Bancolombia (CIB) 20-F 26 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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, 2023
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 Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001071371
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	6466	6466
Auditor Name	PwC Contadores y Auditores S. A. S.	PwC Contadores y Auditores S. A. S.
Auditor Location	Medellín, Colombia	Medellín, Colombia
Business Contact
Document and Entity Information
Contact Personnel Name	Catalina Tobón Rivera, Investor Relations Director
Country Region	57
City Area Code	601
Local Phone Number	4885950
Contact Personnel Email Address	ctobon@bancolombia.com.co
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
3.000% Senior Notes due 2025
Document and Entity Information
Title of 12(b) Security	3.000% Senior Notes due 2025
Trading Symbol	CIB25
Security Exchange Name	NYSE
6.909% Subordinated Notes due 2027
Document and Entity Information
Title of 12(b) Security	6.909% Subordinated Notes due 2027
Trading Symbol	CIB27
Security Exchange Name	NYSE
4.625% Subordinated Notes due 2029
Document and Entity Information
Title of 12(b) Security	4.625% Subordinated Notes due 2029
Trading Symbol	CIB29
Security Exchange Name	NYSE

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 39,799,609	$ 31,645,291
Financial assets investments	25,674,195	27,940,140
Derivative financial instruments	6,252,270	4,961,237
Financial assets investments and derivative financial instruments	31,926,465	32,901,377
Loans and advances to customers	237,728,544	254,444,099
Assets held for sale and inventories, net	906,753	608,449
Investment in associates and joint ventures	2,997,603	2,915,633
Investment properties	4,709,911	3,994,058
Premises and equipment	6,522,534	6,727,066
Right-of-use assets, lease	1,634,045	1,827,108
Goodwill and intangible assets, net	8,489,697	10,439,192
Deferred tax, net	685,612	764,594
Other assets, net	7,528,036	6,547,866
TOTAL ASSETS	342,928,809	352,814,733
LIABILITIES
Deposits by customers	247,941,180	250,992,323
Interbank deposits and repurchase agreements and other similar secured borrowing	1,076,436	1,091,184
Derivative financial instruments	6,710,364	4,737,454
Borrowings from other financial institutions	15,648,606	19,692,638
Debt instruments in issue	14,663,576	19,575,988
Lease liabilities	1,773,610	1,900,268
Preferred shares	584,204	584,204
Current tax	164,339	965,180
Deferred tax, net	1,785,230	633,361
Employee benefit plans	882,954	765,371
Other liabilities	12,648,581	11,879,211
TOTAL LIABILITIES	303,879,080	312,817,182
EQUITY
Share capital	480,914	480,914
Additional paid-in-capital	4,857,454	4,857,454
Appropriated reserves	20,044,769	15,930,665
Retained earnings	2,515,278	3,278,164
Net income attributable to equity holders of the Parent Company	6,116,936	6,783,490
Accumulated other comprehensive income, net of tax	4,074,161	7,758,216
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY	38,089,512	39,088,903
Non-controlling interest	960,217	908,648
TOTAL EQUITY	39,049,729	39,997,551
TOTAL LIABILITIES AND EQUITY	342,928,809	352,814,733
Cost
ASSETS
Loans and advances to customers	253,951,647	269,923,739
Premises and equipment	9,062,128	9,166,204
Right-of-use assets, lease	2,383,508	2,555,720
Allowance
ASSETS
Loans and advances to customers	$ (16,223,103)	$ (15,479,640)

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest on loans and financial leases
Total interest income on loans and financial leases	$ 35,240,787	$ 24,783,493	$ 15,344,290
Interest on debt instruments using the effective interest method	1,029,377	588,792	311,488
Total Interest on financial instruments using the effective interest method	36,270,164	25,372,285	15,655,778
Interest income on overnight and market funds	197,307	61,962	9,413
Interest and valuation on financial instruments	578,688	1,362,700	470,554
Total interest and valuation on financial instruments	37,046,159	26,796,947	16,135,745
Interest expenses	(16,668,295)	(8,442,470)	(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	20,377,864	18,354,477	11,784,189
Credit impairment charges on loans, advances and financial leases, net	(7,461,479)	(3,721,353)	(2,521,178)
Credit (impairment) recovery for other financial instruments	(107)	(70,344)	100,648
Total credit impairment charges, net	(7,461,586)	(3,791,697)	(2,420,530)
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	12,916,278	14,562,780	9,363,659
Fees and commissions income	7,080,878	6,370,526	5,293,804
Fees and commissions expenses	(3,097,280)	(2,590,166)	(1,860,683)
Total fees and commissions, net	3,983,598	3,780,360	3,433,121
Other operating income	3,979,650	2,053,435	2,022,141
Dividends and net income on equity investments	210,185	235,854	328,344
Total operating income, net	21,089,711	20,632,429	15,147,265
Operating expenses
Salaries and employee benefits	(5,350,234)	(4,417,656)	(3,782,596)
Other administrative and general expenses	(5,033,944)	(4,559,900)	(3,740,506)
Taxes other than income tax	(1,433,148)	(929,512)	(719,593)
Impairment, depreciation and amortization	(1,124,859)	(980,575)	(920,558)
Total operating expenses	(12,942,185)	(10,887,643)	(9,163,253)
Profit before income tax	8,147,526	9,744,786	5,984,012
Income tax	(1,932,555)	(2,748,421)	(1,776,225)
Net income	6,214,971	6,996,365	4,207,787
Net income attributable to equity holders of the Parent Company	6,116,936	6,783,490	4,086,795
Non-controlling interest	$ 98,035	$ 212,875	$ 120,992
Basic earnings per share to common shareholders, stated in units of pesos	$ 6,420	$ 7,113	$ 4,309
Diluted earnings per share to common shareholders, stated in units of pesos	$ 6,420	$ 7,113	$ 4,309
Commercial
Interest on loans and financial leases
Total interest income on loans and financial leases	$ 17,277,481	$ 10,950,463	$ 6,073,718
Consumer
Interest on loans and financial leases
Total interest income on loans and financial leases	10,062,092	7,821,758	5,362,194
Small Business Loans [Member]
Interest on loans and financial leases
Total interest income on loans and financial leases	169,301	172,384	135,914
Mortgage
Interest on loans and financial leases
Total interest income on loans and financial leases	3,852,725	3,377,432	2,331,971
Financial Leases
Interest on loans and financial leases
Total interest income on loans and financial leases	$ 3,879,188	$ 2,461,456	$ 1,440,493

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income		$ 6,214,971	$ 6,996,365	$ 4,207,787
Other comprehensive income/(loss) that will not be reclassified to net income
Remeasurement income related to defined benefit liability		(44,594)	69,249	7,444
Income tax		13,234	(25,090)	(1,791)
Net of tax amount		(31,360)	44,159	5,653
Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)
Unrealized gain		11,144	33,354	3,994
Income tax		(246)	(1,282)	48,153
Net of tax amount		10,898	32,072	52,147
Gains on asset revaluation
Income tax			(71)	(142)
Net of tax amount			(71)	(142)
Total other comprehensive income that will not be reclassified to net income, net of tax		(20,462)	76,160	57,658
Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)
(Loss)/Gain on investments recycled to profit or loss upon disposal		(8,679)	15,250	34,440
Unrealized gain/(loss)		119,225	(182,729)	(101,544)
Unrealized (loss)/gain for fair value hedging			(3,647)	6,285
Changes in loss allowance for credit losses		3,741	(1,259)	(233)
Income tax		(21,023)	7,843	9,527
Net of tax amount		93,264	(164,542)	(51,525)
Foreign currency translation adjustments:
Exchange differences arising on translating the foreign operations		(4,963,913)	4,064,795	2,513,742
Gain / (Loss) on net investment hedge in foreign operations		1,948,833	(1,833,087)	(1,207,052)
Income tax		(772,755)	746,232	493,346
Net of tax amount	[1]	(3,787,835)	2,977,940	1,800,036
Unrealized (loss)/gain on investments in associates and joint ventures using equity method		(2,225)	(1,929)	2,913
Income tax		2,223	(1,221)	(982)
Net of tax amount		(2)	(3,150)	1,931
Total other comprehensive income that may be reclassified to net income, net of tax		(3,694,573)	2,810,248	1,750,442
Other comprehensive income, attributable to the owners of the Parent Company, net of tax		(3,715,035)	2,886,408	1,808,100
Other comprehensive income, attributable to the Non-controlling interest		(5,222)	3,441	6,540
Total comprehensive income		2,494,714	9,886,214	6,022,427
Total comprehensive income attributable to: Equity holders of the Parent Company		2,401,901	9,669,898	5,894,895
Total comprehensive income attributable to: Non-controlling interests		$ 92,813	$ 216,316	$ 127,532
[1] Note

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical)	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Percentage of revaluation of Colombian peso against US Dollar	20.54%
Percentage of devaluation of Colombian peso against US Dollar		20.82%

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - COP ($) $ in Millions		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
Beginning 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	[1]						(122,725)					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
Ending 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
Transfer to profit from previous years												4,086,795	(4,086,795)
Dividend payment		(2,943,199)										(2,943,199)			(2,943,199)
Other reserves		(29,426)			1,269,658							(1,299,084)			(29,426)
Realization of retained earnings	[1],[2]						(15,408)			798	12,029	2,581
Others		11,776										11,776			11,776
Acquisition Non-controlling interest	[3]	145,507										145,507		(961,588)	(816,081)
Non-controlling interest														(37,191)	(37,191)
Net income		6,783,490											6,783,490	212,875	6,996,365
Other comprehensive income		2,886,408				2,977,940	32,072	(164,542)	(71)	(3,150)	44,159			3,441	2,889,849
Ending balance at Dec. 31, 2022		39,088,903	480,914	4,857,454	15,930,665	7,762,214	152,028	(160,570)	2,137	11,522	(9,115)	3,278,164	6,783,490	908,648	39,997,551
Transfer to profit from previous years												6,783,490	(6,783,490)
Dividend payment		(3,343,319)										(3,343,319)			(3,343,319)
Other reserves		(35,580)			4,114,104							(4,149,684)			(35,580)
Realization of retained earnings	[4]						30,980					(30,980)
Others		(22,393)										(22,393)			(22,393)
Non-controlling interest														(41,244)	(41,244)
Net income		6,116,936											6,116,936	98,035	6,214,971
Other comprehensive income		(3,715,035)				(3,787,835)	10,898	93,264		(2)	(31,360)			(5,222)	(3,720,257)
Ending balance at Dec. 31, 2023		$ 38,089,512	$ 480,914	$ 4,857,454	$ 20,044,769	$ 3,974,379	$ 193,906	$ (67,306)	$ 2,137	$ 11,520	$ (40,475)	$ 2,515,278	$ 6,116,936	$ 960,217	$ 39,049,729
[1] Mainly corresponds to partial payments of asset-backed securities investments. Corresponds to termination to the Pension Premium Plan. For further information see Note 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium. During the third trimester of 2022, the Parent Company increased its participation percentage in FCP Fondo Inmobiliario Colombia. As of December 31, 2022, the Parent Company’s’ participation in said the private equity fund increased to 80.47% . For further information see Note 1 Reporting Entity. Corresponds mainly to the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Peru and Chile Stock Exchanges in November 2023. See Note 5.1. Financial assets investments.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends paid, ordinary shares per share	$ 3,536	$ 3,120	$ 260
FCP Fondo Inmobiliario Colombia
Percentage of investment in private equity fund	80.47%
Common shares
Number of shares outstanding	509,704,584	509,704,584	509,704,584
Preferred shares
Number of shares outstanding	452,122,416	452,122,416	452,122,416

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOW - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income		$ 6,214,971	$ 6,996,365	$ 4,207,787
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,082,838	949,448	855,167
Other assets impairment		42,021	31,127	65,391
Impairment of investments in associates and joint ventures		108,175	9,633	1,733
Equity method		(113,115)	(219,105)	(199,652)
Credit impairment charges on loans and advances and financial leases		7,461,479	3,721,353	2,521,178
Credit impairment (recovery) charges on off balance sheet credit and other financial instruments	[1]	107	70,344	(100,648)
Gain on sales of assets held for sale and inventories		(170,910)	(171,482)	(227,445)
Valuation gain on investment securities		(1,680,403)	(1,786,416)	(790,063)
Loss upon disposal of investment in subsidiary, associates, and joint ventures	[2]		41,434
Valuation (losses) gain on derivative financial instruments		(180,246)	(68,055)	(319,524)
Income tax		1,932,555	2,748,421	1,776,225
Bonuses and short-term benefits		734,916	640,458	526,273
Dividends		(127,427)	(59,072)	(108,079)
Investment property valuation		(197,526)	(236,617)	(67,762)
Effect of exchange rate changes	[3]	(245,915)	(224,788)	507,449
Other non-cash items		74,905	22,632	(29,076)
Net interest		(18,572,492)	(16,341,023)	(10,992,734)
Change in operating assets and liabilities:
Decrease in derivative financial instruments		859,961	348,554	245,064
(Increase) Decrease in accounts receivable		(525,550)	515,052	(489,266)
Increase in loans and advances to customers		(10,554,946)	(37,593,875)	(24,057,389)
Increase other assets		(1,151,822)	(724,769)	(278,776)
Increase in accounts payable		945,923	2,719,586	1,271,347
(Increase) Decrease in other liabilities		245,593	(127,044)	(296,865)
Increase in deposits by customers		17,025,357	23,214,318	19,290,140
(Decrease) Increase in estimated liabilities and provisions		(40,602)	(31,945)	21,629
Net changes in investment securities recognized at fair value through profit or loss		(1,988,166)	6,321,440	1,834,085
Proceeds from sales of assets held for sale and inventories		1,060,642	778,328	735,788
Recovery of charged-off loans		770,934	674,966	565,436
Income tax paid		(2,737,511)	(2,057,388)	(1,441,413)
Dividend received		155,676	81,899	90,822
Interest received		34,702,410	23,603,725	15,896,674
Interest paid		(15,978,748)	(7,508,066)	(4,410,742)
Net cash provided by operating activities		19,153,084	6,339,438	6,602,754
Cash flows from investment activities:
Purchases of debt instruments at amortized cost		(3,629,543)	(4,915,717)	(3,722,124)
Proceeds from maturities of debt instruments at amortized cost		4,738,686	4,260,063	2,984,260
Purchases of debt instruments at fair value through OCI		(7,837,997)	(6,562,334)	(8,850,491)
Proceeds from debt instruments at fair value through OCI		9,253,538	6,797,420	10,699,010
Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures		(122,910)	(255,129)	(44,915)
Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures		16,804	198,807	69,448
Consideration paid to non-controlling interests	[4]		(816,081)
Purchases of premises and equipment and investment properties		(2,412,123)	(3,538,855)	(2,185,800)
Acquisition of subsidiaries			799	(9,178)
Proceeds from sales of premises and equipment and investment properties		185,324	421,729	553,652
Purchase of other long-term assets		(351,468)	(245,204)	(144,348)
Net cash used in investing activities		(159,689)	(4,654,502)	(650,486)
Cash flows from financing activities:
Increase (Decrease) in repurchase agreements and other similar secured borrowing		304,846	(579,488)	(1,457,203)
Proceeds from borrowings from other financial institutions		9,855,033	14,374,110	4,182,658
Repayment of borrowings from other financial institutions		(9,921,582)	(5,874,833)	(8,447,238)
Payment of lease liability		(182,596)	(157,402)	(136,797)
Placement of debt instruments in issue	[5]	1,781,728	2,138,125	1,387,401
Payment of debt instruments in issue		(3,928,673)	(6,699,219)	(1,871,576)
Dividends paid		(3,298,183)	(2,310,666)	(467,217)
Transactions with non-controlling interests		(41,245)	(37,191)
Net cash (used) provided in financing activities	[6]	(5,430,672)	853,436	(6,809,972)
Effect of exchange rate changes on cash and cash equivalents		(5,408,405)	3,777,073	2,486,401
Increase (Decrease) in cash and cash equivalents		13,562,723	2,538,372	(857,704)
Cash and cash equivalents at beginning of year		31,645,291	25,329,846	23,701,149
Cash and cash equivalents at end of year		$ 39,799,609	$ 31,645,291	$ 25,329,846
[1] The decrease is mainly due to the financial guarantees and loan commitments. In 2022, was registered the spin-off of Protección S.A. and the creation of Asulado Seguros de Vida S.A., were registered; the Bank sold its interest in Asulado Seguros de Vida S.A. to SURA Asset Management S.A., to comply with the authorized investment regime. For further information, see Note 2.A.2. During the third trimester of 2022, the Parent Company increased its participation percentage in FCP Fondo Inmobiliario Colombia. As of December 31, 2022, the participation in said private equity fund increased to 80.47% . For further information see Note 1 Reporting Entity. For further information, see Note 18 Debt instruments in issues. 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) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF CASH FLOW
Transfer of loans and returned goods to assets held for sale and inventories		$ 1,361,465	$ 889,752	$ 672,586
Non-cash transaction, value of loans and advance to customers and assets held for sale received as payment by residual rights				75,664
Effect of exchange rate changes	[1]	$ (245,915)	$ (224,788)	$ 507,449
FCP Fondo Inmobiliario Colombia
CONSOLIDATED STATEMENT OF CASH FLOW
Percentage of investment in private equity fund			80.47%
[1] For further information, see Note 2.A.2.

REPORTING ENTITY

REPORTING ENTITY	12 Months Ended
	Dec. 31, 2023
REPORTING ENTITY
REPORTING ENTITY	NOTE 1. REPORTING ENTITY Bancolombia S.A., hereinafter the Parent Company, 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 1441, dated May 6, 2022, at the 20th 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. The Parent Company and its subsidiaries include the following operating segments: United States, 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. The Parent Company, through its subsidiaries, has banking operations and an international presence in United States, Puerto Rico, Panama, Guatemala, and El Salvador. On May 25, 2022 and April 15, 2022, respectively, the regulatory authorizations and licenses were obtained for the operation as a broker-dealer and as an investment adviser (registered investment adviser) in the United States, through its subsidiaries Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC, and Bancolombia Capital Advisers LLC, which were incorporated in September 2021. On June 4, 2021, the Parent signed an agreement for the assignment of the fiduciary rights of the PA FAI Calle 77 trust, subject to condition. Fulfilled the condition on March 1, 2022, the Parent Company was established as trustor of PA FAI Calle 77, owner of a property used for housing rental. The amount paid by the Parent Company was COP 56,968 . The main purpose of the trust is to carry out the development, administration, management and operation of the project, on the aforementioned property in the city of Bogotá. For further information, see Note 9.3 Business combination. The operations in Barbados through Mercom Bank Ltd. 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, the assets, liabilities and contracts were transferred to other companies which are also part of the Bank. The company Transportempo S.A.S. is winding down since May 2023. On December 14, 2021, the Parent Company´s Board of Directors authorized the legal separation of the Nequi business, the digital platform of the Bank. The Financial Superintendence of Colombia (Superintendencia Financiera de Colombia) through Resolution 0843 of July 6, 2022, later modified by the Resolution 0955 of July 27, 2022, authorized the establishment of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation through which Nequi will operate as a 100% digital credit establishment. Nequi must obtain an authorization certificate or operating permit, accredited by the Financial Superintendence of Colombia in order to operate. Activities for this process are in progress. In September 2022, the company NEQUI S.A. was created with a capitalization of COP 150,000 distributed mainly in Banca de Inversión Bancolombia S.A. Corporación Financiera with a participation percentage of 94.99% and Inversiones CFNS S.A.S. of 5.01% . On July 22, 2022, through the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, the company Wenia LTD, a digital corporate vehicle whose purpose is the provision of technology services, was incorporated in Bermuda. By private document of October 18, 2022, Wenia LTD as the sole shareholder, registered on November 22, 2022, in the Chamber of Commerce of Colombia, the company of a commercial nature called Wenia S.A.S., whose purpose is, among others, the creation and implementation of operating systems and software applications During the third quarter of 2022, the Bank increased its participation in the FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of governance and strategy. To date, the participation in the private equity fund amounts to 80.47% . The effect on shareholders' equity (amounts in millions of COP) is as follows: ​ ​ ​ ​ Consideration paid to non-controlling interests ​ 816,081 ​ Carrying amount of non-controlling interests acquired ​ 961,588 ​ Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity ​ 145,507 ​ ​ Additionally, the operations in Cayman Islands through Bancolombia Cayman were in the process of dismantling, for which, on November 22, 2023, the Cayman Islands Monetary Authority approved the surrender the banking license pursuant to Section 20(1)(a) of the Banks and Trust Companies Law (2021 Revision) (the "BTCA"), therefore, the banking license has been cancelled as of such date. The company is in liquidation. ​ As of December 31, 2023, the Bank has 34,756 employees, 35,431 banking correspondents, 6,080 ATMs and operates through 831 offices. ​ For more information on the Bank’s subsidiaries, see Note 2.C.1. Subsidiaries.

MATERIAL ACCOUNTING POLICIES

MATERIAL ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
MATERIAL ACCOUNTING POLICIES
MATERIAL ACCOUNTING POLICIES	NOTE 2. MATERIAL ACCO U NTI NG 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. ​ ​ 1. Preparation of the consolidated financial statements under going concern basis Management has 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, 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. Almost all investments in associates and joint ventures are measured using the equity method. The consolidated financial statements are stated in Colombian pesos (“COP”) and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the 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 the impairment of credit risk through allowances for loans losses, the classification and measurement of certain financial instruments (such as debt securities and equity instruments) and the recognition of 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. 2. Revised presentation of Statement of Cash Flow ​ In preparing the consolidated statement of cash flow as of December 31, 2023, the Company identified an error in the classification of the amount relating to the exchange difference of operating activities in the consolidated statement of cash flow for the years ended December 31, 2022 and 2021, that was included in the line “Effect of exchange rate changes on cash and cash equivalents”. The Company has made adjustments to the prior periods amounts presented in these financial statements accordingly. The Management evaluated the error in the classification and determined that the related impacts were not material. ​ The revisions to the consolidated statement of cash flow as of December 31, 2022 and 2021, are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Adjustments ​ December 31, 2022 ​ ​ (As previously reported) ​ ​ ​ (As revised) ​ ​ In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Effect of exchange rate changes ​ - ​ (224,788) ​ (224,788) Net cash provided by operating activities ​ 6,564,226 ​ (224,788) ​ 6,339,438 Effect of exchange rate changes on cash and cash equivalents ​ 3,552,285 ​ 224,788 ​ 3,777,073 Increase (Decrease) in cash and cash equivalents ​ 2,763,160 ​ (224,788) ​ 2,538,372 Cash and cash equivalents at beginning of year ​ 25,329,846 ​ - ​ 25,329,846 Cash and cash equivalents at end of year ​ 31,645,291 ​ - ​ 31,645,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Adjustments ​ December 31, 2021 ​ ​ (As previously reported) ​ ​ ​ (As revised) ​ ​ In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Effect of exchange rate changes ​ - ​ 507,449 ​ 507,449 Net cash provided by operating activities ​ 6,095,305 ​ 507,449 ​ 6,602,754 Effect of exchange rate changes on cash and cash equivalents ​ 2,993,850 ​ (507,449) ​ 2,486,401 Increase (Decrease) in cash and cash equivalents ​ (1,365,153) ​ 507,449 ​ (857,704) Cash and cash equivalents at beginning of year ​ 23,701,149 ​ - ​ 23,701,149 Cash and cash equivalents at end of year ​ 25,329,846 ​ - ​ 25,329,846 ​ 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 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, 2023 and 2022. The Parent Company consolidates the financial results of the entities over which it exerts control. ​ 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 2023 ​ BANK 2022 ​ BANK 2021 ​ 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 % WOMPI S.A.S. (before “VLIPCO S.A.S.”) (1) ​ Colombia ​ Technology services provider ​ 100.00 % 99.98 % 94.77 % Renting Colombia S.A.S. ​ Colombia ​ Operating leasing ​ 100.00 % 100.00 % 100.00 % Transportempo S.A.S. “En Liquidación” ​ Colombia ​ Transportation ​ 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. ​ Colombia ​ Investments ​ 99.94 % 99.94 % 99.94 % Negocios Digitales Colombia S.A.S. (before “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 ​ 80.47 % 80.47 % 49.96 % P.A. Inmuebles CEM (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Calle 92 FIC-11 (2) ​ Colombia ​ Mercantil trust ​ 52.31 % 52.31 % 32.47 % P.A. FIC Edificio Corfinsura (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC-A5 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC Inmuebles (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC Clínica de Prado (2) ​ Colombia ​ Mercantil trust ​ 62.00 % 62.00 % 38.49 % P.A. FIC A6 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Central Point (2) ​ Colombia ​ Mercantil trust ​ 60.35 % 60.35 % 37.47 % Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Twins Bay (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % Fideicomiso Lote Av San Martín (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Lote 30 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % Fideicomiso Fondo Inmobiliario Bancolombia (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 17.54 % P.A. Florencia Ferrara (2)(3) ​ Colombia ​ Mercantil trust ​ 44.26 % 44.26 % - ​ P.A. Flor Morado Plaza (3) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % - ​ P.A. Galería la 33 (4) ​ Colombia ​ Mercantil trust ​ 80.47 % - ​ - ​ Valores Simesa S.A. (5) ​ Colombia ​ Investments ​ 64.93 % 66.33 % 66.82 % Fideicomiso Lote Distrito Vera B1B2 (5) ​ Colombia ​ Mercantil trust ​ 64.61 % 66.00 % 66.49 % Fideicomiso Lote Distrito Vera B3B4 (5) ​ Colombia ​ Mercantil trust ​ 64.61 % 66.00 % 66.49 % Fideicomiso Lote B6 Ciudad del Rio (6) ​ Colombia ​ Mercantil trust ​ - ​ 66.00 % - ​ P.A. FAI CALLE 77 (7) ​ Colombia ​ Real estate investment fund ​ 98.00 % 98.00 % - ​ P.A. NOMAD SALITRE (8) ​ Colombia ​ Real estate investment fund ​ 98.00 % 98.00 % - ​ P.A. NOMAD CENTRAL-2 (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. CALLE 84 (2) (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. CALLE 84 (3) (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. MERCURIO (10) ​ Colombia ​ Real estate investment fund ​ 100.00 % 100.00 % - ​ Wenia S.A.S. (11) ​ Colombia ​ Technology services ​ 100.00 % 100.00 % - ​ P.A. Wenia (11) ​ Colombia ​ Mercantil trust ​ 100.00 % - ​ - ​ Nequi S.A. Compañía de Financiamiento (12) ​ Colombia ​ Financial services ​ 100.00 % 100.00 % - ​ 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 % 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. (13) ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. (14) ​ Panama ​ Collective investment fund ​ - ​ - ​ 100.00 % Fondo Renta Sostenible Global S.A. (14) ​ Panama ​ Collective investment fund ​ - ​ - ​ 100.00 % Banistmo Capital Markets Group Inc. (13) ​ Panama ​ Purchase and sale of securities ​ 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (13) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (13) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (13) ​ Panama ​ Portfolio holder ​ 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (13) ​ Panama ​ Real estate broker ​ 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Banco Agromercantil de Guatemala S.A. ​ Guatemala ​ Banking ​ 99.68 % 99.68 % 99.66 % Seguros Agromercantil de Guatemala S.A. ​ Guatemala ​ Insurance agency ​ 79.92 % 79.92 % 79.92 % Financiera Agromercantil S.A. ​ Guatemala ​ Financial services ​ 100.00 % 100.00 % 100.00 % Agrovalores S.A. ​ Guatemala ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Arrendadora Agromercantil S.A. ​ Guatemala ​ Operating Leasing ​ 100.00 % 100.00 % 100.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (15) ​ Guatemala ​ Insurance agency ​ - ​ 100.00 % 100.00 % Asistencia y Ajustes S.A. ​ Guatemala ​ Roadside and medical assistance services ​ 100.00 % 100.00 % 100.00 % Serproba S.A. ​ Guatemala ​ Maintenance and remodeling services ​ 100.00 % 100.00 % 100.00 % Servicios de Formalización S.A. ​ Guatemala ​ Loans formalization ​ 100.00 % 100.00 % 100.00 % Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación” ​ Guatemala ​ Maintenance services ​ 100.00 % 100.00 % 100.00 % Mercom Bank Ltd. (16) ​ Barbados ​ Banking ​ 99.68 % 99.68 % 99.66 % New Alma Enterprises Ltd. ​ Bahamas ​ Investments ​ 99.68 % 99.68 % 99.66 % Bancolombia Puerto Rico Internacional Inc. ​ Puerto Rico ​ Banking ​ 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (17) ​ 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 Banagrícola 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 (18) ​ United States ​ Holding ​ 100.00 % 100.00 % 100.00 % Bancolombia Capital Adviser LLC (18) ​ United States ​ Investment advisor ​ 100.00 % 100.00 % 100.00 % Bancolombia Capital LLC (18) ​ United States ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Wenia Ltd. (11) ​ Bermuda ​ Technology services ​ 100.00 % 100.00 % - ​ (1) During 2022 and 2023, the Bank, through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors. (2) During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, to strengthen governance and strategy decisions. For further information, see Note 1. Reporting entity. (3) Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022. (4) Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023. (5) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa S.A. during 2023 and 2022. (6) During 2023, the trust rights were transferred by Valores Simesa S.A. (7) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Note 1. Reporting entity and Note 9.3. Business combination. (8) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a multifamily project. (9) During February and April 2023, the Parent Company was established as trustor of P.A. Nomad Central-2, P.A. Calle 84 (2) and P.A. Calle 84 (3), through a management mercantil trust agreement. (10) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement. (11) On July 22, 2022, the Bank, through the subsidiary Sistemas de Inversiones y Negocios S.A. Sinesa, established the company Wenia Ltd. in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia Ltd. established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the trust rights of P.A. Wenia. For further information, see Note 1. Reporting entity. (12) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, a Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100.00% digital credit establishment. For further information, see Note 1. Reporting entity. (13) Investments in non-operational stage. (14) Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10. (15) Company liquidated as of June 2023. (16) On September 30, 2021, Mercom Bank Ltd. shareholders authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting entity. (17) On October 5, 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. For further information, see Note 1. Reporting entity. (18) 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. For the years ended as of December 31, 2023 and 2022, the reserves recognized amounted to COP 835,527 and COP 1,036,919 . The establishment of these reserves restricts 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 refer to those 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. ​ 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. 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, 2023 ​ the Bank, 2022 ​ the Bank, 2021 ​ 2023 ​ 2022 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) ​ Colombia ​ 80.47 % 80.47 % 49.96 % 5,503,022 ​ 5,023,316 Fideicomiso Lote Distrito Vera B1B2 (2) ​ Colombia ​ 64.61 % 66.00 % 66.49 % 25,073 ​ 55,733 Fideicomiso Lote Distrito Vera B3B4 (2) ​ Colombia ​ 64.61 % 66.00 % 66.49 % 56,295 ​ 53,558 Fideicomiso Lote B6 Ciudad del Rio (3) ​ Colombia ​ - ​ 66.00 % - ​ - ​ 66,150 Banistmo Panamá Fondo de Inversión S.A. (4) ​ Panama ​ 100.00 % 100.00 % 100.00 % 132,496 ​ 243,268 (1) It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information, see Note 1. Reporting entity. (2) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2, Lote Distrito Vera B3B4 and Lote B6 Ciudad del Rio), during 2023 and 2022. For further information, see Note 2.C. Consolidation. (3) During 2023, the trust rights were transferred by Valores Simesa S.A. (4) Investment in non-operational stage. For further information, see Note 2.C. Consolidation. ​ For all these 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”. ​ 4. 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. In a business combination, 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. ​ ​ 4.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia ​ During the third quarter of 2022, the Bank increased its participation in the FCP Fondo Inmobiliario Colombia by 30.51% to have greater control over the governance and strategy decisions making in this investment. The participation in this private equity fund amounted to 80.47% as of December 31, 2022. With this transaction, FCP Fondo Inmobiliario Colombia 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. ​ During 2023, returns were not delivered to the non-controlling interest. During 2022, 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 41,219 as of December 31, 2022. ​ The following table summarizes the net income and cash flows as of December 31, 2021 related to the FCP Fondo Inmobiliario Colombia: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year-Ended 2021 ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ Valuation of investment properties ​ ​ ​ ​ ​ 85,148 Valuation of trust rights ​ ​ ​ ​ ​ - Rents ​ ​ ​ ​ ​ 187,194 Profits of equity method investees ​ ​ ​ ​ ​ 105,439 Other income ​ ​ ​ ​ ​ 92,298 Total Income ​ ​ ​ ​ ​ 470,079 Expenses ​ ​ ​ ​ ​ ​ Interest on loans ​ ​ ​ ​ ​ (73,201) Other administrative and general expenses ​ ​ ​ ​ ​ (212,385) Total Expenses ​ ​ ​ ​ ​ (285,586) Net Income ​ ​ ​ ​ ​ 184,493 Condensed cash flow (1) ​ ​ ​ ​ ​ ​ Net cash used in operating activities ​ ​ ​ ​ ​ (34,442) Net cash provided by financing activities ​ ​ ​ ​ ​ 21,882 Cash and cash equivalents at beginning of year ​ ​ ​ ​ ​ 63,368 Cash and cash equivalents at end of year ​ ​ ​ ​ ​ 50,808 (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, 2023, 2022 and 2021, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 663,713 , COP 605,611 and COP 1,369,084 , respectively and the profit allocated to non-controlling interest amounted to COP 58,102 , COP 71,354 and COP 92,353 , respectively. ​ D. Material Accounting Policies The material accounting policies used by the Bank in the preparation of its consolidated financial statements are detailed below: ​ 1. Functional currency, transactions and balances in foreign currency The functional and presentation currency of the Bank´s consolidated financial statements is the Colombian peso. Therefore, all balances and transactions denominated in currencies other than the Colombian peso are considered as foreign currency, which 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 the transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end 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. ​ The Bank translated the results and financial position of foreign subsidiaries a functional 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 for the period; and ● All resulting of such translations are recognized in other comprehensive income in the caption “Translation adjustment”. ​ When a foreign operation is sold, 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, 2023 ​ December 31, 2022 ​ December 31, 2021 Year-end exchange rate ​ 3,822.05 ​ 4,810.20 ​ 3,981.16 Average rate for the period ended at ​ 4,330.14 ​ 4,257.12 ​ 3,747.24 ​ ​ ​ 2. 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. ​ 3. 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 March 1, 2022, the Bank completed the acquisition of the PA FAI Calle 77 Trust, which constituted a business combination. For further details of this transaction, see Note 9.3. Business combin

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2023
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 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 toguarantee quality service and promote business growth and country development. In order to offer specialized services to individuals, small and medium-sized enterprises (SMEs) and large companies, the individual sales force classifies its target customers as: Personal, Plus and Corporate. 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. On December 14 of 2021, the Parent Company´s Board of Directors authorized the legal separation of the Nequi business, the digital platform of the Bank. The Financial Superintendence of Colombia (Superintendencia Financiera de Colombia) through Resolution 0843 of July 6, 2022, later modified by the Resolution 0955 of July 27, 2022, authorized the establishment of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation through which Nequi will operate as a 100% digital credit establishment. Nequi must obtain an authorization certificate or operating permit, accredited by the Financial Superintendence of Colombia in order to operate. For further information, see Note 1. Reporting Entity. This segment is responsible for managing the Bank operations with its own portfolio, liquidity and distribution of treasury products and services to its customers 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 S.A. 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. y Valores Banistmo S.A.; and of the following non-operational subsidiaries: Banistmo Panamá Fondo de Inversión S.A., Banistmo Capital Markets Group Inc., Anavi Investment Corporation S.A., Desarrollo de Oriente S.A., Steens Enterprises S.A. and Ordway Holdings 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., 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. On June 29, 2023, Agencia de Seguros y Fianzas Agromercantil S.A.S. was wound up. The Mercom Bank Ltd is in the process of gradually winding down its operations. 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. 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. This segments also includes the operations of Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC and Bancolombia Capital Advisers LLC, to provide broker-dealer and investment advisor services in the United States. For further information, 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. (company in liquidation), 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. 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. For further information, 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. (company in liquidation). 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., Negocios Digitales Colombia S.A.S., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa and the technology services company Wompi S.A.S. From 2022, this segment includes the operations developed by the trusts P.A. FAI CALLE 77, P.A. Nomad Salitre and P.A. Mercurio, from 2023 it includes P.A. Nomad Central, P.A. Calle 84 (2) and P.A. Calle 84 (3). In addition, includes Wenia LTD, a company formed by the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, in Bermuda. The company is a corporate vehicle for the creation and implementation of operating systems and software applications. Additionally, it includes Wenia S.A.S. which since December 2023 began to consolidate the Wenia P.A. For further information, see Note 1. Reporting Entity. In accordance with IFRS 8, the figures reported in "all other segments" combine the information on operating segments that did not meet the quantitative thresholds defined by this same standard, i.e., the absolute individual amount of their reported results is, in absolute terms, less than 10 percent of the combined results of all segments and their assets represent less than 10 percent of the combined assets of all operating segments 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, 2023 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ segments In millions of COP Total interest and valuation on financial instruments ​ 29,230,060 ​ 2,826,559 ​ 1,773,140 ​ 1,795,543 ​ 47 ​ 6 ​ 45,875 ​ 1,112,171 ​ 262,758 ​ 37,046,159 Interest income on loans and financial leases ​ 28,366,678 ​ 2,415,234 ​ 1,524,765 ​ 1,726,821 ​ 47 ​ - ​ 5,076 ​ 940,091 ​ 262,075 ​ 35,240,787 Total debt investments ​ 937,090 ​ 301,167 ​ 236,350 ​ 60,534 ​ - ​ 6 ​ 36,538 ​ 85,091 ​ 683 ​ 1,657,459 Derivatives ​ (167,887) ​ 817 ​ 11,187 ​ - ​ - ​ - ​ (1,747) ​ (188) ​ - ​ (157,818) Total liquidity operations ​ 94,179 ​ 109,341 ​ 838 ​ 8,188 ​ - ​ - ​ 6,008 ​ 87,177 ​ - ​ 305,731 Interest expenses ​ (13,464,980) ​ (1,238,112) ​ (464,851) ​ (731,886) ​ (179) ​ (1) ​ (222) ​ (596,039) ​ (172,025) ​ (16,668,295) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 15,765,080 ​ 1,588,447 ​ 1,308,289 ​ 1,063,657 ​ (132) ​ 5 ​ 45,653 ​ 516,132 ​ 90,733 ​ 20,377,864 Total credit impairment charges, net ​ (6,480,377) ​ (270,501) ​ (154,938) ​ (499,368) ​ (2,893) ​ (380) ​ 106 ​ 4,164 ​ (57,399) ​ (7,461,586) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 9,284,703 ​ 1,317,946 ​ 1,153,351 ​ 564,289 ​ (3,025) ​ (375) ​ 45,759 ​ 520,296 ​ 33,334 ​ 12,916,278 (Expenses) Revenues from transactions the operating segments of the Bank ​ (187,467) ​ (34,105) ​ (17,844) ​ (76,054) ​ (16,518) ​ 13,949 ​ 68,617 ​ 415,508 ​ (166,086) ​ - Fees and commissions income (1) ​ 5,252,099 ​ 532,930 ​ 479,568 ​ 223,200 ​ 361,965 ​ 55,917 ​ 103,985 ​ 47,228 ​ 23,986 ​ 7,080,878 Fees and commissions expenses ​ (2,522,927) ​ (258,897) ​ (188,972) ​ (89,405) ​ (4,244) ​ (238) ​ (8,645) ​ (11,042) ​ (12,910) ​ (3,097,280) Total fees and commissions, net ​ 2,729,172 ​ 274,033 ​ 290,596 ​ 133,795 ​ 357,721 ​ 55,679 ​ 95,340 ​ 36,186 ​ 11,076 ​ 3,983,598 Other operating income (Expenses) ​ 1,575,845 ​ 36,939 ​ 51,656 ​ 130,757 ​ 14,107 ​ (1,011) ​ 4,737 ​ 16,794 ​ 2,149,826 ​ 3,979,650 Dividends and net income on equity investments ​ 17,613 ​ 13,498 ​ 10,982 ​ 1,827 ​ 33,275 ​ (98,512) ​ 6,416 ​ 37 ​ 225,049 ​ 210,185 Total operating income, net ​ 13,419,866 ​ 1,608,311 ​ 1,488,741 ​ 754,614 ​ 385,560 ​ (30,270) ​ 220,869 ​ 988,821 ​ 2,253,199 ​ 21,089,711 Operating expenses (2) ​ (8,022,042) ​ (909,843) ​ (668,105) ​ (620,928) ​ (177,626) ​ (49,759) ​ (186,212) ​ (89,219) ​ (1,093,592) ​ (11,817,326) Impairment, depreciation and amortization ​ (744,346) ​ (107,716) ​ (131,921) ​ (55,243) ​ (2,218) ​ (208) ​ (2,950) ​ (4,259) ​ (75,998) ​ (1,124,859) Total operating expenses ​ (8,766,388) ​ (1,017,559) ​ (800,026) ​ (676,171) ​ (179,844) ​ (49,967) ​ (189,162) ​ (93,478) ​ (1,169,590) ​ (12,942,185) Profit before income tax ​ 4,653,478 ​ 590,752 ​ 688,715 ​ 78,443 ​ 205,716 ​ (80,237) ​ 31,707 ​ 895,343 ​ 1,083,609 ​ 8,147,526 (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 and taxes other than income tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ segments In millions of COP Total interest and valuation on financial instruments ​ 20,727,335 ​ 2,364,820 ​ 1,527,860 ​ 1,537,801 ​ 72 ​ 4 ​ 12,996 ​ 512,417 ​ 113,642 ​ 26,796,947 Interest income on loans and financial leases ​ 19,263,960 ​ 2,154,151 ​ 1,293,556 ​ 1,509,143 ​ 72 ​ - ​ 511 ​ 446,028 ​ 116,072 ​ 24,783,493 Total debt investments ​ 1,361,299 ​ 161,974 ​ 170,423 ​ 27,089 ​ - ​ 4 ​ 20,024 ​ 48,722 ​ (2,447) ​ 1,787,088 Derivatives ​ 108,255 ​ (1,026) ​ 63,494 ​ - ​ - ​ - ​ 658 ​ - ​ - ​ 171,381 Total liquidity operations ​ (6,179) ​ 49,721 ​ 387 ​ 1,569 ​ - ​ - ​ (8,197) ​ 17,667 ​ 17 ​ 54,985 Interest expenses ​ (6,333,834) ​ (910,937) ​ (297,839) ​ (528,459) ​ (150) ​ (4) ​ (104) ​ (271,280) ​ (99,863) ​ (8,442,470) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 14,393,501 ​ 1,453,883 ​ 1,230,021 ​ 1,009,342 ​ (78) ​ - ​ 12,892 ​ 241,137 ​ 13,779 ​ 18,354,477 Total credit impairment charges, net ​ (2,971,599) ​ (545,012) ​ (102,710) ​ (168,834) ​ (796) ​ (924) ​ 3,133 ​ 25,029 ​ (29,984) ​ (3,791,697) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 11,421,902 ​ 908,871 ​ 1,127,311 ​ 840,508 ​ (874) ​ (924) ​ 16,025 ​ 266,166 ​ (16,205) ​ 14,562,780 Revenues (Expenses) from transactions the operating segments of the Bank ​ (32,163) ​ (25,022) ​ (7,371) ​ (45,526) ​ (12,658) ​ 3,404 ​ 53,229 ​ 212,049 ​ (145,942) ​ - Fees and commissions income(1) ​ 4,684,563 ​ 446,583 ​ 444,177 ​ 218,554 ​ 318,869 ​ 86,232 ​ 111,366 ​ 42,021 ​ 18,161 ​ 6,370,526 Fees and commissions expenses ​ (2,099,585) ​ (210,004) ​ (170,563) ​ (91,424) ​ (3,668) ​ (269) ​ (6,160) ​ (8,025) ​ (468) ​ (2,590,166) Total fees and commissions, net ​ 2,584,978 ​ 236,579 ​ 273,614 ​ 127,130 ​ 315,201 ​ 85,963 ​ 105,206 ​ 33,996 ​ 17,693 ​ 3,780,360 Other operating income (Expenses) ​ (72,994) ​ 51,494 ​ 19,685 ​ 129,403 ​ 14,897 ​ 671 ​ 13,575 ​ 9,954 ​ 1,886,750 ​ 2,053,435 Dividends and net income on equity investments ​ (8,058) ​ 9,655 ​ 5,340 ​ 828 ​ 2,164 ​ 8,760 ​ (4,314) ​ 35 ​ 221,444 ​ 235,854 Total operating income, net ​ 13,893,665 ​ 1,181,577 ​ 1,418,579 ​ 1,052,343 ​ 318,730 ​ 97,874 ​ 183,721 ​ 522,200 ​ 1,963,740 ​ 20,632,429 Operating expenses(2) ​ (6,600,686) ​ (797,091) ​ (639,748) ​ (577,497) ​ (153,377) ​ (47,997) ​ (153,317) ​ (79,814) ​ (857,541) ​ (9,907,068) Impairment, depreciation and amortization ​ (613,807) ​ (110,293) ​ (106,601) ​ (54,999) ​ (1,630) ​ (232) ​ (1,754) ​ (2,626) ​ (88,633) ​ (980,575) Total operating expenses ​ (7,214,493) ​ (907,384) ​ (746,349) ​ (632,496) ​ (155,007) ​ (48,229) ​ (155,071) ​ (82,440) ​ (946,174) ​ (10,887,643) Profit before income tax ​ 6,679,172 ​ 274,193 ​ 672,230 ​ 419,847 ​ 163,723 ​ 49,645 ​ 28,650 ​ 439,760 ​ 1,017,566 ​ 9,744,786 (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 and taxes other than income tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 1,040 ​ (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 the operating segments of the Bank ​ 18,458 ​ (10,089) ​ 7 ​ (26,324) ​ (26,584) ​ 3,576 ​ 59,995 ​ 81,997 ​ (101,036) ​ - ​ - ​ - Fees and commission 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 commission 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 commission income, 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 (Expenses) ​ 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 (Loss) 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 and taxes other than income tax. ​ The following table presents financial information of the total assets and liabilities by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 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 ​ 254,367,378 ​ 40,740,495 ​ 21,608,586 ​ 21,377,205 ​ 658,547 ​ 1,719,824 ​ 351,694 ​ 30,199,897 ​ 10,224,734 ​ 381,248,360 ​ (38,319,551) ​ 342,928,809 Total liabilities ​ 216,200,157 ​ 36,315,750 ​ 19,220,367 ​ 19,469,075 ​ 138,171 ​ 51,841 ​ 121,423 ​ 20,734,521 ​ 4,874,547 ​ 317,125,852 ​ (13,246,772) ​ 303,879,080 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 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 ​ 247,113,605 ​ 52,445,934 ​ 26,696,524 ​ 26,143,629 ​ 603,486 ​ 2,116,143 ​ 326,047 ​ 35,131,458 ​ 9,222,529 ​ 399,799,355 ​ (46,984,622) ​ 352,814,733 Total liabilities ​ 207,293,246 ​ 47,081,613 ​ 23,738,984 ​ 23,635,997 ​ 126,307 ​ 80,162 ​ 106,115 ​ 23,216,118 ​ 4,320,836 ​ 329,599,378 ​ (16,782,196) ​ 312,817,182 ​ The following table presents financial information of the investments in associates and joint ventures by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 332,862 ​ 21,292 ​ 285,838 ​ 617,982 ​ 1,739,629 ​ 2,997,603 Equity method ​ (52,183) ​ 2,730 ​ 30,043 ​ 4,398 ​ 128,127 ​ 113,115 (1) As of December 31, 2023, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 337,024 ​ 28,029 ​ 256,720 ​ 700,936 ​ 1,592,924 ​ 2,915,633 Equity method ​ 2,588 ​ 3,617 ​ 22,522 ​ 3,857 ​ 186,521 ​ 219,105 (1) As of December 31, 2022, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Geographic information ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ ​ valuation (1) ​ assets (2) ​ valuation (1) ​ assets (2) ​ valuation (1) ​ assets (2) In millions of COP Colombia ​ 29,812,448 ​ 13,466,457 ​ 20,977,845 ​ 12,666,847 ​ 11,605,829 ​ 9,413,340 Panama ​ 4,234,542 ​ 877,407 ​ 3,023,461 ​ 1,042,824 ​ 2,251,653 ​ 838,278 El Salvador ​ 1,774,165 ​ 547,357 ​ 1,528,264 ​ 636,071 ​ 1,194,026 ​ 434,212 Guatemala ​ 1,795,597 ​ 361,840 ​ 1,537,811 ​ 445,288 ​ 1,178,619 ​ 347,084 United States of America ​ 55 ​ 4,805 ​ - ​ 7,504 ​ - ​ - Bermuda ​ 184 ​ 3,434 ​ 2 ​ - ​ - ​ - Puerto Rico ​ 149,541 ​ 1,297 ​ 64,709 ​ 2,328 ​ 49,662 ​ 1,644 Total ​ 37,766,532 ​ 15,262,597 ​ 27,132,092 ​ 14,800,862 ​ 16,279,789 ​ 11,034,558 Eliminations and adjustment ​ (720,373) ​ 7,000,343 ​ (335,145) ​ 8,795,011 ​ (144,044) ​ 7,655,610 Total, net ​ 37,046,159 ​ 22,262,940 ​ 26,796,947 ​ 23,595,873 ​ 16,135,745 ​ 18,690,168 (1) Includes interest and valuation on financial instruments. (2) Includes assets held for sale, premises and equipment, net, investment property, right-of-use assets, goodwill and intangible assets, net.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Cash and balances at central bank ​ ​ ​ ​ Cash ​ 8,830,305 ​ 8,854,169 Due from central banks (1) ​ 11,248,230 ​ 9,602,209 Due from other private financial entities ​ 7,607,921 ​ 5,881,022 Checks on hold ​ 214,004 ​ 289,924 Remittances of domestic negotiated checks in transit ​ 74,524 ​ 93,844 Total cash and due from banks ​ 27,974,984 ​ 24,721,168 Money market transactions ​ ​ ​ ​ Interbank borrowings ​ 3,983,699 ​ 4,050,407 Reverse repurchase agreements and other similar secured loans ​ 7,840,926 ​ 2,873,716 Total money market transactions ​ 11,824,625 ​ 6,924,123 Total cash and cash equivalents ​ 39,799,609 ​ 31,645,291 (1) According to External Resolution No. 20 of 2020 of Banco de la República, which amends External Resolution No. 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain, the equivalent of 8% of the deposits mentioned in Article 1, paragraph (a), and the equivalent of 3.5% of its customer’s deposits with a maturity of less than 18 months (paragraph b), as ordinary 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, circular SBP-DR-0045-2023 dated July 25, 2023, communicates the decision of the Superintendency of Banks of Panama to maintain the percentage established in the General Resolution of the Board of Directors SBP-GJD-0003-2014 dated January 28, 2014, which sets at 30.00% the minimum legal liquidity rate that Panamanian banks must maintain. Finally, in accordance with temporary rule NPBT-11, which is effective from September 27, 2023, to March 26, 2024, Banco Agrícola must maintain an equivalent average daily amount of its deposits and debt instruments in issue as a liquidity reserve between 1.00% and 16.00% represented in unrestricted deposits or debt instruments in issue by El Salvador Central Bank. Once the complete term established, the bank continues with the Technical Norm (NRP-28), issued by the Central Bank, where the Bank must maintain an equivalent amount between 1.00% and 18.00% , which has been in effect since 23 June 2021. ​ As of December 31, 2023 and 2022, there is restricted cash amounting to COP 1,082,611 and COP 752,099 , 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, 2023
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, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income, net ​ cost, net ​ value, net In millions of COP Securities issued by foreign governments ​ 6,274,400 ​ 2,437,996 ​ 537,831 ​ 9,250,227 Securities issued by the Colombian Government ​ 4,725,605 ​ 2,725,722 ​ 68,624 ​ 7,519,951 Corporate bonds ​ 237,234 ​ 611,153 ​ 2,559,336 ​ 3,407,723 Securities issued by government entities ​ 84,990 ​ - ​ 3,129,501 ​ 3,214,491 Securities issued by other financial institutions (1)(2) ​ 774,178 ​ 373,306 ​ 552,790 ​ 1,700,274 Total debt instruments ​ 12,096,407 ​ 6,148,177 ​ 6,848,082 ​ 25,092,666 Total equity securities ​ 98,853 ​ 444,357 ​ ​ ​ 543,210 Total other instruments financial (3) ​ 38,319 ​ ​ ​ ​ ​ 38,319 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 25,674,195 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 84,301 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP 93,264 related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income, net ​ cost, net ​ value, net In millions of COP Securities issued by foreign governments ​ 5,967,856 ​ 4,694,369 ​ 755,282 ​ 11,417,507 Securities issued by the Colombian Government ​ 4,260,230 ​ 2,590,622 ​ 206,950 ​ 7,057,802 Corporate bonds ​ 121,527 ​ 123,327 ​ 3,680,260 ​ 3,925,114 Securities issued by government entities ​ 79,035 ​ - ​ 3,059,550 ​ 3,138,585 Securities issued by other financial institutions (1)(2) ​ 610,618 ​ 569,357 ​ 634,318 ​ 1,814,293 Total debt instruments ​ 11,039,266 ​ 7,977,675 ​ 8,336,360 ​ 27,353,301 Total equity securities ​ 102,274 ​ 442,394 ​ ​ ​ 544,668 Total other instruments financial (3) ​ 42,171 ​ ​ ​ ​ ​ 42,171 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 27,940,140 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 91,204 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, 2022, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP (164,542) related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S. and Sistema de Inversiones y Negocios, S.A. In 2022 were revealed as debt instruments and equity securities. ​ The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 foreign governments ​ 4,864,121 ​ 513,546 ​ 283,020 ​ 613,713 ​ 6,274,400 Securities issued by the Colombian Government ​ 390,307 ​ 2,759,392 ​ 491,867 ​ 1,084,039 ​ 4,725,605 Securities issued by other financial institutions ​ 312,749 ​ 236,597 ​ 89,526 ​ 135,306 ​ 774,178 Corporate bonds ​ 39,361 ​ 40,930 ​ 28,624 ​ 128,319 ​ 237,234 Securities issued by government entities ​ 48,893 ​ 33,601 ​ 2,496 ​ - ​ 84,990 Subtotal ​ 5,655,431 ​ 3,584,066 ​ 895,533 ​ 1,961,377 ​ 12,096,407 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 2,672,090 ​ 53,632 ​ - ​ - ​ 2,725,722 Securities issued by foreign governments ​ 1,346,171 ​ 598,014 ​ 355,927 ​ 137,884 ​ 2,437,996 Corporate bonds ​ 549 ​ - ​ 63,474 ​ 547,130 ​ 611,153 Securities issued by other financial institutions ​ 149,124 ​ 154,659 ​ - ​ 69,523 ​ 373,306 Subtotal ​ 4,167,934 ​ 806,305 ​ 419,401 ​ 754,537 ​ 6,148,177 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by government entities ​ 3,078,744 ​ - ​ - ​ 50,757 ​ 3,129,501 Corporate bonds ​ 229,811 ​ 46,925 ​ 322,314 ​ 1,960,286 ​ 2,559,336 Securities issued by other financial institutions ​ 103,414 ​ 106,681 ​ 46,969 ​ 295,726 ​ 552,790 Securities issued by foreign governments ​ 188,651 ​ 189,744 ​ 56,703 ​ 102,733 ​ 537,831 Securities issued by the Colombian Government ​ 39,046 ​ - ​ 7,350 ​ 22,228 ​ 68,624 Subtotal ​ 3,639,666 ​ 343,350 ​ 433,336 ​ 2,431,730 ​ 6,848,082 Total debt instruments ​ 13,463,031 ​ 4,733,721 ​ 1,748,270 ​ 5,147,644 ​ 25,092,666 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 foreign governments ​ 5,187,871 ​ 100,436 ​ 367,120 ​ 312,429 ​ 5,967,856 Securities issued by the Colombian Government ​ 1,639,518 ​ 866,241 ​ 472,955 ​ 1,281,516 ​ 4,260,230 Securities issued by other financial institutions ​ 198,255 ​ 287,933 ​ 52,592 ​ 71,838 ​ 610,618 Corporate bonds ​ 46,638 ​ 32,989 ​ 19,228 ​ 22,672 ​ 121,527 Securities issued by government entities ​ 23,763 ​ 45,921 ​ 5,757 ​ 3,594 ​ 79,035 Subtotal ​ 7,096,045 ​ 1,333,520 ​ 917,652 ​ 1,692,049 ​ 11,039,266 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ 2,930,125 ​ 878,199 ​ 694,837 ​ 191,208 ​ 4,694,369 Securities issued by the Colombian Government ​ 2,590,622 ​ - ​ - ​ - ​ 2,590,622 Securities issued by other financial institutions ​ 148,925 ​ 316,099 ​ - ​ 104,333 ​ 569,357 Corporate bonds ​ - ​ - ​ - ​ 123,327 ​ 123,327 Subtotal ​ 5,669,672 ​ 1,194,298 ​ 694,837 ​ 418,868 ​ 7,977,675 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ 250,583 ​ 423,154 ​ 755,067 ​ 2,251,456 ​ 3,680,260 Securities issued by government entities ​ 3,008,521 ​ - ​ - ​ 51,029 ​ 3,059,550 Securities issued by foreign governments ​ 16,676 ​ 431,662 ​ 116,919 ​ 190,025 ​ 755,282 Securities issued by other financial institutions ​ 79,800 ​ 191,690 ​ 48,701 ​ 314,127 ​ 634,318 Securities issued by the Colombian Government ​ - ​ 170,314 ​ 9,139 ​ 27,497 ​ 206,950 Subtotal ​ 3,355,580 ​ 1,216,820 ​ 929,826 ​ 2,834,134 ​ 8,336,360 Total debt instruments ​ 16,121,297 ​ 3,744,638 ​ 2,542,315 ​ 4,945,051 ​ 27,353,301 ​ 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 10,898 in 2023, COP 32,072 in 2022 and COP 52,147 in 2021 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, 2023 ​ December 31, 2022 In millions of COP Securities at fair value through OCI: ​ ​ ​ ​ Equity securities listed in Colombia (1) ​ 2 ​ 40,878 Equity securities listed in foreign countries (1) ​ 78,787 ​ 8,038 Equity securities unlisted: ​ ​ ​ ​ Telered S.A. ​ 164,981 ​ 207,562 Asociación Gremial de Instituciones Financieras Credibanco S.A. ​ 110,786 ​ 98,492 Transacciones y Transferencias, S. A. ​ 17,346 ​ 16,890 Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. ​ 16,333 ​ 21,727 Cámara de Riesgo Central de Contraparte de Colombia S.A. ​ 14,998 ​ 6,038 Derecho Fiduciario Inmobiliaria Cadenalco ​ 4,449 ​ 4,003 Others ​ 36,675 ​ 38,766 Total equity securities at fair value through OCI ​ 444,357 ​ 442,394 (1) In November 2023, the integration of the stock exchanges of Colombia, Chile, and Peru was perfected, resulting in the creation of the Regional Stock Holding. As a result of this integration, 5,992,160 shares of the Bolsa de Valores de Colombia S.A. were delisted for COP 56,146 , and 3,606,223 shares were recognized in the Regional Stock Holding for COP 78,139 , this transaction generated an income in results of COP 21,993 , see Note 25.5. Dividends and net income on equity investments. The Bank retains 134 shares that were not included in this transaction, valued at COP ​ During 2023, 2022 and 2021, no impairment loss was recognized on equity securities. Dividends received from equity investments at fair value through OCI held as of December 31, 2023, 2022 and 2021 amounted to COP 18,464 , COP 16,842 and COP 12,665 , 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, 2023 and 2022 is as follows: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ Up to 3 months ​ Time deposits ​ 120,477 Securities issued by foreign governments ​ Between 3 and 6 months ​ Time deposits ​ 94,582 Securities issued by other financial institutions ​ Up to 3 months ​ Time deposits ​ 5,443 Securities issued by other financial institutions ​ Between 6 and 12 months ​ Time deposits ​ 2,179 Securities issued by other financial institutions ​ Greater than 12 months ​ Time deposits ​ 25,938 Securities issued by other financial institutions ​ Greater than 12 months ​ Bonds ​ 6,687 Corporate bonds ​ Up to 3 months ​ Bonds ​ 4,570 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 259,876 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Up to 3 months ​ TES - Treasury instruments ​ 39,257 Securities issued by the Colombian Government ​ Between 6 and 12 months ​ TES - Treasury instruments ​ 7,821 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 1,244,190 Securities issued by foreign governments ​ Between 3 and 6 months ​ Foreign issueds ​ 1,875 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 1,293,143 Total securities pledged as collateral ​ ​ ​ ​ ​ 1,553,019 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Corporate bonds ​ Between 3 and 6 months ​ Bonds ​ 5,101 Securities issued by other financial institutions ​ Greater than 12 months ​ Bonds ​ 1,861 Securities issued by other financial institutions ​ Greater than 12 months ​ Time deposits ​ 2,171 Securities issued by the Colombian Government ​ Up to 3 months ​ TES - Treasury instruments ​ 23,764 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 30,383 Securities issued by foreign governments ​ Greater than 12 months ​ Bonds ​ 212,249 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 275,529 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Up to 3 months ​ TES - Treasury instruments ​ 320,252 Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 38,083 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 215,250 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 573,585 Total securities pledged as collateral ​ ​ ​ ​ ​ 849,114 ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments portfolio measure at fair value through OCI and amortized cost ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total In millions of COP Gross carrying amount as at 1 January 2023 ​ 15,973,144 ​ 340,891 ​ - ​ 16,314,035 Transfer from stage 1 to stage 3 (1) ​ (30,784) ​ - ​ 30,784 ​ - Transfer from stage 2 to stage 1 (1) ​ 6,627 ​ (6,627) ​ - ​ - Sales and maturities ​ (9,792,950) ​ - ​ - ​ (9,792,950) Purchases ​ 7,701,763 ​ - ​ - ​ 7,701,763 Valuation and payments ​ 84,609 ​ (66,959) ​ - ​ 17,650 Foreign Exchange ​ (1,182,067) ​ (62,172) ​ - ​ (1,244,239) Gross carrying amount as at 31 December 2023 ​ 12,760,342 ​ 205,133 ​ 30,784 ​ 12,996,259 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ 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 2022 ​ 13,545,514 ​ 227,167 ​ 13,772,681 Transfer from stage 1 to stage 2 (1) ​ (23,017) ​ 23,017 ​ - Transfer from stage 2 to stage 1 (2) ​ 129,403 ​ (129,403) ​ - Change in measure (3) ​ (110,061) ​ - ​ (110,061) Sales and maturities ​ (8,056,827) ​ (96,382) ​ (8,153,209) Purchases ​ 9,814,484 ​ 286,278 ​ 10,100,762 Valuation and payments ​ (381,921) ​ 2,979 ​ (378,942) Foreign Exchange ​ 1,055,569 ​ 27,235 ​ 1,082,804 Gross carrying amount as at 31 December 2022 ​ 15,973,144 ​ 340,891 ​ 16,314,035 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. ​ The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total In millions of COP Securities at amortized cost ​ 6,612,165 ​ 205,133 ​ 30,784 ​ 6,848,082 Carrying amount ​ 6,642,104 ​ 217,046 ​ 44,735 ​ 6,903,885 Loss allowance ​ (29,939) ​ (11,913) ​ (13,951) ​ (55,803) Securities at fair value through other comprehensive income (1) ​ 6,148,177 ​ - ​ - ​ 6,148,177 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 12,760,342 ​ 205,133 ​ 30,784 ​ 12,996,259 (1) Loss allowance of investments at fair value through OCI corresponds to COP (5,562) classified in stage 1. The increase in relation to 2022 is due to the acquisition of instruments for COP 3,760 . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Securities at amortized cost ​ 7,995,469 ​ 340,891 ​ 8,336,360 Carrying amount ​ 8,025,350 ​ 375,911 ​ 8,401,261 Loss allowance ​ (29,881) ​ (35,020) ​ (64,901) Securities at fair value through other comprehensive income (1) ​ 7,977,675 ​ - ​ 7,977,675 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 15,973,144 ​ 340,891 ​ 16,314,035 (1) Loss allowance of investments at fair value through OCI corresponds to COP (2,288) classified in stage 1. ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total In millions of COP Loss allowance of January 1, 2023 ​ 29,881 ​ 35,020 ​ - ​ 64,901 Transfer from stage 1 to stage 3 (1) ​ (13,951) ​ - ​ 13,951 ​ - Transfer from stage 2 to stage 1 (1) ​ 129 ​ (129) ​ - ​ - Sales and maturities ​ (9,459) ​ - ​ - ​ (9,459) New debt instruments purchased (2) ​ 10,497 ​ - ​ - ​ 10,497 Net provisions recognised during the period (3) ​ 19,030 ​ (17,882) ​ - ​ 1,148 Foreign Exchange (4) ​ (6,188) ​ (5,096) ​ - ​ (11,284) Loss allowance of December 31, 2023 ​ 29,939 ​ 11,913 ​ 13,951 ​ 55,803 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. (2) Impairment is mainly in securities issued by government entities and corporate bonds by Bancolombia S.A. and Banistmo S.A. y Filiales. (3) The increase in stage 1 is mostly due to a higher value of impairment loss in corporate bonds by Banistmo S.A. y Filiales and provision recovery in stage 2 is mostly in securities issued by foreign governments by Banagrícola S.A. y Filiales. (4) The decrease is due to the variation in the market representative rate during the year 2023. As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2022 ​ 17,690 ​ 6,989 ​ 24,679 Transfer from stage 1 to stage 2 (1) ​ (3,808) ​ 3,808 ​ - Transfer from stage 2 to stage 1 (2) ​ 526 ​ (526) ​ - Change in measure (3) ​ (213) ​ - ​ (213) Sales and maturities ​ (6,097) ​ (1,170) ​ (7,267) New debt instruments purchased (4) ​ 16,104 ​ 28,795 ​ 44,899 Net provisions recognised during the period ​ 3,482 ​ (4,088) ​ (606) Foreign Exchange ​ 2,197 ​ 1,212 ​ 3,409 Loss allowance of December 31, 2022 ​ 29,881 ​ 35,020 ​ 64,901 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. (4) Impairment is mainly in securities issued by the government of Salvador and corporate bonds. ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2021 ​ 34,500 ​ 4,626 ​ 39,126 Transfer from stage 1 to stage 2 (1) ​ (1,670) ​ 1,670 ​ - Sales and maturities ​ (6,137) ​ - ​ (6,137) New debt instruments purchased ​ 10,273 ​ - ​ 10,273 Net provisions recognised during the period ​ (23,809) ​ (46) ​ (23,855) Foreign Exchange ​ 4,533 ​ 739 ​ 5,272 Loss allowance of December 31, 2021 ​ 17,690 ​ 6,989 ​ 24,679 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Bancolombia Panamá S.A. ​ 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 Risk Management. The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ Derivatives ​ December 31, 2023 ​ December 31, 2022 In millions of COP Forwards ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 4,381,906 ​ 1,573,952 Equity contracts ​ 3,015 ​ 5,519 Subtotal assets ​ 4,384,921 ​ 1,579,471 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ 4,526,353 ​ 1,711,644 Equity contracts ​ 10,481 ​ 7,203 Subtotal liabilities ​ 4,536,834 ​ 1,718,847 Total forwards ​ (151,913) ​ (139,376) Swaps ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 1,304,337 ​ 2,394,832 Interest rate contracts ​ 352,424 ​ 865,627 Subtotal assets ​ 1,656,761 ​ 3,260,459 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ 1,491,086 ​ 1,917,397 Interest rate contracts ​ 449,857 ​ 1,008,302 Subtotal liabilities ​ 1,940,943 ​ 2,925,699 Total swaps ​ (284,182) ​ 334,760 Options ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 210,588 ​ 121,307 Subtotal assets ​ 210,588 ​ 121,307 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ 232,587 ​ 92,908 Subtotal liabilities ​ 232,587 ​ 92,908 Total options ​ (21,999) ​ 28,399 Derivative assets ​ 6,252,270 ​ 4,961,237 Derivative liabilities ​ 6,710,364 ​ 4,737,454 ​ The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 4,384,921 ​ 1,656,761 ​ 210,588 ​ 6,252,270 Less than 1 year ​ 4,235,981 ​ 642,305 ​ 135,559 ​ 5,013,845 Between 1 and 3 years ​ 147,826 ​ 517,314 ​ 75,029 ​ 740,169 Greater than 3 years ​ 1,114 ​ 497,142 ​ - ​ 498,256 Liabilities ​ 4,536,834 ​ 1,940,943 ​ 232,587 ​ 6,710,364 Less than 1 year ​ 4,419,918 ​ 419,251 ​ 152,285 ​ 4,991,454 Between 1 and 3 years ​ 116,916 ​ 979,130 ​ 80,302 ​ 1,176,348 Greater than 3 years ​ - ​ 542,562 ​ - ​ 542,562 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 1,579,471 ​ 3,260,459 ​ 121,307 ​ 4,961,237 Less than 1 year ​ 1,432,022 ​ 860,281 ​ 108,319 ​ 2,400,622 Between 1 and 3 years ​ 147,449 ​ 1,241,252 ​ 12,988 ​ 1,401,689 Greater than 3 years ​ - ​ 1,158,926 ​ - ​ 1,158,926 Liabilities ​ 1,718,847 ​ 2,925,699 ​ 92,908 ​ 4,737,454 Less than 1 year ​ 1,642,706 ​ 501,368 ​ 80,854 ​ 2,224,928 Between 1 and 3 years ​ 76,141 ​ 1,092,480 ​ 12,054 ​ 1,180,675 Greater than 3 years ​ - ​ 1,331,851 ​ - ​ 1,331,851 ​ Collateral for derivatives The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 In millions of COP Collateral granted ​ 2,326,977 ​ 1,143,266 Collateral received ​ 795,628 ​ 655,176 ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Options ​ Total In millions of COP Balance at January 1, 2023 ​ 61,724 ​ 16,580 ​ 39,714 ​ 118,018 New trades ​ 1,159,069 ​ (26,905) ​ 195,456 ​ 1,327,620 Amortization ​ (1,176,173) ​ 4,166 ​ (148,299) ​ (1,320,306) Sale or transfer ​ (8,331) ​ (7,471) ​ (23,803) ​ (39,605) Balance at December 31, 2023 ​ 36,289 ​ (13,630) ​ 63,068 ​ 85,727 ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Opciones ​ Total In millions of COP Balance at January 1, 2022 ​ 16,918 ​ 27,894 ​ 26,675 ​ 71,487 New trades ​ 315,395 ​ 11,937 ​ 164,460 ​ 491,792 Amortization ​ (265,268) ​ (18,723) ​ (113,705) ​ (397,696) Sale or transfer ​ (5,321) ​ (4,528) ​ (37,716) ​ (47,565) Balance at December 31, 2022 ​ 61,724 ​ 16,580 ​ 39,714 ​ 118,018 ​ Hedges of a net asset in a foreign operation ​ The Bank has designated debt instruments in issue and financing with correspondent banks for USD 1,592,034 in 2023 and USD 2,060,000 in 2022 as hedge accounting for an equivalent amount of the net assets of its investment in Banistmo. The purpose of this operation is to protect the Bank from the foreign exchange rate risk (USD/COP) of a portion of the net assets in the subsidiary Banistmo S.A., a company domicilied in Panama, which has a different functional currency from that of the Group. In August 2023 and December 2022, the Bank discontinued USD 467,966 and USD 140,000 from the hedging relationship, respectively. ​ The following is the detail of the hedging instruments of the net foreign investment: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities issued designated as a hedging instrument In thousands of USD ​ ​ ​ ​ ​ ​ ​ ​ Designated capital as Opening date ​ Expiration date ​ Rate ​ Principal balance ​ a hedged instrument 18/10/2017 ​ 18/10/2027 ​ 7.03 % 750,000 ​ 360,000 18/12/2019 ​ 18/12/2029 ​ 4.68 % 436,516 ​ 436,516 18/12/2019 ​ 18/12/2029 ​ 4.68 % 85,710 ​ 85,710 18/12/2019 ​ 18/12/2029 ​ 4.68 % 27,774 ​ 27,774 29/01/2020 ​ 29/01/2025 ​ 3.02 % 482,034 ​ 482,034 Total debt securities issued ​ ​ ​ 1,782,034 ​ 1,392,034 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 ​ 17/03/2025 ​ 6.06 % 150,000 ​ 150,000 7/09/2022 ​ 5/09/2025 ​ 6.36 % 50,000 ​ 50,000 Total financing with Correspondent Banks ​ 200,000 ​ 200,000 Total ​ ​ ​ ​ ​ 1,982,034 ​ 1,592,034 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities issued designated as a hedging instrument In thousands of USD ​ ​ ​ ​ ​ ​ ​ ​ Designated capital as Opening date ​ Expiration date ​ Rate ​ Principal balance ​ a hedged instrument 18/10/2017 ​ 18/10/2027 ​ 7.03 % 750,000 ​ 360,000 18/12/2019 ​ 18/12/2029 ​ 4.68 % 436,516 ​ 436,516 18/12/2019 ​ 18/12/2029 ​ 4.68 % 85,710 ​ 85,710 18/12/2019 ​ 18/12/2029 ​ 4.68 % 27,774 ​ 27,774 29/01/2020 ​ 29/01/2025 ​ 3.02 % 598,032 ​ 598,032 29/01/2020 ​ 29/01/2025 ​ 3.02 % 351,968 ​ 351,968 Total debt securities issued ​ ​ ​ 2,250,000 ​ 1,860,000 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 ​ 17/03/2025 ​ 6.06 % 150,000 ​ 150,000 7/09/2022 ​ 5/09/2025 ​ 6.36 % 50,000 ​ 50,000 Total financing with Correspondent Banks ​ 200,000 ​ 200,000 Total ​ ​ ​ ​ ​ 2,450,000 ​ 2,060,000 ​ Measurement of effectiveness and ineffectiveness ​ A hedge is considered effective if, at the beginning of the period and subsequent periods, changes in fair value or cash flows attributable to the hedge risk during the period for which the hedge has been designated. ​ The Bank has documented the effectiveness tests of the hedge.The hedge is considered effective, since the critical terms and risks of the obligations that serve as a hedging instrument are identical to those of the primary hedged position. Hedged effectiveness is measured on a before income tax. ​ Gains or losses on the conversion of Banistmo’s financial statements are recognized in Consolidated Statements of Comprehensive Income. Consequently, the exchange difference related to the conversion of debt securities issued and financing with Correspondent banks is recognized directly in OCI, as a result of the revaluation of the peso against the dollar, the adjustment recognized in Consolidated Statements of Comprehensive Income amounted to COP 1,948,833 , COP (1,833,087) and COP (1,207,052) , for the years ended at December 31, 2023, 2022 and 2021, respectively. ​ For further information see note 17. Borrowings from other financial institusions, 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, 2023 and 2022 by derivative and by risk: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Forwards ​ 4,381,906 ​ 4,526,353 Swaps ​ 1,304,337 ​ 1,491,086 Options ​ 210,588 ​ 232,587 Interest rate contracts ​ ​ ​ ​ Swaps ​ 352,424 ​ 449,857 Equity contracts ​ ​ ​ ​ Forwards ​ 3,015 ​ 10,481 Gross derivative assets/liabilities ​ 6,252,270 ​ 6,710,364 Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 6,252,270 ​ 6,710,364 Master netting agreements ​ (6,215,727) ​ (5,548,746) Collateral received/paid ​ (36,543) ​ (1,161,618) Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ - ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Forwards ​ 1,573,952 ​ 1,711,644 Swaps ​ 2,394,832 ​ 1,917,397 Options ​ 121,307 ​ 92,908 Interest rate contracts ​ ​ ​ ​ Swaps ​ 865,627 ​ 1,008,302 Equity contracts ​ ​ ​ ​ Forwards ​ 5,519 ​ 7,203 Gross derivative assets/liabilities ​ 4,961,237 ​ 4,737,454 Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 4,961,237 ​ 4,737,454 Master netting agreements ​ (4,369,178) ​ (4,578,461) Collateral received/paid ​ (592,059) ​ (158,993) 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.

LOANS AND ADVANCES TO CUSTOMERS

LOANS AND ADVANCES TO CUSTOMERS, NET	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2023 ​ December 31, 2022 In millions of COP Commercial ​ 134,687,396 ​ 143,537,853 Consumer ​ 54,591,769 ​ 59,588,721 Mortgage ​ 36,250,408 ​ 37,371,373 Financial Leases (1) ​ 27,277,057 ​ 28,097,716 Small Business Loans ​ 1,145,017 ​ 1,328,076 Total gross loans and advances to customers (2) ​ 253,951,647 ​ 269,923,739 Total allowance ​ (16,223,103) ​ (15,479,640) Total Net loans and advances to customers ​ 237,728,544 ​ 254,444,099 (1) See note 7.1 Lessor. (2) The operations in Colombia and Banistmo in Panama contributed to the portfolio contraction. In addition, in 2023 the Colombian peso revalued 20.54% against the US dollar. ​ 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, 2023, 2022 and 2021: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2023 ​ 7,270,305 ​ 6,047,135 ​ 1,024,091 ​ 1,013,074 ​ 125,035 ​ 15,479,640 Loan sales (1) ​ (829,547) ​ - ​ - ​ - ​ - ​ (829,547) Recovery of charged - off loans ​ 93,251 ​ 548,655 ​ 64,573 ​ 61,749 ​ 2,706 ​ 770,934 Credit impairment charges on loans, advances and financial leases, net ​ 756,174 ​ 6,313,453 ​ 104,417 ​ 167,904 ​ 119,531 ​ 7,461,479 Adjusted stage 3 (2) ​ 427,283 ​ 509,668 ​ 33,465 ​ 67,288 ​ 11,201 ​ 1,048,905 Charges-off ​ (970,685) ​ (5,261,966) ​ (128,532) ​ (277,904) ​ (81,276) ​ (6,720,363) Translation adjustment ​ (456,515) ​ (439,907) ​ (74,808) ​ (7,536) ​ (9,179) ​ (987,945) Balance at December 31, 2023 ​ 6,290,266 ​ 7,717,038 ​ 1,023,206 ​ 1,024,575 ​ 168,018 ​ 16,223,103 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ The charges-off still subject to enforcement activity. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2022 ​ 7,813,023 ​ 5,305,267 ​ 1,061,058 ​ 1,521,067 ​ 164,067 ​ 15,864,482 Loan sales (1) ​ (225,226) ​ - ​ - ​ - ​ - ​ (225,226) Recovery of charged - off loans ​ 188,018 ​ 385,011 ​ 28,690 ​ 72,056 ​ 1,191 ​ 674,966 Credit impairment charges on loans, advances and financial leases, net ​ 502,577 ​ 3,447,515 ​ 183,436 ​ (461,665) ​ 49,490 ​ 3,721,353 Adjusted stage 3 (2) ​ 323,196 ​ 279,843 ​ 38,769 ​ 48,836 ​ 11,989 ​ 702,633 Charges-off ​ (1,742,895) ​ (3,788,517) ​ (345,991) ​ (176,407) ​ (111,092) ​ (6,164,902) Translation adjustment ​ 411,612 ​ 418,016 ​ 58,129 ​ 9,187 ​ 9,390 ​ 906,334 Balance at December 31, 2022 ​ 7,270,305 ​ 6,047,135 ​ 1,024,091 ​ 1,013,074 ​ 125,035 ​ 15,479,640 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ The charges-off still subject to enforcement activity. ​ 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 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) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ The charges-off still subject to enforcement activity. ​ The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses. ​ ​ ​ ​ ​ ​ Changes in the contractual cash flows of the loan portfolio that did not result in derecognition ​ ​ ​ ​ In millions of COP ​ ​ 2023 ​ 2022 Loan portfolio modified during the period ​ ​ ​ ​ Amortized cost before modification ​ 7,566,692 ​ 5,524,962 Net gain or loss on changes ​ (182,023) ​ (78,790) Loan portfolio modified since initial recognition ​ ​ ​ ​ Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months. ​ 393,789 ​ 164,423 ​ Impact of movements in the value of the portfolio and loss allowance by Stage ​ Variation December 2023 vs December 2022 ​ Stage 1 (12-month expected credit losses) Stage 1 exposure decreased by COP 14,397,167 and the loss allowance increased by COP 820,111 . The decrease in the portfolio at this stage is mainly due to the restatement of the dollar loans into colombian pesos due to a lower in the market representative rate and a slow disbursement dynamic of the consumer portfolio compared to the previous period. The increase in the loss allowance is due to the impact of a less favorable economic outlook, where there is lower economic growth and a high trend of interest rates throughout the year. ​ Stage 2 (Lifetime expected credit losses) The exposure in Stage 2 decreased by COP 2,613,778 and the loss allowance decreased by COP 608,427 . The decrease in exposure is due to the migration of loans with delinquency over 90 days to Stage 3, and the level of new overdue portfolio being lower than the previous period. The decrease of loss allowance is in accordance with the decrease in exposure. ​ ​ Stage 3 (Lifetime expected credit losses) ​ The exposure in Stage 3 increased by COP 1,038,853 , and the loss allowance increased by COP 531,779 . The variation in exposure and loss allowance in this Stage is mainly due to clients of the consumer portfolio reaching a delinquency height over 90 days and the impairment of significant clients from the construction sector. ​ The following explains the significant changes in the loans and the allowance for loan losses by category during the periods ended on December 31, 2023 and 2022 as a result of applying the expected credit loss model according to IFRS 9: ​ As of December 31, 2023 ​ 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, 2023 126,530,862 ​ (665,259) ​ 8,062,435 ​ (751,728) ​ 8,944,556 ​ (5,853,318) ​ 143,537,853 ​ (7,270,305) Transfers of financial instruments: ​ (1,248,210) ​ (73,788) ​ (565,802) ​ 157,677 ​ 1,814,012 ​ (83,889) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,286,292) ​ 24,362 ​ 1,286,292 ​ (24,362) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (900,645) ​ 26,071 ​ - ​ - ​ 900,645 ​ (26,071) ​ - ​ - Transfers from stage 2 to stage 1 ​ 931,660 ​ (118,403) ​ (931,660) ​ 118,403 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (1,081,128) ​ 139,257 ​ 1,081,128 ​ (139,257) ​ - ​ - Transfers from stage 3 to stage 1 ​ 7,067 ​ (5,818) ​ - ​ - ​ (7,067) ​ 5,818 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 160,694 ​ (75,621) ​ (160,694) ​ 75,621 ​ - ​ - Remeasurement arising from transfer of stage ​ (172,134) ​ 98,684 ​ (190,275) ​ (7,563) ​ (153,574) ​ (1,140,608) ​ (515,983) ​ (1,049,487) Remeasurement from remaining in the stage ​ (10,087,837) ​ 69,038 ​ (444,057) ​ 97,791 ​ (135,588) ​ (159,438) ​ (10,667,482) ​ 7,391 Remeasurement due to changes in economics factors ​ - ​ (14,781) ​ - ​ (19,968) ​ - ​ 7,515 ​ - ​ (27,234) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 19,001 ​ - ​ 53,533 ​ - ​ 25,299 ​ - ​ 97,833 New financial assets purchased/originated (1) ​ 60,154,305 ​ (302,169) ​ 1,192,219 ​ (143,442) ​ 1,296,765 ​ (725,298) ​ 62,643,289 ​ (1,170,909) Financial assets that have been derecognized ​ (45,206,464) ​ 181,931 ​ (1,519,892) ​ 121,596 ​ (1,715,530) ​ 1,391,718 ​ (48,441,886) ​ 1,695,245 Charges-off ​ (19,285) ​ 973 ​ (81,528) ​ 17,475 ​ (869,872) ​ 952,237 ​ (970,685) ​ 970,685 Foreign Exchange and other movements ​ (9,177,310) ​ 48,275 ​ (999,563) ​ 49,159 ​ (720,837) ​ 359,081 ​ (10,897,710) ​ 456,515 Balance at December 31, 2023 ​ 120,773,927 ​ (638,095) ​ 5,453,537 ​ (425,470) ​ 8,459,932 ​ (5,226,701) ​ 134,687,396 ​ (6,290,266) (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, 2023 51,510,943 ​ (1,823,841) ​ 5,288,921 ​ (1,868,882) ​ 2,788,857 ​ (2,354,412) ​ 59,588,721 ​ (6,047,135) Transfers of financial instruments: ​ (2,366,645) ​ (213,509) ​ 299,377 ​ 313,735 ​ 2,067,268 ​ (100,226) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,890,263) ​ 116,262 ​ 1,890,263 ​ (116,262) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (1,805,932) ​ 124,706 ​ - ​ - ​ 1,805,932 ​ (124,706) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,252,391 ​ (381,036) ​ (1,252,391) ​ 381,036 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (547,962) ​ 230,723 ​ 547,962 ​ (230,723) ​ - ​ - Transfers from stage 3 to stage 1 ​ 77,159 ​ (73,441) ​ - ​ - ​ (77,159) ​ 73,441 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 209,467 ​ (181,762) ​ (209,467) ​ 181,762 ​ - ​ - Remeasurement arising from transfer of stage ​ (176,080) ​ 281,499 ​ (103,802) ​ (541,174) ​ 990,976 ​ (4,445,663) ​ 711,094 ​ (4,705,338) Remeasurement from remaining in the stage ​ (4,024,103) ​ (79,073) ​ (162,497) ​ (79,505) ​ 278,004 ​ (493,421) ​ (3,908,596) ​ (651,999) Remeasurement due to changes in economics factors ​ - ​ (242,317) ​ - ​ (32,244) ​ - ​ 989 ​ - ​ (273,572) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (423,782) ​ - ​ 252,110 ​ - ​ 19,805 ​ - ​ (151,867) New financial assets purchased/originated (1) ​ 15,350,895 ​ (866,684) ​ 1,429,142 ​ (584,910) ​ 1,275,594 ​ (1,053,814) ​ 18,055,631 ​ (2,505,408) Financial assets that have been derecognized ​ (9,643,264) ​ 349,930 ​ (858,742) ​ 315,991 ​ (294,422) ​ 250,487 ​ (10,796,428) ​ 916,408 Charges-off ​ (1,299,715) ​ 231,387 ​ (1,129,877) ​ 542,312 ​ (2,832,374) ​ 4,488,267 ​ (5,261,966) ​ 5,261,966 Foreign Exchange and other movements ​ (3,291,416) ​ 114,156 ​ (355,455) ​ 98,062 ​ (149,816) ​ 227,689 ​ (3,796,687) ​ 439,907 Balance at December 31, 2023 ​ 46,060,615 ​ (2,672,234) ​ 4,407,067 ​ (1,584,505) ​ 4,124,087 ​ (3,460,299) ​ 54,591,769 ​ (7,717,038) (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, 2023 23,566,544 ​ (151,328) ​ 3,172,285 ​ (238,920) ​ 1,358,887 ​ (622,826) ​ 28,097,716 ​ (1,013,074) Transfers of financial instruments: ​ (33,774) ​ (56,552) ​ (337,901) ​ 74,010 ​ 371,675 ​ (17,458) ​ - ​ - Transfers from stage 1 to stage 2 ​ (886,398) ​ 15,837 ​ 886,398 ​ (15,837) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (214,258) ​ 6,202 ​ - ​ - ​ 214,258 ​ (6,202) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,065,222 ​ (77,927) ​ (1,065,222) ​ 77,927 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (211,221) ​ 26,291 ​ 211,221 ​ (26,291) ​ - ​ - Transfers from stage 3 to stage 1 ​ 1,660 ​ (664) ​ - ​ - ​ (1,660) ​ 664 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 52,144 ​ (14,371) ​ (52,144) ​ 14,371 ​ - ​ - Remeasurement arising from transfer of stage ​ (67,839) ​ 66,879 ​ (66,232) ​ (43,021) ​ 38,500 ​ (275,772) ​ (95,571) ​ (251,914) Remeasurement from remaining in the stage ​ (1,719,440) ​ 7,812 ​ (84,050) ​ 27,024 ​ (16,635) ​ (44,480) ​ (1,820,125) ​ (9,644) Remeasurement due to changes in economics factors ​ - ​ (2,286) ​ - ​ (4,103) ​ - ​ 8,419 ​ - ​ 2,030 Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (1,756) ​ - ​ (5,150) ​ - ​ 8,486 ​ - ​ 1,580 New financial assets purchased/originated (1) ​ 2,926,745 ​ (21,654) ​ 915,316 ​ (57,704) ​ 67,467 ​ (45,494) ​ 3,909,528 ​ (124,852) Financial assets that have been derecognized ​ (1,780,980) ​ 11,596 ​ (264,866) ​ 12,186 ​ (129,570) ​ 62,077 ​ (2,175,416) ​ 85,859 Charges-off ​ (863) ​ 29 ​ (25,471) ​ 27,464 ​ (251,570) ​ 250,411 ​ (277,904) ​ 277,904 Foreign Exchange and other movements ​ (337,265) ​ 1,831 ​ (15,981) ​ 1,573 ​ (7,925) ​ 4,132 ​ (361,171) ​ 7,536 Balance at December 31, 2023 ​ 22,553,128 ​ (145,429) ​ 3,293,100 ​ (206,641) ​ 1,430,829 ​ (672,505) ​ 27,277,057 ​ (1,024,575) (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, 2023 34,067,734 ​ (206,800) ​ 1,997,270 ​ (256,275) ​ 1,306,369 ​ (561,016) ​ 37,371,373 ​ (1,024,091) Transfers of financial instruments: ​ (1,226,789) ​ (46,563) ​ 838,151 ​ 32,285 ​ 388,638 ​ 14,278 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,419,929) ​ 20,379 ​ 1,419,929 ​ (20,379) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (330,417) ​ 7,821 ​ - ​ - ​ 330,417 ​ (7,821) ​ - ​ - Transfers from stage 2 to stage 1 ​ 523,311 ​ (74,687) ​ (523,311) ​ 74,687 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (306,993) ​ 52,110 ​ 306,993 ​ (52,110) ​ - ​ - Transfers from stage 3 to stage 1 ​ 246 ​ (76) ​ - ​ - ​ (246) ​ 76 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 248,526 ​ (74,133) ​ (248,526) ​ 74,133 ​ - ​ - Remeasurement arising from transfer of stage ​ (18,655) ​ 45,186 ​ (8,302) ​ (84,371) ​ 63,442 ​ (154,335) ​ 36,485 ​ (193,520) Remeasurement from remaining in the stage ​ (1,240,204) ​ (6,873) ​ (12,416) ​ (5,955) ​ (20,842) ​ (125,459) ​ (1,273,462) ​ (138,287) Remeasurement due to changes in economics factors ​ - ​ (8,108) ​ - ​ (1,386) ​ - ​ - ​ - ​ (9,494) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 54,756 ​ - ​ 17,730 ​ - ​ 58,972 ​ - ​ 131,458 New financial assets purchased/originated (1) ​ 5,361,515 ​ (36,938) ​ 102,552 ​ (19,513) ​ 37,864 ​ (11,435) ​ 5,501,931 ​ (67,886) Financial assets that have been derecognized ​ (1,428,077) ​ 11,130 ​ (69,961) ​ 10,885 ​ (106,100) ​ 53,259 ​ (1,604,138) ​ 75,274 Charges-off ​ (2,088) ​ 8 ​ (2,446) ​ 497 ​ (123,998) ​ 128,027 ​ (128,532) ​ 128,532 Foreign Exchange and other movements ​ (3,302,788) ​ 9,287 ​ (216,194) ​ 21,182 ​ (134,267) ​ 44,339 ​ (3,653,249) ​ 74,808 Balance at December 31, 2023 ​ 32,210,648 ​ (184,915) ​ 2,628,654 ​ (284,921) ​ 1,411,106 ​ (553,370) ​ 36,250,408 ​ (1,023,206) (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, 2023 1,093,973 ​ (28,564) ​ 135,528 ​ (29,024) ​ 98,575 ​ (67,447) ​ 1,328,076 ​ (125,035) Transfers of financial instruments: ​ (210,552) ​ 3,957 ​ 155,467 ​ (680) ​ 55,085 ​ (3,277) ​ - ​ - Transfers from stage 1 to stage 2 ​ (177,024) ​ 4,932 ​ 177,024 ​ (4,932) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (46,849) ​ 2,745 ​ - ​ - ​ 46,849 ​ (2,745) ​ - ​ - Transfers from stage 2 to stage 1 ​ 13,169 ​ (3,625) ​ (13,169) ​ 3,625 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (17,243) ​ 5,043 ​ 17,243 ​ (5,043) ​ - ​ - Transfers from stage 3 to stage 1 ​ 152 ​ (95) ​ - ​ - ​ (152) ​ 95 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 8,855 ​ (4,416) ​ (8,855) ​ 4,416 ​ - ​ - Remeasurement arising from transfer of stage ​ (2,939) ​ 2,268 ​ (4,798) ​ (5,519) ​ (8,155) ​ (58,743) ​ (15,892) ​ (61,994) Remeasurement from remaining in the stage ​ (133,210) ​ 5,932 ​ (9,475) ​ (7,767) ​ (94) ​ (9,821) ​ (142,779) ​ (11,656) Remeasurement due to changes in economics factors ​ - ​ (3,185) ​ - ​ (882) ​ - ​ 24 ​ - ​ (4,043) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (14,202) ​ - ​ 3,792 ​ - ​ 2,808 ​ - ​ (7,602) New financial assets purchased/originated (1) ​ 395,777 ​ (29,237) ​ 31,394 ​ (8,643) ​ 32,093 ​ (28,378) ​ 459,264 ​ (66,258) Financial assets that have been derecognized ​ (220,594) ​ 5,021 ​ (13,738) ​ 3,545 ​ (12,904) ​ 9,549 ​ (247,236) ​ 18,115 Charges-off ​ (17,840) ​ 1,787 ​ (17,376) ​ 7,174 ​ (46,060) ​ 72,315 ​ (81,276) ​ 81,276 Foreign Exchange and other movements ​ (130,044) ​ 993 ​ (16,699) ​ 3,139 ​ (8,397) ​ 5,047 ​ (155,140) ​ 9,179 Balance at December 31, 2023 ​ 774,571 ​ (55,230) ​ 260,303 ​ (34,865) ​ 110,143 ​ (77,923) ​ 1,145,017 ​ (168,018) (1) Includes financial assets purchased, originated and restructured. ​ Variation December 2022 vs December 2021 ​ Stage 1 (12-month expected credit losses) The exposure value in stage 1 increased by COP 51,669,823 and the loss allowance increased by COP 420,975 . The growth of the portfolio at this stage is mainly due to newly granted loans and clients demonstrating good payment behavior post-pandemic, returning to Stage 1. The increase in the loss allowance is primarily due to a more unfavorable macroeconomic expectation where the provision is impacted by lower economic growth and a trend of high interest rates. ​ Stage 2 (Lifetime expected credit losses) The exposure value in stage 2 decreased by COP 643,314 and the loss allowance also decreased by COP 178,706 . The decrease in exposure is mainly explained by specific loan migrations from Stage 2 to Stage 1 of clients in the agro-industrial sector for a value of COP 658,486 , customers transitioning out of medium risk monitoring due to exhibiting improved credit performance, and clients who conclude their financial relief due to COVID-19 and exhibit favorable payment behavior, transitioning to Stage 1. The loss allowance decrease is mainly due to the migration of clients between stages and the movement of the loss allowance from debtors ending their financial relief. ​ Stage 3 (Lifetime expected credit losses) The exposure at default in stage 3 decreased by COP 1,426,253 and the loss allowance decreased by COP 627,111 . The variation in exposure is mainly due to a higher level of write-offs (going off balance sheet) and clients leaving AEC (Special Client Administration Watchlist) level 3 due to better sector performance. The decrease of loss allowance is in accordance with the decrease in exposure. ​ As of December 31, 2022 ​ 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, 2022 97,000,580 ​ (745,898) ​ 8,335,781 ​ (917,747) ​ 9,575,482 ​ (6,149,378) ​ 114,911,843 ​ (7,813,023) Transfers of financial instruments: ​ (1,000,903) ​ (55,842) ​ 164,928 ​ (58,355) ​ 835,975 ​ 114,197 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,826,599) ​ 40,086 ​ 1,826,599 ​ (40,086) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (495,556) ​ 24,385 ​ - ​ - ​ 495,556 ​ (24,385) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,318,572 ​ (115,364) ​ (1,318,572) ​ 115,364 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (791,245) ​ 85,224 ​ 791,245 ​ (85,224) ​ - ​ - Transfers from stage 3 to stage 1 ​ 2,680 ​ (4,949) ​ - ​ - ​ (2,680) ​ 4,949 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 448,146 ​ (218,857) ​ (448,146) ​ 218,857 ​ - ​ - Remeasurement arising from transfer of stage ​ (418,622) ​ 102,555 ​ (288,452) ​ (3,163) ​ (200,663) ​ (692,420) ​ (907,737) ​ (593,028) Remeasurement from remaining in the stage ​ (8,259,356) ​ 121,886 ​ (250,538) ​ 53,997 ​ 67,232 ​ (563,580) ​ (8,442,662) ​ (387,697) Remeasurement due to changes in economics factors ​ - ​ (37,926) ​ - ​ 157,149 ​ - ​ (7,695) ​ - ​ 111,528 Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 98,728 ​ - ​ 92,122 ​ - ​ 53,754 ​ - ​ 244,604 New financial assets purchased/originated (1) ​ 71,027,870 ​ (323,336) ​ 1,638,849 ​ (256,104) ​ 1,671,567 ​ (1,147,222) ​ 74,338,286 ​ (1,726,662) Financial assets that have been derecognized ​ (38,422,512) ​ 190,804 ​ (2,625,441) ​ 208,049 ​ (1,966,963) ​ 1,163,837 ​ (43,014,916) ​ 1,562,690 Charges-off ​ (19,378) ​ 1,330 ​ (48,003) ​ 26,417 ​ (1,675,514) ​ 1,715,148 ​ (1,742,895) ​ 1,742,895 Foreign Exchange and other movements ​ 6,623,183 ​ (17,560) ​ 1,135,311 ​ (54,093) ​ 637,440 ​ (339,959) ​ 8,395,934 ​ (411,612) Balance at December 31, 2022 ​ 126,530,862 ​ (665,259) ​ 8,062,435 ​ (751,728) ​ 8,944,556 ​ (5,853,318) ​ 143,537,853 ​ (7,270,305) (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, 2022 41,773,555 ​ (1,402,277) ​ 3,927,387 ​ (1,800,518) ​ 2,662,098 ​ (2,102,472) ​ 48,363,040 ​ (5,305,267) Transfers of financial instruments: ​ (2,023,245) ​ (175,533) ​ 937,915 ​ 147,486 ​ 1,085,330 ​ 28,047 ​ - ​ - Transfers from stage 1 to stage 2 ​ (2,205,274) ​ 126,781 ​ 2,205,274 ​ (126,781) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (981,411) ​ 64,937 ​ - ​ - ​ 981,411 ​ (64,937) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,086,524 ​ (298,371) ​ (1,086,524) ​ 298,371 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (379,978) ​ 129,687 ​ 379,978 ​ (129,687) ​ - ​ - Transfers from stage 3 to stage 1 ​ 76,916 ​ (68,880) ​ - ​ - ​ (76,916) ​ 68,880 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 199,143 ​ (153,791) ​ (199,143) ​ 153,791 ​ - ​ - Remeasurement arising from transfer of stage ​ (206,572) ​ 336,478 ​ (191,232) ​ (135,684) ​ 511,818 ​ (2,497,603) ​ 114,014 ​ (2,296,809) Remeasurement from remaining in the stage ​ (3,215,778) ​ (89,383) ​ (38,099) ​ (206,202) ​ (268,082) ​ 93,183 ​ (3,521,959) ​ (202,402) Remeasurement due to changes in economics factors ​ - ​ 39,672 ​ - ​ 241,992 ​ - ​ (2,512) ​ - ​ 279,152 Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 23,381 ​ - ​ (78,241) ​ - ​ 785 ​ - ​ (54,075) New financial assets purchased/originated (1) ​ 23,609,797 ​ (987,792) ​ 1,919,811 ​ (715,751) ​ 943,121 ​ (759,058) ​ 26,472,729 ​ (2,462,601) Financial assets that have been derecognized ​ (10,128,838) ​ 286,762 ​ (668,543) ​ 215,579 ​ (149,520) ​ 122,025 ​ (10,946,901) ​ 624,366 Charges-off ​ (698,744) ​ 233,953 ​ (916,801) ​ 615,728 ​ (2,172,972) ​ 2,938,836 ​ (3,788,517) ​ 3,788,517 Foreign Exchange and other movements ​ 2,400,768 ​ (89,102) ​ 318,483 ​ (153,271) ​ 177,064 ​ (175,643) ​ 2,896,315 ​ (418,016) Balance at December 31, 2022 ​ 51,510,943 ​ (1,823,841) ​ 5,288,921 ​ (1,868,882) ​ 2,788,857 ​ (2,354,412) ​ 59,588,721 ​ (6,047,135) (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, 2022 19,927,472 ​ (142,954) ​ 3,198,182 ​ (314,149) ​ 1,993,974 ​ (1,063,964) ​ 25,119,628 ​ (1,521,067) Transfers of financial instruments: ​ 59,490 ​ (79,666) ​ (118,703) ​ 57,312 ​ 59,213 ​ 22,354 ​ - ​ - Transfers from stage 1 to stage 2 ​ (626,697) ​ 16,913 ​ 626,697 ​ (16,913) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (102,499) ​ 3,810 ​ - ​ - ​ 102,499 ​ (3,810) ​ - ​ - Transfers from stage 2 to stage 1 ​ 779,795 ​ (98,964) ​ (779,795) ​ 98,964 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (143,173) ​ 19,624 ​ 143,173 ​ (19,624) ​ - ​ - Transfers from stage 3 to stage 1 ​ 8,891 ​ (1,425) ​ - ​ - ​ (8,891) ​ 1,425 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 177,568 ​ (44,363) ​ (177,568) ​ 44,363 ​ - ​ - Remeasurement arising from transfer of stage ​ (74,495) ​ 86,331 ​ (23,270) ​ (22,332) ​ 46,660 ​ (164,292) ​ (51,105) ​ (100,293) Remeasurement from remaining in the stage ​ (1,380,295) ​ 10,504 ​ (74,988) ​ 49,130 ​ (38,739) ​ 2,788 ​ (1,494,022) ​ 62,422 Remeasurement due to changes in economics factors ​ - ​ (14,991) ​ - ​ 1,612 ​ - ​ (8,667) ​ - ​ (22,046) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 19,160 ​ - ​ (19,451) ​ - ​ (9,455) ​ - ​ (9,746) New financial assets purchased/originated (1) ​ 5,358,579 ​ (38,976) ​ 587,957 ​ (35,776) ​ 33,567 ​ (17,606) ​ 5,980,103 ​ (92,358) Financial assets that have been derecognized ​ (1,362,963) ​ 10,976 ​ (399,179) ​ 28,647 ​ (585,828) ​ 463,171 ​ (2,347,970) ​ 502,794 Charges-off ​ (264) ​ 4 ​ (19,361) ​ 19,127 ​ (156,782) ​ 157,276 ​ (176,407) ​ 176,407 Foreign Exchange and other movements ​ 1,039,020 ​ (1,716) ​ 21,647 ​ (3,040) ​ 6,822 ​ (4,431) ​ 1,067,489 ​ (9,187) Balance at December 31, 2022 ​ 23,566,544 ​ (151,328) ​ 3,172,285 ​ (238,920) ​ 1,358,887 ​ (622,826) ​ 28,097,716 ​ (1,013,074) (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, 2022 25,447,635 ​ (140,843) ​ 3,654,710 ​ (260,867) ​ 1,544,442 ​ (659,348) ​ 30,646,787 ​ (1,061,058) Transfers of financial instruments: ​ 2,074,437 ​ (61,050) ​ (2,522,248) ​ 30,734 ​ 447,811 ​ 30,316 ​ - ​ - Transfers from stage 1 to stage 2 ​ (745,136) ​ 15,839 ​ 745,136 ​ (15,839) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (207,362) ​ 4,437 ​ - ​ - ​ 207,362 ​ (4,437) ​ - ​ - Transfers from stage 2 to stage 1 ​ 3,021,745 ​ (80,567) ​ (3,021,745) ​ 80,567 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (445,019) ​ 31,802 ​ 445,019 ​ (31,802) ​ - ​ - Transfers from stage 3 to stage 1 ​ 5,190 ​ (759) ​ - ​ - ​ (5,190) ​ 759 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 199,380 ​ (65,796) ​ (199,380) ​ 65,796 ​ - ​ - Remeasurement arising from transfer of stage ​ (34,494) ​ 69,980 ​ (26,095) ​ (40,822) ​ 105,748 ​ (309,941) ​ 45,159 ​ (280,783) Remeasurement from remaining in the stage ​ (1,265,193) ​ (611) ​ 406,332 ​ (924) ​ (448,715) ​ (14,146) ​ (1,307,576) ​ (15,681) Remeasurement due to changes in economics factors ​ - ​ (21,123) ​ - ​ 54,802 ​ - ​ 32 ​ - ​ 33,711 Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (11,559) ​ - ​ (22,449) ​ - ​ (2,081) ​ - ​ (36,089) New financial assets purchased/originated (1) ​ 7,407,685 ​ (46,935) ​ 74,121 ​ (15,026) ​ 23,675 ​ (9,646) ​ 7,505,481 ​ (71,607) Financial assets that have been derecognized ​ (1,772,230) ​ 11,975 ​ (146,498) ​ 11,697 ​ (173,986) ​ 95,882 ​ (2,092,714) ​ 119,554 Charges-off ​ (3,449) ​ 283 ​ (1,206) ​ 1,174 ​ (341,336) ​ 344,534 ​ (345,991) ​ 345,991 Foreign Exchange and other movements ​ 2,213,343 ​ (6,917) ​ 558,154 ​ (14,594) ​ 148,730 ​ (36,618) ​ 2,920,227 ​ (58,129) Balance at December 31, 2022 ​ 34,067,734 ​ (206,800) ​ 1,997,270 ​ (256,275) ​ 1,306,369 ​ (561,016) ​ 37,371,373 ​ (1,024,091) (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, 2022 950,991 ​ (22,845) ​ 183,693 ​ (30,255) ​ 147,501 ​ (110,967) ​ 1,282,185 ​ (164,067) Transfers of financial instruments: ​ (70,809) ​ (1,260) ​ 17,756 ​ 3,557 ​ 53,053 ​ (2,297) ​ - ​ - Transfers from stage 1 to stage 2 ​ (68,581) ​ 2,098 ​ 68,581 ​ (2,098) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (44,815) ​ 1,960 ​ - ​ - ​ 44,815 ​ (1,960) ​ - ​ - Transfers from stage 2 to stage 1 ​ 38,613 ​ (4,608) ​ (38,613) ​ 4,608 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (18,528) ​ 3,684 ​ 18,528 ​ (3,684) ​ - ​ - Transfers from stage 3 to stage 1 ​ 3,974 ​ (710) ​ - ​ - ​ (3,974) ​ 710 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 6,316 ​ (2,637) ​ (6,316) ​ 2,637 ​ - ​ - Remeasurement arising from transfer of stage ​ (4,527) ​ 4,802 ​ (8,173) ​ (4,465) ​ (9,736) ​ (52,103) ​ (22,436) ​ (51,766) Remeasurement from remaining in the stage ​ (42,292) ​ (505) ​ (89,440) ​ 1,278 ​ (14,946) ​ 2,472 ​ (146,678) ​ 3,245 Remeasurement due to changes in economics factors ​ - ​ (435) ​ - ​ 3,752 ​ - ​ (71) ​ - ​ 3,246 Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 49 ​ - ​ (448) ​ - ​ (1,704) ​ - ​ (2,103) New financial assets purchased/originated (1) ​ 463,403 ​ (14,534) ​ 42,588 ​ (10,982) ​ 24,050 ​ (19,183) ​ 530,041 ​ (44,699) Financial assets that have been derecognized ​ (279,820) ​ 4,489 ​ (21,195) ​ 3,584 ​ (31,532) ​ 21,334 ​ (332,547) ​ 29,407 Charges-off ​ (12,781) ​ 2,895 ​ (16,004) ​ 6,857 ​ (82,307) ​ 101,340 ​ (111,092) ​ 111,092 Foreign Exchange and other movements ​ 89,808 ​ (1,220) ​ 26,303 ​ (1,902) ​ 12,492 ​ (6,268) ​ 128,603 ​ (9,390) Balance at December 31, 2022 ​ 1,093,973 ​ (28,564) ​ 135,528 ​ (29,024) ​ 98,575 ​ (67,447) ​ 1,328,076 ​ (125,035) (1) Includes financial assets purchased, originated and restructured. ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 1,481,313 ​ 1,257,859 Between 1 and 5 years ​ 10,967,173 ​ 8,338,151 Greater than 5 years ​ 34,066,937 ​ 17,681,047 Total gross investment in finance lease receivable/ present value of minimum payments ​ 46,515,423 ​ 27,277,057 Less: Future financial income (1) ​ (19,238,366) ​ - Present value of payments receivable (2) ​ 27,277,057 ​ 27,277,057 Minimum non-collectable payments impairment ​ (1,024,575) ​ (1,024,575) Total ​ 26,252,482 ​ 26,252,482 (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, 2022 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 634,388 ​ 612,012 Between 1 and 5 years ​ 10,579,102 ​ 8,286,322 Greater than 5 years ​ 34,118,764 ​ 19,199,382 Total gross investment in finance lease receivable/ present value of minimum payments ​ 45,332,254 ​ 28,097,716 Less: Future financial income (1) ​ (17,234,538) ​ - Present value of payments receivable (2) ​ 28,097,716 ​ 28,097,716 Minimum non-collectable payments impairment ​ (972,743) ​ (972,743) Total ​ 27,124,973 ​ 27,124,973 (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, 2023 and 2022: ​ ​ ​ ​ ​ ​ Type of asset ​ December 31, 2023 ​ December 31, 2022 In millions of COP Technological equipment ​ 49,990 ​ 47,922 Vehicles ​ 14,243 ​ 24,187 Machinery and equipment ​ 11,930 ​ 13,124 Furniture and fixtures ​ 12 ​ 28 Other assets ​ 1,417 ​ 1,541 Total ​ 77,592 ​ 86,802 (*) 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, 2023 ​ December 31, 2022 In millions of COP Technological equipment ​ 20,717 ​ 30,075 Buildings ​ 8,088 ​ 3,905 Machinery and equipment ​ 532 ​ 498 Vehicles ​ 102 ​ 206 Furniture and fixtures ​ - ​ 1 Total ​ 29,439 ​ 34,685 ​ As of December 31, 2023, 2022 and 2021, financial leases income amounted to COP 3,879,188 , COP 2,461,456 , and COP 1,440,493 , 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, 2023 ​ December 31, 2022 ​ In millions of COP Less than 1 year ​ 259,277 ​ 501,738 ​ Between 1 and 5 years ​ 524,293 ​ 783,663 ​ Greater than 5 years ​ 60,619 ​ 423,459 ​ Total (1) ​ 844,189 ​ 1,708,860 ​ (1) During 2023, Renting S.A.S. have subleased their vehicles under financial leases, therefore operational placements through own resources and the number of operational vehicles have decreased. ​ As of December 31, 2023 and 2022, the operating lease income amounted to COP 833,244 and COP 649,693 , respectively. Additionally, the Bank recognized other services related to the lease for COP 660,442 and COP 541,436 , 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, environmental, and legal), and internal ones (insurance, maintenance and used market sales). Likewise, the calculation of residuals was updated to reflect the effect of the new macroeconomic conditions. Moreover, 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 team, 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 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, 2023 and 2022, the rollforward of right-of-use assets was as follows: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right-of-use assets ​ Balance at January 01, 2023 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation (2) ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2023 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,319,471 ​ 67,049 ​ 11,861 ​ - ​ (75,701) ​ 218,592 ​ (238,350) ​ 2,302,922 Accumulated depreciation ​ (637,615) ​ - ​ - ​ (198,156) ​ 41,560 ​ - ​ 87,425 ​ (706,786) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 4,449 ​ 620 ​ - ​ - ​ (1,783) ​ - ​ (524) ​ 2,762 Accumulated depreciation ​ (4,291) ​ - ​ - ​ (548) ​ 1,708 ​ - ​ 524 ​ (2,607) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 95,240 ​ 7,965 ​ - ​ - ​ (30,650) ​ (2,773) ​ (11,713) ​ 58,069 Accumulated depreciation ​ (53,757) ​ - ​ - ​ (17,043) ​ 29,864 ​ - ​ 6,000 ​ (34,936) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 136,560 ​ 418,773 ​ - ​ - ​ (539,293) ​ 4,419 ​ (704) ​ 19,755 Accumulated depreciation ​ (32,949) ​ - ​ - ​ (13,918) ​ 41,128 ​ - ​ 605 ​ (5,134) Total right-of-use assets – cost ​ 2,555,720 ​ 494,407 ​ 11,861 ​ - ​ (647,427) ​ 220,238 ​ (251,291) ​ 2,383,508 Total right-of-use assets - accumulated depreciation ​ (728,612) ​ - ​ - ​ (229,665) ​ 114,260 ​ - ​ 94,554 ​ (749,463) Total right-of-use assets, net ​ 1,827,108 ​ 494,407 ​ 11,861 ​ (229,665) ​ (533,167) ​ 220,238 ​ (156,737) ​ 1,634,045 (1) See Note 26.3 Impairment, depreciation and amortization. (2) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right-of-use assets ​ Balance at January 01, 2022 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2022 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,015,154 ​ 66,738 ​ 8,746 ​ - ​ (55,759) ​ 83,387 ​ 201,205 ​ 2,319,471 Accumulated depreciation ​ (431,147) ​ - ​ - ​ (175,538) ​ 31,276 ​ - ​ (62,206) ​ (637,615) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,972 ​ - ​ - ​ - ​ - ​ 37 ​ 440 ​ 4,449 Accumulated depreciation ​ (2,821) ​ - ​ - ​ (1,066) ​ - ​ - ​ (404) ​ (4,291) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 87,357 ​ 2,603 ​ - ​ - ​ (985) ​ (2,659) ​ 8,924 ​ 95,240 Accumulated depreciation ​ (32,538) ​ - ​ - ​ (18,717) ​ 826 ​ - ​ (3,328) ​ (53,757) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 72,369 ​ 99,041 ​ - ​ - ​ (70,207) ​ 34,776 ​ 581 ​ 136,560 Accumulated depreciation ​ (16,481) ​ - ​ - ​ (17,540) ​ 1,558 ​ - ​ (486) ​ (32,949) Total right-of-use assets – cost ​ 2,178,852 ​ 168,382 ​ 8,746 ​ - ​ (126,951) ​ 115,541 ​ 211,150 ​ 2,555,720 Total right-of-use assets - accumulated depreciation ​ (482,987) ​ - ​ - ​ (212,861) ​ 33,660 ​ - ​ (66,424) ​ (728,612) Total right-of-use assets, net ​ 1,695,865 ​ 168,382 ​ 8,746 ​ (212,861) ​ (93,291) ​ 115,541 ​ 144,726 ​ 1,827,108 (1) See Note 26.3 Impairment, depreciation and amortization. The following table sets forth the changes in lease liabilities as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2023 ​ 1,900,268 (+) New contracts ​ 75,345 (+/-) Reassessment of the lease liability (1) ​ 161,787 (-) Payments ​ (305,413) (+) Accrued Interest (2) ​ 123,175 (+/-) Effect of changes in foreign exchange rate (3) ​ (181,552) Balance at December 31, 2023 ​ 1,773,610 (1) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. (2) The difference of COP 9,360 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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 (3) The variation is due to the decrease in the market representative rate from COP 4,810.20 colombian pesos in December 2022 to COP 3,822.05 colombian pesos in December 2023. ​ As of December 31, 2022 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2022 ​ 1,819,077 (+) New contracts ​ 68,201 (+/-) Reassessment of the lease liability ​ 12,131 (-) Payments ​ (285,920) (+) Accrued Interest (1) ​ 123,510 (+/-) Effect of changes in foreign exchange rate ​ 163,269 Balance at December 31, 2022 ​ 1,900,268 (1) The difference of COP 12,161 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 17,345 ​ 58,438 ​ 230,397 ​ 1,441,288 ​ 1,747,468 Vehicles ​ 125 ​ 245 ​ - ​ - ​ 370 Computer equipment ​ 2,733 ​ 14,124 ​ 7,524 ​ 1,391 ​ 25,772 Total lease liabilities ​ 20,203 ​ 72,807 ​ 237,921 ​ 1,442,679 ​ 1,773,610 ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 10,502 ​ 43,545 ​ 82,647 ​ 1,716,968 ​ 1,853,662 Vehicles ​ 83 ​ 300 ​ 183 ​ - ​ 566 Computer equipment ​ 3,052 ​ 17,775 ​ 14,650 ​ 10,563 ​ 46,040 Total lease liabilities ​ 13,637 ​ 61,620 ​ 97,480 ​ 1,727,531 ​ 1,900,268 ​ The following table shows the weighted average rates and average useful life of right-of-use assets as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 209 ​ 99 ​ 6.67 % Computer equipment ​ 73 ​ 31 ​ 8.36 % Vehicles ​ 51 ​ 22 ​ 9.81 % ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 195 ​ 97 ​ 5.75 % Computer equipment ​ 75 ​ 35 ​ 8.65 % Vehicles ​ 48 ​ 35 ​ 10.24 % ​ ​ The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Financial interest (1) ​ Expenses depreciation (2) ​ 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 ​ 109,800 ​ 198,156 ​ 62 ​ 983 ​ 235 ​ 7,577 ​ Vehicles ​ 40 ​ 13,918 ​ - ​ 51 ​ - ​ - ​ Computer equipment ​ 3,907 ​ 17,043 ​ - ​ - ​ 6,545 ​ - ​ Furniture and fixtures ​ 68 ​ 548 ​ - ​ 904 ​ 432 ​ - ​ Total ​ 113,815 ​ 229,665 ​ 62 ​ 1,938 ​ 7,212 ​ 7,577 ​ (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 9,360 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Financial interest (1) ​ Expenses depreciation (2) ​ 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 ​ 107,002 ​ 175,538 ​ 416 ​ 872 ​ 208 ​ 6,048 ​ Vehicles ​ 13 ​ 17,540 ​ - ​ 394 ​ 55 ​ - ​ Computer equipment ​ 4,289 ​ 18,717 ​ - ​ - ​ 8,649 ​ - ​ Furniture and fixtures ​ 45 ​ 1,066 ​ - ​ 1,015 ​ 2,685 ​ - ​ Total ​ 111,349 ​ 212,861 ​ 416 ​ 2,281 ​ 11,597 ​ 6,048 ​ (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 12,161 , 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, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 21,050 ​ 73,316 ​ 301,470 ​ 2,074,687 ​ 2,470,523 Vehicles ​ 193 ​ 206 ​ - ​ - ​ 399 Computer equipment ​ 2,964 ​ 16,263 ​ 1,550 ​ 8,323 ​ 29,100 Total minimum payments lease liabilities ​ 24,207 ​ 89,785 ​ 303,020 ​ 2,083,010 ​ 2,500,022 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 13,492 ​ 52,100 ​ 110,495 ​ 2,427,607 ​ 2,603,694 Vehicles ​ 84 ​ 330 ​ 229 ​ 256 ​ 899 Computer equipment ​ 3,117 ​ 19,266 ​ 19,875 ​ 14,292 ​ 56,550 Total minimum payments lease liabilities ​ 16,693 ​ 71,696 ​ 130,599 ​ 2,442,155 ​ 2,661,143 ​

