,558	$ 11,202,126
Foreign
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	3,734,949	5,200,507
Foreign | Less than 1 year
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	1,919,781	3,084,730
Foreign | Greater than 1 year
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Obligations granted by banks	$ 1,815,168	$ 2,115,777

DEBT INSTRUMENTS IN ISSUE - Sum

DEBT INSTRUMENTS IN ISSUE - Summary (Details) $ in Millions, $ in Millions	Dec. 31, 2021COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2020USD ($)
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	$ 21,093,864		$ 19,126,593
Banistmo S.A. y filiales | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value		$ 1,079,981		$ 1,158,763
Debt instruments issued	$ 4,334,751			$ 4,003,076
Banistmo S.A. y filiales | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	1.20%	1.20%	0.50%	0.50%
Banistmo S.A. y filiales | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	5.00%	5.00%	5.00%	5.00%
Banagricola S.A. y Filiales | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value		$ 162,000
Debt instruments issued	$ 644,557
Banagricola S.A. y Filiales | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	5.60%	5.60%
Banagricola S.A. y Filiales | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	6.40%	6.40%
Banco Agricola S.A. | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value				$ 212,000
Debt instruments issued				$ 727,116
Banco Agricola S.A. | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate			5.58%	5.58%
Banco Agricola S.A. | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate			6.41%	6.41%
Bancolombia Panama S.A. | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value		$ 113,413		$ 121,399
Debt instruments issued	$ 457,155			$ 426,689
Bancolombia Panama S.A. | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	0.45%	0.45%	0.40%	0.40%
Bancolombia Panama S.A. | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	3.75%	3.75%	3.75%	3.75%
Bancolombia Puerto Rico Internacional Inc. | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value		$ 3,645		$ 16,595
Debt instruments issued	$ 14,575			$ 57,955
Bancolombia Puerto Rico Internacional Inc. | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	0.95%	0.95%	2.30%	2.30%
Bancolombia Puerto Rico Internacional Inc. | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	0.95%	0.95%	2.65%	2.65%
Grupo Agromercantil Holding S.A. | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value		$ 569		$ 910
Debt instruments issued	$ 2,265			$ 3,123
Grupo Agromercantil Holding S.A. | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	0.25%	0.25%	0.25%	0.25%
Grupo Agromercantil Holding S.A. | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	7.25%	7.25%	7.25%	7.25%
Bancolombia S.A.
DEBT INSTRUMENTS IN ISSUE
Face value			$ 4,125,500
Debt instruments issued			$ 4,159,065
Bancolombia S.A. | Local currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value	$ 4,158,757
Debt instruments issued	$ 4,190,777
Bancolombia S.A. | Local currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	4.35%	4.35%	3.37%	3.37%
Bancolombia S.A. | Local currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	10.30%	10.30%	10.77%	10.77%
Bancolombia S.A. | Foreign currency bonds
DEBT INSTRUMENTS IN ISSUE
Face value		$ 2,967,644		$ 2,956,491
Debt instruments issued	$ 11,449,784			$ 9,749,569
Bancolombia S.A. | Foreign currency bonds | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate	0.30%	0.30%	0.25%	0.25%
Bancolombia S.A. | Foreign currency bonds | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate	5.19%	5.19%	5.19%	5.19%

DEBT INSTRUMENTS IN ISSUE - Bon

DEBT INSTRUMENTS IN ISSUE - Bonds classified by currency, term and type of issue (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	$ 21,093,864	$ 19,126,593
Local currency bonds | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	1,213,988	1,216,831
Local currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	2,976,789	2,942,234
Foreign currency bonds | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	7,753,417	6,659,541
Foreign currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	9,149,670	8,307,987
Less than 1 year
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	408,859	151,992
Less than 1 year | Foreign currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	408,859	151,992
1 to 3 years
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	205,913	588,958
1 to 3 years | Foreign currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	205,913	588,958
3 to 5 years
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	495,884	438,994
3 to 5 years | Local currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	164,753	154,671
3 to 5 years | Foreign currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	331,131	284,323
Greater than 5 years
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	19,983,208	17,946,649
Greater than 5 years | Local currency bonds | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	1,213,988	1,216,831
Greater than 5 years | Local currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	2,812,036	2,787,563
Greater than 5 years | Foreign currency bonds | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	7,753,417	6,659,541
Greater than 5 years | Foreign currency bonds | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments issued	$ 8,203,767	$ 7,282,714

DEBT INSTRUMENTS IN ISSUE - Add

DEBT INSTRUMENTS IN ISSUE - Additional disclosures (Details) $ in Millions	Sep. 16, 2021COP ($)item	Jul. 28, 2020USD ($)	Jun. 18, 2020USD ($)	Jan. 23, 2020USD ($)	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2019COP ($)	Sep. 16, 2021USD ($)	Jan. 08, 2020
DEBT INSTRUMENTS IN ISSUE
Repayment of borrowings					$ 8,447,238	$ 14,919,903	$ 14,365,716
Senior Bonds 5.950%, Due 2021
DEBT INSTRUMENTS IN ISSUE
Interest rate									5.95%
Senior Notes 3%, Due 2025
DEBT INSTRUMENTS IN ISSUE
Notional amount				$ 950,000
Debt instrument term				5 years
Bonds semi-annual coupon rate				3.00%
Banistmo S.A. | Ordinary Bonds 4.250%
DEBT INSTRUMENTS IN ISSUE
Notional amount		$ 400,000
Debt instrument term		7 years
Bonds semi-annual coupon rate		4.25%
Banistmo S.A. | Sustainable ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Notional amount								$ 156,848
Banco Agricola S.A.
DEBT INSTRUMENTS IN ISSUE
Repayment of borrowings			$ 300,371
Bancolombia S.A.
DEBT INSTRUMENTS IN ISSUE
Notional amount						$ 4,125,500
Bancolombia S.A. | Sustainable ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Notional amount	$ 600,000
Ratio of bids received to aggregate value of bonds issued	1.8
Number of series | item	2
Bancolombia S.A. | Sustainable ordinary bonds, 3 year term
DEBT INSTRUMENTS IN ISSUE
Debt instrument term	3 years
Bancolombia S.A. | Sustainable ordinary bonds, 5 year term
DEBT INSTRUMENTS IN ISSUE
Debt instrument term	5 years
Bancolombia S.A. | Sustainable ordinary bonds, 12 year term
DEBT INSTRUMENTS IN ISSUE
Debt instrument term	12 years

DEBT INSTRUMENTS IN ISSUE - Deb

DEBT INSTRUMENTS IN ISSUE - Debt instruments in issue by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEBT INSTRUMENTS IN ISSUE
Amounts expected to be settled	$ 21,093,864	$ 19,126,593
Less than 1 year
DEBT INSTRUMENTS IN ISSUE
Amounts expected to be settled	5,697,371	1,514,548
Greater than 1 year
DEBT INSTRUMENTS IN ISSUE
Amounts expected to be settled	$ 15,396,493	$ 17,612,045

EMPLOYEE BENEFIT PLANS - Liabil

EMPLOYEE BENEFIT PLANS - Liabilities relating to post-employment benefit and long-term benefit plans (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans		$ 872,485	$ 853,058
Fair value Plan assets		34,248	29,113
Total Unfunded Post-employment and long-term benefit plans		838,237	823,945
Defined benefit pension plan
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans		168,816	163,204
Defined benefit severance obligation plan
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans		18,429	22,228
Retirement Pension Premium Plan and Senior Management Pension Plan Premium
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans		219,496	202,580
Other long term benefits
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans		$ 465,744	$ 465,046
Post-employment benefit and long-term benefit plans
EMPLOYEE BENEFIT PLANS
Current service cost and interest cost	$ 135,415
Net actuarial gain or loss due to change in assumptions, demographic experience and foreign currency translation effect	$ 45,340

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined benefit pension plan (Details) - Defined benefit obligation - Defined benefit pension plan - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Colombia
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	$ 127,132	$ 129,028
Interest cost	7,011	7,244
Net actuarial loss / (gain) due to changes in demographic assumptions	(7,459)	23
Actuarial (gain)/loss - experience	(5,121)	2,846
Benefits paid	(11,545)	(12,009)
Defined obligation, unfunded as of December 31	110,018	127,132
Panama
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	5,920	5,371
Interest cost	150	164
Actuarial (gain)/loss - financial assumptions	266	353
Actuarial (gain)/loss - experience	(825)	372
Benefits paid	(383)	(572)
Foreign currency translation effect	897	232
Defined obligation, unfunded as of December 31	6,025	5,920
Guatemala
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	30,152	28,753
Current cost of service	1,664	1,165
Interest cost	2,253	2,597
Actuarial (gain)/loss - financial assumptions	13,840	(2,052)
Benefits paid	(1,347)	(1,251)
Foreign currency translation effect	6,211	940
Defined obligation, unfunded as of December 31	$ 52,773	$ 30,152

EMPLOYEE BENEFIT PLANS - Severa

EMPLOYEE BENEFIT PLANS - Severance obligation (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Current severance regimen	$ 95,331	$ 87,022
Defined benefit obligation | Defined benefit severance obligation plan | Colombia
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	22,228	26,547
Current service cost	531	716
Interest cost	1,149	1,490
Benefits paid	(6,678)	(6,214)
Net actuarial (gain) / loss due to assumption changes and plan experience	1,199	(311)
Defined obligation, unfunded as of December 31	18,429	22,228
Current severance regimen	95,331	87,022
Total	$ 113,760	$ 109,250

EMPLOYEE BENEFIT PLANS - Retire

EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan and Senior Management Pension Plan Premium (Details) - Defined benefit obligation - Retirement Pension Premium Plan and Senior Management Pension Plan Premium - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	$ 202,580	$ 198,260
Current cost of service	18,669	16,626
Interest cost	11,686	11,770
Benefits paid	(19,788)	(23,226)
Past service cost	3,326	381
Others changes	(1,900)
Net actuarial (gain) / loss due to assumption changes and plan experience	(7,214)	(3,745)
Foreign currency translation effect	12,137	2,514
Defined obligation, unfunded as of December 31	$ 219,496	$ 202,580

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other long term benefits (Details) - Defined benefit obligation - Other long term benefits - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	$ 465,046	$ 416,969
Current cost of service	47,339	40,637
Interest cost	27,490	24,021
First time application effect of IAS 19 to new defined benefit obligation of Banco Agromercantil Holding S.A. at Decembre 31, 2020		20,723
Benefits paid	(45,086)	(37,049)
Net actuarial (gain) / loss due to assumption changes and plan experience	(34,463)	(654)
Foreign currency translation effect	5,418	399
Defined obligation, unfunded as of December 31	$ 465,744	$ 465,046

EMPLOYEE BENEFIT PLANS - Plan A

EMPLOYEE BENEFIT PLANS - Plan Assets (Details) - Plan assets - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Bancolombia
EMPLOYEE BENEFIT PLANS
Fair value of assets as of January 1	$ 25,211	$ 31,761
Employee contributions	2,500
Interest income on plan assets	1,538	1,918
Return on plan assets greater/(less) than discount rate	872	629
Benefits paid		(9,097)
Fair value assets at the end of the year	30,121	25,211
Banistmo
EMPLOYEE BENEFIT PLANS
Fair value of assets as of January 1	3,902	4,220
Interest income on plan assets	30	40
Return on plan assets greater/(less) than discount rate		(25)
Benefits paid	(405)	(572)
Foreign currency translation effect	600	239
Fair value assets at the end of the year	$ 4,127	$ 3,902

EMPLOYEE BENEFIT PLANS - Defi_2

EMPLOYEE BENEFIT PLANS - Defined contribution plans (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of employee benefit plans
Defined contribution expense	$ 250,192	$ 246,301
Pension
Disclosure of employee benefit plans
Defined contribution expense	186,117	185,925
Current severance regimen
Disclosure of employee benefit plans
Defined contribution expense	$ 64,075	$ 60,376

EMPLOYEE BENEFIT PLANS - Econom

EMPLOYEE BENEFIT PLANS - Economic assumptions used in the determination of the present value of the defined benefit plans (Details) - Nominal terms	Dec. 31, 2021	Dec. 31, 2020
Colombia
Disclosure of employee benefit plans
Discount rate	8.00%	5.50%
Rate of wage increase	7.20%	5.75%
Projected inflation	4.70%	3.25%
Rate of pension increase	4.70%	3.25%
Bancolombia Panama
Disclosure of employee benefit plans
Discount rate	2.40%	2.40%
Rate of wage increase	2.00%	2.00%
Projected inflation	1.00%	1.00%
Banistmo
Disclosure of employee benefit plans
Discount rate	3.70%	2.40%
Expected long-term rate of return on plan assets	0.70%	(1.70%)
Rate of wage increase	2.00%	1.00%
El Salvador
Disclosure of employee benefit plans
Discount rate	2.50%	2.30%
Rate of wage increase	2.00%	2.00%
Projected inflation	1.00%	1.00%
Guatemala
Disclosure of employee benefit plans
Discount rate	6.10%	8.20%
Rate of wage increase	5.00%	5.00%
Projected inflation	4.00%	4.00%

EMPLOYEE BENEFIT PLANS - Estima

EMPLOYEE BENEFIT PLANS - Estimated payment of future benefits (Details) $ in Millions	Dec. 31, 2021COP ($)
Pension Benefits | Greater than 1 year
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	$ 14,181
Pension Benefits | Between 1 and 2 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	14,213
Pension Benefits | Between 2 and 3 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	14,148
Pension Benefits | Between 3 and 4 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	14,016
Pension Benefits | Between 4 and 5 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	13,895
Pension Benefits | Between 5 and 10 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	64,575
Other Benefits | Greater than 1 year
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	65,543
Other Benefits | Between 1 and 2 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	75,429
Other Benefits | Between 2 and 3 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	71,459
Other Benefits | Between 3 and 4 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	71,908
Other Benefits | Between 4 and 5 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	81,911
Other Benefits | Between 5 and 10 years
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	$ 419,943

EMPLOYEE BENEFIT PLANS - Sensit

EMPLOYEE BENEFIT PLANS - Sensitivity analysis (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)
Defined benefit pension plan | Colombia | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	8.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (3,657)
Defined benefit pension plan | Colombia | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	7.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 3,904
Defined benefit pension plan | Colombia | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	5.20%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 4,261
Defined benefit pension plan | Colombia | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	4.20%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (4,019)
Defined benefit pension plan | Colombia | Mortality Table | Mortality Table RV-08
Disclosure of employee benefit plans
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Increase, Effect on DBO	$ 4,972
Defined benefit pension plan | Panama | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	4.20%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (254)
Defined benefit pension plan | Panama | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	3.20%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 274
Defined benefit pension plan | Panama | Mortality Table | Mortality Table RP-2000
Disclosure of employee benefit plans
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Increase, Effect on DBO	$ 208
Pension plan | Guatemala | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	6.60%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (5,156)
Pension plan | Guatemala | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	5.60%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 5,984
Pension plan | Guatemala | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	5.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 3,813
Pension plan | Guatemala | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	4.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (3,415)
Pension plan | Guatemala | Mortality Table | Mortality Table RP-2000
Disclosure of employee benefit plans
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Increase, Effect on DBO	$ 1,755
Retirement Pension Premium Plan | Colombia | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	9.25%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (5,228)
Retirement Pension Premium Plan | Colombia | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	8.25%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 5,729
Retirement Pension Premium Plan | Colombia | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	7.70%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 5,815
Retirement Pension Premium Plan | Colombia | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	6.70%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (5,349)
Retirement Pension Premium Plan | Guatemala | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	5.90%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (1,666)
Retirement Pension Premium Plan | Guatemala | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	4.90%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 1,764
Retirement Pension Premium Plan | Guatemala | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	5.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 1,763
Retirement Pension Premium Plan | Guatemala | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	4.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (1,680)
Retirement Pension Premium Plan | El Salvador | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	3.10%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (1,195)
Retirement Pension Premium Plan | El Salvador | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	2.10%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 1,301
Retirement Pension Premium Plan | El Salvador | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	2.50%
Percentage of decrease	0.50%
Increase, Effect on DBO	$ 331
Retirement Pension Premium Plan | El Salvador | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	1.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (373)
Severance obligation | Colombia | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	7.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (341)
Severance obligation | Colombia | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	6.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 353
Severance obligation | Colombia | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	7.70%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 852
Severance obligation | Colombia | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	6.70%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (832)
Senior Management Pension Plan Premium | Colombia | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	8.25%
Increase, Effect on DBO	$ (882)
Senior Management Pension Plan Premium | Colombia | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	7.25%
Decrease, Effect on DBO	$ 921
Senior Management Pension Plan Premium | Colombia | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	7.70%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 1,105
Senior Management Pension Plan Premium | Colombia | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	6.70%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 1,068
Other long term benefits | Colombia | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	8.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (14,472)
Other long term benefits | Colombia | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	7.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 15,214
Other long term benefits | Colombia | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	7.70%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 15,237
Other long term benefits | Colombia | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	6.70%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (14,628)
Other long term benefits | Guatemala | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	6.10%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (1,119)
Other long term benefits | Guatemala | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	5.10%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 1,207
Other long term benefits | Guatemala | Salary | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	5.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 1,208
Other long term benefits | Guatemala | Salary | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Salary, Value	4.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (1,130)
Other long term benefits | El Salvador | Discount rate | 0.50% increase in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	3.00%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (236)
Other long term benefits | El Salvador | Discount rate | 0.50% decrease in actuarial assumption
Disclosure of employee benefit plans
Discount rate, Value	2.00%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 253

EMPLOYEE BENEFIT PLANS - Short-

EMPLOYEE BENEFIT PLANS - Short-term employment benefit plans (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Current severance obligation	$ 95,331	$ 87,022
Bonuses and short-term benefits	526,273	11,816
Other employment benefit plans	$ 621,604	$ 98,838

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional disclosures (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)Y	Dec. 31, 2020COP ($)
Disclosure of employee benefit plans
Bonuses and short-term benefits | $	$ 526,273	$ 11,816
Minimum
Disclosure of employee benefit plans
Actuarial assumption of mortality rates (in years)	32
Maximum
Disclosure of employee benefit plans
Actuarial assumption of mortality rates (in years)	75
Colombia | Defined benefit pension plan
Disclosure of employee benefit plans
Number of participants	555	603
Colombia | Defined benefit severance obligation plan
Disclosure of employee benefit plans
Number of participants	204	287
Panama | Banistmo S.A. | Executives
Disclosure of employee benefit plans
Number of participants	1
Panama | Defined benefit pension plan
Disclosure of employee benefit plans
Number of participants	47	50
Number of months prior to retirement used to determine benefit payments	120
Required service period	10 years
Guatemala | Defined benefit pension plan
Disclosure of employee benefit plans
Number of participants	3,263	3,017
Guatemala | Retirement Pension Plan, Tier One
Disclosure of employee benefit plans
Percentage of monthly nominal wage in retirement pension plan	50.00%
Retirement Age	70 years
Required service period	30 years
Guatemala | Retirement Pension Plan, Tier Two
Disclosure of employee benefit plans
Percentage of monthly nominal wage in retirement pension plan	50.00%
Retirement Age	65 years
Required service period	40 years
Guatemala | Retirement Pension Plan, Tier Three
Disclosure of employee benefit plans
Percentage of monthly nominal wage in retirement pension plan	70.00%
Retirement Age	70 years
Required service period	40 years
Guatemala | Retirement Pension Plan, Tier Four
Disclosure of employee benefit plans
Percentage of monthly nominal wage in retirement pension plan	70.00%
Retirement Age	65 years
Required service period	45 years
El Salvador
Disclosure of employee benefit plans
Number of participants	2,738	2,819
El Salvador | Banagricola S.A. | Executives
Disclosure of employee benefit plans
Number of participants	1
Deferred Benefits | Panama | Defined benefit pension plan
Disclosure of employee benefit plans
Number of participants	17	20
Receiving Benefits | Panama | Defined benefit pension plan
Disclosure of employee benefit plans
Number of participants	30	30