INVESTMENTS IN ASSOCIATES AND J

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Investments in associates (1) ​ 2,526,073 ​ 2,300,450 Investments in joint ventures (2) ​ 471,530 ​ 615,183 Total associates and joint ventures ​ 2,997,603 ​ 2,915,633 (1) As of December 31, 2023 and 2022, the amount includes investments in associates at fair value for COP 1,670,782 and COP 1,532,156 , respectively, and investments in associates at equity method value for COP 855,291 and COP 768,294 respectively. See Note 30. Fair value of assets and liabilities. (2) All investments in joint ventures are accounted for using the equity method. ​ ​ The following are the investments in associates that the Bank holds as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Company name ​ Main activity ​ Country ​ % of Ownership ​ Carrying ​ % of Ownership ​ Carrying ​ ​ ​ ​ ​ ​ ​ interest ​ amount ​ interest ​ amount ​ In millions of COP P.A Viva Malls ​ Development and operation of commercial spaces ​ Colombia ​ 49.00 % 1,661,679 ​ 49.00 % 1,530,459 ​ Protección S.A. ​ Administration of pension funds and severances ​ Colombia ​ 20.58 % 594,105 * 20.58 % 533,584 ​ P.A El Bosque ​ Real estate ecosystems ​ Colombia ​ 14.11 % 57,120 * 14.11 % 40,231 * Titularizadora Colombiana S.A. Hitos. ​ Mortgage portfolio securities ​ Colombia ​ 26.98 % 37,950 * 26.98 % 35,756 * Redeban Multicolor S.A. ​ Network data transmission services ​ Colombia ​ 20.36 % 35,735 * 20.36 % 31,876 * P.A El Otoño ​ Real estate ecosystems ​ Colombia ​ 16.30 % 33,442 * 16.30 % 23,960 * ACH Colombia S.A. ​ Electronic transfer services ​ Colombia ​ 19.94 % 21,952 * 19.94 % 19,005 * Gestoría Externa de Portafolios S.A. ​ Investment management service ​ Colombia ​ 49.31 % 11,278 * - ​ - ​ Servicio Salvadoreño de Protección, S. A. de C.V. ​ Custodial services and transfer of monetary types ​ El Salvador ​ 25.00 % 10,223 * 25.00 % 14,497 * Servicios Financieros, S.A. de C.V. ​ Processing of financial transactions and electronic payment methods ​ El Salvador ​ 49.78 % 9,514 * 49.78 % 11,392 * P.A Madrid II ​ Real estate ecosystems ​ Colombia ​ 20.00 % 9,208 * 20.00 % 9,126 * P.A Distrito Vera ​ Real estate ecosystems ​ Colombia ​ 33.33 % 9,103 ​ 33.33 % 1,697 * P.A Boreal ​ Real estate ecosystems ​ Colombia ​ 20.00 % 7,579 * 20.00 % 7,477 ​ P.A La Felicidad ​ Real estate ecosystems ​ Colombia ​ 20.00 % 6,938 * 20.00 % 9,798 * Internacional Ejecutiva de Aviación S.A.S. ​ Aircraft and aircraft travel service ​ Colombia ​ 25.00 % 6,093 * 25.00 % 6,455 ​ Reintegra S.A.S. ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % 5,864 * 46.00 % 11,211 * P.A Mirador de la Ciénaga. ​ Real estate ecosystems ​ Colombia ​ 13.00 % 4,518 * 13.00 % 3,329 * ACH de El Salvador, S. A. de C.V. ​ Electronic transfer services ​ El Salvador ​ 25.00 % 1,554 * 25.00 % 2,140 * Agricapital S.A.S. (1) ​ Financial services ​ Colombia ​ 10.79 % 1,262 * 10.21 % 1,408 * Servicios de Identidad Digital S.A.S. ​ Digital services ​ Colombia ​ 33.33 % 956 ​ 33.33 % 7,049 ​ Total, investments in associates ​ ​ ​ ​ ​ 2,526,073 ​ ​ ​ 2,300,450 ​ (1) In 2023, the ownership interest is increased due to capitalization through Bancolombia S.A. ​ (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 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, 2023 and 2022. The following table sets forth the changes in the carrying amount of associates of the Bank as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ In millions of COP ​ ​ P.A Viva Malls ​ Protección S.A. ​ Others ​ Total ​ P.A Viva Malls ​ Protección S.A. ​ Others ​ Total Balance at January 1, ​ 1,530,459 ​ 533,584 ​ 236,407 ​ 2,300,450 ​ 1,355,688 ​ 630,821 ​ 151,647 ​ 2,138,156 Equity method - Gain (1) ​ 128,028 ​ 62,442 ​ 40,234 ​ 230,704 ​ 189,132 ​ 46,812 ​ 29,941 ​ 265,885 OCI (Equity method) ​ - ​ (1,921) ​ (1,039) ​ (2,960) ​ - ​ 3,137 ​ 2,227 ​ 5,364 OCI (Translation adjustment) ​ - ​ - ​ (5,674) ​ (5,674) ​ - ​ - ​ 4,466 ​ 4,466 Purchase / capitalizations ​ 3,192 ​ - ​ 35,561 ​ 38,753 ​ - ​ 61,728 ​ 74,634 ​ 136,362 Sells or refund of contributions (2) ​ - ​ - ​ (6,428) ​ (6,428) ​ (14,361) ​ (208,914) ​ (6,155) ​ (229,430) Impairment loss (3) ​ - ​ - ​ (2,017) ​ (2,017) ​ - ​ - ​ (2,656) ​ (2,656) Dividends ​ - ​ - ​ (28,249) ​ (28,249) ​ - ​ - ​ (28,005) ​ (28,005) Others ​ - ​ - ​ 1,494 ​ 1,494 ​ - ​ - ​ 10,308 ​ 10,308 Balance at December 31, ​ 1,661,679 ​ 594,105 ​ 270,289 ​ 2,526,073 ​ 1,530,459 ​ 533,584 ​ 236,407 ​ 2,300,450 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., in order to comply with the authorized investment regime. For further information, see Note 25.5. Dividends and net income on equity investments. (3) For 2023 and 2022, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Reintegra S.A.S., which amounted to COP 5,750 and COP 8,735 , respectively, with a 21.5% discount rate. As a result of the valuation, the recoverables amounts of the investment were lower than the carrying amount of each year, for this, the Bank recorded an impairment in the Consolidated Statement of Income for COP 2,017 for 2023 and COP 7,688 for 2022. In addition, in 2022 the Bank management also performed a valuation, to establish the recoverable amount of Internacional Ejecutiva de Aviación S.A.S. based in fair value (Level 3) less sales costs using a methodology based on the commercial appraisal of the entity's assets, which amounted to COP 10,359 . As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses in the Consolidated Statement of Income for COP 5,032 . For further information see Note 25.5. Dividends and net income on equity investments. ​ The following is additional information regarding the Bank’s most significant associates as of December 31, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) In millions of COP P.A Viva Malls ​ 3,492,834 ​ 101,653 ​ - ​ 849,928 ​ 327,838 Protección S.A. ​ 2,955,547 ​ 666,280 ​ 80,088 ​ 1,597,171 ​ 303,460 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) In millions of COP P.A Viva Malls ​ 3,152,529 ​ 19,705 ​ - ​ 689,794 ​ 418,410 Protección S.A. ​ 2,619,197 ​ 624,052 ​ 89,419 ​ 2,993,740 ​ 227,514 ​ The dividends received from the associate at fair value P.A Viva Malls for the year ended December 31, 2023 and 2022 are COP 104,623 and COP 35,905 , respectively. These are included in the line Dividends and net income on equity investments in the Consolidated Statement of Income. ​ The following are the joint ventures that the Bank holds as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Company name ​ Main activity ​ Country ​ % of Ownership ​ Carrying ​ % of Ownership ​ Carrying ​ ​ ​ ​ ​ ​ ​ interest ​ amount ​ interest ​ amount ​ In millions of COP Compañía de Financiamiento TUYA S.A. (1) ​ Financing Services ​ Colombia ​ 50.00 % 410,324 ​ 50.00 % 564,998 ​ P.A Laurel ​ Renewable energies ​ Colombia ​ 50.00 % 27,364 * 50.00 % 22,150 ​ Puntos Colombia S.A.S. ​ Administration of the customers loyalty ​ Colombia ​ 50.00 % 10,922 * 50.00 % 11,514 ​ Fondo de Capital Privado Ruta del Sol compartimento A ​ Investment in infrastructure projects ​ Colombia ​ 25.90 % 10,588 * 25.90 % 10,159 ​ Ecosistemas Digitales de Negocio S.A.S. ​ Digital electronic billing services ​ Colombia ​ 50.00 % 6,293 * 50.00 % 3,832 ​ P.A Muverang ​ Sustainable mobility services ​ Colombia ​ 33.33 % 2,684 ​ 33.33 % 2,351 ​ P.A Blup ​ Inventory finance and comprehensive logistics operation ​ Colombia ​ 50.00 % 3,313 ​ 50.00 % 179 * P.A. Finsocial ​ Purchase and sale of loans and receivables ​ Colombia ​ 50.00 % 42 * - ​ - ​ P.A Reintegra (2) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - * 46.00 % - * Avicapital (3) ​ Purchase and sale of loans and receivables ​ Colombia ​ 50.00 % - ​ - ​ - ​ Total investments in joint venture ​ ​ ​ ​ ​ 471,530 ​ ​ ​ 615,183 ​ (1) See table the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022 (2) In 2023 and 2022, 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 these years. (3) The value of the investment in the company is COP 0 , due to the recognition of the company's losses up to its recoverable value. ​ (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between these dates and December 31, 2023 and 2022. The following table sets forth the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ In millions of COP ​ ​ Compañía de ​ ​ ​ ​ ​ Compañía de ​ ​ ​ ​ ​ ​ financiamiento ​ Others ​ Total ​ financiamiento ​ Others ​ Total ​ ​ TUYA S.A. ​ ​ ​ ​ ​ TUYA S.A. ​ ​ ​ ​ Balance at January 1, ​ 564,998 ​ 50,185 ​ 615,183 ​ 546,633 ​ 35,770 ​ 582,403 Equity method - (Loss) / Gain (1) ​ (110,600) ​ (6,989) ​ (117,589) ​ (36,635) ​ (10,145) ​ (46,780) Purchase / capitalizations ​ 62,500 ​ 17,890 ​ 80,390 ​ 55,000 ​ 31,524 ​ 86,524 Sells or refund of contributions ​ - ​ (296) ​ (296) ​ - ​ (10) ​ (10) (Impairment loss) / Recovery (2) ​ (106,574) ​ 416 ​ (106,158) ​ - ​ (6,977) ​ (6,977) Others ​ - ​ - ​ - ​ - ​ 23 ​ 23 Balance at December 31, ​ 410,324 ​ 61,206 ​ 471,530 ​ 564,998 ​ 50,185 ​ 615,183 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) During the year 2023, the impairment loss relates mainly to the fact that the Bank's management requested a valuation of joint venture Tuya S.A. to establish the recoverable amount based in value in use of the previously mentioned joint ventures, which amounted to COP 425,494 with a 13.1% - 20.3% discount rate. As a result of the valuation, the recoverable amount on investment was lower than the carrying amount, therefore, the Bank recorded an impairment in the Consolidated Statement of Income for COP 106,574 . Additionally, for 2023, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Fondo de Capital Privado Ruta del Sol compartimento A, which amounted to COP 2,742 , with a 36.03% discount rate. As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses for COP 416 . See Note 25.5. Dividends and net income on equity investments. ​ The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ Loss ​ Company name ​ (unaudited) (1) (unaudited) ​ (unaudited) ​ (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. ​ 3,827,631 ​ 3,313,741 ​ 2,205,538 ​ 221,199 ​ (1) Includes cash and cash equivalents for COP 223,625 . (2) Includes interest and valuation income for COP 1,142,715 , credit impairment charges, net for COP 949,125 , interest expenses for COP 502,501 , depreciation and amortization for COP 38,491 and income tax revenue for COP 131,265 . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ Loss ​ Company name ​ (unaudited) (1) (unaudited) ​ (unaudited) ​ (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. ​ 5,101,346 ​ 4,491,257 ​ 1,973,131 ​ 73,266 ​ (1) Includes cash and cash equivalents for COP 523,835 . (2) Includes interest and valuation income for COP 1,001,631 , interest expenses for COP 304,114 , depreciation and amortization for COP 32,122 and income tax revenue for COP 7,907 . ​ The accumulated other comprehensive income before tax of investments in associates and joint ventures as of December 31, 2023 and 2022, corresponds to COP 4,751 and COP 13,385 , respectively. As of December 31, 2023 and 2022, 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. In the same way, 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, 2023
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, 2023 ​ December 31, 2022 In millions of COP Goodwill ​ 7,818,125 ​ 9,836,661 Intangible assets ​ 671,572 ​ 602,531 Total intangible assets and goodwill, net ​ 8,489,697 ​ 10,439,192 ​ 9.1. Intangible assets The following table sets forth the Bank’s intangible assets as of December 31, 2023 and 2022, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2023 ​ 28,438 ​ 1,361,258 ​ 554,558 ​ 1,944,254 Acquisitions ​ - ​ 352,248 ​ - ​ 352,248 Write off ​ - ​ (119,482) ​ - ​ (119,482) Foreign currency translation adjustment ​ (5,842) ​ (184,188) ​ (113,922) ​ (303,952) Balance at December 31, 2023 ​ 22,596 ​ 1,409,836 ​ 440,636 ​ 1,873,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2023 ​ 28,437 ​ 765,339 ​ 547,947 ​ 1,341,723 Write off ​ - ​ (119,482) ​ - ​ (119,482) Amortization expense (1) ​ - ​ 210,333 ​ 1,984 ​ 212,317 Foreign currency translation adjustment ​ (5,841) ​ (114,425) ​ (112,796) ​ (233,062) Balance at December 31, 2023 ​ 22,596 ​ 741,765 ​ 437,135 ​ 1,201,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2023, net ​ - ​ 668,071 ​ 3,501 ​ 671,572 (1) See Note 26.3. Impairment, depreciation and amortization. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2022 ​ 23,537 ​ 997,609 ​ 458,980 ​ 1,480,126 Acquisitions ​ - ​ 245,204 ​ - ​ 245,204 Write off ​ - ​ (43,991) ​ - ​ (43,991) Transfers from premises and equipment ​ - ​ 30,068 ​ - ​ 30,068 Foreign currency translation adjustment ​ 4,901 ​ 132,368 ​ 95,578 ​ 232,847 Balance at December 31, 2022 ​ 28,438 ​ 1,361,258 ​ 554,558 ​ 1,944,254 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2022 ​ 20,174 ​ 523,055 ​ 451,271 ​ 994,500 Write off ​ - ​ (41,148) ​ - ​ (41,148) Amortization expense (1) ​ 3,595 ​ 170,004 ​ 2,392 ​ 175,991 Transfers from premises and equipment ​ - ​ 28,940 ​ - ​ 28,940 Foreign currency translation adjustment ​ 4,668 ​ 84,488 ​ 94,284 ​ 183,440 Balance at December 31, 2022 ​ 28,437 ​ 765,339 ​ 547,947 ​ 1,341,723 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2022, net ​ 1 ​ 595,919 ​ 6,611 ​ 602,531 (1) See Note 26.3. Impairment, depreciation and amortization. ​ As of December 31, 2023 and 2022, the assessment made by the Bank indicates there is no evidence of impairment of intangible assets. As of December 31, 2023 and 2022, 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 During the period ended at December 31, 2023, 2022 and 2021, the Bank incurred in research and development expenditures on non-capitalized intangible assets for COP 64,363 , COP 40,229 and COP 11,882 , respectively, recognized in the Consolidated Statement of Income. These costs were the result of the analysis design and implementation of the transformation projects, the most representative of which were: Core Nequi Renewal (Colombia) and core transformation in Banistmo S.A. 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, 2023, 2022 and 2021, the Bank recognized in the Consolidated Statement of Income the amount of COP 1,026 , COP 49,079 and COP 10,046 , 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, 2023 ​ December 31, 2022 In millions of COP Balance at beginning of the year, net ​ 9,836,661 ​ 8,143,146 Effect of change in foreign exchange rate (1) ​ (2,018,536) ​ 1,693,515 Balance at end of the year, net ​ 7,818,125 ​ 9,836,661 (1) The market representative rate at the end of December 31, 2023 is COP 3,822.05 colombian pesos and 2022 is COP 4,810.20 colombian pesos. See Note 2.D.1. Functional currency, transactions and balances in foreign currency. ​ 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 as of December 31, 2023 and 2022 are: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate (1) Growth rate (2) Goodwill Operating segment ​ Valuation Methodology ​ Key Assumptions ​ (real) ​ (real) ​ 2023 In millions of COP Banking Panama ​ Discounted Cash flow ​ 5 years plan ​ 10.90 % 4.50 % 5,837,310 Banking ​ ​ ​ ​ ​ 17.10 % ​ ​ ​ El Salvador ​ Discounted Cash flow ​ 5 years plan ​ and 15.50 % (3) 3.70 % 1,078,105 Banking Guatemala ​ Discounted Cash flow ​ 5 years plan ​ 12.30 % 4.80 % 892,050 ​ ​ ​ ​ Multiples EV/ Revenue ​ Does not ​ Does not ​ ​ Others Segments ​ Comparable multiples ​ and EV/EBITDA ​ apply ​ apply ​ 10,660 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,818,125 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate (1) Growth rate (2) Goodwill Operating segment ​ Valuation Methodology ​ Key Assumptions ​ (real) ​ (real) ​ 2022 In millions of COP Banking Panama ​ Discounted Cash flow ​ 5 years plan ​ 10.90 % 5.30 % 7,346,484 Banking ​ ​ ​ ​ ​ 20.10 % ​ ​ ​ El Salvador ​ Discounted Cash flow ​ 5 years plan ​ and 16.10 % (3) 3.90 % 1,356,837 Banking Guatemala ​ Discounted Cash flow ​ 5 years plan ​ 13.00 % 4.90 % 1,122,680 ​ ​ ​ ​ Multiples EV/ Revenue ​ Does not ​ Does not ​ ​ Others Segments ​ Comparable multiples ​ and EV/EBITDA ​ apply ​ apply ​ 10,660 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,836,661 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. ​ In 2023 and 2022, 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. After the valuation, it was determined that there is no impairment loss for any of the cash-generating units mentioned above during 2023 and 2022. 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 for the discount rate and growth rate in basis points (bips): As of December 31, 2023 Banking Panama ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 11.40% ​ 10.90% ​ 10.40% 4.50% ​ 10,826,278 ​ 11,721,608 ​ 12,770,528 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.00% ​ 4.50% ​ 5.00% 10.90% ​ 11,224,673 ​ 11,721,608 ​ 12,302,770 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ +100 bips Discount rate -100 bips ​ ​ 18.10% ​ 17.10% ​ 16.10% Growth rate ​ 16.50% ​ 15.50% ​ 14.50% 3.70% ​ 3,909,551 ​ 4,241,177 ​ 4,634,962 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 3.20% ​ 3.70% ​ 4.20% 17.10% and 15.50% ​ 4,182,324 ​ 4,241,177 ​ 4,305,238 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 12.80% ​ 12.30% ​ 11.80% 4.80% ​ 3,903,356 ​ 4,224,256 ​ 4,592,449 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.30% ​ 4.80% ​ 5.30% 12.30% ​ 4,090,025 ​ 4,224,256 ​ 4,377,661 ​ As of December 31, 2022 Banking ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 11.40% ​ 10.90% ​ 10.40% 5.30% ​ 12,851,974 ​ 14,049,526 ​ 15,483,841 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.80% ​ 5.30% ​ 5.80% 10.90% ​ 13,351,970 ​ 14,049,526 ​ 14,883,860 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ +100 bips Discount rate -100 bips ​ ​ 21.10% ​ 20.10% ​ 19.10% Growth rate ​ 17.10% ​ 16.10% ​ 15.10% 3.90% ​ 4,543,466 ​ 4,913,975 ​ 5,351,507 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 3.40% ​ 3.90% ​ 4.40% 20.10% and 16.10% ​ 4,851,416 ​ 4,913,975 ​ 4,981,886 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 13.50% ​ 13.00% ​ 12.50% 4.90% ​ 4,854,108 ​ 5,225,546 ​ 5,647,675 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.40% ​ 4.90% ​ 5.40% 13.00% ​ 5,070,100 ​ 5,225,546 ​ 5,401,451 ​ The Bank considers goodwill as an asset with indefinite useful life. ​ 9.3 Business combination For 2023 there were no business combinations, for 2022 and 2021 the business combinations effected by the Bank are below: P.A. FAI CALLE 77 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 P.A. 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 P.A. 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. 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 transfer of the fiduciary rights were subject. The Bank also obtained control of the P.A. FAI Calle 77 Trust on March 1, 2022, and has an equity interest of 98.00% . This acquisition reflects the Bank's objective to evolve its value proposition based on the current needs of the market, seeking to provide a differential service in rental housing. ​ 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 operation with the sellers for COP 27,943 . ​ The acquisition of the P.A. 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 the non-controlling interest in the acquiree of 2.00% at fair value, which amounted to COP 1,166 at the date of acquisition. ​ 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 believes that this information provides a reasonable basis for determining fair values: ​ ​ ​ ​ ​ ​ In millions of COP Purchase Price Allocation ​ ​ Pruchase 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 Investments property ​ 60,850 Other assets ​ 78 Total Assets ​ 62,029 ​ ​ ​ LIABILITIES ​ ​ 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 P.A. FAI Calle 77 Trust resulted in the recognition of a gain from a bargain purchase of COP 2,433 , which was recognized in “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 9 months before the efective transfer of control of the business, reflecting a valuation of the assets. 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. ​ WOMPI S.A.S. (before “Vlipco S.A.S.”) ​ On November 10, 2021, Bancolombia S.A. entered into a stock purchase agreement, pursuant to which Bancolombia S.A. agreed to purchase an additional 47.37% stake in the capital stock of the Colombian company, Wompi S.A.S. Wompi S.A.S. 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 Wompi S.A.S. 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 S.A. obtained control of Wompi S.A.S. The consideration paid by Bancolombia S.A. was COP 9,474 , in cash. ​ The acquisition of Wompi S.A.S. in stages was accounted for under the acquisition method, in accordance with IFRS 3. Accordingly, the Bank has remeasured its previously held equity interest in Wompi S.A.S. 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 Wompi’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 Wompi S.A.S 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 ​ ​ ​ Wompi S.A.S 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 S.A.S. payment gateway, with a fair value of COP 13,196 . ​ Acquisition-related cost In connection with the acquisition of Wompi S.A.S., the Bank incurred costs which are recorded in the ‘Other administrative and general expenses’ line item of the Consolidated Statement of Income. The transaction costs were immaterial. ​ Previously held interest Prior to control being obtained, the Bank accounted for its investment in Wompi S.A.S. using the equity method, due to the fact that the Bank had joint control of Wompi S.A.S. 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, 2023
PREMISES AND EQUIPMENT, NET
PREMISES AND EQUIPMENT, NET	NOTE 10. PREMISES AND EQUIPMENT, NET As of December 31, 2023 and 2022, the premises and equipment, net consisted of the following: As of December 31, 2023 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, ​ ​ 2023 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2023 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 605,713 ​ 3,750 ​ - ​ (3,738) ​ (39,665) ​ (48,655) ​ 517,405 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 51,839 ​ 46,846 ​ - ​ - ​ - ​ (15,052) ​ 83,633 Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,878,689 ​ 25,644 ​ - ​ (30,968) ​ 18,311 ​ (151,671) ​ 1,740,005 Accumulated depreciation ​ (535,550) ​ - ​ (38,565) ​ 10,828 ​ (11,916) ​ 82,007 ​ (493,196) Accumulated impairment ​ - ​ - ​ (153) ​ 153 ​ - ​ - ​ - Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 709,894 ​ 57,565 ​ - ​ (29,474) ​ (6,522) ​ (53,325) ​ 678,138 Accumulated depreciation ​ (432,992) ​ - ​ (44,238) ​ 25,956 ​ - ​ 35,757 ​ (415,517) Accumulated impairment ​ - ​ - ​ (797) ​ 797 ​ - ​ - ​ - Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,007,230 ​ 129,012 ​ - ​ (91,096) ​ 2,416 ​ (73,129) ​ 974,433 Accumulated depreciation ​ (595,991) ​ - ​ (114,887) ​ 73,226 ​ (4,100) ​ 49,316 ​ (592,436) Accumulated impairment ​ - ​ - ​ (1,507) ​ 1,507 ​ - ​ ​ ​ - Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 31,713 ​ 9,967 ​ - ​ (6,709) ​ 2,489 ​ (3,480) ​ 33,980 Accumulated depreciation ​ (19,506) ​ - ​ (5,331) ​ 5,650 ​ (14) ​ 1,895 ​ (17,306) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 9,661 ​ 26,950 ​ - ​ - ​ (19,436) ​ (538) ​ 16,637 Accumulated depreciation ​ (627) ​ - ​ (25) ​ - ​ - ​ 130 ​ (522) Total premises and equipment for own use - cost ​ 4,294,739 ​ 299,734 ​ - ​ (161,985) ​ (42,407) ​ (345,850) ​ 4,044,231 Total premises and equipment - accumulated depreciation ​ (1,584,666) ​ - ​ (203,046) ​ 115,660 ​ (16,030) ​ 169,105 ​ (1,518,977) Total premises and equipment - accumulated impairment ​ - ​ - ​ (2,457) ​ 2,457 ​ - ​ - ​ - Total premises and equipment for own use, net ​ 2,710,073 ​ 299,734 ​ (205,503) ​ (43,868) ​ (58,437) ​ (176,745) ​ 2,525,254 (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, ​ ​ 2023 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2023 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,091 ​ - ​ - ​ - ​ - ​ - ​ 2,091 Accumulated depreciation ​ (360) ​ - ​ (254) ​ - ​ - ​ - ​ (614) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 150,969 ​ 66,833 ​ - ​ (4,463) ​ 14,822 ​ - ​ 228,161 Accumulated depreciation ​ (66,577) ​ - ​ (49,364) ​ 3,855 ​ 16,448 ​ - ​ (95,638) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 4,718,405 ​ 1,156,419 ​ - ​ (79,280) ​ (1,007,899) ​ - ​ 4,787,645 Accumulated depreciation ​ (787,535) ​ - ​ (383,712) ​ 18,181 ​ 228,701 ​ - ​ (924,365) Accumulated impairment ​ - ​ - ​ (2,023) ​ 2,023 ​ - ​ - ​ - Total premises and equipment in operating leases - cost ​ 4,871,465 ​ 1,223,252 ​ - ​ (83,743) ​ (993,077) ​ - ​ 5,017,897 Total premises and equipment - accumulated depreciation ​ (854,472) ​ - ​ (433,330) ​ 22,036 ​ 245,149 ​ - ​ (1,020,617) Total premises and equipment - accumulated impairment ​ - ​ - ​ (2,023) ​ 2,023 ​ - ​ - ​ - Total premises and equipment in operating leases, net ​ 4,016,993 ​ 1,223,252 ​ (435,353) ​ (59,684) ​ (747,928) ​ - ​ 3,997,280 (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, ​ ​ 2023 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2023 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 9,166,204 ​ 1,522,986 ​ - ​ (245,728) ​ (1,035,484) ​ (345,850) ​ 9,062,128 Total premises and equipment - accumulated depreciation ​ (2,439,138) ​ - ​ (636,376) ​ 137,696 ​ 229,119 ​ 169,105 ​ (2,539,594) Total premises and equipment - accumulated impairment ​ - ​ - ​ (4,480) ​ 4,480 ​ - ​ - ​ - Total premises and equipment, net ​ 6,727,066 ​ 1,522,986 ​ (640,856) ​ (103,552) ​ (806,365) ​ (176,745) ​ 6,522,534 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2022 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, ​ ​ 2022 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2022 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 551,484 ​ 34,151 ​ - ​ (3,773) ​ (17,068) ​ 40,919 ​ 605,713 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 37,040 ​ 24,643 ​ - ​ (17,714) ​ - ​ 7,870 ​ 51,839 Accumulated impairment ​ - ​ - ​ (3,536) ​ 3,536 ​ - ​ - ​ - Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,795,240 ​ 20,789 ​ - ​ (18,844) ​ (43,379) ​ 124,883 ​ 1,878,689 Accumulated depreciation ​ (458,784) ​ - ​ (37,604) ​ 14,939 ​ 13,878 ​ (67,979) ​ (535,550) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 662,385 ​ 46,390 ​ - ​ (42,540) ​ - ​ 43,659 ​ 709,894 Accumulated depreciation ​ (388,005) ​ - ​ (44,958) ​ 29,759 ​ - ​ (29,788) ​ (432,992) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 881,056 ​ 191,122 ​ - ​ (125,436) ​ - ​ 60,488 ​ 1,007,230 Accumulated depreciation ​ (545,954) ​ - ​ (114,099) ​ 106,367 ​ - ​ (42,305) ​ (595,991) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 42,366 ​ 5,253 ​ - ​ (18,361) ​ (163) ​ 2,618 ​ 31,713 Accumulated depreciation ​ (18,233) ​ - ​ (4,484) ​ 4,721 ​ 64 ​ (1,574) ​ (19,506) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 5,307 ​ 32,144 ​ - ​ (1,058) ​ (27,075) ​ 343 ​ 9,661 Accumulated depreciation ​ (510) ​ - ​ (32) ​ 16 ​ - ​ (101) ​ (627) Total premises and equipment for own use - cost ​ 3,974,878 ​ 354,492 ​ - ​ (227,726) ​ (87,685) ​ 280,780 ​ 4,294,739 Total premises and equipment - accumulated depreciation ​ (1,411,486) ​ - ​ (201,177) ​ 155,802 ​ 13,942 ​ (141,747) ​ (1,584,666) Total premises and equipment - accumulated impairment ​ - ​ - ​ (3,536) ​ 3,536 ​ - ​ - ​ - Total premises and equipment for own use, net ​ 2,563,392 ​ 354,492 ​ (204,713) ​ (68,388) ​ (73,743) ​ 139,033 ​ 2,710,073 (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, ​ ​ 2022 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2022 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,091 ​ - ​ - ​ - ​ - ​ - ​ 2,091 Accumulated depreciation ​ (106) ​ - ​ (254) ​ - ​ - ​ - ​ (360) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 121,071 ​ 45,690 ​ - ​ (6,001) ​ (9,791) ​ - ​ 150,969 Accumulated depreciation ​ (46,884) ​ - ​ (32,482) ​ 4,618 ​ 8,171 ​ - ​ (66,577) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,113,511 ​ 2,265,250 ​ - ​ (36,539) ​ (623,817) ​ - ​ 4,718,405 Accumulated depreciation ​ (652,423) ​ - ​ (326,683) ​ 2,700 ​ 188,871 ​ - ​ (787,535) Total premises and equipment in operating leases - cost ​ 3,236,673 ​ 2,310,940 ​ - ​ (42,540) ​ (633,608) ​ - ​ 4,871,465 Total premises and equipment - accumulated depreciation ​ (699,413) ​ - ​ (359,419) ​ 7,318 ​ 197,042 ​ - ​ (854,472) Total premises and equipment in operating leases, net ​ 2,537,260 ​ 2,310,940 ​ (359,419) ​ (35,222) ​ (436,566) ​ - ​ 4,016,993 (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, ​ ​ 2022 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2022 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 7,211,551 ​ 2,665,432 ​ - ​ (270,266) ​ (721,293) ​ 280,780 ​ 9,166,204 Total premises and equipment - accumulated depreciation ​ (2,110,899) ​ - ​ (560,596) ​ 163,120 ​ 210,984 ​ (141,747) ​ (2,439,138) Total premises and equipment - accumulated impairment ​ - ​ - ​ (3,536) ​ 3,536 ​ - ​ - ​ - Total premises and equipment, net ​ 5,100,652 ​ 2,665,432 ​ (564,132) ​ (103,610) ​ (510,309) ​ 139,033 ​ 6,727,066 (1) See Note 26.3. Impairment, depreciation and amortization. ​ As of December 31, 2023 and 2022, there were contractual commitments for the purchase of premises and equipment of COP 4,025 and COP 3,816 , respectively. As of December 31, 2023 and 2022, there was no premises and equipment pledged as collateral, or with ownership restrictions. Additionally, the assessment made by the Bank indicates there is no evidence of impairment of its premises and equipment. ​ As of December 31, 2023 and 2022, the amount of fully depreciated premises and equipment that is still in use is COP 673,376 and COP 714,734 , respectively, mainly comprised of computer equipment, furniture and fixtures and office equipment. The temporarily idle premises and equipment amounted to COP 79,644 in 2023 and COP 75,473 in 2022.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Balance at the beginning of the year ​ 3,994,058 ​ 3,132,220 Acquisitions ​ 294,569 ​ 731,600 Subsequent expenditure recognised as an asset ​ 170,920 ​ 66,745 Sales/Write-offs ​ (21,194) ​ (233,974) Acquisitions through business combination (1) ​ - ​ 60,850 Amount reclassified from premises and equipment (2) ​ 39,096 ​ - Gains on valuation (3) ​ 232,462 ​ 236,617 Balance at the end of the period (4) ​ 4,709,911 ​ 3,994,058 (1) In 2022 corresponds to PA FAI Calle 77. See Note 9.3. Business combination. (2) In 2023, the amount relates properties from FCP Fondo Inmobiliario Colombia that were reclassified from premises and equipment to investment property, because they are held for obtaining profits and capital appreciation. (3) The difference with the line Investment property valuation included in Other operating income corresponds to gains recognized in acquisitions. See Note 25.4. Other operating income - Investment property valuation and Others. (4) Between December 31, 2023 and 2022, 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ ​ Amount Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ Net increase (1)(2) ​ reclassified from ​ value at the end ​ ​ year ​ ​ ​ ​ ​ premises and equipment (3) ​ of the year In millions of COP Buildings ​ 3,870,706 ​ 194,608 ​ 280,107 ​ 39,096 ​ 4,384,517 Lands ​ 123,352 ​ 37,854 ​ 164,188 ​ - ​ 325,394 Total ​ 3,994,058 ​ 232,462 ​ 444,295 ​ 39,096 ​ 4,709,911 (1) The increase in buildings corresponds mainly in Bancolombia for the purchase for COP 80,954 , FCP Fondo Inmobiliario Colombia for COP 91,182 , in addition to subsequent expenditure for investment properties under construction for COP 71,023 . (2) The increase in lands corresponds mainly to the entry of NOMAD CENTRAL, P.A CALLE 84 (2) and P.A CALLE 84 (3) for COP 92,585 and the subsequent expenditure for COP 71,354 . (3) The amount reclassified from premises and equipment corresponds properties from FCP Fondo Inmobiliario Colombia that were transfers to investment property, because they are held for obtaining profits and capital appreciation . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ ​ Acquisitions Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ Net increase ​ from business ​ value at the end ​ ​ ​ year ​ ​ ​ (decrease) (1)(2) ​ combination (3) ​ of the year ​ In millions of COP ​ Buildings ​ 2,949,720 ​ 239,823 ​ 620,313 ​ 60,850 ​ 3,870,706 ​ Lands ​ 182,500 ​ (3,206) ​ (55,942) ​ - ​ 123,352 ​ Total ​ 3,132,220 ​ 236,617 ​ 564,371 ​ 60,850 ​ 3,994,058 ​ (1) The net increase in buildings corresponds mainly to increases in P.A. MERCURIO for COP 249,492 , FCP Fondo Inmobiliario Colombia for COP 242,274 , Bancolombia S.A. for COP 221,834 and sales made by FCP Fondo Inmobiliario Colombia for COP 147,483 . (2) The decrease in lands corresponds mainly to the sale of land by Valores Simesa S.A. (3) For more information on acquisitions from business combinations, See Note 9.3. Business. ​ ​ 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, 2023 ​ December 31, 2022 ​ December 31, 2021 ​ ​ In millions of COP Income from rentals ​ 228,325 ​ 157,511 ​ 139,021 Operating expenses due to: ​ ​ ​ ​ ​ ​ Investment properties that generated income through rentals ​ 28,813 ​ 21,267 ​ 15,331 Investment properties that did not generate income through rentals ​ 10,378 ​ 19,021 ​ 10,050 ​ 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, 2023 and 2022, 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, 2023 and 2022, the Bank does not have investment properties held under financial leases.

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2023
INCOME TAX
INCOME TAX	NOTE 12. INCOME TAX The income tax is recognized in each of the countries where the Bank 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, ​ ​ 2023 ​ 2022 ​ 2021 In millions of Colombian pesos Current tax (1) ​ ​ ​ ​ ​ ​ Fiscal term ​ (1,779,538) ​ (2,644,173) ​ (1,321,400) Prior fiscal terms ​ 46,791 ​ 39,137 ​ 71,932 Total current tax ​ (1,732,747) ​ (2,605,036) ​ (1,249,468) Deferred tax ​ ​ ​ ​ ​ ​ Fiscal term ​ (282,012) ​ (80,663) ​ (530,926) Adjustments for consolidation purposes ​ 82,204 ​ (62,722) ​ 4,169 Total deferred tax ​ (199,808) ​ (143,385) ​ (526,757) Total income tax (2) ​ (1,932,555) ​ (2,748,421) ​ (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) See table 12.3 Reconciliation of the effective tax rate. ​ 12.2 Legal regulatory changes ​ Principal changes introduced by the tax reform of 2022: ​ The Colombian Congress enacted Law 2277 of 2022 on 13th of December 2022, which became effective January 1, 2023. The most significant measures this norm are outlined below: ​ The Corporate Income Tax rate (CIT) continues at 35% ; however, the surcharge applicable to financial entities from 2023 to 2027 increased by 5% . This surcharge is applicable when the financial entities have a taxable income equal to, or higher than 120.000 tax units (UVT). ​ Certain non-taxable incomes, special deductions, exempt incomes, and tax credits will be limited to 3% of the taxpayer´s net income before deductions. ​ For the fiscal year 2023 onwards, Industry and Trade Tax (ITT) will not be creditable against the Corporate Income Tax. Therefore, ITT only will be eligible as a deduction. ​ A minimum effective tax rate of 15% was introduced for Colombian corporations. This rate must be calculated by dividing the due tax (with certain adjustments) over the book profits (with certain adjustments). ​ Profits derived from the sale of shares listed on the Colombian Stock Exchange will be treated as non-taxable income if: i) a single shareholder owns them, and ii) they are not more than 3% of the total outstanding shares listed by the entity in the taxable year. ​ The distribution of profits in shares will be taxable for CIT matters. ​ Payments falling into the following categories i) social club memberships, ii) personal payments to shareholders and their relatives, and iii) labor expenses of home support personnel, among others, will not be deductible for CIT purposes. ​ Donations to research, technological developments, and innovation will not be deductible. ​ Dividend tax rate increases as follows: ​ ​ ​ ​ Dividend tax ​ Rate ​ Foreign entities ​ From 10% to 20% ​ Colombian corporations ​ From 7,5% to 10% ​ ​ Capital gains tax increases from 10% to 15% . ​ A temporary reduction in penalties and interest of 60% will be applied upon the fulfillment of certain requirements ​ The tax determination will be made through electronic invoicing when the taxpayer has not filed their income tax returns. ​ Penalty for not sending information to the Tax Office is reduced to 7500 tax units (UVT). ​ In-kind payments made by an entity to third parties for the acquisition of goods or provision of services will be deemed as taxable income for the entity’s employees, their spouses, their relatives, and any other person with the title of the beneficiary of the payment. ​ Other Countries: The income tax rate in the other countries where the Group has a presence amounts to 25% in Guatemala and Panama and 30% in El Salvador. ​ 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, 2023, 2022 and 2021 is detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, Reconciliation of the tax rate ​ 2023 ​ 2022 ​ 2021 In millions of Colombian pesos Accounting profit ​ 8,147,526 ​ 9,744,786 ​ 5,984,012 Applicable tax with nominal rate (1) ​ (3,259,011) ​ (3,703,019) ​ (2,034,564) Non-deductible expenses to determine taxable profit (loss) ​ (478,901) ​ (425,458) ​ (260,546) Accounting and non-tax expense (income) to determine taxable profit (loss) ​ 667,744 ​ 978,468 ​ 767,857 Differences in accounting bases (2) ​ (106,648) ​ (19,448) ​ (32,714) Fiscal and non-accounting expense (income) to determine taxable profit (loss) ​ (652,607) ​ (470,063) ​ (285,191) Ordinary activities income exempt from taxation ​ 1,563,793 ​ 832,822 ​ 412,495 Ordinary activities income not constituting income or occasional tax gain ​ 67,132 ​ 120,513 ​ 98,870 Tax deductions ​ 156,543 ​ 374,233 ​ 226,064 Goodwill Depreciation ​ 2,478 ​ 461 ​ 200,617 Tax depreciation surplus ​ 223,901 ​ 162,111 ​ 140,384 Untaxed recoveries ​ (64,516) ​ (40,559) ​ (84,692) Tax rate effect in other countries ​ (121,597) ​ (319,825) ​ (384,669) Prior fiscal terms ​ 46,791 ​ 39,137 ​ 71,932 Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) ​ 22,343 ​ (277,794) ​ (612,068) Total income tax ​ (1,932,555) ​ (2,748,421) ​ (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS). ​ 12.4 Components recognized in Other Comprehensive Income (OCI) ​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2023 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ (44,594) ​ 13,234 ​ (31,360) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) ​ 11,144 ​ (246) ​ 10,898 Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ 114,287 ​ (21,023) ​ 93,264 Loss on net investment hedge in foreign operations ​ 1,948,833 ​ (772,755) ​ 1,176,078 Exchange differences arising on translating the foreign operations. ​ (4,963,913) ​ - ​ (4,963,913) Unrealized loss on investments in associates and joint ventures using equity method ​ (2,225) ​ 2,223 ​ (2) Net ​ (2,936,468) ​ (778,567) ​ (3,715,035) ​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ 69,249 ​ (25,090) ​ 44,159 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) ​ 33,354 ​ (1,282) ​ 32,072 Gains due to asset revaluation ​ - ​ (71) ​ (71) Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ (172,385) ​ 7,843 ​ (164,542) Loss on net investment hedge in foreign operations ​ (1,833,087) ​ 746,232 ​ (1,086,855) Exchange differences arising on translating the foreign operations. ​ 4,064,795 ​ - ​ 4,064,795 Unrealized gains on investments in associates and joint ventures using equity method ​ (1,929) ​ (1,221) ​ (3,150) Net ​ 2,159,997 ​ 726,411 ​ 2,886,408 See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement expense 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 gain 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. ​ 12.5 Deferred tax In accordance with its financial projections, the companies from the Bank’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 Bank’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. The deferred tax asset and liability for each of the concepts that generated taxable or deductible temporary differences for the period ending December 31, 2023 are detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments for ​ ​ ​ ​ December 31, ​ Income ​ Effect on ​ Effect on ​ Tax Made (2) ​ Foreign ​ consolidation ​ December 31, ​ ​ 2022 ​ Statement ​ OCI ​ Equity (1) ​ ​ ​ Exchange ​ purposes ​ 2023 In millions of Colombian pesos Asset Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ 11,071 ​ (1,494) ​ - ​ - ​ - ​ (2,082) ​ (1,513) ​ 5,982 Employee Benefits ​ 218,263 ​ 34,648 ​ 13,234 ​ - ​ - ​ (6,739) ​ - ​ 259,406 Deterioration assessment ​ 602,289 ​ 1,666 ​ - ​ - ​ - ​ (136,367) ​ (51,136) ​ 416,452 Investments evaluation ​ 5,591 ​ (231) ​ (165) ​ - ​ - ​ (134) ​ - ​ 5,061 Derivatives Valuation ​ 8,457 ​ 221,735 ​ - ​ - ​ - ​ - ​ 4,875 ​ 235,067 Tax credits settlement ​ 18,186 ​ 16,754 ​ - ​ - ​ - ​ - ​ - ​ 34,940 Financial Obligations ​ 663,095 ​ (663,095) ​ - ​ - ​ - ​ - ​ - ​ - Insurance operations ​ - ​ (633) ​ - ​ 13,952 ​ - ​ - ​ - ​ 13,319 Net investment coverage in operations abroad ​ 1,530,074 ​ (91,043) ​ (772,755) ​ - ​ (137,838) ​ - ​ - ​ 528,438 Other deductions ​ 446,451 ​ (191,575) ​ - ​ - ​ - ​ (13,241) ​ - ​ 241,635 implementation adjustment ​ 410,477 ​ 925 ​ - ​ - ​ - ​ (35,186) ​ - ​ 376,216 Total Asset Deferred Tax (3) ​ 3,913,954 ​ (672,343) ​ (759,686) ​ 13,952 ​ (137,838) ​ (193,749) ​ (47,774) ​ 2,116,516 Liability Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ (310,845) ​ 32,867 ​ - ​ - ​ - ​ 4,549 ​ 128,441 ​ (144,988) Deterioration assessment ​ (549,435) ​ 437,539 ​ - ​ - ​ - ​ 1,333 ​ (2,828) ​ (113,391) Participatory titles evaluation ​ (154,094) ​ (200,138) ​ (21,104) ​ - ​ - ​ (1,205) ​ 6,732 ​ (369,809) Derivatives evaluation ​ (20,466) ​ 8,585 ​ - ​ - ​ - ​ 4,203 ​ (2,367) ​ (10,045) Lease restatement ​ (258,954) ​ 43,543 ​ - ​ - ​ - ​ - ​ - ​ (215,411) Investments in associates. Adjustment for equity method ​ (241,748) ​ 168,671 ​ 2,223 ​ - ​ - ​ (8,730) ​ - ​ (79,584) Financial Obligations ​ (1,248) ​ (178,955) ​ - ​ - ​ - ​ 256 ​ - ​ (179,947) Goodwill ​ (1,576,519) ​ 644 ​ - ​ - ​ - ​ 1,909 ​ - ​ (1,573,966) Insurance operations ​ - ​ 189 ​ - ​ (14,138) ​ - ​ - ​ - ​ (13,949) Properties received in payment ​ (162,681) ​ 11,016 ​ - ​ - ​ - ​ 3,203 ​ - ​ (148,462) Other deductions ​ (506,706) ​ 66,370 ​ - ​ - ​ - ​ 73,779 ​ - ​ (366,557) implementation adjustment ​ (25) ​ - ​ - ​ - ​ - ​ - ​ - ​ (25) Total Liability Deferred Tax (3) ​ (3,782,721) ​ 390,331 ​ (18,881) ​ (14,138) ​ - ​ 79,297 ​ 129,978 ​ (3,216,134) Net Deferred Tax ​ 131,233 ​ (282,012) ​ (778,567) ​ (186) ​ (137,838) ​ (114,452) ​ 82,204 ​ (1,099,618) (1) Application of IFRS 17 Insurance Contracts in Guatemala. (2) Current tax that arose from the exchange difference due to the liquidation of the bonds that was associated as a hedging instrument. (3) The values revealed in the Consolidated Statement of Financial Position correspond to the sum of the net deferred tax per company. ​ 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, 2023 ​ December 31, 2022 In millions of Colombian pesos Temporary differences ​ ​ ​ ​ Local Subsidiaries ​ (1,378,775) ​ (1,966,594) Foreign Subsidiaries ​ (17,696,145) ​ (22,854,744) ​ 12.7 Tax credits For the 2023 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, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax Company ​ Base ​ recognized asset In millions of Colombian pesos Renting Colombia S.A.S. ​ 39,037 ​ 12,883 Nequi S.A., Compañía de Financiamiento ​ 63,018 ​ 22,057 Total ​ 102,055 ​ 34,940 ​ 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 Bank. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Bank accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. However, based on the criteria established in the interpretation of IFRIC 23, the Bank did not recognize uncertain tax positions in its financial statements.

ASSETS HELD FOR SALE AND INVENT

ASSETS HELD FOR SALE AND INVENTORIES, NET	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Inventories, net ​ 747,302 ​ 513,032 Assets held for sale, net ​ 159,451 ​ 95,417 Total assets held for sale and inventories, net ​ 906,753 ​ 608,449 ​ 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, 2023 and 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ Inventories ​ December 31, 2023 ​ December 31, 2022 In millions of COP Lands and buildings ​ 275,808 ​ 285,076 Vehicles (1) ​ 469,949 ​ 220,522 Machinery and others ​ 38,310 ​ 33,091 Total inventory cost ​ 784,067 ​ 538,689 Impairment ​ (36,765) ​ (25,658) Total inventories, net ​ 747,302 ​ 513,031 (1) The increase is mainly due to the restitution of assets. ​ 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, 2023 and 2022. 13.2. Assets held for sale The assets recognized by the Bank as assets held for sale correspond to machinery, equipment, motor vehicles and technology, 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 9,238 ​ 2,464 ​ - ​ - ​ 11,702 Cost ​ 9,300 ​ 2,473 ​ - ​ - ​ 11,773 Impairment ​ (62) ​ (9) ​ - ​ - ​ (71) Real estate for residential purposes ​ 6,191 ​ 104,934 ​ 3,091 ​ 3,260 ​ 117,476 Cost ​ 6,191 ​ 106,642 ​ 3,148 ​ 4,060 ​ 120,041 Impairment ​ - ​ (1,708) ​ (57) ​ (800) ​ (2,565) Real estate different from residential properties ​ 5,406 ​ 24,867 ​ - ​ - ​ 30,273 Cost ​ 5,947 ​ 24,980 ​ - ​ - ​ 30,927 Impairment ​ (541) ​ (113) ​ - ​ - ​ (654) Total assets held for sale - cost ​ 21,438 ​ 134,095 ​ 3,148 ​ 4,060 ​ 162,741 Total assets held for sale - impairment ​ (603) ​ (1,830) ​ (57) ​ (800) ​ (3,290) Total assets held for sale (1) ​ 20,835 ​ 132,265 ​ 3,091 ​ 3,260 ​ 159,451 (1) For 2023 there are no assets related to investments held for sale. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 5,090 ​ 4,828 ​ - ​ - ​ 9,918 Cost ​ 5,160 ​ 4,870 ​ - ​ - ​ 10,030 Impairment ​ (70) ​ (42) ​ - ​ - ​ (112) Real estate for residential purposes ​ 7,928 ​ 52,331 ​ 1,559 ​ 1,465 ​ 63,283 Cost ​ 7,967 ​ 54,181 ​ 1,616 ​ 1,880 ​ 65,644 Impairment ​ (39) ​ (1,850) ​ (57) ​ (415) ​ (2,361) Real estate different from residential properties ​ 10,868 ​ 11,348 ​ - ​ - ​ 22,216 Cost ​ 11,178 ​ 11,348 ​ - ​ - ​ 22,526 Impairment ​ (310) ​ - ​ - ​ - ​ (310) Total assets held for sale - cost ​ 24,305 ​ 70,399 ​ 1,616 ​ 1,880 ​ 98,200 Total assets held for sale - impairment ​ (419) ​ (1,892) ​ (57) ​ (415) ​ (2,783) Total assets held for sale (1) ​ 23,886 ​ 68,507 ​ 1,559 ​ 1,465 ​ 95,417 (1) For 2022 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, 2023
OTHER ASSETS, NET
OTHER ASSETS, NET	NOTE 14. OTHER ASSETS, NET As of December 31, 2023 and 2022 the Bank’s other assets, net consist of: ​ ​ ​ ​ ​ ​ Other Assets, net ​ December 31, 2023 ​ December 31, 2022 In millions of COP Tax advance (1) ​ 1,461,816 ​ 1,298,400 Other receivables (2) ​ 1,193,294 ​ 1,158,447 Assets pledged as collateral (cash) (3) ​ 1,082,611 ​ 752,099 Marketable and non-marketable for sale assets (4) ​ 890,653 ​ 978,319 Prepaid expenses ​ 713,505 ​ 576,742 Receivables related to abandoned accounts (5) ​ 403,432 ​ 439,994 Accounts receivable from contracts with customers (6) ​ 259,516 ​ 192,029 Receivable Sales of goods and service ​ 254,607 ​ 260,674 Commission for letters of credit ​ 207,327 ​ 70,249 Operating leases ​ 201,302 ​ 172,216 Balance in credit card clearing house ​ 185,164 ​ 142,331 Debtors ​ 85,698 ​ 21,646 Others ​ 595,799 ​ 488,640 Total other assets ​ 7,534,724 ​ 6,551,786 Allowance others ​ (6,688) ​ (3,920) Total other assets, net ​ 7,528,036 ​ 6,547,866 (1) Mainly due to increase balance in favor of income tax advance. (2) Other accounts receivable are mainly associated with outstanding items with networks, accounts receivable from derivatives and cash transactions, among others. (3) Variation generated by growth in current operations with international counterparts. (4) Decrease generated mainly in foreign subsidiaries due to the variation of the market representative rate, for December 2022 was COP 4,810.20 colombian pesos and for December 2023 is COP 3,822.05 colombian pesos. (5) Corresponds to the application of Law 1777 of February 1, 2016, where established that entities holding balances in savings or checking accounts that are considered abandoned, must transfer these resources to the special fund created and administered by ICETEX for the granting of study credits and credits to promote the quality of Higher Education Institutions. (6) Corresponds to accounts receivable from commissions, see Note 25.3.1. Income from commissions and other services, in the detail of accounts receivable and liabilities from contracts. ​

DEPOSITS BY CUSTOMERS

DEPOSITS BY CUSTOMERS	12 Months Ended
	Dec. 31, 2023
DEPOSITS BY CUSTOMERS.
DEPOSITS BY CUSTOMERS	NOTE 15. DEPOSITS BY CUSTOMERS The detail of the deposits as of December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ Deposits ​ December 31, 2023 ​ December 31, 2022 In millions of COP ​ ​ ​ ​ Saving accounts (1)(2) ​ 108,971,334 ​ 118,443,600 Time deposits (2) ​ 98,686,516 ​ 87,138,067 Checking accounts (2) ​ 34,993,066 ​ 40,808,856 Other deposits (1) ​ 5,290,264 ​ 4,601,800 Total deposits by customers ​ 247,941,180 ​ 250,992,323 (1) As of December 31, 2023 and 2022 includes Nequi Deposits by COP 2,924,906 and COP 1,724,123 , respectively. (2) The variation in time deposits is mainly due to the increase in interest rates, which has led to a greater preference for fixed income instruments and a decrease in savings and checking accounts. ​ The following table details the time deposits issued by the Bank: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2023 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 15.52 % 17,641,158 ​ 17,494,878 Between 6 months and 12 months ​ 0.50 % 17.32 % 18,422,400 ​ 18,314,065 Between 12 months and 18 months ​ 0.85 % 20.52 % 17,523,847 ​ 17,647,508 Greater than 18 months ​ 0.01 % 20.86 % 45,099,111 ​ 46,629,404 Total time deposits ​ ​ ​ ​ ​ 98,686,516 ​ 100,085,855 (1) See Note 30. Fair value of assets and liabilities. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2022 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 16.57 % 16,922,753 ​ 16,900,555 Between 6 months and 12 months ​ 0.50 % 17.41 % 14,279,083 ​ 14,234,825 Between 12 months and 18 months ​ 0.50 % 19.51 % 13,692,773 ​ 13,571,248 Greater than 18 months ​ 0.40 % 22.10 % 42,243,458 ​ 40,942,920 Total time deposits ​ ​ ​ ​ ​ 87,138,067 ​ 85,649,548 ​ (1) See Note 30. Fair value of assets and liabilities. ​ The detail of time deposits issued by the Bank by maturity is as follows: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ December 31, 2023 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 71,178,788 ​ 71,315,171 Between 1 and 3 years ​ 13,715,792 ​ 13,949,647 Between 3 and 5 years ​ 3,197,528 ​ 3,256,102 Greater than 5 years ​ 10,594,408 ​ 11,564,935 Total ​ 98,686,516 ​ 100,085,855 (1) See Note 30. Fair value of assets and liabilities. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ December 31, 2022 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 60,256,684 ​ 60,113,046 Between 1 and 3 years ​ 14,930,613 ​ 14,621,696 Between 3 and 5 years ​ 4,318,988 ​ 4,017,350 Greater than 5 years ​ 7,631,782 ​ 6,897,456 Total ​ 87,138,067 ​ 85,649,548 (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, 2023
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 Consolidated Statement of Financial Position: ​ ​ ​ ​ ​ ​ Interbank and repurchase agreements and other similar secured borrowing ​ December 31, 2023 ​ December 31, 2022 In millions of COP Interbank Deposits ​ ​ ​ ​ Interbank liabilities ​ 606,141 ​ 902,132 Total interbank ​ 606,141 ​ 902,132 Repurchase agreements and other similar secured borrowing ​ ​ ​ ​ Short selling operations ​ 273,791 ​ 125,682 Temporary transfer of securities ​ 44,888 ​ 63,370 Repurchase agreements ​ 151,616 ​ - Total Repurchase agreements and other similar secured borrowing (1) ​ 470,295 ​ 189,052 Total money market transactions ​ 1,076,436 ​ 1,091,184 (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. 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, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 7,850,516 ​ - ​ 7,850,516 ​ (7,850,516) ​ - Securities sold under repurchase agreements ​ (470,295) ​ - ​ (470,295) ​ 470,295 ​ - Total repurchase and resale agreements ​ 7,380,221 ​ - ​ 7,380,221 ​ (7,380,221) ​ - (1) The amount includes those presented as cash and cash equivalents for COP 7,840,926 and those presented as other assets for COP 9,590 . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 2,880,987 ​ - ​ 2,880,987 ​ (2,880,987) ​ - Securities sold under repurchase agreements ​ (189,052) ​ - ​ (189,052) ​ 189,052 ​ - Total repurchase and resale agreements ​ 2,691,935 ​ - ​ 2,691,935 ​ (2,691,935) ​ - (1) The amount includes those presented as cash and cash equivalents for COP 2,873,716 and those presented as other assets for COP 7,271 . ​ 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, 2023
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS	NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS As of December 31, 2023 and 2022, the composition of the borrowings from other financial institutions measured at amortized cost is the following: ​ ​ ​ ​ ​ ​ Borrowings from other financial institutions ​ December 31, 2023 ​ December 31, 2022 In millions of COP Obligations granted by foreign banks (1) ​ 9,139,834 ​ 14,774,220 Obligations granted by domestic banks (2) ​ 6,508,772 ​ 4,918,418 Total borrowings from other financial institutions ​ 15,648,606 ​ 19,692,638 (1) The variation is mainly due to the cancellation of obligations and the decrease of the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (2) The increase is due to higher loan openings by Bancolombia S.A mainly in rediscount lines with Finagro, Bancoldex and Findeter. ​ Obligations granted by foreign banks As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Minimum ​ Rate Maximum ​ December 31, 2023 In millions of COP Financing with Correspondent Banks and Multilateral Entities (1) ​ 1.21 % 10.06 % 8,566,580 Banco Interamericano de Desarrollo (BID) ​ 9.50 % 10.64 % 532,899 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 6.91 % 6.91 % 40,355 Total ​ ​ ​ ​ ​ 9,139,834 (1) At Bancolombia S.A. USD 200 million were designated as coverage of net investment abroad. See Note 5.2 Derivative financial instruments- Hedges of a net asset in a foreign operation. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Minimum ​ Rate Maximum ​ December 31, 2022 In millions of COP Financing with Correspondent Banks and Multilateral Entities ​ 0.97 % 9.51 % 13,816,270 Banco Interamericano de Desarrollo (BID) ​ 8.62 % 8.74 % 670,043 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 2.89 % 6.60 % 287,907 Total ​ ​ ​ ​ ​ 14,774,220 ​ The maturities of the financial obligations with foreign entities as of December 31, 2023 and 2022 are the following: ​ ​ ​ ​ ​ ​ Foreign ​ December 31, 2023 ​ December 31, 2022 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 3,813,504 ​ 8,825,089 More than twelve months after the reporting period ​ 5,326,330 ​ 5,949,131 Total ​ 9,139,834 ​ 14,774,220 ​ Obligations granted by domestic banks As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Minimum ​ Maximum ​ December 31, 2023 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 8.15 % 20.85 % 2,530,570 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 8.37 % 15.88 % 1,509,594 Banco de comercio exterior de Colombia (Bancoldex) ​ 2.17 % 21.46 % 1,404,873 Other private financial entities ​ 12.88 % 16.67 % 1,063,735 Total ​ ​ ​ ​ ​ 6,508,772 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Minimum ​ Maximum ​ December 31, 2022 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 7.22 % 18.77 % 2,047,506 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 3.40 % 15.70 % 931,018 Banco de comercio exterior de Colombia (Bancoldex) ​ 2.15 % 19.15 % 902,036 Other private financial entities ​ 11.35 % 15.75 % 1,037,858 Total ​ ​ ​ ​ ​ 4,918,418 ​ ​ The maturities of financial obligations with domestic banks as of December 31, 2023 and 2022, are as follows: ​ ​ ​ ​ ​ ​ Domestic ​ December 31, 2023 ​ December 31, 2022 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 767,470 ​ 500,500 More than twelve months after the reporting period ​ 5,741,302 ​ 4,417,918 Total ​ 6,508,772 ​ 4,918,418 ​ As of December 31, 2023 and 2022, 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, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance COP ​ Rate Range Bancolombia S.A. ​ Local ​ COP ​ 4,029,882 ​ 4,097,727 ​ 12.87%-21.06% Bancolombia S.A. (2)(3) ​ Foreign ​ USD ​ 1,832,534 ​ 6,861,098 ​ 3.02%-7.03% Banistmo S.A. (4) ​ Foreign ​ USD ​ 679,395 ​ 2,626,235 ​ 3.00%-6.25% Banco Agrícola S.A. (5) ​ Foreign ​ USD ​ 162,700 ​ 623,568 ​ 5.58%-7.57% Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 69,648 ​ 276,451 ​ 5.05%-5.50% Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 44,924 ​ 176,376 ​ 4.70%-6.10% Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 555 ​ 2,121 ​ 0.25%-7.25% Total debt instruments in issue ​ ​ ​ ​ ​ ​ ​ 14,663,576 ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) The variation is due to repurchase in Bancolombia S.A. of USD 467,966 of senior bonds maturing in 2025 and the decrease in the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (3) USD 1,392,034 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance COP ​ Rate Range Bancolombia S.A. ​ Local ​ COP ​ 4,642,404 ​ 4,708,586 ​ 13.06% - 17.92% Bancolombia S.A. (2)(3) ​ Foreign ​ USD ​ 2,256,397 ​ 10,501,036 ​ 3.02% - 7.03% Banistmo S.A. (4) ​ Foreign ​ USD ​ 687,913 ​ 3,344,759 ​ 1.80% - 5.00% Banco Agrícola S.A. (5) ​ Foreign ​ USD ​ 125,640 ​ 603,865 ​ 5.45% - 6.41% Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 14,876 ​ 72,240 ​ 3.30% - 3.65% Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 70,881 ​ 342,793 ​ 1.50% - 5.65% Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 563 ​ 2,709 ​ 0.25% - 7.25% Total debt instruments in issue ​ ​ ​ ​ ​ ​ ​ 19,575,988 ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) USD 1,860,000 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (3) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. ​ The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ - ​ - ​ - ​ 1,236,385 ​ 1,236,385 Ordinary bonds ​ - ​ - ​ 165,589 ​ 2,695,753 ​ 2,861,342 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 4,822,273 ​ 4,822,273 Ordinary bonds ​ 106,707 ​ 1,375,723 ​ 137,613 ​ 4,123,533 ​ 5,743,576 Total ​ 106,707 ​ 1,375,723 ​ 303,202 ​ 12,877,944 ​ 14,663,576 (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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ - ​ - ​ - ​ 1,225,276 ​ 1,225,276 Ordinary bonds ​ - ​ - ​ 165,495 ​ 3,317,815 ​ 3,483,310 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 6,026,739 ​ 6,026,739 Ordinary bonds ​ 402,714 ​ 609,437 ​ 619,232 ​ 7,209,280 ​ 8,840,663 Total ​ 402,714 ​ 609,437 ​ 784,727 ​ 17,779,110 ​ 19,575,988 (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 October 25, 2022 Bancolombia S.A. issued the first bond linked to sustainability for COP 640,000 , with commitments to promoting financial inclusion and decarbonizing loans. The issuance, was signed by the BID, BID Invest and LAGreen, has a term of 5 years and includes sustainability goals, such as a commitment to grant financing for more than 1.5 million unbanked or low-income people by 2025, and to reduce CO2 emissions by 35.6% in its financed loans compared to 2021, all as part of the Bank’s sustainability strategy. 18.2. Issue of Banistmo S.A. ordinary bonds. Banistmo S.A., a subsidiary of the Bank issued in 2023 bonds under the Revolving Bond Program, totaling USD 58,062 with a term of 1 year each and rates between 6% and 6.25% . For the year 2022, it issued a bond under the Revolving Bond Program worth USD 72,682 with a term of 2 years and a rate of 4.50% . 18.3. Issue of Banco Agrícola S.A. ordinary bonds. Banco Agrícola a subsidiary of the Bank issued ordinary bonds in 2023 for USD 77,700 with rates from 6.68% to 7.25% and terms from 1.5 years to 8 years . For the year 2022, the issues were USD 23,600 with rates from 5.25% to 6.68% with terms from 2 years to 5 years . ​ 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, 2023 ​ December 31, 2022 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 3,368,076 ​ 1,898,469 More than twelve months after the reporting period ​ 11,295,500 ​ 17,677,519 Total ​ 14,663,576 ​ 19,575,988 ​ As of December 31, 2023 and 2022, there were no financial covenants linked to the aforementioned securities in issue, except for some financial covenants related to the Banistmo S.A. 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, 2023
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, Employee benefit plans ​ 2023 ​ 2022 In millions of COP 19.1 Defined benefit pension plan ​ 132,854 ​ 131,255 19.2 Severance obligation ​ 14,360 ​ 15,446 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium ​ 195,295 ​ 176,816 19.4 Other long term benefits ​ 543,210 ​ 446,473 Total Post-employment and long-term benefit plans ​ 885,719 ​ 769,990 Fair value Plan assets ​ 2,765 ​ 4,619 Total Unfunded Post-employment and long-term benefit plans ​ 882,954 ​ 765,371 ​ 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. 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, 2023 and 2022 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 2023, 498 participants were covered by this plan, and as of December 31,2022, 522 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 Consolidated Statement of Income as “salaries and employee benefits”, and includes the interest costs and cost of current service. ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 95,081 ​ 110,018 Interest cost ​ 11,409 ​ 9,459 Benefits paid ​ (12,237) ​ (11,439) Net actuarial loss / (gain) due to changes in assumptions ​ 7,025 ​ (11,321) Net actuarial loss / (gain) due to plan experience ​ 500 ​ (1,636) Defined obligation, unfunded as of December 31 ​ 101,778 ​ 95,081 ​ 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, 2023, and 2022, there were 37 participants ( 10 participants with deferred benefits and 27 participants receiving benefits), and 42 participants ( 15 participants with deferred benefits and 27 participants receiving benefits), respectively. ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 5,296 ​ 6,025 Interest cost ​ 312 ​ 229 Benefits paid from plan assets ​ (1,088) ​ (332) Net actuarial gain due to changes in assumptions ​ (174) ​ (1,360) Net actuarial gain due to plan experience ​ (361) ​ (293) Foreign currency translation effect ​ (934) ​ 1,027 Defined obligation, funded as of December 31 ​ 3,051 ​ 5,296 ​ 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 for former Chase employees under the terms described above and to comply with Panama labor code, which specifies the terms of 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 following table details the change in plan assets: ​ ​ ​ ​ ​ Banistmo’s Plan assets ​ 2023 ​ 2022 In millions of COP Fair value of assets as of January 1 ​ 4,619 ​ 4,127 Interest income on plan assets ​ 80 ​ 30 Benefits paid ​ (1,105) ​ (355) Foreign currency translation effect ​ (829) ​ 817 Fair value assets as of December 31 ​ 2,765 ​ 4,619 ​ Guatemala Banco Agromercantil Guatemala S.A. has established a retirement pension plan for its employees. Under this plan, the employees are entitled to receive a lifetime payment of 50% of their monthly nominal wage , if they are 70 years old and have 30 years of service, or if they are 65 years old and have 40 years of service. On the other hand, employees are entitled to receive a lifetime payment of 70% of their monthly nominal wage , if they are 70 years old and have 40 years of service, or they are 65 years old and have 45 years of service. ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 30,878 ​ 52,773 Current cost of service ​ 878 ​ 2,457 Interest cost ​ 2,757 ​ 3,375 Past service cost (1) ​ (4,821) ​ - Benefits paid ​ (1,764) ​ (1,709) Net actuarial loss / (gain) due to changes in assumptions (2) ​ 5,544 ​ (30,093) Net actuarial loss / (gain) due to plan experience ​ 1,272 ​ (2,122) Foreign currency translation effect ​ (6,719) ​ 6,197 Defined obligation, unfunded as of December 31 ​ 28,025 ​ 30,878 (1) Corresponds to the change in the computable age of the benefit, modified in the year 2023. (2) The loss for the year 2023 was mainly due to the decrease in the discount rate from 10.20% in 2022 to 9.00% in 2023 . 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). As of December 2023 and 2022, 114 and 152 participants, respectively, were covered by this plan. The balances recognized in the Consolidated Statement of Financial Position are listed below: ​ ​ ​ ​ ​ ​ Severance obligation ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 15,446 ​ 18,429 Current cost of service ​ 357 ​ 409 Interest cost ​ 1,566 ​ 1,250 Benefits paid ​ (6,594) ​ (5,113) Net actuarial loss due to changes in assumptions ​ 888 ​ 1,806 Net actuarial loss / (gain) due to plan experience ​ 2,697 ​ (1,335) Defined obligation, unfunded as of December 31 ​ 14,360 ​ 15,446 ​ 19.3 Retirement Pension Premium Plan and Executive 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 S.A. Comisionista de Bolsa, Banca de Inversión Bancolombia S.A. Corporación Financiera and Fiduciaria Bancolombia S.A. Sociedad Fiduciaria participate in a defined benefit plan according to which they are entitled to receive, on the date of their retirement, a single payment. Until 2022 and as a key talent retention strategy, the Parent Company offered certain senior management executives a plan under the defined benefit modality, according to which the people covered by this plan were entitled to receive a single payment based on the years of service provided to the organization and thus contribute to closing the pension gap. In December 2022 this benefit ended and as a consequence: (i) The obligations for the Parent company derived from the defined benefit plan ceased, as well as the rights for those who were part of it. (ii) The resources of the asset plan that supported the defined benefit plan were transferred to the accounts of the beneficiaries in the private pension fund, subject to permanence until the termination of the employment relationship (See line "consolidation of contributions" in the movement of the present value of the obligation, disclosed below in this same section); (iii) The pension gap closing program for executives is unified under the defined contribution modality. 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, 2023, and 2022, there were 2,927 and 2,844 participants respectively, covered by the plan. Until 2022 and as a key talent retention strategy, Banagrícola S.A. offered certain senior management executives a plan under the defined benefit modality, according to which the people covered by this plan were entitled to receive a single payment based on the years of service provided to the organization and thus contribute to closing the pension gap. In December 2022 this benefit ended and as a consequence: (i) The obligations of the entity derived from the defined benefit plan ceased, as well as the rights for those who were part of it (See line "consolidation of contributions" in the movement of the present value of the obligation, disclosed below in this same section). (ii) The value caused by this benefit will be transferred to a fiduciary or similar vehicle, under which the executive pension plan will be administered on behalf of the beneficiaries, subject to permanence until the termination of the employment relationship. Guatemala Banco Agromercantil Guatemala S.A. 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, 2023, and 2022, there were 3,733 and 3,504 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. Until 2022 and as a key talent retention strategy, Banistmo S.A. offered certain senior management executives a plan under the defined benefit modality, according to which the people covered by this plan were entitled to receive a single payment based on the years of service provided to the organization and thus contribute to closing the pension gap. In December 2022 this benefit ended and as a consequence: (i) The obligations of the entity derived from the defined benefit plan ceased, as well as the rights for those who were part of it (See line "consolidation of contributions" in the movement of the present value of the obligation, disclosed below in this same section). (ii) The value caused by this benefit will be transferred to a fiduciary or similar vehicle, under which the executive pension plan will be administered on behalf of the beneficiaries, subject to permanence until the termination of the employment relationship. The annual change of the present value of the obligations of defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ Retirement Pension Premium Plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 176,816 ​ 219,496 Current service cost ​ 18,427 ​ 20,794 Interest cost ​ 17,338 ​ 15,371 Benefits paid ​ (18,889) ​ (19,487) Consolidation of contributions ​ - ​ (43,199) Net actuarial gain due to changes in assumptions (1) ​ (565) ​ (39,817) Net actuarial loss due to plan experience ​ 24,238 ​ 6,487 Foreign currency translation effect (2) ​ (22,070) ​ 17,171 Defined obligation, unfunded as of December 31 ​ 195,295 ​ 176,816 (1) In the case of the plan in Guatemala, in 2022 the discount rate increased from 5.40% to 9.30% , generating an actuarial gain of COP 13,476 , while in 2023 there was an actuarial loss of COP 2,772 , mainly due to a higher than expected real salary growth and the decrease in the discount rate from 9.30% to 8.50% . In addition, Bancolombia S.A. presented a lower gain due to the decrease in the nominal discount rate ( 14.25% in 2022 to 11.75% in 2023) together with the change in the nominal inflation rate ( 7.30% in 2022 to 6.35% in 2023). (2) Corresponds to Banagrícola S.A. y Filiales and Banco Agromercantil de Guatemala S.A. given higher devaluation between COP to USD currencies. ​ Asset plan To support the Executive Pension Plan Premium, Bancolombia S.A. had established an asset plan 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. In 2022, this benefit was terminated and, as a consequence, the passive obligation of the Executive Pension Plan Premium ceased at the end of the year. The resources of the asset plan that backed this benefit were transferred to the accounts of the beneficiaries in the private pension fund, subject to the permanence of the employment relationship. The plan assets’ fair value as of December 31, 2022 is as follow: ​ ​ ​ Bancolombia’s Plan assets ​ 2022 In millions of COP Fair value of assets as of January 1 ​ 30,121 Employee contributions ​ 6,614 Interest income on plan assets ​ 2,329 Return on plan assets greater/(less) than discount rate ​ (4,245) Benefits paid ​ (34,819) Fair value assets at the end of the year ​ - ​ 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, 2023 and December 31, 2022, the reconciliation of the other long term benefits is set below: ​ ​ ​ ​ ​ ​ Other long term benefits ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 446,473 ​ 465,744 Current service cost ​ 48,790 ​ 24,106 Interest cost ​ 54,878 ​ 39,973 Benefits paid ​ (55,257) ​ (44,601) Net actuarial loss / (gain) due to changes in assumptions (1) ​ 38,497 ​ (47,997) Net actuarial loss due to plan experience ​ 18,721 ​ 2,369 Foreign currency translation effect ​ (8,892) ​ 6,879 Defined obligation, unfunded as of December 31 ​ 543,210 ​ 446,473 (1) In the case of Bancolombia S.A., in 2023 the discount rate decreased from 14.00% to 11.75% and the nominal inflation rate from 7.30% to 6.35% , generating an actuarial loss of COP 33,545 , while in 2022 the discount rate increased from 8.00% to 14.00% , producing an actuarial gain of COP 33,143 . ​ 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 ​ 2023 ​ 2022 In millions of COP Pension ​ 286,621 ​ 231,676 Current severance regimen ​ 82,963 ​ 63,802 Total ​ 369,584 ​ 295,478 ​ 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, 2023 ​ December 31, 2022 ​ Discount rate ​ 11.75 % 14.25 % Rate of wage increase ​ 8.85 % 9.80 % Projected inflation ​ 6.35 % 7.30 % Rate of pension increase ​ 6.35 % 7.30 % ​ Bancolombia Panamá ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 7.00 % 6.50 % Rate of wage increase ​ 2.00 % 2.00 % Projected inflation ​ 2.00 % 2.00 % ​ Banistmo ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 7.60 % 6.90 % Expected long-term rate of return on plan assets ​ 2.20 % 0.70 % ​ El Salvador ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 6.20 % 5.80 % Rate of wage increase ​ 2.50 % 2.50 % Projected inflation ​ 1.50 % 1.50 % ​ Guatemala ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 9.00 % 10.20 % Rate of wage increase ​ 5.00 % 5.00 % Projected inflation ​ 4.00 % 4.00 % ​ In 2023, assumptions regarding future longevity have been based on mortality tables, which reflect average ages of mortality from 20 - 60 years. The rate used to discount the obligation of the defined benefit plan to reflect the duration of the labor liabilities as of December 2023 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 2024 ​ 15,217 ​ 90,557 2025 ​ 15,296 ​ 83,744 2026 ​ 15,443 ​ 98,699 2027 ​ 15,388 ​ 89,188 2028 ​ 15,357 ​ 98,452 2029 a 2033 ​ 71,711 ​ 483,520 ​ 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 ​ 12.25 % 0.50% increase ​ (2,899) Discount rate ​ 11.25 % 0.50% decrease ​ 3,071 Salary increases ​ 6.85 % 0.50% increase ​ 3,436 Salary decreases ​ 5.85 % 0.50% decrease ​ (3,264) Mortality Table ​ RV-08 ("Rentistas Validos") ​ One year increase in life expectancy ​ 4,229 ​ Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 12.25 % 0.50% increase ​ (5,412) Discount rate ​ 11.25 % 0.50% decrease ​ 5,894 Salary increases ​ 9.35 % 0.50% increase ​ 6,058 Salary decreases ​ 8.35 % 0.50% decrease ​ (5,602) ​ Severance obligation ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 11.75 % 0.50% increase ​ (177) Discount rate ​ 10.75 % 0.50% decrease ​ 182 Salary increases ​ 9.35 % 0.50% increase ​ 410 Salary decreases ​ 8.35 % 0.50% decrease ​ (402) ​ Panama Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.10 % 0.50% increase ​ (102) Discount rate ​ 7.10 % 0.50% decrease ​ 108 Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 86 ​ Guatemala Defined Benefit Pension Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.50 % 0.50% increase ​ (2,226) Discount rate ​ 8.50 % 0.50% decrease ​ 2,546 Salary increases ​ 5.50 % 0.50% increase ​ 1,653 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,482) Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 784 ​ ​ Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.00 % 0.50% increase ​ (1,461) Discount rate ​ 8.00 % 0.50% decrease ​ 1,537 Salary increases ​ 5.50 % 0.50% increase ​ 1,582 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,515) ​ El Salvador Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.70 % 0.50% increase ​ (724) Discount rate ​ 5.70 % 0.50% decrease ​ 778 Salary increases ​ 3.00 % 0.50% increase ​ 134 Salary decreases ​ 2.00 % 0.50% decrease ​ (183) ​ Other long term benefits Colombia ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 12.25 % 0.50% increase ​ (14,948) Discount rate ​ 11.25 % 0.50% decrease ​ 15,879 Salary increases ​ 9.35 % 0.50% increase ​ 16,208 Salary decreases ​ 8.35 % 0.50% decrease ​ (14,405) ​ Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.10 % 0.50% increase ​ (892) Discount rate ​ 8.10 % 0.50% decrease ​ 952 Salary increases ​ 5.50 % 0.50% increase ​ 981 Salary decreases ​ 4.50 % 0.50% decrease ​ (926) ​ El Salvador ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.70 % 0.50% increase ​ (132) Discount rate ​ 5.70 % 0.50% decrease ​ 140 ​ 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 ​ 2023 ​ 2022 In millions of COP Current severance obligation ​ 95,732 ​ 73,475 Bonuses and short-term benefits (1) ​ 734,916 ​ 640,458 Other employment benefit plans ​ 830,648 ​ 713,933 (1) The increases between December 31, 2023 and 2022, corresponds to the bonuses related to employees’ variable compensation. See Note 20 Other Liabilities.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2023
OTHER LIABILITIES
OTHER LIABILITIES	NOTE 20. OTHER LIABILITIES Other liabilities consist of the following: ​ ​ ​ ​ ​ ​ Other liabilities ​ December 31, 2023 ​ December 31, 2022 In millions of COP Payables ​ 4,746,323 ​ 3,629,433 Suppliers (1) ​ 1,653,424 ​ 2,333,289 Advances to obligations ​ 1,199,509 ​ 1,082,447 Dividends (2) ​ 870,846 ​ 769,181 Collection services ​ 820,393 ​ 1,032,613 Deposits delivered as security (3) ​ 795,628 ​ 655,176 Bonuses and short-term benefits (4) ​ 734,916 ​ 640,458 Security contributions ​ 524,741 ​ 473,247 Provisions (5) ​ 401,111 ​ 417,242 Salaries and other labor obligations (6) ​ 396,734 ​ 359,673 Deferred interests ​ 217,507 ​ 96,939 Advances in leasing operations and loans ​ 186,547 ​ 282,173 Liabilities from contracts with customers (7) ​ 60,128 ​ 56,856 Other ​ 40,774 ​ 50,484 Total ​ 12,648,581 ​ 11,879,211 (1) The decrease corresponds mainly to cancellations of supplier invoices for purchases and imports of leasing assets. (2) This relates to the last installment pending payment January 2, 2024. See Consolidated Statement of Changes in Equity, distribution of dividends. (3) The variation is generated by the valuation of current operations with international counterparties. For more information See Note 5.2. Derivative financial instruments. (4) For further information, see Note 19. Employee benefit plans (Bonuses and short-term benefits). (5) See Note 21. Provisions and contingent liabilities. (6) For more information related to other employee benefits, see Note 19. Employee benefits. (7) See Note 25.3. Fees and commissions. ​

PROVISIONS AND CONTINGENT LIABI

PROVISIONS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
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 at December 31, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings (1) ​ guarantees (2) ​ commitments ​ contracts (3) ​ Total In millions of COP Balance at January 1, 2023 ​ 47,577 ​ 84,997 ​ 16,501 ​ 265,405 ​ 2,762 ​ 417,242 Net provisions recognized during the period ​ 19,427 ​ 11,248 ​ (14,139) ​ 4,394 ​ 538 ​ 21,468 Provisions used during the period ​ (10,666) ​ (3,865) ​ - ​ - ​ - ​ (14,531) Translation adjustment ​ (1,395) ​ - ​ (124) ​ (17,418) ​ - ​ (18,937) Effect of discounted cash flows ​ (4,131) ​ - ​ - ​ - ​ - ​ (4,131) Final balance at December 31, 2023 ​ 50,812 ​ 92,380 ​ 2,238 ​ 252,381 ​ 3,300 ​ 401,111 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; Judicial Proceesing current and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,920 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. and its decrease is due to the cancellation of operations (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings(1) ​ guarantees(2) ​ commitments ​ contracts(3) ​ Total In millions of COP Balance at January 1, 2022 ​ 35,815 ​ 15,340 ​ 31,111 ​ 204,655 ​ 1,096 ​ 288,017 Net provisions recognized during the period ​ 18,958 ​ 92,739 ​ (14,716) ​ 48,727 ​ 1,666 ​ 147,374 Provisions used during the period ​ (8,863) ​ (23,082) ​ - ​ - ​ - ​ (31,945) Translation adjustment ​ (1,733) ​ - ​ 106 ​ 12,023 ​ - ​ 10,396 Effect of discounted cash flows ​ 3,400 ​ - ​ - ​ - ​ - ​ 3,400 Final balance at December 31, 2022 ​ 47,577 ​ 84,997 ​ 16,501 ​ 265,405 ​ 2,762 ​ 417,242 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,002 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​ The following table shows the changes in the provision for financial guarantees and loan commitments during period at December 31, 2023 and 2022 with the expected credit loss model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ TOTAL Balance at January 1, 2023 ​ 140,574 ​ 82,615 ​ 58,717 ​ 281,906 Transfers ​ 34,443 ​ (23,490) ​ (10,953) ​ - Transfer to stage 1 ​ 33,530 ​ (24,858) ​ (8,672) ​ - Transfer to stage 2 ​ 2,384 ​ 4,992 ​ (7,376) ​ - Transfer to stage 3 ​ (1,471) ​ (3,624) ​ 5,095 ​ - Provisions recognized during the period ​ 56,254 ​ 11,515 ​ 9,928 ​ 77,697 Provisions reversed during the period ​ (60,779) ​ (20,306) ​ (6,357) ​ (87,442) Translation adjustment ​ (12,155) ​ (5,276) ​ (111) ​ (17,542) Balance at December 31, 2023 ​ 158,337 ​ 45,058 ​ 51,224 ​ 254,619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 ​ Stage2 ​ Stage3 ​ TOTAL Balance at January 1, 2022 ​ 104,204 ​ 59,825 ​ 71,737 ​ 235,766 Transfers ​ 24,198 ​ 1,873 ​ (26,071) ​ - Transfer to stage 1 ​ 25,578 ​ (17,581) ​ (7,997) ​ - Transfer to stage 2 ​ 119 ​ 21,547 ​ (21,666) ​ - Transfer to stage 3 ​ (1,499) ​ (2,093) ​ 3,592 ​ - Provisions recognized during the period ​ 60,707 ​ 22,636 ​ 8,149 ​ 91,492 Provisions reversed during the period ​ (55,730) ​ (6,559) ​ 4,808 ​ (57,481) Translation adjustment ​ 7,195 ​ 4,840 ​ 94 ​ 12,129 Balance at December 31, 2022 ​ 140,574 ​ 82,615 ​ 58,717 ​ 281,906 ​ 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, 2023 and 2022. 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. 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. Financial guarantees As of December 31, 2023 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 826,699 Guarantees greater than 1 month and up to 3 months ​ 3,778,824 Guarantees greater than 3 months and up to 1 years ​ 5,609,521 Guarantees greater than 1 year and up to 3 years (1) ​ 1,489,899 Guarantees greater than 3 years and up to 5 years ​ 450,875 Guarantees greater than 5 years ​ 535,380 Total ​ 12,691,198 (1) The decrease with respect to the previous year is mainly due to the cancellation of operations with the following economic sectors: energy, private, among others. As of December 31, 2022 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 757,658 Guarantees greater than 1 month and up to 3 months ​ 1,286,137 Guarantees greater than 3 months and up to 1 years ​ 5,695,172 Guarantees greater than 1 year and up to 3 years ​ 3,660,806 Guarantees greater than 3 years and up to 5 years ​ 134,611 Guarantees greater than 5 years ​ 90,530 Total ​ 11,624,914 ​ The total amount outstanding is the maximum potential payments which represent a “worse-case scenario”, and does not reflect expected results. Loan commitments As of December 31, 2023 ​ ​ ​ ​ Maturity ​ Loan commitments In millions of COP Commitments under 1 month ​ 687,405 Commitments greater than 1 month and up to 3 months ​ 11,373 Commitments greater than 3 months and up to 1 years ​ 4,205,833 Commitments greater than 1 year and up to 3 years ​ 2,269,280 Commitments greater than 3 years and up to 5 years ​ 3,411,570 Commitments greater than 5 years ​ 648,153 Total ​ 11,233,614 ​ As of December 31, 2022 ​ ​ ​ ​ Maturity ​ Loan commitments In millions of COP Commitments under 1 month ​ 745,606 Commitments greater than 1 month and up to 3 months ​ 1,028,896 Commitments greater than 3 months and up to 1 years ​ 1,271,666 Commitments greater than 1 year and up to 3 years ​ 5,308,195 Commitments greater than 3 years and up to 5 years ​ 6,683,599 Commitments greater than 5 years ​ 827,797 Total ​ 15,865,759 ​ 21.2. Contingent liabilities Contingencies due to judicial or administrative proceedings/litigations in which Bancolombia and the entities with which financial statements are consolidated as of December 31, 2023, and that represent a contingency superior to USD 6,585 are listed as follows. Some of the proceedings in which the claims are inferior and that were revelated in prior periods will be kept to provide information about its evolution. ​ ​ BANCOLOMBIA S.A. Neos Group S.A.S. (in reorganization) and Inversiones Davanic S.A.S. On November 3, 2022, Bancolombia was informed of a lawsuit in which the plaintiff contends that a loan agreement is in place between the parties, rather than a lease. The plaintiffs also requested that the purchase and sale agreement be rescinded on the basis that the price of the property was lower than its fair price. The plaintiffs seek COP 65,000 . The likelihood of recovering this amount is considered to be remote because the parties always intended to celebrate a lease and not a different type of contract. On December 7, 2022, Bancolombia issued an answer to the lawsuit. As of December 31, 2023, the proceeding is pending a response to the lawsuit from the other defendant. Bancolombia has not recorded a provision for this matter. Constitutional Public Interest Action - Carlos Julio Aguilar and other In this proceeding, a constitutional public interest action was filed, in which the plaintiffs allege that due to the restructuring of Departamento del Valle´s financial obligations and its Performance Plan, the collective rights of the public administration and the public funds of the Departamento del Valle were breached. According to the Bank's defense arguments, the agreement was made in accordance with the law. As of December 31, 2023, the procedure is pending a first instance judgment. The contingency is deemed to be possible. Bancolombia has not recorded a provision for this matter. Contraloría Departamental de Cundinamarca v. GEHS, Bancolombia and other natural persons The development of the Water Treatment Plant PTAR Chía I Delicias Sur from Municipio de Chía, Colombia, was outlined in a lease agreement signed on September 28, 2015. The price agreed was COP 19,000 . The object of the agreement was the financing of the Project, as well as the optimization, design, and construction of the Water Treatment Plant PTAR Chía I Delicias Sur. As of December 31, 2018, Bancolombia had anticipated certain payments to the Supplier of the Project. The Municipio de Chía´s Mayor Office, has claimed that irregularities have been found during the execution of the Project. Because of these allegations, the Contraloría de Cundinamarca began a proceeding of Fiscal Responsibility against GEHS Global Environment and Health Solutions de Colombia (Supplier), Guillermo Varela Romero, Rafael Antonio Ballesteros Gómez, Luís Alejandro Prieto González (Municipio de Chía´s former Mayor and employees of the municipal administration), and Bancolombia S.A., on the basis of the alleged loss. Bancolombia has alleged in its defense, among other arguments, that the Bank fully complied with its contractual obligations and that it is not responsible for the loss of the Municipality's resources. On November 3, 2023, the Contraloría de Cundinamarca at first instance held responsible five individuals, including Bancolombia, for an amount of COP 7,649 . Bancolombia filed a motion for reconsideration, and alternatively, an appeal against the decision. These proceedings are pending resolution. As of December 31, 2023, taking into account these recent developments and further analysis, Bancolombia considers the contingency as possible, therefore has established a provision of COP 7,149 . This amount corresponds to the judgment amount, deducting the value to be assumed by the insurance companies involved in the proceeding. Remediation Plan for Santa Elena´s property In 1987, Bancolombia (formerly Bank of Colombia) received a property located in Municipio de Cartagena, Colombia from the National Federation of Algodoneros. After the settlement was signed, soil contamination from pesticides and herbicides was found on the property. Bancolombia initiated a civil responsibility judicial procedure against the Federation alleging environmental contamination. On November 13, 2015, the final judgment was issued, and it was decided that the National Federation of Algodoneros was liable for environmental damages and that Bancolombia was not. Despite not being liable for environmental damages, Bancolombia is subject to decontamination requirements with respect to the property. Bancolombia has carried out over the years various activities aimed at containing the environmental impact, as well as the social management of the communities neighboring the lot. These activities include, among others, the confinement of contaminating material, installation of monitoring wells, and execution of plans to reduce contamination levels. Currently, these plans have the approval of the Autoridad Nacional de Licencias Ambientales de Colombia (ANLA) and their execution is divided into 3 stages: Stage 1, Stage 2 and Stage 3. Bancolombia appealed the administrative act issued by the ANLA on the basis of technical issues for the execution of Stage 3, and it is pending resolution. As of December 31, 2023, Bancolombia is progressing in the activities outlined in the plans to reduce contamination levels approved by ANLA, which include the monitoring of soils and waters in the area (Stage 1), monitoring of floors and walls in the warehouses (Stage 2), social management plan with the communities in the influence area of the remediation plan, emergency plan, hazardous waste management plan and biotic environment protection plan. It is expected to complete the execution of the plans within 36 months , this timeframe may be adjusted based on new analyses or requirements from the authorities. As of December 31, 2023, Bancolombia has established a provision of COP 74,770 for the accomplishment of the remaining activities. Fredy Alberto Lara Borja On December 13, 2023, Bancolombia was notified of a lawsuit filed by a former employee of the liquidated company Aluminio Reynolds Santo Domingo S.A, seeking the absolute nullity of the purchase agreement between Leasing Bancolombia and Bancolombia S.A. for two properties signed in 2011. Leasing Bancolombia acquired those properties through a purchase agreement with the company Armarcas E.U, which had received them as a payment from Sociedad Aluminio Reynolds Santo Domingo S.A. The plaintiff requested that the properties be returned to Aluminios Reynolds Santo Domingo´s estate so they can be used as payment of the labor liabilities of the company. The value of the claim is COP 103,943 . Bancolombia filed an appeal against the court´s order admitting the lawsuit arguing, among other reasons, non-compliance of legal requirements and lack of jurisdiction. As of December 31, 2023, it is pending resolution. The contingency is deemed to be remote. Bancolombia has not recorded a provision for this matter. FIDUCIARIA BANCOLOMBIA Quinta Sur S.A.S. In March 2022, Fiduciaria Bancolombia was notified of a lawsuit filed by Quinta Sur S.A.S. (in liquidation). According to the lawsuit, Quinta Sur seeks to be indemnified for damages as a result of the failure to transfer the resources to the plaintiff for the beginning of a housing construction project, under the terms agreed in the trust agreement. Fiduciaria Bancolombia alleges that it has complied with the law and the contract, arguing that the property on which the housing project was to be constructed did not fulfill the contractual requirements. The plaintiff seeks COP 128,000 . On August 24, 2023, a favorable judgment was issued for Fiduciaria Bancolombia. As of December 31, 2023, the proceeding is pending the resolution of the appeal filed by the plaintiff. The contingency is deemed to be possible. Fiduciaria Bancolombia has not recorded provision for this matter. ​ ​ BANISTMO Constructora Tymsa S.A. In October 2021, Banistmo and Banistmo Investment were notified of a lawsuit in which the plaintiff alleged fraudulent acts involving the sale of the plaintiff´s property. Constructora Tymsa alleges that the signatures and fingerprints in the public instrument of purchase, sale and in the mortgage in favor of Banistmo are false. The plaintiff seeks USD 10,000 , in addition to interests, costs and expenses. Banistmo and Banistmo Investment allege they are not liable for any intentional or negligent conduct in relation to the alleged fraudulent sale of the property. As of December 31, 2023, the proceeding is pending resolution of three incidents, including the lack of jurisdiction incident filed by the bank. The contingency is deemed to be possible. Banistmo has not recorded a provision for this matter. Five Star Production Inc., Global Men Health Foundation, Ingrid Perscky and Others In April 2022, Banistmo was notified of a lawsuit filed by Five Star Production Inc., Global Men Health Foundation, Ingrid Perscky and others for USD 5,000 . The lawsuit was filed on the basis of a dispute between Ingrid Perscky and Jose Barbero (who used to be husband and wife) for the distribution of their assets. In 2017, Ms. Perscky, who had an authorized signature, ordered the cancelation of a fixed term deposit from Five Star and instructed that those funds be transferred to 3 accounts that belonged to persons related to her (for example, her children). Mr. Barbero contacted Banistmo and tried to reverse the instructions, however as it was not possible, Mr. Barbero filed criminal complaints against Ms. Perscky. Banistmo has complied with banking law and has handled the information´s confidentiality according to the law and the contract. The plaintiffs seek compensation for material and moral damages, alleging that Banistmo breached confidentiality and banking secret in detriment of the plaintiffs. As of December 31, 2023, the evidentiary stage is pending. The contingency is deemed to be remote. Banistmo has not recorded a provision for this matter. Deniss Rafael Pérez Perozo, Carlos Pérez Leal and others Promotora Terramar (client of Banistmo, formerly HSBC Panamá) was paid USD 299 , through Visa gift cards issued by a foreign bank. This payment was received as a partial payment of 2 apartments located in Panamá City. The Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity by Promotora Terramar on June 3, 2008, when a 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 funds from Promotora Terramar´s accounts. Nevertheless, after further investigations the money was refunded. On October 2013, the plaintiffs filed a claim for compensation of the material and moral damages caused, which according to their valuation, amounts to USD 5,252,000 . Banistmo alleges it has complied with the contractual terms outlined in the Affiliate Agreement and the statute of limitations deadline has lapsed, among other defenses. As of December 31, 2023, commencement of the evidentiary stage is pending. The contingency is deemed to be remote. Banistmo has not recorded a provision for this matter. DD&C, Carlos Pérez Leal and Others In October 2022, Banistmo received a communication announcing the filing of a legal action in the Tribunal of First Instance of Kaloum in the Republic of Guinea. This action was initiated by Inversiones DD&C, Carlos Perez Leal and other natural persons against the Central Bank of the Republic of Guinea (“BCRG”) and five international banks, including Banistmo. The action seeks compensation for damages derived from alleged fraud involving six international transfers for a total USD 1,900 that Inversiones DD&C, who was a client of Banistmo at the time, ordered to be made to a bank account at the BCRG. The parties who initiated the action are seeking USD 28,100 in “dommages matériels” (which are damages for alleged economic loss), as well as additional amounts in “dommages moraux” (which are damages for alleged non-economic loss, including alleged psychological suffering and moral anguish). On May 22, 2023, a favorable first instance judgment was issued for Banistmo. The plaintiff filed an appeal against the decision. As of December 31, 2023, the proceeding is pending the scheduling of a date to conclude the appeal hearing. The contingency is deemed to be remote. Banistmo has not recorded a provision for this matter. BANCO AGRÍCOLA Dirección General de Impuestos Internos of El Salvador The authority on taxes of El Salvador (DGII), 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, the appeal presented by Banco Agrícola was decided. The Tribunal de Apelaciones de los Impuestos Internos y Aduanas (TAII) modified the Resolution issued by DGII, adjusted the rental tax to USD 6,341 and revoked the sanction. Banco Agrícola filed a lawsuit before the Contentious Administrative Tribunal seeking to overrule DGII´s and TAII´s previous decisions in relation to the tax’s payment. As of December 31, 2023, the initial hearing date is pending. The contingency is deemed to be remote. Banco Agrícola has not recorded a provision for this matter. ARRENDADORA FINANCIERA S.A. Cordal filed a lawsuit against Arrendadora Financiera, seeking compensation for USD 6,454 . According to the lawsuit, Cordal was the owner of a current account in Arrendadora Financiera (formerly Banco Capital S.A.) and it alleged that it´s funds were irregularly transferred to third parties. Arrendadora Financiera alleges Cordal´s account was liquidated before the acquisition of Banco Capital S.A. and, therefore, no funds were transferred. As of December 31, 2023, the proceeding is at the evidentiary stage. The contingency is deemed to be remote. Arrendadora Financiera has not recorded a provision for this matter. A former employee of the plaintiff was convicted of aggravated theft in connection with the facts of this lawsuit. BANCO AGROMERCANTIL Bapa Holdings Corp. On September 20, 2022, a lawsuit against Banco Agromercantil was filed by Bapa Holdings Corp. The plaintiff alleges it invested USD 7,000 through a participation agreement with North Shore Development Company (NDSC) for the development of a housing project that was going to be built in a property, which was security for a loan given by Banco Agromercantil to NDSC, located in Roatan Island, Honduras. Bapa claims BAM caused damages due to its failure to provide information about NDSC´s financial situation and going through with the sale of the credit. On October 24, 2022, BAM responded to the claim and filed exceptions alleging that it has no commercial relationship with Bapa, and the statute of limitations deadline expired. As of December 31, 2023, the court is pending a ruling on the exceptions to the lawsuit. The contingency is deemed to be remote. Banco Agromercantil has not recorded a provision for this matter. Superintendencia de Administración Tributaria (SAT) The Superintendencia de Administración Tributaria (SAT) de Guatemala ordered a tax adjustment in the fiscal year 2014 of Banco Agromercantil´s rental tax declaration, duly paid by BAM, for a value of USD 13,583 (including tax and sanction). Banco Agromercantil initiated legal proceedings against the decision adopted by de SAT, pleading that the tax discounts applied by the Bank were appropriate. As a result of the agreement with SAT, BAM made a payment of USD 770 for taxes and penalties. As of December 31, 2023, the suspension of the case is still pending. ​

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2023
SHARE CAPITAL
SHARE CAPITAL	NOTE 22. SHARE CAPITAL The subscribed and paid-in capital is the following: ​ ​ ​ ​ ​ ​ Share capital ​ December 31, 2023 ​ December 31, 2022 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. ​ ​ ​ ​ ​ Dividends declared with respect to ​ Cash dividends per share net income earned in: ​ (Stated in COP) 2023 ​ 3,536 2022 ​ 3,536 2021 ​ 3,120 2020 ​ 260 2019 ​ 1,638 ​ 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, 2023
APPROPRIATED RESERVES
APPROPRIATED RESERVES	NOTE 23. APPROPRIATED RESERVES As of December 31, 2023 and 2022, the appropriated retained earnings consist of the following: ​ ​ ​ ​ ​ ​ Concept ​ December 31, 2023 ​ December 31, 2022 In millions of COP Appropriation of net income (1)(2) ​ 12,794,057 ​ 12,768,264 Others (3) ​ 7,250,712 ​ 3,162,401 Total Appropiated reserves ​ 20,044,769 ​ 15,930,665 (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) As of December 31, 2023 and December 31, 2022 includes reclassification of unclaimed dividends under Article 85 of the Bancolombia S.A Bylaws for COP 557 and COP 574 , respectively. (3) At Bancolombia S.A, the creation of an occasional reserve for equity strengthening and future growth continues, which was approved at the General Shareholders Meeting.