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER LIABILITIES
Payables	$ 2,491,055	$ 1,967,492
Suppliers	1,435,569	1,119,734
Advances	799,819	779,681
Collection services	716,031	316,749
Bonuses and short-term benefits	526,273	11,816
Deposits delivered as security	376,447	570,097
Salaries and other labor obligations	352,198	311,627
Security contributions	340,322	318,179
Provisions	288,017	346,597
Advances in leasing operations and loans	169,153	123,932
Dividends	78,304	299,495
Deferred interests	77,115	24,929
Liabilities from contracts with customers	55,025	64,071	$ 60,791
Other	57,396	110,313
Total	$ 7,762,724	$ 6,364,712

PROVISIONS AND CONTINGENT LIA_3

PROVISIONS AND CONTINGENT LIABILITIES - Detail of provisions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	$ 346,597	$ 190,690
Additions recognized in the year	31,548	241,440
Provisions used during the period	(6,087)	(7,732)
Provisions reversed during the period	(97,674)	(79,151)
Foreign currency translation adjustment	12,282	1,038
Effect of discounted cash flows	1,351	312
Ending balance	288,017	346,597
Judicial proceedings
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	35,640	35,752
Additions recognized in the year	8,766	9,063
Provisions used during the period	(5,587)	(4,673)
Provisions reversed during the period	(4,513)	(5,196)
Foreign currency translation adjustment	158	382
Effect of discounted cash flows	1,351	312
Ending balance	35,815	35,640
Administrative proceedings
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	2,399	6,607
Additions recognized in the year	13,625	1,259
Provisions used during the period	(500)	(3,059)
Provisions reversed during the period	(184)	(2,408)
Ending balance	15,340	2,399
Financial guarantees
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	23,035	16,945
Additions recognized in the year	8,219	6,190
Provisions reversed during the period	(243)	(50)
Foreign currency translation adjustment	100	(50)
Ending balance	31,111	23,035
Loan Commitments
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	285,198	131,386
Additions recognized in the year		224,603
Provisions reversed during the period	(92,567)	(71,497)
Foreign currency translation adjustment	12,024	706
Ending balance	204,655	285,198
Onerous contracts
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	325
Additions recognized in the year	938	325
Provisions reversed during the period	(167)
Ending balance	$ 1,096	$ 325

PROVISIONS AND CONTINGENT LIA_4

PROVISIONS AND CONTINGENT LIABILITIES - Changes in provisions of financial guarantees and loan commitments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	$ (29,553,003)
Ending Balance	(29,289,301)	$ (29,553,003)
Stage Three
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	(1,395,831)
Ending Balance	(1,063,936)	(1,395,831)
Stage Three | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	588,847
Ending Balance	632,531	588,847
Financial guarantees and loan commitments | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	308,233	148,331
Transfers	(31,236)	86,106
Transfer to stage 1	(125,789)	30,873
Transfer to stage 2	47,329	80,620
Transfer to stage 3	47,224	(25,387)
Provisions recognised during the period	334,596	144,687
Provisions reversed during the period	(387,951)	(71,547)
Translation adjustment	12,124	656
Ending Balance	235,766	308,233
Financial guarantees and loan commitments | Stage One | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	192,597	119,865
Transfers	(77,194)	30,893
Transfer to stage 1	(45,706)	75,694
Transfer to stage 2	(23,860)	(34,778)
Transfer to stage 3	(7,628)	(10,023)
Provisions recognised during the period	241,953	95,212
Provisions reversed during the period	(229,798)	(54,823)
Translation adjustment	7,615	1,450
Ending Balance	135,173	192,597
Financial guarantees and loan commitments | Stage Two | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	75,135	28,433
Transfers	3,221	54,918
Transfer to stage 1	(65,020)	(44,821)
Transfer to stage 2	87,990	115,398
Transfer to stage 3	(19,749)	(15,659)
Provisions recognised during the period	32,694	9,283
Provisions reversed during the period	(55,735)	(16,724)
Translation adjustment	4,462	(775)
Ending Balance	59,777	75,135
Financial guarantees and loan commitments | Stage Three | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	40,501	33
Transfers	42,737	295
Transfer to stage 1	(15,063)
Transfer to stage 2	(16,801)
Transfer to stage 3	74,601	295
Provisions recognised during the period	59,949	40,192
Provisions reversed during the period		(102,418)
Translation adjustment	47	(19)
Ending Balance	$ 40,816	$ 40,501

PROVISIONS AND CONTINGENT LIA_5

PROVISIONS AND CONTINGENT LIABILITIES - Commitment issued by the Bank to guarantee the performance of a customer (Details) $ in Millions	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)item
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	$ 9,036,464	$ 7,673,516
Not later than one month
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	620,120	388,859
Between 1 and 3 months
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	1,051,714	616,879
Between 3 months and 1 year
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	5,616,089	2,911,975
Between 3 months and 1 year | Energy services and the private sector
PROVISIONS AND CONTINGENT LIABILITIES
Contracts with changed durations	2,505,284
Amount of new guarantees	880,388
1 to 3 years
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	1,513,774	$ 3,568,858
1 to 3 years | Financial services sector
PROVISIONS AND CONTINGENT LIABILITIES
Contracts with changed durations	3,056,310
Amount of new guarantees	812,403
1 to 3 years | Telecommunications and financial sectors
PROVISIONS AND CONTINGENT LIABILITIES
Number of new guarantees | item		4
Amount of new guarantees		$ 2,909,063
3 to 5 years
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	84,273	42,788
Greater than 5 years
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantee contracts	$ 150,494	$ 144,157

PROVISIONS AND CONTINGENT LIA_6

PROVISIONS AND CONTINGENT LIABILITIES - Maximum exposure to credit risk and provision (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 9,036,464	$ 7,673,516
Provision	$ 31,111	$ 23,035
Minimum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)		72.75%
Maximum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	100.00%
Normal risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 8,670,084	$ 6,718,937
Provision	$ 17	$ 30
Normal risk | Minimum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	0.00%	0.00%
Normal risk | Maximum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	3.11%	3.11%
Acceptable risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 220,278	$ 653,711
Provision	$ 19	$ 219
Acceptable risk | Minimum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	3.11%	3.11%
Acceptable risk | Maximum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	11.15%	11.15%
Appreciable risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 434	$ 275,736
Provision		$ 364
Appreciable risk | Minimum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	11.15%	11.15%
Appreciable risk | Maximum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	72.75%	72.75%
Significant risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 140,520
Provision	$ 30,748
Significant risk | Minimum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	72.75%
Significant risk | Maximum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	89.89%	89.89%
Bad risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 5,148	$ 25,132
Provision	$ 327	$ 22,422
Bad risk | Minimum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)	89.89%	89.89%
Bad risk | Maximum
PROVISIONS AND CONTINGENT LIABILITIES
Probability of default (percentage)		100.00%
Stage One
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	$ 8,828,685	$ 7,519,107
Provision	33	505
Stage One | Normal risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	8,638,607	6,693,881
Provision	15	30
Stage One | Acceptable risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	189,644	637,593
Provision	18	211
Stage One | Appreciable risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	434	187,633
Provision		264
Stage Two
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	66,317	129,277
Provision	14	108
Stage Two | Normal risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	31,477	25,056
Provision	2
Stage Two | Acceptable risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	30,634	16,118
Provision	1	8
Stage Two | Appreciable risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition		88,103
Provision		100
Stage Two | Bad risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	4,206
Provision	11
Stage Three
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	141,462	25,132
Provision	31,064	22,422
Stage Three | Significant risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	140,520
Provision	30,748
Stage Three | Bad risk
PROVISIONS AND CONTINGENT LIABILITIES
Exposition	942	25,132
Provision	$ 316	$ 22,422

PROVISIONS AND CONTINGENT LIA_7

PROVISIONS AND CONTINGENT LIABILITIES - Contingent liabilities (Details) $ in Millions	Jun. 03, 2008USD ($)	Oct. 31, 2018USD ($)	Oct. 31, 2013USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2021COP ($)
PROVISIONS AND CONTINGENT LIABILITIES
Threshold amount of contingencies significant to financial statements				$ 5,000
Banistmo S.A. | Legal proceedings contingent liability | Ordinary claim filed by Menelao Mora and Said Diaz
PROVISIONS AND CONTINGENT LIABILITIES
Damages sought				20,000
Fines awarded				2,300
Banistmo S.A. | Legal proceedings contingent liability | Ordinary Claim filed by Deniss Rafael Perez Perozo, Carlos Perez Leal et al
PROVISIONS AND CONTINGENT LIABILITIES
Damages sought			$ 5,252,435
Partial payment received, flagged as irregular activity				299
Amount of funds withheld	$ 287
Banistmo S.A. | Legal proceedings contingent liability | Constructora Tymsa
PROVISIONS AND CONTINGENT LIABILITIES
Damages sought				10,000
Banco Agricola S.A. | Legal proceedings contingent liability | Authority on Taxes
PROVISIONS AND CONTINGENT LIABILITIES
Tax liability amount under examination		$ 11,116
Aggregate amount awarded				6,341
Arrendadora Financiera S.A. Arfinsa | Legal proceedings contingent liability | Corporacion De Alimentos Sa De Cv
PROVISIONS AND CONTINGENT LIABILITIES
Damages sought				6,454
Banco Agromercantil | Legal proceedings contingent liability | Superintendence of Tax Administration
PROVISIONS AND CONTINGENT LIABILITIES
Tax liability amount under examination						$ 13,617
Tax amount						6,808
Tax fine amount						$ 6,808
Legal proceedings provision							$ 0
Banco Agromercantil | Legal proceedings contingent liability | Delicarnes Sociedad Annima
PROVISIONS AND CONTINGENT LIABILITIES
Legal proceedings provision							$ 0
Bancolombia S.A. | Legal proceedings contingent liability | Fiscal Responsibility Lawsuit
PROVISIONS AND CONTINGENT LIABILITIES
Damages sought					$ 5,846
Legal proceedings provision				$ 1,145

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - COP ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SHARE CAPITAL
Authorized shares	1,400,000,000	1,400,000,000
Subscribed and paid-in shares
Total shares	961,827,000	961,827,000
Subscribed and paid capital (nominal value)	$ 480,914	$ 480,914
Dividends declared
Minimum mandatory percentage of annual net income	50.00%
Mandatory percentage of annual net income if total reserves exceeds outstanding capital	70.00%
Minimum percentage of shareholder approval required to defer distribution of annual net income	78.00%
Quorum of subscribed preferred shareholders attendance which is required for valid vote	80.00%
Cash dividends per share	$ 3,120	$ 260	$ 1,638	$ 1,092	$ 1,020
Legal reserves
Dividends declared
Minimum percentage of annual net income required to be appropriated to reserves	10.00%
Maximum reserve balance, as a percentage of total paid-in capital	50.00%
Common shares
Subscribed and paid-in shares
Total shares	509,704,584	509,704,584
Nominal value per share	$ 500	$ 500
Dividends declared
Minimum percentage of subscribed shareholder approval required to pay a deferred distribution in equity securities	80.00%
Preference shares
Subscribed and paid-in shares
Total shares	452,122,416	452,122,416
Nominal value per share	$ 500	$ 500
Dividends declared
Minimum percentage of subscribed shareholder approval required to pay a deferred distribution in equity securities	80.00%
Non-cumulative minimum preferred dividend, as a percentage of annual subscription price	1.00%
Quorum of subscribed preferred shareholders attendance which is required for valid vote	80.00%

APPROPRIATED RESERVES (Details)

APPROPRIATED RESERVES (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
APPROPRIATED RESERVES
Total Appropriated reserves	$ 14,661,007	$ 13,830,604
Appropriation of net income
APPROPRIATED RESERVES
Total Appropriated reserves	13,628,995	13,406,195
Dividends reclassification	4,441
Others
APPROPRIATED RESERVES
Total Appropriated reserves	$ 1,032,012	$ 424,409

UNCONSOLIDATED STRUCTURED ENT_3

UNCONSOLIDATED STRUCTURED ENTITIES (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets of the entities	$ 168,790,594	$ 164,427,089
Total assets in relation to the Bank's interests in the unconsolidated structured entities	6,004,085	4,508,101
The Bank's maximum exposure	6,004,085	4,508,101
Fees income	478,701	473,561
Fair value through profit or loss | Investments
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	110,026	154,397
Fair value through other comprehensive income | Investments
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	42,864	142,400
Loans and Advances
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	5,851,195	4,211,304
Securitisation
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets of the entities	1,661,019	2,405,326
Total assets in relation to the Bank's interests in the unconsolidated structured entities	152,890	296,797
The Bank's maximum exposure	152,890	296,797
Fees income	6,936	8,756
Securitisation | Fair value through profit or loss | Investments
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	110,026	154,397
Securitisation | Fair value through other comprehensive income | Investments
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	42,864	142,400
The Bank's managed funds
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets of the entities	167,129,575	162,021,763
Total assets in relation to the Bank's interests in the unconsolidated structured entities	5,851,195	4,211,304
The Bank's maximum exposure	5,851,195	4,211,304
Fees income	471,765	464,805
The Bank's managed funds | Loans and Advances
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	$ 5,851,195	$ 4,211,304

OPERATING INCOME - Interest and

OPERATING INCOME - Interest and valuation on financial instruments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING INCOME
Interest on debt instruments using the effective interest method	$ 311,488	$ 308,453	$ 160,200
Interest and valuation on financial instruments	470,554	214,858	524,440
Interest and valuation on financial assets instruments	782,042	523,311	684,640
Debt instruments
OPERATING INCOME
Interest and valuation on financial instruments	466,124	533,506	881,985
Derivatives
OPERATING INCOME
Interest and valuation on financial instruments	33,637	(337,796)	(182,769)
Spot transactions
OPERATING INCOME
Interest and valuation on financial instruments	27,348	20,173	483
Repos
OPERATING INCOME
Interest and valuation on financial instruments	$ (56,555)	$ (1,025)	$ (175,259)

OPERATING INCOME - Interest exp

OPERATING INCOME - Interest expenses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING INCOME
Deposits	$ 2,814,505	$ 4,084,192	$ 4,164,798
Debt securities in issue	1,053,441	1,053,989	1,164,808
Borrowing costs	293,949	527,825	627,058
Lease liabilities	111,556	118,600	121,946
Preferred shares	57,701	57,701	57,908
Borrowings from other financial institutions	3,870	5,838	21,663
Other interest	16,534	14,863	21,613
Interest expenses	4,351,556	5,863,008	6,179,794
Net interest income	11,304,222	$ 10,578,422	10,608,726
Decrease in financial liabilities	$ 2,700
Discontinued operations
OPERATING INCOME
Borrowing costs			$ 1,224

OPERATING INCOME - Fees and com

OPERATING INCOME - Fees and commissions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Contract liabilities
Increase in contract liabilities		$ 9,046
Accounts receivable from contracts with customers, net	$ 182,672	177,991	$ 203,198
Contract liabilities	55,025	64,071	60,791
Allowances for receivables from customers	16,537	36,061	9,769
Fees and Commissions Expenses
Baking services	798,729	587,531	585,593
Sales, collections and other services	619,715	558,038	423,630
Correspondent banking	307,308	213,850	176,326
Payments and collections	26,897	20,034	44,990
Others	108,034	182,132	322,700
Total expenses for commissions	$ 1,860,683	1,561,585	1,553,239
Minimum
OPERATING INCOME
Intermediation margin	0.00%
Maximum
OPERATING INCOME
Intermediation margin	4.00%
Operating Segments
Revenue from contracts with customers
Revenue from contracts with customers	$ 5,293,804	4,598,413	4,578,984
Fees and Commissions Expenses
Total expenses for commissions	1,860,683	1,561,585	1,553,239
Operating Segments | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	682,231	582,845	668,451
Operating Segments | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	2,236,121	1,845,867	1,821,946
Operating Segments | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	26,854	28,364	26,534
Operating Segments | Acceptances Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	72,549	61,774	56,023
Operating Segments | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	463,123	454,250	445,804
Operating Segments | Securities brokerage
Revenue from contracts with customers
Revenue from contracts with customers	94,353	52,036	38,990
Operating Segments | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	686,592	728,642	643,026
Operating Segments | Payment and collections
Revenue from contracts with customers
Revenue from contracts with customers	733,361	595,222	623,758
Operating Segments | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	298,620	249,413	254,452
Operating Segments | Banking | Colombia
Revenue from contracts with customers
Revenue from contracts with customers	3,841,472	3,291,382	3,269,747
Fees and Commissions Expenses
Total expenses for commissions	1,524,691	1,313,286	1,297,186
Operating Segments | Banking | Colombia | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	414,870	329,281	422,943
Operating Segments | Banking | Colombia | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	1,830,128	1,484,085	1,421,039
Operating Segments | Banking | Colombia | Acceptances Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	43,863	38,864	32,829
Operating Segments | Banking | Colombia | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers		844
Operating Segments | Banking | Colombia | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	636,632	685,783	607,758
Operating Segments | Banking | Colombia | Payment and collections
Revenue from contracts with customers
Revenue from contracts with customers	723,297	595,222	623,758
Operating Segments | Banking | Colombia | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	192,682	157,303	161,420
Operating Segments | Banking | Panama
Revenue from contracts with customers
Revenue from contracts with customers	351,603	310,773	350,055
Fees and Commissions Expenses
Total expenses for commissions	151,906	118,016	143,616
Operating Segments | Banking | Panama | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	69,379	77,727	77,976
Operating Segments | Banking | Panama | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	174,226	147,448	200,372
Operating Segments | Banking | Panama | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	12,661	10,047	7,893
Operating Segments | Banking | Panama | Acceptances Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	16,125	13,976	14,369
Operating Segments | Banking | Panama | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	17,420	18,089	13,033
Operating Segments | Banking | Panama | Securities brokerage
Revenue from contracts with customers
Revenue from contracts with customers	1,998	789	391
Operating Segments | Banking | Panama | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	49,730	42,697	35,014
Operating Segments | Banking | Panama | Payment and collections
Revenue from contracts with customers
Revenue from contracts with customers	10,064
Operating Segments | Banking | Panama | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers			1,007
Operating Segments | Banking | El Salvador
Revenue from contracts with customers
Revenue from contracts with customers	359,724	289,792	268,309
Fees and Commissions Expenses
Total expenses for commissions	116,600	74,887	60,673
Operating Segments | Banking | El Salvador | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	118,532	105,821	99,222
Operating Segments | Banking | El Salvador | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	168,273	126,857	117,541
Operating Segments | Banking | El Salvador | Acceptances Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	6,928	5,112	5,541
Operating Segments | Banking | El Salvador | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	6,567	1,868	1,713
Operating Segments | Banking | El Salvador | Securities brokerage
Revenue from contracts with customers
Revenue from contracts with customers	1,353	1,723	1,496
Operating Segments | Banking | El Salvador | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	129	139	160
Operating Segments | Banking | El Salvador | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	57,942	48,272	42,636
Operating Segments | Banking | Guatemala
Revenue from contracts with customers
Revenue from contracts with customers	159,908	176,268	170,854
Fees and Commissions Expenses
Total expenses for commissions	50,144	39,871	38,006
Operating Segments | Banking | Guatemala | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	56,548	49,782	52,627
Operating Segments | Banking | Guatemala | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	61,831	85,643	78,764
Operating Segments | Banking | Guatemala | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		9	24
Operating Segments | Banking | Guatemala | Acceptances Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	3,716	2,713	2,440
Operating Segments | Banking | Guatemala | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	704	788	572
Operating Segments | Banking | Guatemala | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	37,109	37,333	36,427
Operating Segments | Trust
Revenue from contracts with customers
Revenue from contracts with customers	347,878	349,150	349,438
Fees and Commissions Expenses
Total expenses for commissions	3,881	4,095	2,942
Operating Segments | Trust | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	347,838	349,127	349,402
Operating Segments | Trust | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	40	8	36
Operating Segments | Trust | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers		15
Operating Segments | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers	79,531	37,447	30,829
Fees and Commissions Expenses
Total expenses for commissions	49	61	154
Operating Segments | Investment banking | Securities brokerage
Revenue from contracts with customers
Revenue from contracts with customers	79,521	37,354	30,142
Operating Segments | Investment banking | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	10	3	7
Operating Segments | Investment banking | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers		90	680
Operating Segments | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	117,282	112,628	113,364
Fees and Commissions Expenses
Total expenses for commissions	4,135	3,597	3,229
Operating Segments | Brokerage | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	14,193	18,308	18,617
Operating Segments | Brokerage | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	90,548	81,373	80,534
Operating Segments | Brokerage | Securities brokerage
Revenue from contracts with customers
Revenue from contracts with customers	11,481	12,170	6,961
Operating Segments | Brokerage | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	51	12	51
Operating Segments | Brokerage | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	1,009	765	7,201
Operating Segments | International Banking
Revenue from contracts with customers
Revenue from contracts with customers	33,309	28,896	25,800
Fees and Commissions Expenses
Total expenses for commissions	6,556	4,600	3,922
Operating Segments | International Banking | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	22,902	20,234	15,683
Operating Segments | International Banking | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	1,663	1,834	4,230
Operating Segments | International Banking | Acceptances Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	1,917	1,109	844
Operating Segments | International Banking | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers	46	46	41
Operating Segments | International Banking | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	6,781	5,673	5,002
Operating Segments | All other segments
Revenue from contracts with customers
Revenue from contracts with customers	3,097	2,077	588
Fees and Commissions Expenses
Total expenses for commissions	2,721	3,172	3,511
Operating Segments | All other segments | Trust services revenue
Revenue from contracts with customers
Revenue from contracts with customers		2,115	509
Operating Segments | All other segments | Other fees and commissions
Revenue from contracts with customers
Revenue from contracts with customers	$ 3,097	$ (38)	$ 79

OPERATING INCOME - Other operat

OPERATING INCOME - Other operating income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING INCOME
Leases	$ 936,574	$ 711,575	$ 682,525
Net foreign exchange and Derivatives Foreign exchange contracts	296,534	599,396	219,835
Gains on sale of assets	227,445	65,932	93,548
Services	140,451	143,145	170,494
Investment property valuation	67,762	(3,501)	93,197
Other reversals	56,381	70,352	49,079
Insurance	54,833	59,514	60,452
Penalties for failure to contracts	15,680	8,207	28,554
Hedging	(6,133)	(3,746)	663
Others	232,614	193,698	136,900
Total Other operating income	2,022,141	1,844,572	1,535,247
Operating lease income	787,561	577,449
Operating leases
OPERATING INCOME
Leases	787,561	577,449	562,067
Property leases
OPERATING INCOME
Leases	139,021	125,494	85,507
Other assets leases
OPERATING INCOME
Leases	$ 9,992	$ 8,632	$ 34,951

OPERATING INCOME - Dividends an

OPERATING INCOME - Dividends and net income on equity investments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 29, 2020
OPERATING INCOME
Equity method	$ 199,652	$ 136,596	$ 249,231
Dividends	108,079	14,217	84,183
Gains on sale of investments in associates	9,896		77,916
Equity investments	7,253	(27,795)	71,207
Impairment of investments in associates	(1,733)	(4,399)
Others	5,197	4,706	(101,938)
Total dividends received, and share of profits of equity method investees	328,344	123,325	380,599
Dividends received from equity investments at fair value through profit or loss	40,439	650	73,685
Dividends from equity investments at fair value through OCI	12,665	13,567	10,498
Dividends of investments derecognised	251	490	$ 4,100
Grupo Agromercantil Holding (GAH)
OPERATING INCOME
Percentage of voting equity interests acquired				40.00%
Joint ventures
OPERATING INCOME
Equity method	20,619	13,019
Associates
OPERATING INCOME
Equity method	$ 179,033	$ 123,676

OPERATING EXPENSES - Salaries a

OPERATING EXPENSES - Salaries and employee benefit (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING EXPENSES
Salaries	$ 1,648,872	$ 1,568,432	$ 1,449,765
Bonuses	714,353	112,843	560,149
Private premium	384,056	402,154	378,979
Social security contributions	355,166	334,831	319,424
Indemnization payment	137,453	100,228	140,633
Other benefits	542,696	526,242	517,874
Total Salaries and employee benefit	$ 3,782,596	$ 3,044,730	$ 3,366,824

OPERATING EXPENSES - Other admi

OPERATING EXPENSES - Other administrative and general expenses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING EXPENSES
Fees	$ 756,835	$ 539,473	$ 531,669
Maintenance and repairs	592,493	580,752	599,519
Insurance	495,146	518,553	423,785
Data processing	363,105	307,609	234,219
Frauds and claims	201,115	144,689	65,589
Transport	198,828	178,841	212,582
Advertising	153,066	128,011	151,246
Public services	149,029	110,998	116,837
Cleaning and security services	111,717	106,112	100,593
Contributions and affiliations	101,727	95,638	73,689
Communications	71,861	75,847	77,375
Trust	64,575	34,470	59,334
Properties improvements and installation	64,554	46,489	51,187
Useful and stationery	53,476	50,575	83,891
Real estate management	28,962	26,968	25,012
Others	115,431	195,764	262,531
Total other administrative and general expenses	3,521,920	3,140,789	3,069,058
Taxes other than income tax	$ 719,593	$ 765,766	$ 757,820

OPERATING EXPENSES - Impairment

OPERATING EXPENSES - Impairment, depreciation and amortization (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING EXPENSES
Depreciation of premises and equipment	$ 466,179	$ 360,703	$ 358,439
Amortization of intangible assets	198,169	163,754	141,104
Depreciation of right-of-use assets	190,819	211,910	177,709
Impairment of other assets, net	65,391	101,423	147,338
Total impairment, depreciation and amortization	920,558	837,790	824,590
Banking | Colombia
OPERATING EXPENSES
Impairment of other assets, net	38,632	47,420	108,861
Banking | Panama
OPERATING EXPENSES
Impairment of other assets, net	17,962	13,211	17,869
Banking | Guatemala
OPERATING EXPENSES
Impairment of other assets, net	7,554	42,006	29,930
Banking | El Salvador
OPERATING EXPENSES
Impairment of other assets, net	395	(2,735)	(11,048)
All other segments
OPERATING EXPENSES
Impairment of other assets, net	$ 848	1,339	792
International Banking
OPERATING EXPENSES
Impairment of other assets, net		$ 182	933
Brokerage
OPERATING EXPENSES
Impairment of other assets, net			$ 1

EARNING PER SHARE ('EPS') (Deta

EARNING PER SHARE ('EPS') (Details) - COP ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EARNING PER SHARE ('EPS')
Number of dilutive potential common shares	0	0	0
Income from continuing operations before attribution of non-controlling	$ 4,207,787	$ 315,359	$ 3,214,567
Less: Non-controlling interests from continuing operations	120,992	39,365	97,216
Net income from continuing operations	4,086,795	275,994	3,117,351
Less: Preferred dividends declared	59,851	682,876	435,810
Less: Allocation of undistributed earnings to preferred stockholders	1,830,636	(583,718)	998,864
Net income allocated to common shareholders for basic and diluted EPS	$ 2,196,308	$ 176,836	$ 1,682,677
Weighted average number of common shares outstanding used in basic EPS calculation (in millions)	510,000,000	510,000,000	510,000,000
Basic earnings per share to common shareholders	$ 4,309	$ 347	$ 3,301
Diluted earnings per share to common shareholders	4,309	347	3,301
Basic earnings per share from continuing operations	4,309	347	3,301
Diluted earnings per share from continuing operations	$ 4,309	$ 347	$ 3,301

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Financial assets investments	$ 29,289,301	$ 29,553,003
Derivative financial instruments	2,454,005	2,800,719
Allowance for loans, advances and lease losses	(15,864,482)	(16,616,043)	$ (10,929,395)	$ (10,235,831)
Other Assets	5,751,658	4,719,202
Total assets	289,855,048	255,568,505
Liabilities
Deposits by customers	210,390,848	180,820,793
Derivative financial instruments	1,961,109	2,381,326
Other Liabilities	7,762,724	6,364,712
Total liabilities	255,929,590	227,453,292
Income
Interest and other operating income	16,135,745	16,688,650	17,380,684
Dividends and net income on equity investments	108,079	14,217	84,183
Net income	4,207,787	315,359	3,214,567
Expenses
Interests and other operating expenses	4,351,556	5,863,008	6,179,794
Fees	1,860,683	1,561,585	1,553,239
Other expenses	218,586	206,070	235,525
Stockholders with an interest equal or higher than 20% of the Bank's capital
Assets
Financial assets investments	2,755	742	14,369
Loans and advances to customers.	937,190	1,080,819	1,115,151
Allowance for loans, advances and lease losses	(3,028)	(3,035)	(2,007)
Other Assets	7,644	11,549	54,563
Total assets	944,561	1,090,075	1,182,076
Liabilities
Deposits by customers	2,101,846	2,136,549	1,761,362
Derivative financial instruments		513
Other Liabilities	1,120	6,859	1,379
Total liabilities	2,102,966	2,143,921	1,762,741
Income
Interest and other operating income	766,772	816,502	738,594
Valuation on financial instruments	(1,840)	2,383
Dividends and net income on equity investments	58	78	33
Net income	764,990	818,963	738,627
Expenses
Interests and other operating expenses	20,315	62,134	66,286
Fees	1,243	2,601	540
Other expenses	72,435	148,850	131,938
Total expenses	93,993	213,585	198,764
Directors and senior management
Assets
Derivative financial instruments	25	108	235
Loans and advances to customers.	17,821	17,270	20,910
Allowance for loans, advances and lease losses	(84)	(71)	(75)
Other Assets	913	2,122	773
Total assets	18,675	19,429	21,843
Liabilities
Deposits by customers	8,162	8,092	4,345
Other Liabilities	387
Total liabilities	8,549	8,092	4,345
Income
Interest and other operating income	857	975	231
Valuation on financial instruments	1,112	160	(63)
Net income	1,969	1,135	168
Expenses
Interests and other operating expenses	224	243	160
Fees	1,700	1,675	1,236
Other expenses	4	55	52
Total expenses	1,928	1,973	1,448
Associates and joint ventures
Assets
Financial assets investments	9,635	9,786	34,378
Derivative financial instruments		2,327	6,581
Loans and advances to customers.	234,956	231,371	130,170
Allowance for loans, advances and lease losses	(5,360)	(153)	(160)
Investments in associates and joint ventures	2,720,559	2,506,315	2,367,757
Other Assets	172,636	59,158	53,830
Total assets	3,132,426	2,808,804	2,592,556
Liabilities
Deposits by customers	195,647	178,382	156,516
Derivative financial instruments	7,782
Other Liabilities	36,596	26,779	33,705
Total liabilities	240,025	205,161	190,221
Income
Interest and other operating income	27,440	25,589	10,830
Valuation on financial instruments	(8,405)	7,557	1,349
Dividends and net income on equity investments	289,423	136,596	316,270
Other Income	52,582	47,916	99,424
Net income	361,040	217,658	427,873
Expenses
Interests and other operating expenses	137,786	82,500	47,840
Fees	977	703	1,197
Other expenses	30,784	22,830	24,359
Total expenses	$ 169,547	$ 106,033	$ 73,396

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Directors
RELATED PARTY TRANSACTIONS
Key management personnel compensation	$ 1,655	$ 1,675	$ 1,236
Senior Management
RELATED PARTY TRANSACTIONS
Key management personnel compensation, short-term employee benefits	10,487	14,786	16,488
Key management personnel compensation, long-term employee benefits	604	50	439
Key management personnel compensation, post-employment benefits	$ 3,207	$ 9,592	$ 2,112

LIABILITIES FROM FINANCING AC_3

LIABILITIES FROM FINANCING ACTIVITIES (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 29, 2020
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	$ 33,129,086	$ 35,778,799
Cash flows	(7,498,935)	(5,900,658)
Foreign currency translation adjustment	3,968,295	1,596,875
Interests accrued	1,405,091	1,639,515
Other movements	(10,586)	14,555
Balance, end of year	30,992,951	33,129,086	$ 35,778,799
Interest paid	4,410,742	6,149,086	5,996,017
Grupo Agromercantil Holding (GAH)
LIABILITIES FROM FINANCING ACTIVITIES
Percentage of interest acquired				40.00%
Repurchase agreements and other similar secured borrowing
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	2,216,163	1,313,737
Cash flows	(1,457,203)	903,120
Foreign currency translation adjustment	4,365	(694)
Balance, end of year	763,325	2,216,163	1,313,737
Borrowings from other financial institutions
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	11,202,126	13,959,343
Cash flows	(4,558,397)	(4,137,376)
Foreign currency translation adjustment	1,624,466	837,779
Interests accrued	293,949	527,825
Other movements	(10,586)	14,555
Balance, end of year	8,551,558	11,202,126	13,959,343
Interest paid	293,817	553,125
Borrowings from other financial institutions | Grupo Agromercantil Holding (GAH)
LIABILITIES FROM FINANCING ACTIVITIES
Proceeds from borrowings related to acquisition of equity interest		1,117,680
Debt securities in issue
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	19,126,593	19,921,515
Cash flows	(1,425,634)	(2,608,701)
Foreign currency translation adjustment	2,339,464	759,790
Interests accrued	1,053,441	1,053,989
Balance, end of year	21,093,864	19,126,593	19,921,515
Interest paid	941,459	992,952
Preferred shares
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	584,204	584,204
Cash flows	(57,701)	(57,701)
Interests accrued	57,701	57,701
Balance, end of year	584,204	584,204	$ 584,204
Fixed minimum dividends paid	$ 57,701	$ 57,701

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES - Carrying amount and fair value of assets and liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Derivative financial instruments	$ 2,454,005	$ 2,800,719
Investment property	3,132,220	2,839,350	$ 1,992,964
TOTAL ASSETS	289,855,048	255,568,505
Liabilities
Deposits by customers	(210,390,848)	(180,820,793)
Interbank deposits	(886,405)	(762,574)
Repurchase agreements and other similar secured borrowing	(763,325)	(2,216,163)
Derivative financial instruments	(1,961,109)	(2,381,326)
Borrowings from other financial institutions	(8,551,558)	(11,202,126)
Preferred shares	(584,204)	(584,204)
Debt securities in issue	(21,093,864)	(19,126,593)
TOTAL LIABILITIES	(255,929,590)	(227,453,292)
Carrying amount
Assets
Derivative financial instruments	2,454,005	2,800,719
Equity securities at fair value	480,153	588,207
Loans and advances to customers, net	204,459,001	174,793,687
Investment property	3,132,220	2,839,350
Investments in associates	1,358,368	1,263,765
TOTAL ASSETS	240,692,895	211,250,524
Liabilities
Deposits by customers	(210,390,848)	(180,820,793)
Interbank deposits	(886,405)	(762,574)
Repurchase agreements and other similar secured borrowing	(763,325)	(2,216,163)
Derivative financial instruments	(1,961,109)	(2,381,326)
Borrowings from other financial institutions	(8,551,558)	(11,202,126)
Preferred shares	(584,204)	(584,204)
Debt securities in issue	(21,093,864)	(19,126,593)
TOTAL LIABILITIES	(244,231,313)	(217,093,779)
Carrying amount | Fair value through profit or loss
Assets
Debt instruments	15,036,467	15,571,214
Carrying amount | Fair value through other comprehensive income
Assets
Debt instruments	7,245,451	8,238,981
Carrying amount | Amortized cost
Assets
Debt instruments	6,527,230	5,154,601
Fair Value
Assets
Derivative financial instruments	2,454,005	2,800,719
Equity securities at fair value	480,153	588,207
Loans and advances to customers, net	213,262,329	183,162,834
Investment property	3,132,220	2,839,350
Investments in associates	1,358,368	1,263,765
TOTAL ASSETS	249,471,264	219,665,758
Liabilities
Deposits by customers	(211,619,686)	(182,022,114)
Interbank deposits	(886,405)	(762,574)
Repurchase agreements and other similar secured borrowing	(763,325)	(2,216,163)
Derivative financial instruments	(1,961,109)	(2,381,326)
Borrowings from other financial institutions	(8,551,558)	(11,202,126)
Preferred shares	(604,025)	(602,987)
Debt securities in issue	(21,696,836)	(20,530,091)
TOTAL LIABILITIES	(246,082,944)	(219,717,381)
Fair Value | Fair value through profit or loss
Assets
Debt instruments	15,036,467	15,571,214
Fair Value | Fair value through other comprehensive income
Assets
Debt instruments	7,245,451	8,238,981
Fair Value | Amortized cost
Assets
Debt instruments	$ 6,502,271	$ 5,200,688

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Assets measured at fair value on a recurring basis (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	$ 113,058	$ 133,077
Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value		122,285
Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	747,583	622,181
Recurring basis
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	29,706,664	31,302,236
Recurring basis | Investment properties
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	3,132,220	2,839,350
Recurring basis | Investment properties | Land
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	182,500	256,195
Recurring basis | Investment properties | Buildings
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,949,720	2,583,155
Recurring basis | Investments in associates at fair value
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,358,368	1,263,765
Recurring basis | Investments in associates at fair value | P.A. Viva Malls
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,355,688	1,263,765
Recurring basis | Investments in associates at fair value | P.A Distrito Vera
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,680
Recurring basis | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	22,281,918	23,810,195
Recurring basis | Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	480,153	588,207
Recurring basis | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,454,005	2,800,719
Recurring basis | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	736,163	976,813
Recurring basis | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	729,367	975,125
Recurring basis | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	6,796	1,688
Recurring basis | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,669,513	1,787,095
Recurring basis | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,422,355	947,053
Recurring basis | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	247,158	840,042
Recurring basis | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	48,329	36,811
Recurring basis | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	48,329	36,811
Recurring basis | Fair value through profit or loss | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	15,036,467	15,571,214
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	8,978,484	10,439,978
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	67,395	72,401
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	689,160	721,735
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	5,180,775	4,234,799
Recurring basis | Fair value through profit or loss | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	120,653	102,301
Recurring basis | Fair value through other comprehensive income | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	7,245,451	8,238,981
Recurring basis | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,515,927	2,552,041
Recurring basis | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	310,658	772,735
Recurring basis | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	4,293,949	4,815,053
Recurring basis | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	124,917	99,152
Recurring basis | Level 1
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	14,760,537	15,527,408
Recurring basis | Level 1 | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	14,635,267	15,406,252
Recurring basis | Level 1 | Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	35,833	90,988
Recurring basis | Level 1 | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	89,437	30,168
Recurring basis | Level 1 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	89,069	30,146
Recurring basis | Level 1 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	89,069	30,146
Recurring basis | Level 1 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	368	22
Recurring basis | Level 1 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	368	22
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	11,686,719	12,552,299
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	8,377,741	9,177,665
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	197,315	138,101
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	3,083,180	3,211,372
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	28,483	25,161
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,948,548	2,853,953
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	188,638	230,095
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,672,889	2,561,302
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	87,021	62,556
Recurring basis | Level 2
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	9,023,136	10,376,901
Recurring basis | Level 2 | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	7,533,593	8,270,866
Recurring basis | Level 2 | Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	109,314	51,863
Recurring basis | Level 2 | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,380,229	2,054,172
Recurring basis | Level 2 | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	257,782	583,970
Recurring basis | Level 2 | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	251,299	582,282
Recurring basis | Level 2 | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	6,483	1,688
Recurring basis | Level 2 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,118,869	1,467,925
Recurring basis | Level 2 | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,007,173	794,202
Recurring basis | Level 2 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	111,696	673,723
Recurring basis | Level 2 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	3,578	2,277
Recurring basis | Level 2 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	3,578	2,277
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	3,236,690	2,885,838
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	600,743	1,262,313
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	67,395	72,401
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	378,787	461,349
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,097,595	1,023,427
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	92,170	66,348
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	4,296,903	5,385,028
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,515,927	2,552,041
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	122,020	542,640
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,621,060	2,253,751
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	37,896	36,596
Recurring basis | Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	5,922,991	5,397,927
Recurring basis | Level 3 | Investment properties
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	3,132,220	2,839,350
Recurring basis | Level 3 | Investment properties | Land
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	182,500	256,195
Recurring basis | Level 3 | Investment properties | Buildings
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,949,720	2,583,155
Recurring basis | Level 3 | Investments in associates at fair value
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,358,368	1,263,765
Recurring basis | Level 3 | Investments in associates at fair value | P.A. Viva Malls
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	1,355,688	1,263,765
Recurring basis | Level 3 | Investments in associates at fair value | P.A Distrito Vera
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	2,680
Recurring basis | Level 3 | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	113,058	133,077
Recurring basis | Level 3 | Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	335,006	445,356
Recurring basis | Level 3 | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	984,339	716,379
Recurring basis | Level 3 | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	478,381	392,843
Recurring basis | Level 3 | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	478,068	392,843
Recurring basis | Level 3 | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	313
Recurring basis | Level 3 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	461,575	289,024
Recurring basis | Level 3 | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	415,182	152,851
Recurring basis | Level 3 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	46,393	136,173
Recurring basis | Level 3 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	44,383	34,512
Recurring basis | Level 3 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	44,383	34,512
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	113,058	133,077
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value	$ 113,058	122,285
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets at fair value		$ 10,792