UNCONSOLIDATED STRUCTURED ENTIT

UNCONSOLIDATED STRUCTURED ENTITIES	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 1,028,501 ​ 159,609,365 ​ 160,637,866 The Bank’s interest-assets ​ ​ ​ ​ ​ ​ Investments at fair value through profit or loss ​ 80,436 ​ - ​ 80,436 Investments at fair value through other comprehensive income ​ 22,149 ​ - ​ 22,149 Loans and advances to customers ​ - ​ 7,997,406 ​ 7,997,406 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 102,585 ​ 7,997,406 ​ 8,099,991 The Bank’s maximum exposure ​ 102,585 ​ 7,997,406 ​ 8,099,991 Fees income ​ 3,763 ​ 474,136 ​ 477,899 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 1,198,421 ​ 149,688,085 ​ 150,886,506 The Bank’s interest-assets ​ ​ ​ ​ ​ ​ Investments at fair value through profit or loss ​ 87,048 ​ - ​ 87,048 Investments at fair value through other comprehensive income ​ 26,936 ​ - ​ 26,936 Loans and advances to customers ​ - ​ 6,116,373 ​ 6,116,373 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 113,984 ​ 6,116,373 ​ 6,230,357 The Bank’s maximum exposure ​ 113,984 ​ 6,116,373 ​ 6,230,357 Fees income ​ 4,532 ​ 435,177 ​ 439,709 ​ Securitizations 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 and residual rights accounted for as investment at fair value through other comprehensive income. 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. The Bank’s managed funds The Bank’s managed funds 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, 2023
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, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 In millions of COP Interest on debt instruments using the effective interest method (1) ​ 1,029,377 ​ 588,792 ​ 311,488 Interest and valuation on financial instruments ​ ​ ​ ​ ​ ​ Debt investments (2) ​ 628,082 ​ 1,198,296 ​ 466,124 Repos ​ 137,014 ​ (84,410) ​ (56,555) Spot transactions ​ (28,590) ​ 77,433 ​ 27,348 Derivatives ​ (157,818) ​ 171,381 ​ 33,637 Total valuation on financial instruments ​ 578,688 ​ 1,362,700 ​ 470,554 Total Interest and valuation on financial instruments ​ 1,608,065 ​ 1,951,492 ​ 782,042 (1) The increase is mainly presented in Bancolombia S.A., due to higher profits in the valuation of TDA (Títulos de Desarrollo Agropecuario). (2) In 2023 the decrease is mainly presented in Bancolombia S.A., due to a lower volume and lower valuation in the portfolio of securities issued by foreign governments (United States Treasury Bonds), which are directly related to the variations in the exchange rate, offset by an increase in the valuation of fixed rate TES. ​ 25.2. Interest expenses The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 In millions of COP Deposits (1) ​ 13,323,516 ​ 6,141,680 ​ 2,814,505 Borrowing costs (1) ​ 1,658,996 ​ 763,717 ​ 293,949 Debt instruments in issue ​ 1,426,615 ​ 1,328,511 ​ 1,053,441 Lease liabilities (2) ​ 113,815 ​ 111,349 ​ 111,556 Preferred shares ​ 57,701 ​ 57,701 ​ 57,701 Overnight funds ​ 30,540 ​ 11,375 ​ 3,870 Other interest (expense) ​ 57,112 ​ 28,137 ​ 16,534 Total interest expenses ​ 16,668,295 ​ 8,442,470 ​ 4,351,556 (1) The intervention rate issued by the Banco de la República de Colombia for the period of 2023 started at 12.00% and closed at 13.00% , for 2022 it started at 3.00% and closed at 12.00% and for 2021 it started at 1.75% and closed at 3.00% . This has an impact on the rates of deposits and financial obligations in addition, there was an increase of time deposits. (2) See Note 7.2. Lessee. ​ Net interest income is defined as interest on loan portfolio and financial leasing operations, interest on debt instruments measured by the effective interest method and interest expense amounts to COP 19,601,869 COP 16,929,815 and COP 11,304,222 for the years ended in December 31, 2023, 2022 and 2021, respectively. 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 5% and 10% 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. To view the details of the balance, refer to line ‘Logistics 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and debit card fees and commercial estabilshments ​ 2,467,174 ​ ​ 272,380 ​ ​ 233,049 ​ ​ 95,833 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,992 ​ ​ - ​ ​ 3,070,428 ​ Bancassurance ​ 924,280 ​ ​ 72,705 ​ ​ 77 ​ ​ - ​ ​ 104 ​ ​ 29 ​ ​ 126 ​ ​ - ​ ​ - ​ ​ 997,321 ​ Banking services ​ 593,729 ​ ​ 110,271 ​ ​ 157,386 ​ ​ 68,857 ​ ​ - ​ ​ - ​ ​ - ​ ​ 37,746 ​ ​ 23,574 ​ ​ 991,563 ​ Payment and collections ​ 950,167 ​ ​ 15,236 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 965,403 ​ Fiduciary Activities and Securities ​ - ​ ​ 20,233 ​ ​ 6,399 ​ ​ 851 ​ ​ 361,632 ​ ​ - ​ ​ 74,377 ​ ​ 54 ​ ​ - ​ ​ 463,546 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 72,335 ​ ​ 25,159 ​ ​ 5,211 ​ ​ 3,173 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,803 ​ ​ - ​ ​ 107,681 ​ Investment banking ​ - ​ ​ 980 ​ ​ 1,225 ​ ​ - ​ ​ - ​ ​ 55,888 ​ ​ 10,728 ​ ​ - ​ ​ - ​ ​ 68,821 ​ Brokerage ​ - ​ ​ 15,568 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,140 ​ ​ - ​ ​ - ​ ​ 26,708 ​ Others ​ 244,414 ​ ​ 398 ​ ​ 76,221 ​ ​ 54,486 ​ ​ 229 ​ ​ - ​ ​ 7,614 ​ ​ 5,633 ​ ​ 412 ​ ​ 389,407 ​ Total revenue of contracts with customers ​ 5,252,099 ​ ​ 532,930 ​ ​ 479,568 ​ ​ 223,200 ​ ​ 361,965 ​ ​ 55,917 ​ ​ 103,985 ​ ​ 47,228 ​ ​ 23,986 ​ ​ 7,080,878 ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and debit card fees and commercial estabilshments ​ 2,248,727 ​ ​ 232,637 ​ ​ 216,977 ​ ​ 79,551 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,868 ​ ​ - ​ ​ 2,779,760 ​ Bancassurance ​ 814,653 ​ ​ 57,858 ​ ​ 97 ​ ​ - ​ ​ 29 ​ ​ 8 ​ ​ 32 ​ ​ - ​ ​ - ​ ​ 872,677 ​ Banking services ​ 481,103 ​ ​ 91,938 ​ ​ 142,047 ​ ​ 78,264 ​ ​ - ​ ​ - ​ ​ - ​ ​ 31,277 ​ ​ 12,732 ​ ​ 837,361 ​ Payment and collections ​ 851,983 ​ ​ 13,975 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 865,958 ​ Fiduciary Activities and Securities ​ - ​ ​ 18,975 ​ ​ 6,522 ​ ​ 803 ​ ​ 318,840 ​ ​ - ​ ​ 78,509 ​ ​ 53 ​ ​ - ​ ​ 423,702 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 58,293 ​ ​ 18,382 ​ ​ 10,081 ​ ​ 3,774 ​ ​ - ​ ​ - ​ ​ - ​ ​ 828 ​ ​ - ​ ​ 91,358 ​ Investment banking ​ - ​ ​ 550 ​ ​ 1,482 ​ ​ - ​ ​ - ​ ​ 86,224 ​ ​ 15,667 ​ ​ - ​ ​ - ​ ​ 103,923 ​ Brokerage ​ - ​ ​ 11,888 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 15,960 ​ ​ - ​ ​ - ​ ​ 27,848 ​ Others ​ 229,804 ​ ​ 380 ​ ​ 66,971 ​ ​ 56,162 ​ ​ - ​ ​ - ​ ​ 1,198 ​ ​ 7,995 ​ ​ 5,429 ​ ​ 367,939 ​ Total revenue of contracts with customers ​ 4,684,563 ​ ​ 446,583 ​ ​ 444,177 ​ ​ 218,554 ​ ​ 318,869 ​ ​ 86,232 ​ ​ 111,366 ​ ​ 42,021 ​ ​ 18,161 ​ ​ 6,370,526 ​ ​ ​ 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 income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and debit card fees and commercial estabilshments ​ 1,830,128 ​ ​ 174,226 ​ ​ 168,273 ​ ​ 61,831 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,663 ​ ​ - ​ ​ 2,236,121 ​ Bancassurance ​ 636,632 ​ ​ 49,730 ​ ​ 129 ​ ​ - ​ ​ 40 ​ ​ 10 ​ ​ 51 ​ ​ - ​ ​ - ​ ​ 686,592 ​ Banking services ​ 414,870 ​ ​ 69,379 ​ ​ 118,532 ​ ​ 56,548 ​ ​ - ​ ​ - ​ ​ - ​ ​ 22,902 ​ ​ - ​ ​ 682,231 ​ Payment and collections ​ 723,297 ​ ​ 10,064 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 733,361 ​ Fiduciary Activities and Securities ​ - ​ ​ 17,420 ​ ​ 6,567 ​ ​ 704 ​ ​ 347,838 ​ ​ - ​ ​ 90,548 ​ ​ 46 ​ ​ - ​ ​ 463,123 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 43,863 ​ ​ 16,125 ​ ​ 6,928 ​ ​ 3,716 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,917 ​ ​ - ​ ​ 72,549 ​ Investment banking ​ - ​ ​ 1,998 ​ ​ 1,353 ​ ​ - ​ ​ - ​ ​ 79,521 ​ ​ 11,481 ​ ​ - ​ ​ - ​ ​ 94,353 ​ Brokerage ​ - ​ ​ 12,661 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 14,193 ​ ​ - ​ ​ - ​ ​ 26,854 ​ Others ​ 192,682 ​ ​ - ​ ​ 57,942 ​ ​ 37,109 ​ ​ - ​ ​ - ​ ​ 1,009 ​ ​ 6,781 ​ ​ 3,097 ​ ​ 298,620 ​ Total revenue of contracts with customers ​ 3,841,472 ​ ​ 351,603 ​ ​ 359,724 ​ ​ 159,908 ​ ​ 347,878 ​ ​ 79,531 ​ ​ 117,282 ​ ​ 33,309 ​ ​ 3,097 ​ ​ 5,293,804 ​ ​ 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 with customers 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 with customers 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 following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Accounts receivable from contracts with customers (1) ​ 259,516 ​ 192,029 ​ 182,672 Liabilities from contracts with customers (2)(3)(4) ​ 60,128 ​ 56,856 ​ 55,025 (1) Allowances for receivables from customers are COP 21,591 , COP 15,330 and COP 16,537 for the year 2023, 2022 and 2021, respectively. (2) Contract liabilities are mainly related to commissions received from customers when the Bank issues financial guarantees. They are recognized as income during the term of the contract, according to the form and frequency of payment of the commissions. The weighted-average expected period for income recognition as of December 31, 2023 was 1.3 years, as of December 31, 2022, 1.6 years and as of December 31, 2021 was 1.3 years. (3) During the years 2023 and 2022, income was recognized for COP 55,179 and COP 45,656 respectively from the liability of contracts with clients at the beginning of the period. (4) See Note 20. Other liabilities. ​ The contract liabilities increased COP 3,272 in 2023 and COP 1,831 in 2022. The changes in contract liabilities are due to performance circumscribed in the contract. Fees and Commissions Expenses ​ ​ ​ ​ ​ ​ ​ ​ Fees and Commissions Expenses ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Banking services ​ 1,483,701 ​ 1,242,590 ​ 798,729 Sales, collections and other services ​ 851,784 ​ 708,803 ​ 619,715 Correspondent banking ​ 504,227 ​ 406,567 ​ 307,308 Payments and collections ​ 41,904 ​ 34,720 ​ 26,897 Others ​ 215,664 ​ 197,486 ​ 108,034 Total expenses for commissions ​ 3,097,280 ​ 2,590,166 ​ 1,860,683 ​ 25.4. Other operating income The following table sets forth the detail of other operating income net for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Other operating income ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Leases and related services (1) ​ 1,771,016 ​ 1,362,677 ​ 936,574 Net foreign exchange and Derivatives Foreign exchange contracts (2) ​ 1,215,064 ​ (373,045) ​ 296,534 Investment property valuation (3) ​ 197,526 ​ 236,617 ​ 67,762 Gains on sale of assets ​ 170,910 ​ 171,482 ​ 227,445 Logistics services ​ 136,118 ​ 165,738 ​ 140,451 Insurance (4) ​ 86,330 ​ 92,294 ​ 54,833 Other reversals ​ 67,617 ​ 64,467 ​ 56,381 Penalties for failure to contracts ​ 13,855 ​ 6,833 ​ 15,680 Others ​ 321,214 ​ 326,372 ​ 226,481 Total Other operating income ​ 3,979,650 ​ 2,053,435 ​ 2,022,141 (1) Corresponds to operating leases for COP 833,244 , COP 649,693 and COP 412,286 , other related leasing services for COP 660,442 , COP 541,436 and COP 375,275 (see Note 7.1 lessor), property leases for COP 228,325 , COP 157,511 and COP 139,021 (see Note 11. Investment properties) and other assets for COP 49,005 , COP 14,037 , COP 9,992 for the years ended December 31, 2023, 2022 and 2021 respectively . (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) In 2022 increased in properties and variation in fair value due to improved market conditions at the reporting date. (4) Corresponds to income from insurance operations of Seguros Agromercantil S.A., subsidiary domiciled in Guatemala. In 2023, it includes the effect of the adoption of IFRS 17 Insurance Contract. See Note 32. Impacts on the application of new standards. ​ ​ 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, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Dividends and net income on equity investments ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Dividends (1) ​ 127,427 ​ 59,072 ​ 108,079 Equity method (2) ​ 113,115 ​ 219,105 ​ 199,652 Equity investments and other financial instruments (3) ​ 22,944 ​ (672) ​ 7,253 (Losses) Gains on sale of investments in associates (4) ​ - ​ (34,451) ​ 9,896 Impairment of investments in associates and joint ventures (5) ​ (108,175) ​ (9,633) ​ (1,733) Others (6) ​ 54,874 ​ 2,433 ​ 5,197 Total dividends received, and share of profits of equity method investees ​ 210,185 ​ 235,854 ​ 328,344 (1) As of December 31, 2023, 2022 and 2021, includes dividends received from equity investments at fair value through profit or loss for COP 768 , COP 6,209 and COP 40,188 , the decrease is the result of lower dividends on the preferred share of Tuya S.A and investments derecognised for COP 341 , COP 116 and COP 251 , respectively, dividends from equity investments at fair value through OCI for COP 18,464 , COP 16,842 and COP 12,665 , respectively and investments derecognised for COP 3,231 in 2023. Additionally, includes returns received of the associate at fair value P.A. Viva Malls for COP 104,623 , COP 35,905 , and COP 50,208 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (2) Corresponds to income from equity method of investments in associates as of December 31, 2023, 2022 and 2021 for COP 230,704 , COP 265,885 and COP 179,032 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP (117,589) , COP (46,780) and COP 20,620 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (3) For 2023, the increase is explained by the effect of the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Perú and Chile Stock Exchanges in November 2023. For more information see Note 5.1. Financial assets investments. (4) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., to comply with the authorized investment regime, and a loss of COP (41,434) was recognized, see Note 8 Investments in associates and joint ventures. Additionally, as a result of the sale in 2019 of the investments in the associates Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., COP 6,983 was received as contingent payment. For 2021, COP 9,896 had been received. (5) Corresponds to the impairment of associates and joint ventures, for 2023 in Compañía de Financiamiento TUYA S.A. recognized in the Investment Banking segment for COP 106,574 , Reintegra S.A.S. for COP 2,017 and recovery of impairment in Fondo de Capital Privado Ruta del Sol compartimento A for COP 416 for impairment recorded in 2022, both recognized in the segment Others. For 2022, the impairment corresponds to Reintegra S.A.S for COP 7,688 , Fondo de Capital Privado Ruta del Sol compartimiento A for COP 6,514 and Viliv S.A.S. (in liquidation) for COP 463 , recognized in Others segments, offset by the recovery of impairment of the associate Internacional Ejecutiva de Aviación S.A.S for COP 5,032 , impairment recognized in 2021 in the Investment Banking segment. For further information, see Note 8. Investments in associates and joint ventures. (6) For 2023, corresponds to gains recognized in acquisitions of P.A. Calle 84 (2) and P.A. Calle 84 (3) for COP 31,117 and P.A. Nomad Central for COP 23,757 from a bargain purchase. In 2022, this income corresponded to P.A. Fai Calle 77. For 2022, corresponds to gains recognized in acquisition of P.A. FAI Calle 77 from a bargain purchase. In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Wompi S.A.S. (before Vlipco S.A.S.) previous to its acquisition date, the transaction was completed in November 2021. For further information, see Note 9.3. Business combination.

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefit ​ 2023 ​ 2022 ​ 2021 In millions of COP ​ ​ ​ ​ ​ ​ Salaries (1) ​ 2,286,471 ​ 1,897,710 ​ 1,648,872 Bonuses (2) ​ 940,292 ​ 823,517 ​ 714,353 Private premium (3) ​ 651,048 ​ 423,261 ​ 384,056 Social security contributions ​ 546,434 ​ 447,017 ​ 355,166 Indemnization payment ​ 179,916 ​ 189,643 ​ 137,453 Other benefits (4) ​ 746,073 ​ 636,508 ​ 542,696 Total Salaries and employee benefit ​ 5,350,234 ​ 4,417,656 ​ 3,782,596 (1) This is mainly explained by salary increases indexed to inflation. (2) Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Bank. (3) The increase corresponds to a higher provision due to a decrease in the nominal rate and the inflation rate. (4) Includes vacations, severance and interest on severance, pension and employee benefits, mainly policy benefits, training and recreation. ​ 26.2. Other administrative and general expenses The detail for administrative and general expenses for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ Other administrative and general expenses ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP ​ ​ ​ ​ Fees (1) ​ 943,781 ​ 864,520 ​ 758,986 Maintenance and repairs (2) ​ 900,251 ​ 757,861 ​ 592,493 Insurance (3) ​ 738,786 ​ 640,753 ​ 495,146 Data processing (4) ​ 473,059 ​ 362,621 ​ 363,105 Frauds and claims (5) ​ 346,899 ​ 258,834 ​ 182,916 Transport ​ 233,856 ​ 232,471 ​ 198,828 Advertising ​ 175,690 ​ 185,122 ​ 153,066 Cleaning and security services ​ 129,460 ​ 117,966 ​ 111,717 Public services ​ 125,433 ​ 119,949 ​ 149,029 Contributions and affiliations ​ 109,038 ​ 116,118 ​ 101,727 Communications ​ 74,685 ​ 72,501 ​ 71,861 Properties improvements and installation ​ 66,438 ​ 70,845 ​ 64,554 Useful and stationery ​ 57,061 ​ 55,045 ​ 53,476 Disputes, fines and sanctions (6) ​ 43,499 ​ 63,519 ​ 13,106 Real estate management ​ 33,637 ​ 30,216 ​ 28,962 Travel expenses ​ 31,813 ​ 25,600 ​ 10,713 Publications and subscriptions ​ 22,574 ​ 20,644 ​ 17,775 Storage services ​ 16,321 ​ 15,013 ​ 14,666 Legal expenses ​ 14,136 ​ 10,573 ​ 6,834 Others ​ 497,527 ​ 539,729 ​ 351,546 Total other administrative and general expenses (7) ​ 5,033,944 ​ 4,559,900 ​ 3,740,506 Taxes other than income tax (8) ​ 1,433,148 ​ 929,512 ​ 719,593 (1) Increase generated mainly by digital transformation fees. (2) Increase is caused mainly by vehicle maintenance for COP 85,247 and computer equipment maintenance for COP 46,626 . (3) The increase is mainly generated by Fogafin deposit insurance due to an increase in the volume of time deposits. (4) In 2023, the increase generated mainly by license maintenance services, electronic data processing and technology services. (5) The increase is generated mainly in virtual transactions and cards frauds. (6) The amount for the year 2022 includes the following events: Banagrícola and subsidiaries by USD 4,000 due to out-of-court closing of contingency and in Banistmo and subsidiaries by USD 2,500 due to judgment against. (7) As of December 31, 2021, the Consolidated Statement of Income disclosed the line "Other expenses" for COP 218,586 . Considering the nature of the operations contained in this caption, the Bank decided to reclassify this item in the Consolidated Statement of Income as of December 31, 2023, 2022 and 2021 in the line "Other administrative and general expenses". For comparative purposes, figure disclosed in 2021 in the line "Other administrative and general expenses" for COP 3,521,920 were modified to COP 3,740,506 . (8) The increase mainly generates in industry and commerce taxes, value added tax (IVA) and Tax on Financial Movements (GMF). ​ ​ 26.3. Impairment, depreciation and amortization The detail for Impairment, depreciation and amortization for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Impairment, depreciation and amortization ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP ​ ​ ​ ​ Depreciation of premises and equipment (1) ​ 636,376 ​ 560,596 ​ 466,179 Depreciation of right-of-use assets (2) ​ 229,665 ​ 212,861 ​ 190,819 Amortization of intangible assets (3) ​ 212,317 ​ 175,991 ​ 198,169 Impairment of other assets, net (4)(5) ​ 46,501 ​ 31,127 ​ 65,391 Total impairment, depreciation and amortization ​ 1,124,859 ​ 980,575 ​ 920,558 (1) See Note 10 Premises and equipment, net. (2) See Note 7.2 Lessee. (3) See Note 9 Goodwill and intangibles assets, net. (4) Includes value for impairment of property and equipment for COP 4,480 in 2023 and COP 3,536 in 2022. (5) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2023, 2022 and 2021 is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ Impairment (recovery) of other assets, net ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP ​ ​ ​ ​ Banking Colombia ​ 45,122 ​ 24,187 ​ 38,632 Banking Panama ​ 5,290 ​ 12,599 ​ 17,962 Banking Guatemala ​ 8,929 ​ 12,101 ​ 7,554 All other segments ​ 4,713 ​ 1,803 ​ 848 International Banking ​ 1,730 ​ 314 ​ - Banking El Salvador (1) ​ (19,283) ​ (19,877) ​ 395 Total (2) ​ 46,501 ​ 31,127 ​ 65,391 (1) Corresponds mainly to the Net realizable value (NRV) and higher sales generated in 2022 compared to 2021. (2) The variation in 2023 with respect to 2022 is mainly to the Net realizable value (NRV). ​ During 2023, 2022 and 2021, no significant cybersecurity breaches materialized, according to the data security policies established by Management.

EARNING PER SHARE ('EPS')

EARNING PER SHARE ('EPS')	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021. The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2023, 2022 and 2021 (in millions of pesos, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Income from continuing operations before attribution of non-controlling interests ​ 6,214,971 ​ 6,996,365 ​ 4,207,787 Less: Non-controlling interests from continuing operations ​ 98,035 ​ 212,875 ​ 120,992 Net income from controlling interest ​ 6,116,936 ​ 6,783,490 ​ 4,086,795 Less: Preferred dividends declared ​ 1,541,003 ​ 1,352,921 ​ 59,851 Less: Allocation of undistributed earnings to preferred stockholders ​ 1,303,784 ​ 1,805,191 ​ 1,830,636 Net income allocated to common shareholders for basic and diluted EPS ​ 3,272,149 ​ 3,625,378 ​ 2,196,308 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 ​ 6,420 ​ 7,113 ​ 4,309 Basic and diluted earnings per share from continuing operations ​ 6,420 ​ 7,113 ​ 4,309 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
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 Bancolombia S.A. or any of the subsidiaries of the Group provide commercial banking services and deposits. For these purposes, all companies in which Grupo Bancolombia has joint control or significant influence have been included. For more information see note 8. Investments in associates and joint control. Bancolombia S.A. or some of the subsidiaries of the Grupo Bancolombia provide 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, 2023, 2022 and 2021, 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. - Operations whose characteristics differ from those carried out with third parties - Guarantees, pledges or commitments given or received in respect of the aforementioned transactions. As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 6,050 ​ ​ - ​ 54,001 Derivative financial instruments ​ 48,747 ​ ​ - ​ 7,297 Loans and advances to customers ​ 1,850,407 ​ ​ 22,437 ​ 271,676 Allowance for loans, advances and lease losses ​ (1,455) ​ ​ (50) ​ (760) Investment in associates and joint ventures ​ - ​ ​ - ​ 2,997,603 Other assets ​ 17,951 ​ ​ 18 ​ 271,263 Total assets ​ 1,921,700 ​ ​ 22,405 ​ 3,601,080 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 1,434,117 ​ ​ 16,312 ​ 141,853 Derivative financial instruments ​ 14 ​ ​ 209 ​ 1,068 Other liabilities ​ 23,070 ​ ​ 59 ​ 70,387 Total liabilities ​ 1,457,201 ​ ​ 16,580 ​ 213,308 ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest on loans and financial leases ​ 157,451 ​ ​ 1,783 ​ 27,925 Valuation on financial instruments ​ 97 ​ ​ - ​ 11,998 Fees and commissions income ​ 744,000 ​ ​ 98 ​ 14,647 Dividends and net income on equity investments (2) ​ 213 ​ ​ - ​ 109,563 Derivatives Foreign exchange contracts ​ 63,060 ​ ​ (218) ​ 27,174 Other operating income ​ 48,531 ​ ​ 9 ​ 9,806 Net income ​ 1,013,352 ​ ​ 1,672 ​ 201,113 ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ 181,085 ​ ​ 1,038 ​ 8,261 Credit impairment charges, net ​ (8,307) ​ ​ 4 ​ (1,193) Fees and commissions expenses ​ 590 ​ ​ - ​ 152,563 Employee benefits (3) ​ 89,199 ​ ​ 93 ​ - Other administrative and general expenses ​ 159,184 ​ ​ 2,492 ​ 23,644 Total expenses ​ 421,751 ​ ​ 3,627 ​ 183,275 (1) Includes Grupo Sura conglomerate. (2) Includes impairment of associates and joint ventures mainly in TUYA S.A. for COP 106,574 . (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 5,711 ​ ​ - ​ 51,991 Derivative financial instruments ​ 191 ​ ​ 5 ​ 8 Loans and advances to customers ​ 947,150 ​ ​ 28,935 ​ 342,896 Allowance for loans, advances and lease losses ​ (9,746) ​ ​ (49) ​ (3,470) Investment in associates and joint ventures ​ - ​ ​ - ​ 2,915,633 Other assets (2) ​ 17,520 ​ ​ 41 ​ 209,350 Total assets ​ 960,826 ​ ​ 28,932 ​ 3,516,408 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 1,364,663 ​ ​ 14,433 ​ 161,708 Derivative financial instruments ​ 23 ​ ​ - ​ 27,571 Other liabilities (2) ​ 26,803 ​ ​ 56 ​ 54,017 Total liabilities ​ 1,391,489 ​ ​ 14,489 ​ 243,296 ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest on loans and financial leases ​ 74,896 ​ ​ 1,249 ​ 21,715 Valuation on financial instruments ​ - ​ ​ - ​ 994 Fees and commissions income ​ 929,721 ​ ​ 100 ​ 20,574 Dividends and net income on equity investments ​ 30 ​ ​ - ​ 224,602 Net foreign exchange and Derivatives Foreign exchange contracts ​ (10,158) ​ ​ 984 ​ (30,484) Other operating income ​ 50,816 ​ ​ 28 ​ 99,855 Net income ​ 1,045,305 ​ ​ 2,361 ​ 337,256 ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ 112,403 ​ ​ 301 ​ 8,483 Credit impairment charges, net ​ 10,171 ​ ​ 50 ​ (550) Fees and commissions expenses ​ 19 ​ ​ - ​ 180,951 Employee benefits (3) ​ 76,455 ​ ​ 117 ​ - Other administrative and general expenses ​ 161,367 ​ ​ 2,056 ​ 30,792 Total expenses ​ 360,415 ​ ​ 2,524 ​ 219,676 (1) Includes Grupo Sura conglomerate. (2) The values disclosed for Other assets and Other liabilities corresponding to Stockholders with an interest equal or higher than 20% as of December 31, 2022 were restated from COP 54,842 to COP 17,520 and from COP 163,385 to 26,803 , respectively; this restatement has no effect on the Financial Statements and their notes, and it was also concluded that the revised figures were adjusted and disclosed on a comparative basis. (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. ​ ​ ​ 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 ​ ​ 8,175 ​ 194,864 Derivative financial instruments ​ - ​ ​ 6 ​ 8,565 Other liabilities ​ 1,120 ​ ​ 368 ​ 36,596 Total liabilities ​ 2,102,966 ​ ​ 8,549 ​ 240,025 ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest on loans and financial leases ​ 29,092 ​ ​ 759 ​ 11,443 Valuation on financial instruments ​ - ​ ​ - ​ 1,560 Fees and commissions income ​ 737,402 ​ ​ 98 ​ 13,056 Dividends and net income on equity investments ​ 58 ​ ​ - ​ 289,423 Net foreign exchange and Derivatives Foreign exchange contracts ​ (1,840) ​ ​ 1,112 ​ (9,966) Other operating income ​ 278 ​ ​ - ​ 55,524 Net income ​ 764,990 ​ ​ 1,969 ​ 361,040 ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ 16,564 ​ ​ 93 ​ 1,403 Credit impairment charges, net ​ 3,043 ​ ​ 92 ​ 5,123 Fees and commissions expenses ​ 17 ​ ​ - ​ 130,950 Employee benefits (2) ​ 60,221 ​ ​ 19 ​ - Other administrative and general expenses ​ 14,148 ​ ​ 1,724 ​ 32,071 Total expenses ​ 93,993 ​ ​ 1,928 ​ 169,547 (1) Includes Grupo Sura conglomerate. (2) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. ​ During the years ending December 31, 2023, 2022 and 2021, the Bank paid fees to the directors of COP 2,306 , COP 1,937 and COP 1,655 , respectively, as compensation for attending meetings of the Board and its Committees. The payments to senior management in the same periods were COP 18,387 , COP 15,776 and COP 10,487 for short-term retributions and COP 312 , COP 552 and COP 604 for long-term retributions. In 2022, there was a consolidation of the contributions of the Senior Management Pension Plan for COP 36,962 (See Note 19.3 Retirement Pension Premium Plan), and there were payments for post-employment benefits of COP 827 in 2023, COP 642 in 2022 and 3,207 in 2021. 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, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ ​ ​ Balance as of ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2023 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2023 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 189,052 ​ 304,846 ​ (23,603) ​ - ​ - ​ 470,295 Borrowings from other financial institutions (1) ​ 19,692,638 ​ (1,674,476) ​ (4,029,947) ​ 1,658,996 ​ 1,395 ​ 15,648,606 Debt instruments in issue (1) ​ 19,575,988 ​ (3,494,834) ​ (2,844,193) ​ 1,426,615 ​ - ​ 14,663,576 Preferred shares (2) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 40,041,882 ​ (4,922,165) ​ (6,897,743) ​ 3,143,312 ​ 1,395 ​ 31,366,681 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 1,607,927 and COP 1,347,889 , 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 ​ ​ ​ ​ Balance as of ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2022 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2022 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 763,325 ​ (579,488) ​ 5,215 ​ - ​ - ​ 189,052 Borrowings from other financial institutions (1) ​ 8,551,558 ​ 7,963,253 ​ 2,404,567 ​ 763,717 ​ 9,543 ​ 19,692,638 Debt instruments in issue (1) ​ 21,093,864 ​ (5,767,989) ​ 2,921,602 ​ 1,328,511 ​ - ​ 19,575,988 Preferred shares (2) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 30,992,951 ​ 1,558,075 ​ 5,331,384 ​ 2,149,929 ​ 9,543 ​ 40,041,882 (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 536,024 and COP 1,206,895 , 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. ​

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ amount ​ Value ​ amount ​ Value In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value through profit or loss ​ 12,096,407 ​ 12,096,407 ​ 11,039,266 ​ 11,039,266 Debt instruments at fair value through OCI ​ 6,148,177 ​ 6,148,177 ​ 7,977,675 ​ 7,977,675 Debt instruments at amortized cost ​ 6,848,082 ​ 6,840,867 ​ 8,336,360 ​ 8,246,876 Derivative financial instruments ​ 6,252,270 ​ 6,252,270 ​ 4,961,237 ​ 4,961,237 Equity securities at fair value ​ 543,210 ​ 543,210 ​ 544,668 ​ 544,668 Other financial instruments (1) ​ 38,319 ​ 38,319 ​ 42,171 ​ 42,171 Loans and advances to customers at amortized cost, net ​ 237,728,544 ​ 238,771,724 ​ 254,444,099 ​ 251,336,077 Investment property ​ 4,709,911 ​ 4,709,911 ​ 3,994,058 ​ 3,994,058 Investments in associates (2) ​ 1,670,782 ​ 1,670,782 ​ 1,532,156 ​ 1,532,156 Total ​ 276,035,702 ​ 277,071,667 ​ 292,871,690 ​ 289,674,184 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 247,941,180 ​ 249,340,519 ​ 250,992,323 ​ 249,503,805 Interbank deposits ​ 606,141 ​ 606,141 ​ 902,132 ​ 902,132 Repurchase agreements and other similar secured borrowing ​ 470,295 ​ 470,295 ​ 189,052 ​ 189,052 Derivative financial instruments ​ 6,710,364 ​ 6,710,364 ​ 4,737,454 ​ 4,737,454 Borrowings from other financial institutions ​ 15,648,606 ​ 15,648,606 ​ 19,692,638 ​ 19,692,638 Preferred shares ​ 584,204 ​ 394,550 ​ 584,204 ​ 350,978 Debt instruments in issue ​ 14,663,576 ​ 14,468,650 ​ 19,575,988 ​ 18,776,819 Total ​ 286,624,366 ​ 287,639,125 ​ 296,673,791 ​ 294,152,878 (1) For futher information see Note 5.1. Financial assets investments. (2) It corresponds to investments in associates P.A Viva Malls and Distrito Vera. See Note 8 Investments in associates and joint ventures. ​ Fair value hierarchy IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS the financial instruments are classified as follows: Level 1: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability. ​ Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain retained residual interests in securitizations, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets. Valuation process for fair value measurements The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia) to the Bank. All methodologies and procedures developed by the pricing services provider are supervised by the Financial Superintendence of Colombia, which has not objected to them. On a daily basis, the 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 and other financial instruments 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 and other financial instruments 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 market representative rate. 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 Over The Counter (OTC) derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider, which have the no objection of the SFC. 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 (Credit Default Swaps, “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.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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ 4,363,135 ​ 362,470 ​ - ​ 4,725,605 ​ 3,960,211 ​ 300,019 ​ - ​ 4,260,230 Securities issued or secured by government entities ​ - ​ 84,990 ​ - ​ 84,990 ​ 13,075 ​ 65,960 ​ - ​ 79,035 Securities issued by other financial institutions ​ 41,003 ​ 654,446 ​ 78,729 ​ 774,178 ​ 77,944 ​ 451,285 ​ 81,389 ​ 610,618 Securities issued by foreign governments ​ 3,621,960 ​ 2,652,440 ​ - ​ 6,274,400 ​ 3,136,636 ​ 2,831,220 ​ - ​ 5,967,856 Corporate bonds ​ 125,010 ​ 97,940 ​ 14,284 ​ 237,234 ​ 17,299 ​ 104,228 ​ - ​ 121,527 Total debt instruments at fair value through profit or loss ​ 8,151,108 ​ 3,852,286 ​ 93,013 ​ 12,096,407 ​ 7,205,165 ​ 3,752,712 ​ 81,389 ​ 11,039,266 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 61,427 ​ - ​ 2,664,295 ​ 2,725,722 ​ - ​ 2,590,622 ​ - ​ 2,590,622 Securities issued by other financial institutions ​ 224,049 ​ 149,257 ​ - ​ 373,306 ​ 465,025 ​ 104,332 ​ - ​ 569,357 Securities issued by foreign governments ​ 1,675,193 ​ 762,803 ​ - ​ 2,437,996 ​ 4,045,118 ​ 649,251 ​ - ​ 4,694,369 Corporate bonds ​ 63,475 ​ 547,678 ​ - ​ 611,153 ​ - ​ 123,327 ​ - ​ 123,327 Total debt instruments at fair value through OCI ​ 2,024,144 ​ 1,459,738 ​ 2,664,295 ​ 6,148,177 ​ 4,510,143 ​ 3,467,532 ​ - ​ 7,977,675 Total debt instruments ​ 10,175,252 ​ 5,312,024 ​ 2,757,308 ​ 18,244,584 ​ 11,715,308 ​ 7,220,244 ​ 81,389 ​ 19,016,941 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 89,128 ​ 69,400 ​ 384,682 ​ 543,210 ​ 30,884 ​ 51,531 ​ 462,253 ​ 544,668 Total equity securities ​ 89,128 ​ 69,400 ​ 384,682 ​ 543,210 ​ 30,884 ​ 51,531 ​ 462,253 ​ 544,668 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial assets ​ - ​ - ​ 38,319 ​ 38,319 ​ - ​ - ​ 42,171 ​ 42,171 Total other financial assets ​ - ​ - ​ 38,319 ​ 38,319 ​ - ​ - ​ 42,171 ​ 42,171 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 3,308,258 ​ 1,073,648 ​ 4,381,906 ​ - ​ 982,212 ​ 591,740 ​ 1,573,952 Equity contracts ​ - ​ 152 ​ 2,863 ​ 3,015 ​ - ​ 5,414 ​ 105 ​ 5,519 Total forwards ​ - ​ 3,308,410 ​ 1,076,511 ​ 4,384,921 ​ - ​ 987,626 ​ 591,845 ​ 1,579,471 Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 1,066,915 ​ 237,422 ​ 1,304,337 ​ - ​ 1,940,303 ​ 454,529 ​ 2,394,832 Interest rate contracts ​ 130,792 ​ 206,011 ​ 15,621 ​ 352,424 ​ 266,708 ​ 569,749 ​ 29,170 ​ 865,627 Total swaps ​ 130,792 ​ 1,272,926 ​ 253,043 ​ 1,656,761 ​ 266,708 ​ 2,510,052 ​ 483,699 ​ 3,260,459 Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 6 ​ 136,979 ​ 73,603 ​ 210,588 ​ - ​ 4,240 ​ 117,067 ​ 121,307 Total options ​ 6 ​ 136,979 ​ 73,603 ​ 210,588 ​ - ​ 4,240 ​ 117,067 ​ 121,307 Total derivative financial instruments ​ 130,798 ​ 4,718,315 ​ 1,403,157 ​ 6,252,270 ​ 266,708 ​ 3,501,918 ​ 1,192,611 ​ 4,961,237 Investment properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lands ​ - ​ - ​ 325,394 ​ 325,394 ​ - ​ - ​ 123,352 ​ 123,352 Buildings ​ - ​ - ​ 4,384,517 ​ 4,384,517 ​ - ​ - ​ 3,870,706 ​ 3,870,706 Total investment properties ​ - ​ - ​ 4,709,911 ​ 4,709,911 ​ - ​ - ​ 3,994,058 ​ 3,994,058 Investment in associates at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates at fair value ​ - ​ - ​ 1,670,782 ​ 1,670,782 ​ - ​ - ​ 1,532,156 ​ 1,532,156 Total investment in associates at fair value ​ - ​ - ​ 1,670,782 ​ 1,670,782 ​ - ​ - ​ 1,532,156 ​ 1,532,156 Total ​ 10,395,178 ​ 10,099,739 ​ 10,964,159 ​ 31,459,076 ​ 12,012,900 ​ 10,773,693 ​ 7,304,638 ​ 30,091,231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ - ​ 4,458,528 ​ 67,825 ​ 4,526,353 ​ - ​ 1,523,795 ​ 187,849 ​ 1,711,644 Equity contracts ​ - ​ 8,629 ​ 1,852 ​ 10,481 ​ - ​ 7,203 ​ - ​ 7,203 Total forwards ​ - ​ 4,467,157 ​ 69,677 ​ 4,536,834 ​ - ​ 1,530,998 ​ 187,849 ​ 1,718,847 Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 1,388,113 ​ 102,973 ​ 1,491,086 ​ - ​ 1,757,219 ​ 160,178 ​ 1,917,397 Interest rate contracts ​ 126,728 ​ 312,051 ​ 11,078 ​ 449,857 ​ 227,847 ​ 728,793 ​ 51,662 ​ 1,008,302 Total swaps ​ 126,728 ​ 1,700,164 ​ 114,051 ​ 1,940,943 ​ 227,847 ​ 2,486,012 ​ 211,840 ​ 2,925,699 Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 19 ​ 232,568 ​ - ​ 232,587 ​ - ​ 92,908 ​ - ​ 92,908 Total options ​ 19 ​ 232,568 ​ - ​ 232,587 ​ - ​ 92,908 ​ - ​ 92,908 Total derivative financial instruments ​ 126,747 ​ 6,399,889 ​ 183,728 ​ 6,710,364 ​ 227,847 ​ 4,109,918 ​ 399,689 ​ 4,737,454 Total ​ 126,747 ​ 6,399,889 ​ 183,728 ​ 6,710,364 ​ 227,847 ​ 4,109,918 ​ 399,689 ​ 4,737,454 ​ 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, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ 67,514 ​ - ​ - ​ 67,514 ​ 197,749 ​ - ​ - ​ 197,749 Securities issued or secured by government entities ​ - ​ 49,980 ​ 3,075,936 ​ 3,125,916 ​ - ​ 3,041,314 ​ - ​ 3,041,314 Securities issued by other financial institutions ​ 209,178 ​ 280,662 ​ 55,112 ​ 544,952 ​ 272,157 ​ 307,960 ​ - ​ 580,117 Securities issued by foreign governments ​ 150,695 ​ 377,560 ​ - ​ 528,255 ​ 248,735 ​ 517,661 ​ - ​ 766,396 Corporate bonds ​ 774,624 ​ 12,620 ​ 1,786,986 ​ 2,574,230 ​ 1,183,046 ​ 37,977 ​ 2,440,277 ​ 3,661,300 Total – Debt instruments ​ 1,202,011 ​ 720,822 ​ 4,918,034 ​ 6,840,867 ​ 1,901,687 ​ 3,904,912 ​ 2,440,277 ​ 8,246,876 Loans and advances to customers, net ​ - ​ - ​ 238,771,724 ​ 238,771,724 ​ - ​ - ​ 251,336,077 ​ 251,336,077 Total ​ 1,202,011 ​ 720,822 ​ 243,689,758 ​ 245,612,591 ​ 1,901,687 ​ 3,904,912 ​ 253,776,354 ​ 259,582,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ - ​ 60,236,355 ​ 189,104,164 ​ 249,340,519 ​ - ​ 40,990,191 ​ 208,513,614 ​ 249,503,805 Interbank deposits ​ - ​ - ​ 606,141 ​ 606,141 ​ - ​ - ​ 902,132 ​ 902,132 Repurchase agreements and other similar secured borrowing ​ - ​ - ​ 470,295 ​ 470,295 ​ - ​ - ​ 189,052 ​ 189,052 Borrowings from other financial institutions ​ - ​ - ​ 15,648,606 ​ 15,648,606 ​ - ​ - ​ 19,692,638 ​ 19,692,638 Debt instruments in issue (1) ​ 8,021,700 ​ 4,025,322 ​ 2,421,628 ​ 14,468,650 ​ 7,714,800 ​ 8,898,934 ​ 2,163,085 ​ 18,776,819 Preferred shares ​ - ​ - ​ 394,550 ​ 394,550 ​ - ​ - ​ 350,978 ​ 350,978 Total ​ 8,021,700 ​ 64,261,677 ​ 208,645,384 ​ 280,928,761 ​ 7,714,800 ​ 49,889,125 ​ 231,811,499 ​ 289,415,424 (1) The decrease in level 2 for the year 2023 corresponds to maturity of securities. ​ 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 becaus e 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 borrowi ngs 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 e stimated 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 p referred 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 un certainty 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, 2023 ​ December 31, 2022 ​ ​ 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 ​ - ​ - ​ 11,702 ​ 11,702 ​ - ​ - ​ 9,918 ​ 9,918 Real estate for residential purposes ​ - ​ - ​ 117,476 ​ 117,476 ​ - ​ - ​ 63,283 ​ 63,283 Real estate different from residential properties ​ - ​ - ​ 30,273 ​ 30,273 ​ - ​ - ​ 22,216 ​ 22,216 Total ​ - ​ - ​ 159,451 ​ 159,451 ​ - ​ - ​ 95,417 ​ 95,417 ​ 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 during 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications (1) Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2023 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ level 3 ​ level 3 ​ 2023 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ - ​ (4,150) ​ - ​ 4,150 ​ - ​ - ​ - ​ - ​ - ​ - Securities issued or secured by other financial entities ​ 81,389 ​ 12,869 ​ - ​ 2,639 ​ (12,767) ​ - ​ (9,613) ​ 4,212 ​ - ​ 78,729 Corporate bonds ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ 14,284 ​ - ​ 14,284 Total ​ 81,389 ​ 8,719 ​ - ​ 6,789 ​ (12,767) ​ - ​ (9,613) ​ 18,496 ​ - ​ 93,013 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ - ​ - ​ 173,648 ​ 2,490,647 ​ - ​ - ​ - ​ - ​ - ​ 2,664,295 Total ​ - ​ - ​ 173,648 ​ 2,490,647 ​ - ​ - ​ - ​ - ​ - ​ 2,664,295 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 1,163,336 ​ (60,699) ​ - ​ 1,295,089 ​ (812,275) ​ (13,559) ​ - ​ 46,459 ​ (233,678) ​ 1,384,673 Interest rate contracts ​ 29,170 ​ (10,694) ​ - ​ 6,957 ​ (4,593) ​ (38) ​ - ​ 525 ​ (5,706) ​ 15,621 Equity contracts ​ 105 ​ - ​ - ​ 2,863 ​ (105) ​ - ​ - ​ - ​ - ​ 2,863 Total ​ 1,192,611 ​ (71,393) ​ - ​ 1,304,909 ​ (816,973) ​ (13,597) ​ - ​ 46,984 ​ (239,384) ​ 1,403,157 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 462,253 ​ (3,577) ​ (8,087) ​ 6,740 ​ (72,647) ​ - ​ - ​ - ​ - ​ 384,682 Total ​ 462,253 ​ (3,577) ​ (8,087) ​ 6,740 ​ (72,647) ​ - ​ - ​ - ​ - ​ 384,682 Other financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ 42,171 ​ (13,746) ​ - ​ 9,894 ​ - ​ - ​ - ​ - ​ - ​ 38,319 Total ​ 42,171 ​ (13,746) ​ - ​ 9,894 ​ - ​ - ​ - ​ - ​ - ​ 38,319 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,530,459 ​ 128,028 ​ - ​ 3,192 ​ - ​ - ​ - ​ - ​ - ​ 1,661,679 PA Distrito Vera ​ 1,697 ​ 1,179 ​ - ​ 6,227 ​ - ​ - ​ - ​ - ​ - ​ 9,103 Total ​ 1,532,156 ​ 129,207 ​ - ​ 9,419 ​ - ​ - ​ - ​ - ​ - ​ 1,670,782 Total Assets ​ 3,310,580 ​ 49,210 ​ 165,561 ​ 3,828,398 ​ (902,387) ​ (13,597) ​ (9,613) ​ 65,480 ​ (239,384) ​ 6,254,248 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 348,027 ​ 15,346 ​ - ​ 164,179 ​ (329,858) ​ (13,559) ​ - ​ 4,330 ​ (17,667) ​ 170,798 Interest rate contracts ​ 51,662 ​ (6,297) ​ - ​ 3,628 ​ (41,002) ​ (38) ​ - ​ 3,734 ​ (609) ​ 11,078 Equity contracts ​ - ​ - ​ - ​ 1,852 ​ - ​ - ​ - ​ - ​ - ​ 1,852 Total ​ 399,689 ​ 9,049 ​ - ​ 169,659 ​ (370,860) ​ (13,597) ​ - ​ 8,064 ​ (18,276) ​ 183,728 Total liabilities ​ 399,689 ​ 9,049 ​ - ​ 169,659 ​ (370,860) ​ (13,597) ​ - ​ 8,064 ​ (18,276) ​ 183,728 (1) From derivative assets to derivative liabilities classified in level 3 and vice versa. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications (1) Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2022 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ level 3 ​ level 3 ​ 2022 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 113,058 ​ 11,700 ​ - ​ 3,789 ​ (20,031) ​ - ​ (19,181) ​ 10,863 ​ (18,809) ​ 81,389 Total ​ 113,058 ​ 11,700 ​ - ​ 3,789 ​ (20,031) ​ - ​ (19,181) ​ 10,863 ​ (18,809) ​ 81,389 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 937,633 ​ 270,494 ​ - ​ 607,659 ​ (647,914) ​ (777) ​ - ​ 547 ​ (4,306) ​ 1,163,336 Interest rate contracts ​ 46,393 ​ 19,887 ​ - ​ 9,323 ​ (8,

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 31. SUBSEQUENT EVENTS Approval of Consolidated Financial Statements The consolidated financial statements were approved by the Board of Directors on XXX X, 2024.

IMPACTS ON APPLICATION OF NEW S

IMPACTS ON APPLICATION OF NEW STANDARDS	12 Months Ended
	Dec. 31, 2023
IMPACTS ON APPLICATION OF NEW STANDARDS
IMPACTS ON APPLICATION OF NEW STANDARDS	NOTE 32. IMPACTS ON APPLICATION OF NEW STANDARDS a. Accounting pronouncements applicable in 2023 IFRS 17, issued in May 2017 to replace IFRS 4 Insurance Contracts, applies to insurance contracts, including reinsurance contracts, issued by an entity with specified exceptions; reinsurance contracts held by an entity; and investment contracts with discretionary participation features issued by an entity that issues insurance contracts. An insurance contract is defined as “a contract under which one party (the issuer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder” (IFRS 17). ​ The standard requires that estimates be remeasured in each reporting period. In the statement of financial position, contracts are measured using the following core components: • Discounted probability-weighted cash flows, • An explicit risk adjustment, and • A Contractual Service Margin (“CSM”) representing the unearned profit of the contract which is recognised as revenue over the coverage period. IFRS 17 requires an entity to recognise profit from a group of insurance contracts over the period the entity provides services, and as the entity is released from risk. If a group of contracts is or becomes loss-making, the entity is required to recognise the loss immediately. ​ The portfolio of insurance contracts are detailed below: ​ Direct Insurance General Insurance Life Insurance Accident and Health Reinsurance General Insurance Life Insurance Accident and Health ​ For the measurement of direct insurance and reinsurance portfolios, the Bank adopted the Premium Allocation Approach (“PAA”). Additionally, it considered: ​ a) ​ b) ​ c) ​ d) ​ On January 1, 2023, the Bank adopted IFRS 17. This involved the identification, recognition, and measurement of each group of insurance contracts and cash flows for the acquisition of insurance, and derecognized amounts that would not exist if this standard had always been applied. The resulting net difference was recognized in equity. ​ The effects on the consolidated statement of financial position as of January 1, 2023, are presented below: ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ December 31, 2022 ​ Adoption adjustment ​ January 1, 2023 In millions of COP Insurance contracts asset (1) ​ 68,991 ​ 22,383 ​ 91,374 Insurance contracts liability (2) ​ 124,598 ​ 21,679 ​ 146,277 Retained earnings ​ - ​ 704 ​ 704 (1) Included in the "Other assets, net" item in the consolidated statement of financial position. (2) Included in the "Other liabilities" item in the consolidated statement of financial position.

RISK MANAGEMENT

RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2023
RISK MANAGEMENT
RISK MANAGEMENT	​ 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 interest rate of the banking book, operational , business continuity, technological and cybersecurity risk, country risk, Risk Appetite Framework (MAR) and stress tests applicable. In accordance with the requirements of the contained in numeral 10 of Part II of Chapter XXXI related Morover, the Bank sent the “Implementation Plan” for the management of interest rate risk of the banking book (RTILB), considering the testing period and the enliquidity risktry into force of the applicable instructions. To strengthen comprehensive risk management, the Bank has a Three Lines 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 Bancolombia, in order to guarantee effective and efficient coordination among them for risk management (in its different stages) and internal control. First line: owns the processes, products, services, channels, whose activities manage the risks that may contribute or impede the achievement of the Bank’s objectives. The first line owns the risk and defines the design and execution of the organization's controls to respond to those risks. The 1st line is made up of 1A and 1B, highlighting the following characteristics: ● Identification, evaluation, control and mitigation of risks. ● Definition of standards / Implementation of policies, standards and procedures. ● Execution of control and risk management procedures and activities as part of your daily activity. Second line: defines the risk and internal control framework, as well as the policies and guidelines for the 1st line to manage risks. It is a global advisory, support and control function that monitors that risks are identified, controlled and managed within appropriate limits. The 2nd line is made up of 2A and 2B, highlighting the following characteristics and differences: ● Provision of a risk and internal control framework. ● Escalation of new risks. ● Advice and support. Third line: made up of Internal Audit. It is an independent and objective assurance and advisory function on the internal control system and risk management, highlighting the following characteristics: ● Independent review. ● Assurance on the Internal Control System. ● Evaluation and improvement in the effectiveness of management in risk control. 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 for the periods ending December 31, 2023 and December 31, 2022: December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 222,372,889 ​ 16,042,661 ​ 15,536,097 ​ 253,951,647 Commercial ​ 120,773,927 ​ 5,453,537 ​ 8,459,932 ​ 134,687,396 Consumer ​ 46,060,615 ​ 4,407,067 ​ 4,124,087 ​ 54,591,769 Mortgage ​ 32,210,648 ​ 2,628,654 ​ 1,411,106 ​ 36,250,408 Small Business Loans ​ 774,571 ​ 260,303 ​ 110,143 ​ 1,145,017 Financial Leases ​ 22,553,128 ​ 3,293,100 ​ 1,430,829 ​ 27,277,057 Off-Balance Sheet Exposures ​ 39,266,370 ​ 154,567 ​ 157,801 ​ 39,578,738 Financial Guarantees ​ 12,533,868 ​ 26,889 ​ 130,441 ​ 12,691,198 Loan Commitments ​ 26,732,502 ​ 127,678 ​ 27,360 ​ 26,887,540 Loss Allowance ​ (3,854,240) ​ (2,581,460) ​ (10,042,022) ​ (16,477,722) Total ​ 257,785,019 ​ 13,615,768 ​ 5,651,876 ​ 277,052,663 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 236,770,056 ​ 18,656,439 ​ 14,497,244 ​ 269,923,739 Commercial ​ 126,530,862 ​ 8,062,435 ​ 8,944,556 ​ 143,537,853 Consumer ​ 51,510,943 ​ 5,288,921 ​ 2,788,857 ​ 59,588,721 Mortgage ​ 34,067,734 ​ 1,997,270 ​ 1,306,369 ​ 37,371,373 Small Business Loans ​ 1,093,973 ​ 135,528 ​ 98,575 ​ 1,328,076 Financial Leases ​ 23,566,544 ​ 3,172,285 ​ 1,358,887 ​ 28,097,716 Off-Balance Sheet Exposures ​ 39,476,630 ​ 338,136 ​ 50,829 ​ 39,865,595 Financial Guarantees ​ 11,399,726 ​ 202,240 ​ 22,948 ​ 11,624,914 Loan Commitments * ​ 28,076,904 ​ 135,896 ​ 27,881 ​ 28,240,681 Loss Allowance ​ (3,017,368) ​ (3,227,440) ​ (9,516,738) ​ (15,761,546) Total ​ 273,229,318 ​ 15,767,135 ​ 5,031,335 ​ 294,027,788 *The informational disclosed value of loan commitments has been updated. ​ Other Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Exposure to Credit Risk - Other Financial Instruments ​ ​ Maximum Exposure ​ Collateral * ​ Net Exposure ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ 25,148,469 ​ 27,418,197 ​ (1,407,484) ​ (741,197) ​ 23,740,985 ​ 26,677,000 Derivatives ** ​ 1,824,750 ​ 9,189,488 ​ (698,662) ​ (138,416) ​ 1,126,088 ​ 9,051,072 Equity ​ 543,210 ​ 544668 ​ - ​ - ​ 543,210 ​ 544,668 Other financial instruments ​ 38,319 ​ 42171 ​ - ​ - ​ 38,319 ​ 42,171 Total ​ 27,554,748 ​ 37,194,524 ​ (2,106,146) ​ (879,613) ​ 25,448,602 ​ 36,314,911 ​ 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. Country Risk In addition, for the Bank's financial companies, which are subject to the application of the Comprehensive Risk Management System (SIAR), the framework for the management of country risk is included, which refers to the possibility of an entity incurring losses as a result of financial operations abroad due to adverse economic and/or political conditions in the country receiving those operations, either because of restrictions on the transfer of foreign exchange or because of factors not attributable to the commercial and financial condition of the country receiving those operations. This definition includes, but is not limited to, sovereign risk (SR) and transfer risk (TR) associated with such factors. The framework has guidelines, processes and methodologies that evaluate periodically the country risk to which it is exposed in its Equity Investments, such as equity investments, those that are executed in jurisdictions different from Colombia that could have a high economic materiality, individually or aggregated by country, and whose purpose is to remain in the country. Country risk management includes different stages to identificate, measure, control and monitor the risk to which the entity is being exposed. For this management, the business plan, type of operations, their materiality, current and future vocation, as well as the characteristics of the country in which the investment is made. Additionally, it is supported by methodologies and processes used in the management of country risk, developed by the Vice President of Risk and approved by the Board of Directors. The definition of investment appetite takes into account the assessment of country risk as defined in the SIAR and must ensure compliance with solvency and liquidity indicators, seeking to be consistent with the strength and financial health of the entity. At the end of 2023, there were no alerts on any investments, nor were any adjustments made for deterioration in investments that could affect or deteriorate the Bank's financial strength. a. Credit Risk Management - Loans and Advances Management of credit risk is carried out through all the credit life cycle. These estages 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. In 2023, the dynamics of the Bank’s portfolio were affected by the global economic slowdown and high inflation rates in all the regions where the Bank is present.This, in addition to the uncertainty in the political and social environment and the appreciation of the peso against the dollar, which mainly affected Colombia, had a significant impact on the performance of the portfolio, leaving significant impairments as a result, in particular in the individual portfolios of natural persons., both consumer and mortgage. This led to early interventions in the origination, monitoring and collection policies of portfolios with greater deterioration, with the aim of improving the risk profile of new business, resulting in a reduction in payouts. about that, proactive credit risk management was maintained through the monitoring and follow-up of customers and portfolios, the evaluation of the conditions and specific requirements of each one, as well as the development of methods, tools and models to optimize collection.. Monitoring and reviewing the credit portfolio continues to be a key factor in identifying and applying strategies at different stages of the credit cycle Risk management during the credit life cycle is developed through the fulfillment of the policies, procedures and methodologies stipulated in the “ , )”, which include the general criteria for evaluating, measuring, assuming, monitoring, controlling and hedging credit risk. In addition, Management has developed process and methodology manuals that specify the policies and procedures for the different products and segments served by the organization in accordance with the strategy approved by the Board of Directors for monitoring and controlling such risk. The Credit Risk Administration System also contains 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. 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, large part of the 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. Periodically 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 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, as well as client transactional information such as alternative variables. 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 and transactional, 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 consolidated annual sales by economic group >= 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 consolidated annual sales by economic group > = COP 13,000 M and < COP 100,000 M. For Banco Agricola borrowers with annual sales >= USD 7 MM y < USD 25 MM and BAM, 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 consolidated annual sales by economic group >= COP 58,000 M and <= COP 200,000 M or commercial size > = $15,000 M and < $70,000 MM, or project size >= $500,000 M and < $2,200 billion Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group > COP 200,000 M or commercial size > = $70,000 M or project size >= $2,200 billion SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with consolidated annual sales by economic group >= COP 380 M and <= COP 58,000 M or commercial size < $715,000 M or project size < $500,000 M. 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 7 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 and motorcycles. 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, a virtual card or a token in digital wallets. Payroll loans It is a credit line attached to an authorized individual payroll and pension 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 to 30 years. 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 in Colombia: (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. 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, 2023, the Bank’s total loan portfolio, valued in Colombian pesos, registered an decrease of 5.9% compared to December 2022, driven by to the appreciation of the peso against the dollar during the analysis period, which affected the re-expression in pesos of the foreign currency portfolio of the Bank and the contraction in consumer and small business loans, mainly for Bancolombia, added to the reduction in the commercial portfolio of Banco Agricola, Banistmo and BAM, a fact attributable to a greater extent to the global economic slowdown. The 30-day past due loan ratio (consolidated) reaching at 5.39% in December 2023 compared to 3.55% in December 2022, associated with macroeconomic effects that affect both natural person and legal entity, such as high levels of inflation, interest rates and slowdown in most sectors. During the period, different strategies were developed throughout the credit cycle, which allowed the implementation of anticipated and coherent actions to the reality of customers and their environment, in order to limit the deterioration and place them in better risk profiles. ● Commercial loans and financial leases amounted to COP 161,964 billion, which represented a decrease of 5.6% compared to 2022. The 30-day past due loan ratio was 3.50% compared to 2.39% as of December 2022. ● Consumer loans amounted to COP 54,592 billion, which represented a decrease of 8.4% compared to 2022. The 30-day past due loan ratio was 9.48% compared to 5.82% as of December 2022. ● Mortgage loans totaled to COP 36,250 billion, which represented a decrease of 3.0% compared to 2022. The 30-day past due loan ratio was 7.52% compared to 4.95% as of December 2022. ● Small Business loans ended at COP 1,145 billion, which represented a decrease of 13.8% with respect to 2022. The 30-day past due loan ratio was 12.17% compared to 11.48% as of December 2022. 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, 2023 and December 2022 is shown below: ​ December 2023: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2023 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 14,358,838 ​ 1.02 % 146,014 Level 2 – Medium Risk ​ 4,744,341 ​ 7.38 % 349,972 Level 3 – High Risk ​ 2,886,649 ​ 53.31 % 1,538,882 Level 4 – High Risk ​ 5,239,356 ​ 73.24 % 3,837,196 Total ​ 27,229,184 ​ 21.57 % 5,872,064 ​ December 2022: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2022 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 10,467,361 ​ 1.50 % 157,131 Level 2 – Medium Risk ​ 7,408,528 ​ 9.36 % 693,260 Level 3 – High Risk ​ 2,265,069 ​ 52.04 % 1,178,800 Level 4 – High Risk ​ 6,442,895 ​ 82.16 % 5,293,593 Total ​ 26,583,853 ​ 27.55 % 7,322,784 ​ 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 Bank’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, 2023 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 23,368,950 ​ 1,693,007 ​ 34,253,140 ​ 10 ​ 319,038 ​ 59,634,145 Goods Given in Real Estate Leasing ​ - ​ - ​ 189 ​ 17,104,180 ​ - ​ 17,104,369 Goods Given in Leasing Other Than Real Estate ​ - ​ 26 ​ - ​ 8,580,543 ​ - ​ 8,580,569 Stand by Letters of Credit ​ 1,052,764 ​ - ​ - ​ - ​ - ​ 1,052,764 Security Deposits ​ 447,306 ​ 370,286 ​ - ​ - ​ 103,013 ​ 920,605 Guarantee Fund ​ 4,012,115 ​ 191 ​ - ​ 60,242 ​ 52,222 ​ 4,124,770 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 6,673,320 ​ 57,306 ​ - ​ - ​ 420 ​ 6,731,046 Other Collateral (Pledges) ​ 2,957,482 ​ 7,286,581 ​ 39,432 ​ - ​ 2,499 ​ 10,285,994 Without Guarantee (Uncovered Balance) ​ 96,175,459 ​ 45,184,372 ​ 1,957,647 ​ 1,532,082 ​ 667,825 ​ 145,517,385 Total loans and financial leases ​ 134,687,396 ​ 54,591,769 ​ 36,250,408 ​ 27,277,057 ​ 1,145,017 ​ 253,951,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 28,426,583 ​ 2,094,966 ​ 34,941,415 ​ 13 ​ 494,198 ​ 65,957,175 Goods Given in Real Estate Leasing ​ - ​ - ​ 193 ​ 17,031,277 ​ - ​ 17,031,470 Goods Given in Leasing Other Than Real Estate ​ - ​ 39 ​ - ​ 7,975,353 ​ - ​ 7,975,392 Stand by Letters of Credit ​ 604,309 ​ - ​ - ​ - ​ 3,375 ​ 607,684 Security Deposits ​ 450,157 ​ 464,940 ​ - ​ - ​ 133,112 ​ 1,048,209 Guarantee Fund ​ 4,976,395 ​ 1,168 ​ - ​ 77,695 ​ 132,290 ​ 5,187,548 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 6,048,311 ​ 54,112 ​ - ​ - ​ 437 ​ 6,102,860 Other Collateral (Pledges) ​ 3,382,334 ​ 7,963,563 ​ 57,360 ​ - ​ 3,696 ​ 11,406,953 Without Guarantee (Uncovered Balance) ​ 99,649,764 ​ 49,009,933 ​ 2,372,405 ​ 3,013,378 ​ 560,968 ​ 154,606,448 Total loans and financial leases ​ 143,537,853 ​ 59,588,721 ​ 37,371,373 ​ 28,097,716 ​ 1,328,076 ​ 269,923,739 ​ The Bank closely monitors financial assets that are classified in Stage 3, to the point that a specific methodology for calculating expected credit losses is applied using a sophisticated approach named “ECL model under collateral Methodology”, which considers components like the forecasts of future collateral valuations, including expected sale discounts; time to realization of collateral, cure rates, exte