FAIR VALUE OF ASSETS AND LIAB_5

FAIR VALUE OF ASSETS AND LIABILITIES - Liabilities measured at fair value on a recurring basis (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	$ (60,721,677)	$ (62,284,840)
Recurring basis
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(1,961,109)	(2,381,326)
Recurring basis | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(1,961,109)	(2,381,326)
Recurring basis | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(630,605)	(895,947)
Recurring basis | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(605,537)	(880,614)
Recurring basis | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(25,068)	(15,333)
Recurring basis | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(1,269,295)	(1,418,778)
Recurring basis | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(960,838)	(615,625)
Recurring basis | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(308,457)	(803,153)
Recurring basis | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(61,209)	(66,601)
Recurring basis | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(61,209)	(66,601)
Recurring basis | Level 1
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(76,925)	(26,957)
Recurring basis | Level 1 | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(76,925)	(26,957)
Recurring basis | Level 1 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(76,925)	(26,940)
Recurring basis | Level 1 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(76,925)	(26,940)
Recurring basis | Level 1 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value		(17)
Recurring basis | Level 1 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value		(17)
Recurring basis | Level 2
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(1,647,428)	(2,260,171)
Recurring basis | Level 2 | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(1,647,428)	(2,260,171)
Recurring basis | Level 2 | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(560,603)	(838,693)
Recurring basis | Level 2 | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(535,535)	(823,360)
Recurring basis | Level 2 | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(25,068)	(15,333)
Recurring basis | Level 2 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(1,025,616)	(1,354,894)
Recurring basis | Level 2 | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(798,396)	(581,120)
Recurring basis | Level 2 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(227,220)	(773,774)
Recurring basis | Level 2 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(61,209)	(66,584)
Recurring basis | Level 2 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(61,209)	(66,584)
Recurring basis | Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(236,756)	(94,198)
Recurring basis | Level 3 | Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(236,756)	(94,198)
Recurring basis | Level 3 | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(70,002)	(57,254)
Recurring basis | Level 3 | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(70,002)	(57,254)
Recurring basis | Level 3 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(166,754)	(36,944)
Recurring basis | Level 3 | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	(162,442)	(34,505)
Recurring basis | Level 3 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Financial liabilities, at fair value	$ (4,312)	$ (2,439)

FAIR VALUE OF ASSETS AND LIAB_6

FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of assets and liabilities that are not measured at fair value (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	$ 289,855,048	$ 255,568,505
Liabilities	(255,929,590)	(227,453,292)
Not measured at fair value in statement of financial position but for which fair value is disclosed
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	219,764,600	188,363,522
Liabilities	(244,121,835)	(217,336,055)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Deposits by customers
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(211,619,686)	(182,022,114)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Interbank deposits
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(886,405)	(762,574)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Repurchase agreements and other similar secured borrowing
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(763,325)	(2,216,163)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Borrowings from other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(8,551,558)	(11,202,126)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(21,696,836)	(20,530,091)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Preferred shares
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(604,025)	(602,987)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	6,502,271	5,200,688
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	147,502	131,530
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	2,698,095	2,423,639
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	592,244	270,745
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	501,022	390,290
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	2,563,408	1,984,484
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans and advances to customers, net
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	213,262,329	183,162,834
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	1,799,143	1,254,215
Liabilities	(11,673,618)	(10,507,774)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(11,673,618)	(10,507,774)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	1,799,143	1,254,215
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	147,502	131,530
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	294,421	238,317
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	318,035	239,623
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	1,039,185	644,745
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	543,336	163,932
Liabilities	(32,075,227)	(37,716,312)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Deposits by customers
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(24,126,509)	(29,309,307)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(7,948,718)	(8,407,005)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	543,336	163,932
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	50,598
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	294,717
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	182,987	150,667
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	15,034	13,265
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	217,422,121	186,945,375
Liabilities	(200,372,990)	(169,111,969)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Deposits by customers
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(187,493,177)	(152,712,807)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Interbank deposits
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(886,405)	(762,574)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Repurchase agreements and other similar secured borrowing
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(763,325)	(2,216,163)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Borrowings from other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(8,551,558)	(11,202,126)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(2,074,500)	(1,615,312)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Preferred shares
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	(604,025)	(602,987)
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	4,159,792	3,782,541
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	2,647,497	2,423,639
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	3,106	32,428
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	1,509,189	1,326,474
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Loans and advances to customers, net
FAIR VALUE OF ASSETS AND LIABILITIES
Assets	$ 213,262,329	$ 183,162,834

FAIR VALUE OF ASSETS AND LIAB_7

FAIR VALUE OF ASSETS AND LIABILITIES - Items Measured at fair value on a non-recurring basis (Details) - Non-recurring fair value measurement - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	$ 133,697	$ 82,503
Machinery
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	4,340	3,277
Real estate for residential purposes
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	101,214	70,252
Real estate different from residential properties
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	28,143	8,974
Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	133,697	82,503
Level 3 | Machinery
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	4,340	3,277
Level 3 | Real estate for residential purposes
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	101,214	70,252
Level 3 | Real estate different from residential properties
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	$ 28,143	$ 8,974

FAIR VALUE OF ASSETS AND LIAB_8

FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all assets and liabilities measured at fair value (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Assets, beginning balance	$ 255,568,505
Included in earnings	7,253	$ (27,795)	$ 71,207
Assets, ending balance	289,855,048	255,568,505
Liabilities
Liabilities, beginning balance	(227,453,292)
Liabilities, ending balance	(255,929,590)	(227,453,292)
P.A. Viva Malls
Assets
Assets, beginning balance	2,633,341
Assets, ending balance	2,810,414	2,633,341
Liabilities
Liabilities, beginning balance	(54,228)
Liabilities, ending balance	(43,703)	(54,228)
Debt instruments
Assets
Included in earnings	(106)	15,669
Equity securities
Assets
Transfers out of Level 3	(24,855)
Recurring basis
Assets
Assets, beginning balance	2,558,577
Assets, ending balance		2,558,577
Liabilities
Liabilities, beginning balance	(94,198)
Liabilities, ending balance		(94,198)
Recurring basis | Derivative financial instruments
Liabilities
Liabilities, beginning balance	(94,198)
Liabilities, ending balance		(94,198)
Recurring basis | Derivative financial instruments | Foreign exchange contracts
Liabilities
Liabilities, beginning balance	(91,759)
Liabilities, ending balance		(91,759)
Recurring basis | Derivative financial instruments | Interest rate contracts
Liabilities
Liabilities, beginning balance	(2,439)
Liabilities, ending balance		(2,439)
Recurring basis | Derivative financial instruments | Equity contracts
Liabilities
Liabilities, beginning balance
Liabilities, ending balance
Recurring basis | Derivative financial instruments
Assets
Assets, beginning balance	716,379
Assets, ending balance		716,379
Recurring basis | Derivative financial instruments | Foreign exchange contracts
Assets
Assets, beginning balance	580,206
Assets, ending balance		580,206
Recurring basis | Derivative financial instruments | Interest rate contracts
Assets
Assets, beginning balance	136,173
Assets, ending balance		136,173
Recurring basis | Derivative financial instruments | Equity contracts
Assets
Assets, beginning balance
Assets, ending balance
Recurring basis | Equity securities
Assets
Assets, beginning balance	445,356
Assets, ending balance		445,356
Recurring basis | Investment in associates
Assets
Assets, beginning balance	1,263,765
Assets, ending balance		1,263,765
Recurring basis | Investment in associates | P.A. Viva Malls
Assets
Assets, beginning balance	1,263,765
Assets, ending balance		1,263,765
Recurring basis | Fair value through profit or loss | Debt instruments
Assets
Assets, beginning balance	133,077
Assets, ending balance		133,077
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities
Assets
Assets, beginning balance	122,285
Assets, ending balance		122,285
Recurring basis | Fair value through profit or loss | Debt instruments | Corporate bonds
Assets
Assets, beginning balance	10,792
Assets, ending balance		10,792
Recurring basis | Level 3
Assets
Assets, beginning balance	2,558,577	2,908,073
Included in earnings	173,363	124,668
OCI	36,656	36,682
Purchases	548,615	526,967
Settlement	(645,276)	(432,086)
Reclassifications	(23,708)	(577,862)
Prepaids	(32,211)	(37,860)
Transfers in to Level 3	282,202	51,422
Transfers out of Level 3	(107,447)	(41,427)
Assets, ending balance	2,790,771	2,558,577	2,908,073
Liabilities
Liabilities, beginning balance	(94,198)	(121,218)
Included in earnings	(5,343)	(4,067)
Purchases	(72,006)	(73,810)
Settlement	52,339	111,900
Reclassifications	26,901	4,270
Transfers into Level 3	(163,434)	(14,724)
Transfers out of Level 3	18,985	3,451
Liabilities, ending balance	(236,756)	(94,198)	(121,218)
Recurring basis | Level 3 | Derivative financial instruments
Liabilities
Liabilities, beginning balance	(94,198)	(121,218)
Included in earnings	(5,343)	(4,067)
Purchases	(72,006)	(73,810)
Settlement	52,339	111,900
Reclassifications	26,901	4,270
Transfers into Level 3	(163,434)	(14,724)
Transfers out of Level 3	18,985	3,451
Liabilities, ending balance	(236,756)	(94,198)	(121,218)
Recurring basis | Level 3 | Derivative financial instruments | Foreign exchange contracts
Liabilities
Liabilities, beginning balance	(91,759)	(119,643)
Included in earnings	2,351	(4,067)
Purchases	(71,358)	(73,770)
Settlement	52,311	111,182
Reclassifications	19,593	4,270
Transfers into Level 3	(160,156)	(12,325)
Transfers out of Level 3	16,574	2,594
Liabilities, ending balance	(232,444)	(91,759)	(119,643)
Recurring basis | Level 3 | Derivative financial instruments | Interest rate contracts
Liabilities
Liabilities, beginning balance	(2,439)	(1,376)
Included in earnings	(7,694)
Purchases	(648)	(40)
Settlement	28	519
Reclassifications	7,308
Transfers into Level 3	(3,278)	(2,399)
Transfers out of Level 3	2,411	857
Liabilities, ending balance	(4,312)	(2,439)	(1,376)
Recurring basis | Level 3 | Derivative financial instruments | Equity contracts
Liabilities
Liabilities, beginning balance		(199)
Settlement		199
Liabilities, ending balance			(199)
Recurring basis | Level 3 | Derivative financial instruments
Assets
Assets, beginning balance	716,379	450,476
Included in earnings	68,504	69,928
Purchases	539,138	496,361
Settlement	(483,375)	(286,129)
Reclassifications	(26,901)	(4,270)
Transfers in to Level 3	249,521	2,066
Transfers out of Level 3	(78,927)	(12,053)
Assets, ending balance	984,339	716,379	450,476
Recurring basis | Level 3 | Derivative financial instruments | Foreign exchange contracts
Assets
Assets, beginning balance	580,206	394,280
Included in earnings	105,528	16,561
Purchases	532,190	463,285
Settlement	(456,806)	(282,053)
Reclassifications	(19,593)	(4,270)
Transfers in to Level 3	235,709	308
Transfers out of Level 3	(39,601)	(7,905)
Assets, ending balance	937,633	580,206	394,280
Recurring basis | Level 3 | Derivative financial instruments | Interest rate contracts
Assets
Assets, beginning balance	136,173	56,054
Included in earnings	(37,024)	53,367
Purchases	6,635	33,076
Settlement	(26,569)	(3,934)
Reclassifications	(7,308)
Transfers in to Level 3	13,812	1,758
Transfers out of Level 3	(39,326)	(4,148)
Assets, ending balance	46,393	136,173	56,054
Recurring basis | Level 3 | Derivative financial instruments | Equity contracts
Assets
Assets, beginning balance		142
Purchases	313
Settlement		(142)
Assets, ending balance	313		142
Recurring basis | Level 3 | Equity securities
Assets
Assets, beginning balance	445,356	1,079,700
Included in earnings	(474)	(17,045)
OCI	36,656	36,682
Purchases	2,664	26,281
Settlement	(124,343)	(79,287)
Reclassifications		(573,592)
Transfers in to Level 3	2	27
Transfers out of Level 3	(24,855)	(27,410)
Assets, ending balance	335,006	445,356	1,079,700
Recurring basis | Level 3 | Investment in associates
Assets
Assets, beginning balance	1,263,765	1,249,818
Included in earnings	105,439	56,116
Purchases	1,779
Settlement	(15,808)	(42,169)
Reclassifications	3,193
Assets, ending balance	1,358,368	1,263,765	1,249,818
Recurring basis | Level 3 | Investment in associates | P.A. Viva Malls
Assets
Assets, beginning balance	1,263,765	1,249,818
Included in earnings	105,202	56,116
Settlement	(13,279)	(42,169)
Assets, ending balance	1,355,688	1,263,765	1,249,818
Recurring basis | Level 3 | Investment in associates | P.A Distrito Vera
Assets
Assets, beginning balance
Included in earnings	237
Purchases	1,779
Settlement	(2,529)
Reclassifications	3,193
Assets, ending balance	2,680
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments
Assets
Assets, beginning balance	133,077	128,079
Included in earnings	(106)	15,669
Purchases	5,034	4,325
Settlement	(21,750)	(24,501)
Prepaids	(32,211)	(37,860)
Transfers in to Level 3	32,679	49,329
Transfers out of Level 3	(3,665)	(1,964)
Assets, ending balance	113,058	133,077	128,079
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities
Assets
Assets, beginning balance		126,049
Included in earnings		14,325
Purchases		4,325
Settlement		(24,501)
Prepaids		(36,507)
Transfers in to Level 3		40,558
Transfers out of Level 3		(1,964)
Assets, ending balance			126,049
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities
Assets
Assets, beginning balance	122,285
Included in earnings	(106)
Purchases	5,034
Settlement	(14,623)
Prepaids	(32,211)
Transfers in to Level 3	32,679
Assets, ending balance	113,058	122,285
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Corporate bonds
Assets
Assets, beginning balance	10,792	2,030
Included in earnings		1,344
Settlement	(7,127)
Prepaids		(1,353)
Transfers in to Level 3		8,771
Transfers out of Level 3	(3,665)
Assets, ending balance		$ 10,792	$ 2,030

FAIR VALUE OF ASSETS AND LIAB_9

FAIR VALUE OF ASSETS AND LIABILITIES - Transfers between levels (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers, Level 1 to Level 2	$ 80,990
Transfers, Level 2 to Level 1		$ 70,206
Transfers out of Level 3	(24,855)
Unrealized gains and losses	(474)	(17,045)
Derivative Foreign Exchange Contracts And Interest Rate Contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers in to Level 3	86,087
Transfers out of Level 3		(12,658)
Fair value through profit or loss | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers, Level 1 to Level 2	10,293	50
Transfers, Level 2 to Level 1		663
Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers, Level 1 to Level 2	$ 10,293
Fair value through profit or loss | Debt instruments | Securities issued or secured by Foreign Government
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers, Level 1 to Level 2		50
Transfers, Level 2 to Level 1		663
Fair value through other comprehensive income | Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers, Level 1 to Level 2		481,294
Transfers, Level 2 to Level 1		34,325
Fair value through other comprehensive income | Debt instruments | Securities issued or secured by Foreign Government
FAIR VALUE OF ASSETS AND LIABILITIES
Transfers, Level 1 to Level 2		481,294
Transfers, Level 2 to Level 1		$ 34,325

FAIR VALUE OF ASSETS AND LIA_10

FAIR VALUE OF ASSETS AND LIABILITIES - Significant unobservable inputs and and the sensitivity of these fair values (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)itemUSD ($)	Dec. 31, 2020COP ($)item	Dec. 31, 2019item
Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 113,058	$ 133,077
Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value		122,285
Debt instruments | TIPS | Discounted cash flow | Yield
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	98,383	108,992
Effect on fair value of assets due to 100 basis point increase	96,097	106,498
Effect on fair value of assets due to 100 basis point decrease	$ 100,779	$ 110,328
Debt instruments | TIPS | Discounted cash flow | Yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0014	0.0014
Debt instruments | TIPS | Discounted cash flow | Yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0546	0.0546
Debt instruments | TIPS | Discounted cash flow | Yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0274	0.0273
Debt instruments | TIPS | Discounted cash flow | Prepayment speed
FAIR VALUE OF ASSETS AND LIABILITIES
Effect on fair value of assets due to 100 basis point increase	$ 95,889	$ 110,178
Effect on fair value of assets due to 100 basis point decrease	102,148	107,586
Debt instruments | Other bonds | Discounted cash flow | Yield
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	9,635	9,786
Effect on fair value of assets due to 100 basis point increase	9,276	9,335
Effect on fair value of assets due to 100 basis point decrease	$ 10,014	$ 10,267
Debt instruments | Other bonds | Discounted cash flow | Yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0116	0.0220
Debt instruments | Other bonds | Discounted cash flow | Yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0116	0.0220
Debt instruments | Other bonds | Discounted cash flow | Yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0116	0.022
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk
FAIR VALUE OF ASSETS AND LIABILITIES
Effect on fair value of assets due to 100 basis point increase	$ 9,281	$ 9,337
Effect on fair value of assets due to 100 basis point decrease	$ 10,008	$ 10,265
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0255	0.0255
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0255	0.0255
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0255	0.0255
Debt instruments | Time deposits | Discounted cash flow | Interest rate
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 5,040	$ 3,507
Effect on fair value of assets due to 100 basis point increase	4,989	3,499
Effect on fair value of assets due to 100 basis point decrease	$ 5,053	$ 3,514
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0047	0.0295
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0425		0.0510
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0384	0.0513
Debt instruments | Corporate bonds | Discounted cash flow | Yield
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value		$ 10,792
Significant unobservable input, assets | item		0.0332
Effect on fair value of assets due to 100 basis point increase		$ 10,711
Effect on fair value of assets due to 100 basis point decrease		$ 10,890
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item		0.0332
Equity securities | Price-based | Price
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 335,006	$ 445,356
Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	747,583	622,181
Forwards | Discounted cash flow | Credit spread
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	408,379	335,589
Effect on fair value of assets due to 100 basis point increase	406,899	334,916
Effect on fair value of assets due to 100 basis point decrease	$ 409,594	$ 336,268
Forwards | Discounted cash flow | Credit spread | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0	0
Forwards | Discounted cash flow | Credit spread | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.3281	0.2258
Forwards | Discounted cash flow | Credit spread | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0683	0.0369
Swaps | Discounted cash flow | Credit spread
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 294,821	$ 252,080
Effect on fair value of assets due to 100 basis point increase	309,046	247,382
Effect on fair value of assets due to 100 basis point decrease	$ 285,805	$ 239,563
Swaps | Discounted cash flow | Credit spread | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0	0
Swaps | Discounted cash flow | Credit spread | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.2885	0.3225
Swaps | Discounted cash flow | Credit spread | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0382	0.0439
Options | Discounted cash flow | Credit spread
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 44,383
Effect on fair value of assets due to 100 basis point increase	44,048
Effect on fair value of assets due to 100 basis point decrease	$ 44,575
Options | Discounted cash flow | Credit spread | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0014
Options | Discounted cash flow | Credit spread | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.3757
Options | Discounted cash flow | Credit spread | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item	0.0063
Options | Black-Scholes | Credit spread
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value		$ 34,512
Effect on fair value of assets due to 100 basis point increase		34,270
Effect on fair value of assets due to 100 basis point decrease		$ 34,732
Options | Black-Scholes | Credit spread | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item		0
Options | Black-Scholes | Credit spread | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item		0.3699
Options | Black-Scholes | Credit spread | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item		0.0178
Investment in associates | Price-based | Price | P.A. Viva Malls
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 1,355,688	$ 1,263,765
Investment in associates | Price-based | Price | P.A Distrito Vera
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 2,680

FAIR VALUE OF ASSETS AND LIA_11

FAIR VALUE OF ASSETS AND LIABILITIES - Valuation techniques (Details) - Investment properties - item	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income approach
FAIR VALUE OF ASSETS AND LIABILITIES
Ratio between monthly gross income and real estate value	0.61%	0.70%
Direct Capitalization | Capitalisation rate
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0780	0.0784
Discounted cash flow | Discount rate
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.1116	0.1123
Discounted cash flow | Terminal rate
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0798	0.0803

RISK MANAGEMENT - Maximum expos

RISK MANAGEMENT - Maximum exposure to credit risk - Financial instruments subject to impairment (Details) - Financial instruments subject to impairment - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loss Allowance	$ (16,100,248)	$ (16,924,276)
Total	250,570,955	214,645,445
Stage One
RISK MANAGEMENT
Loss Allowance	(2,589,992)	(3,525,671)
Total	227,858,536	191,707,881
Stage Two
RISK MANAGEMENT
Loss Allowance	(3,383,311)	(3,063,121)
Total	16,613,509	16,574,810
Stage Three
RISK MANAGEMENT
Loss Allowance	(10,126,945)	(10,335,484)
Total	6,098,910	6,362,754
Loans and Advances
RISK MANAGEMENT
Maximum exposure	220,323,483	191,409,730
Loans and Advances | Stage One
RISK MANAGEMENT
Maximum exposure	185,100,233	156,253,029
Loans and Advances | Stage Two
RISK MANAGEMENT
Maximum exposure	19,299,753	18,778,668
Loans and Advances | Stage Three
RISK MANAGEMENT
Maximum exposure	15,923,497	16,378,033
Commercial Loans
RISK MANAGEMENT
Maximum exposure	114,911,843	98,659,287
Commercial Loans | Stage One
RISK MANAGEMENT
Maximum exposure	97,000,580	80,863,445
Commercial Loans | Stage Two
RISK MANAGEMENT
Maximum exposure	8,335,781	8,203,659
Commercial Loans | Stage Three
RISK MANAGEMENT
Maximum exposure	9,575,482	9,592,183
Consumer loans
RISK MANAGEMENT
Maximum exposure	48,363,040	41,055,939
Consumer loans | Stage One
RISK MANAGEMENT
Maximum exposure	41,773,555	33,766,023
Consumer loans | Stage Two
RISK MANAGEMENT
Maximum exposure	3,927,387	4,599,535
Consumer loans | Stage Three
RISK MANAGEMENT
Maximum exposure	2,662,098	2,690,381
Mortgages
RISK MANAGEMENT
Maximum exposure	30,646,787	25,959,112
Mortgages | Stage One
RISK MANAGEMENT
Maximum exposure	25,447,635	21,676,563
Mortgages | Stage Two
RISK MANAGEMENT
Maximum exposure	3,654,710	3,093,690
Mortgages | Stage Three
RISK MANAGEMENT
Maximum exposure	1,544,442	1,188,859
Small Business Loans
RISK MANAGEMENT
Maximum exposure	1,282,185	1,232,075
Small Business Loans | Stage One
RISK MANAGEMENT
Maximum exposure	950,991	965,822
Small Business Loans | Stage Two
RISK MANAGEMENT
Maximum exposure	183,693	109,655
Small Business Loans | Stage Three
RISK MANAGEMENT
Maximum exposure	147,501	156,598
Financial Leases
RISK MANAGEMENT
Maximum exposure	25,119,628	24,503,317
Financial Leases | Stage One
RISK MANAGEMENT
Maximum exposure	19,927,472	18,981,176
Financial Leases | Stage Two
RISK MANAGEMENT
Maximum exposure	3,198,182	2,772,129
Financial Leases | Stage Three
RISK MANAGEMENT
Maximum exposure	1,993,974	2,750,012
Off Balance Sheet Exposures
RISK MANAGEMENT
Maximum exposure	46,347,720	40,159,991
Off Balance Sheet Exposures | Stage One
RISK MANAGEMENT
Maximum exposure	45,348,295	38,980,523
Off Balance Sheet Exposures | Stage Two
RISK MANAGEMENT
Maximum exposure	697,067	859,263
Off Balance Sheet Exposures | Stage Three
RISK MANAGEMENT
Maximum exposure	302,358	320,205
Financial Guarantees
RISK MANAGEMENT
Maximum exposure	8,762,538	7,632,331
Financial Guarantees | Stage One
RISK MANAGEMENT
Maximum exposure	8,714,751	7,553,064
Financial Guarantees | Stage Two
RISK MANAGEMENT
Maximum exposure	46,845	77,626
Financial Guarantees | Stage Three
RISK MANAGEMENT
Maximum exposure	942	1,641
Loan Commitments
RISK MANAGEMENT
Maximum exposure	37,585,182	32,527,660
Loan Commitments | Stage One
RISK MANAGEMENT
Maximum exposure	36,633,544	31,427,459
Loan Commitments | Stage Two
RISK MANAGEMENT
Maximum exposure	650,222	781,637
Loan Commitments | Stage Three
RISK MANAGEMENT
Maximum exposure	$ 301,416	$ 318,564

RISK MANAGEMENT - Maximum exp_2

RISK MANAGEMENT - Maximum exposure to credit risk - Other financial instruments (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Financial Instruments
RISK MANAGEMENT
Maximum exposure	$ 30,404,102	$ 30,685,486
Collateral (held) pledged	(1,214,779)	(2,530,079)
Net exposure	29,189,323	28,155,407
Debt instruments
RISK MANAGEMENT
Maximum exposure	28,833,828	29,003,922
Collateral (held) pledged	(1,214,692)	(2,529,943)
Net exposure	27,619,136	26,473,979
Derivatives
RISK MANAGEMENT
Maximum exposure	1,090,121	1,093,357
Collateral (held) pledged	(87)	(136)
Net exposure	1,090,034	1,093,221
Equity securities
RISK MANAGEMENT
Maximum exposure	480,153	588,207
Net exposure	$ 480,153	$ 588,207

RISK MANAGEMENT - Active financ

RISK MANAGEMENT - Active financial relief portfolio (Details) $ in Millions	Dec. 31, 2021COP ($)item	Dec. 31, 2020COP ($)item
RISK MANAGEMENT
Loans and advances to customers	$ 220,323,483	$ 191,409,730
COVID-19 Active Financial Relief
RISK MANAGEMENT
Number of obligations | item	79,660	777,754
Loans and advances to customers	$ 9,222,866	$ 29,925,959
ECL	$ 1,443,106	$ 3,513,478
COVID-19 Active Financial Relief | Stage One
RISK MANAGEMENT
Number of obligations | item	18,900	479,512
Loans and advances to customers	$ 1,947,617	$ 17,866,538
ECL	$ 54,551	$ 724,148
COVID-19 Active Financial Relief | Stage Two
RISK MANAGEMENT
Number of obligations | item	39,067	220,256
Loans and advances to customers	$ 5,708,061	$ 9,782,256
ECL	$ 577,688	$ 1,458,818
COVID-19 Active Financial Relief | Stage Three
RISK MANAGEMENT
Number of obligations | item	21,693	77,986
Loans and advances to customers	$ 1,567,188	$ 2,277,165
ECL	$ 810,867	$ 1,330,512

RISK MANAGEMENT - Past due loan

RISK MANAGEMENT - Past due loan ratio (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Financial assets	$ 29,289,301	$ 29,553,003
Loans and Advances
RISK MANAGEMENT
Financial assets	220,323,483	191,409,730
Loans and Advances | Past-due
RISK MANAGEMENT
Financial assets	10,020,030	10,467,001
Commercial and financial leases
RISK MANAGEMENT
Financial assets	140,031,471	123,162,604
Commercial and financial leases | Past-due
RISK MANAGEMENT
Financial assets	5,282,456	6,036,849
Consumer loans
RISK MANAGEMENT
Financial assets	48,363,040	41,055,939
Consumer loans | Past-due
RISK MANAGEMENT
Financial assets	2,721,730	2,774,345
Mortgages
RISK MANAGEMENT
Financial assets	30,646,787	25,959,112
Mortgages | Past-due
RISK MANAGEMENT
Financial assets	1,851,082	1,482,245
Small Business Loans
RISK MANAGEMENT
Financial assets	1,282,185	1,232,075
Small Business Loans | Past-due
RISK MANAGEMENT
Financial assets	164,762	173,562
COVID19 Financial Reliefs | Loans and Advances | Past-due
RISK MANAGEMENT
Financial assets	$ 2,458,618	$ 2,995,770
Percentage of Past-due with not current reliefs	25.00%	29.00%
COVID19 Financial Reliefs | Commercial and financial leases | Past-due
RISK MANAGEMENT
Financial assets	$ 620,309	$ 686,532
Percentage of Past-due with not current reliefs	12.00%	11.00%
COVID19 Financial Reliefs | Consumer loans | Past-due
RISK MANAGEMENT
Financial assets	$ 1,272,036	$ 1,886,479
Percentage of Past-due with not current reliefs	47.00%	68.00%
COVID19 Financial Reliefs | Mortgages | Past-due
RISK MANAGEMENT
Financial assets	$ 516,122	$ 362,339
Percentage of Past-due with not current reliefs	28.00%	24.00%
COVID19 Financial Reliefs | Small Business Loans | Past-due
RISK MANAGEMENT
Financial assets	$ 50,151	$ 60,420
Percentage of Past-due with not current reliefs	30.00%	35.00%

RISK MANAGEMENT - Commercial an

RISK MANAGEMENT - Commercial and Financial Leases (Details) - 12 months ended Dec. 31, 2021 $ in Millions, $ in Millions	COP ($)item	USD ($)item
Commercial and financial leases | Corporate | Minimum
RISK MANAGEMENT
Annual sales	$ 100,000
Commercial and financial leases | Corporate | Banistmo | Minimum
RISK MANAGEMENT
Annual sales		$ 10
Commercial and financial leases | Corporate | Banco Agricola and BAM | Minimum
RISK MANAGEMENT
Annual sales		25
Commercial and financial leases | Business | Minimum
RISK MANAGEMENT
Annual sales	13,000
Commercial and financial leases | Business | Maximum
RISK MANAGEMENT
Annual sales	100,000
Commercial and financial leases | Business | Banco Agricola S.A. | Minimum
RISK MANAGEMENT
Annual sales		5
Commercial and financial leases | Business | Banco Agricola S.A. | Maximum
RISK MANAGEMENT
Annual sales		25
Commercial and financial leases | Commercial | Minimum
RISK MANAGEMENT
Annual sales		2
Commercial and financial leases | Commercial | Maximum
RISK MANAGEMENT
Annual sales		$ 5
Commercial and financial leases | Business Construction | Minimum
RISK MANAGEMENT
Annual sales	$ 20,000
Number of projects executed as previous experience | item	3	3
Commercial and financial leases | Business Construction | Maximum
RISK MANAGEMENT
Annual sales	$ 45,000
Commercial and financial leases | Corporate Construction | Minimum
RISK MANAGEMENT
Annual sales	$ 45,000
Number of projects executed as previous experience | item	3	3
Commercial and financial leases | SME Construction | Minimum
RISK MANAGEMENT
Annual sales	$ 380
Number of projects executed as previous experience | item	3	3
Commercial and financial leases | SME Construction | Maximum
RISK MANAGEMENT
Annual sales	$ 20,000
Commercial and financial leases | Government | Minimum
RISK MANAGEMENT
Annual sales	20,000
Commercial and financial leases | SME | Maximum
RISK MANAGEMENT
Annual sales	$ 13,000
Commercial and financial leases | SME | Banistmo | Maximum
RISK MANAGEMENT
Annual sales		$ 10
Commercial and financial leases | SME | Banco Agricola S.A. | Maximum
RISK MANAGEMENT
Annual sales		5
Commercial and financial leases | SME | BAM | Maximum
RISK MANAGEMENT
Annual sales		$ 2
Mortgages | Minimum
RISK MANAGEMENT
Repayment term	5 years	5 years
Mortgages | Maximum
RISK MANAGEMENT
Repayment term	30 years	30 years

RISK MANAGEMENT - Analysis of t

RISK MANAGEMENT - Analysis of the behavior and impairment of the loan portfolio and financial lease operations (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RISK MANAGEMENT
Financial assets	$ 29,289,301	$ 29,553,003
Allowance	15,864,482	16,616,043	$ 10,929,395	$ 10,235,831
Watch List
RISK MANAGEMENT
Financial assets	$ 31,391,496	$ 37,017,387
Percentage of allowance recorded	25.10%	19.06%
Allowance	$ 7,880,811	$ 7,056,680
Level 1 - Low Risk
RISK MANAGEMENT
Financial assets	$ 13,487,382	$ 18,297,145
Percentage of allowance recorded	1.79%	1.86%
Allowance	$ 241,520	$ 340,643
Level 2 - Medium Risk
RISK MANAGEMENT
Financial assets	$ 7,896,250	$ 8,271,558
Percentage of allowance recorded	8.38%	7.10%
Allowance	$ 661,419	$ 587,281
Level 3 - High Risk
RISK MANAGEMENT
Financial assets	$ 3,678,230	$ 4,608,165
Percentage of allowance recorded	47.87%	40.45%
Allowance	$ 1,760,840	$ 1,864,016
Level 4 - High Risk
RISK MANAGEMENT
Financial assets	$ 6,329,634	$ 5,840,519
Percentage of allowance recorded	82.42%	73.02%
Allowance	$ 5,217,032	$ 4,264,740
Loan portfolio and financial lease operations
RISK MANAGEMENT
Percentage increase (decrease) in 30-day past due loan ratio	15.10%
30-day past due loan ratio	4.55%	5.47%
Commercial and financial leases
RISK MANAGEMENT
Percentage increase (decrease) in 30-day past due loan ratio	13.70%
Financial assets	$ 140,031,471	$ 123,162,604
30-day past due loan ratio	3.77%	4.90%
Consumer loans
RISK MANAGEMENT
Percentage increase (decrease) in 30-day past due loan ratio	17.80%
Financial assets	$ 48,363,040	$ 41,055,939
30-day past due loan ratio	5.63%	6.76%
Allowance	$ 5,305,267	$ 5,753,430	3,445,818	2,892,891
Mortgages
RISK MANAGEMENT
Percentage increase (decrease) in 30-day past due loan ratio	18.06%
Financial assets	$ 30,646,787	$ 25,959,112
30-day past due loan ratio	6.04%	5.71%
Small Business Loans
RISK MANAGEMENT
Percentage increase (decrease) in 30-day past due loan ratio	(4.07%)
Financial assets	$ 1,282,185	$ 1,232,075
30-day past due loan ratio	12.85%	14.09%
Allowance	$ 164,067	$ 200,345	$ 140,516	$ 137,373

RISK MANAGEMENT - Loans and fin

RISK MANAGEMENT - Loans and financial leases by classification and type of collateral (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loans and financial leases	$ 220,323,483	$ 191,409,730
Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	55,327,990	45,940,495
Goods Given in Real Estate Leasing
RISK MANAGEMENT
Loans and financial leases	15,869,052	14,946,478
Goods Given in Leasing Other Than Real Estate
RISK MANAGEMENT
Loans and financial leases	6,168,995	5,647,128
Stand by Letter of Credit
RISK MANAGEMENT
Loans and financial leases	632,108	534,123
Security Deposits
RISK MANAGEMENT
Loans and financial leases	880,946	620,764
Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	6,591,049	5,356,383
Collection Rights
RISK MANAGEMENT
Loans and financial leases	5,428,059	4,360,893
Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	10,220,347	7,953,317
Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	119,204,937	106,050,149
Commercial Loans
RISK MANAGEMENT
Loans and financial leases	114,911,843	98,659,287
Commercial Loans | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	25,087,070	20,197,850
Commercial Loans | Stand by Letter of Credit
RISK MANAGEMENT
Loans and financial leases	632,108	533,921
Commercial Loans | Security Deposits
RISK MANAGEMENT
Loans and financial leases	427,921	257,602
Commercial Loans | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	6,190,851	4,894,425
Commercial Loans | Collection Rights
RISK MANAGEMENT
Loans and financial leases	5,389,352	4,323,241
Commercial Loans | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	3,412,129	2,775,786
Commercial Loans | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	73,772,412	65,676,462
Consumer loans
RISK MANAGEMENT
Loans and financial leases	48,363,040	41,055,939
Consumer loans | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	1,700,588	1,625,193
Consumer loans | Goods Given in Leasing Other Than Real Estate
RISK MANAGEMENT
Loans and financial leases	54
Consumer loans | Stand by Letter of Credit
RISK MANAGEMENT
Loans and financial leases		202
Consumer loans | Security Deposits
RISK MANAGEMENT
Loans and financial leases	348,964	328,212
Consumer loans | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	5,642	5,796
Consumer loans | Collection Rights
RISK MANAGEMENT
Loans and financial leases	38,094	36,910
Consumer loans | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	6,707,149	5,131,570
Consumer loans | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	39,562,549	33,928,056
Financial Leases
RISK MANAGEMENT
Loans and financial leases	25,119,628	24,503,317
Financial Leases | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	132
Financial Leases | Goods Given in Real Estate Leasing
RISK MANAGEMENT
Loans and financial leases	15,868,852	14,946,258
Financial Leases | Goods Given in Leasing Other Than Real Estate
RISK MANAGEMENT
Loans and financial leases	6,168,941	5,647,128
Financial Leases | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	93,877	100,402
Financial Leases | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases		133
Financial Leases | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	2,987,826	3,809,396
Mortgages
RISK MANAGEMENT
Loans and financial leases	30,646,787	25,959,112
Mortgages | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	28,131,226	23,877,715
Mortgages | Goods Given in Real Estate Leasing
RISK MANAGEMENT
Loans and financial leases	200	220
Mortgages | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	97,455	41,429
Mortgages | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	2,417,906	2,039,748
Small Business Loans
RISK MANAGEMENT
Loans and financial leases	1,282,185	1,232,075
Small Business Loans | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	408,974	239,737
Small Business Loans | Security Deposits
RISK MANAGEMENT
Loans and financial leases	104,061	34,950
Small Business Loans | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	300,679	355,760
Small Business Loans | Collection Rights
RISK MANAGEMENT
Loans and financial leases	613	742
Small Business Loans | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	3,614	4,399
Small Business Loans | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	$ 464,244	$ 596,487