MATERIAL ACCOUNTING POLICIES (P

MATERIAL ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
MATERIAL ACCOUNTING POLICIES
Basis for preparation of the consolidated financial statements	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. ​ ​ 1. Preparation of the consolidated financial statements under going concern basis Management has 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, 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. Almost all investments in associates and joint ventures are measured using the equity method. The consolidated financial statements are stated in Colombian pesos (“COP”) and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the 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 the impairment of credit risk through allowances for loans losses, the classification and measurement of certain financial instruments (such as debt securities and equity instruments) and the recognition of 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. 2. Revised presentation of Statement of Cash Flow ​ In preparing the consolidated statement of cash flow as of December 31, 2023, the Company identified an error in the classification of the amount relating to the exchange difference of operating activities in the consolidated statement of cash flow for the years ended December 31, 2022 and 2021, that was included in the line “Effect of exchange rate changes on cash and cash equivalents”. The Company has made adjustments to the prior periods amounts presented in these financial statements accordingly. The Management evaluated the error in the classification and determined that the related impacts were not material. ​ The revisions to the consolidated statement of cash flow as of December 31, 2022 and 2021, are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Adjustments ​ December 31, 2022 ​ ​ (As previously reported) ​ ​ ​ (As revised) ​ ​ In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Effect of exchange rate changes ​ - ​ (224,788) ​ (224,788) Net cash provided by operating activities ​ 6,564,226 ​ (224,788) ​ 6,339,438 Effect of exchange rate changes on cash and cash equivalents ​ 3,552,285 ​ 224,788 ​ 3,777,073 Increase (Decrease) in cash and cash equivalents ​ 2,763,160 ​ (224,788) ​ 2,538,372 Cash and cash equivalents at beginning of year ​ 25,329,846 ​ - ​ 25,329,846 Cash and cash equivalents at end of year ​ 31,645,291 ​ - ​ 31,645,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Adjustments ​ December 31, 2021 ​ ​ (As previously reported) ​ ​ ​ (As revised) ​ ​ In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Effect of exchange rate changes ​ - ​ 507,449 ​ 507,449 Net cash provided by operating activities ​ 6,095,305 ​ 507,449 ​ 6,602,754 Effect of exchange rate changes on cash and cash equivalents ​ 2,993,850 ​ (507,449) ​ 2,486,401 Increase (Decrease) in cash and cash equivalents ​ (1,365,153) ​ 507,449 ​ (857,704) Cash and cash equivalents at beginning of year ​ 23,701,149 ​ - ​ 23,701,149 Cash and cash equivalents at end of year ​ 25,329,846 ​ - ​ 25,329,846 ​
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 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, 2023 and 2022. The Parent Company consolidates the financial results of the entities over which it exerts control. ​ 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 2023 ​ BANK 2022 ​ BANK 2021 ​ 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 % WOMPI S.A.S. (before “VLIPCO S.A.S.”) (1) ​ Colombia ​ Technology services provider ​ 100.00 % 99.98 % 94.77 % Renting Colombia S.A.S. ​ Colombia ​ Operating leasing ​ 100.00 % 100.00 % 100.00 % Transportempo S.A.S. “En Liquidación” ​ Colombia ​ Transportation ​ 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. ​ Colombia ​ Investments ​ 99.94 % 99.94 % 99.94 % Negocios Digitales Colombia S.A.S. (before “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 ​ 80.47 % 80.47 % 49.96 % P.A. Inmuebles CEM (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Calle 92 FIC-11 (2) ​ Colombia ​ Mercantil trust ​ 52.31 % 52.31 % 32.47 % P.A. FIC Edificio Corfinsura (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC-A5 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC Inmuebles (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC Clínica de Prado (2) ​ Colombia ​ Mercantil trust ​ 62.00 % 62.00 % 38.49 % P.A. FIC A6 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Central Point (2) ​ Colombia ​ Mercantil trust ​ 60.35 % 60.35 % 37.47 % Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Twins Bay (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % Fideicomiso Lote Av San Martín (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Lote 30 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % Fideicomiso Fondo Inmobiliario Bancolombia (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 17.54 % P.A. Florencia Ferrara (2)(3) ​ Colombia ​ Mercantil trust ​ 44.26 % 44.26 % - ​ P.A. Flor Morado Plaza (3) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % - ​ P.A. Galería la 33 (4) ​ Colombia ​ Mercantil trust ​ 80.47 % - ​ - ​ Valores Simesa S.A. (5) ​ Colombia ​ Investments ​ 64.93 % 66.33 % 66.82 % Fideicomiso Lote Distrito Vera B1B2 (5) ​ Colombia ​ Mercantil trust ​ 64.61 % 66.00 % 66.49 % Fideicomiso Lote Distrito Vera B3B4 (5) ​ Colombia ​ Mercantil trust ​ 64.61 % 66.00 % 66.49 % Fideicomiso Lote B6 Ciudad del Rio (6) ​ Colombia ​ Mercantil trust ​ - ​ 66.00 % - ​ P.A. FAI CALLE 77 (7) ​ Colombia ​ Real estate investment fund ​ 98.00 % 98.00 % - ​ P.A. NOMAD SALITRE (8) ​ Colombia ​ Real estate investment fund ​ 98.00 % 98.00 % - ​ P.A. NOMAD CENTRAL-2 (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. CALLE 84 (2) (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. CALLE 84 (3) (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. MERCURIO (10) ​ Colombia ​ Real estate investment fund ​ 100.00 % 100.00 % - ​ Wenia S.A.S. (11) ​ Colombia ​ Technology services ​ 100.00 % 100.00 % - ​ P.A. Wenia (11) ​ Colombia ​ Mercantil trust ​ 100.00 % - ​ - ​ Nequi S.A. Compañía de Financiamiento (12) ​ Colombia ​ Financial services ​ 100.00 % 100.00 % - ​ 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 % 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. (13) ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. (14) ​ Panama ​ Collective investment fund ​ - ​ - ​ 100.00 % Fondo Renta Sostenible Global S.A. (14) ​ Panama ​ Collective investment fund ​ - ​ - ​ 100.00 % Banistmo Capital Markets Group Inc. (13) ​ Panama ​ Purchase and sale of securities ​ 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (13) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (13) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (13) ​ Panama ​ Portfolio holder ​ 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (13) ​ Panama ​ Real estate broker ​ 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Banco Agromercantil de Guatemala S.A. ​ Guatemala ​ Banking ​ 99.68 % 99.68 % 99.66 % Seguros Agromercantil de Guatemala S.A. ​ Guatemala ​ Insurance agency ​ 79.92 % 79.92 % 79.92 % Financiera Agromercantil S.A. ​ Guatemala ​ Financial services ​ 100.00 % 100.00 % 100.00 % Agrovalores S.A. ​ Guatemala ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Arrendadora Agromercantil S.A. ​ Guatemala ​ Operating Leasing ​ 100.00 % 100.00 % 100.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (15) ​ Guatemala ​ Insurance agency ​ - ​ 100.00 % 100.00 % Asistencia y Ajustes S.A. ​ Guatemala ​ Roadside and medical assistance services ​ 100.00 % 100.00 % 100.00 % Serproba S.A. ​ Guatemala ​ Maintenance and remodeling services ​ 100.00 % 100.00 % 100.00 % Servicios de Formalización S.A. ​ Guatemala ​ Loans formalization ​ 100.00 % 100.00 % 100.00 % Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación” ​ Guatemala ​ Maintenance services ​ 100.00 % 100.00 % 100.00 % Mercom Bank Ltd. (16) ​ Barbados ​ Banking ​ 99.68 % 99.68 % 99.66 % New Alma Enterprises Ltd. ​ Bahamas ​ Investments ​ 99.68 % 99.68 % 99.66 % Bancolombia Puerto Rico Internacional Inc. ​ Puerto Rico ​ Banking ​ 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (17) ​ 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 Banagrícola 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 (18) ​ United States ​ Holding ​ 100.00 % 100.00 % 100.00 % Bancolombia Capital Adviser LLC (18) ​ United States ​ Investment advisor ​ 100.00 % 100.00 % 100.00 % Bancolombia Capital LLC (18) ​ United States ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Wenia Ltd. (11) ​ Bermuda ​ Technology services ​ 100.00 % 100.00 % - ​ (1) During 2022 and 2023, the Bank, through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors. (2) During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, to strengthen governance and strategy decisions. For further information, see Note 1. Reporting entity. (3) Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022. (4) Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023. (5) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa S.A. during 2023 and 2022. (6) During 2023, the trust rights were transferred by Valores Simesa S.A. (7) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Note 1. Reporting entity and Note 9.3. Business combination. (8) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a multifamily project. (9) During February and April 2023, the Parent Company was established as trustor of P.A. Nomad Central-2, P.A. Calle 84 (2) and P.A. Calle 84 (3), through a management mercantil trust agreement. (10) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement. (11) On July 22, 2022, the Bank, through the subsidiary Sistemas de Inversiones y Negocios S.A. Sinesa, established the company Wenia Ltd. in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia Ltd. established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the trust rights of P.A. Wenia. For further information, see Note 1. Reporting entity. (12) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, a Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100.00% digital credit establishment. For further information, see Note 1. Reporting entity. (13) Investments in non-operational stage. (14) Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10. (15) Company liquidated as of June 2023. (16) On September 30, 2021, Mercom Bank Ltd. shareholders authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting entity. (17) On October 5, 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. For further information, see Note 1. Reporting entity. (18) 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. For the years ended as of December 31, 2023 and 2022, the reserves recognized amounted to COP 835,527 and COP 1,036,919 . The establishment of these reserves restricts 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 refer to those 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. ​ 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. 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, 2023 ​ the Bank, 2022 ​ the Bank, 2021 ​ 2023 ​ 2022 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) ​ Colombia ​ 80.47 % 80.47 % 49.96 % 5,503,022 ​ 5,023,316 Fideicomiso Lote Distrito Vera B1B2 (2) ​ Colombia ​ 64.61 % 66.00 % 66.49 % 25,073 ​ 55,733 Fideicomiso Lote Distrito Vera B3B4 (2) ​ Colombia ​ 64.61 % 66.00 % 66.49 % 56,295 ​ 53,558 Fideicomiso Lote B6 Ciudad del Rio (3) ​ Colombia ​ - ​ 66.00 % - ​ - ​ 66,150 Banistmo Panamá Fondo de Inversión S.A. (4) ​ Panama ​ 100.00 % 100.00 % 100.00 % 132,496 ​ 243,268 (1) It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information, see Note 1. Reporting entity. (2) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2, Lote Distrito Vera B3B4 and Lote B6 Ciudad del Rio), during 2023 and 2022. For further information, see Note 2.C. Consolidation. (3) During 2023, the trust rights were transferred by Valores Simesa S.A. (4) Investment in non-operational stage. For further information, see Note 2.C. Consolidation. ​ For all these 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”. ​ 4. 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. In a business combination, 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. ​ ​ 4.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia ​ During the third quarter of 2022, the Bank increased its participation in the FCP Fondo Inmobiliario Colombia by 30.51% to have greater control over the governance and strategy decisions making in this investment. The participation in this private equity fund amounted to 80.47% as of December 31, 2022. With this transaction, FCP Fondo Inmobiliario Colombia 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. ​ During 2023, returns were not delivered to the non-controlling interest. During 2022, 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 41,219 as of December 31, 2022. ​ The following table summarizes the net income and cash flows as of December 31, 2021 related to the FCP Fondo Inmobiliario Colombia: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year-Ended 2021 ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ Valuation of investment properties ​ ​ ​ ​ ​ 85,148 Valuation of trust rights ​ ​ ​ ​ ​ - Rents ​ ​ ​ ​ ​ 187,194 Profits of equity method investees ​ ​ ​ ​ ​ 105,439 Other income ​ ​ ​ ​ ​ 92,298 Total Income ​ ​ ​ ​ ​ 470,079 Expenses ​ ​ ​ ​ ​ ​ Interest on loans ​ ​ ​ ​ ​ (73,201) Other administrative and general expenses ​ ​ ​ ​ ​ (212,385) Total Expenses ​ ​ ​ ​ ​ (285,586) Net Income ​ ​ ​ ​ ​ 184,493 Condensed cash flow (1) ​ ​ ​ ​ ​ ​ Net cash used in operating activities ​ ​ ​ ​ ​ (34,442) Net cash provided by financing activities ​ ​ ​ ​ ​ 21,882 Cash and cash equivalents at beginning of year ​ ​ ​ ​ ​ 63,368 Cash and cash equivalents at end of year ​ ​ ​ ​ ​ 50,808 (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, 2023, 2022 and 2021, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 663,713 , COP 605,611 and COP 1,369,084 , respectively and the profit allocated to non-controlling interest amounted to COP 58,102 , COP 71,354 and COP 92,353 , respectively.
Functional currency, transactions and balances in foreign currency	​ 1. Functional currency, transactions and balances in foreign currency The functional and presentation currency of the Bank´s consolidated financial statements is the Colombian peso. Therefore, all balances and transactions denominated in currencies other than the Colombian peso are considered as foreign currency, which 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 the transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end 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. ​ The Bank translated the results and financial position of foreign subsidiaries a functional 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 for the period; and ● All resulting of such translations are recognized in other comprehensive income in the caption “Translation adjustment”. ​ When a foreign operation is sold, 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, 2023 ​ December 31, 2022 ​ December 31, 2021 Year-end exchange rate ​ 3,822.05 ​ 4,810.20 ​ 3,981.16 Average rate for the period ended at ​ 4,330.14 ​ 4,257.12 ​ 3,747.24
Cash and cash equivalents	​ ​ 2. 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.
Business combinations and goodwill	​ 3. 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 March 1, 2022, the Bank completed the acquisition of the PA FAI Calle 77 Trust, which constituted a business combination. For further details of this transaction, see Note 9.3. Business combination.
Financial instruments	​ ​ 4. 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. ​
Financial assets	4.1. Financial assets ​ Financial assets 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. ​ 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. Transaction costs of financial assets subsequently measured at fair value with changes in profit or loss are recognized as expenses in the income statement. After initial recognition, for financial assets measured at amortized cost and investments in debt securities subsequently measured at fair value with changes in other comprehensive income, an allowance for expected credit losses (“ECL”) is recognized. ​ 4.1.1. Classification and measurement of financial assets The Bank classifies its financial assets considering the business model and the characteristics of contractual cash flows (cash flows that consist solely of payments of principal and interest on the principal amount outstanding at specified dates – “SPPI”) in accordance with the following categories of subsequent measurement: ​ ● Amortized cost , measured at cost using the effective interest rate method, excluding future credit losses, and considering transaction costs and premiums granted, less commissions and discounts received that are included in the calculation of the effective interest rate. ● Fair value through other comprehensive income (“FVOCI”) , measured using fair value, variations in the fair value of the investment are recognized in other comprehensive income, except for impairment losses or recoveries, interest income, and gains or losses on foreign exchange, which are recognized in the income statement. ● Fair value through profit or loss (“FVTPL”) , measured using fair value, variations in the fair value are recognized in the income statement. ​ The classification based on the business model reflects how the Bank manages financial assets and how it determines whether cash flows from the asset will come from obtaining contractual cash flows, selling the instrument, or both. If the objective is to obtain contractual cash flows, the assets are subsequently measured at amortized cost; if the objective is to obtain contractual cash flows and selling financial assets, the assets are subsequently measured at FVOCI. ​ The Bank measures equity instruments at FVTPL. Likewise, the Bank has made an irrevocable choice to present subsequent changes in the fair value of some equity instrument investments that are not held for trading in other comprehensive income; dividends from such investments are recognized in the income statement when the right to receive payment is established. ​ Accumulated gains or losses in other comprehensive income at the time of derecognition of a financial asset are reclassified from equity to the income statement, except for investments in equity instruments for which the Bank has made the irrevocable choice to present subsequent changes in fair value in other comprehensive income; for these, reclassification is made to the "retained earnings" line. ​ 4.1.2. Impairment of financial assets at amortized cost or at fair value through other comprehensive income “FVTOCI” 4.1.2.1. Impairment of loan portfolio and financial leasing transactions ​ Expected credit losses are calculated using both individual and collective models and methodologies. These are based on significant assumptions and judgements that consider historical credit data, the current situation of the borrower and reasonable and proper forecasts of future economic conditions. Collective models include parameters such as the 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. These models also incorporate a 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 significant defaulted loans. This evaluation will consider the debt profile of each debtor, the fair value of guarantees granted, information on credit behavior and the expected future cash flows 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. The impairment loss will be measured from “day 1” after its initial recognition. The model is structured in three stages in which the financial asset can be categorized, from its initial recognition. This categorization considers the degree of credit risk, and the circumstances that produce a significant increase in it, as described below: ​ ● Stage 1: Financial instruments that have not experienced a significant increase in credit risk since their initial recognition, or that have low credit risk at the reporting date. ● Stage 2: Financial instruments that have experienced a significant increase in credit risk since their initial recognition (unless they have low credit risk at the reporting date), but 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”) is calculated. This calculation takes into account both current and future conditions, the behavior of the portfolio and various associated macroeconomic conditions. ​ ● For stage 1, a 12-month ECL is calculated. This represents the expected credit losses that could occur from default events within 12 months after the reporting date. ● For stage 2 and 3, a Lifetime ECL is calculated. This represents the expected credit losses that could occur from all possible default events over the expected life of the financial instrument. ​ Significant increase in risk ​ To determine whether an asset has experienced a significant increase in risk since its initial recognition, and is therefore classified as Stage 2, the Bank performs an assessment of both quantitative and qualitative factors and reviews. For each portfolio, the Bank reviews the rebuttable presumption of more than 30 days overdue in payment. The Bank determines whether the credit risk of financial instruments has increased significantly since their initial recognition as follows: ​ Quantitative criteria ​ ● Clients who are 90 or more days past due. ● 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: This is the absolute difference between the current lifetime PD and the residual lifetime PD at initial recognition. A positive absolute variation beyond this threshold indicates an increase in the instrument’s risk. ◾ Relative threshold: This is a percentage variation between the value of the current lifetime PD and the residual lifetime PD at initial recognition. A positive percentage variation beyond this threshold indicates an increase in the instrument’s risk. If the PD comparison surpasses one threshold but not the other, it is not considered a significant increase in the instrument’s risk. ​ If the instrument does not exceed the threshold, other qualitative criteria are assessed. These can identify a significant increase in credit risk even when the obligation is nearing expiration. The criteria are as follows: ​ Qualitative criteria ​ ● Assets restructured due to risk, where the client is experiencing financial difficulties, are classified in stage 2, until the instrument is canceled, cured, or transferred to stage 3 because it meets the definition of default. ● Customers who are no longer in default (stage 3) remain in stage 2 for a period of 12 months. ● Clients on the watch list with a medium risk level. ● The Bank also reviews every six months to see 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 changes, market changes or any other significant event impacting the generation of future cash flow of the customer's operation. ​ ​ ​ 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. ​ Definition of default ​ To determine whether an asset is in default, and thus classified as stage 3, the Bank conducts an assessment of both quantitative and qualitative factors. It also reviews the rebuttable presumption of more than 90 days overdue in payment for each portfolio. ​ The Bank applies the following criteria to ascertain if there is a breach: ​ Quantitative criteria ​ ● Clients with an active portfolio and who have at least one instrument written off in the modality. ● Clients who are 90 or more days past due. ​ Qualitative criteria ​ ● Clients in special states of restructuring, business reorganization or insolvency agreements. ● Clients on the watchlist a high-risk level. ● The Bank also aligns all products of the same client to stage 3 when at least one of its obligations is in default. ​ Refutable presumption of default beyond 90 days ​ The Bank has conducted a review of the default presumption after 90 days past due for each portfolio. Historical evidence indicates a high probability of loss at 90 days. However, this presumption has been refuted for Banistmo’s mortgage portfolio. The rationale for this refutation is the historical evidence that demonstrates the default typically occurs at 120 days. ​ Collective methodology for measuring expected credit losses ​ The collective quantification of expected credit losses is conducted based on the stage classification, the homogeneous groups defined within each portfolio type and the client’s risk level. ​ Homogeneous groups are segmented by client type; for individuals, they are grouped by product, and for companies, they are grouped by industry segments defined by the client’s sales level. ​ Likewise, the risk level is assigned by customer type. For individuals, the risk is assessed using a behavioral scoring model for consumer products and a separate scoring model for housing products. The purpose of these models is to rank customers according to risk, allowing for more effective monitoring. The rating is based on historical behavior, transactional information, and customer product information. The consumer portfolio rating system is evaluated using various advanced statistical methodologies. These models allow the inclusion of a greater number of variables related to the customer, providing a more precise rating that aligns with the risk level. ​ For companies, risk levels are assessed using an internal rating model that incorporates both qualitative and quantitative variables as financial indicators. Clients are ranked on a scale from 1 to 19. This process also takes into account regional qualification programs, local market factors, and the client’s market knowledge. ​ In Colombia, for SME and Corporate portfolio, the risk level is estimated based on models that allow assigning an internal rating to a client considering their economic sector and in accordance with multiple variables. These include: financial information, transactional data, sectoral data, qualitative variables, and behavior. These models aim to achieve greater assertiveness in classifying the risk level of the Bank’s clients, greater discrimination and precision, the use of non- traditional information, and interpretability, with the goal of achieving a deep understanding of the client. These methodologies play a fundamental role in the evaluation and monitoring of credit risk. ​ To estimate the expected credit losses (“ECL”) under the collective methodology, the following formula is used: ​ ECL = Probability of Default * Loss Given Default * Exposure 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. ​ 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. ​ ● 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 (credit 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, considering 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. ​ ​ ​ 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 year 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 1972-2023) has been precisely a period of 5 years. ​ 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. The scenarios are weighted as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Optimistic Base Pessimistic Country 2023 2022 2023 2022 2023 2022 Colombia 15.00 % 15.00 % 50.00 % 45.00 % 35.00 % 40.00 % Panama 20.00 % 15.00 % 50.00 % 55.00 % 30.00 % 30.00 % El Salvador 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % Guatemala 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % ​ The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Colombia ​ ​ ​ ​ ​ Panama ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 1.64 % 1.16 % 0.68 % 7.92 % 5.95 % 3.99 % 2024 2.37 % 0.87 % (0.63) % 6.68 % 4.00 % 1.33 % 2025 4.47 % 2.60 % 0.73 % 7.17 % 4.20 % 1.23 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Guatemala ​ ​ ​ ​ ​ El Salvador ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 3.69 % 3.12 % 2.55 % 2.75 % 2.25 % 1.74 % 2024 4.33 % 3.26 % 2.19 % 3.32 % 1.90 % 0.49 % 2025 4.61 % 3.38 % 2.15 % 3.76 % 2.08 % 0.41 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Colombia ​ ​ ​ ​ ​ Panama ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 8.11 % 7.76 % 6.98 % 8.84 % 8.19 % 7.53 % 2023 2.01 % 0.93 % (0.78) % 5.62 % 3.96 % 2.31 % 2024 3.68 % 2.50 % 0.36 % 5.70 % 3.71 % 1.73 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Guatemala ​ ​ ​ ​ ​ El Salvador ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 4.35 % 3.40 % 2.45 % 3.78 % 2.62 % 1.47 % 2023 4.19 % 2.72 % 1.25 % 3.52 % 1.65 % (0.23) % 2024 4.59 % 3.00 % 1.40 % 3.94 % 1.96 % (0.03) % ​ Special methodologies applied in stage 3 ​ Collateral methodology ​ For defaulted loans (stage 3), when it is determined that the fundamental source of collection is a mortgage guarantee or a leased asset, the amount of the loss is estimated as the balance owed minus the weighted net present value of the market value of the collateral, estimated through appraisals with an age no longer than one year, minus the costs of obtaining, maintaining and selling the collateral, and affected by several macroeconomic scenarios with an expected probability of occurrence that result in a weighted expected loss. ​ Individual methodology ​ The Bank will individually evaluate defaulted loans (stage 3) greater than COP 20,000 or USD 5 for foreign subsidiaries, analyzing the debt profile of each debtor, the guarantees granted and information on the credit behavior of the client and of the sector. Significant financial assets are considered in default when, based on current or past information and events, it is probable that the entity will not be able to recover all the amounts described in the original contract, including the interest and commissions agreed to in the contract. When a significant financial asset has been identified as being in default, the amount of the loss is measured as the balance due minus the weighted net present value of the expected future cash flows under two minimum macroeconomic scenarios with an expected probability of occurrence. ​ Customers classified as individual methodology will be evaluated at least twice a year and, additionally, each time a relevant event occurs that reflects in significant changes in their level of risk and that leads to a change in the scenarios previously analyzed. The relevant events can be: ​ ● Significant changes in the value of the guarantee, ● Expected or adverse changes in the business, ● Potentially shocking regulatory changes for the business, ● Changes they make in their commercial and operational dynamics, and ● Significant amount of payments made by the client. ​ To establish the future cash flows expected from the client, two approaches are presented, which may be via cash flow generation or via execution of some type of guarantee or liquidation of assets, that is, “Going Concern” or “Gone Concern” approach. ​ Approach via cash flow: This refers to an analysis under the premise of "Going concern", that is, it is assumed that the payment of the obligation will be made through the client's cash flow. The expected NPV calculation with a cash flow approach includes: ​ ● Financial projections of the client. ● Debt simulator. ● Expected NPV calculation. ​ Approach via guarantee recovery: This refers to the "Gone concern", that is, it is assumed that the payment of the obligation will be given through the execution of guarantees, liquidation of assets, the execution of personal guarantees and adjudication of assets through judicial processes. The calculation of the NPV with guarantee approach includes ​ ● Analysis of the guarantee. ● Future value of the guarantee. ● NPV calculation. ● Recovery times. ​ Future cash flows are estimated based on two scenarios (base and alternative) that can be affected by the aforementioned variables. ​ 4.1.2.2. Impairment of investments measured at fair value with changes in other comprehensive income ​ At the end of each period, the Bank evaluates the impairment model based on the expected loss of a financial asset or a group of assets that are measured at fair value with changes in other comprehensive income, where the impairment loss will be measured from "day 1" after its initial recognition. ​ Investments are classified in stages according to the risk level (rating), as follows: ​ Stage 1: ​ ● Investments rated at investment grade. ● Investments rated at speculation grade, if: o The current external rating is maintained or improved against the rating granted on the date of purchase. o If there is a rating deterioration, the deterioration is lower than the number of notches that signify a significant increase in risk. ​ Stage 2: ​ ● Investments that pass from an investment grade rating to speculation level. ● If there is a rating deterioration, the deterioration is a number of notches that signify a significant increase in risk. ​ Stage 3: ​ ● Investments that are classified as default. ​ ​ Significant increase in risk ​ Investments classified in stage 2 include those instruments that meet the corporate definition of a significant increase in risk. ​ To establish whether a security has a significant increase in risk since the initial recognition, an assessment of the deterioration of the rating in the current date is made against the rating granted at the time of purchase; according to the origin classification there may be an increase with 1, 2 or 3 notches, as shown in the following table: ​ ​ ​ ​ ​ ​ SIGNIFICANT INCREASE EXTERNAL RATING ORIGIN ​ 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 ​ Measurement of expected losses: ​ Impairment: [Amortized Cost or Market Position (Exposure)] * PD (Probability of default) * LGD (Loss given default) ​ ● All instruments classified in stage 1 will be assigned a default probability for 12 months. ● All instruments classified in stage 2 will be assigned a probability of default for the life of the instrument. ● All instruments classified in stage 3 will be assigned a default probability of 100.00%. ​ To estimate the impairment of the instruments if the issue has an external rating, provision is made with the PD (Probability of default) of the external rating agency; if it does not have an external rating, it is determined from the internal rating model and the default probability of the portfolio. ​ In all cases, the LGD (Loss Given Default) is the parameter calculated by the external rating agency for the investment portfolio at the closure of December 2023 it corresponds to 64.90% . ​ 4.1.3. Derecognition of financial assets 4.1.3.1. Derecognition of financial assets not resulting from modifications ​ 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. ​ When the Bank retains the contractual rights to receive cash flows from the financial asset, but assumes a contractual obligation to pay those cash flows to other entities, it shall treat the transaction as a transfer that results in derecognition if: ​ ● It has no obligation to pay any amounts to the other entities unless it collects equivalent amounts from the assets; ● It is prohibited from selling or pledging the assets; and ● It has an obligation to remit without material delay any cash flows it receives from the assets. ​ 4.1.3.2. Modifications ​ In modifications for commercial or market reasons, an assessment is made as to whether the modification is substantial; that is, whether the changes in the terms of the contract differ substantially from the original contract, based on the analysis of qualitative variables (inclusion of returns based on profit sharing, guarantees, other collateral, or credit enhancements that significantly affect the credit risk profile associated with the loan, changes in currency and/or obligor) and, in some cases, a quantitative assessment. When the modifications result in derecognition, the renegotiated contract is a new loan, subject to the classification and measurement requirements established by IFRS 9. ​ Similarly, the costs and commissions associated with the financial asset are derecognized. Modifications that do not result in derecognition are understood as non-substantial modifications, the carrying amount will be recalculated as the present value of the modified contractual cash flows discounted at the original interest rate, recognizing the effect of the modification in the margin net interest in the statement consolidated of income. Likewise, costs and commissions are adjusted and amortized over the remaining life of the modified asset. ​ Contractual modifications of financial assets may be carried out due to restructurings and/or renegotiations for credit risk due to the borrower's financial difficulties are evaluated as a non-substantial modification and therefore does not lead to derecognition. When a financial asset is restructured, the difference between the original contractual cash flow and the new cash flow of the restructured asset discounted at the original effective interest rate is recognized as a gain or loss in the statement consolidated of income as “Interest income on loan and financial leases”, the costs and fees are deferred and will be amortized by the remaining life of the modified asset. ​ 4.1.3.3. 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, i.e., there is no possibility of recovery due to the debtor's lack of ability or willingness to pay or in the absence of open guarantees granted by the debtor. In general, this characteristic will be fulfilled when the following delinquency conditions are present: ​ ​ ​ ​ ​ ​ ​ ​ ​ Length of delinquency (days) Type Collateral Grupo Agromercantil Holding S.A. Banistmo S.A. Banco Agrícola S.A. Bancolombia S.A. ​ Without collateral ​ ​ 180 ​ Commercial ​ With collateral N/A (1) ​ 360 ​ 360 ​ 360 ​ ​ Without collateral 180 180 180 ​ Consumer With collateral 540 for vehicles collateral 1,080 for mortgage collateral 720 for mortgage collateral 180 ​ Without collateral ​ 180 ​ ​ Small Business Loan With collateral N/A (1) 1,080 for mortgage collateral 180 180 Mortgage With collateral 1,440 1,080 720 N/A (1) (1) ​ Among the reasons underlying a loan's non-recoverability are the estimated recovery time of the obligation, the probable recovery percentage given the existence or lack of collateral and the inability to locate the client. 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. ​ ​ ​
Financial liabilities	​ 4.2. 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. ​ 4.2.1. Classification and Measurement of Financial Liabilities Financial liabilities are classified and subsequently measured as follows: ​ ● Amortized cost , measured at cost using the effective interest rate method. ● Fair value through profit or loss (“FVTPL”) , measured using fair value, with variations in value recognized in the income statement. ● Irrevocably designated at fair value through profit or loss , measured using fair value, with variations in value recognized in the income statement. The effect of changes in own credit risk is presented in other comprehensive income. ​ 4.2.2. Derecognition of Financial Liabilities The Bank derecognizes a financial liability from the consolidated statement of financial position when it is extinguished; that is, when the contractual obligation has been paid or settled or has expired. ​ Debt Exchange ​ The Bank assesses whether instruments subject to debt exchange are substantially different from each other, considering qualitative aspects such as currencies, maturities, interest rates, subordination terms, regulatory framework, among others, and quantitative aspects, in which the present value of discounted cash flows under the conditions of the new instruments (including any net commission paid minus any commission received) using the original effective interest rate to calculate the discount differs by at least 10 percent from the present value of discounted cash flows remaining from the original financial liability. ​ When it is concluded that the instruments subject to debt exchange are not substantially different (based on the analysis of qualitative variables such as currency or issuance market changes, and in some cases a quantitative evaluation), the transaction is recognized as a modification of debt, and in this case, the amortized cost of the modified liability is adjusted to the present value of estimated contractual cash flows discounted at the original effective interest rate of the financial instrument, and the gain or loss is recognized immediately in the income statement. Incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability, following its subsequent measurement at amortized cost. In debt exchanges that are considered substantially different, derecognition is recognized in the income statement, and a new financial liability is recognized.
Day one profit adjustment	​ 4.3. Day one profit adjustment ​ In situations where the fair value of a financial asset acquired or financial liability assumed at initial recognition differs from the transaction price, the Bank shall recognize a gain or loss directly in the consolidated statement of income if the fair value is supported by Level 1 inputs or is based on a valuation technique that uses only observable market data. In all other circumstances, the Bank defers the Day one gain or loss and recognizes it in the consolidated statement of income over the course of the transaction period.
Compound instruments	​ 4.4. Compound instruments ​ The Bank recognizes compound financial instruments that contain both liability and equity components 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. For further information, see Note 22. Share capital.
Financial guarantee contracts and loan commitments	​ 4.5. Financial guarantee contracts and loan commitments ​ The Bank issues financial 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 “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.
Derivatives financial instruments	​ 4.6. Derivatives financial instruments ​ A financial derivative is an instrument whose value changes in response to changes in a variable or index, 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 is lower in comparison to other financial instruments with a similar response to changes in market conditions and is generally settled at a future date. ​ The Bank recognizes its derivative financial instruments at fair value, based on the prices and valuation methodologies provided by the official pricing service provider (Precia); this includes counterparty credit-risk adjustments applied to derivatives when the Bank's position is a derivative asset, and the Bank's credit risk when the position is a liability on a derivative. For further information, see Note 30. Fair value of assets and liabilities, section d. Credit valuation adjustment. Derivatives are recognized and measured at fair value through profit or loss unless such derivatives are designated as cash flow hedges or hedges 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. Gains and losses arising from changes in the fair value of derivatives, which are not in hedging relationships, are recognized in the consolidated statement of income under the "valuation on financial instruments" item, and gains and losses from the valuation of foreign exchange derivatives are included in the "Other Operating Income" item. ​
Hedge accounting	4.7. Hedge accounting ​ The Bank designates and documents hedge accounting at inception in accordance with the requirements of IFRS 9 Financial Instruments. 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. ​ 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 ​ Fair value hedges are designated to protect against the exposure to changes in the fair value of recognized assets or liabilities or unrecognized firm commitments. ​ Changes in the fair value of derivatives that are designated and qualify as hedging instruments in fair value hedges are 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. ​ If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the consolidated statement of income. ​ 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. ​ 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 ​ Cash flows hedges are used mainly to manage the exposure to variability related to the cash flow attributable to a specific risk associated with an asset or liability recognized on the consolidated statement of financial position or to a highly probable forecast transaction. ​ 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. ​ 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 ​ In accordance with IFRS 9 and IFRIC 16 Hedges of a net investment in a foreign operation, the Bank has decided to apply the hedge accounting of the foreign currency risk arising from currency translation of consolidated financial statements and goodwill of its net investment in Banistmo, designating as a hedging instrument of certain debt securities issued by the Parent Company and financial liabilities. The hedge accounting requires that the Bank accounts for the gain or loss derived from the foreign exchange differences related to the debt securities that are determined to be an effective hedge is recognized in other comprehensive income, as is the currency translation adjustment of the Banistmo operation into the presentation currency as required by IAS 21 Effects of changes in foreign exchange rates as detailed in 1. Functional currency, transactions and balances in foreign currency.
Investments in associates and joint arrangements	5. Investments in associates and joint arrangements 5.1. 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 does not have control or joint control to make those policies decisions. ​ A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. ​ The Bank's investments in associates and joint ventures are initially recorded at cost and their results, assets and liabilities are subsequently included in the consolidated financial statements using the equity method, 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. ​ 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 accordance with the policy for impairment of assets, cash-generating units and goodwill (see section 12. Impairment of assets, cash-generating units and goodwill, of this note). ​ If 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 recognition 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. 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. ​ 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. ​ For further information, please see Note 8. Investments in associates and joint ventures. ​ 5.2. 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. ​ When 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. ​ 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. ​
Leases	6. Leases 6.1. The Bank as lessee ​ The Bank assesses whether a contract is or contains a lease at the inception of the contract and recognizes a right-of-use asset representing its right to use the leased asset and a lease liability representing its obligation to make lease payments. The Bank elected to apply the recognition exemptions for short-term leases (leases of 12 months or less and without a purchase option) and leases where the underlying asset is of low value. Lease payments related to these exemptions will be recognized as an expense in profit or loss on a straight-line basis over the term of the lease. ​ Both the right-of-use asset and the lease liability are measured at the present value of the lease payments that have not been paid at that date. Lease payments are discounted using the lessee’s incremental borrowing rate. In addition, the right-of-use asset includes: 1) the amount of the initial measurement of the lease liability, 2) lease payments or costs incurred by the lessee made before or after the commencement date, less lease incentives received, and 3) an estimate of the costs to be incurred to dismantle the underlying asset, restore the site on which it is located or restore the underlying asset to the condition required by the lease. ​ Subsequently, the Bank measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. The Bank measures the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any new expectation or lease modifications. Each lease payment has been allocated between the liability and interest expenses. The accrued interest on the lease liability for each period over the lease term will be the amount that produces a constant periodic rate of interest (incremental borrowing rate) on the remaining balance of the liability. ​ 6.2. The Bank as lessor ​ The lease agreements entered into by the Bank are classified at the initial recognition as financial or operating leases. ​ A lease is classified as a finance lease when substantially all the risks and rewards incidental to ownership of the asset are transferred to the lessee and are recognized at a value equal to the net investment in the lease, corresponding to the sum of the minimum lease payments receivable and any unguaranteed residual value, discounted at the interest rate implicit in the lease. Otherwise, it is classified as an operating lease, recognizing and measuring the assets under the principles of property and equipment or investment property, in which case income and depreciation of property and equipment are recognized on a straight-line basis over the life of the asset. Contingent lease payments are recognized as revenue in the period in which they are received. ​ If during the lease term, the lessor and the lessee decide to modify the initial conditions, and the agreed changes result in a different classification, then the modified agreement will be considered a new lease with new clauses that will lead to the classification of a financial or operating lease, as appropriate. ​ The Bank uses the following indicia of transfer of risk and rewards incidental to ownership to the asset; if one of them is met, lease is classified as a finance lease: ​ ● The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10% of the fair value of the asset, upon termination of the lease. ● The term of the lease covers most of the economic life of the asset, even when the lease does not transfer the ownership of the underlying asset to the lessee at the end of the lease term, i.e., when the minimum lease term represents 75% or more of the economic life of the leased asset. ● At the inception of the lease, the present value of the minimum lease payments amounts to at least 90% of the fair value of the leased asset. ● The leased assets are of such a specialized nature that only the lessee has the possibility of using them without making significant modifications.
Premises and equipment and depreciation	​ 7. Premises and equipment and depreciation Premises and equipment include tangible items that are held for use, for rental to others, or for administrative purposes and are expected to be used for more than one period. ​ Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, in order to derecognize the depreciable amount of premises 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 to 75 years Furniture and fixtures ​ 3 to 20 years Computer equipment ​ 3 to 20 years Equipment and machinery ​ 2 to 40 years Vehicles ​ 3 to 10 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. For further information, see section 12. Impairment of non-financial assets, cash-generating units and goodwill in this note. ​ 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 sales of premises and equipment are registered in the consolidated statement of income as “Other operating income”.
Investment properties	​ 8. 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 administrative and general 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 Management with the support of 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”. ​ 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	9. Intangible assets Intangible assets are identifiable, non-monetary assets without physical appearance, separately acquired or internally generated by the Bank that are measured initially at cost and subsequently at cost less any accumulated amortization and any accumulated impairment loss. Intangible assets acquired in business combinations are recognized at fair value at the date of acquisition. ​ Intangible assets with finite useful lives (ranging from 1 to 10 years ) are amortized using the straight-line method over their estimated useful lives and assessed at the end of the period for impairment. 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 recognized when the amortization period or method has changed, 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 Bank’s intangible assets comprise mainly intangibles of finite useful life, such as licenses, software and computer applications, customer relationships and trademarks (See Note 9. Goodwill and intangible assets, net). Intangibles of indefinite useful life include Goodwill. ​ 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. ​ 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. Intangible assets with an indefinite useful life correspond to goodwill. ​ ​ 8. ​ 9. ​ ​ 9.1. Internally generated intangible assets ​ The costs of internally generated intangible assets are recognized as intangible assets if they have been incurred in the development stage and meet the recognition criteria; if so, such assets are presented in the consolidated statement of financial position at cost less accumulated amortization and accumulated impairment losses (see section 12. Impairment of non-financial assets, cash-generating units and goodwill in this note). Other expenditures are recorded as expenses in the consolidated statement of income. ​ Amortization of the asset begins when development is complete and the asset is available for use. Intangible assets are amortized using the straight-line method over their estimated useful lives and assessed at the end of the period for impairment.
Inventories	​ 10. Inventories Inventories of assets or returned property are those assets arising from an early termination of a finance or operating lease or those on which the lease has been terminated, and they are expected to be sold in the normal course of business, which are controlled by the Bank and are expected to obtain future economic benefit. ​ The inventory of returned property is recognized as an asset from the date on which the Bank assumes the risks and benefits thereof. Assets arising from operating leases are initially measured at cost, which is the carrying amount less accumulated depreciation and impairment, if any. Assets returned property financial leasing operations are recognized at the lower of their book value plus sanitation costs and its net realizable value. When the book value is greater than the net realizable value, an adjustment is recognized under the caption "Provision for impairment of loan portfolio and financial leasing operations, net" in the consolidated income statement. ​ Inventories are measured at the lower of cost and net realizable value. Net realizable value ("NRV") is the estimated selling price in the normal course of business, less the estimated costs necessary to make the sale. ​ The Bank revises the NRV of its inventories at least annually, or when market conditions so require; the adjustment of the decrease in value is recognized directly in income. Adjustments to the NRV are recognized under the caption "Amortization, depreciation and impairment" in the consolidated statement of income, up to the value initially recognized. ​ 9 ​ 10 ​ ​ 10.1 . Digital assets ​ The Bank chooses as an accounting policy to recognize digital assets held to be sold in the normal course of its operations as inventories. Digital assets are measured at fair value less costs of sale. If there is no active market, the fair value of the digital asset will be zero given the low probability of its realization. ​ Changes in fair value are recognized in the consolidated statement of income for the period in which such changes occur. ​ The exchange differences of the digital asset in foreign currency are recognized within the valuation process inherent to the fair value model.
Digital assets and liabilities held in custody for customers	​ 11. Digital assets and liabilities held in custody for customers The Bank safeguards crypto assets for customers in digital wallets and cryptographic keys are required to access digital assets on the Bank's platform. The Bank safeguards these assets and/or keys and is required to protect them from loss, theft, or other misuse. ​ The Bank recognizes customer's digital assets initially and subsequently at fair value. At the same time, the Bank recognizes the obligation to safeguard the customer's digital asset as a liability. The liability should be measured at the same amount as the corresponding asset at fair value. ​ Any loss, theft or other misuse that impacts the measurement of customer cryptoassets is recognized in profit or loss in the period in which it occurs.
Assets held for sale and discontinued operations	​ 12. Assets held for sale and discontinued operations The Bank classifies non-current assets or disposal groups held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets are measured 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 groups of assets are available, in their current condition, for immediate sale or the sale transaction is highly probable and is expected to be completed within the year following the date of classification. In the Bank, the assets held under this classification correspond to foreclosed assets. If the sale of the asset does not take place within the planned period, the assets are reclassified to "Other assets, net" in the consolidated statement of financial position. ​ 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. The results of a discontinued operation are presented separately from those of continuing operations in the consolidated statement of income on a comparative basis.
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, or more frequently if events or changes in circumstances indicate that it may be impaired. ​ The recoverable amount of non-financial assets or cash-generating units is the higher of its fair value less costs of disposal and its value in use, where fair value is determined by Management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. While value in use requires Management to make significant assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; and assess the appropriate discount rate and growth rate. ​ 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. ​ 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”. Except for impairment loss recognized for goodwill, impairment losses are subject to reversal, the increased carrying amount of an asset other than goodwill attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
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.
Derecognition of non-financial assets	15. Derecognition of non-financial assets The Bank's non-financial assets are derecognized either on disposal or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the value obtained on disposal and the carrying amount is recognized in the consolidated statement of income.
Employee benefits	​ 16. Employee benefits 16.1. 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, 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. ​ 16.2. 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. 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. These benefits are projected up to the date of payment and are discounted through the projected unit credit method. ​ 16.3. 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 (interest rate of treasury bonds [“TES”], representative of the nation's public debt), related to the characteristics and the benefit flows weighted average, to discount such obligation.
Provisions, contingent liabilities and contingent assets	​ 17. Provisions, contingent liabilities and contingent assets Provisions ​ Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the obligation's value can be made. ​ The corresponding expense for any provision is presented in the consolidated statement of income, net of all expected reimbursement. The increase in 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: ​ I. Judicial proceedings Judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suit, civil actions within criminal prosecutions and executive proceedings against the Bank. ​ II. Onerous contracts For the Bank, an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceeds the economic benefits expected to be received under it. ​ III. 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. ​ IV. 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. ​ The events or circumstances that would require the Bank to perform under a guarantee are determined by the type of guarantee, as outlined below: ​ Guarantees for the energy sector ​ The Bank is responsible before the guarantee’s beneficiary in the following situations: ​ ● Lack of energy supply due to low availability from the generating company (the guaranteed entity). ● Non-compliance with the contract signed by the guaranteed entity. ● Non-compliance with the payment for 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. ​ 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. ​ Contingent liabilities ​ 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. ​ Contingent assets ​ 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.
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. For performance obligations where none of the conditions for revenue recognition over time are met, the Bank satisfies the performance obligation at a point in time, at which the customer obtains control of the promised services. ​ 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. ​ When the Bank fulfills a performance obligation through the delivery of promised goods or services to customer, it creates a contractual asset for the consideration amount obtained with the performance. 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. ​ Interest income comprises income of financial assets at amortized cost or at fair value through other comprehensive income. Interest income is recognized using the effective interest rate method, the computation takes into account all the contractual conditions of the financial instrument (for example, prepayment options) and includes incremental fees and commissions (for example, certain loan commitment fees) or expenses that are directly attributed to the instrument and are an integral part of the effective interest rate, without taking account future credit losses. ​ Valuation income relates to debt securities at fair value, where gains and losses arising from changes in fair value are included in the consolidated statement of income as “Interest and valuation on financial instruments”. ​ Fees and services commissions are recognized as the right to consideration is obtained through the exchange of goods or services that the entity has transferred to a customer. Therefore, the Bank recognizes some fees as revenue over time, such as income from commissions and asset management, custody and other administration and advisory commissions. While other fees are recognized as revenue at a point in time of completion of the underlying transaction, like commissions 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. In addition, 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. Therefore, 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 the probability of redemptions. ​ Dividend revenue of investments that are not associates or joint ventures 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 and net income on equity investments”. ​ ​ ​
Income tax	19. Income tax Income tax includes current tax and deferred tax. The current tax is the income tax payable with respect to the profit for the fiscal year, which arises in profit or other comprehensive income. A provision is made for current tax considering the tax bases and tax rates enacted in each of the jurisdictions where the Bank is located, at the date of preparation of the consolidated financial statements. ​ 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 income 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 or in the caption "Income tax" of the consolidated income statement, when applicable. ​ 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. ​ For further information about deferred tax considerations derived from the last Colombian tax reform (Law 2277 of 2022), 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 foreign economic links. These operations are documented and reported to the tax Administration according to the last evaluation date corresponding to the previous year. ​
Use of estimates and judgments	E. 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. Material Accounting Policies, paragraph 4.1.2. 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. ​ 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 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. ​ 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. For further information, see Note 6. Loans and advances to customers, net and Risk management. ​ 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. ​ 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. As of December 31, 2023, there has been an improvement in the methodology used to calculate impairment, as shown below: ​ ● LGD: A methodological change has been made to the selection of the defaulting client's recovery, which more closely reflects the client's payment behavior. ● New rating models have been developed to improve the risk classification of customers in the individual (in Colombia and Panama) and corporate (in Colombia) portfolios. ● Enhancements have been made to the threshold model to identify a significant increase in risk from the point of origin, which allows for greater accuracy in classifying customers into stage 2 with a high probability of default. ● The probability of default (“PD”) models currently incorporate data through February 2020 (pre-pandemic). When performing analyses to incorporate new information, difficulties are encountered in modeling and obtaining good precision and discrimination metrics due to the irregular behavior of the variables included in the estimates. These variables include macroeconomic factors such as the country’s low economic growth, high interest rates, and high unemployment, in addition to the behavior of default rates. These rates represent recoveries that are not real but have been given by the provision of financial relief and then a high level of default as a result of the economic situation that has had a negative impact on the credit portfolio. Therefore, the Bank’s Management has decided not to incorporate recent data into the PD models. However, an overlay has been created for those portfolios that have recent payment delinquencies above the historical average. ​ The net effect of the above is the constitution of provisions of COP 11,071 as of December 31, 2023. ​ 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. ​ 3. Recognition of digital assets Currently, there is no specific definitive guidance in IFRS or alternative accounting frameworks to account for the recognition of digital assets held by the Bank, as well as the custody of digital assets held for customers, so management has exercised significant judgment in determining the appropriate accounting treatment. ​ The Bank has considered that it acts in the quality of a commodity trader, as defined in IAS 2, Inventories, by characterizing certain of its holdings as inventories, or more specifically, digital assets. The business model for digital assets will be to sell them in the near future and generate a profit from fluctuations in price or dealer margin. So, inventories held by commodity broker-dealers are measured at fair value less costs to sale. When such inventories are measured on that basis, changes in value are recognized in profit or loss in the period. ​ With respect to the custody of digital assets held by customers, the Bank recognizes a liability for the obligation to safeguard user's assets and recognizes an associated asset for the cryptographic assets safeguarded. Both the liability and the asset must be measured initially and subsequently at the fair value of the crypto assets being safeguarded. ​ In the event that the IASB issues final guidance, the Bank may be required to modify its accounting policies, which could have a significant effect on the Bank's consolidated financial statements. ​ 4. 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. ​ 5. 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 timing, nature and amount of outflows that may result from past events. ​ 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”. 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. ​ 6. Fair value of assets and liabilities The fair value of the Bank's assets and liabilities is determined at the date of the consolidated statement of financial position. The Bank's fair value measurement process considers the characteristics of the asset or liability in the same way that market participants would take them into account when pricing the asset or liability at the measurement date; the estimate takes into account inputs from valuation techniques used to measure fair value. ​ To increase consistency and comparability in fair value measurements and related disclosures, the Bank specifies different levels of inputs that may be used to measure the fair value of financial instruments, as follows: Level 1: Assets and liabilities are classified as Level 1 if there are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. 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: Assets and liabilities are classified as Level 2 if in the absence of a market price for a specific financial instrument, its fair value is estimated using models whose input data are observable for recent transactions of identical or similar instruments. Level 3: Assets and liabilities are classified as level 3 if unobservable input data were used in the measurement of fair value that are supported by little or no market activity and that are significant to the fair value of these assets or liabilities. The fair value of Level 3 financial assets and liabilities is determined using pricing models, discounted cash flow methodologies or similar techniques 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. 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. ​ 7. 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. The actuarial valuation methodology of the post-employment and long-term benefit plans 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. ​ 8. 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. For further information, see Note 25. Operating income. ​ 9. 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. For further information, see Note 7. Leases. ​ 10. 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.
Recently Issued Accounting Pronouncements	​ F. a) Accounting pronouncements applicable in 2023 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Definition of Accounting Estimates: In February 2021, the Board issued Definition of Accounting Estimates, which amended IAS 8. The amendments introduced the definition of accounting estimates in paragraph 5 and included other amendments to IAS 8 to help entities distinguish changes in accounting estimates from changes in accounting policies. ​ The amendment to IAS 8 is effective for annual periods beginning on or after January 1, 2023, and early application is permitted. ​ The Bank early applied this amendment as of January 1, 2022, with no impact on the Bank's consolidated financial statements and disclosures, 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: In February 2021 the Board amended IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, to replace the term "significant" with "material", to require an entity to disclose its material accounting policy information rather than its significant accounting policies. Therefore, accounting policy information may be considered material when that information is considered together with other information in a complete set of financial statements. In the Board’s view, accounting policy information is expected to be material if its disclosure was needed for primary users to understand information provided about material transactions, other events or conditions in the financial statements. These amendments are effective for annual periods beginning on or after January 1, 2023, and early application is permitted. ​ The Bank applied this amendment for the annual consolidated financial statements and disclosures beginning on or after January 1, 2023. For further information, see section D. Material Accounting Policies in this note. ​ Amendments to IAS 12 Income Taxes. Deferred Tax related to Assets and Liabilities arising from a Single Transaction: In May 2021, the Board issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. ​ This amendment is effective for annual periods beginning on or after January 1, 2023, and early application is permitted. ​ This amendment was assessed by Management without evidencing an impact on the Bank's consolidated financial statements and disclosures because no exemptions are currently applied for the recognition of deferred taxes arising from a single transaction. ​ Amendments to IAS 12 Income Taxes - International Tax Reform—Pillar Two Model Rules: ​ The OECD published the Pillar Two model rules in December 2021 to ensure that large multinational companies would be subject to a minimum 15.00% tax rate. More than 135 countries and jurisdictions representing more than 90.00% of global GDP have agreed to the Pillar Two model rules. ​ The amendments introduce: ​ - A temporary exception—to the accounting for deferred taxes arising from jurisdictions implementing the global tax rules. This will help to ensure consistency in the financial statements while easing into the implementation of the rules; and - Targeted disclosure requirements—to help investors better understand a company’s exposure to income taxes arising from the reform, particularly before legislation implementing the rules is in effect. Companies can benefit from the temporary exception immediately but are required to provide the disclosures for annual reporting periods beginning on or after January 1, 2023. ​ This amendment has been assessed by Management with no evidence of an impact on the Bank's consolidated financial statements and disclosures, due the OECD’s Pillar Two model rules has not yet been implemented in Colombia and in the countries in which the Bank has a presence. ​ New Standard IFRS 17 Insurance Contracts and amendments to IFRS 17 specified exceptions; reinsurance contracts held by an entity; and investment contracts with discretionary participation features issued by an entity that issues insurance contracts. ​ The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features. ​ Targeted amendments made in July 2020 aimed to ease the implementation of the standard by reducing implementation costs and making it easier for entities to explain the results from applying IFRS 17 to investors and others. The amendments also deferred the application date of IFRS 17 to 1 January 2023. ​ Further amendments made in December 2021 added a transition option that permits an entity to apply an optional classification overlay in the comparative period(s) presented on initial application of IFRS 17. The classification overlay applies to all financial assets, including those held in respect of activities not connected to contracts within the scope of IFRS 17. It allows those assets to be classified in the comparative period(s) in a way that aligns with how the entity expects those assets to be classified on initial application of IFRS 9. The classification can be applied on an instrument-by-instrument basis. ​ This standard is effective for annual periods beginning on or after January 1, 2023, and early application is permitted for entities that apply IFRS 9 Financial Instruments before the date of initial application of IFRS 17. ​ The Bank applied this amendment for the annual consolidated financial statements and disclosures beginning on or after January 1, 2023. For further information, see Note 32. Impacts on application of new standards. ​ b) Recently issued accounting pronouncements applicable in future periods Amendments to IAS 1 Presentation of Financial Statements: On January 23, 2020, the IASB issued amendments to IAS 1 to clarify the requirements for classifying liabilities as current or non-current. More specifically: ​ - 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. ​ Additionally, on October 30, 2022, the IASB issued an amendment to IAS 1 to improve the disclosures an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with covenants, and how this impacts the classification of that liability as current or non-current. ​ The amendments to IAS 1 are required to be applied for annual periods beginning on or after January 1, 2024. The amendments must be applied retrospectively, in accordance with IAS 8. Early application is permitted. ​ Management concluded that this amendment has no impact on the preparation of the consolidated financial statements, because the Bank presents the consolidated statement of financial position ordered by liquidity, according to the business nature. ​ Amendments to IFRS 16 Leases- Lease liability in a sale and leaseback In September 2022, the Board amended IFRS 16 to add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 to be accounted as a sale. The amendments require a seller-lessee to subsequently measure lease liabilities arising from a subsequent lease such that it does not recognize any amount of gain or loss that relates to the right-of-use that it retains. ​ This amendment is effective for annual periods beginning on or after January 1, 2024, and early application is permitted. ​ This amendment has been assessed by Management with no evidence of an impact on the Bank's consolidated financial statements and disclosures, due the new requirements are in line with what the Bank has applied and disclosed.

REPORTING ENTITY (Tables)

REPORTING ENTITY (Tables)	12 Months Ended
	Dec. 31, 2023
FCP Fondo Inmobiliario Colombia
REPORTING ENTITY
Schedule of the effect on shareholders' equity	The effect on shareholders' equity (amounts in millions of COP) is as follows: ​ ​ ​ ​ Consideration paid to non-controlling interests ​ 816,081 ​ Carrying amount of non-controlling interests acquired ​ 961,588 ​ Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity ​ 145,507 ​

MATERIAL ACCOUNTING POLICIES (T

MATERIAL ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
MATERIAL ACCOUNTING POLICIES
Schedule of revised presentation of Statement of Cash Flow	The revisions to the consolidated statement of cash flow as of December 31, 2022 and 2021, are summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Adjustments ​ December 31, 2022 ​ ​ (As previously reported) ​ ​ ​ (As revised) ​ ​ In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Effect of exchange rate changes ​ - ​ (224,788) ​ (224,788) Net cash provided by operating activities ​ 6,564,226 ​ (224,788) ​ 6,339,438 Effect of exchange rate changes on cash and cash equivalents ​ 3,552,285 ​ 224,788 ​ 3,777,073 Increase (Decrease) in cash and cash equivalents ​ 2,763,160 ​ (224,788) ​ 2,538,372 Cash and cash equivalents at beginning of year ​ 25,329,846 ​ - ​ 25,329,846 Cash and cash equivalents at end of year ​ 31,645,291 ​ - ​ 31,645,291 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Adjustments ​ December 31, 2021 ​ ​ (As previously reported) ​ ​ ​ (As revised) ​ ​ In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Effect of exchange rate changes ​ - ​ 507,449 ​ 507,449 Net cash provided by operating activities ​ 6,095,305 ​ 507,449 ​ 6,602,754 Effect of exchange rate changes on cash and cash equivalents ​ 2,993,850 ​ (507,449) ​ 2,486,401 Increase (Decrease) in cash and cash equivalents ​ (1,365,153) ​ 507,449 ​ (857,704) Cash and cash equivalents at beginning of year ​ 23,701,149 ​ - ​ 23,701,149 Cash and cash equivalents at end of year ​ 25,329,846 ​ - ​ 25,329,846
Schedule of subsidiaries	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 2023 ​ BANK 2022 ​ BANK 2021 ​ 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 % WOMPI S.A.S. (before “VLIPCO S.A.S.”) (1) ​ Colombia ​ Technology services provider ​ 100.00 % 99.98 % 94.77 % Renting Colombia S.A.S. ​ Colombia ​ Operating leasing ​ 100.00 % 100.00 % 100.00 % Transportempo S.A.S. “En Liquidación” ​ Colombia ​ Transportation ​ 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. ​ Colombia ​ Investments ​ 99.94 % 99.94 % 99.94 % Negocios Digitales Colombia S.A.S. (before “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 ​ 80.47 % 80.47 % 49.96 % P.A. Inmuebles CEM (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Calle 92 FIC-11 (2) ​ Colombia ​ Mercantil trust ​ 52.31 % 52.31 % 32.47 % P.A. FIC Edificio Corfinsura (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC-A5 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC Inmuebles (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. FIC Clínica de Prado (2) ​ Colombia ​ Mercantil trust ​ 62.00 % 62.00 % 38.49 % P.A. FIC A6 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Central Point (2) ​ Colombia ​ Mercantil trust ​ 60.35 % 60.35 % 37.47 % Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Twins Bay (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % Fideicomiso Lote Av San Martín (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Lote 30 (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 49.96 % Fideicomiso Fondo Inmobiliario Bancolombia (2) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % 17.54 % P.A. Florencia Ferrara (2)(3) ​ Colombia ​ Mercantil trust ​ 44.26 % 44.26 % - ​ P.A. Flor Morado Plaza (3) ​ Colombia ​ Mercantil trust ​ 80.47 % 80.47 % - ​ P.A. Galería la 33 (4) ​ Colombia ​ Mercantil trust ​ 80.47 % - ​ - ​ Valores Simesa S.A. (5) ​ Colombia ​ Investments ​ 64.93 % 66.33 % 66.82 % Fideicomiso Lote Distrito Vera B1B2 (5) ​ Colombia ​ Mercantil trust ​ 64.61 % 66.00 % 66.49 % Fideicomiso Lote Distrito Vera B3B4 (5) ​ Colombia ​ Mercantil trust ​ 64.61 % 66.00 % 66.49 % Fideicomiso Lote B6 Ciudad del Rio (6) ​ Colombia ​ Mercantil trust ​ - ​ 66.00 % - ​ P.A. FAI CALLE 77 (7) ​ Colombia ​ Real estate investment fund ​ 98.00 % 98.00 % - ​ P.A. NOMAD SALITRE (8) ​ Colombia ​ Real estate investment fund ​ 98.00 % 98.00 % - ​ P.A. NOMAD CENTRAL-2 (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. CALLE 84 (2) (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. CALLE 84 (3) (9) ​ Colombia ​ Real estate investment fund ​ 98.00 % - ​ - ​ P.A. MERCURIO (10) ​ Colombia ​ Real estate investment fund ​ 100.00 % 100.00 % - ​ Wenia S.A.S. (11) ​ Colombia ​ Technology services ​ 100.00 % 100.00 % - ​ P.A. Wenia (11) ​ Colombia ​ Mercantil trust ​ 100.00 % - ​ - ​ Nequi S.A. Compañía de Financiamiento (12) ​ Colombia ​ Financial services ​ 100.00 % 100.00 % - ​ 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 % 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. (13) ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. (14) ​ Panama ​ Collective investment fund ​ - ​ - ​ 100.00 % Fondo Renta Sostenible Global S.A. (14) ​ Panama ​ Collective investment fund ​ - ​ - ​ 100.00 % Banistmo Capital Markets Group Inc. (13) ​ Panama ​ Purchase and sale of securities ​ 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (13) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (13) ​ Panama ​ Real estate ​ 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (13) ​ Panama ​ Portfolio holder ​ 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (13) ​ Panama ​ Real estate broker ​ 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. ​ Panama ​ Holding ​ 100.00 % 100.00 % 100.00 % Banco Agromercantil de Guatemala S.A. ​ Guatemala ​ Banking ​ 99.68 % 99.68 % 99.66 % Seguros Agromercantil de Guatemala S.A. ​ Guatemala ​ Insurance agency ​ 79.92 % 79.92 % 79.92 % Financiera Agromercantil S.A. ​ Guatemala ​ Financial services ​ 100.00 % 100.00 % 100.00 % Agrovalores S.A. ​ Guatemala ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Arrendadora Agromercantil S.A. ​ Guatemala ​ Operating Leasing ​ 100.00 % 100.00 % 100.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (15) ​ Guatemala ​ Insurance agency ​ - ​ 100.00 % 100.00 % Asistencia y Ajustes S.A. ​ Guatemala ​ Roadside and medical assistance services ​ 100.00 % 100.00 % 100.00 % Serproba S.A. ​ Guatemala ​ Maintenance and remodeling services ​ 100.00 % 100.00 % 100.00 % Servicios de Formalización S.A. ​ Guatemala ​ Loans formalization ​ 100.00 % 100.00 % 100.00 % Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación” ​ Guatemala ​ Maintenance services ​ 100.00 % 100.00 % 100.00 % Mercom Bank Ltd. (16) ​ Barbados ​ Banking ​ 99.68 % 99.68 % 99.66 % New Alma Enterprises Ltd. ​ Bahamas ​ Investments ​ 99.68 % 99.68 % 99.66 % Bancolombia Puerto Rico Internacional Inc. ​ Puerto Rico ​ Banking ​ 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (17) ​ 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 Banagrícola 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 (18) ​ United States ​ Holding ​ 100.00 % 100.00 % 100.00 % Bancolombia Capital Adviser LLC (18) ​ United States ​ Investment advisor ​ 100.00 % 100.00 % 100.00 % Bancolombia Capital LLC (18) ​ United States ​ Securities brokerage ​ 100.00 % 100.00 % 100.00 % Wenia Ltd. (11) ​ Bermuda ​ Technology services ​ 100.00 % 100.00 % - ​ (1) During 2022 and 2023, the Bank, through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors. (2) During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, to strengthen governance and strategy decisions. For further information, see Note 1. Reporting entity. (3) Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022. (4) Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023. (5) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa S.A. during 2023 and 2022. (6) During 2023, the trust rights were transferred by Valores Simesa S.A. (7) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Note 1. Reporting entity and Note 9.3. Business combination. (8) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a multifamily project. (9) During February and April 2023, the Parent Company was established as trustor of P.A. Nomad Central-2, P.A. Calle 84 (2) and P.A. Calle 84 (3), through a management mercantil trust agreement. (10) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement. (11) On July 22, 2022, the Bank, through the subsidiary Sistemas de Inversiones y Negocios S.A. Sinesa, established the company Wenia Ltd. in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia Ltd. established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the trust rights of P.A. Wenia. For further information, see Note 1. Reporting entity. (12) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, a Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100.00% digital credit establishment. For further information, see Note 1. Reporting entity. (13) Investments in non-operational stage. (14) Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10. (15) Company liquidated as of June 2023. (16) On September 30, 2021, Mercom Bank Ltd. shareholders authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting entity. (17) On October 5, 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. For further information, see Note 1. Reporting entity. (18) 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, 2023 ​ the Bank, 2022 ​ the Bank, 2021 ​ 2023 ​ 2022 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) ​ Colombia ​ 80.47 % 80.47 % 49.96 % 5,503,022 ​ 5,023,316 Fideicomiso Lote Distrito Vera B1B2 (2) ​ Colombia ​ 64.61 % 66.00 % 66.49 % 25,073 ​ 55,733 Fideicomiso Lote Distrito Vera B3B4 (2) ​ Colombia ​ 64.61 % 66.00 % 66.49 % 56,295 ​ 53,558 Fideicomiso Lote B6 Ciudad del Rio (3) ​ Colombia ​ - ​ 66.00 % - ​ - ​ 66,150 Banistmo Panamá Fondo de Inversión S.A. (4) ​ Panama ​ 100.00 % 100.00 % 100.00 % 132,496 ​ 243,268 (1) It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information, see Note 1. Reporting entity. (2) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2, Lote Distrito Vera B3B4 and Lote B6 Ciudad del Rio), during 2023 and 2022. For further information, see Note 2.C. Consolidation. (3) During 2023, the trust rights were transferred by Valores Simesa S.A. (4) Investment in non-operational stage. For further information, see Note 2.C. Consolidation. ​
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, 2023 ​ December 31, 2022 ​ December 31, 2021 Year-end exchange rate ​ 3,822.05 ​ 4,810.20 ​ 3,981.16 Average rate for the period ended at ​ 4,330.14 ​ 4,257.12 ​ 3,747.24
Schedule of economic scenario weighting	The scenarios are weighted as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Optimistic Base Pessimistic Country 2023 2022 2023 2022 2023 2022 Colombia 15.00 % 15.00 % 50.00 % 45.00 % 35.00 % 40.00 % Panama 20.00 % 15.00 % 50.00 % 55.00 % 30.00 % 30.00 % El Salvador 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % Guatemala 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 %
Summary of projections of macroeconomic variables used to estimate ECL	The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Colombia ​ ​ ​ ​ ​ Panama ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 1.64 % 1.16 % 0.68 % 7.92 % 5.95 % 3.99 % 2024 2.37 % 0.87 % (0.63) % 6.68 % 4.00 % 1.33 % 2025 4.47 % 2.60 % 0.73 % 7.17 % 4.20 % 1.23 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Guatemala ​ ​ ​ ​ ​ El Salvador ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 3.69 % 3.12 % 2.55 % 2.75 % 2.25 % 1.74 % 2024 4.33 % 3.26 % 2.19 % 3.32 % 1.90 % 0.49 % 2025 4.61 % 3.38 % 2.15 % 3.76 % 2.08 % 0.41 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Colombia ​ ​ ​ ​ ​ Panama ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 8.11 % 7.76 % 6.98 % 8.84 % 8.19 % 7.53 % 2023 2.01 % 0.93 % (0.78) % 5.62 % 3.96 % 2.31 % 2024 3.68 % 2.50 % 0.36 % 5.70 % 3.71 % 1.73 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Guatemala ​ ​ ​ ​ ​ El Salvador ​ ​ ​ Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 4.35 % 3.40 % 2.45 % 3.78 % 2.62 % 1.47 % 2023 4.19 % 2.72 % 1.25 % 3.52 % 1.65 % (0.23) % 2024 4.59 % 3.00 % 1.40 % 3.94 % 1.96 % (0.03) %
Schedule of significant increase in risk using external credit rating	To establish whether a security has a significant increase in risk since the initial recognition, an assessment of the deterioration of the rating in the current date is made against the rating granted at the time of purchase; according to the origin classification there may be an increase with 1, 2 or 3 notches, as shown in the following table: ​ ​ ​ ​ ​ ​ SIGNIFICANT INCREASE EXTERNAL RATING ORIGIN ​ 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, i.e., there is no possibility of recovery due to the debtor's lack of ability or willingness to pay or in the absence of open guarantees granted by the debtor. In general, this characteristic will be fulfilled when the following delinquency conditions are present: ​ ​ ​ ​ ​ ​ ​ ​ ​ Length of delinquency (days) Type Collateral Grupo Agromercantil Holding S.A. Banistmo S.A. Banco Agrícola S.A. Bancolombia S.A. ​ Without collateral ​ ​ 180 ​ Commercial ​ With collateral N/A (1) ​ 360 ​ 360 ​ 360 ​ ​ Without collateral 180 180 180 ​ Consumer With collateral 540 for vehicles collateral 1,080 for mortgage collateral 720 for mortgage collateral 180 ​ Without collateral ​ 180 ​ ​ Small Business Loan With collateral N/A (1) 1,080 for mortgage collateral 180 180 Mortgage With collateral 1,440 1,080 720 N/A (1) (1) ​
Schedule of estimated useful lives for each asset group	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 premises 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 to 75 years Furniture and fixtures ​ 3 to 20 years Computer equipment ​ 3 to 20 years Equipment and machinery ​ 2 to 40 years Vehicles ​ 3 to 10 years
FCP Fondo Inmobiliario Colombia
MATERIAL ACCOUNTING POLICIES
Schedule of net income and cash flows related to the FCP Fondo Inmobiliario Colombia	The following table summarizes the net income and cash flows as of December 31, 2021 related to the FCP Fondo Inmobiliario Colombia: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year-Ended 2021 ​ ​ In millions of COP Condensed statement of income ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ Valuation of investment properties ​ ​ ​ ​ ​ 85,148 Valuation of trust rights ​ ​ ​ ​ ​ - Rents ​ ​ ​ ​ ​ 187,194 Profits of equity method investees ​ ​ ​ ​ ​ 105,439 Other income ​ ​ ​ ​ ​ 92,298 Total Income ​ ​ ​ ​ ​ 470,079 Expenses ​ ​ ​ ​ ​ ​ Interest on loans ​ ​ ​ ​ ​ (73,201) Other administrative and general expenses ​ ​ ​ ​ ​ (212,385) Total Expenses ​ ​ ​ ​ ​ (285,586) Net Income ​ ​ ​ ​ ​ 184,493 Condensed cash flow (1) ​ ​ ​ ​ ​ ​ Net cash used in operating activities ​ ​ ​ ​ ​ (34,442) Net cash provided by financing activities ​ ​ ​ ​ ​ 21,882 Cash and cash equivalents at beginning of year ​ ​ ​ ​ ​ 63,368 Cash and cash equivalents at end of year ​ ​ ​ ​ ​ 50,808 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. ​

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ segments In millions of COP Total interest and valuation on financial instruments ​ 29,230,060 ​ 2,826,559 ​ 1,773,140 ​ 1,795,543 ​ 47 ​ 6 ​ 45,875 ​ 1,112,171 ​ 262,758 ​ 37,046,159 Interest income on loans and financial leases ​ 28,366,678 ​ 2,415,234 ​ 1,524,765 ​ 1,726,821 ​ 47 ​ - ​ 5,076 ​ 940,091 ​ 262,075 ​ 35,240,787 Total debt investments ​ 937,090 ​ 301,167 ​ 236,350 ​ 60,534 ​ - ​ 6 ​ 36,538 ​ 85,091 ​ 683 ​ 1,657,459 Derivatives ​ (167,887) ​ 817 ​ 11,187 ​ - ​ - ​ - ​ (1,747) ​ (188) ​ - ​ (157,818) Total liquidity operations ​ 94,179 ​ 109,341 ​ 838 ​ 8,188 ​ - ​ - ​ 6,008 ​ 87,177 ​ - ​ 305,731 Interest expenses ​ (13,464,980) ​ (1,238,112) ​ (464,851) ​ (731,886) ​ (179) ​ (1) ​ (222) ​ (596,039) ​ (172,025) ​ (16,668,295) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 15,765,080 ​ 1,588,447 ​ 1,308,289 ​ 1,063,657 ​ (132) ​ 5 ​ 45,653 ​ 516,132 ​ 90,733 ​ 20,377,864 Total credit impairment charges, net ​ (6,480,377) ​ (270,501) ​ (154,938) ​ (499,368) ​ (2,893) ​ (380) ​ 106 ​ 4,164 ​ (57,399) ​ (7,461,586) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 9,284,703 ​ 1,317,946 ​ 1,153,351 ​ 564,289 ​ (3,025) ​ (375) ​ 45,759 ​ 520,296 ​ 33,334 ​ 12,916,278 (Expenses) Revenues from transactions the operating segments of the Bank ​ (187,467) ​ (34,105) ​ (17,844) ​ (76,054) ​ (16,518) ​ 13,949 ​ 68,617 ​ 415,508 ​ (166,086) ​ - Fees and commissions income (1) ​ 5,252,099 ​ 532,930 ​ 479,568 ​ 223,200 ​ 361,965 ​ 55,917 ​ 103,985 ​ 47,228 ​ 23,986 ​ 7,080,878 Fees and commissions expenses ​ (2,522,927) ​ (258,897) ​ (188,972) ​ (89,405) ​ (4,244) ​ (238) ​ (8,645) ​ (11,042) ​ (12,910) ​ (3,097,280) Total fees and commissions, net ​ 2,729,172 ​ 274,033 ​ 290,596 ​ 133,795 ​ 357,721 ​ 55,679 ​ 95,340 ​ 36,186 ​ 11,076 ​ 3,983,598 Other operating income (Expenses) ​ 1,575,845 ​ 36,939 ​ 51,656 ​ 130,757 ​ 14,107 ​ (1,011) ​ 4,737 ​ 16,794 ​ 2,149,826 ​ 3,979,650 Dividends and net income on equity investments ​ 17,613 ​ 13,498 ​ 10,982 ​ 1,827 ​ 33,275 ​ (98,512) ​ 6,416 ​ 37 ​ 225,049 ​ 210,185 Total operating income, net ​ 13,419,866 ​ 1,608,311 ​ 1,488,741 ​ 754,614 ​ 385,560 ​ (30,270) ​ 220,869 ​ 988,821 ​ 2,253,199 ​ 21,089,711 Operating expenses (2) ​ (8,022,042) ​ (909,843) ​ (668,105) ​ (620,928) ​ (177,626) ​ (49,759) ​ (186,212) ​ (89,219) ​ (1,093,592) ​ (11,817,326) Impairment, depreciation and amortization ​ (744,346) ​ (107,716) ​ (131,921) ​ (55,243) ​ (2,218) ​ (208) ​ (2,950) ​ (4,259) ​ (75,998) ​ (1,124,859) Total operating expenses ​ (8,766,388) ​ (1,017,559) ​ (800,026) ​ (676,171) ​ (179,844) ​ (49,967) ​ (189,162) ​ (93,478) ​ (1,169,590) ​ (12,942,185) Profit before income tax ​ 4,653,478 ​ 590,752 ​ 688,715 ​ 78,443 ​ 205,716 ​ (80,237) ​ 31,707 ​ 895,343 ​ 1,083,609 ​ 8,147,526 (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 and taxes other than income tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Banking ​ Banking ​ Banking El ​ Banking ​ ​ ​ Investment ​ ​ ​ International ​ All other ​ Total ​ ​ Colombia ​ Panama ​ Salvador ​ Guatemala ​ Trust ​ banking ​ Brokerage ​ Banking ​ segments ​ segments In millions of COP Total interest and valuation on financial instruments ​ 20,727,335 ​ 2,364,820 ​ 1,527,860 ​ 1,537,801 ​ 72 ​ 4 ​ 12,996 ​ 512,417 ​ 113,642 ​ 26,796,947 Interest income on loans and financial leases ​ 19,263,960 ​ 2,154,151 ​ 1,293,556 ​ 1,509,143 ​ 72 ​ - ​ 511 ​ 446,028 ​ 116,072 ​ 24,783,493 Total debt investments ​ 1,361,299 ​ 161,974 ​ 170,423 ​ 27,089 ​ - ​ 4 ​ 20,024 ​ 48,722 ​ (2,447) ​ 1,787,088 Derivatives ​ 108,255 ​ (1,026) ​ 63,494 ​ - ​ - ​ - ​ 658 ​ - ​ - ​ 171,381 Total liquidity operations ​ (6,179) ​ 49,721 ​ 387 ​ 1,569 ​ - ​ - ​ (8,197) ​ 17,667 ​ 17 ​ 54,985 Interest expenses ​ (6,333,834) ​ (910,937) ​ (297,839) ​ (528,459) ​ (150) ​ (4) ​ (104) ​ (271,280) ​ (99,863) ​ (8,442,470) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 14,393,501 ​ 1,453,883 ​ 1,230,021 ​ 1,009,342 ​ (78) ​ - ​ 12,892 ​ 241,137 ​ 13,779 ​ 18,354,477 Total credit impairment charges, net ​ (2,971,599) ​ (545,012) ​ (102,710) ​ (168,834) ​ (796) ​ (924) ​ 3,133 ​ 25,029 ​ (29,984) ​ (3,791,697) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments ​ 11,421,902 ​ 908,871 ​ 1,127,311 ​ 840,508 ​ (874) ​ (924) ​ 16,025 ​ 266,166 ​ (16,205) ​ 14,562,780 Revenues (Expenses) from transactions the operating segments of the Bank ​ (32,163) ​ (25,022) ​ (7,371) ​ (45,526) ​ (12,658) ​ 3,404 ​ 53,229 ​ 212,049 ​ (145,942) ​ - Fees and commissions income(1) ​ 4,684,563 ​ 446,583 ​ 444,177 ​ 218,554 ​ 318,869 ​ 86,232 ​ 111,366 ​ 42,021 ​ 18,161 ​ 6,370,526 Fees and commissions expenses ​ (2,099,585) ​ (210,004) ​ (170,563) ​ (91,424) ​ (3,668) ​ (269) ​ (6,160) ​ (8,025) ​ (468) ​ (2,590,166) Total fees and commissions, net ​ 2,584,978 ​ 236,579 ​ 273,614 ​ 127,130 ​ 315,201 ​ 85,963 ​ 105,206 ​ 33,996 ​ 17,693 ​ 3,780,360 Other operating income (Expenses) ​ (72,994) ​ 51,494 ​ 19,685 ​ 129,403 ​ 14,897 ​ 671 ​ 13,575 ​ 9,954 ​ 1,886,750 ​ 2,053,435 Dividends and net income on equity investments ​ (8,058) ​ 9,655 ​ 5,340 ​ 828 ​ 2,164 ​ 8,760 ​ (4,314) ​ 35 ​ 221,444 ​ 235,854 Total operating income, net ​ 13,893,665 ​ 1,181,577 ​ 1,418,579 ​ 1,052,343 ​ 318,730 ​ 97,874 ​ 183,721 ​ 522,200 ​ 1,963,740 ​ 20,632,429 Operating expenses(2) ​ (6,600,686) ​ (797,091) ​ (639,748) ​ (577,497) ​ (153,377) ​ (47,997) ​ (153,317) ​ (79,814) ​ (857,541) ​ (9,907,068) Impairment, depreciation and amortization ​ (613,807) ​ (110,293) ​ (106,601) ​ (54,999) ​ (1,630) ​ (232) ​ (1,754) ​ (2,626) ​ (88,633) ​ (980,575) Total operating expenses ​ (7,214,493) ​ (907,384) ​ (746,349) ​ (632,496) ​ (155,007) ​ (48,229) ​ (155,071) ​ (82,440) ​ (946,174) ​ (10,887,643) Profit before income tax ​ 6,679,172 ​ 274,193 ​ 672,230 ​ 419,847 ​ 163,723 ​ 49,645 ​ 28,650 ​ 439,760 ​ 1,017,566 ​ 9,744,786 (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 and taxes other than income tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 1,040 ​ (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 the operating segments of the Bank ​ 18,458 ​ (10,089) ​ 7 ​ (26,324) ​ (26,584) ​ 3,576 ​ 59,995 ​ 81,997 ​ (101,036) ​ - ​ - ​ - Fees and commission 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 commission 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 commission income, 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 (Expenses) ​ 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 (Loss) 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 and taxes other than income tax. ​
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, 2023 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 ​ 254,367,378 ​ 40,740,495 ​ 21,608,586 ​ 21,377,205 ​ 658,547 ​ 1,719,824 ​ 351,694 ​ 30,199,897 ​ 10,224,734 ​ 381,248,360 ​ (38,319,551) ​ 342,928,809 Total liabilities ​ 216,200,157 ​ 36,315,750 ​ 19,220,367 ​ 19,469,075 ​ 138,171 ​ 51,841 ​ 121,423 ​ 20,734,521 ​ 4,874,547 ​ 317,125,852 ​ (13,246,772) ​ 303,879,080 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 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 ​ 247,113,605 ​ 52,445,934 ​ 26,696,524 ​ 26,143,629 ​ 603,486 ​ 2,116,143 ​ 326,047 ​ 35,131,458 ​ 9,222,529 ​ 399,799,355 ​ (46,984,622) ​ 352,814,733 Total liabilities ​ 207,293,246 ​ 47,081,613 ​ 23,738,984 ​ 23,635,997 ​ 126,307 ​ 80,162 ​ 106,115 ​ 23,216,118 ​ 4,320,836 ​ 329,599,378 ​ (16,782,196) ​ 312,817,182
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, 2023 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 332,862 ​ 21,292 ​ 285,838 ​ 617,982 ​ 1,739,629 ​ 2,997,603 Equity method ​ (52,183) ​ 2,730 ​ 30,043 ​ 4,398 ​ 128,127 ​ 113,115 (1) As of December 31, 2023, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 (1) ​ ​ Banking ​ Banking El ​ ​ ​ Investment ​ All other ​ ​ ​ ​ Colombia ​ Salvador ​ Trust ​ banking ​ segments ​ Total In millions of COP Investments in associates and joint ventures ​ 337,024 ​ 28,029 ​ 256,720 ​ 700,936 ​ 1,592,924 ​ 2,915,633 Equity method ​ 2,588 ​ 3,617 ​ 22,522 ​ 3,857 ​ 186,521 ​ 219,105 (1) As of December 31, 2022, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Geographic information ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ Interest and ​ Long-lived ​ ​ valuation (1) ​ assets (2) ​ valuation (1) ​ assets (2) ​ valuation (1) ​ assets (2) In millions of COP Colombia ​ 29,812,448 ​ 13,466,457 ​ 20,977,845 ​ 12,666,847 ​ 11,605,829 ​ 9,413,340 Panama ​ 4,234,542 ​ 877,407 ​ 3,023,461 ​ 1,042,824 ​ 2,251,653 ​ 838,278 El Salvador ​ 1,774,165 ​ 547,357 ​ 1,528,264 ​ 636,071 ​ 1,194,026 ​ 434,212 Guatemala ​ 1,795,597 ​ 361,840 ​ 1,537,811 ​ 445,288 ​ 1,178,619 ​ 347,084 United States of America ​ 55 ​ 4,805 ​ - ​ 7,504 ​ - ​ - Bermuda ​ 184 ​ 3,434 ​ 2 ​ - ​ - ​ - Puerto Rico ​ 149,541 ​ 1,297 ​ 64,709 ​ 2,328 ​ 49,662 ​ 1,644 Total ​ 37,766,532 ​ 15,262,597 ​ 27,132,092 ​ 14,800,862 ​ 16,279,789 ​ 11,034,558 Eliminations and adjustment ​ (720,373) ​ 7,000,343 ​ (335,145) ​ 8,795,011 ​ (144,044) ​ 7,655,610 Total, net ​ 37,046,159 ​ 22,262,940 ​ 26,796,947 ​ 23,595,873 ​ 16,135,745 ​ 18,690,168 (1) Includes interest and valuation on financial instruments. (2) Includes assets held for sale, premises and equipment, net, investment property, right-of-use assets, goodwill and intangible assets, net.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Cash and balances at central bank ​ ​ ​ ​ Cash ​ 8,830,305 ​ 8,854,169 Due from central banks (1) ​ 11,248,230 ​ 9,602,209 Due from other private financial entities ​ 7,607,921 ​ 5,881,022 Checks on hold ​ 214,004 ​ 289,924 Remittances of domestic negotiated checks in transit ​ 74,524 ​ 93,844 Total cash and due from banks ​ 27,974,984 ​ 24,721,168 Money market transactions ​ ​ ​ ​ Interbank borrowings ​ 3,983,699 ​ 4,050,407 Reverse repurchase agreements and other similar secured loans ​ 7,840,926 ​ 2,873,716 Total money market transactions ​ 11,824,625 ​ 6,924,123 Total cash and cash equivalents ​ 39,799,609 ​ 31,645,291 (1) According to External Resolution No. 20 of 2020 of Banco de la República, which amends External Resolution No. 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain, the equivalent of 8% of the deposits mentioned in Article 1, paragraph (a), and the equivalent of 3.5% of its customer’s deposits with a maturity of less than 18 months (paragraph b), as ordinary 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, circular SBP-DR-0045-2023 dated July 25, 2023, communicates the decision of the Superintendency of Banks of Panama to maintain the percentage established in the General Resolution of the Board of Directors SBP-GJD-0003-2014 dated January 28, 2014, which sets at 30.00% the minimum legal liquidity rate that Panamanian banks must maintain. Finally, in accordance with temporary rule NPBT-11, which is effective from September 27, 2023, to March 26, 2024, Banco Agrícola must maintain an equivalent average daily amount of its deposits and debt instruments in issue as a liquidity reserve between 1.00% and 16.00% represented in unrestricted deposits or debt instruments in issue by El Salvador Central Bank. Once the complete term established, the bank continues with the Technical Norm (NRP-28), issued by the Central Bank, where the Bank must maintain an equivalent amount between 1.00% and 18.00% , which has been in effect since 23 June 2021. ​

FINANCIAL ASSETS INVESTMENTS _2

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Schedule of 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, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income, net ​ cost, net ​ value, net In millions of COP Securities issued by foreign governments ​ 6,274,400 ​ 2,437,996 ​ 537,831 ​ 9,250,227 Securities issued by the Colombian Government ​ 4,725,605 ​ 2,725,722 ​ 68,624 ​ 7,519,951 Corporate bonds ​ 237,234 ​ 611,153 ​ 2,559,336 ​ 3,407,723 Securities issued by government entities ​ 84,990 ​ - ​ 3,129,501 ​ 3,214,491 Securities issued by other financial institutions (1)(2) ​ 774,178 ​ 373,306 ​ 552,790 ​ 1,700,274 Total debt instruments ​ 12,096,407 ​ 6,148,177 ​ 6,848,082 ​ 25,092,666 Total equity securities ​ 98,853 ​ 444,357 ​ ​ ​ 543,210 Total other instruments financial (3) ​ 38,319 ​ ​ ​ ​ ​ 38,319 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 25,674,195 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 84,301 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP 93,264 related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Measurement methodology ​ ​ Financial assets investments ​ Fair value through ​ Fair value through other ​ Amortized ​ Total carrying ​ ​ profit or loss ​ comprehensive income, net ​ cost, net ​ value, net In millions of COP Securities issued by foreign governments ​ 5,967,856 ​ 4,694,369 ​ 755,282 ​ 11,417,507 Securities issued by the Colombian Government ​ 4,260,230 ​ 2,590,622 ​ 206,950 ​ 7,057,802 Corporate bonds ​ 121,527 ​ 123,327 ​ 3,680,260 ​ 3,925,114 Securities issued by government entities ​ 79,035 ​ - ​ 3,059,550 ​ 3,138,585 Securities issued by other financial institutions (1)(2) ​ 610,618 ​ 569,357 ​ 634,318 ​ 1,814,293 Total debt instruments ​ 11,039,266 ​ 7,977,675 ​ 8,336,360 ​ 27,353,301 Total equity securities ​ 102,274 ​ 442,394 ​ ​ ​ 544,668 Total other instruments financial (3) ​ 42,171 ​ ​ ​ ​ ​ 42,171 Total financial assets investments ​ ​ ​ ​ ​ ​ ​ 27,940,140 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 91,204 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, 2022, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP (164,542) related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S. and Sistema de Inversiones y Negocios, S.A. In 2022 were revealed as debt instruments and equity securities.
Schedule of debt instruments portfolio by maturity	The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 foreign governments ​ 4,864,121 ​ 513,546 ​ 283,020 ​ 613,713 ​ 6,274,400 Securities issued by the Colombian Government ​ 390,307 ​ 2,759,392 ​ 491,867 ​ 1,084,039 ​ 4,725,605 Securities issued by other financial institutions ​ 312,749 ​ 236,597 ​ 89,526 ​ 135,306 ​ 774,178 Corporate bonds ​ 39,361 ​ 40,930 ​ 28,624 ​ 128,319 ​ 237,234 Securities issued by government entities ​ 48,893 ​ 33,601 ​ 2,496 ​ - ​ 84,990 Subtotal ​ 5,655,431 ​ 3,584,066 ​ 895,533 ​ 1,961,377 ​ 12,096,407 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 2,672,090 ​ 53,632 ​ - ​ - ​ 2,725,722 Securities issued by foreign governments ​ 1,346,171 ​ 598,014 ​ 355,927 ​ 137,884 ​ 2,437,996 Corporate bonds ​ 549 ​ - ​ 63,474 ​ 547,130 ​ 611,153 Securities issued by other financial institutions ​ 149,124 ​ 154,659 ​ - ​ 69,523 ​ 373,306 Subtotal ​ 4,167,934 ​ 806,305 ​ 419,401 ​ 754,537 ​ 6,148,177 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by government entities ​ 3,078,744 ​ - ​ - ​ 50,757 ​ 3,129,501 Corporate bonds ​ 229,811 ​ 46,925 ​ 322,314 ​ 1,960,286 ​ 2,559,336 Securities issued by other financial institutions ​ 103,414 ​ 106,681 ​ 46,969 ​ 295,726 ​ 552,790 Securities issued by foreign governments ​ 188,651 ​ 189,744 ​ 56,703 ​ 102,733 ​ 537,831 Securities issued by the Colombian Government ​ 39,046 ​ - ​ 7,350 ​ 22,228 ​ 68,624 Subtotal ​ 3,639,666 ​ 343,350 ​ 433,336 ​ 2,431,730 ​ 6,848,082 Total debt instruments ​ 13,463,031 ​ 4,733,721 ​ 1,748,270 ​ 5,147,644 ​ 25,092,666 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 foreign governments ​ 5,187,871 ​ 100,436 ​ 367,120 ​ 312,429 ​ 5,967,856 Securities issued by the Colombian Government ​ 1,639,518 ​ 866,241 ​ 472,955 ​ 1,281,516 ​ 4,260,230 Securities issued by other financial institutions ​ 198,255 ​ 287,933 ​ 52,592 ​ 71,838 ​ 610,618 Corporate bonds ​ 46,638 ​ 32,989 ​ 19,228 ​ 22,672 ​ 121,527 Securities issued by government entities ​ 23,763 ​ 45,921 ​ 5,757 ​ 3,594 ​ 79,035 Subtotal ​ 7,096,045 ​ 1,333,520 ​ 917,652 ​ 1,692,049 ​ 11,039,266 Fair value through other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ 2,930,125 ​ 878,199 ​ 694,837 ​ 191,208 ​ 4,694,369 Securities issued by the Colombian Government ​ 2,590,622 ​ - ​ - ​ - ​ 2,590,622 Securities issued by other financial institutions ​ 148,925 ​ 316,099 ​ - ​ 104,333 ​ 569,357 Corporate bonds ​ - ​ - ​ - ​ 123,327 ​ 123,327 Subtotal ​ 5,669,672 ​ 1,194,298 ​ 694,837 ​ 418,868 ​ 7,977,675 Securities at amortized cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ 250,583 ​ 423,154 ​ 755,067 ​ 2,251,456 ​ 3,680,260 Securities issued by government entities ​ 3,008,521 ​ - ​ - ​ 51,029 ​ 3,059,550 Securities issued by foreign governments ​ 16,676 ​ 431,662 ​ 116,919 ​ 190,025 ​ 755,282 Securities issued by other financial institutions ​ 79,800 ​ 191,690 ​ 48,701 ​ 314,127 ​ 634,318 Securities issued by the Colombian Government ​ - ​ 170,314 ​ 9,139 ​ 27,497 ​ 206,950 Subtotal ​ 3,355,580 ​ 1,216,820 ​ 929,826 ​ 2,834,134 ​ 8,336,360 Total debt instruments ​ 16,121,297 ​ 3,744,638 ​ 2,542,315 ​ 4,945,051 ​ 27,353,301 ​
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, 2023 ​ December 31, 2022 In millions of COP Securities at fair value through OCI: ​ ​ ​ ​ Equity securities listed in Colombia (1) ​ 2 ​ 40,878 Equity securities listed in foreign countries (1) ​ 78,787 ​ 8,038 Equity securities unlisted: ​ ​ ​ ​ Telered S.A. ​ 164,981 ​ 207,562 Asociación Gremial de Instituciones Financieras Credibanco S.A. ​ 110,786 ​ 98,492 Transacciones y Transferencias, S. A. ​ 17,346 ​ 16,890 Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. ​ 16,333 ​ 21,727 Cámara de Riesgo Central de Contraparte de Colombia S.A. ​ 14,998 ​ 6,038 Derecho Fiduciario Inmobiliaria Cadenalco ​ 4,449 ​ 4,003 Others ​ 36,675 ​ 38,766 Total equity securities at fair value through OCI ​ 444,357 ​ 442,394 (1) In November 2023, the integration of the stock exchanges of Colombia, Chile, and Peru was perfected, resulting in the creation of the Regional Stock Holding. As a result of this integration, 5,992,160 shares of the Bolsa de Valores de Colombia S.A. were delisted for COP 56,146 , and 3,606,223 shares were recognized in the Regional Stock Holding for COP 78,139 , this transaction generated an income in results of COP 21,993 , see Note 25.5. Dividends and net income on equity investments. The Bank retains 134 shares that were not included in this transaction, valued at COP
Schedule of the detail of the securities pledged as collateral	The detail of the securities pledged as collateral as of December 31, 2023 and 2022 is as follows: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Securities issued by foreign governments ​ Up to 3 months ​ Time deposits ​ 120,477 Securities issued by foreign governments ​ Between 3 and 6 months ​ Time deposits ​ 94,582 Securities issued by other financial institutions ​ Up to 3 months ​ Time deposits ​ 5,443 Securities issued by other financial institutions ​ Between 6 and 12 months ​ Time deposits ​ 2,179 Securities issued by other financial institutions ​ Greater than 12 months ​ Time deposits ​ 25,938 Securities issued by other financial institutions ​ Greater than 12 months ​ Bonds ​ 6,687 Corporate bonds ​ Up to 3 months ​ Bonds ​ 4,570 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 259,876 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Up to 3 months ​ TES - Treasury instruments ​ 39,257 Securities issued by the Colombian Government ​ Between 6 and 12 months ​ TES - Treasury instruments ​ 7,821 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 1,244,190 Securities issued by foreign governments ​ Between 3 and 6 months ​ Foreign issueds ​ 1,875 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 1,293,143 Total securities pledged as collateral ​ ​ ​ ​ ​ 1,553,019 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Pledged financial assets ​ Term ​ Security pledged ​ Carrying amount In millions of COP Investments pledged as collateral in money market ​ ​ ​ ​ ​ ​ Corporate bonds ​ Between 3 and 6 months ​ Bonds ​ 5,101 Securities issued by other financial institutions ​ Greater than 12 months ​ Bonds ​ 1,861 Securities issued by other financial institutions ​ Greater than 12 months ​ Time deposits ​ 2,171 Securities issued by the Colombian Government ​ Up to 3 months ​ TES - Treasury instruments ​ 23,764 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 30,383 Securities issued by foreign governments ​ Greater than 12 months ​ Bonds ​ 212,249 Subtotal investments pledged as collateral in money market ​ ​ ​ ​ ​ 275,529 Investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ Up to 3 months ​ TES - Treasury instruments ​ 320,252 Securities issued by the Colombian Government ​ Between 3 and 6 months ​ TES - Treasury instruments ​ 38,083 Securities issued by the Colombian Government ​ Greater than 12 months ​ TES - Treasury instruments ​ 215,250 Subtotal investments pledged as collateral in derivative operations ​ ​ ​ ​ ​ 573,585 Total securities pledged as collateral ​ ​ ​ ​ ​ 849,114
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments portfolio measure at fair value through OCI and amortized cost ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total In millions of COP Gross carrying amount as at 1 January 2023 ​ 15,973,144 ​ 340,891 ​ - ​ 16,314,035 Transfer from stage 1 to stage 3 (1) ​ (30,784) ​ - ​ 30,784 ​ - Transfer from stage 2 to stage 1 (1) ​ 6,627 ​ (6,627) ​ - ​ - Sales and maturities ​ (9,792,950) ​ - ​ - ​ (9,792,950) Purchases ​ 7,701,763 ​ - ​ - ​ 7,701,763 Valuation and payments ​ 84,609 ​ (66,959) ​ - ​ 17,650 Foreign Exchange ​ (1,182,067) ​ (62,172) ​ - ​ (1,244,239) Gross carrying amount as at 31 December 2023 ​ 12,760,342 ​ 205,133 ​ 30,784 ​ 12,996,259 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ 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 2022 ​ 13,545,514 ​ 227,167 ​ 13,772,681 Transfer from stage 1 to stage 2 (1) ​ (23,017) ​ 23,017 ​ - Transfer from stage 2 to stage 1 (2) ​ 129,403 ​ (129,403) ​ - Change in measure (3) ​ (110,061) ​ - ​ (110,061) Sales and maturities ​ (8,056,827) ​ (96,382) ​ (8,153,209) Purchases ​ 9,814,484 ​ 286,278 ​ 10,100,762 Valuation and payments ​ (381,921) ​ 2,979 ​ (378,942) Foreign Exchange ​ 1,055,569 ​ 27,235 ​ 1,082,804 Gross carrying amount as at 31 December 2022 ​ 15,973,144 ​ 340,891 ​ 16,314,035 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. ​
Schedule of provisions for the debt instruments portfolio using the expected credit losses model	The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total In millions of COP Securities at amortized cost ​ 6,612,165 ​ 205,133 ​ 30,784 ​ 6,848,082 Carrying amount ​ 6,642,104 ​ 217,046 ​ 44,735 ​ 6,903,885 Loss allowance ​ (29,939) ​ (11,913) ​ (13,951) ​ (55,803) Securities at fair value through other comprehensive income (1) ​ 6,148,177 ​ - ​ - ​ 6,148,177 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 12,760,342 ​ 205,133 ​ 30,784 ​ 12,996,259 (1) Loss allowance of investments at fair value through OCI corresponds to COP (5,562) classified in stage 1. The increase in relation to 2022 is due to the acquisition of instruments for COP 3,760 . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Securities at amortized cost ​ 7,995,469 ​ 340,891 ​ 8,336,360 Carrying amount ​ 8,025,350 ​ 375,911 ​ 8,401,261 Loss allowance ​ (29,881) ​ (35,020) ​ (64,901) Securities at fair value through other comprehensive income (1) ​ 7,977,675 ​ - ​ 7,977,675 Total debt instruments portfolio measure at fair value through OCI and amortized cost ​ 15,973,144 ​ 340,891 ​ 16,314,035 (1) Loss allowance of investments at fair value through OCI corresponds to COP (2,288) classified in stage 1. ​
Schedule of the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income	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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total In millions of COP Loss allowance of January 1, 2023 ​ 29,881 ​ 35,020 ​ - ​ 64,901 Transfer from stage 1 to stage 3 (1) ​ (13,951) ​ - ​ 13,951 ​ - Transfer from stage 2 to stage 1 (1) ​ 129 ​ (129) ​ - ​ - Sales and maturities ​ (9,459) ​ - ​ - ​ (9,459) New debt instruments purchased (2) ​ 10,497 ​ - ​ - ​ 10,497 Net provisions recognised during the period (3) ​ 19,030 ​ (17,882) ​ - ​ 1,148 Foreign Exchange (4) ​ (6,188) ​ (5,096) ​ - ​ (11,284) Loss allowance of December 31, 2023 ​ 29,939 ​ 11,913 ​ 13,951 ​ 55,803 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. (2) Impairment is mainly in securities issued by government entities and corporate bonds by Bancolombia S.A. and Banistmo S.A. y Filiales. (3) The increase in stage 1 is mostly due to a higher value of impairment loss in corporate bonds by Banistmo S.A. y Filiales and provision recovery in stage 2 is mostly in securities issued by foreign governments by Banagrícola S.A. y Filiales. (4) The decrease is due to the variation in the market representative rate during the year 2023. As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2022 ​ 17,690 ​ 6,989 ​ 24,679 Transfer from stage 1 to stage 2 (1) ​ (3,808) ​ 3,808 ​ - Transfer from stage 2 to stage 1 (2) ​ 526 ​ (526) ​ - Change in measure (3) ​ (213) ​ - ​ (213) Sales and maturities ​ (6,097) ​ (1,170) ​ (7,267) New debt instruments purchased (4) ​ 16,104 ​ 28,795 ​ 44,899 Net provisions recognised during the period ​ 3,482 ​ (4,088) ​ (606) Foreign Exchange ​ 2,197 ​ 1,212 ​ 3,409 Loss allowance of December 31, 2022 ​ 29,881 ​ 35,020 ​ 64,901 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. (4) Impairment is mainly in securities issued by the government of Salvador and corporate bonds. ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ Stage 1 ​ Stage 2 ​ Total In millions of COP Loss allowance of January 1, 2021 ​ 34,500 ​ 4,626 ​ 39,126 Transfer from stage 1 to stage 2 (1) ​ (1,670) ​ 1,670 ​ - Sales and maturities ​ (6,137) ​ - ​ (6,137) New debt instruments purchased ​ 10,273 ​ - ​ 10,273 Net provisions recognised during the period ​ (23,809) ​ (46) ​ (23,855) Foreign Exchange ​ 4,533 ​ 739 ​ 5,272 Loss allowance of December 31, 2021 ​ 17,690 ​ 6,989 ​ 24,679 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Bancolombia Panamá S.A. ​
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ Derivatives ​ December 31, 2023 ​ December 31, 2022 In millions of COP Forwards ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 4,381,906 ​ 1,573,952 Equity contracts ​ 3,015 ​ 5,519 Subtotal assets ​ 4,384,921 ​ 1,579,471 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ 4,526,353 ​ 1,711,644 Equity contracts ​ 10,481 ​ 7,203 Subtotal liabilities ​ 4,536,834 ​ 1,718,847 Total forwards ​ (151,913) ​ (139,376) Swaps ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 1,304,337 ​ 2,394,832 Interest rate contracts ​ 352,424 ​ 865,627 Subtotal assets ​ 1,656,761 ​ 3,260,459 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ 1,491,086 ​ 1,917,397 Interest rate contracts ​ 449,857 ​ 1,008,302 Subtotal liabilities ​ 1,940,943 ​ 2,925,699 Total swaps ​ (284,182) ​ 334,760 Options ​ ​ ​ ​ Assets ​ ​ ​ ​ Foreign exchange contracts ​ 210,588 ​ 121,307 Subtotal assets ​ 210,588 ​ 121,307 Liabilities ​ ​ ​ ​ Foreign exchange contracts ​ 232,587 ​ 92,908 Subtotal liabilities ​ 232,587 ​ 92,908 Total options ​ (21,999) ​ 28,399 Derivative assets ​ 6,252,270 ​ 4,961,237 Derivative liabilities ​ 6,710,364 ​ 4,737,454
Schedule of the remaining contractual life of the derivatives portfolio	The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 4,384,921 ​ 1,656,761 ​ 210,588 ​ 6,252,270 Less than 1 year ​ 4,235,981 ​ 642,305 ​ 135,559 ​ 5,013,845 Between 1 and 3 years ​ 147,826 ​ 517,314 ​ 75,029 ​ 740,169 Greater than 3 years ​ 1,114 ​ 497,142 ​ - ​ 498,256 Liabilities ​ 4,536,834 ​ 1,940,943 ​ 232,587 ​ 6,710,364 Less than 1 year ​ 4,419,918 ​ 419,251 ​ 152,285 ​ 4,991,454 Between 1 and 3 years ​ 116,916 ​ 979,130 ​ 80,302 ​ 1,176,348 Greater than 3 years ​ - ​ 542,562 ​ - ​ 542,562 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ Swaps ​ Options ​ Total In millions of COP Assets ​ 1,579,471 ​ 3,260,459 ​ 121,307 ​ 4,961,237 Less than 1 year ​ 1,432,022 ​ 860,281 ​ 108,319 ​ 2,400,622 Between 1 and 3 years ​ 147,449 ​ 1,241,252 ​ 12,988 ​ 1,401,689 Greater than 3 years ​ - ​ 1,158,926 ​ - ​ 1,158,926 Liabilities ​ 1,718,847 ​ 2,925,699 ​ 92,908 ​ 4,737,454 Less than 1 year ​ 1,642,706 ​ 501,368 ​ 80,854 ​ 2,224,928 Between 1 and 3 years ​ 76,141 ​ 1,092,480 ​ 12,054 ​ 1,180,675 Greater than 3 years ​ - ​ 1,331,851 ​ - ​ 1,331,851 ​
Schedule of collateral for derivatives	The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 In millions of COP Collateral granted ​ 2,326,977 ​ 1,143,266 Collateral received ​ 795,628 ​ 655,176
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Options ​ Total In millions of COP Balance at January 1, 2023 ​ 61,724 ​ 16,580 ​ 39,714 ​ 118,018 New trades ​ 1,159,069 ​ (26,905) ​ 195,456 ​ 1,327,620 Amortization ​ (1,176,173) ​ 4,166 ​ (148,299) ​ (1,320,306) Sale or transfer ​ (8,331) ​ (7,471) ​ (23,803) ​ (39,605) Balance at December 31, 2023 ​ 36,289 ​ (13,630) ​ 63,068 ​ 85,727 ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ Swaps ​ Opciones ​ Total In millions of COP Balance at January 1, 2022 ​ 16,918 ​ 27,894 ​ 26,675 ​ 71,487 New trades ​ 315,395 ​ 11,937 ​ 164,460 ​ 491,792 Amortization ​ (265,268) ​ (18,723) ​ (113,705) ​ (397,696) Sale or transfer ​ (5,321) ​ (4,528) ​ (37,716) ​ (47,565) Balance at December 31, 2022 ​ 61,724 ​ 16,580 ​ 39,714 ​ 118,018
Schedule of hedging instruments of net foreign investment	The following is the detail of the hedging instruments of the net foreign investment: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities issued designated as a hedging instrument In thousands of USD ​ ​ ​ ​ ​ ​ ​ ​ Designated capital as Opening date ​ Expiration date ​ Rate ​ Principal balance ​ a hedged instrument 18/10/2017 ​ 18/10/2027 ​ 7.03 % 750,000 ​ 360,000 18/12/2019 ​ 18/12/2029 ​ 4.68 % 436,516 ​ 436,516 18/12/2019 ​ 18/12/2029 ​ 4.68 % 85,710 ​ 85,710 18/12/2019 ​ 18/12/2029 ​ 4.68 % 27,774 ​ 27,774 29/01/2020 ​ 29/01/2025 ​ 3.02 % 482,034 ​ 482,034 Total debt securities issued ​ ​ ​ 1,782,034 ​ 1,392,034 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 ​ 17/03/2025 ​ 6.06 % 150,000 ​ 150,000 7/09/2022 ​ 5/09/2025 ​ 6.36 % 50,000 ​ 50,000 Total financing with Correspondent Banks ​ 200,000 ​ 200,000 Total ​ ​ ​ ​ ​ 1,982,034 ​ 1,592,034 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities issued designated as a hedging instrument In thousands of USD ​ ​ ​ ​ ​ ​ ​ ​ Designated capital as Opening date ​ Expiration date ​ Rate ​ Principal balance ​ a hedged instrument 18/10/2017 ​ 18/10/2027 ​ 7.03 % 750,000 ​ 360,000 18/12/2019 ​ 18/12/2029 ​ 4.68 % 436,516 ​ 436,516 18/12/2019 ​ 18/12/2029 ​ 4.68 % 85,710 ​ 85,710 18/12/2019 ​ 18/12/2029 ​ 4.68 % 27,774 ​ 27,774 29/01/2020 ​ 29/01/2025 ​ 3.02 % 598,032 ​ 598,032 29/01/2020 ​ 29/01/2025 ​ 3.02 % 351,968 ​ 351,968 Total debt securities issued ​ ​ ​ 2,250,000 ​ 1,860,000 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 ​ 17/03/2025 ​ 6.06 % 150,000 ​ 150,000 7/09/2022 ​ 5/09/2025 ​ 6.36 % 50,000 ​ 50,000 Total financing with Correspondent Banks ​ 200,000 ​ 200,000 Total ​ ​ ​ ​ ​ 2,450,000 ​ 2,060,000 ​
Schedule of derivative instruments subject to enforceable master netting agreements and other similar agreements	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, 2023 and 2022 by derivative and by risk: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Forwards ​ 4,381,906 ​ 4,526,353 Swaps ​ 1,304,337 ​ 1,491,086 Options ​ 210,588 ​ 232,587 Interest rate contracts ​ ​ ​ ​ Swaps ​ 352,424 ​ 449,857 Equity contracts ​ ​ ​ ​ Forwards ​ 3,015 ​ 10,481 Gross derivative assets/liabilities ​ 6,252,270 ​ 6,710,364 Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 6,252,270 ​ 6,710,364 Master netting agreements ​ (6,215,727) ​ (5,548,746) Collateral received/paid ​ (36,543) ​ (1,161,618) Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ - ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Assets ​ Derivatives Liabilities In millions of COP Over-the-counter ​ ​ ​ ​ Foreign exchange contracts ​ ​ ​ ​ Forwards ​ 1,573,952 ​ 1,711,644 Swaps ​ 2,394,832 ​ 1,917,397 Options ​ 121,307 ​ 92,908 Interest rate contracts ​ ​ ​ ​ Swaps ​ 865,627 ​ 1,008,302 Equity contracts ​ ​ ​ ​ Forwards ​ 5,519 ​ 7,203 Gross derivative assets/liabilities ​ 4,961,237 ​ 4,737,454 Offseting of derivates ​ - ​ - Derivative financial instruments in statement of financial position ​ 4,961,237 ​ 4,737,454 Master netting agreements ​ (4,369,178) ​ (4,578,461) Collateral received/paid ​ (592,059) ​ (158,993) Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements ​ - ​ -

LOANS AND ADVANCES TO CUSTOME_2

LOANS AND ADVANCES TO CUSTOMERS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2023 ​ December 31, 2022 In millions of COP Commercial ​ 134,687,396 ​ 143,537,853 Consumer ​ 54,591,769 ​ 59,588,721 Mortgage ​ 36,250,408 ​ 37,371,373 Financial Leases (1) ​ 27,277,057 ​ 28,097,716 Small Business Loans ​ 1,145,017 ​ 1,328,076 Total gross loans and advances to customers (2) ​ 253,951,647 ​ 269,923,739 Total allowance ​ (16,223,103) ​ (15,479,640) Total Net loans and advances to customers ​ 237,728,544 ​ 254,444,099 (1) See note 7.1 Lessor. (2) The operations in Colombia and Banistmo in Panama contributed to the portfolio contraction. In addition, in 2023 the Colombian peso revalued 20.54% against the US dollar.
Schedule of the changes in the allowance for loans and advances and lease losses	As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2023 ​ 7,270,305 ​ 6,047,135 ​ 1,024,091 ​ 1,013,074 ​ 125,035 ​ 15,479,640 Loan sales (1) ​ (829,547) ​ - ​ - ​ - ​ - ​ (829,547) Recovery of charged - off loans ​ 93,251 ​ 548,655 ​ 64,573 ​ 61,749 ​ 2,706 ​ 770,934 Credit impairment charges on loans, advances and financial leases, net ​ 756,174 ​ 6,313,453 ​ 104,417 ​ 167,904 ​ 119,531 ​ 7,461,479 Adjusted stage 3 (2) ​ 427,283 ​ 509,668 ​ 33,465 ​ 67,288 ​ 11,201 ​ 1,048,905 Charges-off ​ (970,685) ​ (5,261,966) ​ (128,532) ​ (277,904) ​ (81,276) ​ (6,720,363) Translation adjustment ​ (456,515) ​ (439,907) ​ (74,808) ​ (7,536) ​ (9,179) ​ (987,945) Balance at December 31, 2023 ​ 6,290,266 ​ 7,717,038 ​ 1,023,206 ​ 1,024,575 ​ 168,018 ​ 16,223,103 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ The charges-off still subject to enforcement activity. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Small ​ ​ Concept ​ Commercial ​ Consumer ​ Mortgage ​ Financial ​ business ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Leases ​ loans ​ ​ In millions of COP Balance at beginning of period January 1, 2022 ​ 7,813,023 ​ 5,305,267 ​ 1,061,058 ​ 1,521,067 ​ 164,067 ​ 15,864,482 Loan sales (1) ​ (225,226) ​ - ​ - ​ - ​ - ​ (225,226) Recovery of charged - off loans ​ 188,018 ​ 385,011 ​ 28,690 ​ 72,056 ​ 1,191 ​ 674,966 Credit impairment charges on loans, advances and financial leases, net ​ 502,577 ​ 3,447,515 ​ 183,436 ​ (461,665) ​ 49,490 ​ 3,721,353 Adjusted stage 3 (2) ​ 323,196 ​ 279,843 ​ 38,769 ​ 48,836 ​ 11,989 ​ 702,633 Charges-off ​ (1,742,895) ​ (3,788,517) ​ (345,991) ​ (176,407) ​ (111,092) ​ (6,164,902) Translation adjustment ​ 411,612 ​ 418,016 ​ 58,129 ​ 9,187 ​ 9,390 ​ 906,334 Balance at December 31, 2022 ​ 7,270,305 ​ 6,047,135 ​ 1,024,091 ​ 1,013,074 ​ 125,035 ​ 15,479,640 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ The charges-off still subject to enforcement activity. ​ 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 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) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. ​ The charges-off still subject to enforcement activity. ​
Schedule of changes in the contractual cash flows of the loan portfolio that did not result in derecognition	The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses. ​ ​ ​ ​ ​ ​ Changes in the contractual cash flows of the loan portfolio that did not result in derecognition ​ ​ ​ ​ In millions of COP ​ ​ 2023 ​ 2022 Loan portfolio modified during the period ​ ​ ​ ​ Amortized cost before modification ​ 7,566,692 ​ 5,524,962 Net gain or loss on changes ​ (182,023) ​ (78,790) Loan portfolio modified since initial recognition ​ ​ ​ ​ Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months. ​ 393,789 ​ 164,423 ​
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 loan losses by category during the periods ended on December 31, 2023 and 2022 as a result of applying the expected credit loss model according to IFRS 9: ​ As of December 31, 2023 ​ 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, 2023 126,530,862 ​ (665,259) ​ 8,062,435 ​ (751,728) ​ 8,944,556 ​ (5,853,318) ​ 143,537,853 ​ (7,270,305) Transfers of financial instruments: ​ (1,248,210) ​ (73,788) ​ (565,802) ​ 157,677 ​ 1,814,012 ​ (83,889) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,286,292) ​ 24,362 ​ 1,286,292 ​ (24,362) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (900,645) ​ 26,071 ​ - ​ - ​ 900,645 ​ (26,071) ​ - ​ - Transfers from stage 2 to stage 1 ​ 931,660 ​ (118,403) ​ (931,660) ​ 118,403 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (1,081,128) ​ 139,257 ​ 1,081,128 ​ (139,257) ​ - ​ - Transfers from stage 3 to stage 1 ​ 7,067 ​ (5,818) ​ - ​ - ​ (7,067) ​ 5,818 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 160,694 ​ (75,621) ​ (160,694) ​ 75,621 ​ - ​ - Remeasurement arising from transfer of stage ​ (172,134) ​ 98,684 ​ (190,275) ​ (7,563) ​ (153,574) ​ (1,140,608) ​ (515,983) ​ (1,049,487) Remeasurement from remaining in the stage ​ (10,087,837) ​ 69,038 ​ (444,057) ​ 97,791 ​ (135,588) ​ (159,438) ​ (10,667,482) ​ 7,391 Remeasurement due to changes in economics factors ​ - ​ (14,781) ​ - ​ (19,968) ​ - ​ 7,515 ​ - ​ (27,234) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 19,001 ​ - ​ 53,533 ​ - ​ 25,299 ​ - ​ 97,833 New financial assets purchased/originated (1) ​ 60,154,305 ​ (302,169) ​ 1,192,219 ​ (143,442) ​ 1,296,765 ​ (725,298) ​ 62,643,289 ​ (1,170,909) Financial assets that have been derecognized ​ (45,206,464) ​ 181,931 ​ (1,519,892) ​ 121,596 ​ (1,715,530) ​ 1,391,718 ​ (48,441,886) ​ 1,695,245 Charges-off ​ (19,285) ​ 973 ​ (81,528) ​ 17,475 ​ (869,872) ​ 952,237 ​ (970,685) ​ 970,685 Foreign Exchange and other movements ​ (9,177,310) ​ 48,275 ​ (999,563) ​ 49,159 ​ (720,837) ​ 359,081 ​ (10,897,710) ​ 456,515 Balance at December 31, 2023 ​ 120,773,927 ​ (638,095) ​ 5,453,537 ​ (425,470) ​ 8,459,932 ​ (5,226,701) ​ 134,687,396 ​ (6,290,266) (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, 2023 51,510,943 ​ (1,823,841) ​ 5,288,921 ​ (1,868,882) ​ 2,788,857 ​ (2,354,412) ​ 59,588,721 ​ (6,047,135) Transfers of financial instruments: ​ (2,366,645) ​ (213,509) ​ 299,377 ​ 313,735 ​ 2,067,268 ​ (100,226) ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,890,263) ​ 116,262 ​ 1,890,263 ​ (116,262) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (1,805,932) ​ 124,706 ​ - ​ - ​ 1,805,932 ​ (124,706) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,252,391 ​ (381,036) ​ (1,252,391) ​ 381,036 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (547,962) ​ 230,723 ​ 547,962 ​ (230,723) ​ - ​ - Transfers from stage 3 to stage 1 ​ 77,159 ​ (73,441) ​ - ​ - ​ (77,159) ​ 73,441 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 209,467 ​ (181,762) ​ (209,467) ​ 181,762 ​ - ​ - Remeasurement arising from transfer of stage ​ (176,080) ​ 281,499 ​ (103,802) ​ (541,174) ​ 990,976 ​ (4,445,663) ​ 711,094 ​ (4,705,338) Remeasurement from remaining in the stage ​ (4,024,103) ​ (79,073) ​ (162,497) ​ (79,505) ​ 278,004 ​ (493,421) ​ (3,908,596) ​ (651,999) Remeasurement due to changes in economics factors ​ - ​ (242,317) ​ - ​ (32,244) ​ - ​ 989 ​ - ​ (273,572) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (423,782) ​ - ​ 252,110 ​ - ​ 19,805 ​ - ​ (151,867) New financial assets purchased/originated (1) ​ 15,350,895 ​ (866,684) ​ 1,429,142 ​ (584,910) ​ 1,275,594 ​ (1,053,814) ​ 18,055,631 ​ (2,505,408) Financial assets that have been derecognized ​ (9,643,264) ​ 349,930 ​ (858,742) ​ 315,991 ​ (294,422) ​ 250,487 ​ (10,796,428) ​ 916,408 Charges-off ​ (1,299,715) ​ 231,387 ​ (1,129,877) ​ 542,312 ​ (2,832,374) ​ 4,488,267 ​ (5,261,966) ​ 5,261,966 Foreign Exchange and other movements ​ (3,291,416) ​ 114,156 ​ (355,455) ​ 98,062 ​ (149,816) ​ 227,689 ​ (3,796,687) ​ 439,907 Balance at December 31, 2023 ​ 46,060,615 ​ (2,672,234) ​ 4,407,067 ​ (1,584,505) ​ 4,124,087 ​ (3,460,299) ​ 54,591,769 ​ (7,717,038) (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, 2023 23,566,544 ​ (151,328) ​ 3,172,285 ​ (238,920) ​ 1,358,887 ​ (622,826) ​ 28,097,716 ​ (1,013,074) Transfers of financial instruments: ​ (33,774) ​ (56,552) ​ (337,901) ​ 74,010 ​ 371,675 ​ (17,458) ​ - ​ - Transfers from stage 1 to stage 2 ​ (886,398) ​ 15,837 ​ 886,398 ​ (15,837) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (214,258) ​ 6,202 ​ - ​ - ​ 214,258 ​ (6,202) ​ - ​ - Transfers from stage 2 to stage 1 ​ 1,065,222 ​ (77,927) ​ (1,065,222) ​ 77,927 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (211,221) ​ 26,291 ​ 211,221 ​ (26,291) ​ - ​ - Transfers from stage 3 to stage 1 ​ 1,660 ​ (664) ​ - ​ - ​ (1,660) ​ 664 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 52,144 ​ (14,371) ​ (52,144) ​ 14,371 ​ - ​ - Remeasurement arising from transfer of stage ​ (67,839) ​ 66,879 ​ (66,232) ​ (43,021) ​ 38,500 ​ (275,772) ​ (95,571) ​ (251,914) Remeasurement from remaining in the stage ​ (1,719,440) ​ 7,812 ​ (84,050) ​ 27,024 ​ (16,635) ​ (44,480) ​ (1,820,125) ​ (9,644) Remeasurement due to changes in economics factors ​ - ​ (2,286) ​ - ​ (4,103) ​ - ​ 8,419 ​ - ​ 2,030 Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (1,756) ​ - ​ (5,150) ​ - ​ 8,486 ​ - ​ 1,580 New financial assets purchased/originated (1) ​ 2,926,745 ​ (21,654) ​ 915,316 ​ (57,704) ​ 67,467 ​ (45,494) ​ 3,909,528 ​ (124,852) Financial assets that have been derecognized ​ (1,780,980) ​ 11,596 ​ (264,866) ​ 12,186 ​ (129,570) ​ 62,077 ​ (2,175,416) ​ 85,859 Charges-off ​ (863) ​ 29 ​ (25,471) ​ 27,464 ​ (251,570) ​ 250,411 ​ (277,904) ​ 277,904 Foreign Exchange and other movements ​ (337,265) ​ 1,831 ​ (15,981) ​ 1,573 ​ (7,925) ​ 4,132 ​ (361,171) ​ 7,536 Balance at December 31, 2023 ​ 22,553,128 ​ (145,429) ​ 3,293,100 ​ (206,641) ​ 1,430,829 ​ (672,505) ​ 27,277,057 ​ (1,024,575) (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, 2023 34,067,734 ​ (206,800) ​ 1,997,270 ​ (256,275) ​ 1,306,369 ​ (561,016) ​ 37,371,373 ​ (1,024,091) Transfers of financial instruments: ​ (1,226,789) ​ (46,563) ​ 838,151 ​ 32,285 ​ 388,638 ​ 14,278 ​ - ​ - Transfers from stage 1 to stage 2 ​ (1,419,929) ​ 20,379 ​ 1,419,929 ​ (20,379) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (330,417) ​ 7,821 ​ - ​ - ​ 330,417 ​ (7,821) ​ - ​ - Transfers from stage 2 to stage 1 ​ 523,311 ​ (74,687) ​ (523,311) ​ 74,687 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (306,993) ​ 52,110 ​ 306,993 ​ (52,110) ​ - ​ - Transfers from stage 3 to stage 1 ​ 246 ​ (76) ​ - ​ - ​ (246) ​ 76 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 248,526 ​ (74,133) ​ (248,526) ​ 74,133 ​ - ​ - Remeasurement arising from transfer of stage ​ (18,655) ​ 45,186 ​ (8,302) ​ (84,371) ​ 63,442 ​ (154,335) ​ 36,485 ​ (193,520) Remeasurement from remaining in the stage ​ (1,240,204) ​ (6,873) ​ (12,416) ​ (5,955) ​ (20,842) ​ (125,459) ​ (1,273,462) ​ (138,287) Remeasurement due to changes in economics factors ​ - ​ (8,108) ​ - ​ (1,386) ​ - ​ - ​ - ​ (9,494) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ 54,756 ​ - ​ 17,730 ​ - ​ 58,972 ​ - ​ 131,458 New financial assets purchased/originated (1) ​ 5,361,515 ​ (36,938) ​ 102,552 ​ (19,513) ​ 37,864 ​ (11,435) ​ 5,501,931 ​ (67,886) Financial assets that have been derecognized ​ (1,428,077) ​ 11,130 ​ (69,961) ​ 10,885 ​ (106,100) ​ 53,259 ​ (1,604,138) ​ 75,274 Charges-off ​ (2,088) ​ 8 ​ (2,446) ​ 497 ​ (123,998) ​ 128,027 ​ (128,532) ​ 128,532 Foreign Exchange and other movements ​ (3,302,788) ​ 9,287 ​ (216,194) ​ 21,182 ​ (134,267) ​ 44,339 ​ (3,653,249) ​ 74,808 Balance at December 31, 2023 ​ 32,210,648 ​ (184,915) ​ 2,628,654 ​ (284,921) ​ 1,411,106 ​ (553,370) ​ 36,250,408 ​ (1,023,206) (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, 2023 1,093,973 ​ (28,564) ​ 135,528 ​ (29,024) ​ 98,575 ​ (67,447) ​ 1,328,076 ​ (125,035) Transfers of financial instruments: ​ (210,552) ​ 3,957 ​ 155,467 ​ (680) ​ 55,085 ​ (3,277) ​ - ​ - Transfers from stage 1 to stage 2 ​ (177,024) ​ 4,932 ​ 177,024 ​ (4,932) ​ - ​ - ​ - ​ - Transfers from stage 1 to stage 3 ​ (46,849) ​ 2,745 ​ - ​ - ​ 46,849 ​ (2,745) ​ - ​ - Transfers from stage 2 to stage 1 ​ 13,169 ​ (3,625) ​ (13,169) ​ 3,625 ​ - ​ - ​ - ​ - Transfers from stage 2 to stage 3 ​ - ​ - ​ (17,243) ​ 5,043 ​ 17,243 ​ (5,043) ​ - ​ - Transfers from stage 3 to stage 1 ​ 152 ​ (95) ​ - ​ - ​ (152) ​ 95 ​ - ​ - Transfers from stage 3 to stage 2 ​ - ​ - ​ 8,855 ​ (4,416) ​ (8,855) ​ 4,416 ​ - ​ - Remeasurement arising from transfer of stage ​ (2,939) ​ 2,268 ​ (4,798) ​ (5,519) ​ (8,155) ​ (58,743) ​ (15,892) ​ (61,994) Remeasurement from remaining in the stage ​ (133,210) ​ 5,932 ​ (9,475) ​ (7,767) ​ (94) ​ (9,821) ​ (142,779) ​ (11,656) Remeasurement due to changes in economics factors ​ - ​ (3,185) ​ - ​ (882) ​ - ​ 24 ​ - ​ (4,043) Remeasurement due to changes in model inputs ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ - Remeasurement due to methodological changes ​ - ​ (14,202) ​ - ​ 3,792 ​ - ​ 2,808 ​ - ​ (7,602) New financial assets purchased/originated (1) ​ 395,777 ​ (29,237) ​ 31,394 ​ (8,643) ​ 32,093 ​ (28,378) ​ 459,264 ​ (66,258) Financial assets that have been derecognized ​ (220,594) ​ 5,021 ​ (13,738) ​ 3,545 ​ (12,904) ​ 9,549 ​ (247,236) ​ 18,115 Charges-off ​ (17,840) ​ 1,787 ​ (17,376) ​ 7,174 ​ (46,060) ​ 72,315 ​ (81,276) ​ 81,276 Foreign Exchange and other movements ​ (130,044) ​ 993 ​ (16,699) ​ 3,139 ​ (8,397) ​ 5,047 ​ (155,140) ​ 9,179 Balance at December 31, 2023 ​ 774,571 ​ (55,230) ​ 260,303 ​ (34,865) ​ 110,143 ​ (77,923) ​ 1,145,017 ​ (168,018) (1) Includes financial assets purchased, originated and restructured. ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of 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, 2023 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 1,481,313 ​ 1,257,859 Between 1 and 5 years ​ 10,967,173 ​ 8,338,151 Greater than 5 years ​ 34,066,937 ​ 17,681,047 Total gross investment in finance lease receivable/ present value of minimum payments ​ 46,515,423 ​ 27,277,057 Less: Future financial income (1) ​ (19,238,366) ​ - Present value of payments receivable (2) ​ 27,277,057 ​ 27,277,057 Minimum non-collectable payments impairment ​ (1,024,575) ​ (1,024,575) Total ​ 26,252,482 ​ 26,252,482 (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, 2022 ​ ​ ​ ​ ​ ​ Period ​ Gross investment in finance lease receivable ​ Present value of minimum payments In millions of COP Less than 1 year ​ 634,388 ​ 612,012 Between 1 and 5 years ​ 10,579,102 ​ 8,286,322 Greater than 5 years ​ 34,118,764 ​ 19,199,382 Total gross investment in finance lease receivable/ present value of minimum payments ​ 45,332,254 ​ 28,097,716 Less: Future financial income (1) ​ (17,234,538) ​ - Present value of payments receivable (2) ​ 28,097,716 ​ 28,097,716 Minimum non-collectable payments impairment ​ (972,743) ​ (972,743) Total ​ 27,124,973 ​ 27,124,973 (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	The following table sets the unsecured residual values by type of asset as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ Type of asset ​ December 31, 2023 ​ December 31, 2022 In millions of COP Technological equipment ​ 49,990 ​ 47,922 Vehicles ​ 14,243 ​ 24,187 Machinery and equipment ​ 11,930 ​ 13,124 Furniture and fixtures ​ 12 ​ 28 Other assets ​ 1,417 ​ 1,541 Total ​ 77,592 ​ 86,802 (*) 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	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, 2023 ​ December 31, 2022 In millions of COP Technological equipment ​ 20,717 ​ 30,075 Buildings ​ 8,088 ​ 3,905 Machinery and equipment ​ 532 ​ 498 Vehicles ​ 102 ​ 206 Furniture and fixtures ​ - ​ 1 Total ​ 29,439 ​ 34,685 ​
Schedule of minimum payments on operating leases to be received	The following table presents the information of minimum payments by lease to be received: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ In millions of COP Less than 1 year ​ 259,277 ​ 501,738 ​ Between 1 and 5 years ​ 524,293 ​ 783,663 ​ Greater than 5 years ​ 60,619 ​ 423,459 ​ Total (1) ​ 844,189 ​ 1,708,860 ​ (1) During 2023, Renting S.A.S. have subleased their vehicles under financial leases, therefore operational placements through own resources and the number of operational vehicles have decreased. ​
Schedule of the rollforward of right of use assets	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, 2023 and 2022, the rollforward of right-of-use assets was as follows: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right-of-use assets ​ Balance at January 01, 2023 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation (2) ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2023 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,319,471 ​ 67,049 ​ 11,861 ​ - ​ (75,701) ​ 218,592 ​ (238,350) ​ 2,302,922 Accumulated depreciation ​ (637,615) ​ - ​ - ​ (198,156) ​ 41,560 ​ - ​ 87,425 ​ (706,786) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 4,449 ​ 620 ​ - ​ - ​ (1,783) ​ - ​ (524) ​ 2,762 Accumulated depreciation ​ (4,291) ​ - ​ - ​ (548) ​ 1,708 ​ - ​ 524 ​ (2,607) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 95,240 ​ 7,965 ​ - ​ - ​ (30,650) ​ (2,773) ​ (11,713) ​ 58,069 Accumulated depreciation ​ (53,757) ​ - ​ - ​ (17,043) ​ 29,864 ​ - ​ 6,000 ​ (34,936) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 136,560 ​ 418,773 ​ - ​ - ​ (539,293) ​ 4,419 ​ (704) ​ 19,755 Accumulated depreciation ​ (32,949) ​ - ​ - ​ (13,918) ​ 41,128 ​ - ​ 605 ​ (5,134) Total right-of-use assets – cost ​ 2,555,720 ​ 494,407 ​ 11,861 ​ - ​ (647,427) ​ 220,238 ​ (251,291) ​ 2,383,508 Total right-of-use assets - accumulated depreciation ​ (728,612) ​ - ​ - ​ (229,665) ​ 114,260 ​ - ​ 94,554 ​ (749,463) Total right-of-use assets, net ​ 1,827,108 ​ 494,407 ​ 11,861 ​ (229,665) ​ (533,167) ​ 220,238 ​ (156,737) ​ 1,634,045 (1) See Note 26.3 Impairment, depreciation and amortization. (2) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Roll - forward ​ ​ Right-of-use assets ​ Balance at January 01, 2022 ​ Acquisitions ​ Additions ​ Expenses depreciation (1) ​ Disposals ​ Revaluation ​ Effect of changes in foreign exchange rate ​ Balance at December 31, 2022 In millions of COP Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,015,154 ​ 66,738 ​ 8,746 ​ - ​ (55,759) ​ 83,387 ​ 201,205 ​ 2,319,471 Accumulated depreciation ​ (431,147) ​ - ​ - ​ (175,538) ​ 31,276 ​ - ​ (62,206) ​ (637,615) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,972 ​ - ​ - ​ - ​ - ​ 37 ​ 440 ​ 4,449 Accumulated depreciation ​ (2,821) ​ - ​ - ​ (1,066) ​ - ​ - ​ (404) ​ (4,291) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 87,357 ​ 2,603 ​ - ​ - ​ (985) ​ (2,659) ​ 8,924 ​ 95,240 Accumulated depreciation ​ (32,538) ​ - ​ - ​ (18,717) ​ 826 ​ - ​ (3,328) ​ (53,757) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 72,369 ​ 99,041 ​ - ​ - ​ (70,207) ​ 34,776 ​ 581 ​ 136,560 Accumulated depreciation ​ (16,481) ​ - ​ - ​ (17,540) ​ 1,558 ​ - ​ (486) ​ (32,949) Total right-of-use assets – cost ​ 2,178,852 ​ 168,382 ​ 8,746 ​ - ​ (126,951) ​ 115,541 ​ 211,150 ​ 2,555,720 Total right-of-use assets - accumulated depreciation ​ (482,987) ​ - ​ - ​ (212,861) ​ 33,660 ​ - ​ (66,424) ​ (728,612) Total right-of-use assets, net ​ 1,695,865 ​ 168,382 ​ 8,746 ​ (212,861) ​ (93,291) ​ 115,541 ​ 144,726 ​ 1,827,108 (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, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2023 ​ 1,900,268 (+) New contracts ​ 75,345 (+/-) Reassessment of the lease liability (1) ​ 161,787 (-) Payments ​ (305,413) (+) Accrued Interest (2) ​ 123,175 (+/-) Effect of changes in foreign exchange rate (3) ​ (181,552) Balance at December 31, 2023 ​ 1,773,610 (1) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. (2) The difference of COP 9,360 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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 (3) The variation is due to the decrease in the market representative rate from COP 4,810.20 colombian pesos in December 2022 to COP 3,822.05 colombian pesos in December 2023. ​ As of December 31, 2022 ​ ​ ​ ​ Concept ​ Total In millions of COP Balance at January 01, 2022 ​ 1,819,077 (+) New contracts ​ 68,201 (+/-) Reassessment of the lease liability ​ 12,131 (-) Payments ​ (285,920) (+) Accrued Interest (1) ​ 123,510 (+/-) Effect of changes in foreign exchange rate ​ 163,269 Balance at December 31, 2022 ​ 1,900,268 (1) The difference of COP 12,161 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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	The following table shows maturity analysis of lease liabilities as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 17,345 ​ 58,438 ​ 230,397 ​ 1,441,288 ​ 1,747,468 Vehicles ​ 125 ​ 245 ​ - ​ - ​ 370 Computer equipment ​ 2,733 ​ 14,124 ​ 7,524 ​ 1,391 ​ 25,772 Total lease liabilities ​ 20,203 ​ 72,807 ​ 237,921 ​ 1,442,679 ​ 1,773,610 ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 10,502 ​ 43,545 ​ 82,647 ​ 1,716,968 ​ 1,853,662 Vehicles ​ 83 ​ 300 ​ 183 ​ - ​ 566 Computer equipment ​ 3,052 ​ 17,775 ​ 14,650 ​ 10,563 ​ 46,040 Total lease liabilities ​ 13,637 ​ 61,620 ​ 97,480 ​ 1,727,531 ​ 1,900,268 ​
Schedule of weighted average rates and average useful life of right of use assets	The following table shows the weighted average rates and average useful life of right-of-use assets as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 209 ​ 99 ​ 6.67 % Computer equipment ​ 73 ​ 31 ​ 8.36 % Vehicles ​ 51 ​ 22 ​ 9.81 % ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Weighted average life ​ Weighted average remaining lease terms ​ Weighted average discount rates ​ Buildings ​ 195 ​ 97 ​ 5.75 % Computer equipment ​ 75 ​ 35 ​ 8.65 % Vehicles ​ 48 ​ 35 ​ 10.24 % ​
Summary of leases in the Consolidated Statement of Income	The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Financial interest (1) ​ Expenses depreciation (2) ​ 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 ​ 109,800 ​ 198,156 ​ 62 ​ 983 ​ 235 ​ 7,577 ​ Vehicles ​ 40 ​ 13,918 ​ - ​ 51 ​ - ​ - ​ Computer equipment ​ 3,907 ​ 17,043 ​ - ​ - ​ 6,545 ​ - ​ Furniture and fixtures ​ 68 ​ 548 ​ - ​ 904 ​ 432 ​ - ​ Total ​ 113,815 ​ 229,665 ​ 62 ​ 1,938 ​ 7,212 ​ 7,577 ​ (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 9,360 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets ​ Financial interest (1) ​ Expenses depreciation (2) ​ 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 ​ 107,002 ​ 175,538 ​ 416 ​ 872 ​ 208 ​ 6,048 ​ Vehicles ​ 13 ​ 17,540 ​ - ​ 394 ​ 55 ​ - ​ Computer equipment ​ 4,289 ​ 18,717 ​ - ​ - ​ 8,649 ​ - ​ Furniture and fixtures ​ 45 ​ 1,066 ​ - ​ 1,015 ​ 2,685 ​ - ​ Total ​ 111,349 ​ 212,861 ​ 416 ​ 2,281 ​ 11,597 ​ 6,048 ​ (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 12,161 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. ​
Schedule of minimum payments lease liabilities	The following table contains the minimum payments lease liabilities as of December 31, 2023 and 2022: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 21,050 ​ 73,316 ​ 301,470 ​ 2,074,687 ​ 2,470,523 Vehicles ​ 193 ​ 206 ​ - ​ - ​ 399 Computer equipment ​ 2,964 ​ 16,263 ​ 1,550 ​ 8,323 ​ 29,100 Total minimum payments lease liabilities ​ 24,207 ​ 89,785 ​ 303,020 ​ 2,083,010 ​ 2,500,022 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 13,492 ​ 52,100 ​ 110,495 ​ 2,427,607 ​ 2,603,694 Vehicles ​ 84 ​ 330 ​ 229 ​ 256 ​ 899 Computer equipment ​ 3,117 ​ 19,266 ​ 19,875 ​ 14,292 ​ 56,550 Total minimum payments lease liabilities ​ 16,693 ​ 71,696 ​ 130,599 ​ 2,442,155 ​ 2,661,143 ​

INVESTMENTS IN ASSOCIATES AND_2

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Investments in associates (1) ​ 2,526,073 ​ 2,300,450 Investments in joint ventures (2) ​ 471,530 ​ 615,183 Total associates and joint ventures ​ 2,997,603 ​ 2,915,633 (1) As of December 31, 2023 and 2022, the amount includes investments in associates at fair value for COP 1,670,782 and COP 1,532,156 , respectively, and investments in associates at equity method value for COP 855,291 and COP 768,294 respectively. See Note 30. Fair value of assets and liabilities. (2) All investments in joint ventures are accounted for using the equity method. ​ ​
Schedule of the investments in associates	The following are the investments in associates that the Bank holds as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Company name ​ Main activity ​ Country ​ % of Ownership ​ Carrying ​ % of Ownership ​ Carrying ​ ​ ​ ​ ​ ​ ​ interest ​ amount ​ interest ​ amount ​ In millions of COP P.A Viva Malls ​ Development and operation of commercial spaces ​ Colombia ​ 49.00 % 1,661,679 ​ 49.00 % 1,530,459 ​ Protección S.A. ​ Administration of pension funds and severances ​ Colombia ​ 20.58 % 594,105 * 20.58 % 533,584 ​ P.A El Bosque ​ Real estate ecosystems ​ Colombia ​ 14.11 % 57,120 * 14.11 % 40,231 * Titularizadora Colombiana S.A. Hitos. ​ Mortgage portfolio securities ​ Colombia ​ 26.98 % 37,950 * 26.98 % 35,756 * Redeban Multicolor S.A. ​ Network data transmission services ​ Colombia ​ 20.36 % 35,735 * 20.36 % 31,876 * P.A El Otoño ​ Real estate ecosystems ​ Colombia ​ 16.30 % 33,442 * 16.30 % 23,960 * ACH Colombia S.A. ​ Electronic transfer services ​ Colombia ​ 19.94 % 21,952 * 19.94 % 19,005 * Gestoría Externa de Portafolios S.A. ​ Investment management service ​ Colombia ​ 49.31 % 11,278 * - ​ - ​ Servicio Salvadoreño de Protección, S. A. de C.V. ​ Custodial services and transfer of monetary types ​ El Salvador ​ 25.00 % 10,223 * 25.00 % 14,497 * Servicios Financieros, S.A. de C.V. ​ Processing of financial transactions and electronic payment methods ​ El Salvador ​ 49.78 % 9,514 * 49.78 % 11,392 * P.A Madrid II ​ Real estate ecosystems ​ Colombia ​ 20.00 % 9,208 * 20.00 % 9,126 * P.A Distrito Vera ​ Real estate ecosystems ​ Colombia ​ 33.33 % 9,103 ​ 33.33 % 1,697 * P.A Boreal ​ Real estate ecosystems ​ Colombia ​ 20.00 % 7,579 * 20.00 % 7,477 ​ P.A La Felicidad ​ Real estate ecosystems ​ Colombia ​ 20.00 % 6,938 * 20.00 % 9,798 * Internacional Ejecutiva de Aviación S.A.S. ​ Aircraft and aircraft travel service ​ Colombia ​ 25.00 % 6,093 * 25.00 % 6,455 ​ Reintegra S.A.S. ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % 5,864 * 46.00 % 11,211 * P.A Mirador de la Ciénaga. ​ Real estate ecosystems ​ Colombia ​ 13.00 % 4,518 * 13.00 % 3,329 * ACH de El Salvador, S. A. de C.V. ​ Electronic transfer services ​ El Salvador ​ 25.00 % 1,554 * 25.00 % 2,140 * Agricapital S.A.S. (1) ​ Financial services ​ Colombia ​ 10.79 % 1,262 * 10.21 % 1,408 * Servicios de Identidad Digital S.A.S. ​ Digital services ​ Colombia ​ 33.33 % 956 ​ 33.33 % 7,049 ​ Total, investments in associates ​ ​ ​ ​ ​ 2,526,073 ​ ​ ​ 2,300,450 ​ (1) In 2023, the ownership interest is increased due to capitalization through Bancolombia S.A. ​ (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 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, 2023 and 2022. The following table sets forth the changes in the carrying amount of associates of the Bank as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ In millions of COP ​ ​ P.A Viva Malls ​ Protección S.A. ​ Others ​ Total ​ P.A Viva Malls ​ Protección S.A. ​ Others ​ Total Balance at January 1, ​ 1,530,459 ​ 533,584 ​ 236,407 ​ 2,300,450 ​ 1,355,688 ​ 630,821 ​ 151,647 ​ 2,138,156 Equity method - Gain (1) ​ 128,028 ​ 62,442 ​ 40,234 ​ 230,704 ​ 189,132 ​ 46,812 ​ 29,941 ​ 265,885 OCI (Equity method) ​ - ​ (1,921) ​ (1,039) ​ (2,960) ​ - ​ 3,137 ​ 2,227 ​ 5,364 OCI (Translation adjustment) ​ - ​ - ​ (5,674) ​ (5,674) ​ - ​ - ​ 4,466 ​ 4,466 Purchase / capitalizations ​ 3,192 ​ - ​ 35,561 ​ 38,753 ​ - ​ 61,728 ​ 74,634 ​ 136,362 Sells or refund of contributions (2) ​ - ​ - ​ (6,428) ​ (6,428) ​ (14,361) ​ (208,914) ​ (6,155) ​ (229,430) Impairment loss (3) ​ - ​ - ​ (2,017) ​ (2,017) ​ - ​ - ​ (2,656) ​ (2,656) Dividends ​ - ​ - ​ (28,249) ​ (28,249) ​ - ​ - ​ (28,005) ​ (28,005) Others ​ - ​ - ​ 1,494 ​ 1,494 ​ - ​ - ​ 10,308 ​ 10,308 Balance at December 31, ​ 1,661,679 ​ 594,105 ​ 270,289 ​ 2,526,073 ​ 1,530,459 ​ 533,584 ​ 236,407 ​ 2,300,450 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., in order to comply with the authorized investment regime. For further information, see Note 25.5. Dividends and net income on equity investments. (3) For 2023 and 2022, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Reintegra S.A.S., which amounted to COP 5,750 and COP 8,735 , respectively, with a 21.5% discount rate. As a result of the valuation, the recoverables amounts of the investment were lower than the carrying amount of each year, for this, the Bank recorded an impairment in the Consolidated Statement of Income for COP 2,017 for 2023 and COP 7,688 for 2022. In addition, in 2022 the Bank management also performed a valuation, to establish the recoverable amount of Internacional Ejecutiva de Aviación S.A.S. based in fair value (Level 3) less sales costs using a methodology based on the commercial appraisal of the entity's assets, which amounted to COP 10,359 . As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses in the Consolidated Statement of Income for COP 5,032 . For further information see Note 25.5. Dividends and net income on equity investments. ​
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, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) In millions of COP P.A Viva Malls ​ 3,492,834 ​ 101,653 ​ - ​ 849,928 ​ 327,838 Protección S.A. ​ 2,955,547 ​ 666,280 ​ 80,088 ​ 1,597,171 ​ 303,460 As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ Assets ​ Liabilities ​ OCI ​ ordinary activities ​ Profits Company name ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) ​ (unaudited) In millions of COP P.A Viva Malls ​ 3,152,529 ​ 19,705 ​ - ​ 689,794 ​ 418,410 Protección S.A. ​ 2,619,197 ​ 624,052 ​ 89,419 ​ 2,993,740 ​ 227,514 ​
Schedule of the joint ventures	The following are the joint ventures that the Bank holds as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Company name ​ Main activity ​ Country ​ % of Ownership ​ Carrying ​ % of Ownership ​ Carrying ​ ​ ​ ​ ​ ​ ​ interest ​ amount ​ interest ​ amount ​ In millions of COP Compañía de Financiamiento TUYA S.A. (1) ​ Financing Services ​ Colombia ​ 50.00 % 410,324 ​ 50.00 % 564,998 ​ P.A Laurel ​ Renewable energies ​ Colombia ​ 50.00 % 27,364 * 50.00 % 22,150 ​ Puntos Colombia S.A.S. ​ Administration of the customers loyalty ​ Colombia ​ 50.00 % 10,922 * 50.00 % 11,514 ​ Fondo de Capital Privado Ruta del Sol compartimento A ​ Investment in infrastructure projects ​ Colombia ​ 25.90 % 10,588 * 25.90 % 10,159 ​ Ecosistemas Digitales de Negocio S.A.S. ​ Digital electronic billing services ​ Colombia ​ 50.00 % 6,293 * 50.00 % 3,832 ​ P.A Muverang ​ Sustainable mobility services ​ Colombia ​ 33.33 % 2,684 ​ 33.33 % 2,351 ​ P.A Blup ​ Inventory finance and comprehensive logistics operation ​ Colombia ​ 50.00 % 3,313 ​ 50.00 % 179 * P.A. Finsocial ​ Purchase and sale of loans and receivables ​ Colombia ​ 50.00 % 42 * - ​ - ​ P.A Reintegra (2) ​ Collections and recovery of portfolio ​ Colombia ​ 46.00 % - * 46.00 % - * Avicapital (3) ​ Purchase and sale of loans and receivables ​ Colombia ​ 50.00 % - ​ - ​ - ​ Total investments in joint venture ​ ​ ​ ​ ​ 471,530 ​ ​ ​ 615,183 ​ (1) See table the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022 (2) In 2023 and 2022, 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 these years. (3) The value of the investment in the company is COP 0 , due to the recognition of the company's losses up to its recoverable value. ​ (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between these dates and December 31, 2023 and 2022. The following table sets forth the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ In millions of COP ​ ​ Compañía de ​ ​ ​ ​ ​ Compañía de ​ ​ ​ ​ ​ ​ financiamiento ​ Others ​ Total ​ financiamiento ​ Others ​ Total ​ ​ TUYA S.A. ​ ​ ​ ​ ​ TUYA S.A. ​ ​ ​ ​ Balance at January 1, ​ 564,998 ​ 50,185 ​ 615,183 ​ 546,633 ​ 35,770 ​ 582,403 Equity method - (Loss) / Gain (1) ​ (110,600) ​ (6,989) ​ (117,589) ​ (36,635) ​ (10,145) ​ (46,780) Purchase / capitalizations ​ 62,500 ​ 17,890 ​ 80,390 ​ 55,000 ​ 31,524 ​ 86,524 Sells or refund of contributions ​ - ​ (296) ​ (296) ​ - ​ (10) ​ (10) (Impairment loss) / Recovery (2) ​ (106,574) ​ 416 ​ (106,158) ​ - ​ (6,977) ​ (6,977) Others ​ - ​ - ​ - ​ - ​ 23 ​ 23 Balance at December 31, ​ 410,324 ​ 61,206 ​ 471,530 ​ 564,998 ​ 50,185 ​ 615,183 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) During the year 2023, the impairment loss relates mainly to the fact that the Bank's management requested a valuation of joint venture Tuya S.A. to establish the recoverable amount based in value in use of the previously mentioned joint ventures, which amounted to COP 425,494 with a 13.1% - 20.3% discount rate. As a result of the valuation, the recoverable amount on investment was lower than the carrying amount, therefore, the Bank recorded an impairment in the Consolidated Statement of Income for COP 106,574 . Additionally, for 2023, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Fondo de Capital Privado Ruta del Sol compartimento A, which amounted to COP 2,742 , with a 36.03% discount rate. As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses for COP 416 . See Note 25.5. Dividends and net income on equity investments. ​
Schedule of additional information regarding the bank's most significant joint ventures	The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ Loss ​ Company name ​ (unaudited) (1) (unaudited) ​ (unaudited) ​ (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. ​ 3,827,631 ​ 3,313,741 ​ 2,205,538 ​ 221,199 ​ (1) Includes cash and cash equivalents for COP 223,625 . (2) Includes interest and valuation income for COP 1,142,715 , credit impairment charges, net for COP 949,125 , interest expenses for COP 502,501 , depreciation and amortization for COP 38,491 and income tax revenue for COP 131,265 . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ordinary activities ​ Loss ​ Company name ​ (unaudited) (1) (unaudited) ​ (unaudited) ​ (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. ​ 5,101,346 ​ 4,491,257 ​ 1,973,131 ​ 73,266 ​ (1) Includes cash and cash equivalents for COP 523,835 . (2) Includes interest and valuation income for COP 1,001,631 , interest expenses for COP 304,114 , depreciation and amortization for COP 32,122 and income tax revenue for COP 7,907 . ​

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule of intangible assets and goodwill, net	Intangibles assets and goodwill net are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 In millions of COP Goodwill ​ 7,818,125 ​ 9,836,661 Intangible assets ​ 671,572 ​ 602,531 Total intangible assets and goodwill, net ​ 8,489,697 ​ 10,439,192 ​
Schedule of intangible assets	The following table sets forth the Bank’s intangible assets as of December 31, 2023 and 2022, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2023 ​ 28,438 ​ 1,361,258 ​ 554,558 ​ 1,944,254 Acquisitions ​ - ​ 352,248 ​ - ​ 352,248 Write off ​ - ​ (119,482) ​ - ​ (119,482) Foreign currency translation adjustment ​ (5,842) ​ (184,188) ​ (113,922) ​ (303,952) Balance at December 31, 2023 ​ 22,596 ​ 1,409,836 ​ 440,636 ​ 1,873,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2023 ​ 28,437 ​ 765,339 ​ 547,947 ​ 1,341,723 Write off ​ - ​ (119,482) ​ - ​ (119,482) Amortization expense (1) ​ - ​ 210,333 ​ 1,984 ​ 212,317 Foreign currency translation adjustment ​ (5,841) ​ (114,425) ​ (112,796) ​ (233,062) Balance at December 31, 2023 ​ 22,596 ​ 741,765 ​ 437,135 ​ 1,201,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2023, net ​ - ​ 668,071 ​ 3,501 ​ 671,572 (1) See Note 26.3. Impairment, depreciation and amortization. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Cost ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2022 ​ 23,537 ​ 997,609 ​ 458,980 ​ 1,480,126 Acquisitions ​ - ​ 245,204 ​ - ​ 245,204 Write off ​ - ​ (43,991) ​ - ​ (43,991) Transfers from premises and equipment ​ - ​ 30,068 ​ - ​ 30,068 Foreign currency translation adjustment ​ 4,901 ​ 132,368 ​ 95,578 ​ 232,847 Balance at December 31, 2022 ​ 28,438 ​ 1,361,258 ​ 554,558 ​ 1,944,254 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Licenses, software ​ ​ ​ ​ Amortization ​ Trademarks ​ and computer ​ Client ​ Total ​ ​ ​ ​ applications ​ relationships ​ ​ In millions of COP Balance at January 1, 2022 ​ 20,174 ​ 523,055 ​ 451,271 ​ 994,500 Write off ​ - ​ (41,148) ​ - ​ (41,148) Amortization expense (1) ​ 3,595 ​ 170,004 ​ 2,392 ​ 175,991 Transfers from premises and equipment ​ - ​ 28,940 ​ - ​ 28,940 Foreign currency translation adjustment ​ 4,668 ​ 84,488 ​ 94,284 ​ 183,440 Balance at December 31, 2022 ​ 28,437 ​ 765,339 ​ 547,947 ​ 1,341,723 ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets at December 31, 2022, net ​ 1 ​ 595,919 ​ 6,611 ​ 602,531 (1) 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, 2023 ​ December 31, 2022 In millions of COP Balance at beginning of the year, net ​ 9,836,661 ​ 8,143,146 Effect of change in foreign exchange rate (1) ​ (2,018,536) ​ 1,693,515 Balance at end of the year, net ​ 7,818,125 ​ 9,836,661 (1) The market representative rate at the end of December 31, 2023 is COP 3,822.05 colombian pesos and 2022 is COP 4,810.20 colombian pesos. See Note 2.D.1. Functional currency, transactions and balances in foreign currency.
Summary of key assumptions used by management in determining the recoverable amount	The key assumptions used by management in determining the recoverable amount as of December 31, 2023 and 2022 are: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate (1) Growth rate (2) Goodwill Operating segment ​ Valuation Methodology ​ Key Assumptions ​ (real) ​ (real) ​ 2023 In millions of COP Banking Panama ​ Discounted Cash flow ​ 5 years plan ​ 10.90 % 4.50 % 5,837,310 Banking ​ ​ ​ ​ ​ 17.10 % ​ ​ ​ El Salvador ​ Discounted Cash flow ​ 5 years plan ​ and 15.50 % (3) 3.70 % 1,078,105 Banking Guatemala ​ Discounted Cash flow ​ 5 years plan ​ 12.30 % 4.80 % 892,050 ​ ​ ​ ​ Multiples EV/ Revenue ​ Does not ​ Does not ​ ​ Others Segments ​ Comparable multiples ​ and EV/EBITDA ​ apply ​ apply ​ 10,660 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,818,125 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount Rate (1) Growth rate (2) Goodwill Operating segment ​ Valuation Methodology ​ Key Assumptions ​ (real) ​ (real) ​ 2022 In millions of COP Banking Panama ​ Discounted Cash flow ​ 5 years plan ​ 10.90 % 5.30 % 7,346,484 Banking ​ ​ ​ ​ ​ 20.10 % ​ ​ ​ El Salvador ​ Discounted Cash flow ​ 5 years plan ​ and 16.10 % (3) 3.90 % 1,356,837 Banking Guatemala ​ Discounted Cash flow ​ 5 years plan ​ 13.00 % 4.90 % 1,122,680 ​ ​ ​ ​ Multiples EV/ Revenue ​ Does not ​ Does not ​ ​ Others Segments ​ Comparable multiples ​ and EV/EBITDA ​ apply ​ apply ​ 10,660 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,836,661 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. ​
Schedule of estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis	The tables below present the estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis for the discount rate and growth rate in basis points (bips): As of December 31, 2023 Banking Panama ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 11.40% ​ 10.90% ​ 10.40% 4.50% ​ 10,826,278 ​ 11,721,608 ​ 12,770,528 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.00% ​ 4.50% ​ 5.00% 10.90% ​ 11,224,673 ​ 11,721,608 ​ 12,302,770 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ +100 bips Discount rate -100 bips ​ ​ 18.10% ​ 17.10% ​ 16.10% Growth rate ​ 16.50% ​ 15.50% ​ 14.50% 3.70% ​ 3,909,551 ​ 4,241,177 ​ 4,634,962 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 3.20% ​ 3.70% ​ 4.20% 17.10% and 15.50% ​ 4,182,324 ​ 4,241,177 ​ 4,305,238 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 12.80% ​ 12.30% ​ 11.80% 4.80% ​ 3,903,356 ​ 4,224,256 ​ 4,592,449 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.30% ​ 4.80% ​ 5.30% 12.30% ​ 4,090,025 ​ 4,224,256 ​ 4,377,661 ​ As of December 31, 2022 Banking ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 11.40% ​ 10.90% ​ 10.40% 5.30% ​ 12,851,974 ​ 14,049,526 ​ 15,483,841 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.80% ​ 5.30% ​ 5.80% 10.90% ​ 13,351,970 ​ 14,049,526 ​ 14,883,860 ​ Banking El Salvador ​ ​ ​ ​ ​ ​ ​ ​ ​ +100 bips Discount rate -100 bips ​ ​ 21.10% ​ 20.10% ​ 19.10% Growth rate ​ 17.10% ​ 16.10% ​ 15.10% 3.90% ​ 4,543,466 ​ 4,913,975 ​ 5,351,507 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 3.40% ​ 3.90% ​ 4.40% 20.10% and 16.10% ​ 4,851,416 ​ 4,913,975 ​ 4,981,886 ​ Banking Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ +50 bips Discount rate -50 bips Growth rate ​ 13.50% ​ 13.00% ​ 12.50% 4.90% ​ 4,854,108 ​ 5,225,546 ​ 5,647,675 ​ ​ ​ ​ ​ ​ ​ ​ -50 bips Growth rate +50 bips Discount rate ​ 4.40% ​ 4.90% ​ 5.40% 13.00% ​ 5,070,100 ​ 5,225,546 ​ 5,401,451 ​
PA FAI Calle 77 acquisition
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule of the 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 believes that this information provides a reasonable basis for determining fair values: ​ ​ ​ ​ ​ ​ In millions of COP Purchase Price Allocation ​ ​ Pruchase 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 Investments property ​ 60,850 Other assets ​ 78 Total Assets ​ 62,029 ​ ​ ​ LIABILITIES ​ ​ 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
Wompi S.A.S. (Before Vlipco S.A.S.)
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule of the estimated fair value of assets acquired and liabilities assumed	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 Wompi S.A.S 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 ​ ​ ​ Wompi S.A.S 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 S.A.S. 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, 2023
PREMISES AND EQUIPMENT, NET
Schedule of premises and equipment for own use	As of December 31, 2023 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, ​ ​ 2023 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2023 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 605,713 ​ 3,750 ​ - ​ (3,738) ​ (39,665) ​ (48,655) ​ 517,405 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 51,839 ​ 46,846 ​ - ​ - ​ - ​ (15,052) ​ 83,633 Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,878,689 ​ 25,644 ​ - ​ (30,968) ​ 18,311 ​ (151,671) ​ 1,740,005 Accumulated depreciation ​ (535,550) ​ - ​ (38,565) ​ 10,828 ​ (11,916) ​ 82,007 ​ (493,196) Accumulated impairment ​ - ​ - ​ (153) ​ 153 ​ - ​ - ​ - Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 709,894 ​ 57,565 ​ - ​ (29,474) ​ (6,522) ​ (53,325) ​ 678,138 Accumulated depreciation ​ (432,992) ​ - ​ (44,238) ​ 25,956 ​ - ​ 35,757 ​ (415,517) Accumulated impairment ​ - ​ - ​ (797) ​ 797 ​ - ​ - ​ - Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,007,230 ​ 129,012 ​ - ​ (91,096) ​ 2,416 ​ (73,129) ​ 974,433 Accumulated depreciation ​ (595,991) ​ - ​ (114,887) ​ 73,226 ​ (4,100) ​ 49,316 ​ (592,436) Accumulated impairment ​ - ​ - ​ (1,507) ​ 1,507 ​ - ​ ​ ​ - Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 31,713 ​ 9,967 ​ - ​ (6,709) ​ 2,489 ​ (3,480) ​ 33,980 Accumulated depreciation ​ (19,506) ​ - ​ (5,331) ​ 5,650 ​ (14) ​ 1,895 ​ (17,306) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 9,661 ​ 26,950 ​ - ​ - ​ (19,436) ​ (538) ​ 16,637 Accumulated depreciation ​ (627) ​ - ​ (25) ​ - ​ - ​ 130 ​ (522) Total premises and equipment for own use - cost ​ 4,294,739 ​ 299,734 ​ - ​ (161,985) ​ (42,407) ​ (345,850) ​ 4,044,231 Total premises and equipment - accumulated depreciation ​ (1,584,666) ​ - ​ (203,046) ​ 115,660 ​ (16,030) ​ 169,105 ​ (1,518,977) Total premises and equipment - accumulated impairment ​ - ​ - ​ (2,457) ​ 2,457 ​ - ​ - ​ - Total premises and equipment for own use, net ​ 2,710,073 ​ 299,734 ​ (205,503) ​ (43,868) ​ (58,437) ​ (176,745) ​ 2,525,254 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2022 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, ​ ​ 2022 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2022 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 551,484 ​ 34,151 ​ - ​ (3,773) ​ (17,068) ​ 40,919 ​ 605,713 Construction in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 37,040 ​ 24,643 ​ - ​ (17,714) ​ - ​ 7,870 ​ 51,839 Accumulated impairment ​ - ​ - ​ (3,536) ​ 3,536 ​ - ​ - ​ - Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 1,795,240 ​ 20,789 ​ - ​ (18,844) ​ (43,379) ​ 124,883 ​ 1,878,689 Accumulated depreciation ​ (458,784) ​ - ​ (37,604) ​ 14,939 ​ 13,878 ​ (67,979) ​ (535,550) Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 662,385 ​ 46,390 ​ - ​ (42,540) ​ - ​ 43,659 ​ 709,894 Accumulated depreciation ​ (388,005) ​ - ​ (44,958) ​ 29,759 ​ - ​ (29,788) ​ (432,992) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 881,056 ​ 191,122 ​ - ​ (125,436) ​ - ​ 60,488 ​ 1,007,230 Accumulated depreciation ​ (545,954) ​ - ​ (114,099) ​ 106,367 ​ - ​ (42,305) ​ (595,991) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 42,366 ​ 5,253 ​ - ​ (18,361) ​ (163) ​ 2,618 ​ 31,713 Accumulated depreciation ​ (18,233) ​ - ​ (4,484) ​ 4,721 ​ 64 ​ (1,574) ​ (19,506) Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 5,307 ​ 32,144 ​ - ​ (1,058) ​ (27,075) ​ 343 ​ 9,661 Accumulated depreciation ​ (510) ​ - ​ (32) ​ 16 ​ - ​ (101) ​ (627) Total premises and equipment for own use - cost ​ 3,974,878 ​ 354,492 ​ - ​ (227,726) ​ (87,685) ​ 280,780 ​ 4,294,739 Total premises and equipment - accumulated depreciation ​ (1,411,486) ​ - ​ (201,177) ​ 155,802 ​ 13,942 ​ (141,747) ​ (1,584,666) Total premises and equipment - accumulated impairment ​ - ​ - ​ (3,536) ​ 3,536 ​ - ​ - ​ - Total premises and equipment for own use, net ​ 2,563,392 ​ 354,492 ​ (204,713) ​ (68,388) ​ (73,743) ​ 139,033 ​ 2,710,073 (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, ​ ​ 2023 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2023 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,091 ​ - ​ - ​ - ​ - ​ - ​ 2,091 Accumulated depreciation ​ (360) ​ - ​ (254) ​ - ​ - ​ - ​ (614) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 150,969 ​ 66,833 ​ - ​ (4,463) ​ 14,822 ​ - ​ 228,161 Accumulated depreciation ​ (66,577) ​ - ​ (49,364) ​ 3,855 ​ 16,448 ​ - ​ (95,638) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 4,718,405 ​ 1,156,419 ​ - ​ (79,280) ​ (1,007,899) ​ - ​ 4,787,645 Accumulated depreciation ​ (787,535) ​ - ​ (383,712) ​ 18,181 ​ 228,701 ​ - ​ (924,365) Accumulated impairment ​ - ​ - ​ (2,023) ​ 2,023 ​ - ​ - ​ - Total premises and equipment in operating leases - cost ​ 4,871,465 ​ 1,223,252 ​ - ​ (83,743) ​ (993,077) ​ - ​ 5,017,897 Total premises and equipment - accumulated depreciation ​ (854,472) ​ - ​ (433,330) ​ 22,036 ​ 245,149 ​ - ​ (1,020,617) Total premises and equipment - accumulated impairment ​ - ​ - ​ (2,023) ​ 2,023 ​ - ​ - ​ - Total premises and equipment in operating leases, net ​ 4,016,993 ​ 1,223,252 ​ (435,353) ​ (59,684) ​ (747,928) ​ - ​ 3,997,280 (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, ​ ​ 2022 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2022 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Furniture and fixtures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 2,091 ​ - ​ - ​ - ​ - ​ - ​ 2,091 Accumulated depreciation ​ (106) ​ - ​ (254) ​ - ​ - ​ - ​ (360) Computer equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 121,071 ​ 45,690 ​ - ​ (6,001) ​ (9,791) ​ - ​ 150,969 Accumulated depreciation ​ (46,884) ​ - ​ (32,482) ​ 4,618 ​ 8,171 ​ - ​ (66,577) Vehicles ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 3,113,511 ​ 2,265,250 ​ - ​ (36,539) ​ (623,817) ​ - ​ 4,718,405 Accumulated depreciation ​ (652,423) ​ - ​ (326,683) ​ 2,700 ​ 188,871 ​ - ​ (787,535) Total premises and equipment in operating leases - cost ​ 3,236,673 ​ 2,310,940 ​ - ​ (42,540) ​ (633,608) ​ - ​ 4,871,465 Total premises and equipment - accumulated depreciation ​ (699,413) ​ - ​ (359,419) ​ 7,318 ​ 197,042 ​ - ​ (854,472) Total premises and equipment in operating leases, net ​ 2,537,260 ​ 2,310,940 ​ (359,419) ​ (35,222) ​ (436,566) ​ - ​ 4,016,993 (1) See Note 26.3. Impairment, depreciation and amortization.
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, ​ ​ 2023 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2023 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 9,166,204 ​ 1,522,986 ​ - ​ (245,728) ​ (1,035,484) ​ (345,850) ​ 9,062,128 Total premises and equipment - accumulated depreciation ​ (2,439,138) ​ - ​ (636,376) ​ 137,696 ​ 229,119 ​ 169,105 ​ (2,539,594) Total premises and equipment - accumulated impairment ​ - ​ - ​ (4,480) ​ 4,480 ​ - ​ - ​ - Total premises and equipment, net ​ 6,727,066 ​ 1,522,986 ​ (640,856) ​ (103,552) ​ (806,365) ​ (176,745) ​ 6,522,534 (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, ​ ​ 2022 ​ Additions ​ depreciation and ​ Disposals ​ classified as held ​ foreign ​ 2022 ​ ​ ​ ​ ​ ​ impairment (1) ​ ​ ​ for sale and ​ exchange ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ other assets ​ rate ​ ​ In millions of COP Total premises and equipment - cost ​ 7,211,551 ​ 2,665,432 ​ - ​ (270,266) ​ (721,293) ​ 280,780 ​ 9,166,204 Total premises and equipment - accumulated depreciation ​ (2,110,899) ​ - ​ (560,596) ​ 163,120 ​ 210,984 ​ (141,747) ​ (2,439,138) Total premises and equipment - accumulated impairment ​ - ​ - ​ (3,536) ​ 3,536 ​ - ​ - ​ - Total premises and equipment, net ​ 5,100,652 ​ 2,665,432 ​ (564,132) ​ (103,610) ​ (510,309) ​ 139,033 ​ 6,727,066 (1) See Note 26.3. Impairment, depreciation and amortization.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVESTMENT PROPERTIES
Schedule of changes in investment property	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, 2023 ​ December 31, 2022 In millions of COP Balance at the beginning of the year ​ 3,994,058 ​ 3,132,220 Acquisitions ​ 294,569 ​ 731,600 Subsequent expenditure recognised as an asset ​ 170,920 ​ 66,745 Sales/Write-offs ​ (21,194) ​ (233,974) Acquisitions through business combination (1) ​ - ​ 60,850 Amount reclassified from premises and equipment (2) ​ 39,096 ​ - Gains on valuation (3) ​ 232,462 ​ 236,617 Balance at the end of the period (4) ​ 4,709,911 ​ 3,994,058 (1) In 2022 corresponds to PA FAI Calle 77. See Note 9.3. Business combination. (2) In 2023, the amount relates properties from FCP Fondo Inmobiliario Colombia that were reclassified from premises and equipment to investment property, because they are held for obtaining profits and capital appreciation. (3) The difference with the line Investment property valuation included in Other operating income corresponds to gains recognized in acquisitions. See Note 25.4. Other operating income - Investment property valuation and Others. (4) Between December 31, 2023 and 2022, 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 adjustments recorded by the Bank Related to its investment property	The valuation adjustments recorded by the Bank related to its investment properties are detailed below: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ ​ Amount Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ Net increase (1)(2) ​ reclassified from ​ value at the end ​ ​ year ​ ​ ​ ​ ​ premises and equipment (3) ​ of the year In millions of COP Buildings ​ 3,870,706 ​ 194,608 ​ 280,107 ​ 39,096 ​ 4,384,517 Lands ​ 123,352 ​ 37,854 ​ 164,188 ​ - ​ 325,394 Total ​ 3,994,058 ​ 232,462 ​ 444,295 ​ 39,096 ​ 4,709,911 (1) The increase in buildings corresponds mainly in Bancolombia for the purchase for COP 80,954 , FCP Fondo Inmobiliario Colombia for COP 91,182 , in addition to subsequent expenditure for investment properties under construction for COP 71,023 . (2) The increase in lands corresponds mainly to the entry of NOMAD CENTRAL, P.A CALLE 84 (2) and P.A CALLE 84 (3) for COP 92,585 and the subsequent expenditure for COP 71,354 . (3) The amount reclassified from premises and equipment corresponds properties from FCP Fondo Inmobiliario Colombia that were transfers to investment property, because they are held for obtaining profits and capital appreciation . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the ​ ​ Acquisitions Adjusted fair Type of asset ​ beginning of the ​ Appraisals ​ Net increase ​ from business ​ value at the end ​ ​ ​ year ​ ​ ​ (decrease) (1)(2) ​ combination (3) ​ of the year ​ In millions of COP ​ Buildings ​ 2,949,720 ​ 239,823 ​ 620,313 ​ 60,850 ​ 3,870,706 ​ Lands ​ 182,500 ​ (3,206) ​ (55,942) ​ - ​ 123,352 ​ Total ​ 3,132,220 ​ 236,617 ​ 564,371 ​ 60,850 ​ 3,994,058 ​ (1) The net increase in buildings corresponds mainly to increases in P.A. MERCURIO for COP 249,492 , FCP Fondo Inmobiliario Colombia for COP 242,274 , Bancolombia S.A. for COP 221,834 and sales made by FCP Fondo Inmobiliario Colombia for COP 147,483 . (2) The decrease in lands corresponds mainly to the sale of land by Valores Simesa S.A. (3) For more information on acquisitions from business combinations, See Note 9.3. Business. ​
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, 2023 ​ December 31, 2022 ​ December 31, 2021 ​ ​ In millions of COP Income from rentals ​ 228,325 ​ 157,511 ​ 139,021 Operating expenses due to: ​ ​ ​ ​ ​ ​ Investment properties that generated income through rentals ​ 28,813 ​ 21,267 ​ 15,331 Investment properties that did not generate income through rentals ​ 10,378 ​ 19,021 ​ 10,050

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAX
Schedule of tax components recognized in the income statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ 2021 In millions of Colombian pesos Current tax (1) ​ ​ ​ ​ ​ ​ Fiscal term ​ (1,779,538) ​ (2,644,173) ​ (1,321,400) Prior fiscal terms ​ 46,791 ​ 39,137 ​ 71,932 Total current tax ​ (1,732,747) ​ (2,605,036) ​ (1,249,468) Deferred tax ​ ​ ​ ​ ​ ​ Fiscal term ​ (282,012) ​ (80,663) ​ (530,926) Adjustments for consolidation purposes ​ 82,204 ​ (62,722) ​ 4,169 Total deferred tax ​ (199,808) ​ (143,385) ​ (526,757) Total income tax (2) ​ (1,932,555) ​ (2,748,421) ​ (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) See table 12.3 Reconciliation of the effective tax rate. ​
Schedule of dividend tax rate increases	Dividend tax rate increases as follows: ​ ​ ​ ​ Dividend tax ​ Rate ​ Foreign entities ​ From 10% to 20% ​ Colombian corporations ​ From 7,5% to 10% ​ ​
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, 2023, 2022 and 2021 is detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, Reconciliation of the tax rate ​ 2023 ​ 2022 ​ 2021 In millions of Colombian pesos Accounting profit ​ 8,147,526 ​ 9,744,786 ​ 5,984,012 Applicable tax with nominal rate (1) ​ (3,259,011) ​ (3,703,019) ​ (2,034,564) Non-deductible expenses to determine taxable profit (loss) ​ (478,901) ​ (425,458) ​ (260,546) Accounting and non-tax expense (income) to determine taxable profit (loss) ​ 667,744 ​ 978,468 ​ 767,857 Differences in accounting bases (2) ​ (106,648) ​ (19,448) ​ (32,714) Fiscal and non-accounting expense (income) to determine taxable profit (loss) ​ (652,607) ​ (470,063) ​ (285,191) Ordinary activities income exempt from taxation ​ 1,563,793 ​ 832,822 ​ 412,495 Ordinary activities income not constituting income or occasional tax gain ​ 67,132 ​ 120,513 ​ 98,870 Tax deductions ​ 156,543 ​ 374,233 ​ 226,064 Goodwill Depreciation ​ 2,478 ​ 461 ​ 200,617 Tax depreciation surplus ​ 223,901 ​ 162,111 ​ 140,384 Untaxed recoveries ​ (64,516) ​ (40,559) ​ (84,692) Tax rate effect in other countries ​ (121,597) ​ (319,825) ​ (384,669) Prior fiscal terms ​ 46,791 ​ 39,137 ​ 71,932 Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) ​ 22,343 ​ (277,794) ​ (612,068) Total income tax ​ (1,932,555) ​ (2,748,421) ​ (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS). ​
Schedule of components recognized in Other Comprehensive Income	See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2023 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ (44,594) ​ 13,234 ​ (31,360) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) ​ 11,144 ​ (246) ​ 10,898 Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ 114,287 ​ (21,023) ​ 93,264 Loss on net investment hedge in foreign operations ​ 1,948,833 ​ (772,755) ​ 1,176,078 Exchange differences arising on translating the foreign operations. ​ (4,963,913) ​ - ​ (4,963,913) Unrealized loss on investments in associates and joint ventures using equity method ​ (2,225) ​ 2,223 ​ (2) Net ​ (2,936,468) ​ (778,567) ​ (3,715,035) ​ See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement income related to defined benefit liability ​ 69,249 ​ (25,090) ​ 44,159 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) ​ 33,354 ​ (1,282) ​ 32,072 Gains due to asset revaluation ​ - ​ (71) ​ (71) Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) ​ (172,385) ​ 7,843 ​ (164,542) Loss on net investment hedge in foreign operations ​ (1,833,087) ​ 746,232 ​ (1,086,855) Exchange differences arising on translating the foreign operations. ​ 4,064,795 ​ - ​ 4,064,795 Unrealized gains on investments in associates and joint ventures using equity method ​ (1,929) ​ (1,221) ​ (3,150) Net ​ 2,159,997 ​ 726,411 ​ 2,886,408 See Consolidated Statement of Comprehensive Income ​ ​ ​ ​ ​ ​ ​ December 31, 2021 In millions of Colombian pesos ​ ​ Amounts before taxes ​ Deferred tax ​ Net taxes Remeasurement expense 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 gain 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. ​
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect on ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustments for ​ ​ ​ ​ December 31, ​ Income ​ Effect on ​ Effect on ​ Tax Made (2) ​ Foreign ​ consolidation ​ December 31, ​ ​ 2022 ​ Statement ​ OCI ​ Equity (1) ​ ​ ​ Exchange ​ purposes ​ 2023 In millions of Colombian pesos Asset Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ 11,071 ​ (1,494) ​ - ​ - ​ - ​ (2,082) ​ (1,513) ​ 5,982 Employee Benefits ​ 218,263 ​ 34,648 ​ 13,234 ​ - ​ - ​ (6,739) ​ - ​ 259,406 Deterioration assessment ​ 602,289 ​ 1,666 ​ - ​ - ​ - ​ (136,367) ​ (51,136) ​ 416,452 Investments evaluation ​ 5,591 ​ (231) ​ (165) ​ - ​ - ​ (134) ​ - ​ 5,061 Derivatives Valuation ​ 8,457 ​ 221,735 ​ - ​ - ​ - ​ - ​ 4,875 ​ 235,067 Tax credits settlement ​ 18,186 ​ 16,754 ​ - ​ - ​ - ​ - ​ - ​ 34,940 Financial Obligations ​ 663,095 ​ (663,095) ​ - ​ - ​ - ​ - ​ - ​ - Insurance operations ​ - ​ (633) ​ - ​ 13,952 ​ - ​ - ​ - ​ 13,319 Net investment coverage in operations abroad ​ 1,530,074 ​ (91,043) ​ (772,755) ​ - ​ (137,838) ​ - ​ - ​ 528,438 Other deductions ​ 446,451 ​ (191,575) ​ - ​ - ​ - ​ (13,241) ​ - ​ 241,635 implementation adjustment ​ 410,477 ​ 925 ​ - ​ - ​ - ​ (35,186) ​ - ​ 376,216 Total Asset Deferred Tax (3) ​ 3,913,954 ​ (672,343) ​ (759,686) ​ 13,952 ​ (137,838) ​ (193,749) ​ (47,774) ​ 2,116,516 Liability Deferred Tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment ​ (310,845) ​ 32,867 ​ - ​ - ​ - ​ 4,549 ​ 128,441 ​ (144,988) Deterioration assessment ​ (549,435) ​ 437,539 ​ - ​ - ​ - ​ 1,333 ​ (2,828) ​ (113,391) Participatory titles evaluation ​ (154,094) ​ (200,138) ​ (21,104) ​ - ​ - ​ (1,205) ​ 6,732 ​ (369,809) Derivatives evaluation ​ (20,466) ​ 8,585 ​ - ​ - ​ - ​ 4,203 ​ (2,367) ​ (10,045) Lease restatement ​ (258,954) ​ 43,543 ​ - ​ - ​ - ​ - ​ - ​ (215,411) Investments in associates. Adjustment for equity method ​ (241,748) ​ 168,671 ​ 2,223 ​ - ​ - ​ (8,730) ​ - ​ (79,584) Financial Obligations ​ (1,248) ​ (178,955) ​ - ​ - ​ - ​ 256 ​ - ​ (179,947) Goodwill ​ (1,576,519) ​ 644 ​ - ​ - ​ - ​ 1,909 ​ - ​ (1,573,966) Insurance operations ​ - ​ 189 ​ - ​ (14,138) ​ - ​ - ​ - ​ (13,949) Properties received in payment ​ (162,681) ​ 11,016 ​ - ​ - ​ - ​ 3,203 ​ - ​ (148,462) Other deductions ​ (506,706) ​ 66,370 ​ - ​ - ​ - ​ 73,779 ​ - ​ (366,557) implementation adjustment ​ (25) ​ - ​ - ​ - ​ - ​ - ​ - ​ (25) Total Liability Deferred Tax (3) ​ (3,782,721) ​ 390,331 ​ (18,881) ​ (14,138) ​ - ​ 79,297 ​ 129,978 ​ (3,216,134) Net Deferred Tax ​ 131,233 ​ (282,012) ​ (778,567) ​ (186) ​ (137,838) ​ (114,452) ​ 82,204 ​ (1,099,618) (1) Application of IFRS 17 Insurance Contracts in Guatemala. (2) Current tax that arose from the exchange difference due to the liquidation of the bonds that was associated as a hedging instrument. (3) The values revealed in the Consolidated Statement of Financial Position correspond to the sum of the net deferred tax per company. ​
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, 2023 ​ December 31, 2022 In millions of Colombian pesos Temporary differences ​ ​ ​ ​ Local Subsidiaries ​ (1,378,775) ​ (1,966,594) Foreign Subsidiaries ​ (17,696,145) ​ (22,854,744) ​
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, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax Company ​ Base ​ recognized asset In millions of Colombian pesos Renting Colombia S.A.S. ​ 39,037 ​ 12,883 Nequi S.A., Compañía de Financiamiento ​ 63,018 ​ 22,057 Total ​ 102,055 ​ 34,940

ASSETS HELD FOR SALE AND INVE_2

ASSETS HELD FOR SALE AND INVENTORIES, NET (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 In millions of COP Inventories, net ​ 747,302 ​ 513,032 Assets held for sale, net ​ 159,451 ​ 95,417 Total assets held for sale and inventories, net ​ 906,753 ​ 608,449
Schedule of inventories, net	The Bank’s inventories at December 31, 2023 and 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ Inventories ​ December 31, 2023 ​ December 31, 2022 In millions of COP Lands and buildings ​ 275,808 ​ 285,076 Vehicles (1) ​ 469,949 ​ 220,522 Machinery and others ​ 38,310 ​ 33,091 Total inventory cost ​ 784,067 ​ 538,689 Impairment ​ (36,765) ​ (25,658) Total inventories, net ​ 747,302 ​ 513,031 (1) The increase is mainly due to the restitution of assets. ​
Schedule of assets held for sale by operating segment	As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 9,238 ​ 2,464 ​ - ​ - ​ 11,702 Cost ​ 9,300 ​ 2,473 ​ - ​ - ​ 11,773 Impairment ​ (62) ​ (9) ​ - ​ - ​ (71) Real estate for residential purposes ​ 6,191 ​ 104,934 ​ 3,091 ​ 3,260 ​ 117,476 Cost ​ 6,191 ​ 106,642 ​ 3,148 ​ 4,060 ​ 120,041 Impairment ​ - ​ (1,708) ​ (57) ​ (800) ​ (2,565) Real estate different from residential properties ​ 5,406 ​ 24,867 ​ - ​ - ​ 30,273 Cost ​ 5,947 ​ 24,980 ​ - ​ - ​ 30,927 Impairment ​ (541) ​ (113) ​ - ​ - ​ (654) Total assets held for sale - cost ​ 21,438 ​ 134,095 ​ 3,148 ​ 4,060 ​ 162,741 Total assets held for sale - impairment ​ (603) ​ (1,830) ​ (57) ​ (800) ​ (3,290) Total assets held for sale (1) ​ 20,835 ​ 132,265 ​ 3,091 ​ 3,260 ​ 159,451 (1) For 2023 there are no assets related to investments held for sale. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banking ​ Banking ​ Banking ​ Banking ​ ​ Assets held for sale ​ Colombia ​ Panama ​ El Salvador ​ Guatemala ​ Total In millions of COP Machinery and equipment ​ 5,090 ​ 4,828 ​ - ​ - ​ 9,918 Cost ​ 5,160 ​ 4,870 ​ - ​ - ​ 10,030 Impairment ​ (70) ​ (42) ​ - ​ - ​ (112) Real estate for residential purposes ​ 7,928 ​ 52,331 ​ 1,559 ​ 1,465 ​ 63,283 Cost ​ 7,967 ​ 54,181 ​ 1,616 ​ 1,880 ​ 65,644 Impairment ​ (39) ​ (1,850) ​ (57) ​ (415) ​ (2,361) Real estate different from residential properties ​ 10,868 ​ 11,348 ​ - ​ - ​ 22,216 Cost ​ 11,178 ​ 11,348 ​ - ​ - ​ 22,526 Impairment ​ (310) ​ - ​ - ​ - ​ (310) Total assets held for sale - cost ​ 24,305 ​ 70,399 ​ 1,616 ​ 1,880 ​ 98,200 Total assets held for sale - impairment ​ (419) ​ (1,892) ​ (57) ​ (415) ​ (2,783) Total assets held for sale (1) ​ 23,886 ​ 68,507 ​ 1,559 ​ 1,465 ​ 95,417 (1) For 2022 there are no assets related to investments held for sale. ​

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS, NET
Schedule of detailed information about other assets	​ ​ ​ ​ ​ ​ Other Assets, net ​ December 31, 2023 ​ December 31, 2022 In millions of COP Tax advance (1) ​ 1,461,816 ​ 1,298,400 Other receivables (2) ​ 1,193,294 ​ 1,158,447 Assets pledged as collateral (cash) (3) ​ 1,082,611 ​ 752,099 Marketable and non-marketable for sale assets (4) ​ 890,653 ​ 978,319 Prepaid expenses ​ 713,505 ​ 576,742 Receivables related to abandoned accounts (5) ​ 403,432 ​ 439,994 Accounts receivable from contracts with customers (6) ​ 259,516 ​ 192,029 Receivable Sales of goods and service ​ 254,607 ​ 260,674 Commission for letters of credit ​ 207,327 ​ 70,249 Operating leases ​ 201,302 ​ 172,216 Balance in credit card clearing house ​ 185,164 ​ 142,331 Debtors ​ 85,698 ​ 21,646 Others ​ 595,799 ​ 488,640 Total other assets ​ 7,534,724 ​ 6,551,786 Allowance others ​ (6,688) ​ (3,920) Total other assets, net ​ 7,528,036 ​ 6,547,866 (1) Mainly due to increase balance in favor of income tax advance. (2) Other accounts receivable are mainly associated with outstanding items with networks, accounts receivable from derivatives and cash transactions, among others. (3) Variation generated by growth in current operations with international counterparts. (4) Decrease generated mainly in foreign subsidiaries due to the variation of the market representative rate, for December 2022 was COP 4,810.20 colombian pesos and for December 2023 is COP 3,822.05 colombian pesos. (5) Corresponds to the application of Law 1777 of February 1, 2016, where established that entities holding balances in savings or checking accounts that are considered abandoned, must transfer these resources to the special fund created and administered by ICETEX for the granting of study credits and credits to promote the quality of Higher Education Institutions. (6) Corresponds to accounts receivable from commissions, see Note 25.3.1. Income from commissions and other services, in the detail of accounts receivable and liabilities from contracts.

DEPOSITS BY CUSTOMERS (Tables)

DEPOSITS BY CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2023
DEPOSITS BY CUSTOMERS.
Schedule of detail of deposits	​ ​ ​ ​ ​ ​ Deposits ​ December 31, 2023 ​ December 31, 2022 In millions of COP ​ ​ ​ ​ Saving accounts (1)(2) ​ 108,971,334 ​ 118,443,600 Time deposits (2) ​ 98,686,516 ​ 87,138,067 Checking accounts (2) ​ 34,993,066 ​ 40,808,856 Other deposits (1) ​ 5,290,264 ​ 4,601,800 Total deposits by customers ​ 247,941,180 ​ 250,992,323 (1) As of December 31, 2023 and 2022 includes Nequi Deposits by COP 2,924,906 and COP 1,724,123 , respectively. (2) The variation in time deposits is mainly due to the increase in interest rates, which has led to a greater preference for fixed income instruments and a decrease in savings and checking accounts.
Schedule of time deposits issued by bank	The following table details the time deposits issued by the Bank: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2023 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 15.52 % 17,641,158 ​ 17,494,878 Between 6 months and 12 months ​ 0.50 % 17.32 % 18,422,400 ​ 18,314,065 Between 12 months and 18 months ​ 0.85 % 20.52 % 17,523,847 ​ 17,647,508 Greater than 18 months ​ 0.01 % 20.86 % 45,099,111 ​ 46,629,404 Total time deposits ​ ​ ​ ​ ​ 98,686,516 ​ 100,085,855 (1) See Note 30. Fair value of assets and liabilities. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ Effective interest rate ​ December 31, 2022 Modality ​ Minimum ​ Maximum ​ Carrying Value ​ Fair value (1) In millions of COP Less than 6 months ​ 0.10 % 16.57 % 16,922,753 ​ 16,900,555 Between 6 months and 12 months ​ 0.50 % 17.41 % 14,279,083 ​ 14,234,825 Between 12 months and 18 months ​ 0.50 % 19.51 % 13,692,773 ​ 13,571,248 Greater than 18 months ​ 0.40 % 22.10 % 42,243,458 ​ 40,942,920 Total time deposits ​ ​ ​ ​ ​ 87,138,067 ​ 85,649,548 ​ (1) See Note 30. Fair value of assets and liabilities.
Schedule of time deposits issued by the bank by maturity	The detail of time deposits issued by the Bank by maturity is as follows: ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ December 31, 2023 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 71,178,788 ​ 71,315,171 Between 1 and 3 years ​ 13,715,792 ​ 13,949,647 Between 3 and 5 years ​ 3,197,528 ​ 3,256,102 Greater than 5 years ​ 10,594,408 ​ 11,564,935 Total ​ 98,686,516 ​ 100,085,855 (1) See Note 30. Fair value of assets and liabilities. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ December 31, 2022 Period ​ Carrying value ​ Fair value (1) In millions of COP Less than 1 year ​ 60,256,684 ​ 60,113,046 Between 1 and 3 years ​ 14,930,613 ​ 14,621,696 Between 3 and 5 years ​ 4,318,988 ​ 4,017,350 Greater than 5 years ​ 7,631,782 ​ 6,897,456 Total ​ 87,138,067 ​ 85,649,548 (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, 2023
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 Consolidated Statement of Financial Position: ​ ​ ​ ​ ​ ​ Interbank and repurchase agreements and other similar secured borrowing ​ December 31, 2023 ​ December 31, 2022 In millions of COP Interbank Deposits ​ ​ ​ ​ Interbank liabilities ​ 606,141 ​ 902,132 Total interbank ​ 606,141 ​ 902,132 Repurchase agreements and other similar secured borrowing ​ ​ ​ ​ Short selling operations ​ 273,791 ​ 125,682 Temporary transfer of securities ​ 44,888 ​ 63,370 Repurchase agreements ​ 151,616 ​ - Total Repurchase agreements and other similar secured borrowing (1) ​ 470,295 ​ 189,052 Total money market transactions ​ 1,076,436 ​ 1,091,184 (1) Total repo liabilities have maturities of less than 30 days .
Schedule of repurchases and resale transactions	As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 7,850,516 ​ - ​ 7,850,516 ​ (7,850,516) ​ - Securities sold under repurchase agreements ​ (470,295) ​ - ​ (470,295) ​ 470,295 ​ - Total repurchase and resale agreements ​ 7,380,221 ​ - ​ 7,380,221 ​ (7,380,221) ​ - (1) The amount includes those presented as cash and cash equivalents for COP 7,840,926 and those presented as other assets for COP 9,590 . ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 2,880,987 ​ - ​ 2,880,987 ​ (2,880,987) ​ - Securities sold under repurchase agreements ​ (189,052) ​ - ​ (189,052) ​ 189,052 ​ - Total repurchase and resale agreements ​ 2,691,935 ​ - ​ 2,691,935 ​ (2,691,935) ​ - (1) The amount includes those presented as cash and cash equivalents for COP 2,873,716 and those presented as other assets for COP 7,271 .

BORROWINGS FROM OTHER FINANCI_2

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Schedule of borrowings from other financial institutions measured at amortized cost	As of December 31, 2023 and 2022, the composition of the borrowings from other financial institutions measured at amortized cost is the following: ​ ​ ​ ​ ​ ​ Borrowings from other financial institutions ​ December 31, 2023 ​ December 31, 2022 In millions of COP Obligations granted by foreign banks (1) ​ 9,139,834 ​ 14,774,220 Obligations granted by domestic banks (2) ​ 6,508,772 ​ 4,918,418 Total borrowings from other financial institutions ​ 15,648,606 ​ 19,692,638 (1) The variation is mainly due to the cancellation of obligations and the decrease of the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (2) The increase is due to higher loan openings by Bancolombia S.A mainly in rediscount lines with Finagro, Bancoldex and Findeter. ​
Obligations granted by foreign banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Schedule of borrowings from other financial institutions measured at amortized cost	Obligations granted by foreign banks As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Minimum ​ Rate Maximum ​ December 31, 2023 In millions of COP Financing with Correspondent Banks and Multilateral Entities (1) ​ 1.21 % 10.06 % 8,566,580 Banco Interamericano de Desarrollo (BID) ​ 9.50 % 10.64 % 532,899 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 6.91 % 6.91 % 40,355 Total ​ ​ ​ ​ ​ 9,139,834 (1) At Bancolombia S.A. USD 200 million were designated as coverage of net investment abroad. See Note 5.2 Derivative financial instruments- Hedges of a net asset in a foreign operation. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Financial entity ​ Rate Minimum ​ Rate Maximum ​ December 31, 2022 In millions of COP Financing with Correspondent Banks and Multilateral Entities ​ 0.97 % 9.51 % 13,816,270 Banco Interamericano de Desarrollo (BID) ​ 8.62 % 8.74 % 670,043 Banco Latinoamericano de Comercio Exterior (Bladex) ​ 2.89 % 6.60 % 287,907 Total ​ ​ ​ ​ ​ 14,774,220
Schedule of maturities of financial obligations	The maturities of the financial obligations with foreign entities as of December 31, 2023 and 2022 are the following: ​ ​ ​ ​ ​ ​ Foreign ​ December 31, 2023 ​ December 31, 2022 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 3,813,504 ​ 8,825,089 More than twelve months after the reporting period ​ 5,326,330 ​ 5,949,131 Total ​ 9,139,834 ​ 14,774,220
Obligations granted by domestic banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Schedule of borrowings from other financial institutions measured at amortized cost	Obligations granted by domestic banks As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Minimum ​ Maximum ​ December 31, 2023 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 8.15 % 20.85 % 2,530,570 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 8.37 % 15.88 % 1,509,594 Banco de comercio exterior de Colombia (Bancoldex) ​ 2.17 % 21.46 % 1,404,873 Other private financial entities ​ 12.88 % 16.67 % 1,063,735 Total ​ ​ ​ ​ ​ 6,508,772 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Rate ​ ​ Financial entity ​ Minimum ​ Maximum ​ December 31, 2022 In millions of COP Financiera de desarrollo territorial (Findeter) ​ 7.22 % 18.77 % 2,047,506 Fondo para el financiamiento del sector agropecuario (Finagro) ​ 3.40 % 15.70 % 931,018 Banco de comercio exterior de Colombia (Bancoldex) ​ 2.15 % 19.15 % 902,036 Other private financial entities ​ 11.35 % 15.75 % 1,037,858 Total ​ ​ ​ ​ ​ 4,918,418 ​
Schedule of maturities of financial obligations	The maturities of financial obligations with domestic banks as of December 31, 2023 and 2022, are as follows: ​ ​ ​ ​ ​ ​ Domestic ​ December 31, 2023 ​ December 31, 2022 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 767,470 ​ 500,500 More than twelve months after the reporting period ​ 5,741,302 ​ 4,417,918 Total ​ 6,508,772 ​ 4,918,418 ​

DEBT INSTRUMENTS IN ISSUE (Tabl

DEBT INSTRUMENTS IN ISSUE (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance COP ​ Rate Range Bancolombia S.A. ​ Local ​ COP ​ 4,029,882 ​ 4,097,727 ​ 12.87%-21.06% Bancolombia S.A. (2)(3) ​ Foreign ​ USD ​ 1,832,534 ​ 6,861,098 ​ 3.02%-7.03% Banistmo S.A. (4) ​ Foreign ​ USD ​ 679,395 ​ 2,626,235 ​ 3.00%-6.25% Banco Agrícola S.A. (5) ​ Foreign ​ USD ​ 162,700 ​ 623,568 ​ 5.58%-7.57% Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 69,648 ​ 276,451 ​ 5.05%-5.50% Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 44,924 ​ 176,376 ​ 4.70%-6.10% Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 555 ​ 2,121 ​ 0.25%-7.25% Total debt instruments in issue ​ ​ ​ ​ ​ ​ ​ 14,663,576 ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) The variation is due to repurchase in Bancolombia S.A. of USD 467,966 of senior bonds maturing in 2025 and the decrease in the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (3) USD 1,392,034 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuer ​ Currency ​ Face value (1) ​ Balance COP ​ Rate Range Bancolombia S.A. ​ Local ​ COP ​ 4,642,404 ​ 4,708,586 ​ 13.06% - 17.92% Bancolombia S.A. (2)(3) ​ Foreign ​ USD ​ 2,256,397 ​ 10,501,036 ​ 3.02% - 7.03% Banistmo S.A. (4) ​ Foreign ​ USD ​ 687,913 ​ 3,344,759 ​ 1.80% - 5.00% Banco Agrícola S.A. (5) ​ Foreign ​ USD ​ 125,640 ​ 603,865 ​ 5.45% - 6.41% Bancolombia Puerto Rico Internacional Inc. ​ Foreign ​ USD ​ 14,876 ​ 72,240 ​ 3.30% - 3.65% Bancolombia Panamá S.A. ​ Foreign ​ USD ​ 70,881 ​ 342,793 ​ 1.50% - 5.65% Grupo Agromercantil Holding S.A. ​ Foreign ​ USD ​ 563 ​ 2,709 ​ 0.25% - 7.25% Total debt instruments in issue ​ ​ ​ ​ ​ ​ ​ 19,575,988 ​ ​ (1) Face value is in US dollar for foreign currency bonds. (2) USD 1,860,000 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (3) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. ​ The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ - ​ - ​ - ​ 1,236,385 ​ 1,236,385 Ordinary bonds ​ - ​ - ​ 165,589 ​ 2,695,753 ​ 2,861,342 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 4,822,273 ​ 4,822,273 Ordinary bonds ​ 106,707 ​ 1,375,723 ​ 137,613 ​ 4,123,533 ​ 5,743,576 Total ​ 106,707 ​ 1,375,723 ​ 303,202 ​ 12,877,944 ​ 14,663,576 (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, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ - ​ - ​ - ​ 1,225,276 ​ 1,225,276 Ordinary bonds ​ - ​ - ​ 165,495 ​ 3,317,815 ​ 3,483,310 Foreign currency ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated bonds (1) ​ - ​ - ​ - ​ 6,026,739 ​ 6,026,739 Ordinary bonds ​ 402,714 ​ 609,437 ​ 619,232 ​ 7,209,280 ​ 8,840,663 Total ​ 402,714 ​ 609,437 ​ 784,727 ​ 17,779,110 ​ 19,575,988 (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, 2023 ​ December 31, 2022 In millions of COP Amount expected to be settled: ​ ​ ​ ​ No more than twelve months after the reporting period ​ 3,368,076 ​ 1,898,469 More than twelve months after the reporting period ​ 11,295,500 ​ 17,677,519 Total ​ 14,663,576 ​ 19,575,988 ​

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
EMPLOYEE BENEFIT PLANS
Schedule of liabilities relating to 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, Employee benefit plans ​ 2023 ​ 2022 In millions of COP 19.1 Defined benefit pension plan ​ 132,854 ​ 131,255 19.2 Severance obligation ​ 14,360 ​ 15,446 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium ​ 195,295 ​ 176,816 19.4 Other long term benefits ​ 543,210 ​ 446,473 Total Post-employment and long-term benefit plans ​ 885,719 ​ 769,990 Fair value Plan assets ​ 2,765 ​ 4,619 Total Unfunded Post-employment and long-term benefit plans ​ 882,954 ​ 765,371
Schedule of defined benefit plans	Colombia ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 95,081 ​ 110,018 Interest cost ​ 11,409 ​ 9,459 Benefits paid ​ (12,237) ​ (11,439) Net actuarial loss / (gain) due to changes in assumptions ​ 7,025 ​ (11,321) Net actuarial loss / (gain) due to plan experience ​ 500 ​ (1,636) Defined obligation, unfunded as of December 31 ​ 101,778 ​ 95,081 ​ Panama ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 5,296 ​ 6,025 Interest cost ​ 312 ​ 229 Benefits paid from plan assets ​ (1,088) ​ (332) Net actuarial gain due to changes in assumptions ​ (174) ​ (1,360) Net actuarial gain due to plan experience ​ (361) ​ (293) Foreign currency translation effect ​ (934) ​ 1,027 Defined obligation, funded as of December 31 ​ 3,051 ​ 5,296 ​ The following table details the change in plan assets: ​ ​ ​ ​ ​ Banistmo’s Plan assets ​ 2023 ​ 2022 In millions of COP Fair value of assets as of January 1 ​ 4,619 ​ 4,127 Interest income on plan assets ​ 80 ​ 30 Benefits paid ​ (1,105) ​ (355) Foreign currency translation effect ​ (829) ​ 817 Fair value assets as of December 31 ​ 2,765 ​ 4,619 ​ Guatemala ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 30,878 ​ 52,773 Current cost of service ​ 878 ​ 2,457 Interest cost ​ 2,757 ​ 3,375 Past service cost (1) ​ (4,821) ​ - Benefits paid ​ (1,764) ​ (1,709) Net actuarial loss / (gain) due to changes in assumptions (2) ​ 5,544 ​ (30,093) Net actuarial loss / (gain) due to plan experience ​ 1,272 ​ (2,122) Foreign currency translation effect ​ (6,719) ​ 6,197 Defined obligation, unfunded as of December 31 ​ 28,025 ​ 30,878 (1) Corresponds to the change in the computable age of the benefit, modified in the year 2023. (2) The loss for the year 2023 was mainly due to the decrease in the discount rate from 10.20% in 2022 to 9.00% in 2023 .
Schedule of severance obligation	The balances recognized in the Consolidated Statement of Financial Position are listed below: ​ ​ ​ ​ ​ ​ Severance obligation ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 15,446 ​ 18,429 Current cost of service ​ 357 ​ 409 Interest cost ​ 1,566 ​ 1,250 Benefits paid ​ (6,594) ​ (5,113) Net actuarial loss due to changes in assumptions ​ 888 ​ 1,806 Net actuarial loss / (gain) due to plan experience ​ 2,697 ​ (1,335) Defined obligation, unfunded as of December 31 ​ 14,360 ​ 15,446
Schedule of Retirement Pension Premium Plan and Executive Pension Plan Premium	The annual change of the present value of the obligations of defined benefit plans is as follows: ​ ​ ​ ​ ​ ​ Retirement Pension Premium Plan ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 176,816 ​ 219,496 Current service cost ​ 18,427 ​ 20,794 Interest cost ​ 17,338 ​ 15,371 Benefits paid ​ (18,889) ​ (19,487) Consolidation of contributions ​ - ​ (43,199) Net actuarial gain due to changes in assumptions (1) ​ (565) ​ (39,817) Net actuarial loss due to plan experience ​ 24,238 ​ 6,487 Foreign currency translation effect (2) ​ (22,070) ​ 17,171 Defined obligation, unfunded as of December 31 ​ 195,295 ​ 176,816 (1) In the case of the plan in Guatemala, in 2022 the discount rate increased from 5.40% to 9.30% , generating an actuarial gain of COP 13,476 , while in 2023 there was an actuarial loss of COP 2,772 , mainly due to a higher than expected real salary growth and the decrease in the discount rate from 9.30% to 8.50% . In addition, Bancolombia S.A. presented a lower gain due to the decrease in the nominal discount rate ( 14.25% in 2022 to 11.75% in 2023) together with the change in the nominal inflation rate ( 7.30% in 2022 to 6.35% in 2023). (2) Corresponds to Banagrícola S.A. y Filiales and Banco Agromercantil de Guatemala S.A. given higher devaluation between COP to USD currencies. The plan assets’ fair value as of December 31, 2022 is as follow: ​ ​ ​ Bancolombia’s Plan assets ​ 2022 In millions of COP Fair value of assets as of January 1 ​ 30,121 Employee contributions ​ 6,614 Interest income on plan assets ​ 2,329 Return on plan assets greater/(less) than discount rate ​ (4,245) Benefits paid ​ (34,819) Fair value assets at the end of the year ​ -
Schedule of other long term benefits	​ ​ ​ ​ ​ ​ Other long term benefits ​ 2023 ​ 2022 In millions of COP Present value of the obligation as of January 1 ​ 446,473 ​ 465,744 Current service cost ​ 48,790 ​ 24,106 Interest cost ​ 54,878 ​ 39,973 Benefits paid ​ (55,257) ​ (44,601) Net actuarial loss / (gain) due to changes in assumptions (1) ​ 38,497 ​ (47,997) Net actuarial loss due to plan experience ​ 18,721 ​ 2,369 Foreign currency translation effect ​ (8,892) ​ 6,879 Defined obligation, unfunded as of December 31 ​ 543,210 ​ 446,473 (1) In the case of Bancolombia S.A., in 2023 the discount rate decreased from 14.00% to 11.75% and the nominal inflation rate from 7.30% to 6.35% , generating an actuarial loss of COP 33,545 , while in 2022 the discount rate increased from 8.00% to 14.00% , producing an actuarial gain of COP 33,143 . ​
Schedule of 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 ​ 2023 ​ 2022 In millions of COP Pension ​ 286,621 ​ 231,676 Current severance regimen ​ 82,963 ​ 63,802 Total ​ 369,584 ​ 295,478 ​
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, 2023 ​ December 31, 2022 ​ Discount rate ​ 11.75 % 14.25 % Rate of wage increase ​ 8.85 % 9.80 % Projected inflation ​ 6.35 % 7.30 % Rate of pension increase ​ 6.35 % 7.30 % ​ Bancolombia Panamá ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 7.00 % 6.50 % Rate of wage increase ​ 2.00 % 2.00 % Projected inflation ​ 2.00 % 2.00 % ​ Banistmo ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 7.60 % 6.90 % Expected long-term rate of return on plan assets ​ 2.20 % 0.70 % ​ El Salvador ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 6.20 % 5.80 % Rate of wage increase ​ 2.50 % 2.50 % Projected inflation ​ 1.50 % 1.50 % ​ Guatemala ​ ​ ​ ​ ​ ​ ​ Main projected assumptions ​ December 31, 2023 ​ December 31, 2022 ​ Discount rate ​ 9.00 % 10.20 % 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 2024 ​ 15,217 ​ 90,557 2025 ​ 15,296 ​ 83,744 2026 ​ 15,443 ​ 98,699 2027 ​ 15,388 ​ 89,188 2028 ​ 15,357 ​ 98,452 2029 a 2033 ​ 71,711 ​ 483,520 ​
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 ​ 12.25 % 0.50% increase ​ (2,899) Discount rate ​ 11.25 % 0.50% decrease ​ 3,071 Salary increases ​ 6.85 % 0.50% increase ​ 3,436 Salary decreases ​ 5.85 % 0.50% decrease ​ (3,264) Mortality Table ​ RV-08 ("Rentistas Validos") ​ One year increase in life expectancy ​ 4,229 ​ Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 12.25 % 0.50% increase ​ (5,412) Discount rate ​ 11.25 % 0.50% decrease ​ 5,894 Salary increases ​ 9.35 % 0.50% increase ​ 6,058 Salary decreases ​ 8.35 % 0.50% decrease ​ (5,602) ​ Severance obligation ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 11.75 % 0.50% increase ​ (177) Discount rate ​ 10.75 % 0.50% decrease ​ 182 Salary increases ​ 9.35 % 0.50% increase ​ 410 Salary decreases ​ 8.35 % 0.50% decrease ​ (402) ​ Panama Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 8.10 % 0.50% increase ​ (102) Discount rate ​ 7.10 % 0.50% decrease ​ 108 Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 86 ​ Guatemala Defined Benefit Pension Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.50 % 0.50% increase ​ (2,226) Discount rate ​ 8.50 % 0.50% decrease ​ 2,546 Salary increases ​ 5.50 % 0.50% increase ​ 1,653 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,482) Mortality Table ​ RP-2000 ​ One year increase in life expectancy ​ 784 ​ ​ Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.00 % 0.50% increase ​ (1,461) Discount rate ​ 8.00 % 0.50% decrease ​ 1,537 Salary increases ​ 5.50 % 0.50% increase ​ 1,582 Salary decreases ​ 4.50 % 0.50% decrease ​ (1,515) ​ El Salvador Retirement Pension Premium Plan ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.70 % 0.50% increase ​ (724) Discount rate ​ 5.70 % 0.50% decrease ​ 778 Salary increases ​ 3.00 % 0.50% increase ​ 134 Salary decreases ​ 2.00 % 0.50% decrease ​ (183) ​ Other long term benefits Colombia ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 12.25 % 0.50% increase ​ (14,948) Discount rate ​ 11.25 % 0.50% decrease ​ 15,879 Salary increases ​ 9.35 % 0.50% increase ​ 16,208 Salary decreases ​ 8.35 % 0.50% decrease ​ (14,405) ​ Guatemala ​ ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 9.10 % 0.50% increase ​ (892) Discount rate ​ 8.10 % 0.50% decrease ​ 952 Salary increases ​ 5.50 % 0.50% increase ​ 981 Salary decreases ​ 4.50 % 0.50% decrease ​ (926) ​ El Salvador ​ ​ ​ ​ ​ ​ ​ ​ Assumption ​ Value ​ (Increase/Decrease) ​ Effect on DBO In millions of COP Discount rate ​ 6.70 % 0.50% increase ​ (132) Discount rate ​ 5.70 % 0.50% decrease ​ 140 ​
Schedule of 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 ​ 2023 ​ 2022 In millions of COP Current severance obligation ​ 95,732 ​ 73,475 Bonuses and short-term benefits (1) ​ 734,916 ​ 640,458 Other employment benefit plans ​ 830,648 ​ 713,933 (1) The increases between December 31, 2023 and 2022, corresponds to the bonuses related to employees’ variable compensation. See Note 20 Other Liabilities.

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER LIABILITIES
Schedule of other liabilities	​ ​ ​ ​ ​ ​ Other liabilities ​ December 31, 2023 ​ December 31, 2022 In millions of COP Payables ​ 4,746,323 ​ 3,629,433 Suppliers (1) ​ 1,653,424 ​ 2,333,289 Advances to obligations ​ 1,199,509 ​ 1,082,447 Dividends (2) ​ 870,846 ​ 769,181 Collection services ​ 820,393 ​ 1,032,613 Deposits delivered as security (3) ​ 795,628 ​ 655,176 Bonuses and short-term benefits (4) ​ 734,916 ​ 640,458 Security contributions ​ 524,741 ​ 473,247 Provisions (5) ​ 401,111 ​ 417,242 Salaries and other labor obligations (6) ​ 396,734 ​ 359,673 Deferred interests ​ 217,507 ​ 96,939 Advances in leasing operations and loans ​ 186,547 ​ 282,173 Liabilities from contracts with customers (7) ​ 60,128 ​ 56,856 Other ​ 40,774 ​ 50,484 Total ​ 12,648,581 ​ 11,879,211 (1) The decrease corresponds mainly to cancellations of supplier invoices for purchases and imports of leasing assets. (2) This relates to the last installment pending payment January 2, 2024. See Consolidated Statement of Changes in Equity, distribution of dividends. (3) The variation is generated by the valuation of current operations with international counterparties. For more information See Note 5.2. Derivative financial instruments. (4) For further information, see Note 19. Employee benefit plans (Bonuses and short-term benefits). (5) See Note 21. Provisions and contingent liabilities. (6) For more information related to other employee benefits, see Note 19. Employee benefits. (7) See Note 25.3. Fees and commissions.

PROVISIONS AND CONTINGENT LIA_2

PROVISIONS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
PROVISIONS AND CONTINGENT LIABILITIES
Schedule of detail of provisions	The following tables show the detail of the provisions at December 31, 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings (1) ​ guarantees (2) ​ commitments ​ contracts (3) ​ Total In millions of COP Balance at January 1, 2023 ​ 47,577 ​ 84,997 ​ 16,501 ​ 265,405 ​ 2,762 ​ 417,242 Net provisions recognized during the period ​ 19,427 ​ 11,248 ​ (14,139) ​ 4,394 ​ 538 ​ 21,468 Provisions used during the period ​ (10,666) ​ (3,865) ​ - ​ - ​ - ​ (14,531) Translation adjustment ​ (1,395) ​ - ​ (124) ​ (17,418) ​ - ​ (18,937) Effect of discounted cash flows ​ (4,131) ​ - ​ - ​ - ​ - ​ (4,131) Final balance at December 31, 2023 ​ 50,812 ​ 92,380 ​ 2,238 ​ 252,381 ​ 3,300 ​ 401,111 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; Judicial Proceesing current and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,920 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. and its decrease is due to the cancellation of operations (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial ​ Administrative ​ Financial ​ Loan ​ Onerous ​ ​ ​ ​ proceedings ​ proceedings(1) ​ guarantees(2) ​ commitments ​ contracts(3) ​ Total In millions of COP Balance at January 1, 2022 ​ 35,815 ​ 15,340 ​ 31,111 ​ 204,655 ​ 1,096 ​ 288,017 Net provisions recognized during the period ​ 18,958 ​ 92,739 ​ (14,716) ​ 48,727 ​ 1,666 ​ 147,374 Provisions used during the period ​ (8,863) ​ (23,082) ​ - ​ - ​ - ​ (31,945) Translation adjustment ​ (1,733) ​ - ​ 106 ​ 12,023 ​ - ​ 10,396 Effect of discounted cash flows ​ 3,400 ​ - ​ - ​ - ​ - ​ 3,400 Final balance at December 31, 2022 ​ 47,577 ​ 84,997 ​ 16,501 ​ 265,405 ​ 2,762 ​ 417,242 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,002 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. (3) Onerous contracts corresponds to Renting Colombia S.A.S. ​
Schedule of provisions of financial guarantees and loan commitments	The following table shows the changes in the provision for financial guarantees and loan commitments during period at December 31, 2023 and 2022 with the expected credit loss model: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ TOTAL Balance at January 1, 2023 ​ 140,574 ​ 82,615 ​ 58,717 ​ 281,906 Transfers ​ 34,443 ​ (23,490) ​ (10,953) ​ - Transfer to stage 1 ​ 33,530 ​ (24,858) ​ (8,672) ​ - Transfer to stage 2 ​ 2,384 ​ 4,992 ​ (7,376) ​ - Transfer to stage 3 ​ (1,471) ​ (3,624) ​ 5,095 ​ - Provisions recognized during the period ​ 56,254 ​ 11,515 ​ 9,928 ​ 77,697 Provisions reversed during the period ​ (60,779) ​ (20,306) ​ (6,357) ​ (87,442) Translation adjustment ​ (12,155) ​ (5,276) ​ (111) ​ (17,542) Balance at December 31, 2023 ​ 158,337 ​ 45,058 ​ 51,224 ​ 254,619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stage1 ​ Stage2 ​ Stage3 ​ TOTAL Balance at January 1, 2022 ​ 104,204 ​ 59,825 ​ 71,737 ​ 235,766 Transfers ​ 24,198 ​ 1,873 ​ (26,071) ​ - Transfer to stage 1 ​ 25,578 ​ (17,581) ​ (7,997) ​ - Transfer to stage 2 ​ 119 ​ 21,547 ​ (21,666) ​ - Transfer to stage 3 ​ (1,499) ​ (2,093) ​ 3,592 ​ - Provisions recognized during the period ​ 60,707 ​ 22,636 ​ 8,149 ​ 91,492 Provisions reversed during the period ​ (55,730) ​ (6,559) ​ 4,808 ​ (57,481) Translation adjustment ​ 7,195 ​ 4,840 ​ 94 ​ 12,129 Balance at December 31, 2022 ​ 140,574 ​ 82,615 ​ 58,717 ​ 281,906 ​
Schedule of financial guarantees	As of December 31, 2023 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 826,699 Guarantees greater than 1 month and up to 3 months ​ 3,778,824 Guarantees greater than 3 months and up to 1 years ​ 5,609,521 Guarantees greater than 1 year and up to 3 years (1) ​ 1,489,899 Guarantees greater than 3 years and up to 5 years ​ 450,875 Guarantees greater than 5 years ​ 535,380 Total ​ 12,691,198 (1) The decrease with respect to the previous year is mainly due to the cancellation of operations with the following economic sectors: energy, private, among others. As of December 31, 2022 ​ ​ ​ ​ Maturity ​ Financial Guarantees In millions of COP Guarantees under 1 month ​ 757,658 Guarantees greater than 1 month and up to 3 months ​ 1,286,137 Guarantees greater than 3 months and up to 1 years ​ 5,695,172 Guarantees greater than 1 year and up to 3 years ​ 3,660,806 Guarantees greater than 3 years and up to 5 years ​ 134,611 Guarantees greater than 5 years ​ 90,530 Total ​ 11,624,914 ​

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE CAPITAL
Schedule of subscribed and paid-in capital	The subscribed and paid-in capital is the following: ​ ​ ​ ​ ​ ​ Share capital ​ December 31, 2023 ​ December 31, 2022 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) 2023 ​ 3,536 2022 ​ 3,536 2021 ​ 3,120 2020 ​ 260 2019 ​ 1,638

APPROPRIATED RESERVES (Tables)

APPROPRIATED RESERVES (Tables)	12 Months Ended
	Dec. 31, 2023
APPROPRIATED RESERVES
Schedule of appropriated retained earnings	As of December 31, 2023 and 2022, the appropriated retained earnings consist of the following: ​ ​ ​ ​ ​ ​ Concept ​ December 31, 2023 ​ December 31, 2022 In millions of COP Appropriation of net income (1)(2) ​ 12,794,057 ​ 12,768,264 Others (3) ​ 7,250,712 ​ 3,162,401 Total Appropiated reserves ​ 20,044,769 ​ 15,930,665 (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) As of December 31, 2023 and December 31, 2022 includes reclassification of unclaimed dividends under Article 85 of the Bancolombia S.A Bylaws for COP 557 and COP 574 , respectively. (3) At Bancolombia S.A, the creation of an occasional reserve for equity strengthening and future growth continues, which was approved at the General Shareholders Meeting.

UNCONSOLIDATED STRUCTURED ENT_2

UNCONSOLIDATED STRUCTURED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 1,028,501 ​ 159,609,365 ​ 160,637,866 The Bank’s interest-assets ​ ​ ​ ​ ​ ​ Investments at fair value through profit or loss ​ 80,436 ​ - ​ 80,436 Investments at fair value through other comprehensive income ​ 22,149 ​ - ​ 22,149 Loans and advances to customers ​ - ​ 7,997,406 ​ 7,997,406 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 102,585 ​ 7,997,406 ​ 8,099,991 The Bank’s maximum exposure ​ 102,585 ​ 7,997,406 ​ 8,099,991 Fees income ​ 3,763 ​ 474,136 ​ 477,899 ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securitizations ​ The Bank’s managed funds ​ Total In millions of COP Total assets of the entities ​ 1,198,421 ​ 149,688,085 ​ 150,886,506 The Bank’s interest-assets ​ ​ ​ ​ ​ ​ Investments at fair value through profit or loss ​ 87,048 ​ - ​ 87,048 Investments at fair value through other comprehensive income ​ 26,936 ​ - ​ 26,936 Loans and advances to customers ​ - ​ 6,116,373 ​ 6,116,373 Total assets in relation to the Bank’s interests in the unconsolidated structured entities ​ 113,984 ​ 6,116,373 ​ 6,230,357 The Bank’s maximum exposure ​ 113,984 ​ 6,116,373 ​ 6,230,357 Fees income ​ 4,532 ​ 435,177 ​ 439,709

OPERATING INCOME (Tables)

OPERATING INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 In millions of COP Interest on debt instruments using the effective interest method (1) ​ 1,029,377 ​ 588,792 ​ 311,488 Interest and valuation on financial instruments ​ ​ ​ ​ ​ ​ Debt investments (2) ​ 628,082 ​ 1,198,296 ​ 466,124 Repos ​ 137,014 ​ (84,410) ​ (56,555) Spot transactions ​ (28,590) ​ 77,433 ​ 27,348 Derivatives ​ (157,818) ​ 171,381 ​ 33,637 Total valuation on financial instruments ​ 578,688 ​ 1,362,700 ​ 470,554 Total Interest and valuation on financial instruments ​ 1,608,065 ​ 1,951,492 ​ 782,042 (1) The increase is mainly presented in Bancolombia S.A., due to higher profits in the valuation of TDA (Títulos de Desarrollo Agropecuario). (2) In 2023 the decrease is mainly presented in Bancolombia S.A., due to a lower volume and lower valuation in the portfolio of securities issued by foreign governments (United States Treasury Bonds), which are directly related to the variations in the exchange rate, offset by an increase in the valuation of fixed rate TES. ​
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, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 In millions of COP Deposits (1) ​ 13,323,516 ​ 6,141,680 ​ 2,814,505 Borrowing costs (1) ​ 1,658,996 ​ 763,717 ​ 293,949 Debt instruments in issue ​ 1,426,615 ​ 1,328,511 ​ 1,053,441 Lease liabilities (2) ​ 113,815 ​ 111,349 ​ 111,556 Preferred shares ​ 57,701 ​ 57,701 ​ 57,701 Overnight funds ​ 30,540 ​ 11,375 ​ 3,870 Other interest (expense) ​ 57,112 ​ 28,137 ​ 16,534 Total interest expenses ​ 16,668,295 ​ 8,442,470 ​ 4,351,556 (1) The intervention rate issued by the Banco de la República de Colombia for the period of 2023 started at 12.00% and closed at 13.00% , for 2022 it started at 3.00% and closed at 12.00% and for 2021 it started at 1.75% and closed at 3.00% . This has an impact on the rates of deposits and financial obligations in addition, there was an increase of time deposits. (2) See 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and debit card fees and commercial estabilshments ​ 2,467,174 ​ ​ 272,380 ​ ​ 233,049 ​ ​ 95,833 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,992 ​ ​ - ​ ​ 3,070,428 ​ Bancassurance ​ 924,280 ​ ​ 72,705 ​ ​ 77 ​ ​ - ​ ​ 104 ​ ​ 29 ​ ​ 126 ​ ​ - ​ ​ - ​ ​ 997,321 ​ Banking services ​ 593,729 ​ ​ 110,271 ​ ​ 157,386 ​ ​ 68,857 ​ ​ - ​ ​ - ​ ​ - ​ ​ 37,746 ​ ​ 23,574 ​ ​ 991,563 ​ Payment and collections ​ 950,167 ​ ​ 15,236 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 965,403 ​ Fiduciary Activities and Securities ​ - ​ ​ 20,233 ​ ​ 6,399 ​ ​ 851 ​ ​ 361,632 ​ ​ - ​ ​ 74,377 ​ ​ 54 ​ ​ - ​ ​ 463,546 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 72,335 ​ ​ 25,159 ​ ​ 5,211 ​ ​ 3,173 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,803 ​ ​ - ​ ​ 107,681 ​ Investment banking ​ - ​ ​ 980 ​ ​ 1,225 ​ ​ - ​ ​ - ​ ​ 55,888 ​ ​ 10,728 ​ ​ - ​ ​ - ​ ​ 68,821 ​ Brokerage ​ - ​ ​ 15,568 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,140 ​ ​ - ​ ​ - ​ ​ 26,708 ​ Others ​ 244,414 ​ ​ 398 ​ ​ 76,221 ​ ​ 54,486 ​ ​ 229 ​ ​ - ​ ​ 7,614 ​ ​ 5,633 ​ ​ 412 ​ ​ 389,407 ​ Total revenue of contracts with customers ​ 5,252,099 ​ ​ 532,930 ​ ​ 479,568 ​ ​ 223,200 ​ ​ 361,965 ​ ​ 55,917 ​ ​ 103,985 ​ ​ 47,228 ​ ​ 23,986 ​ ​ 7,080,878 ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and debit card fees and commercial estabilshments ​ 2,248,727 ​ ​ 232,637 ​ ​ 216,977 ​ ​ 79,551 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,868 ​ ​ - ​ ​ 2,779,760 ​ Bancassurance ​ 814,653 ​ ​ 57,858 ​ ​ 97 ​ ​ - ​ ​ 29 ​ ​ 8 ​ ​ 32 ​ ​ - ​ ​ - ​ ​ 872,677 ​ Banking services ​ 481,103 ​ ​ 91,938 ​ ​ 142,047 ​ ​ 78,264 ​ ​ - ​ ​ - ​ ​ - ​ ​ 31,277 ​ ​ 12,732 ​ ​ 837,361 ​ Payment and collections ​ 851,983 ​ ​ 13,975 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 865,958 ​ Fiduciary Activities and Securities ​ - ​ ​ 18,975 ​ ​ 6,522 ​ ​ 803 ​ ​ 318,840 ​ ​ - ​ ​ 78,509 ​ ​ 53 ​ ​ - ​ ​ 423,702 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 58,293 ​ ​ 18,382 ​ ​ 10,081 ​ ​ 3,774 ​ ​ - ​ ​ - ​ ​ - ​ ​ 828 ​ ​ - ​ ​ 91,358 ​ Investment banking ​ - ​ ​ 550 ​ ​ 1,482 ​ ​ - ​ ​ - ​ ​ 86,224 ​ ​ 15,667 ​ ​ - ​ ​ - ​ ​ 103,923 ​ Brokerage ​ - ​ ​ 11,888 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 15,960 ​ ​ - ​ ​ - ​ ​ 27,848 ​ Others ​ 229,804 ​ ​ 380 ​ ​ 66,971 ​ ​ 56,162 ​ ​ - ​ ​ - ​ ​ 1,198 ​ ​ 7,995 ​ ​ 5,429 ​ ​ 367,939 ​ Total revenue of contracts with customers ​ 4,684,563 ​ ​ 446,583 ​ ​ 444,177 ​ ​ 218,554 ​ ​ 318,869 ​ ​ 86,232 ​ ​ 111,366 ​ ​ 42,021 ​ ​ 18,161 ​ ​ 6,370,526 ​ ​ ​ 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 income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and debit card fees and commercial estabilshments ​ 1,830,128 ​ ​ 174,226 ​ ​ 168,273 ​ ​ 61,831 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,663 ​ ​ - ​ ​ 2,236,121 ​ Bancassurance ​ 636,632 ​ ​ 49,730 ​ ​ 129 ​ ​ - ​ ​ 40 ​ ​ 10 ​ ​ 51 ​ ​ - ​ ​ - ​ ​ 686,592 ​ Banking services ​ 414,870 ​ ​ 69,379 ​ ​ 118,532 ​ ​ 56,548 ​ ​ - ​ ​ - ​ ​ - ​ ​ 22,902 ​ ​ - ​ ​ 682,231 ​ Payment and collections ​ 723,297 ​ ​ 10,064 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 733,361 ​ Fiduciary Activities and Securities ​ - ​ ​ 17,420 ​ ​ 6,567 ​ ​ 704 ​ ​ 347,838 ​ ​ - ​ ​ 90,548 ​ ​ 46 ​ ​ - ​ ​ 463,123 ​ Acceptances, Guarantees and Standby Letters of Credit ​ 43,863 ​ ​ 16,125 ​ ​ 6,928 ​ ​ 3,716 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,917 ​ ​ - ​ ​ 72,549 ​ Investment banking ​ - ​ ​ 1,998 ​ ​ 1,353 ​ ​ - ​ ​ - ​ ​ 79,521 ​ ​ 11,481 ​ ​ - ​ ​ - ​ ​ 94,353 ​ Brokerage ​ - ​ ​ 12,661 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 14,193 ​ ​ - ​ ​ - ​ ​ 26,854 ​ Others ​ 192,682 ​ ​ - ​ ​ 57,942 ​ ​ 37,109 ​ ​ - ​ ​ - ​ ​ 1,009 ​ ​ 6,781 ​ ​ 3,097 ​ ​ 298,620 ​ Total revenue of contracts with customers ​ 3,841,472 ​ ​ 351,603 ​ ​ 359,724 ​ ​ 159,908 ​ ​ 347,878 ​ ​ 79,531 ​ ​ 117,282 ​ ​ 33,309 ​ ​ 3,097 ​ ​ 5,293,804 ​
Schedule of accounts receivable and contract liabilities balances	The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Accounts receivable from contracts with customers (1) ​ 259,516 ​ 192,029 ​ 182,672 Liabilities from contracts with customers (2)(3)(4) ​ 60,128 ​ 56,856 ​ 55,025 (1) Allowances for receivables from customers are COP 21,591 , COP 15,330 and COP 16,537 for the year 2023, 2022 and 2021, respectively. (2) Contract liabilities are mainly related to commissions received from customers when the Bank issues financial guarantees. They are recognized as income during the term of the contract, according to the form and frequency of payment of the commissions. The weighted-average expected period for income recognition as of December 31, 2023 was 1.3 years, as of December 31, 2022, 1.6 years and as of December 31, 2021 was 1.3 years. (3) During the years 2023 and 2022, income was recognized for COP 55,179 and COP 45,656 respectively from the liability of contracts with clients at the beginning of the period. (4) See Note 20. Other liabilities. ​
Schedule of fees and commissions expenses	​ ​ ​ ​ ​ ​ ​ ​ Fees and Commissions Expenses ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Banking services ​ 1,483,701 ​ 1,242,590 ​ 798,729 Sales, collections and other services ​ 851,784 ​ 708,803 ​ 619,715 Correspondent banking ​ 504,227 ​ 406,567 ​ 307,308 Payments and collections ​ 41,904 ​ 34,720 ​ 26,897 Others ​ 215,664 ​ 197,486 ​ 108,034 Total expenses for commissions ​ 3,097,280 ​ 2,590,166 ​ 1,860,683
Schedule of other operating income	The following table sets forth the detail of other operating income net for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Other operating income ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Leases and related services (1) ​ 1,771,016 ​ 1,362,677 ​ 936,574 Net foreign exchange and Derivatives Foreign exchange contracts (2) ​ 1,215,064 ​ (373,045) ​ 296,534 Investment property valuation (3) ​ 197,526 ​ 236,617 ​ 67,762 Gains on sale of assets ​ 170,910 ​ 171,482 ​ 227,445 Logistics services ​ 136,118 ​ 165,738 ​ 140,451 Insurance (4) ​ 86,330 ​ 92,294 ​ 54,833 Other reversals ​ 67,617 ​ 64,467 ​ 56,381 Penalties for failure to contracts ​ 13,855 ​ 6,833 ​ 15,680 Others ​ 321,214 ​ 326,372 ​ 226,481 Total Other operating income ​ 3,979,650 ​ 2,053,435 ​ 2,022,141 (1) Corresponds to operating leases for COP 833,244 , COP 649,693 and COP 412,286 , other related leasing services for COP 660,442 , COP 541,436 and COP 375,275 (see Note 7.1 lessor), property leases for COP 228,325 , COP 157,511 and COP 139,021 (see Note 11. Investment properties) and other assets for COP 49,005 , COP 14,037 , COP 9,992 for the years ended December 31, 2023, 2022 and 2021 respectively . (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) In 2022 increased in properties and variation in fair value due to improved market conditions at the reporting date. (4) Corresponds to income from insurance operations of Seguros Agromercantil S.A., subsidiary domiciled in Guatemala. In 2023, it includes the effect of the adoption of IFRS 17 Insurance Contract. See Note 32. Impacts on the application of new standards. ​
Schedule of dividends received, and share of profits of equity method investees	The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Dividends and net income on equity investments ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP Dividends (1) ​ 127,427 ​ 59,072 ​ 108,079 Equity method (2) ​ 113,115 ​ 219,105 ​ 199,652 Equity investments and other financial instruments (3) ​ 22,944 ​ (672) ​ 7,253 (Losses) Gains on sale of investments in associates (4) ​ - ​ (34,451) ​ 9,896 Impairment of investments in associates and joint ventures (5) ​ (108,175) ​ (9,633) ​ (1,733) Others (6) ​ 54,874 ​ 2,433 ​ 5,197 Total dividends received, and share of profits of equity method investees ​ 210,185 ​ 235,854 ​ 328,344 (1) As of December 31, 2023, 2022 and 2021, includes dividends received from equity investments at fair value through profit or loss for COP 768 , COP 6,209 and COP 40,188 , the decrease is the result of lower dividends on the preferred share of Tuya S.A and investments derecognised for COP 341 , COP 116 and COP 251 , respectively, dividends from equity investments at fair value through OCI for COP 18,464 , COP 16,842 and COP 12,665 , respectively and investments derecognised for COP 3,231 in 2023. Additionally, includes returns received of the associate at fair value P.A. Viva Malls for COP 104,623 , COP 35,905 , and COP 50,208 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (2) Corresponds to income from equity method of investments in associates as of December 31, 2023, 2022 and 2021 for COP 230,704 , COP 265,885 and COP 179,032 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP (117,589) , COP (46,780) and COP 20,620 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (3) For 2023, the increase is explained by the effect of the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Perú and Chile Stock Exchanges in November 2023. For more information see Note 5.1. Financial assets investments. (4) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., to comply with the authorized investment regime, and a loss of COP (41,434) was recognized, see Note 8 Investments in associates and joint ventures. Additionally, as a result of the sale in 2019 of the investments in the associates Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., COP 6,983 was received as contingent payment. For 2021, COP 9,896 had been received. (5) Corresponds to the impairment of associates and joint ventures, for 2023 in Compañía de Financiamiento TUYA S.A. recognized in the Investment Banking segment for COP 106,574 , Reintegra S.A.S. for COP 2,017 and recovery of impairment in Fondo de Capital Privado Ruta del Sol compartimento A for COP 416 for impairment recorded in 2022, both recognized in the segment Others. For 2022, the impairment corresponds to Reintegra S.A.S for COP 7,688 , Fondo de Capital Privado Ruta del Sol compartimiento A for COP 6,514 and Viliv S.A.S. (in liquidation) for COP 463 , recognized in Others segments, offset by the recovery of impairment of the associate Internacional Ejecutiva de Aviación S.A.S for COP 5,032 , impairment recognized in 2021 in the Investment Banking segment. For further information, see Note 8. Investments in associates and joint ventures. (6) For 2023, corresponds to gains recognized in acquisitions of P.A. Calle 84 (2) and P.A. Calle 84 (3) for COP 31,117 and P.A. Nomad Central for COP 23,757 from a bargain purchase. In 2022, this income corresponded to P.A. Fai Calle 77. For 2022, corresponds to gains recognized in acquisition of P.A. FAI Calle 77 from a bargain purchase. In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Wompi S.A.S. (before Vlipco S.A.S.) previous to its acquisition date, the transaction was completed in November 2021. For further information, see Note 9.3. Business combination.