RISK MANAGEMENT - Stage 3 finan

RISK MANAGEMENT - Stage 3 financial assets and fair value of related collateral held (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RISK MANAGEMENT
Financial assets	$ 29,289,301	$ 29,553,003
Allowance account for credit losses of financial assets	15,864,482	16,616,043	$ 10,929,395	$ 10,235,831
Stage Three
RISK MANAGEMENT
Financial assets	1,063,936	1,395,831
Fair Value of Collateral	3,779,259	3,965,997
Foreclosed assets
RISK MANAGEMENT
Non-current assets held for sale	672,586	508,040
Commercial Loans
RISK MANAGEMENT
Allowance account for credit losses of financial assets	7,813,023	7,673,720	5,456,993	5,360,833
Commercial Loans | Stage Three
RISK MANAGEMENT
Financial assets	424,524	514,646
Fair Value of Collateral	2,290,284	2,129,688
Consumer loans
RISK MANAGEMENT
Financial assets	48,363,040	41,055,939
Allowance account for credit losses of financial assets	5,305,267	5,753,430	3,445,818	2,892,891
Mortgages
RISK MANAGEMENT
Financial assets	30,646,787	25,959,112
Mortgages | Stage Three
RISK MANAGEMENT
Financial assets	118,501	154,457
Fair Value of Collateral	197,339	220,167
Small Business Loans
RISK MANAGEMENT
Financial assets	1,282,185	1,232,075
Allowance account for credit losses of financial assets	164,067	200,345	140,516	137,373
Financial Leases
RISK MANAGEMENT
Allowance account for credit losses of financial assets	1,521,067	1,996,033	$ 1,025,403	$ 990,970
Financial Leases | Stage Three
RISK MANAGEMENT
Financial assets	520,911	726,728
Fair Value of Collateral	1,291,636	1,616,142
Mortgage and Commercial Business | Stage Three
RISK MANAGEMENT
Financial assets	204,268	424,883
Gross carrying amount | Stage Three
RISK MANAGEMENT
Financial assets	1,696,467	1,984,678
Gross carrying amount | Commercial Loans | Stage Three
RISK MANAGEMENT
Financial assets	725,212	790,508
Gross carrying amount | Mortgages | Stage Three
RISK MANAGEMENT
Financial assets	158,328	181,029
Gross carrying amount | Financial Leases | Stage Three
RISK MANAGEMENT
Financial assets	812,927	1,013,141
Accumulated impairment [member] | Stage Three
RISK MANAGEMENT
Financial assets	(632,531)	(588,847)
Accumulated impairment [member] | Commercial Loans | Stage Three
RISK MANAGEMENT
Financial assets	(300,688)	(275,862)
Accumulated impairment [member] | Mortgages | Stage Three
RISK MANAGEMENT
Financial assets	(39,827)	(26,572)
Accumulated impairment [member] | Financial Leases | Stage Three
RISK MANAGEMENT
Financial assets	$ (292,016)	$ (286,413)

RISK MANAGEMENT - Loans concent

RISK MANAGEMENT - Loans concentration by category (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RISK MANAGEMENT
Gross loans and finance leases	$ 220,323,483	$ 191,409,730
Allowance for loans, advances and lease losses	(15,864,482)	(16,616,043)	$ (10,929,395)	$ (10,235,831)
Loans and advances to customers, net	204,459,001	174,793,687
Commercial Loans
RISK MANAGEMENT
Gross loans and finance leases	114,911,843	98,659,287
Allowance for loans, advances and lease losses	(7,813,023)	(7,673,720)	(5,456,993)	(5,360,833)
Commercial Loans | Corporate
RISK MANAGEMENT
Gross loans and finance leases	60,920,083	51,884,404
Commercial Loans | SME
RISK MANAGEMENT
Gross loans and finance leases	15,010,566	13,249,336
Commercial Loans | Others
RISK MANAGEMENT
Gross loans and finance leases	38,981,194	33,525,547
Consumer loans
RISK MANAGEMENT
Gross loans and finance leases	48,363,040	41,055,939
Allowance for loans, advances and lease losses	(5,305,267)	(5,753,430)	(3,445,818)	(2,892,891)
Consumer loans | Credit card
RISK MANAGEMENT
Gross loans and finance leases	8,910,716	7,610,590
Consumer loans | Vehicle
RISK MANAGEMENT
Gross loans and finance leases	4,595,726	3,929,299
Consumer loans | Payroll loans
RISK MANAGEMENT
Gross loans and finance leases	9,307,057	7,879,427
Consumer loans | Others
RISK MANAGEMENT
Gross loans and finance leases	25,549,541	21,636,623
Mortgages
RISK MANAGEMENT
Gross loans and finance leases	30,646,787	25,959,112
Mortgages | VIS
RISK MANAGEMENT
Gross loans and finance leases	9,286,304	7,384,737
Mortgages | Non-VIS
RISK MANAGEMENT
Gross loans and finance leases	21,360,483	18,574,375
Financial Leases
RISK MANAGEMENT
Gross loans and finance leases	25,119,628	24,503,317
Allowance for loans, advances and lease losses	(1,521,067)	(1,996,033)	(1,025,403)	(990,970)
Small Business Loans
RISK MANAGEMENT
Gross loans and finance leases	1,282,185	1,232,075
Allowance for loans, advances and lease losses	$ (164,067)	$ (200,345)	$ (140,516)	$ (137,373)

RISK MANAGEMENT - Concentration

RISK MANAGEMENT - Concentration of loan by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Gross loans and finance leases	$ 220,323,483	$ 191,409,730
Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	37,742,851	30,626,679
Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	83,042,659	70,361,863
Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	68,914,469	70,364,559
Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	30,623,504	20,056,629
Commercial Loans
RISK MANAGEMENT
Gross loans and finance leases	114,911,843	98,659,287
Commercial Loans | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	34,695,533	28,123,513
Commercial Loans | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	46,230,960	41,771,863
Commercial Loans | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	32,314,993	28,572,265
Commercial Loans | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	1,670,357	191,646
Commercial Loans | Corporate
RISK MANAGEMENT
Gross loans and finance leases	60,920,083	51,884,404
Commercial Loans | Corporate | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	17,124,666	13,684,065
Commercial Loans | Corporate | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	22,523,964	20,537,590
Commercial Loans | Corporate | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	19,979,836	17,508,451
Commercial Loans | Corporate | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	1,291,617	154,298
Commercial Loans | SME
RISK MANAGEMENT
Gross loans and finance leases	15,010,566	13,249,336
Commercial Loans | SME | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	3,946,269	3,391,411
Commercial Loans | SME | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	8,296,746	7,109,643
Commercial Loans | SME | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	2,425,844	2,728,364
Commercial Loans | SME | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	341,707	19,918
Commercial Loans | Others
RISK MANAGEMENT
Gross loans and finance leases	38,981,194	33,525,547
Commercial Loans | Others | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	13,624,598	11,048,037
Commercial Loans | Others | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	15,410,250	14,124,630
Commercial Loans | Others | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	9,909,313	8,335,450
Commercial Loans | Others | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	37,033	17,430
Consumer loans
RISK MANAGEMENT
Gross loans and finance leases	48,363,040	41,055,939
Consumer loans | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	1,066,641	765,768
Consumer loans | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	28,018,402	20,447,636
Consumer loans | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	15,283,421	19,167,121
Consumer loans | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	3,994,576	675,414
Consumer loans | Credit card
RISK MANAGEMENT
Gross loans and finance leases	8,910,716	7,610,590
Consumer loans | Credit card | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	328,066	136,020
Consumer loans | Credit card | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	7,500,460	2,239,661
Consumer loans | Credit card | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	992,408	5,234,909
Consumer loans | Credit card | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	89,782
Consumer loans | Vehicle
RISK MANAGEMENT
Gross loans and finance leases	4,595,726	3,929,299
Consumer loans | Vehicle | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	48,381	59,748
Consumer loans | Vehicle | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	2,048,490	1,869,431
Consumer loans | Vehicle | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	1,905,002	1,999,959
Consumer loans | Vehicle | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	593,853	161
Consumer loans | Payroll loans
RISK MANAGEMENT
Gross loans and finance leases	9,307,057	7,879,427
Consumer loans | Order of payment
RISK MANAGEMENT
Gross loans and finance leases	9,307,057	7,879,427
Consumer loans | Order of payment | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	54,864	56,970
Consumer loans | Order of payment | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	1,407,000	1,727,593
Consumer loans | Order of payment | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	5,005,482	5,765,310
Consumer loans | Order of payment | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	2,839,711	329,554
Consumer loans | Others
RISK MANAGEMENT
Gross loans and finance leases	25,549,541	21,636,623
Consumer loans | Others | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	635,330	513,030
Consumer loans | Others | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	17,062,452	14,610,951
Consumer loans | Others | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	7,380,529	6,166,943
Consumer loans | Others | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	471,230	345,699
Mortgages
RISK MANAGEMENT
Gross loans and finance leases	30,646,787	25,959,112
Mortgages | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	70,037	50,830
Mortgages | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	1,027,396	722,804
Mortgages | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	7,950,061	8,468,455
Mortgages | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	21,599,293	16,717,023
Mortgages | VIS
RISK MANAGEMENT
Gross loans and finance leases	9,286,304	7,384,737
Mortgages | VIS | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	18,566	9,161
Mortgages | VIS | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	231,344	182,405
Mortgages | VIS | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	1,691,105	1,599,498
Mortgages | VIS | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	7,345,289	5,593,673
Mortgages | Non-VIS
RISK MANAGEMENT
Gross loans and finance leases	21,360,483	18,574,375
Mortgages | Non-VIS | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	51,471	41,669
Mortgages | Non-VIS | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	796,052	540,399
Mortgages | Non-VIS | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	6,258,956	6,868,957
Mortgages | Non-VIS | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	14,254,004	11,123,350
Financial Leases
RISK MANAGEMENT
Gross loans and finance leases	25,119,628	24,503,317
Financial Leases | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	1,727,484	1,471,148
Financial Leases | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	7,121,356	6,626,997
Financial Leases | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	13,160,512	13,933,395
Financial Leases | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	3,110,276	2,471,777
Small Business Loans
RISK MANAGEMENT
Gross loans and finance leases	1,282,185	1,232,075
Small Business Loans | Less than 1 year
RISK MANAGEMENT
Gross loans and finance leases	183,156	215,420
Small Business Loans | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and finance leases	644,545	792,563
Small Business Loans | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and finance leases	205,482	223,323
Small Business Loans | Greater than 15 years
RISK MANAGEMENT
Gross loans and finance leases	$ 249,002	$ 769

RISK MANAGEMENT - Concentrati_2

RISK MANAGEMENT - Concentration by past due days (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Gross loans and finance leases	$ 220,323,483	$ 191,409,730
Not later than one month
RISK MANAGEMENT
Gross loans and finance leases	210,303,453	180,942,729
Between 1 and 3 months
RISK MANAGEMENT
Gross loans and finance leases	2,452,940	2,178,087
Between 3 and 6 months
RISK MANAGEMENT
Gross loans and finance leases	649,490	871,986
Between 6 and 12 months
RISK MANAGEMENT
Gross loans and finance leases	2,113,712	2,883,483
Greater than 1 year
RISK MANAGEMENT
Gross loans and finance leases	4,803,888	4,533,445
Commercial Loans
RISK MANAGEMENT
Gross loans and finance leases	114,911,843	98,659,287
Commercial Loans | Not later than one month
RISK MANAGEMENT
Gross loans and finance leases	110,548,513	93,964,499
Commercial Loans | Between 1 and 3 months
RISK MANAGEMENT
Gross loans and finance leases	378,809	442,168
Commercial Loans | Between 3 and 6 months
RISK MANAGEMENT
Gross loans and finance leases	170,053	380,250
Commercial Loans | Between 6 and 12 months
RISK MANAGEMENT
Gross loans and finance leases	691,471	940,604
Commercial Loans | Greater than 1 year
RISK MANAGEMENT
Gross loans and finance leases	3,122,997	2,931,766
Consumer loans
RISK MANAGEMENT
Gross loans and finance leases	48,363,040	41,055,939
Consumer loans | Not later than one month
RISK MANAGEMENT
Gross loans and finance leases	45,641,310	38,281,594
Consumer loans | Between 1 and 3 months
RISK MANAGEMENT
Gross loans and finance leases	1,192,401	1,186,264
Consumer loans | Between 3 and 6 months
RISK MANAGEMENT
Gross loans and finance leases	340,202	360,392
Consumer loans | Between 6 and 12 months
RISK MANAGEMENT
Gross loans and finance leases	974,325	1,041,383
Consumer loans | Greater than 1 year
RISK MANAGEMENT
Gross loans and finance leases	214,802	186,306
Mortgages
RISK MANAGEMENT
Gross loans and finance leases	30,646,787	25,959,112
Mortgages | Not later than one month
RISK MANAGEMENT
Gross loans and finance leases	28,795,705	24,476,867
Mortgages | Between 1 and 3 months
RISK MANAGEMENT
Gross loans and finance leases	694,085	343,553
Mortgages | Between 3 and 6 months
RISK MANAGEMENT
Gross loans and finance leases	99,448	60,578
Mortgages | Between 6 and 12 months
RISK MANAGEMENT
Gross loans and finance leases	250,893	233,077
Mortgages | Greater than 1 year
RISK MANAGEMENT
Gross loans and finance leases	806,656	845,037
Financial Leases
RISK MANAGEMENT
Gross loans and finance leases	25,119,628	24,503,317
Financial Leases | Not later than one month
RISK MANAGEMENT
Gross loans and finance leases	24,200,502	23,161,256
Financial Leases | Between 1 and 3 months
RISK MANAGEMENT
Gross loans and finance leases	136,901	161,373
Financial Leases | Between 3 and 6 months
RISK MANAGEMENT
Gross loans and finance leases	30,788	56,704
Financial Leases | Between 6 and 12 months
RISK MANAGEMENT
Gross loans and finance leases	141,589	601,506
Financial Leases | Greater than 1 year
RISK MANAGEMENT
Gross loans and finance leases	609,848	522,478
Small Business Loans
RISK MANAGEMENT
Gross loans and finance leases	1,282,185	1,232,075
Small Business Loans | Not later than one month
RISK MANAGEMENT
Gross loans and finance leases	1,117,423	1,058,513
Small Business Loans | Between 1 and 3 months
RISK MANAGEMENT
Gross loans and finance leases	50,744	44,729
Small Business Loans | Between 3 and 6 months
RISK MANAGEMENT
Gross loans and finance leases	8,999	14,062
Small Business Loans | Between 6 and 12 months
RISK MANAGEMENT
Gross loans and finance leases	55,434	66,913
Small Business Loans | Greater than 1 year
RISK MANAGEMENT
Gross loans and finance leases	$ 49,585	$ 47,858

RISK MANAGEMENT - Concentrati_3

RISK MANAGEMENT - Concentration of loans by economic sector (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loans and advances	$ 220,323,483	$ 191,409,730
Domestic
RISK MANAGEMENT
Loans and advances	150,253,740	134,068,265
Loans and Advances
RISK MANAGEMENT
Loans and advances	220,323,483	191,409,730
Loans and Advances | Agriculture
RISK MANAGEMENT
Loans and advances	6,987,339	5,959,196
Loans and Advances | Petroleum and Mining Products
RISK MANAGEMENT
Loans and advances	702,565	622,263
Loans and Advances | Food, Beverages and Tobacco
RISK MANAGEMENT
Loans and advances	8,166,343	7,637,201
Loans and Advances | Chemical Production
RISK MANAGEMENT
Loans and advances	3,968,636	3,680,685
Loans and Advances | Government Sectors
RISK MANAGEMENT
Loans and advances	6,109,325	5,666,554
Loans and Advances | Construction
RISK MANAGEMENT
Loans and advances	23,606,634	20,272,935
Loans and Advances | Commerce and Tourism
RISK MANAGEMENT
Loans and advances	27,633,459	26,704,187
Loans and Advances | Transport and Communications
RISK MANAGEMENT
Loans and advances	9,488,516	8,948,936
Loans and Advances | Public Services
RISK MANAGEMENT
Loans and advances	7,723,446	6,599,017
Loans and Advances | Consumer Services
RISK MANAGEMENT
Loans and advances	80,584,616	68,773,503
Loans and Advances | Commercial Services
RISK MANAGEMENT
Loans and advances	32,554,846	25,969,164
Loans and Advances | Other Industries and Manufactured Products
RISK MANAGEMENT
Loans and advances	12,797,758	10,576,089
Loans and Advances | Domestic
RISK MANAGEMENT
Loans and advances	154,185,992	136,447,667
Loans and Advances | Domestic | Agriculture
RISK MANAGEMENT
Loans and advances	4,651,163	4,045,683
Loans and Advances | Domestic | Petroleum and Mining Products
RISK MANAGEMENT
Loans and advances	645,145	533,665
Loans and Advances | Domestic | Food, Beverages and Tobacco
RISK MANAGEMENT
Loans and advances	7,870,572	7,217,056
Loans and Advances | Domestic | Chemical Production
RISK MANAGEMENT
Loans and advances	3,871,876	3,612,279
Loans and Advances | Domestic | Government Sectors
RISK MANAGEMENT
Loans and advances	6,012,867	5,584,177
Loans and Advances | Domestic | Construction
RISK MANAGEMENT
Loans and advances	16,618,406	13,885,112
Loans and Advances | Domestic | Commerce and Tourism
RISK MANAGEMENT
Loans and advances	20,662,350	18,290,824
Loans and Advances | Domestic | Transport and Communications
RISK MANAGEMENT
Loans and advances	9,233,456	8,511,251
Loans and Advances | Domestic | Public Services
RISK MANAGEMENT
Loans and advances	6,096,804	5,444,056
Loans and Advances | Domestic | Consumer Services
RISK MANAGEMENT
Loans and advances	50,300,516	43,873,694
Loans and Advances | Domestic | Commercial Services
RISK MANAGEMENT
Loans and advances	20,328,600	18,808,277
Loans and Advances | Domestic | Other Industries and Manufactured Products
RISK MANAGEMENT
Loans and advances	7,894,237	6,641,593
Loans and Advances | Foreign countries
RISK MANAGEMENT
Loans and advances	66,137,491	54,962,063
Loans and Advances | Foreign countries | Agriculture
RISK MANAGEMENT
Loans and advances	2,336,176	1,913,513
Loans and Advances | Foreign countries | Petroleum and Mining Products
RISK MANAGEMENT
Loans and advances	57,420	88,598
Loans and Advances | Foreign countries | Food, Beverages and Tobacco
RISK MANAGEMENT
Loans and advances	295,771	420,145
Loans and Advances | Foreign countries | Chemical Production
RISK MANAGEMENT
Loans and advances	96,760	68,406
Loans and Advances | Foreign countries | Government Sectors
RISK MANAGEMENT
Loans and advances	96,458	82,377
Loans and Advances | Foreign countries | Construction
RISK MANAGEMENT
Loans and advances	6,988,228	6,387,823
Loans and Advances | Foreign countries | Commerce and Tourism
RISK MANAGEMENT
Loans and advances	6,971,109	8,413,363
Loans and Advances | Foreign countries | Transport and Communications
RISK MANAGEMENT
Loans and advances	255,060	437,685
Loans and Advances | Foreign countries | Public Services
RISK MANAGEMENT
Loans and advances	1,626,642	1,154,961
Loans and Advances | Foreign countries | Consumer Services
RISK MANAGEMENT
Loans and advances	30,284,100	24,899,809
Loans and Advances | Foreign countries | Commercial Services
RISK MANAGEMENT
Loans and advances	12,226,246	7,160,887
Loans and Advances | Foreign countries | Other Industries and Manufactured Products
RISK MANAGEMENT
Loans and advances	$ 4,903,521	$ 3,934,496