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
OPERATING EXPENSES
Schedule of salaries and employee benefit expenses	The detail for salaries and employee benefits for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Salaries and employee benefit ​ 2023 ​ 2022 ​ 2021 In millions of COP ​ ​ ​ ​ ​ ​ Salaries (1) ​ 2,286,471 ​ 1,897,710 ​ 1,648,872 Bonuses (2) ​ 940,292 ​ 823,517 ​ 714,353 Private premium (3) ​ 651,048 ​ 423,261 ​ 384,056 Social security contributions ​ 546,434 ​ 447,017 ​ 355,166 Indemnization payment ​ 179,916 ​ 189,643 ​ 137,453 Other benefits (4) ​ 746,073 ​ 636,508 ​ 542,696 Total Salaries and employee benefit ​ 5,350,234 ​ 4,417,656 ​ 3,782,596 (1) This is mainly explained by salary increases indexed to inflation. (2) Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Bank. (3) The increase corresponds to a higher provision due to a decrease in the nominal rate and the inflation rate. (4) Includes vacations, severance and interest on severance, pension and employee benefits, mainly policy benefits, training and recreation. ​
Schedule of other administrative and general expenses	The detail for administrative and general expenses for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ Other administrative and general expenses ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP ​ ​ ​ ​ Fees (1) ​ 943,781 ​ 864,520 ​ 758,986 Maintenance and repairs (2) ​ 900,251 ​ 757,861 ​ 592,493 Insurance (3) ​ 738,786 ​ 640,753 ​ 495,146 Data processing (4) ​ 473,059 ​ 362,621 ​ 363,105 Frauds and claims (5) ​ 346,899 ​ 258,834 ​ 182,916 Transport ​ 233,856 ​ 232,471 ​ 198,828 Advertising ​ 175,690 ​ 185,122 ​ 153,066 Cleaning and security services ​ 129,460 ​ 117,966 ​ 111,717 Public services ​ 125,433 ​ 119,949 ​ 149,029 Contributions and affiliations ​ 109,038 ​ 116,118 ​ 101,727 Communications ​ 74,685 ​ 72,501 ​ 71,861 Properties improvements and installation ​ 66,438 ​ 70,845 ​ 64,554 Useful and stationery ​ 57,061 ​ 55,045 ​ 53,476 Disputes, fines and sanctions (6) ​ 43,499 ​ 63,519 ​ 13,106 Real estate management ​ 33,637 ​ 30,216 ​ 28,962 Travel expenses ​ 31,813 ​ 25,600 ​ 10,713 Publications and subscriptions ​ 22,574 ​ 20,644 ​ 17,775 Storage services ​ 16,321 ​ 15,013 ​ 14,666 Legal expenses ​ 14,136 ​ 10,573 ​ 6,834 Others ​ 497,527 ​ 539,729 ​ 351,546 Total other administrative and general expenses (7) ​ 5,033,944 ​ 4,559,900 ​ 3,740,506 Taxes other than income tax (8) ​ 1,433,148 ​ 929,512 ​ 719,593 (1) Increase generated mainly by digital transformation fees. (2) Increase is caused mainly by vehicle maintenance for COP 85,247 and computer equipment maintenance for COP 46,626 . (3) The increase is mainly generated by Fogafin deposit insurance due to an increase in the volume of time deposits. (4) In 2023, the increase generated mainly by license maintenance services, electronic data processing and technology services. (5) The increase is generated mainly in virtual transactions and cards frauds. (6) The amount for the year 2022 includes the following events: Banagrícola and subsidiaries by USD 4,000 due to out-of-court closing of contingency and in Banistmo and subsidiaries by USD 2,500 due to judgment against. (7) As of December 31, 2021, the Consolidated Statement of Income disclosed the line "Other expenses" for COP 218,586 . Considering the nature of the operations contained in this caption, the Bank decided to reclassify this item in the Consolidated Statement of Income as of December 31, 2023, 2022 and 2021 in the line "Other administrative and general expenses". For comparative purposes, figure disclosed in 2021 in the line "Other administrative and general expenses" for COP 3,521,920 were modified to COP 3,740,506 . (8) The increase mainly generates in industry and commerce taxes, value added tax (IVA) and Tax on Financial Movements (GMF). ​
Schedule of impairment, depreciation and amortization expenses	The detail for Impairment, depreciation and amortization for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Impairment, depreciation and amortization ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP ​ ​ ​ ​ Depreciation of premises and equipment (1) ​ 636,376 ​ 560,596 ​ 466,179 Depreciation of right-of-use assets (2) ​ 229,665 ​ 212,861 ​ 190,819 Amortization of intangible assets (3) ​ 212,317 ​ 175,991 ​ 198,169 Impairment of other assets, net (4)(5) ​ 46,501 ​ 31,127 ​ 65,391 Total impairment, depreciation and amortization ​ 1,124,859 ​ 980,575 ​ 920,558 (1) See Note 10 Premises and equipment, net. (2) See Note 7.2 Lessee. (3) See Note 9 Goodwill and intangibles assets, net. (4) Includes value for impairment of property and equipment for COP 4,480 in 2023 and COP 3,536 in 2022. (5) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2023, 2022 and 2021 is presented in the table below: ​ ​ ​ ​ ​ ​ ​ ​ Impairment (recovery) of other assets, net ​ 2023 ​ 2022 ​ 2021 ​ ​ In millions of COP ​ ​ ​ ​ Banking Colombia ​ 45,122 ​ 24,187 ​ 38,632 Banking Panama ​ 5,290 ​ 12,599 ​ 17,962 Banking Guatemala ​ 8,929 ​ 12,101 ​ 7,554 All other segments ​ 4,713 ​ 1,803 ​ 848 International Banking ​ 1,730 ​ 314 ​ - Banking El Salvador (1) ​ (19,283) ​ (19,877) ​ 395 Total (2) ​ 46,501 ​ 31,127 ​ 65,391 (1) Corresponds mainly to the Net realizable value (NRV) and higher sales generated in 2022 compared to 2021. (2) The variation in 2023 with respect to 2022 is mainly to the Net realizable value (NRV). ​

EARNING PER SHARE ('EPS') (Tabl

EARNING PER SHARE ('EPS') (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 (in millions of pesos, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Income from continuing operations before attribution of non-controlling interests ​ 6,214,971 ​ 6,996,365 ​ 4,207,787 Less: Non-controlling interests from continuing operations ​ 98,035 ​ 212,875 ​ 120,992 Net income from controlling interest ​ 6,116,936 ​ 6,783,490 ​ 4,086,795 Less: Preferred dividends declared ​ 1,541,003 ​ 1,352,921 ​ 59,851 Less: Allocation of undistributed earnings to preferred stockholders ​ 1,303,784 ​ 1,805,191 ​ 1,830,636 Net income allocated to common shareholders for basic and diluted EPS ​ 3,272,149 ​ 3,625,378 ​ 2,196,308 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 ​ 6,420 ​ 7,113 ​ 4,309 Basic and diluted earnings per share from continuing operations ​ 6,420 ​ 7,113 ​ 4,309 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of transactions between related parties	As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 6,050 ​ ​ - ​ 54,001 Derivative financial instruments ​ 48,747 ​ ​ - ​ 7,297 Loans and advances to customers ​ 1,850,407 ​ ​ 22,437 ​ 271,676 Allowance for loans, advances and lease losses ​ (1,455) ​ ​ (50) ​ (760) Investment in associates and joint ventures ​ - ​ ​ - ​ 2,997,603 Other assets ​ 17,951 ​ ​ 18 ​ 271,263 Total assets ​ 1,921,700 ​ ​ 22,405 ​ 3,601,080 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 1,434,117 ​ ​ 16,312 ​ 141,853 Derivative financial instruments ​ 14 ​ ​ 209 ​ 1,068 Other liabilities ​ 23,070 ​ ​ 59 ​ 70,387 Total liabilities ​ 1,457,201 ​ ​ 16,580 ​ 213,308 ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest on loans and financial leases ​ 157,451 ​ ​ 1,783 ​ 27,925 Valuation on financial instruments ​ 97 ​ ​ - ​ 11,998 Fees and commissions income ​ 744,000 ​ ​ 98 ​ 14,647 Dividends and net income on equity investments (2) ​ 213 ​ ​ - ​ 109,563 Derivatives Foreign exchange contracts ​ 63,060 ​ ​ (218) ​ 27,174 Other operating income ​ 48,531 ​ ​ 9 ​ 9,806 Net income ​ 1,013,352 ​ ​ 1,672 ​ 201,113 ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ 181,085 ​ ​ 1,038 ​ 8,261 Credit impairment charges, net ​ (8,307) ​ ​ 4 ​ (1,193) Fees and commissions expenses ​ 590 ​ ​ - ​ 152,563 Employee benefits (3) ​ 89,199 ​ ​ 93 ​ - Other administrative and general expenses ​ 159,184 ​ ​ 2,492 ​ 23,644 Total expenses ​ 421,751 ​ ​ 3,627 ​ 183,275 (1) Includes Grupo Sura conglomerate. (2) Includes impairment of associates and joint ventures mainly in TUYA S.A. for COP 106,574 . (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 5,711 ​ ​ - ​ 51,991 Derivative financial instruments ​ 191 ​ ​ 5 ​ 8 Loans and advances to customers ​ 947,150 ​ ​ 28,935 ​ 342,896 Allowance for loans, advances and lease losses ​ (9,746) ​ ​ (49) ​ (3,470) Investment in associates and joint ventures ​ - ​ ​ - ​ 2,915,633 Other assets (2) ​ 17,520 ​ ​ 41 ​ 209,350 Total assets ​ 960,826 ​ ​ 28,932 ​ 3,516,408 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 1,364,663 ​ ​ 14,433 ​ 161,708 Derivative financial instruments ​ 23 ​ ​ - ​ 27,571 Other liabilities (2) ​ 26,803 ​ ​ 56 ​ 54,017 Total liabilities ​ 1,391,489 ​ ​ 14,489 ​ 243,296 ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest on loans and financial leases ​ 74,896 ​ ​ 1,249 ​ 21,715 Valuation on financial instruments ​ - ​ ​ - ​ 994 Fees and commissions income ​ 929,721 ​ ​ 100 ​ 20,574 Dividends and net income on equity investments ​ 30 ​ ​ - ​ 224,602 Net foreign exchange and Derivatives Foreign exchange contracts ​ (10,158) ​ ​ 984 ​ (30,484) Other operating income ​ 50,816 ​ ​ 28 ​ 99,855 Net income ​ 1,045,305 ​ ​ 2,361 ​ 337,256 ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ 112,403 ​ ​ 301 ​ 8,483 Credit impairment charges, net ​ 10,171 ​ ​ 50 ​ (550) Fees and commissions expenses ​ 19 ​ ​ - ​ 180,951 Employee benefits (3) ​ 76,455 ​ ​ 117 ​ - Other administrative and general expenses ​ 161,367 ​ ​ 2,056 ​ 30,792 Total expenses ​ 360,415 ​ ​ 2,524 ​ 219,676 (1) Includes Grupo Sura conglomerate. (2) The values disclosed for Other assets and Other liabilities corresponding to Stockholders with an interest equal or higher than 20% as of December 31, 2022 were restated from COP 54,842 to COP 17,520 and from COP 163,385 to 26,803 , respectively; this restatement has no effect on the Financial Statements and their notes, and it was also concluded that the revised figures were adjusted and disclosed on a comparative basis. (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. ​ ​ ​ 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 ​ ​ 8,175 ​ 194,864 Derivative financial instruments ​ - ​ ​ 6 ​ 8,565 Other liabilities ​ 1,120 ​ ​ 368 ​ 36,596 Total liabilities ​ 2,102,966 ​ ​ 8,549 ​ 240,025 ​ ​ ​ ​ ​ ​ ​ ​ Income ​ ​ ​ ​ ​ ​ ​ Interest on loans and financial leases ​ 29,092 ​ ​ 759 ​ 11,443 Valuation on financial instruments ​ - ​ ​ - ​ 1,560 Fees and commissions income ​ 737,402 ​ ​ 98 ​ 13,056 Dividends and net income on equity investments ​ 58 ​ ​ - ​ 289,423 Net foreign exchange and Derivatives Foreign exchange contracts ​ (1,840) ​ ​ 1,112 ​ (9,966) Other operating income ​ 278 ​ ​ - ​ 55,524 Net income ​ 764,990 ​ ​ 1,969 ​ 361,040 ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ Interest expenses ​ 16,564 ​ ​ 93 ​ 1,403 Credit impairment charges, net ​ 3,043 ​ ​ 92 ​ 5,123 Fees and commissions expenses ​ 17 ​ ​ - ​ 130,950 Employee benefits (2) ​ 60,221 ​ ​ 19 ​ - Other administrative and general expenses ​ 14,148 ​ ​ 1,724 ​ 32,071 Total expenses ​ 93,993 ​ ​ 1,928 ​ 169,547 (1) Includes Grupo Sura conglomerate. (2) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. ​

LIABILITIES FROM FINANCING AC_2

LIABILITIES FROM FINANCING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2023
LIABILITIES FROM FINANCING ACTIVITIES
Schedule of reconciliation of the balances of liabilities from financing activities	The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ ​ ​ Balance as of ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2023 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2023 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 189,052 ​ 304,846 ​ (23,603) ​ - ​ - ​ 470,295 Borrowings from other financial institutions (1) ​ 19,692,638 ​ (1,674,476) ​ (4,029,947) ​ 1,658,996 ​ 1,395 ​ 15,648,606 Debt instruments in issue (1) ​ 19,575,988 ​ (3,494,834) ​ (2,844,193) ​ 1,426,615 ​ - ​ 14,663,576 Preferred shares (2) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 40,041,882 ​ (4,922,165) ​ (6,897,743) ​ 3,143,312 ​ 1,395 ​ 31,366,681 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 1,607,927 and COP 1,347,889 , 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 ​ ​ ​ ​ Balance as of ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2022 ​ Cash flows ​ currency ​ Interests ​ Other ​ Balance as of ​ ​ ​ ​ ​ ​ translation ​ accrued ​ movements ​ December 31, 2022 ​ ​ ​ ​ ​ ​ adjustment ​ ​ ​ ​ ​ ​ ​ ​ In millions of COP Liabilities from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase agreements and other similar secured borrowing ​ 763,325 ​ (579,488) ​ 5,215 ​ - ​ - ​ 189,052 Borrowings from other financial institutions (1) ​ 8,551,558 ​ 7,963,253 ​ 2,404,567 ​ 763,717 ​ 9,543 ​ 19,692,638 Debt instruments in issue (1) ​ 21,093,864 ​ (5,767,989) ​ 2,921,602 ​ 1,328,511 ​ - ​ 19,575,988 Preferred shares (2) ​ 584,204 ​ (57,701) ​ - ​ 57,701 ​ - ​ 584,204 Total liabilities from financing activities ​ 30,992,951 ​ 1,558,075 ​ 5,331,384 ​ 2,149,929 ​ 9,543 ​ 40,041,882 (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 536,024 and COP 1,206,895 , 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.

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ amount ​ Value ​ amount ​ Value In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value through profit or loss ​ 12,096,407 ​ 12,096,407 ​ 11,039,266 ​ 11,039,266 Debt instruments at fair value through OCI ​ 6,148,177 ​ 6,148,177 ​ 7,977,675 ​ 7,977,675 Debt instruments at amortized cost ​ 6,848,082 ​ 6,840,867 ​ 8,336,360 ​ 8,246,876 Derivative financial instruments ​ 6,252,270 ​ 6,252,270 ​ 4,961,237 ​ 4,961,237 Equity securities at fair value ​ 543,210 ​ 543,210 ​ 544,668 ​ 544,668 Other financial instruments (1) ​ 38,319 ​ 38,319 ​ 42,171 ​ 42,171 Loans and advances to customers at amortized cost, net ​ 237,728,544 ​ 238,771,724 ​ 254,444,099 ​ 251,336,077 Investment property ​ 4,709,911 ​ 4,709,911 ​ 3,994,058 ​ 3,994,058 Investments in associates (2) ​ 1,670,782 ​ 1,670,782 ​ 1,532,156 ​ 1,532,156 Total ​ 276,035,702 ​ 277,071,667 ​ 292,871,690 ​ 289,674,184 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Deposits by customers ​ 247,941,180 ​ 249,340,519 ​ 250,992,323 ​ 249,503,805 Interbank deposits ​ 606,141 ​ 606,141 ​ 902,132 ​ 902,132 Repurchase agreements and other similar secured borrowing ​ 470,295 ​ 470,295 ​ 189,052 ​ 189,052 Derivative financial instruments ​ 6,710,364 ​ 6,710,364 ​ 4,737,454 ​ 4,737,454 Borrowings from other financial institutions ​ 15,648,606 ​ 15,648,606 ​ 19,692,638 ​ 19,692,638 Preferred shares ​ 584,204 ​ 394,550 ​ 584,204 ​ 350,978 Debt instruments in issue ​ 14,663,576 ​ 14,468,650 ​ 19,575,988 ​ 18,776,819 Total ​ 286,624,366 ​ 287,639,125 ​ 296,673,791 ​ 294,152,878 (1) For futher information see Note 5.1. Financial assets investments. (2) 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ 4,363,135 ​ 362,470 ​ - ​ 4,725,605 ​ 3,960,211 ​ 300,019 ​ - ​ 4,260,230 Securities issued or secured by government entities ​ - ​ 84,990 ​ - ​ 84,990 ​ 13,075 ​ 65,960 ​ - ​ 79,035 Securities issued by other financial institutions ​ 41,003 ​ 654,446 ​ 78,729 ​ 774,178 ​ 77,944 ​ 451,285 ​ 81,389 ​ 610,618 Securities issued by foreign governments ​ 3,621,960 ​ 2,652,440 ​ - ​ 6,274,400 ​ 3,136,636 ​ 2,831,220 ​ - ​ 5,967,856 Corporate bonds ​ 125,010 ​ 97,940 ​ 14,284 ​ 237,234 ​ 17,299 ​ 104,228 ​ - ​ 121,527 Total debt instruments at fair value through profit or loss ​ 8,151,108 ​ 3,852,286 ​ 93,013 ​ 12,096,407 ​ 7,205,165 ​ 3,752,712 ​ 81,389 ​ 11,039,266 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ 61,427 ​ - ​ 2,664,295 ​ 2,725,722 ​ - ​ 2,590,622 ​ - ​ 2,590,622 Securities issued by other financial institutions ​ 224,049 ​ 149,257 ​ - ​ 373,306 ​ 465,025 ​ 104,332 ​ - ​ 569,357 Securities issued by foreign governments ​ 1,675,193 ​ 762,803 ​ - ​ 2,437,996 ​ 4,045,118 ​ 649,251 ​ - ​ 4,694,369 Corporate bonds ​ 63,475 ​ 547,678 ​ - ​ 611,153 ​ - ​ 123,327 ​ - ​ 123,327 Total debt instruments at fair value through OCI ​ 2,024,144 ​ 1,459,738 ​ 2,664,295 ​ 6,148,177 ​ 4,510,143 ​ 3,467,532 ​ - ​ 7,977,675 Total debt instruments ​ 10,175,252 ​ 5,312,024 ​ 2,757,308 ​ 18,244,584 ​ 11,715,308 ​ 7,220,244 ​ 81,389 ​ 19,016,941 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 89,128 ​ 69,400 ​ 384,682 ​ 543,210 ​ 30,884 ​ 51,531 ​ 462,253 ​ 544,668 Total equity securities ​ 89,128 ​ 69,400 ​ 384,682 ​ 543,210 ​ 30,884 ​ 51,531 ​ 462,253 ​ 544,668 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial assets ​ - ​ - ​ 38,319 ​ 38,319 ​ - ​ - ​ 42,171 ​ 42,171 Total other financial assets ​ - ​ - ​ 38,319 ​ 38,319 ​ - ​ - ​ 42,171 ​ 42,171 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forwards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 3,308,258 ​ 1,073,648 ​ 4,381,906 ​ - ​ 982,212 ​ 591,740 ​ 1,573,952 Equity contracts ​ - ​ 152 ​ 2,863 ​ 3,015 ​ - ​ 5,414 ​ 105 ​ 5,519 Total forwards ​ - ​ 3,308,410 ​ 1,076,511 ​ 4,384,921 ​ - ​ 987,626 ​ 591,845 ​ 1,579,471 Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 1,066,915 ​ 237,422 ​ 1,304,337 ​ - ​ 1,940,303 ​ 454,529 ​ 2,394,832 Interest rate contracts ​ 130,792 ​ 206,011 ​ 15,621 ​ 352,424 ​ 266,708 ​ 569,749 ​ 29,170 ​ 865,627 Total swaps ​ 130,792 ​ 1,272,926 ​ 253,043 ​ 1,656,761 ​ 266,708 ​ 2,510,052 ​ 483,699 ​ 3,260,459 Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 6 ​ 136,979 ​ 73,603 ​ 210,588 ​ - ​ 4,240 ​ 117,067 ​ 121,307 Total options ​ 6 ​ 136,979 ​ 73,603 ​ 210,588 ​ - ​ 4,240 ​ 117,067 ​ 121,307 Total derivative financial instruments ​ 130,798 ​ 4,718,315 ​ 1,403,157 ​ 6,252,270 ​ 266,708 ​ 3,501,918 ​ 1,192,611 ​ 4,961,237 Investment properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lands ​ - ​ - ​ 325,394 ​ 325,394 ​ - ​ - ​ 123,352 ​ 123,352 Buildings ​ - ​ - ​ 4,384,517 ​ 4,384,517 ​ - ​ - ​ 3,870,706 ​ 3,870,706 Total investment properties ​ - ​ - ​ 4,709,911 ​ 4,709,911 ​ - ​ - ​ 3,994,058 ​ 3,994,058 Investment in associates at fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates at fair value ​ - ​ - ​ 1,670,782 ​ 1,670,782 ​ - ​ - ​ 1,532,156 ​ 1,532,156 Total investment in associates at fair value ​ - ​ - ​ 1,670,782 ​ 1,670,782 ​ - ​ - ​ 1,532,156 ​ 1,532,156 Total ​ 10,395,178 ​ 10,099,739 ​ 10,964,159 ​ 31,459,076 ​ 12,012,900 ​ 10,773,693 ​ 7,304,638 ​ 30,091,231
Schedule of fair-value hierarchy levels the Bank's liabilities that are measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ - ​ 4,458,528 ​ 67,825 ​ 4,526,353 ​ - ​ 1,523,795 ​ 187,849 ​ 1,711,644 Equity contracts ​ - ​ 8,629 ​ 1,852 ​ 10,481 ​ - ​ 7,203 ​ - ​ 7,203 Total forwards ​ - ​ 4,467,157 ​ 69,677 ​ 4,536,834 ​ - ​ 1,530,998 ​ 187,849 ​ 1,718,847 Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ - ​ 1,388,113 ​ 102,973 ​ 1,491,086 ​ - ​ 1,757,219 ​ 160,178 ​ 1,917,397 Interest rate contracts ​ 126,728 ​ 312,051 ​ 11,078 ​ 449,857 ​ 227,847 ​ 728,793 ​ 51,662 ​ 1,008,302 Total swaps ​ 126,728 ​ 1,700,164 ​ 114,051 ​ 1,940,943 ​ 227,847 ​ 2,486,012 ​ 211,840 ​ 2,925,699 Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 19 ​ 232,568 ​ - ​ 232,587 ​ - ​ 92,908 ​ - ​ 92,908 Total options ​ 19 ​ 232,568 ​ - ​ 232,587 ​ - ​ 92,908 ​ - ​ 92,908 Total derivative financial instruments ​ 126,747 ​ 6,399,889 ​ 183,728 ​ 6,710,364 ​ 227,847 ​ 4,109,918 ​ 399,689 ​ 4,737,454 Total ​ 126,747 ​ 6,399,889 ​ 183,728 ​ 6,710,364 ​ 227,847 ​ 4,109,918 ​ 399,689 ​ 4,737,454
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, 2023 ​ December 31, 2022 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 ​ 67,514 ​ - ​ - ​ 67,514 ​ 197,749 ​ - ​ - ​ 197,749 Securities issued or secured by government entities ​ - ​ 49,980 ​ 3,075,936 ​ 3,125,916 ​ - ​ 3,041,314 ​ - ​ 3,041,314 Securities issued by other financial institutions ​ 209,178 ​ 280,662 ​ 55,112 ​ 544,952 ​ 272,157 ​ 307,960 ​ - ​ 580,117 Securities issued by foreign governments ​ 150,695 ​ 377,560 ​ - ​ 528,255 ​ 248,735 ​ 517,661 ​ - ​ 766,396 Corporate bonds ​ 774,624 ​ 12,620 ​ 1,786,986 ​ 2,574,230 ​ 1,183,046 ​ 37,977 ​ 2,440,277 ​ 3,661,300 Total – Debt instruments ​ 1,202,011 ​ 720,822 ​ 4,918,034 ​ 6,840,867 ​ 1,901,687 ​ 3,904,912 ​ 2,440,277 ​ 8,246,876 Loans and advances to customers, net ​ - ​ - ​ 238,771,724 ​ 238,771,724 ​ - ​ - ​ 251,336,077 ​ 251,336,077 Total ​ 1,202,011 ​ 720,822 ​ 243,689,758 ​ 245,612,591 ​ 1,901,687 ​ 3,904,912 ​ 253,776,354 ​ 259,582,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ December 31, 2023 ​ December 31, 2022 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 ​ - ​ 60,236,355 ​ 189,104,164 ​ 249,340,519 ​ - ​ 40,990,191 ​ 208,513,614 ​ 249,503,805 Interbank deposits ​ - ​ - ​ 606,141 ​ 606,141 ​ - ​ - ​ 902,132 ​ 902,132 Repurchase agreements and other similar secured borrowing ​ - ​ - ​ 470,295 ​ 470,295 ​ - ​ - ​ 189,052 ​ 189,052 Borrowings from other financial institutions ​ - ​ - ​ 15,648,606 ​ 15,648,606 ​ - ​ - ​ 19,692,638 ​ 19,692,638 Debt instruments in issue (1) ​ 8,021,700 ​ 4,025,322 ​ 2,421,628 ​ 14,468,650 ​ 7,714,800 ​ 8,898,934 ​ 2,163,085 ​ 18,776,819 Preferred shares ​ - ​ - ​ 394,550 ​ 394,550 ​ - ​ - ​ 350,978 ​ 350,978 Total ​ 8,021,700 ​ 64,261,677 ​ 208,645,384 ​ 280,928,761 ​ 7,714,800 ​ 49,889,125 ​ 231,811,499 ​ 289,415,424 (1) The decrease in level 2 for the year 2023 corresponds to maturity of securities. ​
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, 2023 ​ December 31, 2022 ​ ​ 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 ​ - ​ - ​ 11,702 ​ 11,702 ​ - ​ - ​ 9,918 ​ 9,918 Real estate for residential purposes ​ - ​ - ​ 117,476 ​ 117,476 ​ - ​ - ​ 63,283 ​ 63,283 Real estate different from residential properties ​ - ​ - ​ 30,273 ​ 30,273 ​ - ​ - ​ 22,216 ​ 22,216 Total ​ - ​ - ​ 159,451 ​ 159,451 ​ - ​ - ​ 95,417 ​ 95,417 ​
Reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs	The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs during 2023 and 2022: As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications (1) Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2023 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ level 3 ​ level 3 ​ 2023 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ - ​ (4,150) ​ - ​ 4,150 ​ - ​ - ​ - ​ - ​ - ​ - Securities issued or secured by other financial entities ​ 81,389 ​ 12,869 ​ - ​ 2,639 ​ (12,767) ​ - ​ (9,613) ​ 4,212 ​ - ​ 78,729 Corporate bonds ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ 14,284 ​ - ​ 14,284 Total ​ 81,389 ​ 8,719 ​ - ​ 6,789 ​ (12,767) ​ - ​ (9,613) ​ 18,496 ​ - ​ 93,013 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ - ​ - ​ 173,648 ​ 2,490,647 ​ - ​ - ​ - ​ - ​ - ​ 2,664,295 Total ​ - ​ - ​ 173,648 ​ 2,490,647 ​ - ​ - ​ - ​ - ​ - ​ 2,664,295 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 1,163,336 ​ (60,699) ​ - ​ 1,295,089 ​ (812,275) ​ (13,559) ​ - ​ 46,459 ​ (233,678) ​ 1,384,673 Interest rate contracts ​ 29,170 ​ (10,694) ​ - ​ 6,957 ​ (4,593) ​ (38) ​ - ​ 525 ​ (5,706) ​ 15,621 Equity contracts ​ 105 ​ - ​ - ​ 2,863 ​ (105) ​ - ​ - ​ - ​ - ​ 2,863 Total ​ 1,192,611 ​ (71,393) ​ - ​ 1,304,909 ​ (816,973) ​ (13,597) ​ - ​ 46,984 ​ (239,384) ​ 1,403,157 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 462,253 ​ (3,577) ​ (8,087) ​ 6,740 ​ (72,647) ​ - ​ - ​ - ​ - ​ 384,682 Total ​ 462,253 ​ (3,577) ​ (8,087) ​ 6,740 ​ (72,647) ​ - ​ - ​ - ​ - ​ 384,682 Other financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ 42,171 ​ (13,746) ​ - ​ 9,894 ​ - ​ - ​ - ​ - ​ - ​ 38,319 Total ​ 42,171 ​ (13,746) ​ - ​ 9,894 ​ - ​ - ​ - ​ - ​ - ​ 38,319 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,530,459 ​ 128,028 ​ - ​ 3,192 ​ - ​ - ​ - ​ - ​ - ​ 1,661,679 PA Distrito Vera ​ 1,697 ​ 1,179 ​ - ​ 6,227 ​ - ​ - ​ - ​ - ​ - ​ 9,103 Total ​ 1,532,156 ​ 129,207 ​ - ​ 9,419 ​ - ​ - ​ - ​ - ​ - ​ 1,670,782 Total Assets ​ 3,310,580 ​ 49,210 ​ 165,561 ​ 3,828,398 ​ (902,387) ​ (13,597) ​ (9,613) ​ 65,480 ​ (239,384) ​ 6,254,248 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 348,027 ​ 15,346 ​ - ​ 164,179 ​ (329,858) ​ (13,559) ​ - ​ 4,330 ​ (17,667) ​ 170,798 Interest rate contracts ​ 51,662 ​ (6,297) ​ - ​ 3,628 ​ (41,002) ​ (38) ​ - ​ 3,734 ​ (609) ​ 11,078 Equity contracts ​ - ​ - ​ - ​ 1,852 ​ - ​ - ​ - ​ - ​ - ​ 1,852 Total ​ 399,689 ​ 9,049 ​ - ​ 169,659 ​ (370,860) ​ (13,597) ​ - ​ 8,064 ​ (18,276) ​ 183,728 Total liabilities ​ 399,689 ​ 9,049 ​ - ​ 169,659 ​ (370,860) ​ (13,597) ​ - ​ 8,064 ​ (18,276) ​ 183,728 (1) From derivative assets to derivative liabilities classified in level 3 and vice versa. ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, ​ Included ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ Transfers ​ Balance, ​ ​ January 1, ​ in ​ OCI ​ Purchases ​ Settlement ​ Reclassifications (1) Prepaids ​ in to ​ out of ​ December 31, ​ ​ 2022 ​ earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ level 3 ​ level 3 ​ 2022 In millions of COP Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by other financial entities ​ 113,058 ​ 11,700 ​ - ​ 3,789 ​ (20,031) ​ - ​ (19,181) ​ 10,863 ​ (18,809) ​ 81,389 Total ​ 113,058 ​ 11,700 ​ - ​ 3,789 ​ (20,031) ​ - ​ (19,181) ​ 10,863 ​ (18,809) ​ 81,389 Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 937,633 ​ 270,494 ​ - ​ 607,659 ​ (647,914) ​ (777) ​ - ​ 547 ​ (4,306) ​ 1,163,336 Interest rate contracts ​ 46,393 ​ 19,887 ​ - ​ 9,323 ​ (8,986) ​ (3,181) ​ - ​ 49 ​ (34,315) ​ 29,170 Equity contracts ​ 313 ​ - ​ - ​ 105 ​ (313) ​ - ​ - ​ - ​ - ​ 105 Total ​ 984,339 ​ 290,381 ​ - ​ 617,087 ​ (657,213) ​ (3,958) ​ - ​ 596 ​ (38,621) ​ 1,192,611 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities (2) ​ 335,006 ​ (285) ​ 89,072 ​ 15,762 ​ (18,848) ​ - ​ - ​ 41,856 ​ (310) ​ 462,253 Total ​ 335,006 ​ (285) ​ 89,072 ​ 15,762 ​ (18,848) ​ - ​ - ​ 41,856 ​ (310) ​ 462,253 Other financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ - ​ (3,851) ​ - ​ 46,022 ​ - ​ - ​ - ​ - ​ - ​ 42,171 Total ​ - ​ (3,851) ​ - ​ 46,022 ​ - ​ - ​ - ​ - ​ - ​ 42,171 Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Viva Malls ​ 1,355,688 ​ 189,132 ​ - ​ - ​ (14,361) ​ - ​ - ​ - ​ - ​ 1,530,459 PA Distrito Vera ​ 2,680 ​ (983) ​ - ​ - ​ - ​ - ​ - ​ - ​ - ​ 1,697 Total ​ 1,358,368 ​ 188,149 ​ - ​ - ​ (14,361) ​ - ​ - ​ - ​ - ​ 1,532,156 Total Assets ​ 2,790,771 ​ 486,094 ​ 89,072 ​ 682,660 ​ (710,453) ​ (3,958) ​ (19,181) ​ 53,315 ​ (57,740) ​ 3,310,580 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts ​ 232,444 ​ 88,743 ​ - ​ 188,860 ​ (157,374) ​ (777) ​ - ​ - ​ (3,869) ​ 348,027 Interest rate contracts ​ 4,312 ​ 24,825 ​ - ​ 26,323 ​ (332) ​ (3,181) ​ - ​ 396 ​ (681) ​ 51,662 Total ​ 236,756 ​ 113,568 ​ - ​ 215,183 ​ (157,706) ​ (3,958) ​ - ​ 396 ​ (4,550) ​ 399,689 Total liabilities ​ 236,756 ​ 113,568 ​ - ​ 215,183 ​ (157,706) ​ (3,958) ​ - ​ 396 ​ (4,550) ​ 399,689 (1) From derivative assets to derivative liabilities classified in level 3 and vice versa. (2) Mainly in Banistmo S.A. of the Telered S.A. instrument, which also includes conversion adjustments.
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Transfers level 1 ​ Transfers level ​ Transfers level ​ Transfers level ​ ​ to level 2 ​ 2 to level 1 ​ 1 to level 2 ​ 2 to level 1 In millions of COP Debt instruments at fair value though profit or loss ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by foreign government ​ 1,712 ​ - ​ - ​ 15,885 Securities issued or secured by government entities ​ 13,619.0 ​ - ​ - ​ 14,459 Corporate bonds ​ - ​ 8,397 ​ 5,282 ​ - Securities issued by the Colombian Government ​ - ​ - ​ - ​ 5,103 Securities issued or secured by other financial entities ​ 1,848 ​ - ​ - ​ - Total ​ 17,179 ​ 8,397 ​ 5,282 ​ 35,447 Debt instruments at fair value through OCI ​ ​ ​ ​ ​ ​ ​ ​ Securities issued or secured by foreign government ​ 572,800 ​ - ​ - ​ 950,235 Securities issued or secured by other financial entities ​ 64,944 ​ - ​ - ​ - Corporate bonds ​ - ​ 95,572 ​ 90,010 ​ - Total ​ 637,744 ​ 95,572 ​ 90,010 ​ 950,235 Equity securities ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 13,740 ​ 7 ​ - ​ 15,858 Total ​ 13,740 ​ 7 ​ - ​ 15,858 ​
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Yield ​ 2.06% to 10.73 % 5.48 % 70,982 ​ 75,852 TIPS ​ 74,087 ​ Discounted cash flow ​ Prepayment Speed ​ n/a ​ n/a ​ 78,953 ​ n/a ​ ​ ​ ​ ​ ​ Prepayment Speed ​ n/a ​ n/a ​ 73,271 ​ n/a Time deposits ​ 4,642 ​ Discounted cash flow ​ Yield / Interest rate ​ 2.15% to 5.70 % 3.78 % 4,277 ​ 4,701 Total securities issued by other financial institutions ​ 78,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Securities issued by the Colombian Government ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds by government entities ​ 2,664,295 ​ Discounted cash flow ​ Yield ​ 0.00% to 1.18% ​ 1.17% ​ 2,658,010 ​ 2,679,372 Corporate bonds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ 14,284 ​ Discounted cash flow ​ Yield ​ 3.49% to 3.49% ​ 3.49% ​ 13,700 ​ 14,912 Total debt instruments ​ 2,757,308 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 384,682 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a Other financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ 38,319 ​ Internal valuation methodology ​ Internal valuation methodology ​ n/a ​ n/a ​ n/a ​ n/a Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ 1,006,834 ​ Discounted cash flow ​ Credit spread / Yield ​ 0.00% to 50.58 % 7.22 % 1,004,399 ​ 1,009,283 Swaps ​ 138,992 ​ Discounted cash flow ​ Credit spread ​ 0.00% to 63.39 % 5.86 % 139,451 ​ 138,577 Options ​ 73,603 ​ Discounted cash flow ​ Credit spread ​ 0.13% to 33.77 % 0.57 % 73,048 ​ 73,870 Total derivative financial instruments ​ 1,219,429 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls ​ 1,661,679 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a P.A Distrito Vera ​ 9,103 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a Total investment in associates ​ 1,670,782 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 76,014 ​ Discounted cash flow ​ Yield ​ 2.06% to 9.89 % 4.93 % 71,208 ​ 75,021 ​ ​ ​ ​ ​ ​ Prepayment Speed ​ n/a ​ n/a ​ 77,349 ​ n/a Time deposits ​ 5,375 ​ Discounted cash flow ​ Interest rate ​ 4.10% to 5.20 % 5.00 % 5,033 ​ 5,438 Total debt instruments ​ 81,389 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ 462,253 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a Other financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ 42,171 ​ Internal valuation methodology ​ Internal valuation methodology ​ n/a ​ n/a ​ n/a ​ n/a Derivative financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward ​ 403,996 ​ Discounted cash flow ​ Credit spread / Yield ​ 0.00% to 59.47 % 11.05 % 405,806 ​ 410,413 Swaps ​ 271,859 ​ Discounted cash flow ​ Credit spread / Yield ​ 0.00% to 39.33 % 7.85 % 265,949 ​ 278,192 Options ​ 117,067 ​ Discounted cash flow ​ Credit spread ​ 0.10% to 36.40 % 0.64 % 116,182 ​ 117,636 Total derivative financial instruments ​ 792,922 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in associates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ P.A Viva Malls ​ 1,530,459 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a P.A Distrito Vera ​ 1,697 ​ Price-based ​ Price ​ n/a ​ n/a ​ n/a ​ n/a Total investment in associates ​ 1,532,156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

IMPACTS ON APPLICATION OF NEW_2

IMPACTS ON APPLICATION OF NEW STANDARDS (Tables)	12 Months Ended
	Dec. 31, 2023
IMPACTS ON APPLICATION OF NEW STANDARDS
Schedule of effects on the consolidated statement of financial position	The effects on the consolidated statement of financial position as of January 1, 2023, are presented below: ​ ​ ​ ​ ​ ​ ​ ​ Concept ​ December 31, 2022 ​ Adoption adjustment ​ January 1, 2023 In millions of COP Insurance contracts asset (1) ​ 68,991 ​ 22,383 ​ 91,374 Insurance contracts liability (2) ​ 124,598 ​ 21,679 ​ 146,277 Retained earnings ​ - ​ 704 ​ 704 (1) Included in the "Other assets, net" item in the consolidated statement of financial position. (2) Included in the "Other liabilities" item in the consolidated statement of financial position.

RISK MANAGEMENT (Tables)

RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
RISK MANAGEMENT
Schedule of maximum exposure to credit risk	The information below contains the maximum exposure to credit risk for the periods ending December 31, 2023 and December 31, 2022: December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 222,372,889 ​ 16,042,661 ​ 15,536,097 ​ 253,951,647 Commercial ​ 120,773,927 ​ 5,453,537 ​ 8,459,932 ​ 134,687,396 Consumer ​ 46,060,615 ​ 4,407,067 ​ 4,124,087 ​ 54,591,769 Mortgage ​ 32,210,648 ​ 2,628,654 ​ 1,411,106 ​ 36,250,408 Small Business Loans ​ 774,571 ​ 260,303 ​ 110,143 ​ 1,145,017 Financial Leases ​ 22,553,128 ​ 3,293,100 ​ 1,430,829 ​ 27,277,057 Off-Balance Sheet Exposures ​ 39,266,370 ​ 154,567 ​ 157,801 ​ 39,578,738 Financial Guarantees ​ 12,533,868 ​ 26,889 ​ 130,441 ​ 12,691,198 Loan Commitments ​ 26,732,502 ​ 127,678 ​ 27,360 ​ 26,887,540 Loss Allowance ​ (3,854,240) ​ (2,581,460) ​ (10,042,022) ​ (16,477,722) Total ​ 257,785,019 ​ 13,615,768 ​ 5,651,876 ​ 277,052,663 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP ​ ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total Loans and Advances ​ 236,770,056 ​ 18,656,439 ​ 14,497,244 ​ 269,923,739 Commercial ​ 126,530,862 ​ 8,062,435 ​ 8,944,556 ​ 143,537,853 Consumer ​ 51,510,943 ​ 5,288,921 ​ 2,788,857 ​ 59,588,721 Mortgage ​ 34,067,734 ​ 1,997,270 ​ 1,306,369 ​ 37,371,373 Small Business Loans ​ 1,093,973 ​ 135,528 ​ 98,575 ​ 1,328,076 Financial Leases ​ 23,566,544 ​ 3,172,285 ​ 1,358,887 ​ 28,097,716 Off-Balance Sheet Exposures ​ 39,476,630 ​ 338,136 ​ 50,829 ​ 39,865,595 Financial Guarantees ​ 11,399,726 ​ 202,240 ​ 22,948 ​ 11,624,914 Loan Commitments * ​ 28,076,904 ​ 135,896 ​ 27,881 ​ 28,240,681 Loss Allowance ​ (3,017,368) ​ (3,227,440) ​ (9,516,738) ​ (15,761,546) Total ​ 273,229,318 ​ 15,767,135 ​ 5,031,335 ​ 294,027,788 *The informational disclosed value of loan commitments has been updated. ​ Other Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Exposure to Credit Risk - Other Financial Instruments ​ ​ Maximum Exposure ​ Collateral * ​ Net Exposure ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ 25,148,469 ​ 27,418,197 ​ (1,407,484) ​ (741,197) ​ 23,740,985 ​ 26,677,000 Derivatives ** ​ 1,824,750 ​ 9,189,488 ​ (698,662) ​ (138,416) ​ 1,126,088 ​ 9,051,072 Equity ​ 543,210 ​ 544668 ​ - ​ - ​ 543,210 ​ 544,668 Other financial instruments ​ 38,319 ​ 42171 ​ - ​ - ​ 38,319 ​ 42,171 Total ​ 27,554,748 ​ 37,194,524 ​ (2,106,146) ​ (879,613) ​ 25,448,602 ​ 36,314,911
Schedule of amount and allowance of clients included in the described watch list	December 2023: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2023 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 14,358,838 ​ 1.02 % 146,014 Level 2 – Medium Risk ​ 4,744,341 ​ 7.38 % 349,972 Level 3 – High Risk ​ 2,886,649 ​ 53.31 % 1,538,882 Level 4 – High Risk ​ 5,239,356 ​ 73.24 % 3,837,196 Total ​ 27,229,184 ​ 21.57 % 5,872,064 ​ December 2022: ​ ​ ​ ​ ​ ​ ​ ​ Watch List december 31, 2022 In millions of COP Risk Level ​ Amount ​ % ​ Allowance Level 1 – Low Risk ​ 10,467,361 ​ 1.50 % 157,131 Level 2 – Medium Risk ​ 7,408,528 ​ 9.36 % 693,260 Level 3 – High Risk ​ 2,265,069 ​ 52.04 % 1,178,800 Level 4 – High Risk ​ 6,442,895 ​ 82.16 % 5,293,593 Total ​ 26,583,853 ​ 27.55 % 7,322,784 ​
Schedule of loans and financial leases by type of collateral	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, 2023 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 23,368,950 ​ 1,693,007 ​ 34,253,140 ​ 10 ​ 319,038 ​ 59,634,145 Goods Given in Real Estate Leasing ​ - ​ - ​ 189 ​ 17,104,180 ​ - ​ 17,104,369 Goods Given in Leasing Other Than Real Estate ​ - ​ 26 ​ - ​ 8,580,543 ​ - ​ 8,580,569 Stand by Letters of Credit ​ 1,052,764 ​ - ​ - ​ - ​ - ​ 1,052,764 Security Deposits ​ 447,306 ​ 370,286 ​ - ​ - ​ 103,013 ​ 920,605 Guarantee Fund ​ 4,012,115 ​ 191 ​ - ​ 60,242 ​ 52,222 ​ 4,124,770 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 6,673,320 ​ 57,306 ​ - ​ - ​ 420 ​ 6,731,046 Other Collateral (Pledges) ​ 2,957,482 ​ 7,286,581 ​ 39,432 ​ - ​ 2,499 ​ 10,285,994 Without Guarantee (Uncovered Balance) ​ 96,175,459 ​ 45,184,372 ​ 1,957,647 ​ 1,532,082 ​ 667,825 ​ 145,517,385 Total loans and financial leases ​ 134,687,396 ​ 54,591,769 ​ 36,250,408 ​ 27,277,057 ​ 1,145,017 ​ 253,951,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Amount Covered by Collateral In Millions of COP ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Small ​ ​ Nature of the Collateral ​ Commercial ​ Consumer ​ Mortgage ​ Leasing ​ Business ​ Total Real Estate and Residential ​ 28,426,583 ​ 2,094,966 ​ 34,941,415 ​ 13 ​ 494,198 ​ 65,957,175 Goods Given in Real Estate Leasing ​ - ​ - ​ 193 ​ 17,031,277 ​ - ​ 17,031,470 Goods Given in Leasing Other Than Real Estate ​ - ​ 39 ​ - ​ 7,975,353 ​ - ​ 7,975,392 Stand by Letters of Credit ​ 604,309 ​ - ​ - ​ - ​ 3,375 ​ 607,684 Security Deposits ​ 450,157 ​ 464,940 ​ - ​ - ​ 133,112 ​ 1,048,209 Guarantee Fund ​ 4,976,395 ​ 1,168 ​ - ​ 77,695 ​ 132,290 ​ 5,187,548 Sovereign of the Nation ​ - ​ - ​ - ​ - ​ - ​ - Collection Rights ​ 6,048,311 ​ 54,112 ​ - ​ - ​ 437 ​ 6,102,860 Other Collateral (Pledges) ​ 3,382,334 ​ 7,963,563 ​ 57,360 ​ - ​ 3,696 ​ 11,406,953 Without Guarantee (Uncovered Balance) ​ 99,649,764 ​ 49,009,933 ​ 2,372,405 ​ 3,013,378 ​ 560,968 ​ 154,606,448 Total loans and financial leases ​ 143,537,853 ​ 59,588,721 ​ 37,371,373 ​ 28,097,716 ​ 1,328,076 ​ 269,923,739 ​
Schedule of financial assets that are classified in Stage 3	The Financial assets that are classified in Stage 3 and are evaluated under this methodology are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 In Millions of COP Classification ​ Amount ​ Allowance ​ Total ​ Fair Value of Collateral Commercial ​ 700,120 ​ 274,641 ​ 425,479 ​ 1,176,130 Consumer ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ 383,878 ​ 94,260 ​ 289,618 ​ 331,738 Small Business Loans ​ ​ ​ ​ ​ ​ ​ ​ Financial Leases ​ 699,803 ​ 383,127 ​ 316,676 ​ 1,263,274 Total credit assets ​ 1,783,801 ​ 752,028 ​ 1,031,773 ​ 2,771,142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 In Millions of COP Classification ​ Amount ​ Allowance ​ Total ​ Fair Value of Collateral Commercial ​ 653,619 ​ 317,950 ​ 335,669 ​ 1,185,888 Consumer ​ ​ ​ ​ ​ ​ ​ ​ Mortgage ​ 350,380 ​ 82,378 ​ 268,002 ​ 406,990 Small Business Loans ​ ​ ​ ​ ​ ​ ​ ​ Financial Leases ​ 669,804 ​ 267,200 ​ 402,604 ​ 1,083,968 Total credit assets ​ 1,673,803 ​ 667,528 ​ 1,006,275 ​ 2,676,846 ​
Schedule of loans concentration by category	The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories for the periods ending on December 31, 2023 and December 31, 2022, it is as follows: ​ ​ ​ ​ ​ ​ Composition ​ December 31, 2023 ​ December 31, 2022 In millions of COP Commercial ​ 134,687,396 ​ 143,537,853 Corporate ​ 69,843,654 ​ 79,766,203 SME ​ 14,200,557 ​ 15,864,828 Others ​ 50,643,185 ​ 47,906,822 Consumer ​ 54,591,769 ​ 59,588,721 Credit card ​ 11,207,731 ​ 11,388,043 Vehicle ​ 5,409,226 ​ 5,173,235 Payroll loans ​ 9,461,889 ​ 10,838,679 Others ​ 28,512,923 ​ 32,188,764 Mortgage ​ 36,250,408 ​ 37,371,373 VIS 2 ​ 12,997,624 ​ 12,318,512 Non- VIS ​ 23,252,784 ​ 25,052,861 Financial Leases ​ 27,277,057 ​ 28,097,716 Small Business Loans ​ 1,145,017 ​ 1,328,076 Loans and advances to customers and financial institutions ​ 253,951,647 ​ 269,923,739 Allowance for loans and advances and lease losses ​ (16,223,103) ​ (15,479,640) Total net loan and financial leases ​ 237,728,544 ​ 254,444,099
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 at the end of December 2023 and December 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ 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 ​ 40,601,345 ​ 57,828,301 ​ 35,936,869 ​ 320,881 ​ 134,687,396 Corporate ​ 22,360,108 ​ 27,329,312 ​ 19,970,727 ​ 183,507 ​ 69,843,654 SME ​ 4,486,326 ​ 7,497,307 ​ 2,200,274 ​ 16,650 ​ 14,200,557 Others ​ 13,754,911 ​ 23,001,682 ​ 13,765,868 ​ 120,724 ​ 50,643,185 Consumer ​ 1,289,150 ​ 26,549,043 ​ 26,086,537 ​ 667,039 ​ 54,591,769 Credit card ​ 417,390 ​ 1,755,518 ​ 9,034,823 ​ - ​ 11,207,731 Vehicle ​ 55,295 ​ 2,982,439 ​ 2,371,163 ​ 329 ​ 5,409,226 Order of payment ​ 57,211 ​ 1,872,546 ​ 7,061,605 ​ 470,527 ​ 9,461,889 Others ​ 759,254 ​ 19,938,540 ​ 7,618,946 ​ 196,183 ​ 28,512,923 Mortgage ​ 75,189 ​ 1,005,831 ​ 9,601,783 ​ 25,567,605 ​ 36,250,408 VIS ​ 23,303 ​ 264,232 ​ 2,157,322 ​ 10,552,767 ​ 12,997,624 Non-VIS ​ 51,886 ​ 741,599 ​ 7,444,461 ​ 15,014,838 ​ 23,252,784 Financial Leases ​ 1,639,218 ​ 9,165,622 ​ 12,939,908 ​ 3,532,309 ​ 27,277,057 Small business loans ​ 208,429 ​ 737,255 ​ 194,581 ​ 4,752 ​ 1,145,017 Total gross loans and financial leases ​ 43,813,331 ​ 95,286,052 ​ 84,759,678 ​ 30,092,586 ​ 253,951,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ 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 ​ 41,624,418 ​ 63,696,431 ​ 38,127,660 ​ 89,344 ​ 143,537,853 Corporate ​ 22,737,806 ​ 32,474,514 ​ 24,547,720 ​ 6,163 ​ 79,766,203 SME ​ 4,715,405 ​ 9,011,823 ​ 2,110,855 ​ 26,745 ​ 15,864,828 Others ​ 14,171,207 ​ 22,210,094 ​ 11,469,085 ​ 56,436 ​ 47,906,822 Consumer ​ 1,276,398 ​ 36,662,101 ​ 20,790,945 ​ 859,277 ​ 59,588,721 Credit card ​ 341,644 ​ 9,658,986 ​ 1,387,413 ​ - ​ 11,388,043 Vehicle ​ 56,869 ​ 2,453,692 ​ 2,662,171 ​ 503 ​ 5,173,235 Order of payment ​ 53,455 ​ 1,955,842 ​ 8,274,849 ​ 554,533 ​ 10,838,679 Others ​ 824,430 ​ 22,593,581 ​ 8,466,512 ​ 304,241 ​ 32,188,764 Mortgage ​ 65,252 ​ 1,017,950 ​ 10,018,853 ​ 26,269,318 ​ 37,371,373 VIS ​ 16,905 ​ 246,203 ​ 1,934,490 ​ 10,120,914 ​ 12,318,512 Non-VIS ​ 48,347 ​ 771,747 ​ 8,084,363 ​ 16,148,404 ​ 25,052,861 Financial Leases ​ 2,215,774 ​ 8,560,553 ​ 13,798,615 ​ 3,522,774 ​ 28,097,716 Small business loans ​ 199,488 ​ 834,176 ​ 282,515 ​ 11,897 ​ 1,328,076 Total gross loans and financial leases ​ 45,381,330 ​ 110,771,211 ​ 83,018,588 ​ 30,752,610 ​ 269,923,739 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 for the periods ending on December 31, 2023 and December 31, 2022. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 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 ​ 129,866,971 ​ 500,794 ​ 205,141 ​ 1,777,620 ​ 2,336,870 ​ 134,687,396 Consumer ​ 49,418,431 ​ 2,244,017 ​ 794,005 ​ 1,994,748 ​ 140,568 ​ 54,591,769 Mortgage ​ 33,524,034 ​ 1,290,817 ​ 212,433 ​ 599,351 ​ 623,773 ​ 36,250,408 Financial Leases ​ 26,436,493 ​ 247,124 ​ 56,434 ​ 196,578 ​ 340,428 ​ 27,277,057 Small Business Loans ​ 1,005,725 ​ 50,138 ​ 14,859 ​ 58,244 ​ 16,051 ​ 1,145,017 Total ​ 240,251,654 ​ 4,332,890 ​ 1,282,872 ​ 4,626,541 ​ 3,457,690 ​ 253,951,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 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 ​ 140,277,356 ​ 427,127 ​ 140,582 ​ 604,363 ​ 2,088,425 ​ 143,537,853 Consumer ​ 56,121,232 ​ 1,578,302 ​ 521,407 ​ 1,201,421 ​ 166,359 ​ 59,588,721 Mortgage ​ 35,520,689 ​ 578,116 ​ 144,580 ​ 524,619 ​ 603,369 ​ 37,371,373 Financial Leases ​ 27,250,876 ​ 205,639 ​ 53,469 ​ 117,808 ​ 469,924 ​ 28,097,716 Small Business Loans ​ 1,175,668 ​ 66,979 ​ 15,262 ​ 54,439 ​ 15,728 ​ 1,328,076 Total ​ 260,345,821 ​ 2,856,163 ​ 875,300 ​ 2,502,650 ​ 3,343,805 ​ 269,923,739
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 for the periods ending on December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Economic sector ​ Loans and advances ​ ​ Local ​ Foreign ​ Total ​ ​ In millions of COP Agriculture ​ 5,162,973 ​ 2,488,789 ​ 7,651,762 Petroleum and Mining Products ​ 1,846,238 ​ 234,523 ​ 2,080,761 Food, Beverages and Tobacco ​ 9,147,936 ​ 888,429 ​ 10,036,365 Chemical Production ​ 4,299,308 ​ 25,409 ​ 4,324,717 Government ​ 8,369,707 ​ 887,448 ​ 9,257,155 Construction ​ 16,202,035 ​ 5,561,782 ​ 21,763,817 Commerce and Tourism ​ 23,803,830 ​ 11,068,049 ​ 34,871,879 Transport and Communications ​ 9,574,318 ​ 351,176 ​ 9,925,494 Public Services ​ 11,758,265 ​ 1,286,561 ​ 13,044,826 Consumer Services ​ 59,032,642 ​ 32,965,565 ​ 91,998,207 Commercial Services ​ 27,474,593 ​ 7,217,591 ​ 34,692,184 Other Industries and Manufactured Products ​ 8,679,684 ​ 5,624,796 ​ 14,304,480 Total ​ 185,351,529 ​ 68,600,118 ​ 253,951,647 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Economic sector ​ Loans and advances ​ ​ Local ​ Foreign ​ Total ​ ​ In millions of COP Agriculture ​ 4,822,190 ​ 3,306,216 ​ 8,128,406 Petroleum and Mining Products ​ 751,401 ​ 144,373 ​ 895,774 Food, Beverages and Tobacco ​ 9,725,211 ​ 1,213,217 ​ 10,938,428 Chemical Production ​ 5,029,722 ​ 31,773 ​ 5,061,495 Government ​ 6,826,772 ​ 4,707 ​ 6,831,479 Construction ​ 17,828,783 ​ 8,066,352 ​ 25,895,135 Commerce and Tourism ​ 24,841,275 ​ 13,691,154 ​ 38,532,429 Transport and Communications ​ 10,345,263 ​ 724,740 ​ 11,070,003 Public Services ​ 10,121,410 ​ 1,684,858 ​ 11,806,268 Consumer Services ​ 59,437,125 ​ 39,168,939 ​ 98,606,064 Commercial Services ​ 24,688,401 ​ 10,195,601 ​ 34,884,002 Other Industries and Manufactured Products ​ 9,748,529 ​ 7,525,727 ​ 17,274,256 Total ​ 184,166,082 ​ 85,757,657 ​ 269,923,739
Schedule of credit concentration of loans and financial leases by country	The following information shows the concentration of the loans and financial leases by country in which the Bank are located as of December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Allowance for loans and ​ ​ ​ Country ​ Loans and advances ​ % Participation ​ advances and lease losses ​ % Participation ​ Colombia ​ 181,951,462 ​ 71.65 % (13,133,577) ​ 80.96 % Panama ​ 38,599,152 ​ 15.20 % (1,645,802) ​ 10.14 % El Salvador ​ 15,373,156 ​ 6.05 % (552,236) ​ 3.40 % Guatemala ​ 16,958,954 ​ 6.68 % (887,518) ​ 5.47 % Puerto Rico ​ 1,068,923 ​ 0.42 % (3,970) ​ 0.02 % Other Countries ​ - ​ 0.00 % - ​ 0.00 % Total ​ 253,951,647 ​ 100.00 % (16,223,103) ​ 100.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Allowance for loans and ​ ​ ​ Country ​ Loans and advances ​ % Participation ​ advances and lease losses ​ % Participation ​ Colombia ​ 178,168,073 ​ 66.01 % (11,505,443) ​ 74.33 % Panama ​ 50,813,521 ​ 18.83 % (2,223,118) ​ 14.36 % El Salvador ​ 18,971,871 ​ 7.03 % (729,238) ​ 4.71 % Guatemala ​ 20,866,364 ​ 7.73 % (950,068) ​ 6.14 % Puerto Rico ​ 1,103,910 ​ 0.41 % (71,773) ​ 0.46 % Other Countries ​ - ​ 0.00 % - ​ 0.00 % Total ​ 269,923,739 ​ 100.00 % (15,479,640) ​ 100.00 %
Schedule of information about credit quality of the borrower	The following information about credit quality of the borrower for the periods ending December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2023 Classification ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total ​ ​ In millions of COP Commercial ​ 120,773,927 ​ 5,453,537 ​ 8,459,932 ​ 134,687,396 Consumer ​ 46,060,615 ​ 4,407,067 ​ 4,124,087 ​ 54,591,769 Mortgage ​ 32,210,648 ​ 2,628,654 ​ 1,411,106 ​ 36,250,408 Small Business Loans ​ 774,571 ​ 260,303 ​ 110,143 ​ 1,145,017 Financial Leases ​ 22,553,128 ​ 3,293,100 ​ 1,430,829 ​ 27,277,057 Loans and Advances ​ 222,372,889 ​ 16,042,661 ​ 15,536,097 ​ 253,951,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2022 Classification ​ Stage 1 ​ Stage 2 ​ Stage 3 ​ Total ​ ​ In millions of COP Commercial ​ 126,530,862 ​ 8,062,435 ​ 8,944,556 ​ 143,537,853 Consumer ​ 51,510,943 ​ 5,288,921 ​ 2,788,857 ​ 59,588,721 Mortgage ​ 34,067,734 ​ 1,997,270 ​ 1,306,369 ​ 37,371,373 Small Business Loans ​ 1,093,973 ​ 135,528 ​ 98,575 ​ 1,328,076 Financial Leases ​ 23,566,544 ​ 3,172,285 ​ 1,358,887 ​ 28,097,716 Loans and Advances ​ 236,770,056 ​ 18,656,439 ​ 14,497,244 ​ 269,923,739
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 for the periods ending December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2023 Impairment ​ Individual Evaluation ​ Collective Evaluation ​ ​ Carrying Amount ​ ECL ​ Carrying Amount ​ ECL In millions of COP Commercial ​ 5,198,384 ​ 2,825,357 ​ 3,261,548 ​ 2,401,344 Consumer ​ - ​ - ​ 4,124,087 ​ 3,460,299 Mortgage ​ - ​ - ​ 1,411,106 ​ 553,370 Financial Leases ​ 562,716 ​ 315,979 ​ 868,113 ​ 356,526 Small Business Loan ​ - ​ - ​ 110,143 ​ 77,923 Total ​ 5,761,100 ​ 3,141,336 ​ 9,774,997 ​ 6,849,462 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2022 Impairment ​ Individual Evaluation ​ Collective Evaluation ​ ​ Carrying Amount ​ ECL ​ Carrying Amount ​ ECL In millions of COP Commercial ​ 5,990,389 ​ 3,650,680 ​ 2,954,167 ​ 2,202,638 Consumer ​ - ​ - ​ 2,788,857 ​ 2,354,412 Mortgage ​ - ​ - ​ 1,306,369 ​ 561,016 Financial Leases ​ 554,698 ​ 276,392 ​ 804,189 ​ 346,434 Small Business Loan ​ - ​ - ​ 98,575 ​ 67,447 Total ​ 6,545,087 ​ 3,927,072 ​ 7,952,157 ​ 5,531,947 ​
Schedule of changes in the expected credit losses sensitivity analysis	The change in the expected credit losses (ECL) at 31 of December 2023, as a result of a possible positive or negative 1% (100 basis points) 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%] ​ 73,940 ​ -141,718 ​ -344,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ GDP Growth ​ Unchanged ​ 215,658 ​ - ​ -202,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ [-1%] ​ 389,759 ​ 174,101 ​ -28,576
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ As of 31 December ​ Optimistic ​ Pessimistic ​ Optimistic ​ Pessimistic ​ In millions of COP Collective methodology ​ (437,294) ​ 343,209 ​ (306,602) ​ 277,296 ​ Collateral methodology ​ (149,983) ​ 137,172 ​ (150,312) ​ 115,074 ​ Individual methodology* ​ (240,474) ​ 605,152 ​ (825,111) ​ 817,330 ​ Total ​ (827,751) ​ 1,085,533 ​ (1,282,025) ​ 1,209,700 ​ *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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ Equity ​ Other financial instruments(1) ​ Derivatives(2) ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Low Risk ​ 21,078,496 ​ 21,851,178 ​ 220,967 ​ 222,843 ​ 21,976 ​ 12,821 ​ 1,711,788 ​ 9,119,402 Medium Risk ​ 827,469 ​ 2,090,039 ​ 17,354 ​ 19,074 ​ - ​ - ​ 316 ​ 14,464 High Risk ​ 3,242,504 ​ 3,476,980 ​ 587 ​ 13,728 ​ 2,966 ​ - ​ 17,327 ​ 55,622 Without Rating ​ - ​ - ​ 304,302 ​ 289,023 ​ 13,377 ​ 29,350 ​ 95,319 ​ - Total ​ 25,148,469 ​ 27,418,197 ​ 543,210 ​ 544,668 - 38,319 - 42,171 ​ 1,824,750 ​ 9,189,488 (1) Corresponds to SAFE "Simple Agreement for Future Equity", in Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A (For 2023). For the year 2022 were revealed as debt securities and equity. (2) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive.
Schedule of maximum exposure level to the credit risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Exposure ​ Collateral* ​ Net Exposure ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ 25,148,469 ​ 27,418,197 ​ (1,407,484) ​ (741,197) ​ 23,740,985 ​ 26,677,000 Derivatives ** ​ 1,824,750 ​ 9,189,488 ​ (698,662) ​ (138,416) ​ 1,126,088 ​ 9,051,072 Equity ​ 543,210 ​ 544,668 ​ - ​ - ​ 543,210 ​ 544,668 Other financial instruments ​ 38,319 ​ 42,171 ​ - ​ - ​ 38,319 ​ 42,171 Total ​ 27,554,748 ​ 37,194,524 ​ (2,106,146) ​ (879,613) ​ 25,448,602 ​ 36,314,911 ​
Schedule of individual evaluation of impairment at the end of the period for other financial instruments	Debt instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exposure ​ Impairment ​ Final Exposure ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ 18,244,584 ​ 19,016,935 ​ 5,562 ​ 2,286 ​ 18,239,022 ​ 19,014,648 Amortized Cost ​ 6,903,885 ​ 8,401,262 ​ 55,803 ​ 64,903 ​ 6,848,082 ​ 8,336,360 Total ​ 25,148,469 ​ 27,418,197 ​ 61,365 ​ 67,189 ​ 25,087,104 ​ 27,351,008 ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exposure ​ Impairment ​ Final Exposure ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value through profit or loss ​ 98,853 ​ 90,538 ​ - ​ - ​ 98,853 ​ 90,538 Fair Value through OCI ​ 444,357 ​ 454,130 ​ - ​ - ​ 444,357 ​ 454,130 Total ​ 543,210 ​ 544,668 ​ - ​ - ​ 543,210 ​ 544,668 ​
Schedule of level of collateral held	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral* ​ Main type of collateral ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ Debt Securities ​ (1,407,483) ​ (741,197) ​ Government bonds (TES) ​ Government bonds (TES) Derivatives ​ (698,663) ​ (138,416) ​ Cash ​ Cash Equity ​ - ​ - ​ ​ ​ ​ Total ​ (2,106,146) ​ (879,613) ​ ​ ​ ​ * Collateral Held (-) and Collateral Pledged (+). ​
Schedule of risk exposure by economic sector and risk region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt instruments ​ Equity ​ Other financial instruments(1) Derivatives(2) ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ 2023 ​ 2022 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sector Concentration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ 3,675,913 ​ 4,197,844 ​ 279,396 ​ 329,249 ​ 23,887 ​ 42,171 951,573 ​ 1,403,527 Financial ​ 4,626,294 ​ 5,268,337 ​ 211,037 ​ 199,760 ​ 14,432 ​ - 870,598 ​ 7,096,094 Government ​ 16,827,596 ​ 17,924,261 ​ - ​ - ​ - ​ - - ​ - Funds ETF ​ 18,666 ​ 27,755 ​ 52,777 ​ 15,659 ​ - ​ - 2,579 ​ 689,867 Total ​ 25,148,469 ​ 27,418,197 ​ 543,210 ​ 544,668 ​ 38,319 ​ 42,171 1,824,750 ​ 9,189,488 Concentration by Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ 4,666,195 ​ 5,686,298 ​ 197 ​ 125 ​ - ​ - 344,639 ​ 3,285,822 Latin America ​ 20,440,893 ​ 20,004,790 ​ 529,033 ​ 473,259 ​ 38,319 ​ 29,187 1,009,595 ​ 2,102,995 Europe ​ 41,381 ​ - ​ - ​ - ​ - ​ 12984 467,937 ​ 3117284 Others (Includes Funds and ETF) ​ - ​ 1,727,109 ​ 13,980 ​ 71,284 ​ - ​ - 2,579 ​ 683,387 Total ​ 25,148,469 ​ 27,418,197 ​ 543,210 ​ 544,668 ​ 38,319 ​ 42,171 1,824,750 ​ 9,189,488 (1) Corresponds to SAFE "Simple Agreement for Future Equity", in Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A (For 2023). For the year 2022 were revealed as debt securities and equity. (2) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. ​
Schedule of risk exposure by credit rating	Risk exposure by credit rating ​ ​ ​ ​ ​ ​ ​ ​ Other financial instruments ​ ​ 2023 ​ 2022 Maximum Exposure to Credit Risk ​ ​ ​ ​ Sovereign Risk ​ 7,520,002 ​ 7,025,658 AAA ​ 9,613,353 ​ 14,570,753 AA+ ​ 2,934,561 ​ 1,448,837 AA ​ 761,139 ​ 723,019 AA- ​ 285,253 ​ 794,748 A+ ​ 763,754 ​ 3,549,222 A ​ 465,025 ​ 516,950 A- ​ 396,755 ​ 1,628,479 BBB+ ​ 604,672 ​ 1,395,620 BBB ​ 243,820 ​ 1,027,745 BBB- ​ 1,808,396 ​ 1,332,161 Other ​ 1,745,020 ​ 2,862,959 Not rated ​ 412,998 ​ 318,373 Total ​ 27,554,748 ​ 37,194,524 ​ Note: * Internal homologation
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 other risk factors	The following table presents the total change in market risk and other risk factors. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2023 In millions of COP Factor ​ December 31 ​ Average ​ Maximum ​ Minimum Interest Rate Risk VaR ​ 405,467 ​ 418,472 ​ 542,464 ​ 383,914 Foreign Exchange Rate Risk VaR ​ 332,662 ​ 185,624 ​ 374,407 ​ 51,410 Equity Risk VaR ​ 342,024 ​ 332,443 ​ 347,539 ​ 312,136 Fund Risk VaR ​ 15,847 ​ 23,292 ​ 27,923 ​ 15,847 Total Value at Risk ​ 1,096,000 ​ 959,831 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 2022 In millions of COP Factor ​ December 31 ​ Average ​ Maximum ​ Minimum Interest Rate Risk VaR ​ 340,107 ​ 381,094 ​ 410,605 ​ 340,107 Foreign Exchange Rate Risk VaR ​ 78,165 ​ 118,620 ​ 201,927 ​ 78,165 Equity Risk VaR ​ 85,345 ​ 98,401 ​ 105,263 ​ 85,345 Fund Risk VaR ​ 387,952 ​ 294,468 ​ 387,952 ​ 225,401 Total Value at Risk ​ 891,569 ​ 892,583 ​ ​ ​ ​
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, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 In millions of COP Assets sensitivity 100 bps ​ 1,152,782 ​ 1,060,949 Liabilities sensitivity 100 bps ​ 595,749 ​ 545,911 Net interest income sensitivity 100 bps ​ 557,033 ​ 515,038 ​ The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 In millions of USD Assets sensitivity 100 bps ​ 75,052 ​ 84,883 Liabilities sensitivity 100 bps ​ 74,800 ​ 71,737 Net interest income sensitivity 100 bps ​ 252 ​ 13,146 ​
Schedule of equity risk exposure	The structural equity positions are exposed to market risk. Sensitivity calculations are made for those positions: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ Fair Value ​ 41,096 ​ 56,607 ​ Delta ​ 14.70 % 14.70 % Sensitivity ​ 6,041 ​ 8,321 ​ ​
Schedule of liquidity coverage ratio	In order to estimate liquidity risk, the Bank measures a liquidity coverage ratio to ensure holding liquid assets sufficient to cover potential net cash outflows over 30 days. This indicator allows the Bank to meet liquidity coverage for the next month. The liquidity coverage ratio is presented as follows: ​ ​ ​ ​ ​ ​ ​ Liquidity Coverage Ratio ​ December 31, 2023 ​ December 31, 2022 ​ Net cash outflows into 30 days ​ 13,752,496 ​ 18,227,019 ​ Liquid Assets ​ 50,680,823 ​ 48,059,179 ​ Liquidity coverage ratio ** ​ 368.52 % 263.67 % * The minimum level required of the liquidity coverage ratio by the legal norm is 100%. ​
Schedule of liquid assets held by Banks	​ ​ ​ ​ ​ ​ Liquid Assets (1) ​ December 31, 2023 ​ December 31, 2022 High quality liquid assets* ​ ​ ​ ​ Cash ​ 25,273,317 ​ 26,299,990 High quality liquid securities ​ 19,951,771 ​ 17,739,501 Other Liquid Assets ​ ​ ​ ​ Other securities** ​ 5,455,735 ​ 4,019,688 Total Liquid Assets ​ 50,680,823 ​ 48,059,179 (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 : cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM-142 of the Bank of the Republic. ** Other Securities: Securities issued by financial and corporate entities.
Schedule of contractual maturities of financial assets	The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial assets: Contractual maturities of financial assets December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ 0 – 30 days ​ 31 days – 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Cash and balances with central bank ​ 24,461,384 ​ ​ ​ ​ ​ ​ ​ ​ Interbank borrowings - Repurchase agreements ​ 14,497,024 ​ 452,847 ​ ​ ​ ​ ​ ​ Financial assets investments ​ 2,467,493 ​ 12,311,055 ​ 5,462,198 ​ 2,597,787 ​ 5,525,545 Loans and advances to customers ​ 12,474,473 ​ 90,653,852 ​ 96,770,268 ​ 57,038,679 ​ 104,103,871 Derivative financial instruments ​ 3,922,735 ​ 12,977,266 ​ 4,141,896 ​ 1,699,943 ​ 1,405,850 Total financial assets ​ 57,823,109 ​ 116,395,020 ​ 106,374,362 ​ 61,336,409 ​ 111,035,266 ​ Contractual maturities of financial assets December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Assets ​ 0 – 30 days ​ 31 days – 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Cash and balances with central bank ​ 24,721,168 ​ - ​ - ​ - ​ - Interbank borrowings - Repurchase agreements ​ 6,354,954 ​ 1,369,698 ​ - ​ - ​ - Financial assets investments ​ 5,191,479 ​ 10,620,793 ​ 4,595,406 ​ 2,715,738 ​ 3,788,041 Loans and advances to customers ​ 11,980,037 ​ 80,781,681 ​ 95,394,236 ​ 60,072,303 ​ 108,373,306 Derivative financial instruments ​ 1,486,797 ​ 5,636,620 ​ 3,413,710 ​ 1,481,485 ​ 1,348,645 Total financial assets ​ 49,734,435 ​ 98,408,792 ​ 103,403,352 ​ 64,269,526 ​ 113,509,992
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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities ​ 0 – 30 days ​ 31 days – 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Demand deposit from customers ​ 143,307,149 ​ ​ ​ ​ ​ ​ ​ ​ Time deposits from customers ​ 15,107,203 ​ 57,588,430 ​ 17,737,464 ​ 6,671,911 ​ 18,331,091 Interbank deposits-Repurchase agreements ​ 809,027 ​ 242,810 ​ 23,431 ​ ​ ​ ​ Borrowings from other financial institutions ​ 763,580 ​ 5,604,327 ​ 6,651,228 ​ 2,403,786 ​ 2,661,657 Debt securities in issue ​ 124,055 ​ 3,913,687 ​ 4,363,593 ​ 6,023,469 ​ 3,836,353 Preferred Shares ​ ​ ​ 57,701 ​ 115,403 ​ 115,403 ​ 295,697 Derivative financial instruments ​ 3,337,039 ​ 13,511,532 ​ 4,146,259 ​ 1,688,473 ​ 1,484,149 Total financial liabilities ​ 163,448,053 ​ 80,918,487 ​ 33,037,378 ​ 16,903,042 ​ 26,608,947 ​ Contractual maturities of financial liabilities December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities ​ 0 – 30 days ​ 31 days – 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years Demand deposit from customers ​ 158,943,073 ​ - ​ - ​ - ​ - Time deposits from customers ​ 9,814,980 ​ 47,401,947 ​ 18,441,478 ​ 7,318,807 ​ 17,384,283 Interbank deposits-Repurchase agreements ​ 921,917 ​ 158,179 ​ - ​ - ​ - Borrowings from other financial institutions ​ 1,601,799 ​ 12,736,576 ​ 10,673,653 ​ 4,325,218 ​ 2,479,635 Debt securities in issue ​ 807,242 ​ 2,117,609 ​ 9,501,683 ​ 8,220,719 ​ 1,472,558 Preferred Shares ​ 62,083 ​ 374,780 ​ 540,358 ​ 136,414 ​ 322,982 Derivative financial instruments ​ 1,488,518 ​ 5,167,852 ​ 2,579,407 ​ 1,501,967 ​ 1,417,894 Total financial liabilities ​ 173,639,612 ​ 67,956,943 ​ 41,736,579 ​ 21,503,125 ​ 23,077,352
Schedule of contractual maturities of financial guarantees	The tables below set out the remaining contractual maturities of the Bank’s financial guarantees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 0 – 30 days ​ 31 days – 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years In millions of COP Financial guarantees ​ 826,699 ​ 9,388,345 ​ 1,489,899 ​ 450,875 ​ 535,380 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ 0 – 30 days ​ 31 days – 1 Year ​ 1 - 3 Years ​ 3 - 5 Years ​ More than 5 years In millions of COP Financial guarantees ​ 757,658 ​ 6,981,309 ​ 3,660,806 ​ 134,611 ​ 90,530
Schedule of financial instruments which have yet to transition to alternative benchmark rate	The following tables provide a breakdown by currency and nature of financial instruments exposed to the LIBOR rate for the periods ending in December 2022 and December 2023: ​ ​ ​ ​ December 31, 2022 In millions of COP ​ ​ USD LIBOR 1 ​ Assets ​ ​ ​ Loans ​ 12,448,204 ​ Bonds ​ 693,302 ​ Derivatives ​ (1,784,991) ​ Total Assets ​ 11,356,515 ​ Liabilities ​ ​ ​ Loans ​ 2,209,628 ​ Term deposits ​ 11,458 ​ Total Liabilities ​ 2,221,086 ​ 1 Cessation date: USD LIBOR 06/30/23. Portfolio balances and market value of derivative transactions outstanding at December 30, 2021. ​ ​ ​ ​ December 31, 2023 In millions of COP ​ ​ USD LIBOR 1 ​ Assets ​ ​ ​ Loans ​ 66,351 ​ Bonds ​ ​ ​ Derivatives ​ ​ ​ Total Assets ​ 66,351 ​ Liabilities ​ ​ ​ Loans ​ 323 ​ Term deposits ​ 6,750 ​ Total Liabilities ​ 7,073 ​ 1 Cessation date: USD LIBOR 06/30/23. Portfolio balances and market value of derivative transactions outstanding at December 31, 2023. Risk Any failure by market participants, such as the Bank, and regulators to successfully introduce benchmark rates to replace LIBOR and implement effective transitional arrangements to address the discontinuation of LIBOR could result in disruption of the financial and capital markets. In addition, the transition process to an alternative reference rate could impact the Bank’s business, financial condition or result of operations, as a result of: • An adverse impact in pricing, liquidity, value, return and trading for a broad array of financial products, loans and derivatives that are included in the Bank’s financial assets and liabilities. • Extensive changes to internal processes and documentation that contain references to LIBOR or use formulas that depend on LIBOR. ​
Summary of regulatory capital and capital adequacy ratios	​ ​ ​ ​ ​ ​ ​ Technical Capital ​ Asof ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ In millions of COP Primary capital ​ 39,704,542 ​ 40,652,350 ​ Share Capital ​ 480,914 ​ 480,914 ​ Additional paid-in capital ​ 4,857,454 ​ 4,857,454 ​ Preferred shares ​ 584,204 ​ 584,204 ​ Legal reserve ​ 14,541,561 ​ 14,534,766 ​ Occasional reserves ​ 7,250,712 ​ 3,162,401 ​ Non-controlling interest ​ 960,217 ​ 908,648 ​ Other comprehensive income ​ 4,065,182 ​ 7,749,234 ​ Net income attributable to equity holders of the Parent Company ​ 6,116,936 ​ 6,783,490 ​ Retained earnings ​ 847,362 ​ 1,591,239 ​ Less: ​ (8,919,345) ​ (11,001,874) ​ Prior-year losses ​ (79,587) ​ (79,577) ​ Intangibles assets ​ (7,818,125) ​ (9,836,661) ​ Revaluation property, plant and equipment ​ (350,061) ​ (351,871) ​ Other intangibles ​ (671,572) ​ (602,531) ​ Deferred net income tax ​ - ​ (131,234) ​ Primary capital (Tier I) ​ 30,785,197 ​ 29,650,476 ​ Hybrid bonds ​ 4,283,448 ​ 6,109,531 ​ Subordinated bonds ​ 678,797 ​ 794,881 ​ General provisions ​ 375,902 ​ 12,759 ​ Computed secondary capital (Tier II) ​ 5,338,147 ​ 6,917,171 ​ Less: ​ (10,687) ​ (16,136) ​ Technical capital ​ 36,112,657 ​ 36,551,511 ​ Capital Ratios ​ ​ ​ ​ ​ Primary capital to risk-weighted assets (Tier I) ​ 11.42 % 10.37 % Secondary capital to risk-weighted assets (Tier II) ​ 1.98 % 2.41 % Risk-weighted assets including market risk and operational risk ​ 269,591,211 ​ 285,878,639 ​ Technical capital to risk-weighted assets ​ 13.40 % 12.79 %
Commercial and financial leases
RISK MANAGEMENT
Summary of portfolio variables	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 consolidated annual sales by economic group >= 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 consolidated annual sales by economic group > = COP 13,000 M and < COP 100,000 M. For Banco Agricola borrowers with annual sales >= USD 7 MM y < USD 25 MM and BAM, 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 consolidated annual sales by economic group >= COP 58,000 M and <= COP 200,000 M or commercial size > = $15,000 M and < $70,000 MM, or project size >= $500,000 M and < $2,200 billion Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group > COP 200,000 M or commercial size > = $70,000 M or project size >= $2,200 billion SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with consolidated annual sales by economic group >= COP 380 M and <= COP 58,000 M or commercial size < $715,000 M or project size < $500,000 M. 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 7 M and BAM, borrowers with annual sales < USD 2 M. ​

REPORTING ENTITY (Details)

REPORTING ENTITY (Details) $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 06, 2022	Mar. 01, 2022 COP ($)	Sep. 30, 2022 COP ($)	Sep. 30, 2022 COP ($)	Dec. 31, 2023 item employee	Dec. 31, 2022	Dec. 31, 2021	Jun. 09, 2021 COP ($)
The effect on shareholders' equity
Number of employees | employee					34,756
Number of banking correspondents | item					35,431
Number of ATMs | item					6,080
Number of offices | item					831
Nequi
REPORTING ENTITY
Percentage of operations to be operated as a digital bank	100%
Percentage of ownership interest in subsidiary					100%	100%
Banca de Inversion Bancolombia S.A. Corporacion Financiera
REPORTING ENTITY
Percentage of ownership interest in subsidiary					100%	100%	100%
Inversiones CFNS S.A.S.
REPORTING ENTITY
Percentage of ownership interest in subsidiary					99.94%	99.94%	99.94%
PA FAI Calle 77 acquisition
REPORTING ENTITY
Purchase price		$ 56,968						$ 56,968
Percentage of ownership interest in subsidiary		98%
FCP Fondo Inmobiliario Colombia
REPORTING ENTITY
Percentage of ownership interest in subsidiary				80.47%
The effect on shareholders' equity
Consideration paid to non-controlling interests				$ 816,081
Carrying amount of non-controlling interests acquired				961,588
Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity				145,507
Nequi
REPORTING ENTITY
Capital			$ 150,000	$ 150,000
Nequi | Banca de Inversion Bancolombia S.A. Corporacion Financiera
REPORTING ENTITY
Participation percentage			94.99%
Nequi | Inversiones CFNS S.A.S.
REPORTING ENTITY
Participation percentage			5.01%

MATERIAL ACCOUNTING POLICIES -

MATERIAL ACCOUNTING POLICIES - Revised presentation of Statement of Cash Flow (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
MATERIAL ACCOUNTING POLICIES
Effect of exchange rate changes	[1]	$ (245,915)	$ (224,788)	$ 507,449
Net cash provided by operating activities		19,153,084	6,339,438	6,602,754
Effect of exchange rate changes on cash and cash equivalents		(5,408,405)	3,777,073	2,486,401
Increase (Decrease) in cash and cash equivalents		13,562,723	2,538,372	(857,704)
Cash and cash equivalents at beginning of year		31,645,291	25,329,846	23,701,149
Cash and cash equivalents at end of year		39,799,609	31,645,291	25,329,846
As previously reported
MATERIAL ACCOUNTING POLICIES
Effect of exchange rate changes			0	0
Net cash provided by operating activities			6,564,226	6,095,305
Effect of exchange rate changes on cash and cash equivalents			3,552,285	2,993,850
Increase (Decrease) in cash and cash equivalents			2,763,160	(1,365,153)
Cash and cash equivalents at beginning of year		$ 31,645,291	25,329,846	23,701,149
Cash and cash equivalents at end of year			31,645,291	25,329,846
Adjustments
MATERIAL ACCOUNTING POLICIES
Effect of exchange rate changes			(224,788)	507,449
Net cash provided by operating activities			(224,788)	507,449
Effect of exchange rate changes on cash and cash equivalents			224,788	(507,449)
Increase (Decrease) in cash and cash equivalents			$ (224,788)	$ 507,449
[1] For further information, see Note 2.A.2.

MATERIAL ACCOUNTING POLICIES _2

MATERIAL ACCOUNTING POLICIES - Subsidiaries (Details) - COP ($) $ in Millions		12 Months Ended
	Jul. 06, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 04, 2022
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Trust	Trust	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
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Investment banking	Investment banking	Investment banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Valores Bancolombia S.A. Comisionista de Bolsa
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Securities brokerage	Securities brokerage	Securities brokerage
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Wompi S.A.S. (Before "VLIPCO S.A.S.")
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Technology services provider	Technology services provider	Technology services provider
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	99.98%	94.77%
Renting Colombia S.A.S.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Operating leasing	Operating leasing	Operating leasing
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Transportempo S.A.S. "En Liquidacion"
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Transportation	Transportation	Transportation
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Inversiones CFNS S.A.S.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Investments	Investments	Investments
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		99.94%	99.94%	99.94%
Negocios Digitales Colombia S.A.S. (before "Pasarela Colombia S.A.S.")
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Payment solutions	Payment solutions	Payment solutions
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Fondo de Capital Privado Fondo Inmobiliario Colombia
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Real estate investment fund	Real estate investment fund	Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. Inmuebles CEM
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. Calle 92 FIC-11
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		52.31%	52.31%	32.47%
P.A. FIC Edificio Corfinsura
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. FIC-A5
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. FIC Inmuebles
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. FIC Clinica de Prado
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		62%	62%	38.49%
P. A. FIC A6
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. Central Point
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		60.35%	60.35%	37.47%
Fideicomiso Irrevocable de Garantia, Fuente de Pago y Administracion Inmobiliaria Polaris
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. Fideicomiso Twins Bay
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
Fideicomiso Lote Av San Martn
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
P.A. Fideicomiso Lote 30
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	49.96%
Fideicomiso Fondo Inmobiliario Bancolombia
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%	17.54%
P.A. Florencia Ferrara
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		44.26%	44.26%
P.A. Flor Morado Plaza
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%	80.47%
P.A. Galeria la 33
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia
BUSINESS		Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		80.47%
Valores Simesa S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Investments	Investments	Investments
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		64.93%	66.33%	66.82%
Fideicomiso Lote Distrito Vera B1B2
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		64.61%	66%	66.49%
Fideicomiso Lote Distrito Vera B3B4
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia	Colombia
BUSINESS		Mercantil trust	Mercantil trust	Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		64.61%	66%	66.49%
Fideicomiso Lote B6 Ciudad del Rio
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION			Colombia
BUSINESS			Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK			66%
P.A. FAI CALLE 77
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Real estate investment fund	Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		98%	98%
P.A. NOMAD SALITRE
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Real estate investment fund	Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		98%	98%
Percentage of trust rights held					100%
P.A. NOMAD CENTRAL-2
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia
BUSINESS		Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		98%
P.A. CALLE 84 (2)
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia
BUSINESS		Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		98%
P.A. CALLE 84 (3)
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia
BUSINESS		Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		98%
P.A. MERCURIO
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Real estate investment fund	Real estate investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%
Wenia S.A.S.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Technology services	Technology services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%
P.A. Wenia
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia
BUSINESS		Mercantil trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%
Nequi S.A. Compania de Financiamiento
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Colombia	Colombia
BUSINESS		Financial services	Financial services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%
Percentage of operations to be operated as a digital bank	100%
Bancolombia Panama S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Sistemas de Inversiones y Negocios S.A. Sinesa
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Investments	Investments	Investments
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Banagricola S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Investments	Investments	Investments
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		99.17%	99.17%	99.17%
Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Banistmo Investment Corporation S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Trust	Trust	Trust
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Leasing Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Leasing	Leasing	Leasing
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Valores Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Securities brokerage	Securities brokerage	Securities brokerage
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Banistmo Panama Fondo de Inversion S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Holding	Holding	Holding
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Suvalor Renta Fija Internacional Corto Plazo S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION				Panama
BUSINESS				Collective investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK				100%
Fondo Renta Sostenible Global S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION				Panama
BUSINESS				Collective investment fund
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK				100%
Banistmo Capital Markets Group Inc.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Purchase and sale of securities	Purchase and sale of securities	Purchase and sale of securities
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Anavi Investment Corporation S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Real estate	Real estate	Real estate
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Desarrollo de Oriente S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Real estate	Real estate	Real estate
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Steens Enterprises S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Portfolio holder	Portfolio holder	Portfolio holder
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Ordway Holdings S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Real estate broker	Real estate broker	Real estate broker
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Grupo Agromercantil Holding S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Panama	Panama	Panama
BUSINESS		Holding	Holding	Holding
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Banco Agromercantil de Guatemala S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		99.68%	99.68%	99.66%
Seguros Agromercantil de Guatemala S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Insurance agency	Insurance agency	Insurance agency
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		79.92%	79.92%	79.92%
Financiera Agromercantil S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Financial services	Financial services	Financial services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Agrovalores S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Securities brokerage	Securities brokerage	Securities brokerage
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Arrendadora Agromercantil S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Operating Leasing	Operating Leasing	Operating Leasing
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Agencia de Seguros y Fianzas Agromercantil S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION			Guatemala	Guatemala
BUSINESS			Insurance agency	Insurance agency
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK			100%	100%
Asistencia y Ajustes S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Roadside and medical assistance services	Roadside and medical assistance services	Roadside and medical assistance services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Serproba S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Maintenance and remodeling services	Maintenance and remodeling services	Maintenance and remodeling services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Servicios de Formalizacion S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Loans formalization	Loans formalization	Loans formalization
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Conserjeria, Mantenimiento y Mensajeria S.A. "En Liquidacion"
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Guatemala	Guatemala	Guatemala
BUSINESS		Maintenance services	Maintenance services	Maintenance services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Mercom Bank Ltd.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Barbados	Barbados	Barbados
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		99.68%	99.68%	99.66%
New Alma Enterprises Ltd.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Bahamas	Bahamas	Bahamas
BUSINESS		Investments	Investments	Investments
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		99.68%	99.68%	99.66%
Bancolombia Puerto Rico Internacional Inc.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Puerto Rico	Puerto Rico	Puerto Rico
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Bancolombia Cayman S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Cayman Islands	Cayman Islands	Cayman Islands
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		El Salvador	El Salvador	El Salvador
BUSINESS		Banking	Banking	Banking
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		97.36%	97.36%	97.36%
Arrendadora Financiera S.A. Arfinsa
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		El Salvador	El Salvador	El Salvador
BUSINESS		Leasing	Leasing	Leasing
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		97.37%	97.37%	97.37%
Credibac S.A. de C.V.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		El Salvador	El Salvador	El Salvador
BUSINESS		Credit card services	Credit card services	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.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		El Salvador	El Salvador	El Salvador
BUSINESS		Securities brokerage	Securities brokerage	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
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		El Salvador	El Salvador	El Salvador
BUSINESS		Investments	Investments	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.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		El Salvador	El Salvador	El Salvador
BUSINESS		Administers investment funds	Administers investment funds	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.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Costa Rica	Costa Rica	Costa Rica
BUSINESS		Outsourcing	Outsourcing	Outsourcing
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		99.17%	99.17%	99.17%
Bancolombia Capital Holdings USA LLC
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		United States	United States	United States
BUSINESS		Holding	Holding	Holding
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Bancolombia Capital Adviser LLC
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		United States	United States	United States
BUSINESS		Investment advisor	Investment advisor	Investment advisor
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Bancolombia Capital LLC
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		United States	United States	United States
BUSINESS		Securities brokerage	Securities brokerage	Securities brokerage
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%	100%
Wenia Ltd.
MATERIAL ACCOUNTING POLICIES
JURISDICTION OF INCORPORATION		Bermuda	Bermuda
BUSINESS		Technology services	Technology services
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK		100%	100%
Banistmo and Bancolombia Panama
MATERIAL ACCOUNTING POLICIES
Loan and financial lease reserves recognized		$ 835,527	$ 1,036,919

MATERIAL ACCOUNTING POLICIES _3

MATERIAL ACCOUNTING POLICIES - Funds administration (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fondo de Capital Privado Fondo Inmobiliario Colombia
MATERIAL ACCOUNTING POLICIES
Country	Colombia	Colombia	Colombia
Percentage of ownership interest held by the Bank	80.47%	80.47%	49.96%
Assets managed	$ 5,503,022	$ 5,023,316
Fideicomiso Lote Distrito Vera B1B2
MATERIAL ACCOUNTING POLICIES
Country	Colombia	Colombia	Colombia
Percentage of ownership interest held by the Bank	64.61%	66%	66.49%
Assets managed	$ 25,073	$ 55,733
Fideicomiso Lote Distrito Vera B3B4
MATERIAL ACCOUNTING POLICIES
Country	Colombia	Colombia	Colombia
Percentage of ownership interest held by the Bank	64.61%	66%	66.49%
Assets managed	$ 56,295	$ 53,558
Fideicomiso Lote B6 Ciudad del Rio
MATERIAL ACCOUNTING POLICIES
Country		Colombia
Percentage of ownership interest held by the Bank		66%
Assets managed		$ 66,150
Banistmo Panama Fondo de Inversion S.A.
MATERIAL ACCOUNTING POLICIES
Country	Panama	Panama	Panama
Percentage of ownership interest held by the Bank	100%	100%	100%
Assets managed	$ 132,496	$ 243,268

MATERIAL ACCOUNTING POLICIES _4

MATERIAL ACCOUNTING POLICIES - FCP Fondo Inmobiliario Colombia (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Condensed statement of income
Profits of equity method investees		$ 210,185	$ 235,854	$ 328,344
Expenses
Other administrative and general expenses		(5,033,944)	(4,559,900)	(3,740,506)
Net income		6,214,971	6,996,365	4,207,787
Condensed cash flow
Net cash used in operating activities		19,153,084	6,339,438	6,602,754
Net cash provided by financing activities	[1]	(5,430,672)	853,436	(6,809,972)
Cash and cash equivalents at beginning of year		31,645,291	25,329,846	23,701,149
Cash and cash equivalents at end of year		39,799,609	31,645,291	25,329,846
Non-controlling interests		960,217	908,648
Profit attributable to non-controlling interests		98,035	$ 212,875	120,992
FCP Fondo Inmobiliario Colombia
MATERIAL ACCOUNTING POLICIES
Percentage of interest acquired					30.51%
Percentage of ownership interest in subsidiary			80.47%
Amount of return delivered			$ 41,219
Condensed statement of income
Valuation of investment properties				85,148
Rents				187,194
Profits of equity method investees				105,439
Other Income				92,298
Total income				470,079
Expenses
Interest on loans				(73,201)
Other administrative and general expenses				(212,385)
Total Expenses				(285,586)
Net income				184,493
Condensed cash flow
Net cash used in operating activities				(34,442)
Net cash provided by financing activities				21,882
Cash and cash equivalents at beginning of year			50,808	63,368
Cash and cash equivalents at end of year				50,808
Non-controlling interests		663,713	605,611	1,369,084
Profit attributable to non-controlling interests		$ 58,102	$ 71,354	$ 92,353
[1] For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities.

MATERIAL ACCOUNTING POLICIES _5

MATERIAL ACCOUNTING POLICIES - Exchange rate (Details) - $ / $	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
MATERIAL ACCOUNTING POLICIES
Year end exchange rate, US dollar into Colombian pesos	3,822.05	4,810.20	3,981.16
Average rate for the period ended, U.S. dollar into Colombian pesos	4,330.14	4,257.12	3,747.24

MATERIAL ACCOUNTING POLICIES _6

MATERIAL ACCOUNTING POLICIES - Economic Scenario Weightings (Details)	Dec. 31, 2023	Dec. 31, 2022
Optimistic | Colombia
MATERIAL ACCOUNTING POLICIES
Probability weighting	15%	15%
Optimistic | Colombia | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		8.11%
Optimistic | Colombia | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	1.64%	2.01%
Optimistic | Colombia | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	2.37%	3.68%
Optimistic | Colombia | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	4.47%
Optimistic | Panama
MATERIAL ACCOUNTING POLICIES
Probability weighting	20%	15%
Optimistic | Panama | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		8.84%
Optimistic | Panama | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	7.92%	5.62%
Optimistic | Panama | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	6.68%	5.70%
Optimistic | Panama | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	7.17%
Optimistic | Guatemala
MATERIAL ACCOUNTING POLICIES
Probability weighting	20%	15%
Optimistic | Guatemala | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		4.35%
Optimistic | Guatemala | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	3.69%	4.19%
Optimistic | Guatemala | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	4.33%	4.59%
Optimistic | Guatemala | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	4.61%
Optimistic | El Salvador
MATERIAL ACCOUNTING POLICIES
Probability weighting	20%	15%
Optimistic | El Salvador | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		3.78%
Optimistic | El Salvador | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	2.75%	3.52%
Optimistic | El Salvador | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	3.32%	3.94%
Optimistic | El Salvador | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	3.76%
Base | Colombia
MATERIAL ACCOUNTING POLICIES
Probability weighting	50%	45%
Base | Colombia | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		7.76%
Base | Colombia | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	1.16%	0.93%
Base | Colombia | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	0.87%	2.50%
Base | Colombia | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	2.60%
Base | Panama
MATERIAL ACCOUNTING POLICIES
Probability weighting	50%	55%
Base | Panama | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		8.19%
Base | Panama | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	5.95%	3.96%
Base | Panama | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	4%	3.71%
Base | Panama | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	4.20%
Base | Guatemala
MATERIAL ACCOUNTING POLICIES
Probability weighting	55%	55%
Base | Guatemala | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		3.40%
Base | Guatemala | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	3.12%	2.72%
Base | Guatemala | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	3.26%	3%
Base | Guatemala | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	3.38%
Base | El Salvador
MATERIAL ACCOUNTING POLICIES
Probability weighting	55%	55%
Base | El Salvador | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		2.62%
Base | El Salvador | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	2.25%	1.65%
Base | El Salvador | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	1.90%	1.96%
Base | El Salvador | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	2.08%
Pessimistic | Colombia
MATERIAL ACCOUNTING POLICIES
Probability weighting	35%	40%
Pessimistic | Colombia | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		6.98%
Pessimistic | Colombia | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	0.68%	(0.78%)
Pessimistic | Colombia | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	(0.63%)	0.36%
Pessimistic | Colombia | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	0.73%
Pessimistic | Panama
MATERIAL ACCOUNTING POLICIES
Probability weighting	30%	30%
Pessimistic | Panama | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		7.53%
Pessimistic | Panama | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	3.99%	2.31%
Pessimistic | Panama | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	1.33%	1.73%
Pessimistic | Panama | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	1.23%
Pessimistic | Guatemala
MATERIAL ACCOUNTING POLICIES
Probability weighting	25%	30%
Pessimistic | Guatemala | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		2.45%
Pessimistic | Guatemala | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	2.55%	1.25%
Pessimistic | Guatemala | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	2.19%	1.40%
Pessimistic | Guatemala | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	2.15%
Pessimistic | El Salvador
MATERIAL ACCOUNTING POLICIES
Probability weighting	25%	30%
Pessimistic | El Salvador | Cutoff 2022
MATERIAL ACCOUNTING POLICIES
GDP growth		1.47%
Pessimistic | El Salvador | Cutoff 2023
MATERIAL ACCOUNTING POLICIES
GDP growth	1.74%	(0.23%)
Pessimistic | El Salvador | Cutoff 2024
MATERIAL ACCOUNTING POLICIES
GDP growth	0.49%	(0.03%)
Pessimistic | El Salvador | Cutoff 2025
MATERIAL ACCOUNTING POLICIES
GDP growth	0.41%

MATERIAL ACCOUNTING POLICIES _7

MATERIAL ACCOUNTING POLICIES - Significant increase in risk (Details)	Dec. 31, 2023 item
Ba1/BB+
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	3
Ba2/BB
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	3
Ba3/BB-
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	3
B1/B+
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	2
B2/B
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	2
B3/B-
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	1
Caa/CCC
MATERIAL ACCOUNTING POLICIES
Number of notches, increase in risk	1

MATERIAL ACCOUNTING POLICIES _8

MATERIAL ACCOUNTING POLICIES - Written-Off loan portfolio (Details)	12 Months Ended
	Dec. 31, 2023
Commercial | Without collateral | Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	360 days
Commercial | Without collateral | Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Commercial | Without collateral | Bancolombia S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	360 days
Commercial | With collateral | Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	360 days
Commercial | With collateral | Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	360 days
Commercial | With collateral | Bancolombia S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	360 days
Consumer | Without collateral | Grupo Agromercantil Holding S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Consumer | Without collateral | Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Consumer | Without collateral | Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Consumer | Without collateral | Bancolombia S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Consumer | With collateral | Grupo Agromercantil Holding S.A. | Vehicles collateral
MATERIAL ACCOUNTING POLICIES
Length of delinquency	540 days
Consumer | With collateral | Banistmo S.A. | Mortgage collateral
MATERIAL ACCOUNTING POLICIES
Length of delinquency	1080 days
Consumer | With collateral | Banco Agricola S.A. | Mortgage collateral
MATERIAL ACCOUNTING POLICIES
Length of delinquency	720 days
Consumer | With collateral | Bancolombia S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Small Business Loans | Without collateral | Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Small Business Loans | Without collateral | Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Small Business Loans | Without collateral | Bancolombia S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Small Business Loans | With collateral | Banistmo S.A. | Mortgage collateral
MATERIAL ACCOUNTING POLICIES
Length of delinquency	1080 days
Small Business Loans | With collateral | Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Small Business Loans | With collateral | Bancolombia S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	180 days
Mortgage | With collateral | Grupo Agromercantil Holding S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	1440 days
Mortgage | With collateral | Banistmo S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	1080 days
Mortgage | With collateral | Banco Agricola S.A.
MATERIAL ACCOUNTING POLICIES
Length of delinquency	720 days

MATERIAL ACCOUNTING POLICIES _9

MATERIAL ACCOUNTING POLICIES - Premises and equipment and Intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
MATERIAL ACCOUNTING POLICIES
Useful life, intangible assets	1 year
Maximum
MATERIAL ACCOUNTING POLICIES
Useful life, intangible assets	10 years
Buildings | Minimum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	10 years
Buildings | Maximum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	75 years
Furniture and fixtures | Minimum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	3 years
Furniture and fixtures | Maximum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	20 years
Computer equipment | Minimum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	3 years
Computer equipment | Maximum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	20 years
Equipment and machinery | Minimum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	2 years
Equipment and machinery | Maximum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	40 years
Vehicles | Minimum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	3 years
Vehicles | Maximum
MATERIAL ACCOUNTING POLICIES
Useful life, premises and equipment	10 years

MATERIAL ACCOUNTING POLICIES_10

MATERIAL ACCOUNTING POLICIES - Additional information (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)	Dec. 31, 2023 USD ($)
MATERIAL ACCOUNTING POLICIES
Percentage of loss given default	64.90%
Difference in present value of discounted cash flows of new debt instruments as a percentage of the original debt instrument	10%	10%
Preferred dividend, as a percentage of subscription price	1%	1%
Constitution of provisions	$ 11,071
Stage Three | Foreign Subsidiaries
MATERIAL ACCOUNTING POLICIES
Threshold amount for determination of defaulted loans	$ 20,000	$ 5

OPERATING SEGMENTS - Financial

OPERATING SEGMENTS - Financial performance by operating segment (Details) - COP ($) $ in Millions		12 Months Ended
	Jul. 06, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING SEGMENTS
Threshold Revenue, bank corporate and government sales force targets and specializes		$ 100,000
Financial performance by operating segment
Total interest and valuation on financial instruments		37,046,159	$ 26,796,947	$ 16,135,745
Interest income on loans and financial leases		35,240,787	24,783,493	15,344,290
Total debt investments				777,612
Derivatives				33,637
Total liquidity operations				(19,794)
Interest expenses		(16,668,295)	(8,442,470)	(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		20,377,864	18,354,477	11,784,189
Total credit impairment charges, net		(7,461,586)	(3,791,697)	(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		12,916,278	14,562,780	9,363,659
Fees and commissions income		7,080,878	6,370,526	5,293,804
Fees and commissions expenses		(3,097,280)	(2,590,166)	(1,860,683)
Total fees and commission income, net		3,983,598	3,780,360	3,433,121
Other operating income (Expense)				2,022,141
Dividends and net income on equity investments		210,185	235,854	328,344
Total operating income, net		21,089,711	20,632,429	15,147,265
Operating expenses				(8,242,695)
Impairment, depreciation and amortization		(1,124,859)	(980,575)	(920,558)
Total operating expenses		(12,942,185)	(10,887,643)	(9,163,253)
Profit (Loss) before income tax		8,147,526	9,744,786	5,984,012
Nequi
OPERATING SEGMENTS
Percentage of operations to be operated as a digital bank	100%
Operating Segments
Financial performance by operating segment
Total interest and valuation on financial instruments		37,046,159	26,796,947	16,135,317
Interest income on loans and financial leases		35,240,787	24,783,493	15,343,862
Total debt investments		1,657,459	1,787,088	777,612
Derivatives		(157,818)	171,381	33,637
Total liquidity operations		305,731	54,985	(19,794)
Interest expenses		(16,668,295)	(8,442,470)	(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		20,377,864	18,354,477	11,783,761
Total credit impairment charges, net		(7,461,586)	(3,791,697)	(2,413,226)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		12,916,278	14,562,780	9,370,535
Fees and commissions income		7,080,878	6,370,526	5,293,804
Fees and commissions expenses		(3,097,280)	(2,590,166)	(1,860,683)
Total fees and commission income, net		3,983,598	3,780,360	3,433,121
Other operating income (Expense)		3,979,650	2,053,435	2,023,144
Dividends and net income on equity investments		210,185	235,854	328,344
Total operating income, net		21,089,711	20,632,429	15,155,144
Operating expenses		(11,817,326)	(9,907,068)	(8,242,695)
Impairment, depreciation and amortization		(1,124,859)	(980,575)	(919,763)
Total operating expenses		(12,942,185)	(10,887,643)	(9,162,458)
Profit (Loss) before income tax		8,147,526	9,744,786	5,992,686
Operating Segments | Banking Colombia
Financial performance by operating segment
Total interest and valuation on financial instruments		29,230,060	20,727,335	11,498,013
Interest income on loans and financial leases		28,366,678	19,263,960	11,118,035
Total debt investments		937,090	1,361,299	399,517
Derivatives		(167,887)	108,255	17,263
Total liquidity operations		94,179	(6,179)	(36,802)
Interest expenses		(13,464,980)	(6,333,834)	(2,666,843)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		15,765,080	14,393,501	8,831,170
Total credit impairment charges, net		(6,480,377)	(2,971,599)	(2,122,515)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		9,284,703	11,421,902	6,708,655
(Expenses) Revenues from transactions with other operating segments of the Bank		(187,467)	(32,163)	18,458
Fees and commissions income		5,252,099	4,684,563	3,841,472
Fees and commissions expenses		(2,522,927)	(2,099,585)	(1,524,691)
Total fees and commission income, net		2,729,172	2,584,978	2,316,781
Other operating income (Expense)		1,575,845	(72,994)	653,968
Dividends and net income on equity investments		17,613	(8,058)	93,769
Total operating income, net		13,419,866	13,893,665	9,791,631
Operating expenses		(8,022,042)	(6,600,686)	(5,550,033)
Impairment, depreciation and amortization		(744,346)	(613,807)	(529,662)
Total operating expenses		(8,766,388)	(7,214,493)	(6,079,695)
Profit (Loss) before income tax		4,653,478	6,679,172	3,711,936
Operating Segments | Banking Panama
Financial performance by operating segment
Total interest and valuation on financial instruments		2,826,559	2,364,820	1,963,509
Interest income on loans and financial leases		2,415,234	2,154,151	1,791,476
Total debt investments		301,167	161,974	156,377
Derivatives		817	(1,026)	1,860
Total liquidity operations		109,341	49,721	13,796
Interest expenses		(1,238,112)	(910,937)	(796,396)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		1,588,447	1,453,883	1,167,113
Total credit impairment charges, net		(270,501)	(545,012)	(323,216)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		1,317,946	908,871	843,897
(Expenses) Revenues from transactions with other operating segments of the Bank		(34,105)	(25,022)	(10,089)
Fees and commissions income		532,930	446,583	351,603
Fees and commissions expenses		(258,897)	(210,004)	(151,906)
Total fees and commission income, net		274,033	236,579	199,697
Other operating income (Expense)		36,939	51,494	19,101
Dividends and net income on equity investments		13,498	9,655	4,387
Total operating income, net		1,608,311	1,181,577	1,056,993
Operating expenses		(909,843)	(797,091)	(700,226)
Impairment, depreciation and amortization		(107,716)	(110,293)	(104,493)
Total operating expenses		(1,017,559)	(907,384)	(804,719)
Profit (Loss) before income tax		590,752	274,193	252,274
Operating Segments | Banking El Salvador
Financial performance by operating segment
Total interest and valuation on financial instruments		1,773,140	1,527,860	1,193,824
Interest income on loans and financial leases		1,524,765	1,293,556	1,072,718
Total debt investments		236,350	170,423	105,035
Derivatives		11,187	63,494	15,345
Total liquidity operations		838	387	726
Interest expenses		(464,851)	(297,839)	(240,144)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		1,308,289	1,230,021	953,680
Total credit impairment charges, net		(154,938)	(102,710)	4,271
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		1,153,351	1,127,311	957,951
(Expenses) Revenues from transactions with other operating segments of the Bank		(17,844)	(7,371)	7
Fees and commissions income		479,568	444,177	359,724
Fees and commissions expenses		(188,972)	(170,563)	(116,600)
Total fees and commission income, net		290,596	273,614	243,124
Other operating income (Expense)		51,656	19,685	9,712
Dividends and net income on equity investments		10,982	5,340	2,760
Total operating income, net		1,488,741	1,418,579	1,213,554
Operating expenses		(668,105)	(639,748)	(549,782)
Impairment, depreciation and amortization		(131,921)	(106,601)	(81,201)
Total operating expenses		(800,026)	(746,349)	(630,983)
Profit (Loss) before income tax		688,715	672,230	582,571
Operating Segments | Banking Guatemala
Financial performance by operating segment
Total interest and valuation on financial instruments		1,795,543	1,537,801	1,178,615
Interest income on loans and financial leases		1,726,821	1,509,143	1,109,804
Total debt investments		60,534	27,089	67,772
Total liquidity operations		8,188	1,569	1,039
Interest expenses		(731,886)	(528,459)	(397,138)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		1,063,657	1,009,342	781,477
Total credit impairment charges, net		(499,368)	(168,834)	35,841
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		564,289	840,508	817,318
(Expenses) Revenues from transactions with other operating segments of the Bank		(76,054)	(45,526)	(26,324)
Fees and commissions income		223,200	218,554	159,908
Fees and commissions expenses		(89,405)	(91,424)	(50,144)
Total fees and commission income, net		133,795	127,130	109,764
Other operating income (Expense)		130,757	129,403	82,855
Dividends and net income on equity investments		1,827	828	658
Total operating income, net		754,614	1,052,343	984,271
Operating expenses		(620,928)	(577,497)	(464,199)
Impairment, depreciation and amortization		(55,243)	(54,999)	(102,991)
Total operating expenses		(676,171)	(632,496)	(567,190)
Profit (Loss) before income tax		78,443	419,847	417,081
Operating Segments | Trust
Financial performance by operating segment
Total interest and valuation on financial instruments		47	72	46
Interest income on loans and financial leases		47	72	46
Interest expenses		(179)	(150)	(167)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(132)	(78)	(121)
Total credit impairment charges, net		(2,893)	(796)	(4,595)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(3,025)	(874)	(4,716)
(Expenses) Revenues from transactions with other operating segments of the Bank		(16,518)	(12,658)	(26,584)
Fees and commissions income		361,965	318,869	347,878
Fees and commissions expenses		(4,244)	(3,668)	(3,881)
Total fees and commission income, net		357,721	315,201	343,997
Other operating income (Expense)		14,107	14,897	12,702
Dividends and net income on equity investments		33,275	2,164	28,201
Total operating income, net		385,560	318,730	353,600
Operating expenses		(177,626)	(153,377)	(129,923)
Impairment, depreciation and amortization		(2,218)	(1,630)	(1,548)
Total operating expenses		(179,844)	(155,007)	(131,471)
Profit (Loss) before income tax		205,716	163,723	222,129
Operating Segments | Investment Banking
Financial performance by operating segment
Total interest and valuation on financial instruments		6	4
Total debt investments		6	4
Interest expenses		(1)	(4)	(7)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		5		(7)
Total credit impairment charges, net		(380)	(924)	(55)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		(375)	(924)	(62)
(Expenses) Revenues from transactions with other operating segments of the Bank		13,949	3,404	3,576
Fees and commissions income		55,917	86,232	79,531
Fees and commissions expenses		(238)	(269)	(49)
Total fees and commission income, net		55,679	85,963	79,482
Other operating income (Expense)		(1,011)	671	879
Dividends and net income on equity investments		(98,512)	8,760	(232)
Total operating income, net		(30,270)	97,874	83,643
Operating expenses		(49,759)	(47,997)	(34,905)
Impairment, depreciation and amortization		(208)	(232)	(206)
Total operating expenses		(49,967)	(48,229)	(35,111)
Profit (Loss) before income tax		(80,237)	49,645	48,532
Operating Segments | Brokerage
Financial performance by operating segment
Total interest and valuation on financial instruments		45,875	12,996	12,277
Interest income on loans and financial leases		5,076	511	28
Total debt investments		36,538	20,024	12,540
Derivatives		(1,747)	658	(832)
Total liquidity operations		6,008	(8,197)	541
Interest expenses		(222)	(104)	(73)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		45,653	12,892	12,204
Total credit impairment charges, net		106	3,133	(116)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		45,759	16,025	12,088
(Expenses) Revenues from transactions with other operating segments of the Bank		68,617	53,229	59,995
Fees and commissions income		103,985	111,366	117,282
Fees and commissions expenses		(8,645)	(6,160)	(4,135)
Total fees and commission income, net		95,340	105,206	113,147
Other operating income (Expense)		4,737	13,575	(6,075)
Dividends and net income on equity investments		6,416	(4,314)	2,177
Total operating income, net		220,869	183,721	181,332
Operating expenses		(186,212)	(153,317)	(119,265)
Impairment, depreciation and amortization		(2,950)	(1,754)	(1,896)
Total operating expenses		(189,162)	(155,071)	(121,161)
Profit (Loss) before income tax		31,707	28,650	60,171
Operating Segments | International Banking
Financial performance by operating segment
Total interest and valuation on financial instruments		1,112,171	512,417	251,135
Interest income on loans and financial leases		940,091	446,028	215,529
Total debt investments		85,091	48,722	35,739
Derivatives		(188)		1
Total liquidity operations		87,177	17,667	(134)
Interest expenses		(596,039)	(271,280)	(198,012)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		516,132	241,137	53,123
Total credit impairment charges, net		4,164	25,029	14,995
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		520,296	266,166	68,118
(Expenses) Revenues from transactions with other operating segments of the Bank		415,508	212,049	81,997
Fees and commissions income		47,228	42,021	33,309
Fees and commissions expenses		(11,042)	(8,025)	(6,556)
Total fees and commission income, net		36,186	33,996	26,753
Other operating income (Expense)		16,794	9,954	11,109
Dividends and net income on equity investments		37	35	20
Total operating income, net		988,821	522,200	187,997
Operating expenses		(89,219)	(79,814)	(61,191)
Impairment, depreciation and amortization		(4,259)	(2,626)	(1,993)
Total operating expenses		(93,478)	(82,440)	(63,184)
Profit (Loss) before income tax		895,343	439,760	124,813
Operating Segments | All other segments
Financial performance by operating segment
Total interest and valuation on financial instruments		262,758	113,642	37,898
Interest income on loans and financial leases		262,075	116,072	36,226
Total debt investments		683	(2,447)	632
Total liquidity operations			17	1,040
Interest expenses		(172,025)	(99,863)	(52,776)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		90,733	13,779	(14,878)
Total credit impairment charges, net		(57,399)	(29,984)	(17,836)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		33,334	(16,205)	(32,714)
(Expenses) Revenues from transactions with other operating segments of the Bank		(166,086)	(145,942)	(101,036)
Fees and commissions income		23,986	18,161	3,097
Fees and commissions expenses		(12,910)	(468)	(2,721)
Total fees and commission income, net		11,076	17,693	376
Other operating income (Expense)		2,149,826	1,886,750	1,238,893
Dividends and net income on equity investments		225,049	221,444	196,604
Total operating income, net		2,253,199	1,963,740	1,302,123
Operating expenses		(1,093,592)	(857,541)	(633,171)
Impairment, depreciation and amortization		(75,998)	(88,633)	(95,773)
Total operating expenses		(1,169,590)	(946,174)	(728,944)
Profit (Loss) before income tax		$ 1,083,609	$ 1,017,566	573,179
Adjustments for consolidation
Financial performance by operating segment
Total interest and valuation on financial instruments				428
Interest income on loans and financial leases				428
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
Total credit impairment charges, net				(7,304)
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)
Other operating income (Expense)				(1,003)
Total operating income, net				(7,879)
Impairment, depreciation and amortization				(795)
Total operating expenses				(795)
Profit (Loss) before income tax				$ (8,674)

OPERATING SEGMENTS - Financia_2

OPERATING SEGMENTS - Financial information of the total assets and liabilities by operating segment (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
OPERATING SEGMENTS
Total assets	$ 342,928,809	$ 352,814,733
Total liabilities	303,879,080	312,817,182
Operating Segments
OPERATING SEGMENTS
Total assets	381,248,360	399,799,355
Total liabilities	317,125,852	329,599,378
Operating Segments | Banking Colombia
OPERATING SEGMENTS
Total assets	254,367,378	247,113,605
Total liabilities	216,200,157	207,293,246
Operating Segments | Banking Panama
OPERATING SEGMENTS
Total assets	40,740,495	52,445,934
Total liabilities	36,315,750	47,081,613
Operating Segments | Banking El Salvador
OPERATING SEGMENTS
Total assets	21,608,586	26,696,524
Total liabilities	19,220,367	23,738,984
Operating Segments | Banking Guatemala
OPERATING SEGMENTS
Total assets	21,377,205	26,143,629
Total liabilities	19,469,075	23,635,997
Operating Segments | Trust
OPERATING SEGMENTS
Total assets	658,547	603,486
Total liabilities	138,171	126,307
Operating Segments | Investment Banking
OPERATING SEGMENTS
Total assets	1,719,824	2,116,143
Total liabilities	51,841	80,162
Operating Segments | Brokerage
OPERATING SEGMENTS
Total assets	351,694	326,047
Total liabilities	121,423	106,115
Operating Segments | International Banking
OPERATING SEGMENTS
Total assets	30,199,897	35,131,458
Total liabilities	20,734,521	23,216,118
Operating Segments | All other segments
OPERATING SEGMENTS
Total assets	10,224,734	9,222,529
Total liabilities	4,874,547	4,320,836
Adjustments for consolidation
OPERATING SEGMENTS
Total assets	(38,319,551)	(46,984,622)
Total liabilities	$ (13,246,772)	$ (16,782,196)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING SEGMENTS
Investment in associates and joint ventures	$ 2,997,603	$ 2,915,633
Equity method	113,115	219,105	$ 199,652
Operating Segments
OPERATING SEGMENTS
Investment in associates and joint ventures	2,997,603	2,915,633
Equity method	113,115	219,105
Operating Segments | Banking Colombia
OPERATING SEGMENTS
Investment in associates and joint ventures	332,862	337,024
Equity method	(52,183)	2,588
Operating Segments | Banking El Salvador
OPERATING SEGMENTS
Investment in associates and joint ventures	21,292	28,029
Equity method	2,730	3,617
Operating Segments | Trust
OPERATING SEGMENTS
Investment in associates and joint ventures	285,838	256,720
Equity method	30,043	22,522
Operating Segments | Investment Banking
OPERATING SEGMENTS
Investment in associates and joint ventures	617,982	700,936
Equity method	4,398	3,857
Operating Segments | All other segments
OPERATING SEGMENTS
Investment in associates and joint ventures	1,739,629	1,592,924
Equity method	$ 128,127	$ 186,521

OPERATING SEGMENTS - Geographic

OPERATING SEGMENTS - Geographic information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING SEGMENTS
Interest and valuation	$ 37,046,159	$ 26,796,947	$ 16,135,745
Long-lived assets	22,262,940	23,595,873	18,690,168
Operating Segments
OPERATING SEGMENTS
Interest and valuation	37,046,159	26,796,947	16,135,317
Operating Segments | Reportable Operating Segments
OPERATING SEGMENTS
Interest and valuation	37,766,532	27,132,092	16,279,789
Long-lived assets	15,262,597	14,800,862	11,034,558
Operating Segments | Reportable Operating Segments | Colombia
OPERATING SEGMENTS
Interest and valuation	29,812,448	20,977,845	11,605,829
Long-lived assets	13,466,457	12,666,847	9,413,340
Operating Segments | Reportable Operating Segments | Panama
OPERATING SEGMENTS
Interest and valuation	4,234,542	3,023,461	2,251,653
Long-lived assets	877,407	1,042,824	838,278
Operating Segments | Reportable Operating Segments | El Salvador
OPERATING SEGMENTS
Interest and valuation	1,774,165	1,528,264	1,194,026
Long-lived assets	547,357	636,071	434,212
Operating Segments | Reportable Operating Segments | Guatemala
OPERATING SEGMENTS
Interest and valuation	1,795,597	1,537,811	1,178,619
Long-lived assets	361,840	445,288	347,084
Operating Segments | Reportable Operating Segments | United States of America
OPERATING SEGMENTS
Interest and valuation	55
Long-lived assets	4,805	7,504
Operating Segments | Reportable Operating Segments | Bermuda
OPERATING SEGMENTS
Interest and valuation	184	2
Long-lived assets	3,434
Operating Segments | Reportable Operating Segments | Puerto rico
OPERATING SEGMENTS
Interest and valuation	149,541	64,709	49,662
Long-lived assets	1,297	2,328	1,644
Eliminations and translation adjustment
OPERATING SEGMENTS
Interest and valuation	(720,373)	(335,145)	(144,044)
Long-lived assets	$ 7,000,343	$ 8,795,011	$ 7,655,610

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and balances at central bank
Cash	$ 8,830,305	$ 8,854,169
Due from central banks	11,248,230	9,602,209
Due from other private financial entities	7,607,921	5,881,022
Checks on hold	214,004	289,924
Remittances of domestic negotiated checks in transit	74,524	93,844
Total cash and due from banks	27,974,984	24,721,168
Money market transactions
Interbank borrowings	3,983,699	4,050,407
Reverse repurchase agreements and other similar secured loans	7,840,926	2,873,716
Total money market transactions	11,824,625	6,924,123
Total cash and cash equivalents	39,799,609	31,645,291	$ 25,329,846	$ 23,701,149
Margin deposits
Money market transactions
Restricted cash	$ 1,082,611	$ 752,099
Grupo Agromercantil Holding S.A. | Legal banking reserve
Money market transactions
Mandatory reserve percentage in central bank	14.60%
All Panamanian banks | Liquidity reserve | Minimum
Money market transactions
Mandatory reserve percentage in central bank	30%
Banco Agricola S.A. | Liquidity Reserve, Temporary Rule NPTB-09 | Minimum
Money market transactions
Reserves to be maintained, percentage of deposits and debt securities in issue	1%
Banco Agricola S.A. | Liquidity Reserve, Temporary Rule NPTB-09 | Maximum
Money market transactions
Reserves to be maintained, percentage of deposits and debt securities in issue	16%
Banco Agricola S.A. | Liquidity Reserve, Technical Norm (NRP-28) | Minimum
Money market transactions
Reserves to be maintained, percentage of deposits and debt securities in issue	1%
Banco Agricola S.A. | Liquidity Reserve, Technical Norm (NRP-28) | Maximum
Money market transactions
Reserves to be maintained, percentage of deposits and debt securities in issue	18%
Bancolombia S.A.
Money market transactions
Reserves to be maintained, percentage of deposits mentioned in Article 1, paragraph (a)	8%
Reserve to be maintained, percentage of customer deposits	3.50%

FINANCIAL ASSETS INVESTMENTS _3

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Financial assets investments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 25,674,195	$ 27,940,140
Financial assets investments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	25,674,195	27,940,140
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	25,092,666	27,353,301
Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	9,250,227	11,417,507
Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,519,951	7,057,802
Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,407,723	3,925,114
Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,214,491	3,138,585
Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,700,274	1,814,293
Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	543,210	544,668
Other instruments financial
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	38,319	42,171
Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	12,096,407	11,039,266
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,274,400	5,967,856
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,725,605	4,260,230
Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	237,234	121,527
Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	84,990	79,035
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	774,178	610,618
Fair value through profit or loss | Debt instruments | Mortgage-backed securities (TIPS)
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	84,301	91,204
Fair value through profit or loss | Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	98,853	102,274
Fair value through profit or loss | Other instruments financial
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	38,319	42,171
Fair Value through other comprehensive income, net | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,148,177	7,977,675
Fair Value through other comprehensive income, net | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,437,996	4,694,369
Fair Value through other comprehensive income, net | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,725,722	2,590,622
Fair Value through other comprehensive income, net | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	611,153	123,327
Fair Value through other comprehensive income, net | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	373,306	569,357
Gains (losses) recognized at fair value through OCI	93,264	(164,542)
Fair Value through other comprehensive income, net | Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	444,357	442,394
Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,848,082	8,336,360
Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	537,831	755,282
Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	68,624	206,950
Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,559,336	3,680,260
Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,129,501	3,059,550
Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 552,790	$ 634,318

FINANCIAL ASSETS INVESTMENTS _4

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Debt instruments portfolio by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 25,674,195	$ 27,940,140
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	25,092,666	27,353,301
Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	9,250,227	11,417,507
Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,519,951	7,057,802
Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,700,274	1,814,293
Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,407,723	3,925,114
Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,214,491	3,138,585
Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	12,096,407	11,039,266
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,274,400	5,967,856
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,725,605	4,260,230
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	774,178	610,618
Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	237,234	121,527
Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	84,990	79,035
Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,148,177	7,977,675
Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,437,996	4,694,369
Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,725,722	2,590,622
Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	373,306	569,357
Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	611,153	123,327
Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,848,082	8,336,360
Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	537,831	755,282
Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	68,624	206,950
Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	552,790	634,318
Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,559,336	3,680,260
Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,129,501	3,059,550
Less than 1 year | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	13,463,031	16,121,297
Less than 1 year | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	5,655,431	7,096,045
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,864,121	5,187,871
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	390,307	1,639,518
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	312,749	198,255
Less than 1 year | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	39,361	46,638
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	48,893	23,763
Less than 1 year | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,167,934	5,669,672
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,346,171	2,930,125
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	2,672,090	2,590,622
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	149,124	148,925
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	549
Less than 1 year | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,639,666	3,355,580
Less than 1 year | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	188,651	16,676
Less than 1 year | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	39,046
Less than 1 year | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	103,414	79,800
Less than 1 year | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	229,811	250,583
Less than 1 year | Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,078,744	3,008,521
Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	106,374,362	103,403,352
Between 1 and 3 years | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	4,733,721	3,744,638
Between 1 and 3 years | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	3,584,066	1,333,520
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	513,546	100,436
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	2,759,392	866,241
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	236,597	287,933
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	40,930	32,989
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	33,601	45,921
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	806,305	1,194,298
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	598,014	878,199
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	53,632
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	154,659	316,099
Between 1 and 3 years | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	343,350	1,216,820
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	189,744	431,662
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets		170,314
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	106,681	191,690
Between 1 and 3 years | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	46,925	423,154
Between 3 and 5 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	61,336,409	64,269,526
Between 3 and 5 years | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,748,270	2,542,315
Between 3 and 5 years | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	895,533	917,652
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	283,020	367,120
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	491,867	472,955
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	89,526	52,592
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	28,624	19,228
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	2,496	5,757
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	419,401	694,837
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	355,927	694,837
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	63,474
Between 3 and 5 years | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	433,336	929,826
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	56,703	116,919
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	7,350	9,139
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	46,969	48,701
Between 3 and 5 years | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	322,314	755,067
Greater than 5 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	111,035,266	113,509,992
Greater than 5 years | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	5,147,644	4,945,051
Greater than 5 years | Fair value through profit or loss | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,961,377	1,692,049
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	613,713	312,429
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	1,084,039	1,281,516
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	135,306	71,838
Greater than 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	128,319	22,672
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets		3,594
Greater than 5 years | Fair value through other comprehensive income | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	754,537	418,868
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	137,884	191,208
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	69,523	104,333
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	547,130	123,327
Greater than 5 years | Amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	2,431,730	2,834,134
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	102,733	190,025
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	22,228	27,497
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	295,726	314,127
Greater than 5 years | Amortized cost | Debt instruments | Corporate bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,960,286	2,251,456
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by government entities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 50,757	$ 51,029

FINANCIAL ASSETS INVESTMENTS _5

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Equity instruments designated at fair value through other comprehensive income (Details) - COP ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Bolsa de Valores de Colombia S.A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Number of shares delisted from previous exchange	5,992,160
Value of shares delisted from previous exchange	$ 56,146
Number of shares recognized under new exchange	3,606,223
Value of shares recognized under new exchange	$ 78,139
Income generated from transfer of exchanges	$ 21,993
Number of shares excluded from exchange transaction	134
Equity securities and trust funds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Equity securities and trust funds at fair value through OCI		$ 10,898	$ 32,072	$ 52,147
Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Impairment loss		0	0	0
Fair value through other comprehensive income | Equity securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI		444,357	442,394
Dividends received from equity investments at fair value through OCI		18,464	16,842	$ 12,665
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		2	40,878
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		78,787	8,038
Fair value through other comprehensive income | Equity securities | Securities unlisted | Telered S.A.
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI		164,981	207,562
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		110,786	98,492
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		17,346	16,890
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		16,333	21,727
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		14,998	6,038
Fair value through other comprehensive income | Equity securities | Securities unlisted | Derecho Fiduciario Inmobiliaria Cadenalco
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI		4,449	4,003
Fair value through other comprehensive income | Equity securities | Securities unlisted | Others
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total equity securities at fair value through OCI		$ 36,675	$ 38,766

FINANCIAL ASSETS INVESTMENTS _6

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Securities pledged as collateral (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial assets investments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	$ 1,553,019	$ 849,114
Investments pledged as collateral in money market
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	259,876	275,529
Investments pledged as collateral in money market | Securities issued by foreign governments | Up to 3 months | Time deposits
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	120,477
Investments pledged as collateral in money market | Securities issued by foreign governments | Between 3 and 6 months | Time deposits
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	94,582
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		212,249
Investments pledged as collateral in money market | Securities issued by other financial institutions | Up to 3 months | Time deposits
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	5,443
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	2,179
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	25,938	2,171
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	6,687	1,861
Investments pledged as collateral in money market | Corporate bonds | Up to 3 months | Bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	4,570
Investments pledged as collateral in money market | Corporate bonds | Between 3 and 6 months | Bonds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral		5,101
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Up to 3 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral		23,764
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		30,383
Investments pledged as collateral in derivative operations
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	1,293,143	573,585
Investments pledged as collateral in derivative operations | Securities issued by foreign governments | Between 3 and 6 months | Foreign issueds
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	1,875
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Up to 3 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	39,257	320,252
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		38,083
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Between 6 and 12 months | TES-Treasury instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Total securities pledged as collateral	7,821
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	$ 1,244,190	$ 215,250

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, 2023	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	$ 27,940,140
Ending Balance	25,674,195	$ 27,940,140
Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	1,006,275
Ending Balance	1,031,773	1,006,275
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	27,353,301
Ending Balance	25,092,666	27,353,301
Fair value through OCI and amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	16,314,035
Ending Balance	12,996,259	16,314,035
Fair value through OCI and amortized cost | Debt instruments | Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	15,973,144
Ending Balance	12,760,342	15,973,144
Fair value through OCI and amortized cost | Debt instruments | Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	340,891
Ending Balance	205,133	340,891
Fair value through OCI and amortized cost | Debt instruments | Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Ending Balance	30,784
Gross carrying amount | Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	1,673,803
Ending Balance	1,783,801	1,673,803
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	16,314,035	13,772,681
Change in measure		(110,061)
Sales and maturities	(9,792,950)	(8,153,209)
Purchases	7,701,763	10,100,762
Valuation and payments	17,650	(378,942)
Foreign exchange	(1,244,239)	1,082,804
Ending Balance	12,996,259	16,314,035	$ 13,772,681
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	15,973,144	13,545,514
Transfers from stage 1 to stage 3	(30,784)
Transfers from stage 1 to stage 2		(23,017)
Transfers from stage 2 to stage 1	6,627	129,403
Change in measure		(110,061)
Sales and maturities	(9,792,950)	(8,056,827)
Purchases	7,701,763	9,814,484
Valuation and payments	84,609	(381,921)
Foreign exchange	(1,182,067)	1,055,569
Ending Balance	12,760,342	15,973,144	13,545,514
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	340,891	227,167
Transfers from stage 1 to stage 2		23,017
Transfers from stage 2 to stage 1	(6,627)	(129,403)
Sales and maturities		(96,382)
Purchases		286,278
Valuation and payments	(66,959)	2,979
Foreign exchange	(62,172)	27,235
Ending Balance	205,133	340,891	227,167
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	0
Transfers from stage 1 to stage 3	30,784
Ending Balance	30,784	0
Allowance | Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	(667,528)
Ending Balance	(752,028)	(667,528)
Allowance | Fair value through OCI and amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	64,901	24,679	39,126
Sales and maturities	(9,459)	(7,267)	(6,137)
Purchases	10,497	44,899	10,273
Foreign exchange	(11,284)	3,409	5,272
Ending Balance	55,803	64,901	24,679
Allowance | Fair value through OCI and amortized cost | Debt instruments | Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	29,881	17,690	34,500
Sales and maturities	(9,459)	(6,097)	(6,137)
Purchases	10,497	16,104	10,273
Foreign exchange	(6,188)	2,197	4,533
Ending Balance	29,939	29,881	17,690
Allowance | Fair value through OCI and amortized cost | Debt instruments | Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	35,020	6,989	4,626
Sales and maturities		(1,170)
Purchases		28,795
Foreign exchange	(5,096)	1,212	739
Ending Balance	11,913	$ 35,020	$ 6,989
Allowance | Fair value through OCI and amortized cost | Debt instruments | Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Ending Balance	$ 13,951

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ 25,674,195	$ 27,940,140
Fair value through other comprehensive income
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Debt instruments acquired	3,760
Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,031,773	1,006,275
Stage Three | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	1,783,801	1,673,803
Stage Three | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	(752,028)	(667,528)
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	25,092,666	27,353,301
Debt instruments | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	12,996,259	16,314,035
Debt instruments | Fair value through OCI and amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	12,996,259	16,314,035	$ 13,772,681
Debt instruments | Fair value through OCI and amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	55,803	64,901	24,679	$ 39,126
Debt instruments | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,848,082	8,336,360
Debt instruments | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,903,885	8,401,261
Debt instruments | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	(55,803)	(64,901)
Debt instruments | Fair value through other comprehensive income
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,148,177	7,977,675
Debt instruments | Fair value through other comprehensive income | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	5,562	2,288
Debt instruments | Stage One | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	12,760,342	15,973,144
Debt instruments | Stage One | Fair value through OCI and amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	12,760,342	15,973,144	13,545,514
Debt instruments | Stage One | Fair value through OCI and amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	29,939	29,881	17,690	34,500
Debt instruments | Stage One | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,612,165	7,995,469
Debt instruments | Stage One | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,642,104	8,025,350
Debt instruments | Stage One | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	(29,939)	(29,881)
Debt instruments | Stage One | Fair value through other comprehensive income
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	6,148,177	7,977,675
Debt instruments | Stage Two | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	205,133	340,891
Debt instruments | Stage Two | Fair value through OCI and amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	205,133	340,891	227,167
Debt instruments | Stage Two | Fair value through OCI and amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	11,913	35,020	$ 6,989	$ 4,626
Debt instruments | Stage Two | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	205,133	340,891
Debt instruments | Stage Two | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	217,046	375,911
Debt instruments | Stage Two | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	(11,913)	(35,020)
Debt instruments | Stage Three | Fair value through OCI and amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	30,784
Debt instruments | Stage Three | Fair value through OCI and amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	30,784	$ 0
Debt instruments | Stage Three | Fair value through OCI and amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	13,951
Debt instruments | Stage Three | Amortized cost
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	30,784
Debt instruments | Stage Three | Amortized cost | Carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	44,735
Debt instruments | Stage Three | Amortized cost | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Financial assets	$ (13,951)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	$ 27,940,140
Ending Balance	25,674,195	$ 27,940,140
Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	1,006,275
Ending Balance	1,031,773	1,006,275
Stage Three | Gross carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	1,673,803
Ending Balance	1,783,801	1,673,803
Stage Three | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	(667,528)
Ending Balance	(752,028)	(667,528)
Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	27,353,301
Ending Balance	25,092,666	27,353,301
Fair value through OCI and amortized cost | Debt instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	16,314,035
Ending Balance	12,996,259	16,314,035
Fair value through OCI and amortized cost | Debt instruments | Gross carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	16,314,035	13,772,681
Sales and maturities	(9,792,950)	(8,153,209)
New debt instruments purchased	7,701,763	10,100,762
Foreign exchange	(1,244,239)	1,082,804
Ending Balance	12,996,259	16,314,035	$ 13,772,681
Fair value through OCI and amortized cost | Debt instruments | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	64,901	24,679	39,126
Transfer from stage 1 to stage 3
Transfer from stage 2 to stage 1
Change in measurement		(213)
Sales and maturities	(9,459)	(7,267)	(6,137)
New debt instruments purchased	10,497	44,899	10,273
Net provisions recognised during the period	1,148	(606)	(23,855)
Foreign exchange	(11,284)	3,409	5,272
Ending Balance	55,803	64,901	24,679
Fair value through OCI and amortized cost | Debt instruments | Stage One
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	15,973,144
Ending Balance	12,760,342	15,973,144
Fair value through OCI and amortized cost | Debt instruments | Stage One | Gross carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	15,973,144	13,545,514
Sales and maturities	(9,792,950)	(8,056,827)
New debt instruments purchased	7,701,763	9,814,484
Foreign exchange	(1,182,067)	1,055,569
Ending Balance	12,760,342	15,973,144	13,545,514
Fair value through OCI and amortized cost | Debt instruments | Stage One | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	29,881	17,690	34,500
Transfer from stage 1 to stage 3	(13,951)
Transfer from stage 1 to stage 2		(3,808)	(1,670)
Transfer from stage 2 to stage 1	129	526
Change in measurement		(213)
Sales and maturities	(9,459)	(6,097)	(6,137)
New debt instruments purchased	10,497	16,104	10,273
Net provisions recognised during the period	19,030	3,482	(23,809)
Foreign exchange	(6,188)	2,197	4,533
Ending Balance	29,939	29,881	17,690
Fair value through OCI and amortized cost | Debt instruments | Stage Two
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	340,891
Ending Balance	205,133	340,891
Fair value through OCI and amortized cost | Debt instruments | Stage Two | Gross carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	340,891	227,167
Sales and maturities		(96,382)
New debt instruments purchased		286,278
Foreign exchange	(62,172)	27,235
Ending Balance	205,133	340,891	227,167
Fair value through OCI and amortized cost | Debt instruments | Stage Two | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	35,020	6,989	4,626
Transfer from stage 1 to stage 2		3,808	1,670
Transfer from stage 2 to stage 1	(129)	(526)
Sales and maturities		(1,170)
New debt instruments purchased		28,795
Net provisions recognised during the period	(17,882)	(4,088)	(46)
Foreign exchange	(5,096)	1,212	739
Ending Balance	11,913	35,020	$ 6,989
Fair value through OCI and amortized cost | Debt instruments | Stage Three
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Ending Balance	30,784
Fair value through OCI and amortized cost | Debt instruments | Stage Three | Gross carrying amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	0
Ending Balance	30,784	$ 0
Fair value through OCI and amortized cost | Debt instruments | Stage Three | Allowance
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Transfer from stage 1 to stage 3	13,951
Ending Balance	$ 13,951

FINANCIAL ASSETS INVESTMENTS_10

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Carrying values of derivatives by type of risk (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	$ 6,252,270	$ 4,961,237
Derivative financial instruments	6,710,364	4,737,454
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	4,384,921	1,579,471
Derivative financial instruments	4,536,834	1,718,847
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,656,761	3,260,459
Derivative financial instruments	1,940,943	2,925,699
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	210,588	121,307
Derivative financial instruments	232,587	92,908
Carrying Amount
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	6,252,270	4,961,237
Derivative financial instruments	6,710,364	4,737,454
Carrying Amount | Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	4,384,921	1,579,471
Derivative financial instruments	4,536,834	1,718,847
Total derivative financial assets (liabilities)	(151,913)	(139,376)
Carrying Amount | Forwards | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	4,381,906	1,573,952
Derivative financial instruments	4,526,353	1,711,644
Carrying Amount | Forwards | Equity contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	3,015	5,519
Derivative financial instruments	10,481	7,203
Carrying Amount | Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,656,761	3,260,459
Derivative financial instruments	1,940,943	2,925,699
Total derivative financial assets (liabilities)	(284,182)	334,760
Carrying Amount | Swaps | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,304,337	2,394,832
Derivative financial instruments	1,491,086	1,917,397
Carrying Amount | Swaps | Interest rate contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	352,424	865,627
Derivative financial instruments	449,857	1,008,302
Carrying Amount | Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	210,588	121,307
Derivative financial instruments	232,587	92,908
Total derivative financial assets (liabilities)	(21,999)	28,399
Carrying Amount | Options | Foreign exchange contracts
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	210,588	121,307
Derivative financial instruments	$ 232,587	$ 92,908

FINANCIAL ASSETS INVESTMENTS_11

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Remaining contractual life of the derivatives portfolio (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	$ 6,252,270	$ 4,961,237
Derivative financial liabilities	6,710,364	4,737,454
Derivative financial instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	6,252,270	4,961,237
Derivative financial liabilities	6,710,364	4,737,454
Derivative financial instruments | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	5,013,845	2,400,622
Derivative financial liabilities	4,991,454	2,224,928
Derivative financial instruments | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	740,169	1,401,689
Derivative financial liabilities	1,176,348	1,180,675
Derivative financial instruments | Greater than 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	498,256	1,158,926
Derivative financial liabilities	542,562	1,331,851
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	4,384,921	1,579,471
Derivative financial liabilities	4,536,834	1,718,847
Forwards | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	4,235,981	1,432,022
Derivative financial liabilities	4,419,918	1,642,706
Forwards | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	147,826	147,449
Derivative financial liabilities	116,916	76,141
Forwards | Greater than 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,114
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	1,656,761	3,260,459
Derivative financial liabilities	1,940,943	2,925,699
Swaps | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	642,305	860,281
Derivative financial liabilities	419,251	501,368
Swaps | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	517,314	1,241,252
Derivative financial liabilities	979,130	1,092,480
Swaps | Greater than 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	497,142	1,158,926
Derivative financial liabilities	542,562	1,331,851
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	210,588	121,307
Derivative financial liabilities	232,587	92,908
Options | Less than 1 year
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	135,559	108,319
Derivative financial liabilities	152,285	80,854
Options | Between 1 and 3 years
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Derivative financial assets	75,029	12,988
Derivative financial liabilities	$ 80,302	$ 12,054

FINANCIAL ASSETS INVESTMENTS_12

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Collateral for derivatives (Details) - Derivative financial instruments - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Collateral granted	$ 2,326,977	$ 1,143,266
Collateral received	$ 795,628	$ 655,176

FINANCIAL ASSETS INVESTMENTS_13

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Unrecognised gains or (losses) for derivatives trading (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative financial instruments
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	$ 118,018	$ 71,487
New trades	1,327,620	491,792
Amortization	(1,320,306)	(397,696)
Sale or transfer	(39,605)	(47,565)
Ending balance	85,727	118,018
Forwards
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	61,724	16,918
New trades	1,159,069	315,395
Amortization	(1,176,173)	(265,268)
Sale or transfer	(8,331)	(5,321)
Ending balance	36,289	61,724
Swaps
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	16,580	27,894
New trades	(26,905)	11,937
Amortization	4,166	(18,723)
Sale or transfer	(7,471)	(4,528)
Ending balance	(13,630)	16,580
Options
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Beginning balance	39,714	26,675
New trades	195,456	164,460
Amortization	(148,299)	(113,705)
Sale or transfer	(23,803)	(37,716)
Ending balance	$ 63,068	$ 39,714

FINANCIAL ASSETS INVESTMENTS_14

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Hedging instruments of net foreign investment (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)	Dec. 31, 2022 COP ($)	Dec. 31, 2021 COP ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Amounts discontinued from hedge relationships					$ 467,966	$ 140,000
Gains (losses) recognized in OCI related to exchange difference on conversion of debt securities	$ 1,948,833	$ (1,833,087)	$ (1,207,052)
Net foreign investment
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Principal balance				$ 1,982,034		2,450,000
Designated capital as a hedged instrument				1,592,034		2,060,000
Net foreign investment | Debt securities
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Principal balance				1,782,034		2,250,000
Designated capital as a hedged instrument				$ 1,392,034		$ 1,860,000
Net foreign investment | Debt securities | Debt Securities Issued, 7.03% Principal 750,000
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				7.03%		7.03%
Principal balance				$ 750,000		$ 750,000
Designated capital as a hedged instrument				$ 360,000		$ 360,000
Net foreign investment | Debt securities | Debt Securities Issued, 4.68% Principal 436,516
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				4.68%		4.68%
Principal balance				$ 436,516		$ 436,516
Designated capital as a hedged instrument				$ 436,516		$ 436,516
Net foreign investment | Debt securities | Debt Securities Issued, 4.68% Principal 85,710
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				4.68%		4.68%
Principal balance				$ 85,710		$ 85,710
Designated capital as a hedged instrument				$ 85,710		$ 85,710
Net foreign investment | Debt securities | Debt Securities Issued, 4.68% Principal 27,774
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				4.68%		4.68%
Principal balance				$ 27,774		$ 27,774
Designated capital as a hedged instrument				$ 27,774		$ 27,774
Net foreign investment | Debt securities | Debt Securities Issued, 3.02% Principal 482,034
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				3.02%
Principal balance				$ 482,034
Designated capital as a hedged instrument				482,034
Net foreign investment | Debt securities | Debt Securities Issued, 3.02% Principal 598,032
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate						3.02%
Principal balance						$ 598,032
Designated capital as a hedged instrument						$ 598,032
Net foreign investment | Debt securities | Debt Securities Issued, 3.02% Principal 351,968
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate						3.02%
Principal balance						$ 351,968
Designated capital as a hedged instrument						351,968
Net foreign investment | Financing with Correspondent Banks
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Principal balance				200,000		200,000
Designated capital as a hedged instrument				$ 200,000		$ 200,000
Net foreign investment | Financing with Correspondent Banks | Financing with Correspondent Banks, 6.06%, Principal 150,000
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				6.06%		6.06%
Principal balance				$ 150,000		$ 150,000
Designated capital as a hedged instrument				$ 150,000		$ 150,000
Net foreign investment | Financing with Correspondent Banks | Financing with Correspondent Banks, 6.36%, Principal 50,000
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Interest rate				6.36%		6.36%
Principal balance				$ 50,000		$ 50,000
Designated capital as a hedged instrument				$ 50,000		$ 50,000

FINANCIAL ASSETS INVESTMENTS_15

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Offsetting of derivatives (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Derivatives Liabilities
Derivative Liabilities
Gross derivative liabilities	$ 4,737,454	$ 6,710,364
Offsetting of derivatives
Derivative financial instruments in statement of financial position	4,737,454	6,710,364
Master netting agreements	(4,578,461)	(5,548,746)
Equity collateral received/paid	(158,993)	(1,161,618)
Total derivatives liabilities before collateral and Master netting agreements
Forwards | Foreign exchange contracts
Derivative Liabilities
Gross derivative liabilities	1,711,644	4,526,353
Forwards | Equity contracts
Derivative Liabilities
Gross derivative liabilities	7,203	10,481
Swaps | Foreign exchange contracts
Derivative Liabilities
Gross derivative liabilities	1,917,397	1,491,086
Swaps | Interest rate contracts
Derivative Liabilities
Gross derivative liabilities	1,008,302	449,857
Options | Foreign exchange contracts
Derivative Liabilities
Gross derivative liabilities	92,908	232,587
Derivatives Assets
Derivatives Assets
Gross derivative assets	4,961,237	6,252,270
Offsetting of derivatives
Derivative financial instruments in statement of financial position	4,961,237	6,252,270
Master netting agreements	(4,369,178)	(6,215,727)
Collateral received		(36,543)
Equity collateral received/paid	(592,059)
Total derivatives assets before collateral and Master netting agreements
Forwards | Foreign exchange contracts
Derivatives Assets
Gross derivative assets	1,573,952	4,381,906
Forwards | Equity contracts
Derivatives Assets
Gross derivative assets	5,519	3,015
Swaps | Foreign exchange contracts
Derivatives Assets
Gross derivative assets	2,394,832	1,304,337
Swaps | Interest rate contracts
Derivatives Assets
Gross derivative assets	865,627	352,424
Options | Foreign exchange contracts
Derivatives Assets
Gross derivative assets	$ 121,307	$ 210,588

LOANS AND ADVANCES TO CUSTOME_3

LOANS AND ADVANCES TO CUSTOMERS, NET - Loans and financial leasing operating portfolio (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	$ 237,728,544	$ 254,444,099
Percentage of revaluation of Colombian peso against US Dollar	20.54%
Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	$ 253,951,647	269,923,739
Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	(16,223,103)	(15,479,640)	$ (15,864,482)	$ (16,616,043)
Commercial | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	134,687,396	143,537,853
Commercial | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	(6,290,266)	(7,270,305)	(7,813,023)	(7,673,720)
Consumer | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	54,591,769	59,588,721
Consumer | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	(7,717,038)	(6,047,135)	(5,305,267)	(5,753,430)
Mortgage | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	36,250,408	37,371,373
Mortgage | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	(1,023,206)	(1,024,091)	(1,061,058)	(992,515)
Financial Leases | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	27,277,057	28,097,716
Financial Leases | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	(1,024,575)	(1,013,074)	(1,521,067)	(1,996,033)
Small Business Loans | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	1,145,017	1,328,076
Small Business Loans | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Loans and advances to customers	$ (168,018)	$ (125,035)	$ (164,067)	$ (200,345)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	$ (254,444,099)
Ending balance	(237,728,544)	$ (254,444,099)
Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	15,479,640	15,864,482	$ 16,616,043
Loan sales	(829,547)	(225,226)	(27,817)
Recovery of charged - off loans	770,934	674,966	565,436
Credit impairment charges on loans, advances and financial leases, net	7,461,479	3,721,353	2,521,178
Adjusted stage 3	1,048,905	702,633	607,734
Charges-off	(6,720,363)	(6,164,902)	(5,036,431)
Translation adjustment	(987,945)	906,334	618,339
Ending balance	16,223,103	15,479,640	15,864,482
Commercial | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	7,270,305	7,813,023	7,673,720
Loan sales	(829,547)	(225,226)	(27,817)
Recovery of charged - off loans	93,251	188,018	125,208
Credit impairment charges on loans, advances and financial leases, net	756,174	502,577	198,619
Adjusted stage 3	427,283	323,196	216,330
Charges-off	(970,685)	(1,742,895)	(674,248)
Translation adjustment	(456,515)	411,612	301,211
Ending balance	6,290,266	7,270,305	7,813,023
Consumer | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	6,047,135	5,305,267	5,753,430
Recovery of charged - off loans	548,655	385,011	349,125
Credit impairment charges on loans, advances and financial leases, net	6,313,453	3,447,515	2,268,595
Adjusted stage 3	509,668	279,843	288,214
Charges-off	(5,261,966)	(3,788,517)	(3,618,009)
Translation adjustment	(439,907)	418,016	263,912
Ending balance	7,717,038	6,047,135	5,305,267
Mortgage | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,024,091	1,061,058	992,515
Recovery of charged - off loans	64,573	28,690	26,660
Credit impairment charges on loans, advances and financial leases, net	104,417	183,436	68,809
Adjusted stage 3	33,465	38,769	49,893
Charges-off	(128,532)	(345,991)	(110,408)
Translation adjustment	(74,808)	58,129	33,589
Ending balance	1,023,206	1,024,091	1,061,058
Financial Leases | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,013,074	1,521,067	1,996,033
Recovery of charged - off loans	61,749	72,056	61,303
Credit impairment charges on loans, advances and financial leases, net	167,904	(461,665)	(34,678)
Adjusted stage 3	67,288	48,836	40,747
Charges-off	(277,904)	(176,407)	(554,701)
Translation adjustment	(7,536)	9,187	12,363
Ending balance	1,024,575	1,013,074	1,521,067
Small Business Loans | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	125,035	164,067	200,345
Recovery of charged - off loans	2,706	1,191	3,140
Credit impairment charges on loans, advances and financial leases, net	119,531	49,490	19,833
Adjusted stage 3	11,201	11,989	12,550
Charges-off	(81,276)	(111,092)	(79,065)
Translation adjustment	(9,179)	9,390	7,264
Ending balance	$ 168,018	$ 125,035	$ 164,067

LOANS AND ADVANCES TO CUSTOME_5

LOANS AND ADVANCES TO CUSTOMERS, NET - Contractual cash flows of loan portfolio (Details) - Loans and Advances - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loan portfolio modified during the period
Amortized cost before modification	$ 7,566,692	$ 5,524,962
Net gain or loss on changes	(182,023)	(78,790)
Loan portfolio modified since initial recognition
Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months	$ 393,789	$ 164,423

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) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
12-month expected credit losses | Stage One
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments	$ (14,397,167)	$ 51,669,823
Increase (decrease) in loss allowance	820,111	420,975
Lifetime expected credit losses | Stage Two
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments	(2,613,778)	(643,314)
Increase (decrease) in loss allowance	(608,427)	(178,706)
Lifetime expected credit losses | Stage Two | Agribusiness
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments		(658,486)
Lifetime expected credit losses | Stage Three
LOANS AND ADVANCES TO CUSTOMERS, NET
Increase (decrease) in exposure to credit risk on loan commitments	1,038,853	(1,426,253)
Increase (decrease) in loss allowance	$ 531,779	$ (627,111)

LOANS AND ADVANCES TO CUSTOME_7

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, 2023	Dec. 31, 2022
Commercial | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	$ 143,537,853	$ 114,911,843
Remeasurement arising from transfer of stage	(515,983)	(907,737)
Remeasurement from remaining in the stage	(10,667,482)	(8,442,662)
New financial assets purchased/originated	62,643,289	74,338,286
Financial assets that have been derecognized	(48,441,886)	(43,014,916)
Charges-off	(970,685)	(1,742,895)
Foreign Exchange and other movements	(10,897,710)	8,395,934
Ending balance	134,687,396	143,537,853
Commercial | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(7,270,305)	(7,813,023)
Remeasurement arising from transfer of stage	(1,049,487)	(593,028)
Remeasurement from remaining in the stage	7,391	(387,697)
Remeasurement due to changes in economics factors	(27,234)	111,528
Remeasurement due to methodological changes	97,833	244,604
New financial assets purchased/originated	(1,170,909)	(1,726,662)
Financial assets that have been derecognized	1,695,245	1,562,690
Charges-off	970,685	1,742,895
Foreign Exchange and other movements	456,515	(411,612)
Ending balance	(6,290,266)	(7,270,305)
Commercial | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	126,530,862	97,000,580
Transfers of financial instruments:	(1,248,210)	(1,000,903)
Transfers from stage 1 to stage 2	(1,286,292)	(1,826,599)
Transfers from stage 1 to stage 3	(900,645)	(495,556)
Transfers from stage 2 to stage 1	931,660	1,318,572
Transfers from stage 3 to stage 1	7,067	2,680
Remeasurement arising from transfer of stage	(172,134)	(418,622)
Remeasurement from remaining in the stage	(10,087,837)	(8,259,356)
New financial assets purchased/originated	60,154,305	71,027,870
Financial assets that have been derecognized	(45,206,464)	(38,422,512)
Charges-off	(19,285)	(19,378)
Foreign Exchange and other movements	(9,177,310)	6,623,183
Ending balance	120,773,927	126,530,862
Commercial | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(665,259)	(745,898)
Transfers of financial instruments:	(73,788)	(55,842)
Transfers from stage 1 to stage 2	24,362	40,086
Transfers from stage 1 to stage 3	26,071	24,385
Transfers from stage 2 to stage 1	(118,403)	(115,364)
Transfers from stage 3 to stage 1	(5,818)	(4,949)
Remeasurement arising from transfer of stage	98,684	102,555
Remeasurement from remaining in the stage	69,038	121,886
Remeasurement due to changes in economics factors	(14,781)	(37,926)
Remeasurement due to methodological changes	19,001	98,728
New financial assets purchased/originated	(302,169)	(323,336)
Financial assets that have been derecognized	181,931	190,804
Charges-off	973	1,330
Foreign Exchange and other movements	48,275	(17,560)
Ending balance	(638,095)	(665,259)
Commercial | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	8,062,435	8,335,781
Transfers of financial instruments:	(565,802)	164,928
Transfers from stage 1 to stage 2	1,286,292	1,826,599
Transfers from stage 2 to stage 1	(931,660)	(1,318,572)
Transfers from stage 2 to stage 3	(1,081,128)	(791,245)
Transfers from stage 3 to stage 2	160,694	448,146
Remeasurement arising from transfer of stage	(190,275)	(288,452)
Remeasurement from remaining in the stage	(444,057)	(250,538)
New financial assets purchased/originated	1,192,219	1,638,849
Financial assets that have been derecognized	(1,519,892)	(2,625,441)
Charges-off	(81,528)	(48,003)
Foreign Exchange and other movements	(999,563)	1,135,311
Ending balance	5,453,537	8,062,435
Commercial | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(751,728)	(917,747)
Transfers of financial instruments:	157,677	(58,355)
Transfers from stage 1 to stage 2	(24,362)	(40,086)
Transfers from stage 2 to stage 1	118,403	115,364
Transfers from stage 2 to stage 3	139,257	85,224
Transfers from stage 3 to stage 2	(75,621)	(218,857)
Remeasurement arising from transfer of stage	(7,563)	(3,163)
Remeasurement from remaining in the stage	97,791	53,997
Remeasurement due to changes in economics factors	(19,968)	157,149
Remeasurement due to methodological changes	53,533	92,122
New financial assets purchased/originated	(143,442)	(256,104)
Financial assets that have been derecognized	121,596	208,049
Charges-off	17,475	26,417
Foreign Exchange and other movements	49,159	(54,093)
Ending balance	(425,470)	(751,728)
Commercial | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	8,944,556	9,575,482
Transfers of financial instruments:	1,814,012	835,975
Transfers from stage 1 to stage 3	900,645	495,556
Transfers from stage 2 to stage 3	1,081,128	791,245
Transfers from stage 3 to stage 1	(7,067)	(2,680)
Transfers from stage 3 to stage 2	(160,694)	(448,146)
Remeasurement arising from transfer of stage	(153,574)	(200,663)
Remeasurement from remaining in the stage	(135,588)	67,232
New financial assets purchased/originated	1,296,765	1,671,567
Financial assets that have been derecognized	(1,715,530)	(1,966,963)
Charges-off	(869,872)	(1,675,514)
Foreign Exchange and other movements	(720,837)	637,440
Ending balance	8,459,932	8,944,556
Commercial | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(5,853,318)	(6,149,378)
Transfers of financial instruments:	(83,889)	114,197
Transfers from stage 1 to stage 3	(26,071)	(24,385)
Transfers from stage 2 to stage 3	(139,257)	(85,224)
Transfers from stage 3 to stage 1	5,818	4,949
Transfers from stage 3 to stage 2	75,621	218,857
Remeasurement arising from transfer of stage	(1,140,608)	(692,420)
Remeasurement from remaining in the stage	(159,438)	(563,580)
Remeasurement due to changes in economics factors	7,515	(7,695)
Remeasurement due to methodological changes	25,299	53,754
New financial assets purchased/originated	(725,298)	(1,147,222)
Financial assets that have been derecognized	1,391,718	1,163,837
Charges-off	952,237	1,715,148
Foreign Exchange and other movements	359,081	(339,959)
Ending balance	(5,226,701)	(5,853,318)
Consumer | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	59,588,721	48,363,040
Remeasurement arising from transfer of stage	711,094	114,014
Remeasurement from remaining in the stage	(3,908,596)	(3,521,959)
New financial assets purchased/originated	18,055,631	26,472,729
Financial assets that have been derecognized	(10,796,428)	(10,946,901)
Charges-off	(5,261,966)	(3,788,517)
Foreign Exchange and other movements	(3,796,687)	2,896,315
Ending balance	54,591,769	59,588,721
Consumer | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(6,047,135)	(5,305,267)
Remeasurement arising from transfer of stage	(4,705,338)	(2,296,809)
Remeasurement from remaining in the stage	(651,999)	(202,402)
Remeasurement due to changes in economics factors	(273,572)	279,152
Remeasurement due to methodological changes	(151,867)	(54,075)
New financial assets purchased/originated	(2,505,408)	(2,462,601)
Financial assets that have been derecognized	916,408	624,366
Charges-off	5,261,966	3,788,517
Foreign Exchange and other movements	439,907	(418,016)
Ending balance	(7,717,038)	(6,047,135)
Consumer | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	51,510,943	41,773,555
Transfers of financial instruments:	(2,366,645)	(2,023,245)
Transfers from stage 1 to stage 2	(1,890,263)	(2,205,274)
Transfers from stage 1 to stage 3	(1,805,932)	(981,411)
Transfers from stage 2 to stage 1	1,252,391	1,086,524
Transfers from stage 3 to stage 1	77,159	76,916
Remeasurement arising from transfer of stage	(176,080)	(206,572)
Remeasurement from remaining in the stage	(4,024,103)	(3,215,778)
New financial assets purchased/originated	15,350,895	23,609,797
Financial assets that have been derecognized	(9,643,264)	(10,128,838)
Charges-off	(1,299,715)	(698,744)
Foreign Exchange and other movements	(3,291,416)	2,400,768
Ending balance	46,060,615	51,510,943
Consumer | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(1,823,841)	(1,402,277)
Transfers of financial instruments:	(213,509)	(175,533)
Transfers from stage 1 to stage 2	116,262	126,781
Transfers from stage 1 to stage 3	124,706	64,937
Transfers from stage 2 to stage 1	(381,036)	(298,371)
Transfers from stage 3 to stage 1	(73,441)	(68,880)
Remeasurement arising from transfer of stage	281,499	336,478
Remeasurement from remaining in the stage	(79,073)	(89,383)
Remeasurement due to changes in economics factors	(242,317)	39,672
Remeasurement due to methodological changes	(423,782)	23,381
New financial assets purchased/originated	(866,684)	(987,792)
Financial assets that have been derecognized	349,930	286,762
Charges-off	231,387	233,953
Foreign Exchange and other movements	114,156	(89,102)
Ending balance	(2,672,234)	(1,823,841)
Consumer | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	5,288,921	3,927,387
Transfers of financial instruments:	299,377	937,915
Transfers from stage 1 to stage 2	1,890,263	2,205,274
Transfers from stage 2 to stage 1	(1,252,391)	(1,086,524)
Transfers from stage 2 to stage 3	(547,962)	(379,978)
Transfers from stage 3 to stage 2	209,467	199,143
Remeasurement arising from transfer of stage	(103,802)	(191,232)
Remeasurement from remaining in the stage	(162,497)	(38,099)
New financial assets purchased/originated	1,429,142	1,919,811
Financial assets that have been derecognized	(858,742)	(668,543)
Charges-off	(1,129,877)	(916,801)
Foreign Exchange and other movements	(355,455)	318,483
Ending balance	4,407,067	5,288,921
Consumer | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(1,868,882)	(1,800,518)
Transfers of financial instruments:	313,735	147,486
Transfers from stage 1 to stage 2	(116,262)	(126,781)
Transfers from stage 2 to stage 1	381,036	298,371
Transfers from stage 2 to stage 3	230,723	129,687
Transfers from stage 3 to stage 2	(181,762)	(153,791)
Remeasurement arising from transfer of stage	(541,174)	(135,684)
Remeasurement from remaining in the stage	(79,505)	(206,202)
Remeasurement due to changes in economics factors	(32,244)	241,992
Remeasurement due to methodological changes	252,110	(78,241)
New financial assets purchased/originated	(584,910)	(715,751)
Financial assets that have been derecognized	315,991	215,579
Charges-off	542,312	615,728
Foreign Exchange and other movements	98,062	(153,271)
Ending balance	(1,584,505)	(1,868,882)
Consumer | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	2,788,857	2,662,098
Transfers of financial instruments:	2,067,268	1,085,330
Transfers from stage 1 to stage 3	1,805,932	981,411
Transfers from stage 2 to stage 3	547,962	379,978
Transfers from stage 3 to stage 1	(77,159)	(76,916)
Transfers from stage 3 to stage 2	(209,467)	(199,143)
Remeasurement arising from transfer of stage	990,976	511,818
Remeasurement from remaining in the stage	278,004	(268,082)
New financial assets purchased/originated	1,275,594	943,121
Financial assets that have been derecognized	(294,422)	(149,520)
Charges-off	(2,832,374)	(2,172,972)
Foreign Exchange and other movements	(149,816)	177,064
Ending balance	4,124,087	2,788,857
Consumer | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(2,354,412)	(2,102,472)
Transfers of financial instruments:	(100,226)	28,047
Transfers from stage 1 to stage 3	(124,706)	(64,937)
Transfers from stage 2 to stage 3	(230,723)	(129,687)
Transfers from stage 3 to stage 1	73,441	68,880
Transfers from stage 3 to stage 2	181,762	153,791
Remeasurement arising from transfer of stage	(4,445,663)	(2,497,603)
Remeasurement from remaining in the stage	(493,421)	93,183
Remeasurement due to changes in economics factors	989	(2,512)
Remeasurement due to methodological changes	19,805	785
New financial assets purchased/originated	(1,053,814)	(759,058)
Financial assets that have been derecognized	250,487	122,025
Charges-off	4,488,267	2,938,836
Foreign Exchange and other movements	227,689	(175,643)
Ending balance	(3,460,299)	(2,354,412)
Financial Leases | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	28,097,716	25,119,628
Remeasurement arising from transfer of stage	(95,571)	(51,105)
Remeasurement from remaining in the stage	(1,820,125)	(1,494,022)
New financial assets purchased/originated	3,909,528	5,980,103
Financial assets that have been derecognized	(2,175,416)	(2,347,970)
Charges-off	(277,904)	(176,407)
Foreign Exchange and other movements	(361,171)	1,067,489
Ending balance	27,277,057	28,097,716
Financial Leases | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(1,013,074)	(1,521,067)
Remeasurement arising from transfer of stage	(251,914)	(100,293)
Remeasurement from remaining in the stage	(9,644)	62,422
Remeasurement due to changes in economics factors	2,030	(22,046)
Remeasurement due to methodological changes	1,580	(9,746)
New financial assets purchased/originated	(124,852)	(92,358)
Financial assets that have been derecognized	85,859	502,794
Charges-off	277,904	176,407
Foreign Exchange and other movements	7,536	(9,187)
Ending balance	(1,024,575)	(1,013,074)
Financial Leases | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	23,566,544	19,927,472
Transfers of financial instruments:	(33,774)	59,490
Transfers from stage 1 to stage 2	(886,398)	(626,697)
Transfers from stage 1 to stage 3	(214,258)	(102,499)
Transfers from stage 2 to stage 1	1,065,222	779,795
Transfers from stage 3 to stage 1	1,660	8,891
Remeasurement arising from transfer of stage	(67,839)	(74,495)
Remeasurement from remaining in the stage	(1,719,440)	(1,380,295)
New financial assets purchased/originated	2,926,745	5,358,579
Financial assets that have been derecognized	(1,780,980)	(1,362,963)
Charges-off	(863)	(264)
Foreign Exchange and other movements	(337,265)	1,039,020
Ending balance	22,553,128	23,566,544
Financial Leases | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(151,328)	(142,954)
Transfers of financial instruments:	(56,552)	(79,666)
Transfers from stage 1 to stage 2	15,837	16,913
Transfers from stage 1 to stage 3	6,202	3,810
Transfers from stage 2 to stage 1	(77,927)	(98,964)
Transfers from stage 3 to stage 1	(664)	(1,425)
Remeasurement arising from transfer of stage	66,879	86,331
Remeasurement from remaining in the stage	7,812	10,504
Remeasurement due to changes in economics factors	(2,286)	(14,991)
Remeasurement due to methodological changes	(1,756)	19,160
New financial assets purchased/originated	(21,654)	(38,976)
Financial assets that have been derecognized	11,596	10,976
Charges-off	29	4
Foreign Exchange and other movements	1,831	(1,716)
Ending balance	(145,429)	(151,328)
Financial Leases | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	3,172,285	3,198,182
Transfers of financial instruments:	(337,901)	(118,703)
Transfers from stage 1 to stage 2	886,398	626,697
Transfers from stage 2 to stage 1	(1,065,222)	(779,795)
Transfers from stage 2 to stage 3	(211,221)	(143,173)
Transfers from stage 3 to stage 2	52,144	177,568
Remeasurement arising from transfer of stage	(66,232)	(23,270)
Remeasurement from remaining in the stage	(84,050)	(74,988)
New financial assets purchased/originated	915,316	587,957
Financial assets that have been derecognized	(264,866)	(399,179)
Charges-off	(25,471)	(19,361)
Foreign Exchange and other movements	(15,981)	21,647
Ending balance	3,293,100	3,172,285
Financial Leases | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(238,920)	(314,149)
Transfers of financial instruments:	74,010	57,312
Transfers from stage 1 to stage 2	(15,837)	(16,913)
Transfers from stage 2 to stage 1	77,927	98,964
Transfers from stage 2 to stage 3	26,291	19,624
Transfers from stage 3 to stage 2	(14,371)	(44,363)
Remeasurement arising from transfer of stage	(43,021)	(22,332)
Remeasurement from remaining in the stage	27,024	49,130
Remeasurement due to changes in economics factors	(4,103)	1,612
Remeasurement due to methodological changes	(5,150)	(19,451)
New financial assets purchased/originated	(57,704)	(35,776)
Financial assets that have been derecognized	12,186	28,647
Charges-off	27,464	19,127
Foreign Exchange and other movements	1,573	(3,040)
Ending balance	(206,641)	(238,920)
Financial Leases | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,358,887	1,993,974
Transfers of financial instruments:	371,675	59,213
Transfers from stage 1 to stage 3	214,258	102,499
Transfers from stage 2 to stage 3	211,221	143,173
Transfers from stage 3 to stage 1	(1,660)	(8,891)
Transfers from stage 3 to stage 2	(52,144)	(177,568)
Remeasurement arising from transfer of stage	38,500	46,660
Remeasurement from remaining in the stage	(16,635)	(38,739)
New financial assets purchased/originated	67,467	33,567
Financial assets that have been derecognized	(129,570)	(585,828)
Charges-off	(251,570)	(156,782)
Foreign Exchange and other movements	(7,925)	6,822
Ending balance	1,430,829	1,358,887
Financial Leases | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(622,826)	(1,063,964)
Transfers of financial instruments:	(17,458)	22,354
Transfers from stage 1 to stage 3	(6,202)	(3,810)
Transfers from stage 2 to stage 3	(26,291)	(19,624)
Transfers from stage 3 to stage 1	664	1,425
Transfers from stage 3 to stage 2	14,371	44,363
Remeasurement arising from transfer of stage	(275,772)	(164,292)
Remeasurement from remaining in the stage	(44,480)	2,788
Remeasurement due to changes in economics factors	8,419	(8,667)
Remeasurement due to methodological changes	8,486	(9,455)
New financial assets purchased/originated	(45,494)	(17,606)
Financial assets that have been derecognized	62,077	463,171
Charges-off	250,411	157,276
Foreign Exchange and other movements	4,132	(4,431)
Ending balance	(672,505)	(622,826)
Mortgage | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	37,371,373	30,646,787
Remeasurement arising from transfer of stage	36,485	45,159
Remeasurement from remaining in the stage	(1,273,462)	(1,307,576)
New financial assets purchased/originated	5,501,931	7,505,481
Financial assets that have been derecognized	(1,604,138)	(2,092,714)
Charges-off	(128,532)	(345,991)
Foreign Exchange and other movements	(3,653,249)	2,920,227
Ending balance	36,250,408	37,371,373
Mortgage | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(1,024,091)	(1,061,058)
Remeasurement arising from transfer of stage	(193,520)	(280,783)
Remeasurement from remaining in the stage	(138,287)	(15,681)
Remeasurement due to changes in economics factors	(9,494)	33,711
Remeasurement due to methodological changes	131,458	(36,089)
New financial assets purchased/originated	(67,886)	(71,607)
Financial assets that have been derecognized	75,274	119,554
Charges-off	128,532	345,991
Foreign Exchange and other movements	74,808	(58,129)
Ending balance	(1,023,206)	(1,024,091)
Mortgage | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	34,067,734	25,447,635
Transfers of financial instruments:	(1,226,789)	2,074,437
Transfers from stage 1 to stage 2	(1,419,929)	(745,136)
Transfers from stage 1 to stage 3	(330,417)	(207,362)
Transfers from stage 2 to stage 1	523,311	3,021,745
Transfers from stage 3 to stage 1	246	5,190
Remeasurement arising from transfer of stage	(18,655)	(34,494)
Remeasurement from remaining in the stage	(1,240,204)	(1,265,193)
New financial assets purchased/originated	5,361,515	7,407,685
Financial assets that have been derecognized	(1,428,077)	(1,772,230)
Charges-off	(2,088)	(3,449)
Foreign Exchange and other movements	(3,302,788)	2,213,343
Ending balance	32,210,648	34,067,734
Mortgage | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(206,800)	(140,843)
Transfers of financial instruments:	(46,563)	(61,050)
Transfers from stage 1 to stage 2	20,379	15,839
Transfers from stage 1 to stage 3	7,821	4,437
Transfers from stage 2 to stage 1	(74,687)	(80,567)
Transfers from stage 3 to stage 1	(76)	(759)
Remeasurement arising from transfer of stage	45,186	69,980
Remeasurement from remaining in the stage	(6,873)	(611)
Remeasurement due to changes in economics factors	(8,108)	(21,123)
Remeasurement due to methodological changes	54,756	(11,559)
New financial assets purchased/originated	(36,938)	(46,935)
Financial assets that have been derecognized	11,130	11,975
Charges-off	8	283
Foreign Exchange and other movements	9,287	(6,917)
Ending balance	(184,915)	(206,800)
Mortgage | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,997,270	3,654,710
Transfers of financial instruments:	838,151	(2,522,248)
Transfers from stage 1 to stage 2	1,419,929	745,136
Transfers from stage 2 to stage 1	(523,311)	(3,021,745)
Transfers from stage 2 to stage 3	(306,993)	(445,019)
Transfers from stage 3 to stage 2	248,526	199,380
Remeasurement arising from transfer of stage	(8,302)	(26,095)
Remeasurement from remaining in the stage	(12,416)	406,332
New financial assets purchased/originated	102,552	74,121
Financial assets that have been derecognized	(69,961)	(146,498)
Charges-off	(2,446)	(1,206)
Foreign Exchange and other movements	(216,194)	558,154
Ending balance	2,628,654	1,997,270
Mortgage | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(256,275)	(260,867)
Transfers of financial instruments:	32,285	30,734
Transfers from stage 1 to stage 2	(20,379)	(15,839)
Transfers from stage 2 to stage 1	74,687	80,567
Transfers from stage 2 to stage 3	52,110	31,802
Transfers from stage 3 to stage 2	(74,133)	(65,796)
Remeasurement arising from transfer of stage	(84,371)	(40,822)
Remeasurement from remaining in the stage	(5,955)	(924)
Remeasurement due to changes in economics factors	(1,386)	54,802
Remeasurement due to methodological changes	17,730	(22,449)
New financial assets purchased/originated	(19,513)	(15,026)
Financial assets that have been derecognized	10,885	11,697
Charges-off	497	1,174
Foreign Exchange and other movements	21,182	(14,594)
Ending balance	(284,921)	(256,275)
Mortgage | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,306,369	1,544,442
Transfers of financial instruments:	388,638	447,811
Transfers from stage 1 to stage 3	330,417	207,362
Transfers from stage 2 to stage 3	306,993	445,019
Transfers from stage 3 to stage 1	(246)	(5,190)
Transfers from stage 3 to stage 2	(248,526)	(199,380)
Remeasurement arising from transfer of stage	63,442	105,748
Remeasurement from remaining in the stage	(20,842)	(448,715)
New financial assets purchased/originated	37,864	23,675
Financial assets that have been derecognized	(106,100)	(173,986)
Charges-off	(123,998)	(341,336)
Foreign Exchange and other movements	(134,267)	148,730
Ending balance	1,411,106	1,306,369
Mortgage | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(561,016)	(659,348)
Transfers of financial instruments:	14,278	30,316
Transfers from stage 1 to stage 3	(7,821)	(4,437)
Transfers from stage 2 to stage 3	(52,110)	(31,802)
Transfers from stage 3 to stage 1	76	759
Transfers from stage 3 to stage 2	74,133	65,796
Remeasurement arising from transfer of stage	(154,335)	(309,941)
Remeasurement from remaining in the stage	(125,459)	(14,146)
Remeasurement due to changes in economics factors		32
Remeasurement due to methodological changes	58,972	(2,081)
New financial assets purchased/originated	(11,435)	(9,646)
Financial assets that have been derecognized	53,259	95,882
Charges-off	128,027	344,534
Foreign Exchange and other movements	44,339	(36,618)
Ending balance	(553,370)	(561,016)
Small Business Loans | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,328,076	1,282,185
Remeasurement arising from transfer of stage	(15,892)	(22,436)
Remeasurement from remaining in the stage	(142,779)	(146,678)
New financial assets purchased/originated	459,264	530,041
Financial assets that have been derecognized	(247,236)	(332,547)
Charges-off	(81,276)	(111,092)
Foreign Exchange and other movements	(155,140)	128,603
Ending balance	1,145,017	1,328,076
Small Business Loans | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(125,035)	(164,067)
Remeasurement arising from transfer of stage	(61,994)	(51,766)
Remeasurement from remaining in the stage	(11,656)	3,245
Remeasurement due to changes in economics factors	(4,043)	3,246
Remeasurement due to methodological changes	(7,602)	(2,103)
New financial assets purchased/originated	(66,258)	(44,699)
Financial assets that have been derecognized	18,115	29,407
Charges-off	81,276	111,092
Foreign Exchange and other movements	9,179	(9,390)
Ending balance	(168,018)	(125,035)
Small Business Loans | Stage One | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	1,093,973	950,991
Transfers of financial instruments:	(210,552)	(70,809)
Transfers from stage 1 to stage 2	(177,024)	(68,581)
Transfers from stage 1 to stage 3	(46,849)	(44,815)
Transfers from stage 2 to stage 1	13,169	38,613
Transfers from stage 3 to stage 1	152	3,974
Remeasurement arising from transfer of stage	(2,939)	(4,527)
Remeasurement from remaining in the stage	(133,210)	(42,292)
New financial assets purchased/originated	395,777	463,403
Financial assets that have been derecognized	(220,594)	(279,820)
Charges-off	(17,840)	(12,781)
Foreign Exchange and other movements	(130,044)	89,808
Ending balance	774,571	1,093,973
Small Business Loans | Stage One | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(28,564)	(22,845)
Transfers of financial instruments:	3,957	(1,260)
Transfers from stage 1 to stage 2	4,932	2,098
Transfers from stage 1 to stage 3	2,745	1,960
Transfers from stage 2 to stage 1	(3,625)	(4,608)
Transfers from stage 3 to stage 1	(95)	(710)
Remeasurement arising from transfer of stage	2,268	4,802
Remeasurement from remaining in the stage	5,932	(505)
Remeasurement due to changes in economics factors	(3,185)	(435)
Remeasurement due to methodological changes	(14,202)	49
New financial assets purchased/originated	(29,237)	(14,534)
Financial assets that have been derecognized	5,021	4,489
Charges-off	1,787	2,895
Foreign Exchange and other movements	993	(1,220)
Ending balance	(55,230)	(28,564)
Small Business Loans | Stage Two | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	135,528	183,693
Transfers of financial instruments:	155,467	17,756
Transfers from stage 1 to stage 2	177,024	68,581
Transfers from stage 2 to stage 1	(13,169)	(38,613)
Transfers from stage 2 to stage 3	(17,243)	(18,528)
Transfers from stage 3 to stage 2	8,855	6,316
Remeasurement arising from transfer of stage	(4,798)	(8,173)
Remeasurement from remaining in the stage	(9,475)	(89,440)
New financial assets purchased/originated	31,394	42,588
Financial assets that have been derecognized	(13,738)	(21,195)
Charges-off	(17,376)	(16,004)
Foreign Exchange and other movements	(16,699)	26,303
Ending balance	260,303	135,528
Small Business Loans | Stage Two | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(29,024)	(30,255)
Transfers of financial instruments:	(680)	3,557
Transfers from stage 1 to stage 2	(4,932)	(2,098)
Transfers from stage 2 to stage 1	3,625	4,608
Transfers from stage 2 to stage 3	5,043	3,684
Transfers from stage 3 to stage 2	(4,416)	(2,637)
Remeasurement arising from transfer of stage	(5,519)	(4,465)
Remeasurement from remaining in the stage	(7,767)	1,278
Remeasurement due to changes in economics factors	(882)	3,752
Remeasurement due to methodological changes	3,792	(448)
New financial assets purchased/originated	(8,643)	(10,982)
Financial assets that have been derecognized	3,545	3,584
Charges-off	7,174	6,857
Foreign Exchange and other movements	3,139	(1,902)
Ending balance	(34,865)	(29,024)
Small Business Loans | Stage Three | Gross carrying amount
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	98,575	147,501
Transfers of financial instruments:	55,085	53,053
Transfers from stage 1 to stage 3	46,849	44,815
Transfers from stage 2 to stage 3	17,243	18,528
Transfers from stage 3 to stage 1	(152)	(3,974)
Transfers from stage 3 to stage 2	(8,855)	(6,316)
Remeasurement arising from transfer of stage	(8,155)	(9,736)
Remeasurement from remaining in the stage	(94)	(14,946)
New financial assets purchased/originated	32,093	24,050
Financial assets that have been derecognized	(12,904)	(31,532)
Charges-off	(46,060)	(82,307)
Foreign Exchange and other movements	(8,397)	12,492
Ending balance	110,143	98,575
Small Business Loans | Stage Three | Allowance
LOANS AND ADVANCES TO CUSTOMERS, NET
Beginning balance	(67,447)	(110,967)
Transfers of financial instruments:	(3,277)	(2,297)
Transfers from stage 1 to stage 3	(2,745)	(1,960)
Transfers from stage 2 to stage 3	(5,043)	(3,684)
Transfers from stage 3 to stage 1	95	710
Transfers from stage 3 to stage 2	4,416	2,637
Remeasurement arising from transfer of stage	(58,743)	(52,103)
Remeasurement from remaining in the stage	(9,821)	2,472
Remeasurement due to changes in economics factors	24	(71)
Remeasurement due to methodological changes	2,808	(1,704)
New financial assets purchased/originated	(28,378)	(19,183)
Financial assets that have been derecognized	9,549	21,334
Charges-off	72,315	101,340
Foreign Exchange and other movements	5,047	(6,268)
Ending balance	$ (77,923)	$ (67,447)

LEASES - Summary of finance lea

LEASES - Summary of finance leases as lessor (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Total gross investment in finance lease receivable	$ 46,515,423	$ 45,332,254
Less: Future financial income	(19,238,366)	(17,234,538)
Present value of payments receivable	27,277,057	28,097,716
Minimum non-collectable payments impairment	(1,024,575)	(972,743)
Total	$ 26,252,482	$ 27,124,973
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	$ 1,481,313	$ 634,388
Present value of payments receivable	1,257,859	612,012
Between 1 and 5 years
LEASES
Total gross investment in finance lease receivable	10,967,173	10,579,102
Present value of payments receivable	8,338,151	8,286,322
Greater than 5 years
LEASES
Total gross investment in finance lease receivable	34,066,937	34,118,764
Present value of payments receivable	$ 17,681,047	$ 19,199,382

LEASES - Unsecured residual val

LEASES - Unsecured residual value (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
LEASES
Unsecured residual value	$ 77,592	$ 86,802
Technological equipment
LEASES
Unsecured residual value	49,990	47,922
Vehicles
LEASES
Unsecured residual value	14,243	24,187
Machinery and equipment
LEASES
Unsecured residual value	11,930	13,124
Furniture and fixtures
LEASES
Unsecured residual value	12	28
Other assets
LEASES
Unsecured residual value	$ 1,417	$ 1,541

LEASES - Amounts recognized as

LEASES - Amounts recognized as income for extensions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Amounts recognized as income for extensions	$ 29,439	$ 34,685
Financial leases income	3,879,188	2,461,456	$ 1,440,493
Technological equipment
LEASES
Amounts recognized as income for extensions	20,717	30,075
Buildings
LEASES
Amounts recognized as income for extensions	8,088	3,905
Machinery and equipment
LEASES
Amounts recognized as income for extensions	532	498
Vehicles
LEASES
Amounts recognized as income for extensions	$ 102	206
Furniture and fixtures
LEASES
Amounts recognized as income for extensions		$ 1

LEASES - Operating leases as le

LEASES - Operating leases as lessor (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Minimum future operating lease payments to be received	$ 844,189	$ 1,708,860
Operating lease income	833,244	649,693
Income recognized for other services related to operating lease	$ 660,442	$ 541,436
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	$ 259,277	$ 501,738
Between 1 and 5 years
LEASES
Minimum future operating lease payments to be received	524,293	783,663
Greater than 5 years
LEASES
Minimum future operating lease payments to be received	$ 60,619	$ 423,459

LEASES - Rollforward of right o

LEASES - Rollforward of right of use assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Beginning balance	$ 1,827,108	$ 1,695,865
Acquisition	494,407	168,382
Additions	11,861	8,746
Expenses depreciation	(229,665)	(212,861)	$ (190,819)
Disposal	(533,167)	(93,291)
Revaluation	220,238	115,541
Effect of changes in foreign exchange rate	(156,737)	144,726
Ending balance	1,634,045	1,827,108	1,695,865
Buildings
LEASES
Expenses depreciation	(198,156)	(175,538)
Furniture and fixtures
LEASES
Expenses depreciation	(548)	(1,066)
Computer equipment
LEASES
Expenses depreciation	(17,043)	(18,717)
Vehicles
LEASES
Expenses depreciation	(13,918)	(17,540)
Cost
LEASES
Beginning balance	2,555,720	2,178,852
Acquisition	494,407	168,382
Additions	11,861	8,746
Disposal	(647,427)	(126,951)
Revaluation	220,238	115,541
Effect of changes in foreign exchange rate	(251,291)	211,150
Ending balance	2,383,508	2,555,720	2,178,852
Cost | Buildings
LEASES
Beginning balance	2,319,471	2,015,154
Acquisition	67,049	66,738
Additions	11,861	8,746
Disposal	(75,701)	(55,759)
Revaluation	218,592	83,387
Effect of changes in foreign exchange rate	(238,350)	201,205
Ending balance	2,302,922	2,319,471	2,015,154
Cost | Furniture and fixtures
LEASES
Beginning balance	4,449	3,972
Acquisition	620
Disposal	(1,783)
Revaluation		37
Effect of changes in foreign exchange rate	(524)	440
Ending balance	2,762	4,449	3,972
Cost | Computer equipment
LEASES
Beginning balance	95,240	87,357
Acquisition	7,965	2,603
Disposal	(30,650)	(985)
Revaluation	(2,773)	(2,659)
Effect of changes in foreign exchange rate	(11,713)	8,924
Ending balance	58,069	95,240	87,357
Cost | Vehicles
LEASES
Beginning balance	136,560	72,369
Acquisition	418,773	99,041
Disposal	(539,293)	(70,207)
Revaluation	4,419	34,776
Effect of changes in foreign exchange rate	(704)	581
Ending balance	19,755	136,560	72,369
Accumulated depreciation
LEASES
Beginning balance	(728,612)	(482,987)
Expenses depreciation	(229,665)	(212,861)
Disposal	114,260	33,660
Effect of changes in foreign exchange rate	94,554	(66,424)
Ending balance	(749,463)	(728,612)	(482,987)
Accumulated depreciation | Buildings
LEASES
Beginning balance	(637,615)	(431,147)
Expenses depreciation	(198,156)	(175,538)
Disposal	41,560	31,276
Effect of changes in foreign exchange rate	87,425	(62,206)
Ending balance	(706,786)	(637,615)	(431,147)
Accumulated depreciation | Furniture and fixtures
LEASES
Beginning balance	(4,291)	(2,821)
Expenses depreciation	(548)	(1,066)
Disposal	1,708
Effect of changes in foreign exchange rate	524	(404)
Ending balance	(2,607)	(4,291)	(2,821)
Accumulated depreciation | Computer equipment
LEASES
Beginning balance	(53,757)	(32,538)
Expenses depreciation	(17,043)	(18,717)
Disposal	29,864	826
Effect of changes in foreign exchange rate	6,000	(3,328)
Ending balance	(34,936)	(53,757)	(32,538)
Accumulated depreciation | Vehicles
LEASES
Beginning balance	(32,949)	(16,481)
Expenses depreciation	(13,918)	(17,540)
Disposal	41,128	1,558
Effect of changes in foreign exchange rate	605	(486)
Ending balance	$ (5,134)	$ (32,949)	$ (16,481)

LEASES - Change in lease liabil

LEASES - Change in lease liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($) $ / $	Dec. 31, 2022 COP ($) $ / $	Dec. 31, 2021 $ / $
LEASES
Beginning balance	$ 1,900,268	$ 1,819,077
New contracts	75,345	68,201
Reassessment of the lease liability	161,787	12,131
Payments	(305,413)	(285,920)
Accrued Interest	123,175	123,510
Effect of changes in foreign exchange rate (lease liabilities)	(181,552)	163,269
Ending balance	1,773,610	1,900,268
Interest expense on lease liabilities	$ 9,360	$ 12,161
Year end exchange rate, US dollar into Colombian pesos | $ / $	3,822.05	4,810.20	3,981.16

LEASES - Maturity analysis of l

LEASES - Maturity analysis of lease liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Lease liabilities	$ 1,773,610	$ 1,900,268	$ 1,819,077
Buildings
LEASES
Lease liabilities	1,747,468	1,853,662
Vehicles
LEASES
Lease liabilities	370	566
Computer equipment
LEASES
Lease liabilities	25,772	46,040
Maturity less than 1 year
LEASES
Lease liabilities	20,203	13,637
Maturity less than 1 year | Buildings
LEASES
Lease liabilities	17,345	10,502
Maturity less than 1 year | Vehicles
LEASES
Lease liabilities	125	83
Maturity less than 1 year | Computer equipment
LEASES
Lease liabilities	2,733	3,052
Maturity between 1 and 3 years
LEASES
Lease liabilities	72,807	61,620
Maturity between 1 and 3 years | Buildings
LEASES
Lease liabilities	58,438	43,545
Maturity between 1 and 3 years | Vehicles
LEASES
Lease liabilities	245	300
Maturity between 1 and 3 years | Computer equipment
LEASES
Lease liabilities	14,124	17,775
Maturity between 3 and 5 years
LEASES
Lease liabilities	237,921	97,480
Maturity between 3 and 5 years | Buildings
LEASES
Lease liabilities	230,397	82,647
Maturity between 3 and 5 years | Vehicles
LEASES
Lease liabilities		183
Maturity between 3 and 5 years | Computer equipment
LEASES
Lease liabilities	7,524	14,650
Maturity more than 5 years
LEASES
Lease liabilities	1,442,679	1,727,531
Maturity more than 5 years | Buildings
LEASES
Lease liabilities	1,441,288	1,716,968
Maturity more than 5 years | Computer equipment
LEASES
Lease liabilities	$ 1,391	$ 10,563

LEASES - Weighted average rates

LEASES - Weighted average rates and average useful life of right of use assets (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Buildings
LEASES
Weighted average life	209 months	195 months
Weighted average remaining lease terms	99 months	97 months
Weighted average discount rates	6.67%	5.75%
Computer equipment
LEASES
Weighted average life	73 months	75 months
Weighted average remaining lease terms	31 months	35 months
Weighted average discount rates	8.36%	8.65%
Vehicles
LEASES
Weighted average life	51 months	48 months
Weighted average remaining lease terms	22 months	35 months
Weighted average discount rates	9.81%	10.24%

LEASES - Statement of Income im

LEASES - Statement of Income impact of leases (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Financial interest	$ 113,815	$ 111,349	$ 111,556
Expenses depreciation	229,665	212,861	$ 190,819
Effect of changes in foreign exchange rate	62	416
Short-term leases	1,938	2,281
Leases for which the underlying asset is of low value	7,212	11,597
Variable payments	7,577	6,048
Interest expense on lease liabilities	9,360	12,161
Buildings
LEASES
Financial interest	109,800	107,002
Expenses depreciation	198,156	175,538
Effect of changes in foreign exchange rate	62	416
Short-term leases	983	872
Leases for which the underlying asset is of low value	235	208
Variable payments	7,577	6,048
Vehicles
LEASES
Financial interest	40	13
Expenses depreciation	13,918	17,540
Short-term leases	51	394
Leases for which the underlying asset is of low value		55
Computer equipment
LEASES
Financial interest	3,907	4,289
Expenses depreciation	17,043	18,717
Leases for which the underlying asset is of low value	6,545	8,649
Furniture and fixtures
LEASES
Financial interest	68	45
Expenses depreciation	548	1,066
Short-term leases	904	1,015
Leases for which the underlying asset is of low value	$ 432	$ 2,685

LEASES - Minimum payments lease

LEASES - Minimum payments lease liabilities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Total minimum payments lease liabilities	$ 2,500,022	$ 2,661,143
Buildings
LEASES
Total minimum payments lease liabilities	2,470,523	2,603,694
Vehicles
LEASES
Total minimum payments lease liabilities	399	899
Computer equipment
LEASES
Total minimum payments lease liabilities	29,100	56,550
Maturity less than 1 year
LEASES
Total minimum payments lease liabilities	24,207	16,693
Maturity less than 1 year | Buildings
LEASES
Total minimum payments lease liabilities	21,050	13,492
Maturity less than 1 year | Vehicles
LEASES
Total minimum payments lease liabilities	193	84
Maturity less than 1 year | Computer equipment
LEASES
Total minimum payments lease liabilities	2,964	3,117
Maturity between 1 and 3 years
LEASES
Total minimum payments lease liabilities	89,785	71,696
Maturity between 1 and 3 years | Buildings
LEASES
Total minimum payments lease liabilities	73,316	52,100
Maturity between 1 and 3 years | Vehicles
LEASES
Total minimum payments lease liabilities	206	330
Maturity between 1 and 3 years | Computer equipment
LEASES
Total minimum payments lease liabilities	16,263	19,266
Maturity between 3 and 5 years
LEASES
Total minimum payments lease liabilities	303,020	130,599
Maturity between 3 and 5 years | Buildings
LEASES
Total minimum payments lease liabilities	301,470	110,495
Maturity between 3 and 5 years | Vehicles
LEASES
Total minimum payments lease liabilities		229
Maturity between 3 and 5 years | Computer equipment
LEASES
Total minimum payments lease liabilities	1,550	19,875
Maturity more than 5 years
LEASES
Total minimum payments lease liabilities	2,083,010	2,442,155
Maturity more than 5 years | Buildings
LEASES
Total minimum payments lease liabilities	2,074,687	2,427,607
Maturity more than 5 years | Vehicles
LEASES
Total minimum payments lease liabilities		256
Maturity more than 5 years | Computer equipment
LEASES
Total minimum payments lease liabilities	$ 8,323	$ 14,292

INVESTMENTS IN ASSOCIATES AND_3

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates and joint ventures (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investment in associates and joint ventures	$ 2,997,603	$ 2,915,633
Investments in associates at fair value	1,670,782	1,532,156
Investments in associates at equity method value	855,291	768,294
Associates
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investment in associates and joint ventures	2,526,073	2,300,450	$ 2,138,156
Joint ventures
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investment in associates and joint ventures	$ 471,530	$ 615,183	$ 582,403

INVESTMENTS IN ASSOCIATES AND_4

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments	$ 2,997,603	$ 2,915,633
Associates
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments	$ 2,526,073	$ 2,300,450	$ 2,138,156
Associates | P.A. Viva Malls
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Development and operation of commercial spaces	Development and operation of commercial spaces
Country	Colombia	Colombia
Percentage of Ownership interest	49%	49%
Investments	$ 1,661,679	$ 1,530,459	1,355,688
Associates | Proteccion S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Administration of pension funds and severances	Administration of pension funds and severances
Country	Colombia	Colombia
Percentage of Ownership interest	20.58%	20.58%
Investments	$ 594,105	$ 533,584	$ 630,821
Associates | P.A. El Bosque
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	14.11%	14.11%
Investments	$ 57,120	$ 40,231
Associates | Titularizadora Colombiana S.A. Hitos
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Mortgage portfolio securities	Mortgage portfolio securities
Country	Colombia	Colombia
Percentage of Ownership interest	26.98%	26.98%
Investments	$ 37,950	$ 35,756
Associates | Redeban Multicolor S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Network data transmission services	Network data transmission services
Country	Colombia	Colombia
Percentage of Ownership interest	20.36%	20.36%
Investments	$ 35,735	$ 31,876
Associates | P.A El Otono
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	16.30%	16.30%
Investments	$ 33,442	$ 23,960
Associates | ACH Colombia S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Electronic transfer services	Electronic transfer services
Country	Colombia	Colombia
Percentage of Ownership interest	19.94%	19.94%
Investments	$ 21,952	$ 19,005
Associates | Gestoria Externa de Portafolios S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Investment management service
Country	Colombia
Percentage of Ownership interest	49.31%
Investments	$ 11,278
Associates | 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
Country	El Salvador	El Salvador
Percentage of Ownership interest	25%	25%
Investments	$ 10,223	$ 14,497
Associates | 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
Country	El Salvador	El Salvador
Percentage of Ownership interest	49.78%	49.78%
Investments	$ 9,514	$ 11,392
Associates | P.A Madrid II
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	20%	20%
Investments	$ 9,208	$ 9,126
Associates | P.A Distrito Vera
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	33.33%	33.33%
Investments	$ 9,103	$ 1,697
Associates | P.A Boreal
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	20%	20%
Investments	$ 7,579	$ 7,477
Associates | P.A La Felicidad
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	20%	20%
Investments	$ 6,938	$ 9,798
Associates | Internacional Ejecutiva de Aviacion S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Aircraft and aircraft travel service	Aircraft and aircraft travel service
Country	Colombia	Colombia
Percentage of Ownership interest	25%	25%
Investments	$ 6,093	$ 6,455
Associates | Reintegra S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Collections and recovery of portfolio	Collections and recovery of portfolio
Country	Colombia	Colombia
Percentage of Ownership interest	46%	46%
Investments	$ 5,864	$ 11,211
Associates | P.A Mirador de la Cienaga
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Real estate ecosystems	Real estate ecosystems
Country	Colombia	Colombia
Percentage of Ownership interest	13%	13%
Investments	$ 4,518	$ 3,329
Associates | ACH de El Salvador, S. A. de C.V.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Electronic transfer services	Electronic transfer services
Country	El Salvador	El Salvador
Percentage of Ownership interest	25%	25%
Investments	$ 1,554	$ 2,140
Associates | Agricapital S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Financial services	Financial services
Country	Colombia	Colombia
Percentage of Ownership interest	10.79%	10.21%
Investments	$ 1,262	$ 1,408
Associates | Servicios de Identidad Digital S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Digital services	Digital services
Country	Colombia	Colombia
Percentage of Ownership interest	33.33%	33.33%
Investments	$ 956	$ 7,049

INVESTMENTS IN ASSOCIATES AND_5

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Changes in carrying amount of investments in associates (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	$ 2,915,633
Ending Balance	2,997,603	$ 2,915,633
Reintegra S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Impairment loss recognized in the Statement of Income	2,017	7,688
Internacional Ejecutiva de Aviacion S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Reversal of impairment losses		5,032
Associates
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	2,300,450	2,138,156
Equity method - Gain	230,704	265,885
OCI (Equity method)	(2,960)	5,364
OCI (Translation adjustment)	(5,674)	4,466
Purchase / capitalizations	38,753	136,362
Sells or refund of contributions	(6,428)	(229,430)
Impairment loss	(2,017)	(2,656)
Dividends	(28,249)	(28,005)
Others	1,494	10,308
Ending Balance	2,526,073	2,300,450
Associates | P.A. Viva Malls
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	1,530,459	1,355,688
Equity method - Gain	128,028	189,132
Purchase / capitalizations	3,192
Sells or refund of contributions		(14,361)
Ending Balance	1,661,679	1,530,459
Associates | Proteccion S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	533,584	630,821
Equity method - Gain	62,442	46,812
OCI (Equity method)	(1,921)	3,137
Purchase / capitalizations		61,728
Sells or refund of contributions		(208,914)
Ending Balance	594,105	533,584
Associates | Others
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	236,407	151,647
Equity method - Gain	40,234	29,941
OCI (Equity method)	(1,039)	2,227
OCI (Translation adjustment)	(5,674)	4,466
Purchase / capitalizations	35,561	74,634
Sells or refund of contributions	(6,428)	(6,155)
Impairment loss	(2,017)	(2,656)
Dividends	(28,249)	(28,005)
Others	1,494	10,308
Ending Balance	270,289	236,407
Associates | Reintegra S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	11,211
Ending Balance	5,864	11,211
Recoverable amount	$ 5,750	8,735
Discount rate	21.50%
Impairment loss recognized in the Statement of Income	$ 2,017	7,688
Associates | Internacional Ejecutiva de Aviacion S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	6,455
Ending Balance	$ 6,093	6,455
Recoverable amount		10,359
Reversal of impairment losses		$ 5,032

INVESTMENTS IN ASSOCIATES AND_6

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant associates (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	$ 342,928,809	$ 352,814,733
Liabilities	303,879,080	312,817,182
Total other comprehensive income	(3,720,257)	2,889,849	$ 1,814,640
Associates | P.A. Viva Malls
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	3,492,834	3,152,529
Liabilities	101,653	19,705
Income from ordinary activities	849,928	689,794
Profits (loss)	327,838	418,410
Dividends	104,623	35,905
Associates | Proteccion S.A.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	2,955,547	2,619,197
Liabilities	666,280	624,052
Total other comprehensive income	80,088	89,419
Income from ordinary activities	1,597,171	2,993,740
Profits (loss)	$ 303,460	$ 227,514

INVESTMENTS IN ASSOCIATES AND_7

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments	$ 2,997,603	$ 2,915,633
Compania de Financiamiento TUYA S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Financing Services	Financing Services
Country	Colombia	Colombia
P.A. Laurel
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Renewable energies	Renewable energies
Country	Colombia	Colombia
Puntos Colombia S.A.S
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Administration of the customers loyalty	Administration of the customers loyalty
Country	Colombia	Colombia
Fondo de Capital Privado Ruta del Sol compartimento A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Investment in infrastructure projects	Investment in infrastructure projects
Country	Colombia	Colombia
Ecosistemas Digitales de Negocio S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Digital electronic billing services	Digital electronic billing services
Country	Colombia	Colombia
P.A Muverang
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Sustainable mobility services	Sustainable mobility services
Country	Colombia	Colombia
P.A. Blup
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Inventory finance and comprehensive logistics operation	Inventory finance and comprehensive logistics operation
Country	Colombia	Colombia
P.A. Finsocial
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Purchase and sale of loans and receivables
Country	Colombia
P.A Reintegra
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Collections and recovery of portfolio	Collections and recovery of portfolio
Country	Colombia	Colombia
Avicapital
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Main activity	Purchase and sale of loans and receivables
Country	Colombia
Joint ventures
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments	$ 471,530	$ 615,183	$ 582,403
Joint ventures | Compania de Financiamiento TUYA S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%	50%
Investments	$ 410,324	$ 564,998	$ 546,633
Joint ventures | P.A. Laurel
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%	50%
Investments	$ 27,364	$ 22,150
Joint ventures | Puntos Colombia S.A.S
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%	50%
Investments	$ 10,922	$ 11,514
Joint ventures | Fondo de Capital Privado Ruta del Sol compartimento A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	25.90%	25.90%
Investments	$ 10,588	$ 10,159
Joint ventures | Ecosistemas Digitales de Negocio S.A.S.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%	50%
Investments	$ 6,293	$ 3,832
Joint ventures | P.A Muverang
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	33.33%	33.33%
Investments	$ 2,684	$ 2,351
Joint ventures | P.A. Blup
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%	50%
Investments	$ 3,313	$ 179
Joint ventures | P.A. Finsocial
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%
Investments	$ 42
Joint ventures | P.A Reintegra
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	46%	46%
Investments	$ 0	$ 0
Joint ventures | Avicapital
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Percentage of Ownership interest	50%
Investments	$ 0

INVESTMENTS IN ASSOCIATES AND_8

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Changes in carrying amount of investments in joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	$ 2,915,633
Ending Balance	2,997,603	$ 2,915,633
Compania de Financiamiento Tuya S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Impairment loss recognized in the Statement of Income	106,574
Fondo de Capital Privado Ruta del Sol compartimento A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Reversal of impairment losses	416
Impairment loss recognized in the Statement of Income		6,514
Joint ventures
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	615,183	582,403
Equity method - (Loss) / Gain	(117,589)	(46,780)
Purchase / capitalizations	80,390	86,524
Sells or refund of contributions	(296)	(10)
(Impairment loss) / Recovery	(106,158)	(6,977)
Others		23
Ending Balance	471,530	615,183
Joint ventures | Compania de Financiamiento Tuya S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	564,998	546,633
Equity method - (Loss) / Gain	(110,600)	(36,635)
Purchase / capitalizations	62,500	55,000
(Impairment loss) / Recovery	(106,574)
Ending Balance	410,324	564,998
Recoverable amount	425,494
Impairment loss recognized in the Statement of Income	$ 106,574
Joint ventures | Compania de Financiamiento Tuya S.A | Minimum
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Discount rate	13.10%
Joint ventures | Compania de Financiamiento Tuya S.A | Maximum
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Discount rate	20.30%
Joint ventures | Others
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	$ 50,185	35,770
Equity method - (Loss) / Gain	(6,989)	(10,145)
Purchase / capitalizations	17,890	31,524
Sells or refund of contributions	(296)	(10)
(Impairment loss) / Recovery	416	(6,977)
Others		23
Ending Balance	61,206	50,185
Joint ventures | Fondo de Capital Privado Ruta del Sol compartimento A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Beginning Balance	10,159
Ending Balance	10,588	$ 10,159
Recoverable amount	$ 2,742
Discount rate	36.03%
Reversal of impairment losses	$ 416

INVESTMENTS IN ASSOCIATES AND_9

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	$ 342,928,809	$ 352,814,733
Liabilities	303,879,080	312,817,182
Cash and cash equivalents	39,799,609	31,645,291	$ 25,329,846	$ 23,701,149
Interest expense	16,668,295	8,442,470	4,351,556
Income tax revenue	(1,932,555)	(2,748,421)	$ (1,776,225)
Accumulated other comprehensive income before tax of investments in associates and joint ventures	4,751	13,385
Contingent liabilities incurred in relation to interests in joint ventures	0	0
Contingent liabilities incurred in relation to interests in associates	0	0
Joint ventures | Compania de Financiamiento Tuya S.A
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Assets	3,827,631	5,101,346
Liabilities	3,313,741	4,491,257
Income from ordinary activities	2,205,538	1,973,131
Profits (loss)	221,199	73,266
Cash and cash equivalents	223,625	523,835
Interest and valuation income	1,142,715	1,001,631
Credit impairment charges	949,125
Interest expense	502,501	304,114
Depreciation and amortization	38,491	32,122
Income tax revenue	$ 131,265	$ 7,907

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Intangibles assets and goodwill net (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 7,818,125	$ 9,836,661	$ 8,143,146
Intangible assets	671,572	602,531
Total intangible assets and goodwill, net	$ 8,489,697	$ 10,439,192