RISK MANAGEMENT - Credit concen

RISK MANAGEMENT - Credit concentration by country (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RISK MANAGEMENT
Loans and advances	$ 220,323,483	$ 191,409,730
% Participation	100.00%	100.00%
Allowance for loans, advances and lease losses	$ (15,864,482)	$ (16,616,043)	$ (10,929,395)	$ (10,235,831)
% Participation	100.00%	100.00%
Colombia
RISK MANAGEMENT
Loans and advances	$ 150,253,740	$ 134,068,265
% Participation	68.20%	70.04%
Allowance for loans, advances and lease losses	$ (12,089,509)	$ (13,089,744)
% Participation	76.20%	78.78%
Panama
RISK MANAGEMENT
Loans and advances	$ 39,523,944	$ 32,468,343
% Participation	17.94%	16.96%
Allowance for loans, advances and lease losses	$ (2,213,859)	$ (1,847,754)
% Participation	13.95%	11.12%
El Salvador
RISK MANAGEMENT
Loans and advances	$ 14,179,860	$ 11,665,440
% Participation	6.44%	6.09%
Allowance for loans, advances and lease losses	$ (676,827)	$ (729,275)
% Participation	4.27%	4.39%
Puerto rico
RISK MANAGEMENT
Loans and advances	$ 903,270	$ 886,069
% Participation	0.41%	0.46%
Allowance for loans, advances and lease losses	$ (60,475)	$ (48,596)
% Participation	0.38%	0.29%
Guatemala
RISK MANAGEMENT
Loans and advances	$ 15,453,481	$ 12,314,524
% Participation	7.01%	6.44%
Allowance for loans, advances and lease losses	$ (823,258)	$ (900,125)
% Participation	5.19%	5.42%
Other Countries
RISK MANAGEMENT
Loans and advances	$ 9,188	$ 7,089
% Participation	0.00%	0.01%
Allowance for loans, advances and lease losses	$ (554)	$ (549)
% Participation	0.00%	0.00%

RISK MANAGEMENT - Credit conc_2

RISK MANAGEMENT - Credit concentration by economic group (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loans and advances	$ 220,323,483	$ 191,409,730
20 largest economic groups
RISK MANAGEMENT
Loans and advances	$ 24,706,000	$ 22,281,000

RISK MANAGEMENT - Credit qualit

RISK MANAGEMENT - Credit quality of the borrower (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loans and advances	$ 220,323,483	$ 191,409,730
Stage One
RISK MANAGEMENT
Loans and advances	185,100,233	156,253,029
Stage Two
RISK MANAGEMENT
Loans and advances	19,299,753	18,778,668
Stage Three
RISK MANAGEMENT
Loans and advances	15,923,497	16,378,033
Commercial Loans
RISK MANAGEMENT
Loans and advances	114,911,843	98,659,287
Commercial Loans | Stage One
RISK MANAGEMENT
Loans and advances	97,000,580	80,863,445
Commercial Loans | Stage Two
RISK MANAGEMENT
Loans and advances	8,335,781	8,203,659
Commercial Loans | Stage Three
RISK MANAGEMENT
Loans and advances	9,575,482	9,592,183
Consumer loans
RISK MANAGEMENT
Loans and advances	48,363,040	41,055,939
Consumer loans | Stage One
RISK MANAGEMENT
Loans and advances	41,773,555	33,766,023
Consumer loans | Stage Two
RISK MANAGEMENT
Loans and advances	3,927,387	4,599,535
Consumer loans | Stage Three
RISK MANAGEMENT
Loans and advances	2,662,098	2,690,381
Mortgages
RISK MANAGEMENT
Loans and advances	30,646,787	25,959,112
Mortgages | Stage One
RISK MANAGEMENT
Loans and advances	25,447,635	21,676,563
Mortgages | Stage Two
RISK MANAGEMENT
Loans and advances	3,654,710	3,093,690
Mortgages | Stage Three
RISK MANAGEMENT
Loans and advances	1,544,442	1,188,859
Small Business Loans
RISK MANAGEMENT
Loans and advances	1,282,185	1,232,075
Small Business Loans | Stage One
RISK MANAGEMENT
Loans and advances	950,991	965,822
Small Business Loans | Stage Two
RISK MANAGEMENT
Loans and advances	183,693	109,655
Small Business Loans | Stage Three
RISK MANAGEMENT
Loans and advances	147,501	156,598
Financial Leases
RISK MANAGEMENT
Loans and advances	25,119,628	24,503,317
Financial Leases | Stage One
RISK MANAGEMENT
Loans and advances	19,927,472	18,981,176
Financial Leases | Stage Two
RISK MANAGEMENT
Loans and advances	3,198,182	2,772,129
Financial Leases | Stage Three
RISK MANAGEMENT
Loans and advances	$ 1,993,974	$ 2,750,012

RISK MANAGEMENT - Stage 3 loans

RISK MANAGEMENT - Stage 3 loans and advances by evaluation type (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Financial assets	$ 29,289,301	$ 29,553,003
Consumer loans
RISK MANAGEMENT
Financial assets	48,363,040	41,055,939
Mortgages
RISK MANAGEMENT
Financial assets	30,646,787	25,959,112
Small Business Loans
RISK MANAGEMENT
Financial assets	1,282,185	1,232,075
Stage Three
RISK MANAGEMENT
Financial assets	$ 1,063,936	$ 1,395,831
Percentage of loan portfolio in default	6.67%	8.30%
Stage Three | Commercial Loans
RISK MANAGEMENT
Financial assets	$ 424,524	$ 514,646
Percentage of loan portfolio in default	7.98%	9.70%
Stage Three | Consumer loans
RISK MANAGEMENT
Percentage of loan portfolio in default	5.12%	6.70%
Stage Three | Mortgages
RISK MANAGEMENT
Financial assets	$ 118,501	$ 154,457
Percentage of loan portfolio in default	3.58%	4.40%
Stage Three | Financial Leases
RISK MANAGEMENT
Financial assets	$ 520,911	$ 726,728
Stage Three | Individual Evaluation
RISK MANAGEMENT
Financial assets	7,747,526	7,593,834
Stage Three | Individual Evaluation | Commercial Loans
RISK MANAGEMENT
Financial assets	6,701,278	6,050,143
Stage Three | Individual Evaluation | Financial Leases
RISK MANAGEMENT
Financial assets	1,046,248	1,543,691
Stage Three | Collective Evaluation
RISK MANAGEMENT
Financial assets	8,175,971	8,784,199
Stage Three | Collective Evaluation | Commercial Loans
RISK MANAGEMENT
Financial assets	2,874,204	3,542,040
Stage Three | Collective Evaluation | Consumer loans
RISK MANAGEMENT
Financial assets	2,662,098	2,690,381
Stage Three | Collective Evaluation | Mortgages
RISK MANAGEMENT
Financial assets	1,544,442	1,188,859
Stage Three | Collective Evaluation | Financial Leases
RISK MANAGEMENT
Financial assets	(898,747)	1,206,321
Stage Three | Collective Evaluation | Small Business Loans
RISK MANAGEMENT
Financial assets	1,993,974	156,598
ECL | Individual Evaluation
RISK MANAGEMENT
Financial assets	$ 7,700
Percentage of loan portfolio in default	3.50%
ECL | Stage Three | Individual Evaluation
RISK MANAGEMENT
Financial assets	$ 4,410,795	4,143,907
ECL | Stage Three | Individual Evaluation | Commercial Loans
RISK MANAGEMENT
Financial assets	3,730,093	3,090,340
ECL | Stage Three | Individual Evaluation | Financial Leases
RISK MANAGEMENT
Financial assets	680,702	1,053,567
ECL | Stage Three | Collective Evaluation
RISK MANAGEMENT
Financial assets	5,675,335	6,151,076
ECL | Stage Three | Collective Evaluation | Commercial Loans
RISK MANAGEMENT
Financial assets	2,419,285	2,609,212
ECL | Stage Three | Collective Evaluation | Consumer loans
RISK MANAGEMENT
Financial assets	2,102,473	2,351,691
ECL | Stage Three | Collective Evaluation | Mortgages
RISK MANAGEMENT
Financial assets	659,348	639,875
ECL | Stage Three | Collective Evaluation | Financial Leases
RISK MANAGEMENT
Financial assets	383,262	427,945
ECL | Stage Three | Collective Evaluation | Small Business Loans
RISK MANAGEMENT
Financial assets	$ 110,967	$ 122,353

RISK MANAGEMENT - Changes in EC

RISK MANAGEMENT - Changes in ECL (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	$ (731,608)	$ (1,268,499)
Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	1,140,884	$ 1,827,059
GDP Growth | Optimistic scenario | 1% increase
RISK MANAGEMENT
Increase (decrease) in ECL	(226,212)
GDP Growth | Optimistic scenario | Unchanged
RISK MANAGEMENT
Increase (decrease) in ECL	(123,730)
GDP Growth | Optimistic scenario | 1% decrease
RISK MANAGEMENT
Increase (decrease) in ECL	(3,241)
GDP Growth | Base scenario | 1% increase
RISK MANAGEMENT
Increase (decrease) in ECL	(102,482)
GDP Growth | Base scenario | 1% decrease
RISK MANAGEMENT
Increase (decrease) in ECL	120,489
GDP Growth | Pessimistic scenario | 1% increase
RISK MANAGEMENT
Increase (decrease) in ECL	27,251
GDP Growth | Pessimistic scenario | Unchanged
RISK MANAGEMENT
Increase (decrease) in ECL	129,733
GDP Growth | Pessimistic scenario | 1% decrease
RISK MANAGEMENT
Increase (decrease) in ECL	$ 250,222

RISK MANAGEMENT - Impact on ECL

RISK MANAGEMENT - Impact on ECL for each methodology (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	$ (731,608)	$ (1,268,499)
Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	1,140,884	1,827,059
Collective methodology | Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	(179,919)	(819,971)
Collective methodology | Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	166,619	625,161
Collateral methodology | Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	(405,438)	(314,094)
Collateral methodology | Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	822,293	1,071,738
Individual methodology | Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	(146,251)	(134,434)
Individual methodology | Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	$ 151,972	$ 130,160

RISK MANAGEMENT - Credit Qual_2

RISK MANAGEMENT - Credit Quality Analysis of the Group (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Financial Instruments
RISK MANAGEMENT
Maximum exposure	$ 30,404,102	$ 30,685,486
Collateral (held) pledged	(1,214,779)	(2,530,079)
Net exposure	$ 29,189,323	28,155,407
Debt instruments
RISK MANAGEMENT
Percentage of financial instruments not in default	100.00%
Maximum exposure	$ 28,833,828	29,003,922
Collateral (held) pledged	(1,214,692)	(2,529,943)
Net exposure	27,619,136	26,473,979
Debt instruments | Low Risk
RISK MANAGEMENT
Maximum exposure	24,183,394	25,567,960
Debt instruments | Medium Risk
RISK MANAGEMENT
Maximum exposure	2,730,400	2,092,898
Debt instruments | High Risk
RISK MANAGEMENT
Maximum exposure	1,920,034	1,343,064
Equity securities
RISK MANAGEMENT
Maximum exposure	480,153	588,207
Net exposure	480,153	588,207
Equity securities | Low Risk
RISK MANAGEMENT
Maximum exposure	256,916	274,916
Equity securities | Medium Risk
RISK MANAGEMENT
Maximum exposure	33,627	1,590
Equity securities | High Risk
RISK MANAGEMENT
Maximum exposure	12,526	5,767
Equity securities | Without Rating
RISK MANAGEMENT
Maximum exposure	$ 177,084	305,934
Derivatives
RISK MANAGEMENT
Percentage of financial instruments not in default	99.95%
Maximum exposure	$ 1,090,121	1,093,357
Collateral (held) pledged	(87)	(136)
Net exposure	1,090,034	1,093,221
Derivatives | Low Risk
RISK MANAGEMENT
Maximum exposure	1,047,939	1,078,261
Derivatives | Medium Risk
RISK MANAGEMENT
Maximum exposure	38,521	3,380
Derivatives | High Risk
RISK MANAGEMENT
Maximum exposure	$ 3,661	1,207
Derivatives | Without Rating
RISK MANAGEMENT
Maximum exposure		$ 10,509

RISK MANAGEMENT - Individual ev

RISK MANAGEMENT - Individual evaluation of impairment for other financial instruments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt instruments
RISK MANAGEMENT
Maximum exposure	$ 28,833,828	$ 29,003,922
Debt instruments | Individually assessed
RISK MANAGEMENT
Maximum exposure	28,833,828	29,003,922
Impairment loss on financial assets	27,923	42,371
Final Exposure	28,805,905	28,961,550
Equity securities
RISK MANAGEMENT
Maximum exposure	480,153	588,207
Impairment loss on financial assets	0	0	$ 0
Equity securities | Individually assessed
RISK MANAGEMENT
Maximum exposure	480,153	588,207
Final Exposure	480,153	588,207
Fair value | Debt instruments | Individually assessed
RISK MANAGEMENT
Maximum exposure	15,036,467	15,571,214
Final Exposure	15,036,467	15,571,213
Amortized cost | Debt instruments | Individually assessed
RISK MANAGEMENT
Maximum exposure	13,797,361	13,432,708
Impairment loss on financial assets	27,923	42,371
Final Exposure	13,769,438	13,390,337
Fair value through profit or loss | Equity securities | Individually assessed
RISK MANAGEMENT
Maximum exposure	85,244	69,426
Final Exposure	85,244	69,426
Fair value through other comprehensive income | Equity securities | Individually assessed
RISK MANAGEMENT
Maximum exposure	394,909	518,781
Final Exposure	$ 394,909	$ 518,781

RISK MANAGEMENT - Level of coll

RISK MANAGEMENT - Level of collateral held (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt instruments
RISK MANAGEMENT
Collateral (held) pledged	$ (1,214,692)	$ (2,529,943)
Derivatives
RISK MANAGEMENT
Collateral (held) pledged	(87)	(136)
Credit risk
RISK MANAGEMENT
Collateral (held) pledged	(1,214,779)	(2,530,079)
Credit risk | Debt instruments
RISK MANAGEMENT
Collateral (held) pledged	$ 1,214,692	$ 2,529,943
Main type of collateral	Government bonds (TES)	Government bonds (TES)
Credit risk | Derivatives
RISK MANAGEMENT
Collateral (held) pledged	$ 87	$ 136
Main type of collateral	Cash	Cash

RISK MANAGEMENT - Risk exposure

RISK MANAGEMENT - Risk exposure by economic sector and risk region (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt instruments
RISK MANAGEMENT
Maximum Exposure to Credit Risk	$ 28,833,828	$ 29,003,922
Debt instruments | North America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	5,275,608	5,195,358
Debt instruments | Latam
RISK MANAGEMENT
Maximum Exposure to Credit Risk	23,457,650	23,443,701
Debt instruments | Europe
RISK MANAGEMENT
Maximum Exposure to Credit Risk		109,161
Debt instruments | Other (Includes Funds and ETF)
RISK MANAGEMENT
Maximum Exposure to Credit Risk	100,570	255,702
Debt instruments | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	3,149,784	4,731,926
Debt instruments | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	4,437,972	1,717,723
Debt instruments | Government Sectors
RISK MANAGEMENT
Maximum Exposure to Credit Risk	21,246,072	22,554,273
Equity securities
RISK MANAGEMENT
Maximum Exposure to Credit Risk	480,153	588,207
Equity securities | North America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	1,806	2
Equity securities | Latam
RISK MANAGEMENT
Maximum Exposure to Credit Risk	443,390	538,676
Equity securities | Other (Includes Funds and ETF)
RISK MANAGEMENT
Maximum Exposure to Credit Risk	34,957	49,529
Equity securities | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	248,457	419,236
Equity securities | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	199,500	87,044
Equity securities | Funds and ETF
RISK MANAGEMENT
Maximum Exposure to Credit Risk	32,196	81,927
Derivatives
RISK MANAGEMENT
Maximum Exposure to Credit Risk	1,090,121	1,093,357
Derivatives | North America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	67,379	34,164
Derivatives | Latam
RISK MANAGEMENT
Maximum Exposure to Credit Risk	352,541	600,339
Derivatives | Europe
RISK MANAGEMENT
Maximum Exposure to Credit Risk	306,683	458,854
Derivatives | Other (Includes Funds and ETF)
RISK MANAGEMENT
Maximum Exposure to Credit Risk	363,518
Derivatives | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	224,762	527,599
Derivatives | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	511,994	546,356
Derivatives | Funds and ETF
RISK MANAGEMENT
Maximum Exposure to Credit Risk	$ 353,365	$ 19,402

RISK MANAGEMENT - Risk exposu_2

RISK MANAGEMENT - Risk exposure by credit rating (Details) - Other Financial Instruments - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Unrated credit exposures	$ 177,085	$ 316,443
Maximum exposure	30,404,102	30,685,486
Sovereign Risk
RISK MANAGEMENT
Rated credit exposures	11,714,435	9,964,881
AAA
RISK MANAGEMENT
Rated credit exposures	6,566,489	9,645,217
AA+
RISK MANAGEMENT
Rated credit exposures	3,068,211	1,781,437
AA
RISK MANAGEMENT
Rated credit exposures	103,626	153,263
AA-
RISK MANAGEMENT
Rated credit exposures	23,858	450,328
A+
RISK MANAGEMENT
Rated credit exposures	441,670	803,321
A
RISK MANAGEMENT
Rated credit exposures	84,104	676,205
A-
RISK MANAGEMENT
Rated credit exposures	661,994	307,795
BBB+
RISK MANAGEMENT
Rated credit exposures	560,987	659,735
BBB
RISK MANAGEMENT
Rated credit exposures	307,309	1,424,257
BBB-
RISK MANAGEMENT
Rated credit exposures	1,955,566	1,054,698
Other
RISK MANAGEMENT
Rated credit exposures	$ 4,738,768	$ 3,447,906

RISK MANAGEMENT - Effects of Co

RISK MANAGEMENT - Effects of Covid-19 on credit risk (Details) $ in Billions, $ in Billions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021COP ($)item	Dec. 31, 2021COP ($)item	Dec. 31, 2021USD ($)	Sep. 30, 2021	Dec. 31, 2020item
RISK MANAGEMENT
Increase in Central Bank monetary policy rate		0.50%
Central Bank monetary policy rate	3.00%	3.00%		2.50%
Annual inflation rate	5.62%	5.62%
Increase (decrease) in asset purchases by the Fed			$ (15)
Local Fixed Income, Trading Volume	$ 27.3	$ 27.3
Percentage increase (decrease) in monthly trading volume of local fixed assets	(35.70%)		63.00%
Credit risk | COVID-19
RISK MANAGEMENT
Consumer confidence index (percentage)			(7.00%)
Percentage increase in consumer confidence			5.60%
Credit risk | COVID-19 | COLCAP Stock Index
RISK MANAGEMENT
Percentage increase (decrease) in COLCAP stock index			(1.87%)
Index value | item	1,410.97	1,410.97			1,437.89

RISK MANAGEMENT - Interest Risk

RISK MANAGEMENT - Interest Risk Sensitivity by Bands and Zones (Details)	12 Months Ended
	Dec. 31, 2021
Zone 1 | Band One | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.74
Zone 1 | Band One | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.74
Zone 1 | Band One | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1
Zone 1 | Band One | Minimum
RISK MANAGEMENT
Modified Duration	0 years
Zone 1 | Band One | Maximum
RISK MANAGEMENT
Modified Duration	29 days
Zone 1 | Band Two | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.68
Zone 1 | Band Two | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.74
Zone 1 | Band Two | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1
Zone 1 | Band Two | Minimum
RISK MANAGEMENT
Modified Duration	29 days
Zone 1 | Band Two | Maximum
RISK MANAGEMENT
Modified Duration	3 months
Zone 1 | Band Three | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.59
Zone 1 | Band Three | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.74
Zone 1 | Band Three | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1
Zone 1 | Band Three | Minimum
RISK MANAGEMENT
Modified Duration	3 months
Zone 1 | Band Three | Maximum
RISK MANAGEMENT
Modified Duration	6 months
Zone 1 | Band Four | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.33
Zone 1 | Band Four | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.74
Zone 1 | Band Four | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1
Zone 1 | Band Four | Minimum
RISK MANAGEMENT
Modified Duration	6 months
Zone 1 | Band Four | Maximum
RISK MANAGEMENT
Modified Duration	1 year
Zone 2 | Band Five | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.22
Zone 2 | Band Five | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.50
Zone 2 | Band Five | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.90
Zone 2 | Band Five | Minimum
RISK MANAGEMENT
Modified Duration	1 year
Zone 2 | Band Five | Maximum
RISK MANAGEMENT
Modified Duration	1 year 10 months 24 days
Zone 2 | Band Six | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.22
Zone 2 | Band Six | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.50
Zone 2 | Band Six | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.80
Zone 2 | Band Six | Minimum
RISK MANAGEMENT
Modified Duration	1 year 10 months 24 days
Zone 2 | Band Six | Maximum
RISK MANAGEMENT
Modified Duration	2 years 9 months 18 days
Zone 2 | Band Seven | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.11
Zone 2 | Band Seven | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.20
Zone 2 | Band Seven | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.75
Zone 2 | Band Seven | Minimum
RISK MANAGEMENT
Modified Duration	2 years 9 months 18 days
Zone 2 | Band Seven | Maximum
RISK MANAGEMENT
Modified Duration	3 years 7 months 6 days
Zone 3 | Band Eight | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.11
Zone 3 | Band Eight | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2.20
Zone 3 | Band Eight | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.75
Zone 3 | Band Eight | Minimum
RISK MANAGEMENT
Modified Duration	3 years 7 months 6 days
Zone 3 | Band Eight | Maximum
RISK MANAGEMENT
Modified Duration	4 years 3 months 18 days
Zone 3 | Band Nine | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.72
Zone 3 | Band Nine | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	2
Zone 3 | Band Nine | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.70
Zone 3 | Band Nine | Minimum
RISK MANAGEMENT
Modified Duration	4 years 3 months 18 days
Zone 3 | Band Nine | Maximum
RISK MANAGEMENT
Modified Duration	5 years 8 months 12 days
Zone 3 | Band Ten | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.62
Zone 3 | Band Ten | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.70
Zone 3 | Band Ten | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.65
Zone 3 | Band Ten | Minimum
RISK MANAGEMENT
Modified Duration	5 years 8 months 12 days
Zone 3 | Band Ten | Maximum
RISK MANAGEMENT
Modified Duration	7 years 3 months 18 days
Zone 3 | Band Eleven | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.62
Zone 3 | Band Eleven | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.70
Zone 3 | Band Eleven | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.60
Zone 3 | Band Eleven | Minimum
RISK MANAGEMENT
Modified Duration	7 years 3 months 18 days
Zone 3 | Band Eleven | Maximum
RISK MANAGEMENT
Modified Duration	9 years 3 months 18 days
Zone 3 | Band Twelve | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.62
Zone 3 | Band Twelve | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.70
Zone 3 | Band Twelve | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.60
Zone 3 | Band Twelve | Minimum
RISK MANAGEMENT
Modified Duration	9 years 3 months 18 days
Zone 3 | Band Twelve | Maximum
RISK MANAGEMENT
Modified Duration	10 years 7 months 6 days
Zone 3 | Band Thirteen | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.62
Zone 3 | Band Thirteen | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.70
Zone 3 | Band Thirteen | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.60
Zone 3 | Band Thirteen | Minimum
RISK MANAGEMENT
Modified Duration	10 years 7 months 6 days
Zone 3 | Band Thirteen | Maximum
RISK MANAGEMENT
Modified Duration	12 years
Zone 3 | Band Fourteen | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.62
Zone 3 | Band Fourteen | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.70
Zone 3 | Band Fourteen | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.60
Zone 3 | Band Fourteen | Minimum
RISK MANAGEMENT
Modified Duration	12 years
Zone 3 | Band Fourteen | Maximum
RISK MANAGEMENT
Modified Duration	20 years
Zone 3 | Band Fifteen | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.62
Zone 3 | Band Fifteen | UVR
RISK MANAGEMENT
Changes in Interest Rates (bps)	1.70
Zone 3 | Band Fifteen | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (bps)	0.60
Zone 3 | Band Fifteen | Minimum
RISK MANAGEMENT
Modified Duration	20 years

RISK MANAGEMENT - Currency, Equ

RISK MANAGEMENT - Currency, Equity and Fund Risk (Details)	12 Months Ended
	Dec. 31, 2021
USD
RISK MANAGEMENT
Sensitivity Factor	12.49%
Euro
RISK MANAGEMENT
Sensitivity Factor	11.00%
Other currencies
RISK MANAGEMENT
Sensitivity Factor	13.02%
Equity and Fund Risk
RISK MANAGEMENT
Sensitivity Factor	14.70%

RISK MANAGEMENT - Total Market

RISK MANAGEMENT - Total Market Risk VaR (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Percentage increase (decrease) in VaR	0.70%
Value at risk	$ 817,301	$ 811,247
Percentage increase (decrease) in interest rate risk	0.20%
Average
RISK MANAGEMENT
Value at risk	$ 808,130	1,076,050
Maximum
RISK MANAGEMENT
Value at risk	862,101	1,974,758
Minimum
RISK MANAGEMENT
Value at risk	743,910	673,680
Interest Rate Risk
RISK MANAGEMENT
Value at risk	403,556	402,882
Interest Rate Risk | Average
RISK MANAGEMENT
Value at risk	407,530	340,886
Interest Rate Risk | Maximum
RISK MANAGEMENT
Value at risk	450,774	402,882
Interest Rate Risk | Minimum
RISK MANAGEMENT
Value at risk	347,163	286,283
Exchange Rate
RISK MANAGEMENT
Value at risk	88,477	95,926
Exchange Rate | Average
RISK MANAGEMENT
Value at risk	82,247	421,716
Exchange Rate | Maximum
RISK MANAGEMENT
Value at risk	98,848	1,344,673
Exchange Rate | Minimum
RISK MANAGEMENT
Value at risk	63,375	54,056
Equity price risk
RISK MANAGEMENT
Value at risk	99,895	98,131
Equity price risk | Average
RISK MANAGEMENT
Value at risk	96,543	99,033
Equity price risk | Maximum
RISK MANAGEMENT
Value at risk	103,187	130,654
Equity price risk | Minimum
RISK MANAGEMENT
Value at risk	91,944	89,564
Collective Portfolios
RISK MANAGEMENT
Value at risk	225,373	214,308
Collective Portfolios | Average
RISK MANAGEMENT
Value at risk	221,810	214,415
Collective Portfolios | Maximum
RISK MANAGEMENT
Value at risk	225,892	218,487
Collective Portfolios | Minimum
RISK MANAGEMENT
Value at risk	$ 216,153	$ 208,928

RISK MANAGEMENT - Sensitivity t

RISK MANAGEMENT - Sensitivity to Interest Rate Risk of the Banking Book (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021COP ($)	Dec. 31, 2020COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Interest Rate Risk
RISK MANAGEMENT
Assets sensitivity 50 bps	$ 859,122	$ 759,905	$ 77,106	$ 68,577
Liabilities sensitivity 50 bps	419,027	399,109	55,786	58,009
Net sensitivity 50 bps	$ 440,095	360,796	$ 21,320	$ 10,568
Equity price risk
RISK MANAGEMENT
Percentage of increase in market value of investments	23.00%
Fair value	$ 49,925	$ 40,502
Delta, decrease in measurement input	14.70%	14.70%	14.70%	14.70%
Sensitivity (decrease in value)	$ 7,339	$ 5,954
Market Risk
RISK MANAGEMENT
Fair value	$ 43,000	$ 50,000

RISK MANAGEMENT - Covid-19 effe

RISK MANAGEMENT - Covid-19 effects on Market Risk (Details) - Interest Rate Risk $ in Thousands, $ in Millions	Dec. 31, 2021COP ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020COP ($)	Dec. 31, 2020USD ($)
RISK MANAGEMENT
Assets sensitivity 50 bps	$ 859,122	$ 77,106	$ 759,905	$ 68,577
Liabilities sensitivity 50 bps	419,027	55,786	399,109	58,009
Net sensitivity 50 bps	$ 440,095	$ 21,320	$ 360,796	$ 10,568

RISK MANAGEMENT - Liquidity ris

RISK MANAGEMENT - Liquidity risk exposure (Details) - Liquidity risk - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Net cash outflows into 30 days	$ 15,897,163	$ 14,073,878
Liquid assets	$ 44,198,889	$ 37,757,819
Liquidity coverage ratio	278.03%	268.28%

RISK MANAGEMENT - Liquid Assets

RISK MANAGEMENT - Liquid Assets (Details) - Liquidity risk - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Liquid assets	$ 44,198,889	$ 37,757,819
High quality liquid assets | Cash
RISK MANAGEMENT
Liquid assets	22,641,516	18,356,375
High quality liquid assets | High quality liquid securities
RISK MANAGEMENT
Liquid assets	18,258,002	16,729,107
Other liquid assets | Other securities
RISK MANAGEMENT
Liquid assets	$ 3,299,371	$ 2,672,337

RISK MANAGEMENT - Contractual m

RISK MANAGEMENT - Contractual maturities of financial assets (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Financial assets	$ 29,289,301	$ 29,553,003
Less than 1 year
RISK MANAGEMENT
Financial assets	125,705,163	108,966,678
1 to 3 years
RISK MANAGEMENT
Financial assets	92,464,629	77,996,853
3 to 5 years
RISK MANAGEMENT
Financial assets	53,107,791	45,912,661
Greater than 5 years
RISK MANAGEMENT
Financial assets	86,930,539	72,790,907
Cash and balances with central bank | Less than 1 year
RISK MANAGEMENT
Financial assets	23,147,676	20,185,074
Interbank borrowings - Repurchase agreements | Less than 1 year
RISK MANAGEMENT
Financial assets	2,815,395	3,749,640
Interbank borrowings - Repurchase agreements | 1 to 3 years
RISK MANAGEMENT
Financial assets	16,009	35,310
Financial assets investments | Less than 1 year
RISK MANAGEMENT
Financial assets	12,928,653	12,991,981
Financial assets investments | 1 to 3 years
RISK MANAGEMENT
Financial assets	12,045,202	10,019,356
Financial assets investments | 3 to 5 years
RISK MANAGEMENT
Financial assets	3,367,322	3,898,989
Financial assets investments | Greater than 5 years
RISK MANAGEMENT
Financial assets	3,776,184	4,062,918
Loans and advances to customers | Less than 1 year
RISK MANAGEMENT
Financial assets	79,699,695	65,699,670
Loans and advances to customers | 1 to 3 years
RISK MANAGEMENT
Financial assets	77,406,800	65,425,431
Loans and advances to customers | 3 to 5 years
RISK MANAGEMENT
Financial assets	48,316,830	41,214,446
Loans and advances to customers | Greater than 5 years
RISK MANAGEMENT
Financial assets	82,004,125	67,751,331
Derivative financial instruments | Less than 1 year
RISK MANAGEMENT
Financial assets	7,113,744	6,340,313
Derivative financial instruments | 1 to 3 years
RISK MANAGEMENT
Financial assets	2,996,618	2,516,756
Derivative financial instruments | 3 to 5 years
RISK MANAGEMENT
Financial assets	1,423,639	799,226
Derivative financial instruments | Greater than 5 years
RISK MANAGEMENT
Financial assets	$ 1,150,230	$ 976,658

RISK MANAGEMENT - Contractual_2

RISK MANAGEMENT - Contractual maturities of financial liabilities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Less than 1 year
RISK MANAGEMENT
Financial liabilities	$ 215,707,759	$ 177,723,551
1 to 3 years
RISK MANAGEMENT
Financial liabilities	25,275,809	25,234,355
3 to 5 years
RISK MANAGEMENT
Financial liabilities	13,184,196	14,754,705
Greater than 5 years
RISK MANAGEMENT
Financial liabilities	15,829,526	11,674,797
Demand deposit from customers | Less than 1 year
RISK MANAGEMENT
Financial liabilities	147,346,348	118,041,884
Time deposits from customers | Less than 1 year
RISK MANAGEMENT
Financial liabilities	43,981,065	43,948,183
Time deposits from customers | 1 to 3 years
RISK MANAGEMENT
Financial liabilities	12,910,755	12,555,125
Time deposits from customers | 3 to 5 years
RISK MANAGEMENT
Financial liabilities	3,380,419	5,563,309
Time deposits from customers | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	3,652,367	1,345,843
Interbank deposits - Repurchase agreements | Less than 1 year
RISK MANAGEMENT
Financial liabilities	1,613,808	2,937,007
Interbank deposits - Repurchase agreements | 1 to 3 years
RISK MANAGEMENT
Financial liabilities	7,241	38,892
Borrowings from other financial institutions | Less than 1 year
RISK MANAGEMENT
Financial liabilities	9,047,192	5,021,402
Borrowings from other financial institutions | 1 to 3 years
RISK MANAGEMENT
Financial liabilities	4,500,806	3,353,845
Borrowings from other financial institutions | 3 to 5 years
RISK MANAGEMENT
Financial liabilities	2,171,491	2,169,508
Borrowings from other financial institutions | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	1,298,168	1,282,177
Debt securities in issue | Less than 1 year
RISK MANAGEMENT
Financial liabilities	6,772,372	1,684,715
Debt securities in issue | 1 to 3 years
RISK MANAGEMENT
Financial liabilities	4,958,788	6,932,978
Debt securities in issue | 3 to 5 years
RISK MANAGEMENT
Financial liabilities	5,917,577	6,261,008
Debt securities in issue | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	9,021,223	7,950,753
Derivative financial instruments | Less than 1 year
RISK MANAGEMENT
Financial liabilities	6,946,974	6,090,360
Derivative financial instruments | 1 to 3 years
RISK MANAGEMENT
Financial liabilities	2,898,219	2,353,515
Derivative financial instruments | 3 to 5 years
RISK MANAGEMENT
Financial liabilities	1,714,709	760,880
Derivative financial instruments | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	$ 1,857,768	$ 1,096,024
Mortgage Loans | Minimum
RISK MANAGEMENT
Debt instrument maturity	15 years
Mortgage Loans | Maximum
RISK MANAGEMENT
Debt instrument maturity	30 years

RISK MANAGEMENT - Financial gua

RISK MANAGEMENT - Financial guarantees (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Financial guarantees	$ 9,036,464	$ 7,673,516
Less than 1 year
RISK MANAGEMENT
Financial guarantees	7,287,923	3,917,713
1 to 3 years
RISK MANAGEMENT
Financial guarantees	1,513,774	3,568,858
3 to 5 years
RISK MANAGEMENT
Financial guarantees	84,273	42,788
Greater than 5 years
RISK MANAGEMENT
Financial guarantees	$ 150,494	$ 144,157

RISK MANAGEMENT - Interest Rate

RISK MANAGEMENT - Interest Rate Benchmark Reform (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Derivative financial assets	$ 2,454,005	$ 2,800,719
TOTAL ASSETS	289,855,048	255,568,505
Liabilities
Term deposits	59,492,839	61,083,519
TOTAL LIABILITIES	255,929,590	227,453,292
Interest Rate Benchmark Reform | USD LIBOR
Assets
Loans	24,077,401	16,144,745
Bonds	954,238	522,796
Derivative financial assets	170,402	124,822
TOTAL ASSETS	25,202,041	16,792,363
Liabilities
Loans	4,123,825	5,526,743
Term deposits	11,700	3,168
TOTAL LIABILITIES	$ 4,135,525	$ 5,529,911

RISK MANAGEMENT - Capital manag

RISK MANAGEMENT - Capital management (Details) - COP ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Regulatory Capital and Capital Adequacy Ratios
Primary capital (Tier I)	$ 25,513,812	$ 20,824,348
Secondary capital (Tier II)	7,635,894	6,494,242
Technical capital deductions	14,599	14,231
Technical capital	33,135,107	27,304,359
Risk-weighted assets (RWA)	189,235,497	161,376,984
Market Risk	8,685,251	8,570,279
Operational Risk	16,035,309	15,268,313
Leverage level	$ 304,076,581	$ 264,425,656
Leverage level to RWA and others	8.39%	7.88%
Primary capital to RWA (Tier I)	11.92%	11.24%
Combined capital buffers	7.42%	6.74%
Secondary capital to RWA (Tier II)	11.92%	11.24%
Technical capital to RWA	15.49%	14.74%

SUBSEQUENT EVENTS - Ordinary cl

SUBSEQUENT EVENTS - Ordinary claim filed (Details) - Ordinary claim filed by Menelao Mora and Said Diaz - Legal proceedings contingent liability	Mar. 04, 2022USD ($)
SUBSEQUENT EVENTS
Additional award per plaintiff for costs incurred	$ 261
Legal proceedings provision	$ 2,561

SUBSEQUENT EVENTS - Acquisition

SUBSEQUENT EVENTS - Acquisition (Details) - COP ($) $ in Millions	Mar. 01, 2022	Nov. 30, 2021	Jun. 09, 2021
SUBSEQUENT EVENTS
Non-controlling interest at fair value		$ 1,047
PA FAI Calle 77 acquisition
SUBSEQUENT EVENTS
Percentage of interest acquired	98.00%
Purchase price			$ 56,968
Cash transferred			$ 29,025
Percentage of ownership interests held by non-controlling interest	2.00%
Non-controlling interest at fair value	$ 1,166
PA FAI Calle 77 acquisition | Active financial leasing operation
SUBSEQUENT EVENTS
Cash transferred	$ 27,943

SUBSEQUENT EVENTS - Purchase pr

SUBSEQUENT EVENTS - Purchase price allocation (Details) - COP ($) $ in Millions	Mar. 01, 2022	Nov. 30, 2021	Jun. 09, 2021
Purchase Price Allocation
Non-controlling interest at fair value		$ 1,047
PA FAI Calle 77 acquisition
Purchase Price Allocation
Purchase price			$ 56,968
Non-controlling interest at fair value	$ 1,166
TOTAL	58,134
Assets
Cash and cash equivalents	799
Accounts receivable	299
Premises and equipment, net	3
Investment property	60,849
Other assets	79
Total Assets	62,029
Liability
Accounts payable	1,080
Deferred tax	283
Other liabilities	99
Total Liabilities	1,462
Fair value of net assets acquired	60,567
Gain from a bargain purchase	$ 2,433
Period of time between purchase price agreement and transfer of control	9 months