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	$ 602,531
Amortization expense	(212,317)	$ (175,991)	$ (198,169)
Intangible assets at end of year	671,572	602,531
Intangible assets controlled by entity but recognized directly to expense	1,026	49,079	10,046
Other administrative and general expenses
Reconciliation of initial and final balances of the cost and accrued amortization
Research and development costs	64,363	40,229	11,882
Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	1,944,254	1,480,126
Acquisitions	352,248	245,204
Write off	(119,482)	(43,991)
Transfers from premises and equipment		30,068
Foreign currency translation adjustment	(303,952)	232,847
Intangible assets at end of year	1,873,068	1,944,254	1,480,126
Amortization
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(1,341,723)	(994,500)
Write off	119,482	41,148
Transfers from premises and equipment		28,940
Amortization expense	212,317	175,991
Foreign currency translation adjustment	(233,062)	183,440
Intangible assets at end of year	(1,201,496)	(1,341,723)	(994,500)
Trademarks
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	1
Intangible assets at end of year		1
Trademarks | Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	28,438	23,537
Foreign currency translation adjustment	(5,842)	4,901
Intangible assets at end of year	22,596	28,438	23,537
Trademarks | Amortization
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(28,437)	(20,174)
Amortization expense		3,595
Foreign currency translation adjustment	(5,841)	4,668
Intangible assets at end of year	(22,596)	(28,437)	(20,174)
Licenses, software and computer applications
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	595,919
Intangible assets at end of year	668,071	595,919
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	1,361,258	997,609
Acquisitions	352,248	245,204
Write off	(119,482)	(43,991)
Transfers from premises and equipment		30,068
Foreign currency translation adjustment	(184,188)	132,368
Intangible assets at end of year	1,409,836	1,361,258	997,609
Licenses, software and computer applications | Amortization
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(765,339)	(523,055)
Write off	119,482	41,148
Transfers from premises and equipment		28,940
Amortization expense	210,333	170,004
Foreign currency translation adjustment	(114,425)	84,488
Intangible assets at end of year	(741,765)	(765,339)	(523,055)
Client relationships
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	6,611
Intangible assets at end of year	3,501	6,611
Client relationships | Gross carrying amount
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	554,558	458,980
Foreign currency translation adjustment	(113,922)	95,578
Intangible assets at end of year	440,636	554,558	458,980
Client relationships | Amortization
Reconciliation of initial and final balances of the cost and accrued amortization
Intangible assets at beginning of year	(547,947)	(451,271)
Amortization expense	1,984	2,392
Foreign currency translation adjustment	(112,796)	94,284
Intangible assets at end of year	$ (437,135)	$ (547,947)	$ (451,271)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($) $ / $	Dec. 31, 2022 COP ($) $ / $	Dec. 31, 2021 $ / $
GOODWILL AND INTANGIBLE ASSETS, NET
Balance at beginning of the year, net	$ 9,836,661	$ 8,143,146
Effect of change in foreign exchange rate	(2,018,536)	1,693,515
Balance at end of the year, net	$ 7,818,125	$ 9,836,661
Market representative rate | $ / $	3,822.05	4,810.20	3,981.16

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, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 7,818,125	$ 9,836,661	$ 8,143,146
Banking Panama | Discounted cash flow | Key Assumption, Five Year Plan
GOODWILL AND INTANGIBLE ASSETS, NET
Discount Rate (real)	10.90%	10.90%
Growth rate (real)	4.50%	5.30%
Goodwill	$ 5,837,310	$ 7,346,484
Banking El Salvador | Discounted cash flow | Key Assumption, Five Year Plan
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate (real)	3.70%	3.90%
Goodwill	$ 1,078,105	$ 1,356,837
Banking El Salvador | Discounted cash flow | Key Assumption, Five Year Plan | Short Term
GOODWILL AND INTANGIBLE ASSETS, NET
Discount Rate (real)	17.10%	20.10%
Banking El Salvador | Discounted cash flow | Key Assumption, Five Year Plan | Long Term
GOODWILL AND INTANGIBLE ASSETS, NET
Discount Rate (real)	15.50%	16.10%
Banking Guatemala | Discounted cash flow | Key Assumption, Five Year Plan
GOODWILL AND INTANGIBLE ASSETS, NET
Discount Rate (real)	12.30%	13%
Growth rate (real)	4.80%	4.90%
Goodwill	$ 892,050	$ 1,122,680
Other Segments | Key Assumption, Five Year Plan
GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill	$ 10,660	$ 10,660

GOODWILL AND INTANGIBLE ASSET_7

GOODWILL AND INTANGIBLE ASSETS, NET - Sensitivity analysis (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Banking Panama
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.50%	5.30%
Discount rate	10.90%	10.90%
Banking Panama | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4%	4.80%
Discount rate	11.40%	11.40%
Banking Panama | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.50%	5.30%
Discount rate	10.90%	10.90%
Banking Panama | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5%	5.80%
Discount rate	10.40%	10.40%
Banking Panama | Growth rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 10,826,278	$ 12,851,974
Banking Panama | Growth rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	11,721,608	14,049,526
Banking Panama | Growth rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	12,770,528	15,483,841
Banking Panama | Discount rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	11,224,673	13,351,970
Banking Panama | Discount rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	11,721,608	14,049,526
Banking Panama | Discount rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 12,302,770	$ 14,883,860
Banking El Salvador
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	3.70%	3.90%
Banking El Salvador | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	3.20%	3.40%
Banking El Salvador | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	3.70%	3.90%
Banking El Salvador | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.20%	4.40%
Banking El Salvador | Maximum
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	17.10%	20.10%
Banking El Salvador | Maximum | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	18.10%	21.10%
Banking El Salvador | Maximum | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	17.10%	20.10%
Banking El Salvador | Maximum | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	16.10%	19.10%
Banking El Salvador | Minimum
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	15.50%	16.10%
Banking El Salvador | Minimum | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	16.50%	17.10%
Banking El Salvador | Minimum | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	15.50%	16.10%
Banking El Salvador | Minimum | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Discount rate	14.50%	15.10%
Banking El Salvador | Growth rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 3,909,551	$ 4,543,466
Banking El Salvador | Growth rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,241,177	4,913,975
Banking El Salvador | Growth rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,634,962	5,351,507
Banking El Salvador | Discount rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,182,324	4,851,416
Banking El Salvador | Discount rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,241,177	4,913,975
Banking El Salvador | Discount rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 4,305,238	$ 4,981,886
Banking Guatemala
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.80%	4.90%
Discount rate	12.30%	13%
Banking Guatemala | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.30%	4.40%
Discount rate	12.80%	13.50%
Banking Guatemala | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	4.80%	4.90%
Discount rate	12.30%	13%
Banking Guatemala | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Growth rate	5.30%	5.40%
Discount rate	11.80%	12.50%
Banking Guatemala | Growth rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 3,903,356	$ 4,854,108
Banking Guatemala | Growth rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,224,256	5,225,546
Banking Guatemala | Growth rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,592,449	5,647,675
Banking Guatemala | Discount rate | Pessimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,090,025	5,070,100
Banking Guatemala | Discount rate | Base scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	4,224,256	5,225,546
Banking Guatemala | Discount rate | Optimistic scenario
GOODWILL AND INTANGIBLE ASSETS, NET
Recoverable amount	$ 4,377,661	$ 5,401,451

GOODWILL AND INTANGIBLE ASSET_8

GOODWILL AND INTANGIBLE ASSETS, NET - PA FAI CALLE 77 - Purchase Price Allocation (Details) - PA FAI Calle 77 acquisition - COP ($) $ in Millions	Mar. 01, 2022	Jun. 09, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
Percentage of ownership interest in subsidiary	98%
Percentage of non-controlling interests in acquiree	2%
Cash advance		$ 29,025
Settlement of an active financial leasing operation		27,943
Purchase price	$ 56,968	$ 56,968
Non-controlling interest at fair value	1,166
TOTAL	$ 58,134

GOODWILL AND INTANGIBLE ASSET_9

GOODWILL AND INTANGIBLE ASSETS, NET - PA FAI CALLE 77 - Net assets acquired (Details) - PA FAI Calle 77 acquisition - COP ($) $ in Millions		12 Months Ended
	Mar. 01, 2022	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 799
Accounts receivable	299
Premises and equipment, net	3
Investments property	60,850
Other assets	78
Total Assets	62,029
LIABILITIES
Accounts payable	1,080
Deferred tax	283
Other liabilities	99
Total Liabilities	1,462
Net assets acquired	60,567
Gain from a bargain purchase	$ 2,433	$ 2,433

GOODWILL AND INTANGIBLE ASSE_10

GOODWILL AND INTANGIBLE ASSETS, NET - WOMPI S.A.S. Purchase Price Allocation (Details) - Wompi S.A.S. (Before Vlipco S.A.S.) - COP ($) $ in Millions		1 Months Ended
	Nov. 09, 2021	Jul. 31, 2019	Nov. 30, 2021	Nov. 10, 2021
GOODWILL AND INTANGIBLE ASSETS, NET
Percentage of interest acquired				47.37%
Number of shares held	91,838
Proportion of ownership interest in joint venture	47.40%	48.91%
Goodwill			$ 10,660
Goodwill expected to be deductible for tax purposes			$ 0
Percentage of non-controlling interests in acquiree			5.23%
Purchase price			$ 9,474
Fair value of previously held investment			9,479
Non-controlling interest at fair value			1,047
TOTAL			$ 20,000

GOODWILL AND INTANGIBLE ASSE_11

GOODWILL AND INTANGIBLE ASSETS, NET - WOMPI S.A.S. - Net assets acquired (Details) - Wompi S.A.S. (Before Vlipco S.A.S.) - COP ($) $ in Millions				1 Months Ended
	Dec. 31, 2021	Nov. 30, 2021	Nov. 09, 2021	Jul. 31, 2019	Nov. 10, 2021
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
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
Previously held interest
Proportion of ownership interest in joint venture			47.40%	48.91%
Percentage of interest acquired					47.37%
Percentage of ownership interest in subsidiary	94.77%
Gain on remeasurement of equity interest to fair value		$ 5,197

PREMISES AND EQUIPMENT, NET (De

PREMISES AND EQUIPMENT, NET (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
PREMISES AND EQUIPMENT, NET
Beginning Balance	$ 6,727,066	$ 5,100,652
Additions	1,522,986	2,665,432
Expenses depreciation and impairment	(640,856)	(564,132)
Disposals	(103,552)	(103,610)
Assets classified as held for sale and other assets	(806,365)	(510,309)
Effect of changes in foreign exchange rate	(176,745)	139,033
Ending Balance	6,522,534	6,727,066
Contractual commitments	4,025	3,816
Premises and equipment pledged as collateral	0	0
Fully depreciated property and equipment that is still in use	673,376	714,734
Temporarily idle premises and equipment	79,644	75,473
Premises and equipment for own use
PREMISES AND EQUIPMENT, NET
Beginning Balance	2,710,073	2,563,392
Additions	299,734	354,492
Expenses depreciation and impairment	(205,503)	(204,713)
Disposals	(43,868)	(68,388)
Assets classified as held for sale and other assets	(58,437)	(73,743)
Effect of changes in foreign exchange rate	(176,745)	139,033
Ending Balance	2,525,254	2,710,073
Premises and equipment in operating leases
PREMISES AND EQUIPMENT, NET
Beginning Balance	4,016,993	2,537,260
Additions	1,223,252	2,310,940
Expenses depreciation and impairment	(435,353)	(359,419)
Disposals	(59,684)	(35,222)
Assets classified as held for sale and other assets	(747,928)	(436,566)
Ending Balance	3,997,280	4,016,993
Cost
PREMISES AND EQUIPMENT, NET
Beginning Balance	9,166,204	7,211,551
Additions	1,522,986	2,665,432
Disposals	(245,728)	(270,266)
Assets classified as held for sale and other assets	(1,035,484)	(721,293)
Effect of changes in foreign exchange rate	(345,850)	280,780
Ending Balance	9,062,128	9,166,204
Cost | Premises and equipment for own use
PREMISES AND EQUIPMENT, NET
Beginning Balance	4,294,739	3,974,878
Additions	299,734	354,492
Disposals	(161,985)	(227,726)
Assets classified as held for sale and other assets	(42,407)	(87,685)
Effect of changes in foreign exchange rate	(345,850)	280,780
Ending Balance	4,044,231	4,294,739
Cost | Premises and equipment for own use | Land
PREMISES AND EQUIPMENT, NET
Beginning Balance	605,713	551,484
Additions	3,750	34,151
Disposals	(3,738)	(3,773)
Assets classified as held for sale and other assets	(39,665)	(17,068)
Effect of changes in foreign exchange rate	(48,655)	40,919
Ending Balance	517,405	605,713
Cost | Premises and equipment for own use | Construction in progress
PREMISES AND EQUIPMENT, NET
Beginning Balance	51,839	37,040
Additions	46,846	24,643
Disposals		(17,714)
Effect of changes in foreign exchange rate	(15,052)	7,870
Ending Balance	83,633	51,839
Cost | Premises and equipment for own use | Buildings
PREMISES AND EQUIPMENT, NET
Beginning Balance	1,878,689	1,795,240
Additions	25,644	20,789
Disposals	(30,968)	(18,844)
Assets classified as held for sale and other assets	18,311	(43,379)
Effect of changes in foreign exchange rate	(151,671)	124,883
Ending Balance	1,740,005	1,878,689
Cost | Premises and equipment for own use | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance	709,894	662,385
Additions	57,565	46,390
Disposals	(29,474)	(42,540)
Assets classified as held for sale and other assets	(6,522)
Effect of changes in foreign exchange rate	(53,325)	43,659
Ending Balance	678,138	709,894
Cost | Premises and equipment for own use | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	1,007,230	881,056
Additions	129,012	191,122
Disposals	(91,096)	(125,436)
Assets classified as held for sale and other assets	2,416
Effect of changes in foreign exchange rate	(73,129)	60,488
Ending Balance	974,433	1,007,230
Cost | Premises and equipment for own use | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	31,713	42,366
Additions	9,967	5,253
Disposals	(6,709)	(18,361)
Assets classified as held for sale and other assets	2,489	(163)
Effect of changes in foreign exchange rate	(3,480)	2,618
Ending Balance	33,980	31,713
Cost | Premises and equipment for own use | Leasehold improvements
PREMISES AND EQUIPMENT, NET
Beginning Balance	9,661	5,307
Additions	26,950	32,144
Disposals		(1,058)
Assets classified as held for sale and other assets	(19,436)	(27,075)
Effect of changes in foreign exchange rate	(538)	343
Ending Balance	16,637	9,661
Cost | Premises and equipment in operating leases
PREMISES AND EQUIPMENT, NET
Beginning Balance	4,871,465	3,236,673
Additions	1,223,252	2,310,940
Disposals	(83,743)	(42,540)
Assets classified as held for sale and other assets	(993,077)	(633,608)
Ending Balance	5,017,897	4,871,465
Cost | Premises and equipment in operating leases | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance	2,091	2,091
Ending Balance	2,091	2,091
Cost | Premises and equipment in operating leases | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	150,969	121,071
Additions	66,833	45,690
Disposals	(4,463)	(6,001)
Assets classified as held for sale and other assets	14,822	(9,791)
Ending Balance	228,161	150,969
Cost | Premises and equipment in operating leases | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	4,718,405	3,113,511
Additions	1,156,419	2,265,250
Disposals	(79,280)	(36,539)
Assets classified as held for sale and other assets	(1,007,899)	(623,817)
Ending Balance	4,787,645	4,718,405
Accumulated depreciation
PREMISES AND EQUIPMENT, NET
Beginning Balance	(2,439,138)	(2,110,899)
Expenses depreciation and impairment	(636,376)	(560,596)
Disposals	137,696	163,120
Assets classified as held for sale and other assets	229,119	210,984
Effect of changes in foreign exchange rate	169,105	(141,747)
Ending Balance	(2,539,594)	(2,439,138)
Accumulated depreciation | Premises and equipment for own use
PREMISES AND EQUIPMENT, NET
Beginning Balance	(1,584,666)	(1,411,486)
Expenses depreciation and impairment	(203,046)	(201,177)
Disposals	115,660	155,802
Assets classified as held for sale and other assets	(16,030)	13,942
Effect of changes in foreign exchange rate	169,105	(141,747)
Ending Balance	(1,518,977)	(1,584,666)
Accumulated depreciation | Premises and equipment for own use | Buildings
PREMISES AND EQUIPMENT, NET
Beginning Balance	(535,550)	(458,784)
Expenses depreciation and impairment	(38,565)	(37,604)
Disposals	10,828	14,939
Assets classified as held for sale and other assets	(11,916)	13,878
Effect of changes in foreign exchange rate	82,007	(67,979)
Ending Balance	(493,196)	(535,550)
Accumulated depreciation | Premises and equipment for own use | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance	(432,992)	(388,005)
Expenses depreciation and impairment	(44,238)	(44,958)
Disposals	25,956	29,759
Effect of changes in foreign exchange rate	35,757	(29,788)
Ending Balance	(415,517)	(432,992)
Accumulated depreciation | Premises and equipment for own use | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	(595,991)	(545,954)
Expenses depreciation and impairment	(114,887)	(114,099)
Disposals	73,226	106,367
Assets classified as held for sale and other assets	(4,100)
Effect of changes in foreign exchange rate	49,316	(42,305)
Ending Balance	(592,436)	(595,991)
Accumulated depreciation | Premises and equipment for own use | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	(19,506)	(18,233)
Expenses depreciation and impairment	(5,331)	(4,484)
Disposals	5,650	4,721
Assets classified as held for sale and other assets	(14)	64
Effect of changes in foreign exchange rate	1,895	(1,574)
Ending Balance	(17,306)	(19,506)
Accumulated depreciation | Premises and equipment for own use | Leasehold improvements
PREMISES AND EQUIPMENT, NET
Beginning Balance	(627)	(510)
Expenses depreciation and impairment	(25)	(32)
Disposals		16
Effect of changes in foreign exchange rate	130	(101)
Ending Balance	(522)	(627)
Accumulated depreciation | Premises and equipment in operating leases
PREMISES AND EQUIPMENT, NET
Beginning Balance	(854,472)	(699,413)
Expenses depreciation and impairment	(433,330)	(359,419)
Disposals	22,036	7,318
Assets classified as held for sale and other assets	245,149	197,042
Ending Balance	(1,020,617)	(854,472)
Accumulated depreciation | Premises and equipment in operating leases | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Beginning Balance	(360)	(106)
Expenses depreciation and impairment	(254)	(254)
Ending Balance	(614)	(360)
Accumulated depreciation | Premises and equipment in operating leases | Computer equipment
PREMISES AND EQUIPMENT, NET
Beginning Balance	(66,577)	(46,884)
Expenses depreciation and impairment	(49,364)	(32,482)
Disposals	3,855	4,618
Assets classified as held for sale and other assets	16,448	8,171
Ending Balance	(95,638)	(66,577)
Accumulated depreciation | Premises and equipment in operating leases | Vehicles
PREMISES AND EQUIPMENT, NET
Beginning Balance	(787,535)	(652,423)
Expenses depreciation and impairment	(383,712)	(326,683)
Disposals	18,181	2,700
Assets classified as held for sale and other assets	228,701	188,871
Ending Balance	(924,365)	(787,535)
Accumulated impairment
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(4,480)	(3,536)
Disposals	4,480	3,536
Accumulated impairment | Premises and equipment for own use
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(2,457)	(3,536)
Disposals	2,457	3,536
Accumulated impairment | Premises and equipment for own use | Construction in progress
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment		(3,536)
Disposals		$ 3,536
Accumulated impairment | Premises and equipment for own use | Buildings
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(153)
Disposals	153
Accumulated impairment | Premises and equipment for own use | Furniture and fixtures
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(797)
Disposals	797
Accumulated impairment | Premises and equipment for own use | Computer equipment
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(1,507)
Disposals	1,507
Accumulated impairment | Premises and equipment in operating leases
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(2,023)
Disposals	2,023
Accumulated impairment | Premises and equipment in operating leases | Vehicles
PREMISES AND EQUIPMENT, NET
Expenses depreciation and impairment	(2,023)
Disposals	$ 2,023

INVESTMENT PROPERTIES - Reconci

INVESTMENT PROPERTIES - Reconciliation (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT PROPERTIES
Balance at the beginning of the year	$ 3,994,058	$ 3,132,220
Acquisitions	294,569	731,600
Subsequent expenditure recognised as an asset	170,920	66,745
Sales/Write-offs	(21,194)	(233,974)
Acquisitions through business combination		60,850
Amount reclassified from premises and equipment	39,096
Gains on valuation	232,462	236,617
Balance at the end of the year	4,709,911	3,994,058
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) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENT PROPERTIES
Balance at the beginning of the year	$ 3,994,058	$ 3,132,220
Appraisals	232,462	236,617
Net increase (decrease)	444,295	564,371
Acquisitions through business combination		60,850
Amount reclassified from premises and equipment	39,096
Balance at the end of the year	4,709,911	3,994,058
Purchases, investment property	294,569	731,600
Subsequent expenditure recognised as an asset	170,920	66,745
Buildings
INVESTMENT PROPERTIES
Balance at the beginning of the year	3,870,706	2,949,720
Appraisals	194,608	239,823
Net increase (decrease)	280,107	620,313
Acquisitions through business combination		60,850
Amount reclassified from premises and equipment	39,096
Balance at the end of the year	4,384,517	3,870,706
Buildings | Bancolombia S.A.
INVESTMENT PROPERTIES
Purchases, investment property	80,954	221,834
Buildings | P.A. MERCURIO
INVESTMENT PROPERTIES
Purchases, investment property		249,492
Buildings | FCP Fondo Inmobiliario Colombia
INVESTMENT PROPERTIES
Purchases, investment property	91,182	242,274
Subsequent expenditure recognised as an asset	71,023
Sales, investment property		147,483
Land
INVESTMENT PROPERTIES
Balance at the beginning of the year	123,352	182,500
Appraisals	37,854	(3,206)
Net increase (decrease)	164,188	(55,942)
Balance at the end of the year	325,394	$ 123,352
Land | NOMAD CENTRAL and P.A. FAI CALLE 84
INVESTMENT PROPERTIES
Purchases, investment property	92,585
Subsequent expenditure recognised as an asset	$ 71,354

INVESTMENT PROPERTIES - Amounts

INVESTMENT PROPERTIES - Amounts recognized in the statement of income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVESTMENT PROPERTIES
Income from rentals	$ 228,325	$ 157,511	$ 139,021
Operating expenses due to:
Investment properties that generated income through rentals	28,813	21,267	15,331
Investment properties that did not generate income through rentals	$ 10,378	$ 19,021	$ 10,050

INCOME TAX - Components recogni

INCOME TAX - Components recognized in income statement (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax
Fiscal term	$ (1,779,538)	$ (2,644,173)	$ (1,321,400)
Prior fiscal terms	46,791	39,137	71,932
Total current tax	(1,732,747)	(2,605,036)	(1,249,468)
Deferred tax
Fiscal term	(282,012)	(80,663)	(530,926)
Adjustments for consolidation purposes	82,204	(62,722)	4,169
Total deferred tax	(199,808)	(143,385)	(526,757)
Total income tax	$ (1,932,555)	$ (2,748,421)	$ (1,776,225)
Foreign
Deferred tax
Dividend tax rate	20%	10%
Colombia
Deferred tax
Nominal income tax rate	35%	35%	31%
Income tax points liquidated	5%	5%	3%
Threshold percentage of industry and trade tax which can be offset against corporate income tax liability.	3%
Threshold percentage of total outstanding shares to determine taxable status of sale of public shares	3%
Dividend tax rate	10%	7.50%
Capital gains tax rate	15%	10%
Temporary reduction in penalties and interest	60%
Colombia | Taxable income equal to, or higher than 120.00 tax units (UVT) from year 2023 to 2027
Deferred tax
Percentage increase in surcharge rate applicable to financial entities	5%
Threshold taxable income (UVT)	$ 120,000
Colombia | Minimum
Deferred tax
Effective tax rate	15%
Guatemala
Deferred tax
Income tax rate	25%
Panama
Deferred tax
Income tax rate	25%
El Salvador
Deferred tax
Income tax rate	30%

INCOME TAX - Reconciliation of

INCOME TAX - Reconciliation of effective tax rate (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAX
Accounting profit	$ 8,147,526	$ 9,744,786	$ 5,984,012
Applicable tax with nominal rate	(3,259,011)	(3,703,019)	(2,034,564)
Non-deductible expenses to determine taxable profit (loss)	(478,901)	(425,458)	(260,546)
Accounting and non-tax expense (income) to determine of taxable profit (loss)	667,744	978,468	767,857
Differences in accounting bases	(106,648)	(19,448)	(32,714)
Fiscal and non-accounting expense (income) to determine of taxable profit (loss)	(652,607)	(470,063)	(285,191)
Ordinary activities income exempt from taxation	1,563,793	832,822	412,495
Ordinary activities income not constituting income or occasional tax gain	67,132	120,513	98,870
Tax deductions	156,543	374,233	226,064
Goodwill Depreciation	2,478	461	200,617
Tax depreciation surplus	223,901	162,111	140,384
Untaxed recoveries	(64,516)	(40,559)	(84,692)
Tax rate effect in other countries	(121,597)	(319,825)	(384,669)
Prior fiscal terms	46,791	39,137	71,932
Other effects of the tax rate by reconciliation between accounting profit and tax expense (income)	22,343	(277,794)	(612,068)
Total income tax	$ (1,932,555)	$ (2,748,421)	$ (1,776,225)
Colombia
INCOME TAX
Nominal income tax rate	35%	35%	31%
Income tax points liquidated	5%	5%	3%

INCOME TAX - Other comprehensiv

INCOME TAX - Other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amount before taxes
Remeasurement income related to defined benefit liability	$ (44,594)	$ 69,249	$ 7,444
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	11,144	33,354	3,994
Gains due to asset revaluation
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	114,287	(172,385)	(61,052)
Loss on net investment hedge in foreign operations	1,948,833	(1,833,087)	(1,207,052)
Exchange differences arising on translating the foreign operations	(4,963,913)	4,064,795	2,513,742
Unrealized (loss)/gain on investments in associates and joint ventures using equity method	(2,225)	(1,929)	2,913
Net	(2,936,468)	2,159,997	1,259,989
Deferred tax
Remeasurement income related to defined benefit liability	13,234	(25,090)	(1,791)
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	(246)	(1,282)	48,153
Gains due to asset revaluation		(71)	(142)
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	(21,023)	7,843	9,527
Loss on net investment hedge in foreign operations	(772,755)	746,232	493,346
Unrealized gains on investments in associates and joint ventures using equity method	2,223	(1,221)	(982)
Net	(778,567)	726,411	548,111
Net taxes
Remeasurement income related to defined benefit liability	(31,360)	44,159	5,653
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)	10,898	32,072	52,147
Gains due to asset revaluation		(71)	(142)
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)	93,264	(164,542)	(51,525)
Loss on net investment hedge in foreign operations	1,176,078	(1,086,855)	(713,706)
Exchange differences arising on translating the foreign operations	(4,963,913)	4,064,795	2,513,742
Unrealized gains on investments in associates and joint ventures using equity method	(2)	(3,150)	1,931
Other comprehensive income, attributable to the owners of the Parent Company, net of tax	$ (3,715,035)	$ 2,886,408	$ 1,808,100

INCOME TAX - Deferred tax asset

INCOME TAX - Deferred tax asset and liabilities classification (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)
Asset Deferred Tax:
December 31, 2022	$ 3,913,954
Effect on Income Statement	(672,343)
Effect on OCI	(759,686)
Effect on Equity	13,952
Tax Made	(137,838)
Foreign Exchange	(193,749)
Adjustments for consolidation purposes	(47,774)
December 31, 2023	2,116,516
Liability Deferred Tax:
December 31, 2022	(3,782,721)
Effect on Income Statement	390,331
Effect on OCI	(18,881)
Effect on Equity	(14,138)
Foreign Exchange	79,297
Adjustments for consolidation purposes	129,978
December 31, 2023	(3,216,134)
Net Deferred Tax
December 31, 2021	131,233
Effect on Income Statement	(282,012)
Effect on OCI	(778,567)
Effect on Equity	(186)
Tax Made	(137,838)
Foreign Exchange	(114,452)
Adjustments for consolidation purposes	82,204
December 31, 2022	(1,099,618)
Property and equipment
Asset Deferred Tax:
December 31, 2022	11,071
Effect on Income Statement	(1,494)
Foreign Exchange	(2,082)
Adjustments for consolidation purposes	(1,513)
December 31, 2023	5,982
Employee Benefits
Asset Deferred Tax:
December 31, 2022	218,263
Effect on Income Statement	34,648
Effect on OCI	13,234
Foreign Exchange	(6,739)
December 31, 2023	259,406
Deterioration assessment
Asset Deferred Tax:
December 31, 2022	602,289
Effect on Income Statement	1,666
Foreign Exchange	(136,367)
Adjustments for consolidation purposes	(51,136)
December 31, 2023	416,452
Investments evaluation
Asset Deferred Tax:
December 31, 2022	5,591
Effect on Income Statement	(231)
Effect on OCI	(165)
Foreign Exchange	(134)
December 31, 2023	5,061
Derivatives Valuation
Asset Deferred Tax:
December 31, 2022	8,457
Effect on Income Statement	221,735
Adjustments for consolidation purposes	4,875
December 31, 2023	235,067
Tax credits settlement
Asset Deferred Tax:
December 31, 2022	18,186
Effect on Income Statement	16,754
December 31, 2023	34,940
Financial Obligations
Asset Deferred Tax:
December 31, 2022	663,095
Effect on Income Statement	(663,095)
Insurance operations
Asset Deferred Tax:
Effect on Income Statement	(633)
Effect on Equity	13,952
December 31, 2023	13,319
Net investment coverage in operations abroad
Asset Deferred Tax:
December 31, 2022	1,530,074
Effect on Income Statement	(91,043)
Effect on OCI	(772,755)
Tax Made	(137,838)
December 31, 2023	528,438
Other deductions
Asset Deferred Tax:
December 31, 2022	446,451
Effect on Income Statement	(191,575)
Foreign Exchange	(13,241)
December 31, 2023	241,635
Implementation adjustment
Asset Deferred Tax:
December 31, 2022	410,477
Effect on Income Statement	925
Foreign Exchange	(35,186)
December 31, 2023	376,216
Property and equipment
Liability Deferred Tax:
December 31, 2022	(310,845)
Effect on Income Statement	32,867
Foreign Exchange	4,549
Adjustments for consolidation purposes	128,441
December 31, 2023	(144,988)
Deterioration assessment
Liability Deferred Tax:
December 31, 2022	(549,435)
Effect on Income Statement	437,539
Foreign Exchange	1,333
Adjustments for consolidation purposes	(2,828)
December 31, 2023	(113,391)
Participatory titles evaluation
Liability Deferred Tax:
December 31, 2022	(154,094)
Effect on Income Statement	(200,138)
Effect on OCI	(21,104)
Foreign Exchange	(1,205)
Adjustments for consolidation purposes	6,732
December 31, 2023	(369,809)
Derivatives evaluation
Liability Deferred Tax:
December 31, 2022	(20,466)
Effect on Income Statement	8,585
Foreign Exchange	4,203
Adjustments for consolidation purposes	(2,367)
December 31, 2023	(10,045)
Lease restatement
Liability Deferred Tax:
December 31, 2022	(258,954)
Effect on Income Statement	43,543
December 31, 2023	(215,411)
Investments in associates Adjustment for equity method
Liability Deferred Tax:
December 31, 2022	(241,748)
Effect on Income Statement	168,671
Effect on OCI	2,223
Foreign Exchange	(8,730)
December 31, 2023	(79,584)
Financial Obligations
Liability Deferred Tax:
December 31, 2022	(1,248)
Effect on Income Statement	(178,955)
Foreign Exchange	256
December 31, 2023	(179,947)
Goodwill
Liability Deferred Tax:
December 31, 2022	(1,576,519)
Effect on Income Statement	644
Foreign Exchange	1,909
December 31, 2023	(1,573,966)
Insurance operations
Liability Deferred Tax:
Effect on Income Statement	189
Effect on Equity	(14,138)
December 31, 2023	(13,949)
Properties received in payment
Liability Deferred Tax:
December 31, 2022	(162,681)
Effect on Income Statement	11,016
Foreign Exchange	3,203
December 31, 2023	(148,462)
Other deductions
Liability Deferred Tax:
December 31, 2022	(506,706)
Effect on Income Statement	66,370
Foreign Exchange	73,779
December 31, 2023	(366,557)
Implementation adjustment
Liability Deferred Tax:
December 31, 2022	(25)
December 31, 2023	$ (25)

INCOME TAX - Temporary differen

INCOME TAX - Temporary differences in subsidiaries, branches, associates (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Local Subsidiaries
INCOME TAX
Temporary differences	$ (1,378,775)	$ (1,966,594)
Foreign Subsidiaries
INCOME TAX
Temporary differences	$ (17,696,145)	$ (22,854,744)

INCOME TAX - Tax credits (Detai

INCOME TAX - Tax credits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)
INCOME TAX
Base	$ 102,055
Deferred tax recognized asset	34,940
Renting Colombia S.A.S.
INCOME TAX
Base	39,037
Deferred tax recognized asset	12,883
Nequi S.A. Compania de Financiamiento
INCOME TAX
Base	63,018
Deferred tax recognized asset	$ 22,057

ASSETS HELD FOR SALE AND INVE_3

ASSETS HELD FOR SALE AND INVENTORIES, NET - Summary (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	$ 747,302	$ 513,032
Assets held for sale, net	159,451	95,417
Total assets held for sale and inventories, net	$ 906,753	$ 608,449

ASSETS HELD FOR SALE AND INVE_4

ASSETS HELD FOR SALE AND INVENTORIES, NET - Inventories, net (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS HELD FOR SALE AND INVENTORIES, NET
Total inventories, net	$ 747,302	$ 513,031
Inventories pledged as collateral for liabilities	0	0
Cost
ASSETS HELD FOR SALE AND INVENTORIES, NET
Total inventories, net	784,067	538,689
Impairment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Total inventories, net	(36,765)	(25,658)
Land and buildings | Cost
ASSETS HELD FOR SALE AND INVENTORIES, NET
Total inventories, net	275,808	285,076
Vehicles | Cost
ASSETS HELD FOR SALE AND INVENTORIES, NET
Total inventories, net	469,949	220,522
Machinery and others | Cost
ASSETS HELD FOR SALE AND INVENTORIES, NET
Total inventories, net	$ 38,310	$ 33,091

ASSETS HELD FOR SALE AND INVE_5

ASSETS HELD FOR SALE AND INVENTORIES, NET - Assets held for sale (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ 159,451	$ 95,417
Investments held for sale	0	0
Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	20,835	23,886
Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	132,265	68,507
Banking El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	3,091	1,559
Banking Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	3,260	1,465
Machinery and equipment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	11,702	9,918
Machinery and equipment | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	9,238	5,090
Machinery and equipment | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	2,464	4,828
Real estate for residential purposes
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	117,476	63,283
Real estate for residential purposes | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	6,191	7,928
Real estate for residential purposes | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	104,934	52,331
Real estate for residential purposes | Banking El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	3,091	1,559
Real estate for residential purposes | Banking Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	3,260	1,465
Real estate different from residential properties
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	30,273	22,216
Real estate different from residential properties | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	5,406	10,868
Real estate different from residential properties | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	24,867	11,348
Gross carrying amount
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	162,741	98,200
Gross carrying amount | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	21,438	24,305
Gross carrying amount | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	134,095	70,399
Gross carrying amount | Banking El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	3,148	1,616
Gross carrying amount | Banking Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	4,060	1,880
Gross carrying amount | Machinery and equipment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	11,773	10,030
Gross carrying amount | Machinery and equipment | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	9,300	5,160
Gross carrying amount | Machinery and equipment | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	2,473	4,870
Gross carrying amount | Real estate for residential purposes
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	120,041	65,644
Gross carrying amount | Real estate for residential purposes | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	6,191	7,967
Gross carrying amount | Real estate for residential purposes | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	106,642	54,181
Gross carrying amount | Real estate for residential purposes | Banking El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	3,148	1,616
Gross carrying amount | Real estate for residential purposes | Banking Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	4,060	1,880
Gross carrying amount | Real estate different from residential properties
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	30,927	22,526
Gross carrying amount | Real estate different from residential properties | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	5,947	11,178
Gross carrying amount | Real estate different from residential properties | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	24,980	11,348
Impairment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(3,290)	(2,783)
Impairment | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(603)	(419)
Impairment | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(1,830)	(1,892)
Impairment | Banking El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(57)	(57)
Impairment | Banking Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(800)	(415)
Impairment | Machinery and equipment
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(71)	(112)
Impairment | Machinery and equipment | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(62)	(70)
Impairment | Machinery and equipment | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(9)	(42)
Impairment | Real estate for residential purposes
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(2,565)	(2,361)
Impairment | Real estate for residential purposes | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale		(39)
Impairment | Real estate for residential purposes | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(1,708)	(1,850)
Impairment | Real estate for residential purposes | Banking El Salvador
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(57)	(57)
Impairment | Real estate for residential purposes | Banking Guatemala
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(800)	(415)
Impairment | Real estate different from residential properties
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(654)	(310)
Impairment | Real estate different from residential properties | Banking Colombia
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	(541)	$ (310)
Impairment | Real estate different from residential properties | Banking Panama
ASSETS HELD FOR SALE AND INVENTORIES, NET
Assets held for sale	$ (113)

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) $ in Millions	Dec. 31, 2023 COP ($) $ / $	Dec. 31, 2022 COP ($) $ / $	Dec. 31, 2021 COP ($) $ / $
OTHER ASSETS, NET
Tax advance	$ 1,461,816	$ 1,298,400
Other receivables	1,193,294	1,158,447
Assets pledged as collateral (cash)	1,082,611	752,099
Marketable and non-marketable for sale assets	890,653	978,319
Prepaid expenses	713,505	576,742
Receivables related to abandoned accounts	403,432	439,994
Accounts receivable from contracts with customers	259,516	192,029	$ 182,672
Receivable Sales of goods and service	254,607	260,674
Commission for letters of credit	207,327	70,249
Operating leases	201,302	172,216
Balance in credit card clearing house	185,164	142,331
Debtors	85,698	21,646
Others	595,799	488,640
Total other assets	7,534,724	6,551,786
Allowance others	(6,688)	(3,920)
Total other assets, net	$ 7,528,036	$ 6,547,866
Year end exchange rate, US dollar into Colombian pesos | $ / $	3,822.05	4,810.20	3,981.16

DEPOSITS BY CUSTOMERS - Summary

DEPOSITS BY CUSTOMERS - Summary of Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
DEPOSITS BY CUSTOMERS
Saving accounts	$ 108,971,334	$ 118,443,600
Time deposits	98,686,516	87,138,067
Checking accounts	34,993,066	40,808,856
Other deposits	5,290,264	4,601,800
Total deposits by customers	247,941,180	250,992,323
Nequi
DEPOSITS BY CUSTOMERS
Total deposits by customers	$ 2,924,906	$ 1,724,123

DEPOSITS BY CUSTOMERS - Summa_2

DEPOSITS BY CUSTOMERS - Summary of Time Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
DEPOSITS BY CUSTOMERS
Carrying value	$ 98,686,516	$ 87,138,067
Fair value	100,085,855	85,649,548
Less than 6 months
DEPOSITS BY CUSTOMERS
Carrying value	17,641,158	16,922,753
Fair value	$ 17,494,878	$ 16,900,555
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	15.52%	16.57%
Between 6 months and 12 months
DEPOSITS BY CUSTOMERS
Carrying value	$ 18,422,400	$ 14,279,083
Fair value	$ 18,314,065	$ 14,234,825
Between 6 months and 12 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.50%	0.50%
Between 6 months and 12 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	17.32%	17.41%
Between 12 months and 18 months
DEPOSITS BY CUSTOMERS
Carrying value	$ 17,523,847	$ 13,692,773
Fair value	$ 17,647,508	$ 13,571,248
Between 12 months and 18 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.85%	0.50%
Between 12 months and 18 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	20.52%	19.51%
Greater than 18 months
DEPOSITS BY CUSTOMERS
Carrying value	$ 45,099,111	$ 42,243,458
Fair value	$ 46,629,404	$ 40,942,920
Greater than 18 months | Minimum
DEPOSITS BY CUSTOMERS
Effective interest rate	0.01%	0.40%
Greater than 18 months | Maximum
DEPOSITS BY CUSTOMERS
Effective interest rate	20.86%	22.10%

DEPOSITS BY CUSTOMERS - Maturit

DEPOSITS BY CUSTOMERS - Maturity of Time Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
DEPOSITS BY CUSTOMERS
Carrying value	$ 98,686,516	$ 87,138,067
Fair value	100,085,855	85,649,548
Less than 1 year
DEPOSITS BY CUSTOMERS
Carrying value	71,178,788	60,256,684
Fair value	71,315,171	60,113,046
Between 1 and 3 years
DEPOSITS BY CUSTOMERS
Carrying value	13,715,792	14,930,613
Fair value	13,949,647	14,621,696
Between 3 and 5 years
DEPOSITS BY CUSTOMERS
Carrying value	3,197,528	4,318,988
Fair value	3,256,102	4,017,350
Greater than 5 years
DEPOSITS BY CUSTOMERS
Carrying value	10,594,408	7,631,782
Fair value	$ 11,564,935	$ 6,897,456

INTERBANK DEPOSITS AND REPURC_3

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Money market operations (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interbank Deposits
Interbank liabilities	$ 606,141	$ 902,132
Total interbank	606,141	902,132
Repurchase agreements and other similar secured borrowing
Short selling operations	273,791	125,682
Temporary transfer of securities	44,888	63,370
Repurchase agreements	151,616
Total Repurchase agreements and other similar secured borrowing	470,295	189,052
Total money market transactions	$ 1,076,436	$ 1,091,184
Repo liabilities
Repurchase agreements and other similar secured borrowing
Debt instrument maturity	30 days	30 days

INTERBANK DEPOSITS AND REPURC_4

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Repurchases and resale transactions (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Assets / liabilities gross	$ 7,380,221	$ 2,691,935
Net balance presented in the statement of financial position	7,380,221	2,691,935
Financial instruments as collateral	(7,380,221)	(2,691,935)
Securities purchased under resale agreements presented as cash and cash equivalents	7,840,926	2,873,716
Securities purchased under resale agreements presented as other assets	9,590	7,271
Securities purchased under resale agreements
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Assets / liabilities gross	7,850,516	2,880,987
Net balance presented in the statement of financial position	7,850,516	2,880,987
Financial instruments as collateral	(7,850,516)	(2,880,987)
Securities sold under repurchase agreements
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Assets / liabilities gross	(470,295)	(189,052)
Net balance presented in the statement of financial position	(470,295)	(189,052)
Financial instruments as collateral	$ 470,295	$ 189,052

BORROWINGS FROM OTHER FINANCI_3

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Summary (Details) $ in Millions	Dec. 31, 2023 COP ($) $ / $	Dec. 31, 2022 COP ($) $ / $	Dec. 31, 2021 $ / $
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 15,648,606	$ 19,692,638
Year end exchange rate, US dollar into Colombian pesos | $ / $	3,822.05	4,810.20	3,981.16
Obligations granted by foreign banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 9,139,834	$ 14,774,220
Obligations granted by domestic banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 6,508,772	$ 4,918,418

BORROWINGS FROM OTHER FINANCI_4

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks (Details) $ in Millions, $ in Millions	Dec. 31, 2023 COP ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 COP ($)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 15,648,606		$ 19,692,638
Obligations granted by foreign banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	9,139,834		14,774,220
Obligations granted by foreign banks | Financing with Correspondent Banks and Multilateral Entities
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 8,566,580		$ 13,816,270
Coverage of net investment abroad		$ 200
Obligations granted by foreign banks | Financing with Correspondent Banks and Multilateral Entities | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	1.21%	1.21%	0.97%
Obligations granted by foreign banks | Financing with Correspondent Banks and Multilateral Entities | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	10.06%	10.06%	9.51%
Obligations granted by foreign banks | Banco Interamericano de Desarrollo (BID)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 532,899		$ 670,043
Obligations granted by foreign banks | Banco Interamericano de Desarrollo (BID) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	9.50%	9.50%	8.62%
Obligations granted by foreign banks | Banco Interamericano de Desarrollo (BID) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	10.64%	10.64%	8.74%
Obligations granted by foreign banks | Banco Latinoamericano de Comercio Exterior (Bladex)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 40,355		$ 287,907
Obligations granted by foreign banks | Banco Latinoamericano de Comercio Exterior (Bladex) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	6.91%	6.91%	2.89%
Obligations granted by foreign banks | Banco Latinoamericano de Comercio Exterior (Bladex) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	6.91%	6.91%	6.60%

BORROWINGS FROM OTHER FINANCI_5

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks maturity (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 15,648,606	$ 19,692,638
Obligations granted by foreign banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	9,139,834	14,774,220
Obligations granted by foreign banks | No more than twelve months after the reporting period
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	3,813,504	8,825,089
Obligations granted by foreign banks | More than twelve months after the reporting period
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 5,326,330	$ 5,949,131

BORROWINGS FROM OTHER FINANCI_6

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 15,648,606	$ 19,692,638
Intervention rate issued by Banco de la Republica	13%	12%	3%	1.75%
Obligations granted by domestic banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 6,508,772	$ 4,918,418
Obligations granted by domestic banks | Financiera de desarrollo territorial (Findeter)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 2,530,570	$ 2,047,506
Obligations granted by domestic banks | Financiera de desarrollo territorial (Findeter) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	8.15%	7.22%
Obligations granted by domestic banks | Financiera de desarrollo territorial (Findeter) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	20.85%	18.77%
Obligations granted by domestic banks | Fondo para el financiamiento del sector agropecuario (Finagro)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 1,509,594	$ 931,018
Obligations granted by domestic banks | Fondo para el financiamiento del sector agropecuario (Finagro) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	8.37%	3.40%
Obligations granted by domestic banks | Fondo para el financiamiento del sector agropecuario (Finagro) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	15.88%	15.70%
Obligations granted by domestic banks | Banco de comercio exterior de Colombia (Bancoldex)
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 1,404,873	$ 902,036
Obligations granted by domestic banks | Banco de comercio exterior de Colombia (Bancoldex) | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	2.17%	2.15%
Obligations granted by domestic banks | Banco de comercio exterior de Colombia (Bancoldex) | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	21.46%	19.15%
Obligations granted by domestic banks | Other private financial entities
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 1,063,735	$ 1,037,858
Obligations granted by domestic banks | Other private financial entities | Minimum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	12.88%	11.35%
Obligations granted by domestic banks | Other private financial entities | Maximum
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Rate	16.67%	15.75%

BORROWINGS FROM OTHER FINANCI_7

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks maturity (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 15,648,606	$ 19,692,638
Obligations granted by domestic banks
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	6,508,772	4,918,418
Obligations granted by domestic banks | No more than twelve months after the reporting period
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	767,470	500,500
Obligations granted by domestic banks | More than twelve months after the reporting period
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Borrowings from other financial institutions	$ 5,741,302	$ 4,417,918

DEBT INSTRUMENTS IN ISSUE - Sum

DEBT INSTRUMENTS IN ISSUE - Summary (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 COP ($) $ / $	Dec. 31, 2023 USD ($) $ / $	Dec. 31, 2022 COP ($) $ / $	Dec. 31, 2022 USD ($) $ / $	Dec. 31, 2021 $ / $
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue		$ 14,663,576		$ 19,575,988
Year end exchange rate, US dollar into Colombian pesos | $ / $		3,822.05	3,822.05	4,810.20	4,810.20	3,981.16
Banistmo S.A. | Foreign currency
DEBT INSTRUMENTS IN ISSUE
Principal balance			$ 679,395		$ 687,913
Debt instruments in issue		$ 2,626,235		$ 3,344,759
Banistmo S.A. | Foreign currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		3%	3%	1.80%	1.80%
Banistmo S.A. | Foreign currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		6.25%	6.25%	5%	5%
Banco Agricola S.A. | Foreign currency
DEBT INSTRUMENTS IN ISSUE
Principal balance			$ 162,700		$ 125,640
Debt instruments in issue		$ 623,568		$ 603,865
Banco Agricola S.A. | Foreign currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		5.58%	5.58%	5.45%	5.45%
Banco Agricola S.A. | Foreign currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		7.57%	7.57%	6.41%	6.41%
Bancolombia Puerto Rico Internacional Inc. | Foreign currency
DEBT INSTRUMENTS IN ISSUE
Principal balance			$ 69,648		$ 14,876
Debt instruments in issue		$ 276,451		$ 72,240
Bancolombia Puerto Rico Internacional Inc. | Foreign currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		5.05%	5.05%	3.30%	3.30%
Bancolombia Puerto Rico Internacional Inc. | Foreign currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		5.50%	5.50%	3.65%	3.65%
Bancolombia Panama S.A. | Foreign currency
DEBT INSTRUMENTS IN ISSUE
Principal balance			$ 44,924		$ 70,881
Debt instruments in issue		$ 176,376		$ 342,793
Bancolombia Panama S.A. | Foreign currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		4.70%	4.70%	1.50%	1.50%
Bancolombia Panama S.A. | Foreign currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		6.10%	6.10%	5.65%	5.65%
Grupo Agromercantil Holding S.A. and Filiales | Foreign currency
DEBT INSTRUMENTS IN ISSUE
Principal balance			$ 555		$ 563
Debt instruments in issue		$ 2,121		$ 2,709
Grupo Agromercantil Holding S.A. and Filiales | Foreign currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		0.25%	0.25%	0.25%	0.25%
Grupo Agromercantil Holding S.A. and Filiales | Foreign currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		7.25%	7.25%	7.25%	7.25%
Bancolombia S.A. | Local currency
DEBT INSTRUMENTS IN ISSUE
Principal balance		$ 4,029,882		$ 4,642,404
Debt instruments in issue		$ 4,097,727		$ 4,708,586
Bancolombia S.A. | Local currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		12.87%	12.87%	13.06%	13.06%
Bancolombia S.A. | Local currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		21.06%	21.06%	17.92%	17.92%
Bancolombia S.A. | Foreign currency
DEBT INSTRUMENTS IN ISSUE
Principal balance			$ 1,832,534		$ 2,256,397
Debt instruments in issue		$ 6,861,098		$ 10,501,036
Repurchases of senior bonds	$ 467,966
Hedge of net asset in a foreign operation			$ 1,392,034		$ 1,860,000
Bancolombia S.A. | Foreign currency | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate		3.02%	3.02%	3.02%	3.02%
Bancolombia S.A. | Foreign currency | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate		7.03%	7.03%	7.03%	7.03%

DEBT INSTRUMENTS IN ISSUE - Bon

DEBT INSTRUMENTS IN ISSUE - Bonds classified by currency, term and type of issue (Details) item in Millions, $ in Millions		12 Months Ended
	Oct. 25, 2022 COP ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 COP ($)	Dec. 31, 2022 COP ($)
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				$ 14,663,576	$ 19,575,988
Banco Agricola S.A. | Maximum
DEBT INSTRUMENTS IN ISSUE
Debt instrument term			5 years
Ordinary bonds | Banistmo S.A.
DEBT INSTRUMENTS IN ISSUE
New issuances of bonds		$ 58,062	$ 72,682
Debt instrument term		1 year
Interest rate					4.50%
Ordinary bonds | Banistmo S.A. | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate				6%
Ordinary bonds | Banistmo S.A. | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate				6.25%
Ordinary bonds | Banco Agricola S.A.
DEBT INSTRUMENTS IN ISSUE
New issuances of bonds		$ 77,700	$ 23,600
Ordinary bonds | Banco Agricola S.A. | Minimum
DEBT INSTRUMENTS IN ISSUE
Debt instrument term		1 year 6 months	2 years
Interest rate				6.68%	5.25%
Ordinary bonds | Banco Agricola S.A. | Maximum
DEBT INSTRUMENTS IN ISSUE
Debt instrument term		8 years
Interest rate				7.25%	6.68%
Sustainable ordinary bonds | Bancolombia S.A.
DEBT INSTRUMENTS IN ISSUE
New issuances of bonds	$ 640,000
Debt instrument term	5 years
Number of people covered by commitment to grant financing | item	1.5
Percentage reduction in CO2 emissions in financial loans	35.60%
Local currency | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				$ 1,236,385	$ 1,225,276
Local currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				2,861,342	3,483,310
Foreign currency | Banistmo S.A.
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				$ 2,626,235	$ 3,344,759
Foreign currency | Banistmo S.A. | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate				3%	1.80%
Foreign currency | Banistmo S.A. | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate				6.25%	5%
Foreign currency | Banco Agricola S.A.
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				$ 623,568	$ 603,865
Foreign currency | Banco Agricola S.A. | Minimum
DEBT INSTRUMENTS IN ISSUE
Interest rate				5.58%	5.45%
Foreign currency | Banco Agricola S.A. | Maximum
DEBT INSTRUMENTS IN ISSUE
Interest rate				7.57%	6.41%
Foreign currency | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				$ 4,822,273	$ 6,026,739
Foreign currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				5,743,576	8,840,663
Less than 1 year
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				106,707	402,714
Less than 1 year | Foreign currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				106,707	402,714
Between 1 and 3 years
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				1,375,723	609,437
Between 1 and 3 years | Foreign currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				1,375,723	609,437
Between 3 and 5 years
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				303,202	784,727
Between 3 and 5 years | Local currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				165,589	165,495
Between 3 and 5 years | Foreign currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				137,613	619,232
Greater than 5 years
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				12,877,944	17,779,110
Greater than 5 years | Local currency | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				1,236,385	1,225,276
Greater than 5 years | Local currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				2,695,753	3,317,815
Greater than 5 years | Foreign currency | Subordinated bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				4,822,273	6,026,739
Greater than 5 years | Foreign currency | Ordinary bonds
DEBT INSTRUMENTS IN ISSUE
Debt instruments in issue				$ 4,123,533	$ 7,209,280

DEBT INSTRUMENTS IN ISSUE - Deb

DEBT INSTRUMENTS IN ISSUE - Debt instruments in issue by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
DEBT INSTRUMENTS IN ISSUE
Amount expected to be settled	$ 14,663,576	$ 19,575,988
No more than twelve months after the reporting period
DEBT INSTRUMENTS IN ISSUE
Amount expected to be settled	3,368,076	1,898,469
More than twelve months after the reporting period
DEBT INSTRUMENTS IN ISSUE
Amount expected to be settled	$ 11,295,500	$ 17,677,519

EMPLOYEE BENEFIT PLANS - Liabil

EMPLOYEE BENEFIT PLANS - Liabilities relating to post-employment benefit and long-term benefit plans (Details) - Post-employment benefit and long-term benefit plans - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans	$ 885,719	$ 769,990
Fair value Plan assets	2,765	4,619
Total Unfunded Post-employment and long-term benefit plans	882,954	765,371
Defined benefit pension plan
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans	132,854	131,255
Severance obligation
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans	14,360	15,446
Retirement Pension Premium Plan and Executive Pension Plan Premium
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans	195,295	176,816
Other long term benefits
EMPLOYEE BENEFIT PLANS
Total Post-employment and long-term benefit plans	$ 543,210	$ 446,473

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined benefit pension plan (Details) - item	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined benefit pension plan - Colombia
EMPLOYEE BENEFIT PLANS
Number of participants covered by plan	498	522
Defined benefit pension plan - Panama
EMPLOYEE BENEFIT PLANS
Number of months prior to retirement used to determine benefit payments	120
Required service period	10 years
Number of participants covered by plan	37	42
Number of participants with deferred benefits	10	15
Number of participants receiving benefits	27	27
Defined benefit pension plan - Guatemala | Benefits Scenario 1
EMPLOYEE BENEFIT PLANS
Required service period	30 years
Percentage of monthly nominal wage in retirement pension plan	50%
Retirement Age	70 years
Defined benefit pension plan - Guatemala | Benefits Scenario 2
EMPLOYEE BENEFIT PLANS
Required service period	40 years
Percentage of monthly nominal wage in retirement pension plan	50%
Retirement Age	65 years
Defined benefit pension plan - Guatemala | Benefits Scenario 3
EMPLOYEE BENEFIT PLANS
Required service period	40 years
Percentage of monthly nominal wage in retirement pension plan	70%
Retirement Age	70 years
Defined benefit pension plan - Guatemala | Benefits Scenario 4
EMPLOYEE BENEFIT PLANS
Required service period	45 years
Percentage of monthly nominal wage in retirement pension plan	70%
Retirement Age	65 years

EMPLOYEE BENEFIT PLANS - Defi_2

EMPLOYEE BENEFIT PLANS - Defined benefit pension plan - Obligation (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined benefit pension plan - Colombia
EMPLOYEE BENEFIT PLANS
Discount rate	11.75%	14.25%
Defined benefit pension plan - Guatemala
EMPLOYEE BENEFIT PLANS
Discount rate	9%	10.20%
Defined benefit obligation at present value | Defined benefit pension plan - Colombia
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	$ 95,081	$ 110,018
Interest cost	11,409	9,459
Benefits paid	(12,237)	(11,439)
Net actuarial loss / (gain) due to changes in assumptions	7,025	(11,321)
Net actuarial loss / (gain) due to plan experience	500	(1,636)
Defined obligation, unfunded as of December 31	101,778	95,081
Defined benefit obligation at present value | Defined benefit pension plan - Panama
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	5,296	6,025
Interest cost	312	229
Benefits paid	(1,088)	(332)
Net actuarial loss / (gain) due to changes in assumptions	(174)	(1,360)
Net actuarial loss / (gain) due to plan experience	(361)	(293)
Foreign currency translation effect	(934)	1,027
Defined obligation, unfunded as of December 31	3,051	5,296
Defined benefit obligation at present value | Defined benefit pension plan - Guatemala
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	30,878	52,773
Current cost of service	878	2,457
Interest cost	2,757	3,375
Past service cost	(4,821)
Benefits paid	(1,764)	(1,709)
Net actuarial loss / (gain) due to changes in assumptions	5,544	(30,093)
Net actuarial loss / (gain) due to plan experience	1,272	(2,122)
Foreign currency translation effect	(6,719)	6,197
Defined obligation, unfunded as of December 31	$ 28,025	$ 30,878

EMPLOYEE BENEFIT PLANS - Defi_3

EMPLOYEE BENEFIT PLANS - Defined benefit pension plan - Plan assets (Details) - Plan assets - Defined benefit pension plan - Panama - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
Fair value of assets as of January 1	$ 4,619	$ 4,127
Interest income on plan assets	80	30
Benefits paid	(1,105)	(355)
Foreign currency translation effect	(829)	817
Fair value assets at December 31	$ 2,765	$ 4,619

EMPLOYEE BENEFIT PLANS - Severa

EMPLOYEE BENEFIT PLANS - Severance obligation (Details) - Severance obligation - Colombia $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($) item	Dec. 31, 2022 COP ($) item
EMPLOYEE BENEFIT PLANS
Number of participants covered by plan | item	114	152
Defined benefit obligation at present value
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	$ 15,446	$ 18,429
Current service cost	357	409
Interest cost	1,566	1,250
Benefits paid	(6,594)	(5,113)
Net actuarial loss / (gain) due to changes in assumptions	888	1,806
Net actuarial loss / (gain) due to plan experience	2,697	(1,335)
Defined obligation, unfunded as of December 31	$ 14,360	$ 15,446

EMPLOYEE BENEFIT PLANS - Retire

EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan and Executive Pension Plan Premium - Obligation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($) item	Dec. 31, 2022 COP ($) item	Dec. 31, 2021
Bancolombia S.A.
EMPLOYEE BENEFIT PLANS
Discount rate	11.75%	14.25%
Inflation rate	6.35%	7.30%
Retirement Pension Premium Plan and Executive Pension Plan Premium - El Salvador
EMPLOYEE BENEFIT PLANS
Number of participants covered by plan | item	2,927	2,844
Retirement Pension Premium Plan and Executive Pension Plan Premium - Guatemala
EMPLOYEE BENEFIT PLANS
Number of participants covered by plan | item	3,733	3,504
Discount rate	8.50%	9.30%	5.40%
Actuarial gain (loss) from changes in financial assumptions	$ (2,772)	$ (13,476)
Defined benefit obligation at present value | Retirement Pension Premium Plan and Executive Pension Plan Premium
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	176,816	219,496
Current service cost	18,427	20,794
Interest cost	17,338	15,371
Benefits paid	(18,889)	(19,487)
Consolidation of contributions		(43,199)
Net actuarial loss / (gain) due to changes in assumptions	(565)	(39,817)
Net actuarial loss / (gain) due to plan experience	24,238	6,487
Foreign currency translation effect	(22,070)	17,171
Defined obligation, unfunded as of December 31	$ 195,295	$ 176,816

EMPLOYEE BENEFIT PLANS - Reti_2

EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan and Executive Pension Plan Premium - Plan assets (Details) - Plan assets - Retirement Pension Premium Plan and Executive Pension Plan Premium $ in Millions	12 Months Ended
	Dec. 31, 2022 COP ($)
EMPLOYEE BENEFIT PLANS
Fair value of assets as of January 1	$ 30,121
Employee contributions	6,614
Interest income on plan assets	2,329
Return on plan assets greater/(less) than discount rate	(4,245)
Benefits paid	(34,819)
Fair value assets at December 31

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other long term benefits (Details) - Other long term benefits - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Discount rate	11.75%	14%	8%
Actuarial gain (loss) from changes in financial assumptions	$ 33,545	$ 33,143
Inflation rate	6.35%	7.30%
Defined benefit obligation at present value
EMPLOYEE BENEFIT PLANS
Present value of the obligation as of January 1	$ 446,473	$ 465,744
Current service cost	48,790	24,106
Interest cost	54,878	39,973
Benefits paid	(55,257)	(44,601)
Net actuarial loss / (gain) due to changes in assumptions	38,497	(47,997)
Net actuarial loss / (gain) due to plan experience	18,721	2,369
Foreign currency translation effect	(8,892)	6,879
Defined obligation, unfunded as of December 31	$ 543,210	$ 446,473

EMPLOYEE BENEFIT PLANS - Defi_4

EMPLOYEE BENEFIT PLANS - Defined contribution plans (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined contribution plan
EMPLOYEE BENEFIT PLANS
Defined contribution expense	$ 369,584	$ 295,478
Pension
EMPLOYEE BENEFIT PLANS
Defined contribution expense	286,621	231,676
Current severance regimen
EMPLOYEE BENEFIT PLANS
Defined contribution expense	$ 82,963	$ 63,802

EMPLOYEE BENEFIT PLANS - Econom

EMPLOYEE BENEFIT PLANS - Economic assumptions used in the determination of the present value of the defined benefit plans (Details) - Y	Dec. 31, 2023	Dec. 31, 2022
Minimum
EMPLOYEE BENEFIT PLANS
Actuarial assumption of mortality rates (in years)	20
Maximum
EMPLOYEE BENEFIT PLANS
Actuarial assumption of mortality rates (in years)	60
Defined benefit pension plan - Colombia
EMPLOYEE BENEFIT PLANS
Discount rate	11.75%	14.25%
Rate of wage increase	8.85%	9.80%
Projected inflation	6.35%	7.30%
Rate of pension increase	6.35%	7.30%
Defined benefit pension plan - Bancolombia Panama
EMPLOYEE BENEFIT PLANS
Discount rate	7%	6.50%
Rate of wage increase	2%	2%
Projected inflation	2%	2%
Defined benefit pension plan - Banistmo
EMPLOYEE BENEFIT PLANS
Discount rate	7.60%	6.90%
Rate of wage increase	2.20%	0.70%
Defined benefit pension plan - El Salvador
EMPLOYEE BENEFIT PLANS
Discount rate	6.20%	5.80%
Rate of wage increase	2.50%	2.50%
Projected inflation	1.50%	1.50%
Defined benefit pension plan - Guatemala
EMPLOYEE BENEFIT PLANS
Discount rate	9%	10.20%
Rate of wage increase	5%	5%
Projected inflation	4%	4%

EMPLOYEE BENEFIT PLANS - Estima

EMPLOYEE BENEFIT PLANS - Estimated payment of future benefits (Details) $ in Millions	Dec. 31, 2023 COP ($)
Pension Benefits | 2024
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	$ 15,217
Pension Benefits | 2025
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	15,296
Pension Benefits | 2026
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	15,443
Pension Benefits | 2027
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	15,388
Pension Benefits | 2028
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	15,357
Pension Benefits | 2029 to 2033
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	71,711
Other Benefits | 2024
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	90,557
Other Benefits | 2025
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	83,744
Other Benefits | 2026
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	98,699
Other Benefits | 2027
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	89,188
Other Benefits | 2028
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	98,452
Other Benefits | 2029 to 2033
EMPLOYEE BENEFIT PLANS
Estimated payment of future benefits	$ 483,520

EMPLOYEE BENEFIT PLANS - Sensit

EMPLOYEE BENEFIT PLANS - Sensitivity analysis (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined benefit pension plan - Colombia
EMPLOYEE BENEFIT PLANS
Discount rate, Value	11.75%	14.25%
Salary, Value	8.85%	9.80%
Defined benefit pension plan - Colombia | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	12.25%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (2,899)
Defined benefit pension plan - Colombia | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	11.25%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 3,071
Defined benefit pension plan - Colombia | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	6.85%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 3,436
Defined benefit pension plan - Colombia | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	5.85%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (3,264)
Defined benefit pension plan - Colombia | Mortality Table | Mortality Table RV-08
EMPLOYEE BENEFIT PLANS
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Increase, Effect on DBO	$ 4,229
Retirement Pension Premium Plan - Colombia | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	12.25%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (5,412)
Retirement Pension Premium Plan - Colombia | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	11.25%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 5,894
Retirement Pension Premium Plan - Colombia | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	9.35%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 6,058
Retirement Pension Premium Plan - Colombia | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	8.35%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (5,602)
Severance obligation - Colombia | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	11.75%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (177)
Severance obligation - Colombia | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	10.75%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 182
Severance obligation - Colombia | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	9.35%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 410
Severance obligation - Colombia | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	8.35%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (402)
Defined benefit pension plan - Panama | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	8.10%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (102)
Defined benefit pension plan - Panama | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	7.10%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 108
Defined benefit pension plan - Panama | Mortality Table | Mortality Table RP-2000
EMPLOYEE BENEFIT PLANS
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Increase, Effect on DBO	$ 86
Defined benefit pension plan - Guatemala
EMPLOYEE BENEFIT PLANS
Discount rate, Value	9%	10.20%
Salary, Value	5%	5%
Defined benefit pension plan - Guatemala | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	9.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (2,226)
Defined benefit pension plan - Guatemala | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	8.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 2,546
Defined benefit pension plan - Guatemala | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	5.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 1,653
Defined benefit pension plan - Guatemala | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	4.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (1,482)
Defined benefit pension plan - Guatemala | Mortality Table | Mortality Table RP-2000
EMPLOYEE BENEFIT PLANS
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Increase, Effect on DBO	$ 784
Retirement Pension Premium Plan - Guatemala | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	9%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (1,461)
Retirement Pension Premium Plan - Guatemala | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	8%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 1,537
Retirement Pension Premium Plan - Guatemala | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	5.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 1,582
Retirement Pension Premium Plan - Guatemala | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	4.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (1,515)
Retirement Pension Premium Plan - El Salvador | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	6.70%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (724)
Retirement Pension Premium Plan - El Salvador | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	5.70%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 778
Retirement Pension Premium Plan - El Salvador | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	3%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 134
Retirement Pension Premium Plan - El Salvador | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	2%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (183)
Other Long-Term Benefits - Colombia | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	12.25%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (14,948)
Other Long-Term Benefits - Colombia | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	11.25%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 15,879
Other Long-Term Benefits - Colombia | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	9.35%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 16,208
Other Long-Term Benefits - Colombia | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	8.35%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (14,405)
Other Long-Term Benefits - Guatemala | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	9.10%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (892)
Other Long-Term Benefits - Guatemala | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	8.10%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 952
Other Long-Term Benefits - Guatemala | Salary | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	5.50%
Percentage of increase	0.50%
Increase, Effect on DBO	$ 981
Other Long-Term Benefits - Guatemala | Salary | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Salary, Value	4.50%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ (926)
Other Long-Term Benefits - El Salvador | Discount rate | 0.50% increase in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	6.70%
Percentage of increase	0.50%
Increase, Effect on DBO	$ (132)
Other Long-Term Benefits - El Salvador | Discount rate | 0.50% decrease in actuarial assumption
EMPLOYEE BENEFIT PLANS
Discount rate, Value	5.70%
Percentage of decrease	0.50%
Decrease, Effect on DBO	$ 140

EMPLOYEE BENEFIT PLANS - Short-

EMPLOYEE BENEFIT PLANS - Short-term employment benefit plans (Details) - Other liabilities - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
Current severance obligation	$ 95,732	$ 73,475
Bonuses and short-term benefits	734,916	640,458
Other employment benefit plans	$ 830,648	$ 713,933

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER LIABILITIES
Payables	$ 4,746,323	$ 3,629,433
Suppliers	1,653,424	2,333,289
Advances to obligations	1,199,509	1,082,447
Dividends	870,846	769,181
Collection services	820,393	1,032,613
Deposits delivered as security	795,628	655,176
Bonuses and short-term benefits	734,916	640,458
Security contributions	524,741	473,247
Provisions	401,111	417,242
Salaries and other labor obligations	396,734	359,673
Deferred interests	217,507	96,939
Advances in leasing operations and loans	186,547	282,173
Liabilities from contracts with customers	60,128	56,856	$ 55,025
Other	40,774	50,484
Total	$ 12,648,581	$ 11,879,211

PROVISIONS AND CONTINGENT LIA_3

PROVISIONS AND CONTINGENT LIABILITIES - Provisions (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	$ 417,242	$ 288,017
Net provisions recognized during the period	21,468	147,374
Provisions used during the period	(14,531)	(31,945)
Translation adjustment	(18,937)	10,396
Effect of discounted cash flows	(4,131)	3,400
Ending balance	401,111	417,242
Judicial proceedings
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	47,577	35,815
Net provisions recognized during the period	19,427	18,958
Provisions used during the period	(10,666)	(8,863)
Translation adjustment	(1,395)	(1,733)
Effect of discounted cash flows	(4,131)	3,400
Ending balance	50,812	47,577
Administrative proceedings
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	84,997	15,340
Net provisions recognized during the period	11,248	92,739
Provisions used during the period	(3,865)	(23,082)
Ending balance	92,380	84,997
Amount recognized related to administrative litigation	14,920	14,002
Financial guarantees
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	16,501	31,111
Net provisions recognized during the period	(14,139)	(14,716)
Translation adjustment	(124)	106
Ending balance	2,238	16,501
Loan commitments
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	265,405	204,655
Net provisions recognized during the period	4,394	48,727
Translation adjustment	(17,418)	12,023
Ending balance	252,381	265,405
Onerous contracts
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	2,762	1,096
Net provisions recognized during the period	538	1,666
Ending balance	$ 3,300	$ 2,762

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, 2023	Dec. 31, 2022
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	$ (27,940,140)
Ending Balance	(25,674,195)	$ (27,940,140)
Stage Three
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	(1,006,275)
Ending Balance	(1,031,773)	(1,006,275)
Stage Three | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	667,528
Ending Balance	752,028	667,528
Financial guarantees and loan commitments | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	281,906	235,766
Provisions recognised during the period	77,697	91,492
Provisions reversed during the period	(87,442)	(57,481)
Translation adjustment	(17,542)	12,129
Ending Balance	254,619	281,906
Financial guarantees and loan commitments | Stage One | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	140,574	104,204
Transfers	34,443	24,198
Transfer to stage 1	33,530	25,578
Transfer to stage 2	2,384	119
Transfer to stage 3	(1,471)	(1,499)
Provisions recognised during the period	56,254	60,707
Provisions reversed during the period	(60,779)	(55,730)
Translation adjustment	(12,155)	7,195
Ending Balance	158,337	140,574
Financial guarantees and loan commitments | Stage Two | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	82,615	59,825
Transfers	(23,490)	1,873
Transfer to stage 1	(24,858)	(17,581)
Transfer to stage 2	4,992	21,547
Transfer to stage 3	(3,624)	(2,093)
Provisions recognised during the period	11,515	22,636
Provisions reversed during the period	(20,306)	(6,559)
Translation adjustment	(5,276)	4,840
Ending Balance	45,058	82,615
Financial guarantees and loan commitments | Stage Three | Allowance
PROVISIONS AND CONTINGENT LIABILITIES
Beginning balance	58,717	71,737
Transfers	(10,953)	(26,071)
Transfer to stage 1	(8,672)	(7,997)
Transfer to stage 2	(7,376)	(21,666)
Transfer to stage 3	5,095	3,592
Provisions recognised during the period	9,928	8,149
Provisions reversed during the period	(6,357)	4,808
Translation adjustment	(111)	94
Ending Balance	$ 51,224	$ 58,717

PROVISIONS AND CONTINGENT LIA_5

PROVISIONS AND CONTINGENT LIABILITIES - Financial guarantees (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	$ 12,691,198	$ 11,624,914
Under 1 month
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	826,699	757,658
Greater than 1 month and up to 3 months
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	3,778,824	1,286,137
Greater than 3 months and up to 1 year
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	5,609,521	5,695,172
Greater than 1 year and up to 3 years
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	1,489,899	3,660,806
Greater than 3 years and up to 5 years
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	450,875	134,611
Greater than 5 years
PROVISIONS AND CONTINGENT LIABILITIES
Financial guarantees	$ 535,380	$ 90,530

PROVISIONS AND CONTINGENT LIA_6

PROVISIONS AND CONTINGENT LIABILITIES - Loan commitments (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	$ 11,233,614	$ 15,865,759
Under 1 month
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	687,405	745,606
Greater than 1 month and up to 3 months
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	11,373	1,028,896
Greater than 3 months and up to 1 year
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	4,205,833	1,271,666
Greater than 1 year and up to 3 years
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	2,269,280	5,308,195
Greater than 3 years and up to 5 years
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	3,411,570	6,683,599
Greater than 5 years
PROVISIONS AND CONTINGENT LIABILITIES
Loan commitments	$ 648,153	$ 827,797

PROVISIONS AND CONTINGENT LIA_7

PROVISIONS AND CONTINGENT LIABILITIES - Contingent liabilities (Details) $ in Thousands, $ in Millions

1 Months Ended

12 Months Ended

Dec. 13, 2023 COP ($)

Nov. 03, 2023 COP ($)

Nov. 03, 2022 COP ($)

Sep. 20, 2022 USD ($)

Sep. 28, 2015 COP ($)

Jun. 03, 2008 USD ($)

Oct. 31, 2022 USD ($) item

Apr. 30, 2022 USD ($)

Mar. 31, 2022 COP ($)

Oct. 31, 2021 USD ($)

Oct. 31, 2018 USD ($)

Oct. 31, 2013 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2014 USD ($)

Dec. 31, 2023 COP ($)

Neos Group S.A.S. (in reorganization) and Inversiones Davanic S.A.S.

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 65,000

Contraloria Departamental de Cundinamarca v. GEHS, Bancolombia and other natural persons

PROVISIONS AND CONTINGENT LIABILITIES

Price agreed

$ 19,000

Fines awarded

$ 7,649

Legal proceedings provision

$ 7,149

Remediation Plan for Santa Elena's property

PROVISIONS AND CONTINGENT LIABILITIES

Remediation plan timeframe

36 months

Legal proceedings provision

$ 74,770

Fredy Alberto Lara Borja

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 103,943

Quinta Sur S.A.S.

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 128,000

Constructora Tymsa S.A.

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 10,000

Five Star Production Inc., Global Men Health Foundation, Ingrid Perscky and Others

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 5,000

Deniss Rafael Perez Perozo, Carlos Perez Leal and others

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 5,252,000

Partial payment received, flagged as irregular activity

$ 299

DD&C, Carlos Perez Leal and Others

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 28,100

Number of international banks of the company against whom the case if file | item

5

Number of international transactions on which legal is sought for compensation | item

6

Aggregate amount of alleged fraudulent transactions

$ 1,900

Direccion General de Impuestos Internos of El Salvador

PROVISIONS AND CONTINGENT LIABILITIES

Tax liability amount under examination

$ 11,116

Adjusted rental tax

$ 6,341

ARRENDADORA FINANCIERA S.A.

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 6,454

Bapa Holdings Corp.

PROVISIONS AND CONTINGENT LIABILITIES

Damages sought

$ 7,000

Superintendencia de Administracion Tributaria

PROVISIONS AND CONTINGENT LIABILITIES

Tax adjustment amount

$ 13,583

Payments for taxes and penalties

770

Legal proceedings contingent liability

PROVISIONS AND CONTINGENT LIABILITIES

Threshold amount of contingencies significant to financial statements

$ 6,585

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - COP ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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%
Mandatory percentage of annual net income if total reserves exceeds outstanding capital	70%
Minimum percentage of shareholder approval required to defer distribution of annual net income	78%
Quorum of subscribed preferred shareholders attendance which is required for valid vote	80%
Cash dividends per share	$ 3,536	$ 3,536	$ 3,120	$ 260	$ 1,638
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%
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%
Non-cumulative minimum preferred dividend, as a percentage of annual subscription price	1%
Quorum of subscribed preferred shareholders attendance which is required for valid vote	80%
Legal reserves
Dividends declared
Minimum percentage of annual net income required to be appropriated to reserves	10%
Maximum reserve balance, as a percentage of total paid-in capital	50%

APPROPRIATED RESERVES (Details)

APPROPRIATED RESERVES (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
APPROPRIATED RESERVES
Total Appropriated reserves	$ 20,044,769	$ 15,930,665
Appropriation of net income
APPROPRIATED RESERVES
Total Appropriated reserves	12,794,057	12,768,264
Dividends reclassification	557	574
Others
APPROPRIATED RESERVES
Total Appropriated reserves	$ 7,250,712	$ 3,162,401

UNCONSOLIDATED STRUCTURED ENT_3

UNCONSOLIDATED STRUCTURED ENTITIES (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets of the entities	$ 160,637,866	$ 150,886,506
Total assets in relation to the Bank's interests in the unconsolidated structured entities	8,099,991	6,230,357
The Bank's maximum exposure	8,099,991	6,230,357
Fees income	477,899	439,709
Fair value through profit or loss | Investments
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	80,436	87,048
Fair value through other comprehensive income | Investments
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	22,149	26,936
Loans and advances to customers | Loans and advances
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	7,997,406	6,116,373
Securitisation
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets of the entities	1,028,501	1,198,421
Total assets in relation to the Bank's interests in the unconsolidated structured entities	102,585	113,984
The Bank's maximum exposure	102,585	113,984
Fees income	3,763	4,532
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	80,436	87,048
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	22,149	26,936
The Bank's managed funds
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets of the entities	159,609,365	149,688,085
Total assets in relation to the Bank's interests in the unconsolidated structured entities	7,997,406	6,116,373
The Bank's maximum exposure	7,997,406	6,116,373
Fees income	474,136	435,177
The Bank's managed funds | Loans and advances to customers | Loans and advances
UNCONSOLIDATED STRUCTURED ENTITIES
Total assets in relation to the Bank's interests in the unconsolidated structured entities	$ 7,997,406	$ 6,116,373

OPERATING INCOME - Interest and

OPERATING INCOME - Interest and valuation on financial instruments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING INCOME
Interest on debt instruments using the effective interest method	$ 1,029,377	$ 588,792	$ 311,488
Interest and valuation on financial instruments	578,688	1,362,700	470,554
Interest and valuation on financial assets instruments	1,608,065	1,951,492	782,042
Debt investments
OPERATING INCOME
Interest and valuation on financial instruments	628,082	1,198,296	466,124
Repos
OPERATING INCOME
Interest and valuation on financial instruments	137,014	(84,410)	(56,555)
Spot transactions
OPERATING INCOME
Interest and valuation on financial instruments	(28,590)	77,433	27,348
Derivatives
OPERATING INCOME
Interest and valuation on financial instruments	$ (157,818)	$ 171,381	$ 33,637

OPERATING INCOME - Interest exp

OPERATING INCOME - Interest expenses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING INCOME
Deposits	$ 13,323,516	$ 6,141,680	$ 2,814,505
Borrowing costs	1,658,996	763,717	293,949
Debt instruments in issue	1,426,615	1,328,511	1,053,441
Lease liabilities	113,815	111,349	111,556
Preferred shares	57,701	57,701	57,701
Overnight funds	30,540	11,375	3,870
Other interest (expense)	57,112	28,137	16,534
Interest expenses	$ 16,668,295	$ 8,442,470	$ 4,351,556
Intervention rate issued by Banco de la Republica	13%	12%	3%	1.75%
Net interest income	$ 19,601,869	$ 16,929,815	$ 11,304,222

OPERATING INCOME - Revenue from

OPERATING INCOME - Revenue from contracts with customers (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
OPERATING INCOME
Intermediation margin	5%
Maximum
OPERATING INCOME
Intermediation margin	10%
Operating Segments
Revenue from contracts with customers
Revenue from contracts with customers	$ 7,080,878	$ 6,370,526	$ 5,293,804
Operating Segments | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	3,070,428	2,779,760	2,236,121
Operating Segments | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	997,321	872,677	686,592
Operating Segments | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	991,563	837,361	682,231
Operating Segments | Payment and collections
Revenue from contracts with customers
Revenue from contracts with customers	965,403	865,958	733,361
Operating Segments | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	463,546	423,702	463,123
Operating Segments | Acceptances, Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	107,681	91,358	72,549
Operating Segments | Investment Banking
Revenue from contracts with customers
Revenue from contracts with customers	68,821	103,923	94,353
Operating Segments | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	26,708	27,848	26,854
Operating Segments | Others
Revenue from contracts with customers
Revenue from contracts with customers	389,407	367,939	298,620
Operating Segments | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers	5,252,099	4,684,563	3,841,472
Operating Segments | Banking Colombia | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	2,467,174	2,248,727	1,830,128
Operating Segments | Banking Colombia | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	924,280	814,653	636,632
Operating Segments | Banking Colombia | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	593,729	481,103	414,870
Operating Segments | Banking Colombia | Payment and collections
Revenue from contracts with customers
Revenue from contracts with customers	950,167	851,983	723,297
Operating Segments | Banking Colombia | Acceptances, Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	72,335	58,293	43,863
Operating Segments | Banking Colombia | Others
Revenue from contracts with customers
Revenue from contracts with customers	244,414	229,804	192,682
Operating Segments | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers	532,930	446,583	351,603
Operating Segments | Banking Panama | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	272,380	232,637	174,226
Operating Segments | Banking Panama | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	72,705	57,858	49,730
Operating Segments | Banking Panama | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	110,271	91,938	69,379
Operating Segments | Banking Panama | Payment and collections
Revenue from contracts with customers
Revenue from contracts with customers	15,236	13,975	10,064
Operating Segments | Banking Panama | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	20,233	18,975	17,420
Operating Segments | Banking Panama | Acceptances, Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	25,159	18,382	16,125
Operating Segments | Banking Panama | Investment Banking
Revenue from contracts with customers
Revenue from contracts with customers	980	550	1,998
Operating Segments | Banking Panama | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	15,568	11,888	12,661
Operating Segments | Banking Panama | Others
Revenue from contracts with customers
Revenue from contracts with customers	398	380
Operating Segments | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers	479,568	444,177	359,724
Operating Segments | Banking El Salvador | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	233,049	216,977	168,273
Operating Segments | Banking El Salvador | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	77	97	129
Operating Segments | Banking El Salvador | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	157,386	142,047	118,532
Operating Segments | Banking El Salvador | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	6,399	6,522	6,567
Operating Segments | Banking El Salvador | Acceptances, Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	5,211	10,081	6,928
Operating Segments | Banking El Salvador | Investment Banking
Revenue from contracts with customers
Revenue from contracts with customers	1,225	1,482	1,353
Operating Segments | Banking El Salvador | Others
Revenue from contracts with customers
Revenue from contracts with customers	76,221	66,971	57,942
Operating Segments | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers	223,200	218,554	159,908
Operating Segments | Banking Guatemala | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	95,833	79,551	61,831
Operating Segments | Banking Guatemala | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	68,857	78,264	56,548
Operating Segments | Banking Guatemala | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	851	803	704
Operating Segments | Banking Guatemala | Acceptances, Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	3,173	3,774	3,716
Operating Segments | Banking Guatemala | Others
Revenue from contracts with customers
Revenue from contracts with customers	54,486	56,162	37,109
Operating Segments | Trust
Revenue from contracts with customers
Revenue from contracts with customers	361,965	318,869	347,878
Operating Segments | Trust | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	104	29	40
Operating Segments | Trust | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	361,632	318,840	347,838
Operating Segments | Trust | Others
Revenue from contracts with customers
Revenue from contracts with customers	229
Operating Segments | Investment Banking
Revenue from contracts with customers
Revenue from contracts with customers	55,917	86,232	79,531
Operating Segments | Investment Banking | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	29	8	10
Operating Segments | Investment Banking | Investment Banking
Revenue from contracts with customers
Revenue from contracts with customers	55,888	86,224	79,521
Operating Segments | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	103,985	111,366	117,282
Operating Segments | Brokerage | Bancassurance
Revenue from contracts with customers
Revenue from contracts with customers	126	32	51
Operating Segments | Brokerage | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	74,377	78,509	90,548
Operating Segments | Brokerage | Investment Banking
Revenue from contracts with customers
Revenue from contracts with customers	10,728	15,667	11,481
Operating Segments | Brokerage | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers	11,140	15,960	14,193
Operating Segments | Brokerage | Others
Revenue from contracts with customers
Revenue from contracts with customers	7,614	1,198	1,009
Operating Segments | International Banking
Revenue from contracts with customers
Revenue from contracts with customers	47,228	42,021	33,309
Operating Segments | International Banking | Credit and debit card fees and commercial establishments
Revenue from contracts with customers
Revenue from contracts with customers	1,992	1,868	1,663
Operating Segments | International Banking | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	37,746	31,277	22,902
Operating Segments | International Banking | Fiduciary Activities and Securities
Revenue from contracts with customers
Revenue from contracts with customers	54	53	46
Operating Segments | International Banking | Acceptances, Guarantees and Standby Letters of Credit
Revenue from contracts with customers
Revenue from contracts with customers	1,803	828	1,917
Operating Segments | International Banking | Others
Revenue from contracts with customers
Revenue from contracts with customers	5,633	7,995	6,781
Operating Segments | All other segments
Revenue from contracts with customers
Revenue from contracts with customers	23,986	18,161	3,097
Operating Segments | All other segments | Banking services
Revenue from contracts with customers
Revenue from contracts with customers	23,574	12,732
Operating Segments | All other segments | Others
Revenue from contracts with customers
Revenue from contracts with customers	$ 412	$ 5,429	$ 3,097

OPERATING INCOME - Contract ass

OPERATING INCOME - Contract assets and contract liabilities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING INCOME
Accounts receivable from contracts with customers, net	$ 259,516	$ 192,029	$ 182,672
Liabilities from contracts with customers	60,128	56,856	55,025
Allowances for receivables from customers	$ 21,591	$ 15,330	$ 16,537
Weighted-average expected period for income recognition	1 year 3 months 18 days	1 year 7 months 6 days	1 year 3 months 18 days
Income recognized during the year	$ 55,179	$ 45,656
Increase (decrease) in contract liabilities	$ 3,272	$ 1,831

OPERATING INCOME - Fees and Com

OPERATING INCOME - Fees and Commissions Expenses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fees and Commissions Expenses
Baking services	$ 1,483,701	$ 1,242,590	$ 798,729
Sales, collections and other services	851,784	708,803	619,715
Correspondent banking	504,227	406,567	307,308
Payments and collections	41,904	34,720	26,897
Others	215,664	197,486	108,034
Total expenses for commissions	$ 3,097,280	$ 2,590,166	$ 1,860,683

OPERATING INCOME - Other operat

OPERATING INCOME - Other operating income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING INCOME
Leases and related services	$ 1,771,016	$ 1,362,677	$ 936,574
Net foreign exchange and Derivatives Foreign exchange contracts	1,215,064	(373,045)	296,534
Investment property valuation	197,526	236,617	67,762
Gains on sale of assets	170,910	171,482	227,445
Logistics services	136,118	165,738	140,451
Insurance	86,330	92,294	54,833
Other reversals	67,617	64,467	56,381
Penalties for failure to contracts	13,855	6,833	15,680
Others	321,214	326,372	226,481
Total Other operating income	3,979,650	2,053,435	2,022,141
Operating leases
OPERATING INCOME
Leases and related services	833,244	649,693	412,286
Other related leasing services
OPERATING INCOME
Leases and related services	660,442	541,436	375,275
Property leases
OPERATING INCOME
Leases and related services	228,325	157,511	139,021
Other assets
OPERATING INCOME
Leases and related services	$ 49,005	$ 14,037	$ 9,992

OPERATING INCOME - Dividends an

OPERATING INCOME - Dividends and net income on equity investments (Details) - COP ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
OPERATING INCOME
Dividends		$ 127,427	$ 59,072	$ 108,079
Equity method		113,115	219,105	199,652
Equity investments and other financial instruments		22,944	(672)	7,253
(Losses) Gains on sale of investments in associates			(34,451)	9,896
Impairment of investments in associates and joint ventures		(108,175)	(9,633)	(1,733)
Others		54,874	2,433	5,197
Total dividends received, and share of profits of equity method investees		210,185	235,854	328,344
Dividends received from equity investments at fair value through profit or loss		768	6,209	40,188
Dividends of investments derecognised		341	116	251
Dividends from equity investments at fair value through OCI		18,464	16,842	12,665
Dividends of other investments derecognised		3,231
P.A. Calle 84
OPERATING INCOME
Others		31,117
P.A. Nomad Central
OPERATING INCOME
Others		23,757
Compania de Financiamiento TUYA S.A
OPERATING INCOME
Impairment loss		106,574
Fondo de Capital Privado Ruta del Sol compartimento A
OPERATING INCOME
Impairment loss			6,514
Reversal of impairment losses		416
VILIV S.A.S. (In liquidation)
OPERATING INCOME
Impairment loss			463
P.A. Viva Malls
OPERATING INCOME
Dividends from investments in associates		104,623	35,905	50,208
Proteccion S.A.
OPERATING INCOME
(Losses) Gains on sale of investments in associates	$ (41,434)
Reintegra S.A.S.
OPERATING INCOME
Impairment loss		2,017	7,688
Internacional Ejecutiva de Aviacion S.A.S.
OPERATING INCOME
Reversal of impairment losses			5,032
Associates
OPERATING INCOME
Equity method		230,704	265,885	179,032
Contingent consideration recognized					$ 6,983
Proceeds received as contingent consideration from a business combination arrangement				9,896
Associates | Reintegra S.A.S.
OPERATING INCOME
Impairment loss		2,017	7,688
Associates | Internacional Ejecutiva de Aviacion S.A.S.
OPERATING INCOME
Reversal of impairment losses			5,032
Joint ventures
OPERATING INCOME
Equity method		(117,589)	$ (46,780)	$ 20,620
Joint ventures | Compania de Financiamiento TUYA S.A
OPERATING INCOME
Impairment loss		106,574
Joint ventures | Fondo de Capital Privado Ruta del Sol compartimento A
OPERATING INCOME
Reversal of impairment losses		$ 416

OPERATING EXPENSES - Salaries a

OPERATING EXPENSES - Salaries and employee benefit (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES
Salaries	$ 2,286,471	$ 1,897,710	$ 1,648,872
Bonuses	940,292	823,517	714,353
Private premium	651,048	423,261	384,056
Social security contributions	546,434	447,017	355,166
Indemnization payment	179,916	189,643	137,453
Other benefits	746,073	636,508	542,696
Total Salaries and employee benefit	$ 5,350,234	$ 4,417,656	$ 3,782,596

OPERATING EXPENSES - Other admi

OPERATING EXPENSES - Other administrative and general expenses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)	Dec. 31, 2022 COP ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 COP ($)
OPERATING EXPENSES
Fees	$ 943,781	$ 864,520		$ 758,986
Maintenance and repairs	900,251	757,861		592,493
Insurance	738,786	640,753		495,146
Data processing	473,059	362,621		363,105
Frauds and claims	346,899	258,834		182,916
Transport	233,856	232,471		198,828
Advertising	175,690	185,122		153,066
Cleaning and security services	129,460	117,966		111,717
Public services	125,433	119,949		149,029
Contributions and affiliations	109,038	116,118		101,727
Communications	74,685	72,501		71,861
Properties improvements and installation	66,438	70,845		64,554
Useful and stationery	57,061	55,045		53,476
Disputes, fines and sanctions	43,499	63,519		13,106
Real estate management	33,637	30,216		28,962
Travel expenses	31,813	25,600		10,713
Publications and subscriptions	22,574	20,644		17,775
Storage services	16,321	15,013		14,666
Legal expenses	14,136	10,573		6,834
Others	497,527	539,729		351,546
Total other administrative and general expenses	5,033,944	4,559,900		3,740,506
Taxes other than income tax	1,433,148	$ 929,512		719,593
Previously reported
OPERATING EXPENSES
Total other administrative and general expenses				3,521,920
Other expenses				$ 218,586
Vehicle maintenance
OPERATING EXPENSES
Maintenance and repairs	85,247
Computer equipment maintenance
OPERATING EXPENSES
Maintenance and repairs	$ 46,626
Out of court closing of contingency
OPERATING EXPENSES
Disputes, fines and sanctions			$ 4,000
Judgment against
OPERATING EXPENSES
Disputes, fines and sanctions			$ 2,500

OPERATING EXPENSES - Impairment

OPERATING EXPENSES - Impairment, depreciation and amortization (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES
Depreciation of premises and equipment	$ 636,376	$ 560,596	$ 466,179
Depreciation of right-of-use assets	229,665	212,861	190,819
Amortization of intangible assets	212,317	175,991	198,169
Impairment of other assets, net	46,501	31,127	65,391
Total impairment, depreciation and amortization	1,124,859	980,575	920,558
Impairment of property and equipment	4,480	3,536
Banking Colombia
OPERATING EXPENSES
Impairment of other assets, net	45,122	24,187	38,632
Banking Panama
OPERATING EXPENSES
Impairment of other assets, net	5,290	12,599	17,962
Banking Guatemala
OPERATING EXPENSES
Impairment of other assets, net	8,929	12,101	7,554
All other segments
OPERATING EXPENSES
Impairment of other assets, net	4,713	1,803	848
International Banking
OPERATING EXPENSES
Impairment of other assets, net	1,730	314
Banking El Salvador
OPERATING EXPENSES
Impairment of other assets, net	$ (19,283)	$ (19,877)	$ 395

EARNING PER SHARE ('EPS') (Deta

EARNING PER SHARE ('EPS') (Details) - COP ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EARNING PER SHARE ('EPS')
Number of dilutive potential common shares	0	0	0
Income from continuing operations before attribution of non-controlling	$ 6,214,971	$ 6,996,365	$ 4,207,787
Less: Non-controlling interests from continuing operations	98,035	212,875	120,992
Net income from controlling interest	6,116,936	6,783,490	4,086,795
Less: Preferred dividends declared	1,541,003	1,352,921	59,851
Less: Allocation of undistributed earnings to preferred stockholders	1,303,784	1,805,191	1,830,636
Net income allocated to common shareholders for basic EPS	3,272,149	3,625,378	2,196,308
Net income allocated to common shareholders for diluted EPS	$ 3,272,149	$ 3,625,378	$ 2,196,308
Weighted average number of common shares outstanding used in basic EPS calculation (in millions)	510	510	510
Basic earnings per share to common shareholders	$ 6,420	$ 7,113	$ 4,309
Diluted earnings per share to common shareholders	6,420	7,113	4,309
Basic earnings per share from continuing operations	6,420	7,113	4,309
Diluted earnings per share from continuing operations	$ 6,420	$ 7,113	$ 4,309

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compania de Financiamiento TUYA S.A
Expenses
Impairment loss	$ 106,574
Stockholders with an interest equal or higher than 20% of the Bank's capital
Assets
Financial assets investments	6,050	$ 5,711	$ 2,755
Derivative financial instruments	48,747	191
Loans and advances to customers	1,850,407	947,150	937,190
Allowance for loans, advances and lease losses	(1,455)	(9,746)	(3,028)
Other assets	17,951	17,520	7,644
Total assets	1,921,700	960,826	944,561
Liabilities
Deposits by customers	1,434,117	1,364,663	2,101,846
Derivative financial instruments	14	23
Other liabilities	23,070	26,803	1,120
Total liabilities	1,457,201	1,391,489	2,102,966
Income
Interest on loans and financial leases	157,451	74,896	29,092
Valuation on financial instruments	97
Fees and commissions income	744,000	929,721	737,402
Dividends and net income on equity investments	213	30	58
Net foreign exchange and Derivatives Foreign exchange contracts	63,060	(10,158)	(1,840)
Other operating income	48,531	50,816	278
Net income	1,013,352	1,045,305	764,990
Expenses
Interests expenses	181,085	112,403	16,564
Credit impairment charges, net	(8,307)	10,171	3,043
Fees and commissions expenses	590	19	17
Employee benefits	89,199	76,455	60,221
Other administrative and general expenses	159,184	161,367	14,148
Total expenses	421,751	360,415	93,993
Stockholders with an interest equal or higher than 20% of the Bank's capital | Previously reported
Assets
Other assets		54,842
Liabilities
Other liabilities		163,385
Directors and senior management
Assets
Derivative financial instruments		5	25
Loans and advances to customers	22,437	28,935	17,821
Allowance for loans, advances and lease losses	(50)	(49)	(84)
Other assets	18	41	913
Total assets	22,405	28,932	18,675
Liabilities
Deposits by customers	16,312	14,433	8,175
Derivative financial instruments	209		6
Other liabilities	59	56	368
Total liabilities	16,580	14,489	8,549
Income
Interest on loans and financial leases	1,783	1,249	759
Fees and commissions income	98	100	98
Net foreign exchange and Derivatives Foreign exchange contracts	(218)	984	1,112
Other operating income	9	28
Net income	1,672	2,361	1,969
Expenses
Interests expenses	1,038	301	93
Credit impairment charges, net	4	50	92
Employee benefits	93	117	19
Other administrative and general expenses	2,492	2,056	1,724
Total expenses	3,627	2,524	1,928
Associates and joint ventures
Assets
Financial assets investments	54,001	51,991	9,635
Derivative financial instruments	7,297	8
Loans and advances to customers	271,676	342,896	234,956
Allowance for loans, advances and lease losses	(760)	(3,470)	(5,360)
Investments in associates and joint ventures	2,997,603	2,915,633	2,720,559
Other assets	271,263	209,350	172,636
Total assets	3,601,080	3,516,408	3,132,426
Liabilities
Deposits by customers	141,853	161,708	194,864
Derivative financial instruments	1,068	27,571	8,565
Other liabilities	70,387	54,017	36,596
Total liabilities	213,308	243,296	240,025
Income
Interest on loans and financial leases	27,925	21,715	11,443
Valuation on financial instruments	11,998	994	1,560
Fees and commissions income	14,647	20,574	13,056
Dividends and net income on equity investments	109,563	224,602	289,423
Net foreign exchange and Derivatives Foreign exchange contracts	27,174	(30,484)	(9,966)
Other operating income	9,806	99,855	55,524
Net income	201,113	337,256	361,040
Expenses
Interests expenses	8,261	8,483	1,403
Credit impairment charges, net	(1,193)	(550)	5,123
Fees and commissions expenses	152,563	180,951	130,950
Other administrative and general expenses	23,644	30,792	32,071
Total expenses	$ 183,275	$ 219,676	$ 169,547

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Directors
RELATED PARTY TRANSACTIONS
Fees paid for attending meetings of the Board and its Committees	$ 2,306	$ 1,937	$ 1,655
Senior Management
RELATED PARTY TRANSACTIONS
Payments for short-term retributions	18,387	15,776	10,487
Payments for long-term retributions	312	552	604
Payments for post-employment benefits	$ 827	642	$ 3,207
Senior Management | Retirement Pension Premium Plan and Senior Management Pension Plan Premium
RELATED PARTY TRANSACTIONS
Payments for post-employment benefits		$ 36,962

LIABILITIES FROM FINANCING AC_3

LIABILITIES FROM FINANCING ACTIVITIES (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	$ 40,041,882	$ 30,992,951
Cash flows	(4,922,165)	1,558,075
Foreign currency translation adjustment	(6,897,743)	5,331,384
Interests accrued	3,143,312	2,149,929
Other movements	1,395	9,543
Balance, end of year	31,366,681	40,041,882	$ 30,992,951
Interest paid	15,978,748	7,508,066	4,410,742
Repurchase agreements and other similar secured borrowing
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	189,052	763,325
Cash flows	304,846	(579,488)
Foreign currency translation adjustment	(23,603)	5,215
Balance, end of year	470,295	189,052	763,325
Borrowings from other financial institutions
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	19,692,638	8,551,558
Cash flows	(1,674,476)	7,963,253
Foreign currency translation adjustment	(4,029,947)	2,404,567
Interests accrued	1,658,996	763,717
Other movements	1,395	9,543
Balance, end of year	15,648,606	19,692,638	8,551,558
Interest paid	1,607,927	536,024
Debt securities in issue
LIABILITIES FROM FINANCING ACTIVITIES
Balance, beginning of year	19,575,988	21,093,864
Cash flows	(3,494,834)	(5,767,989)
Foreign currency translation adjustment	(2,844,193)	2,921,602
Interests accrued	1,426,615	1,328,511
Balance, end of year	14,663,576	19,575,988	21,093,864
Interest paid	1,347,889	1,206,895
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Derivative financial instruments	$ 6,252,270	$ 4,961,237
Other financial instruments	38,319	42,171
Loans and advances to customers	237,728,544	254,444,099
Investment property	4,709,911	3,994,058	$ 3,132,220
Investments in associates	1,670,782	1,532,156
Total Assets	276,035,702	292,871,690
Liabilities
Deposits by customers	247,941,180	250,992,323
Interbank deposits	606,141	902,132
Repurchase agreements and other similar secured borrowing	470,295	189,052
Derivative financial instruments	6,710,364	4,737,454
Borrowings from other financial institutions	15,648,606	19,692,638
Preferred shares	584,204	584,204
Debt instruments in issue	14,663,576	19,575,988
Total Liabilities	286,624,366	296,673,791
Amortized cost, net
Assets
Loans and advances to customers	237,728,544	254,444,099
Fair value
Assets
Equity securities	543,210	544,668
Fair value through profit or loss
Assets
Debt instruments	12,096,407	11,039,266
Fair value through OCI
Assets
Debt instruments	6,148,177	7,977,675
Amortized cost
Assets
Debt instruments	6,848,082	8,336,360
Carrying Amount
Assets
Derivative financial instruments	6,252,270	4,961,237
Liabilities
Derivative financial instruments	6,710,364	4,737,454
Recurring Fair Value
Assets
Debt instruments	18,244,584	19,016,941
Derivative financial instruments	6,252,270	4,961,237
Equity securities	543,210	544,668
Other financial instruments	38,319	42,171
Investment property	4,709,911	3,994,058
Investments in associates	1,670,782	1,532,156
Total Assets	277,071,667	289,674,184
Liabilities
Deposits by customers	249,340,519	249,503,805
Interbank deposits	606,141	902,132
Repurchase agreements and other similar secured borrowing	470,295	189,052
Derivative financial instruments	6,710,364	4,737,454
Borrowings from other financial institutions	15,648,606	19,692,638
Preferred shares	394,550	350,978
Debt instruments in issue	14,468,650	18,776,819
Total Liabilities	287,639,125	294,152,878
Recurring Fair Value | Amortized cost, net
Assets
Loans and advances to customers	238,771,724	251,336,077
Recurring Fair Value | Fair value
Assets
Equity securities	543,210	544,668
Recurring Fair Value | Fair value through profit or loss
Assets
Debt instruments	12,096,407	11,039,266
Recurring Fair Value | Fair value through OCI
Assets
Debt instruments	6,148,177	7,977,675
Recurring Fair Value | Amortized cost
Assets
Debt instruments	$ 6,840,867	$ 8,246,876

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Other financial assets	$ 38,319	$ 42,171
Derivative financial instruments	6,252,270	4,961,237
Investment property	4,709,911	3,994,058	$ 3,132,220
Investments in associates	1,670,782	1,532,156
Fair value through profit or loss
Assets
Debt instruments	12,096,407	11,039,266
Fair value through other comprehensive income
Assets
Debt instruments	6,148,177	7,977,675
Recurring Fair Value
Assets
Debt instruments	18,244,584	19,016,941
Equity securities	543,210	544,668
Other financial assets	38,319	42,171
Derivative financial instruments	6,252,270	4,961,237
Investment property	4,709,911	3,994,058
Investments in associates	1,670,782	1,532,156
Total	31,459,076	30,091,231
Recurring Fair Value | Forwards
Assets
Derivative financial instruments	4,384,921	1,579,471
Recurring Fair Value | Forwards | Foreign exchange contracts
Assets
Derivative financial instruments	4,381,906	1,573,952
Recurring Fair Value | Forwards | Equity contracts
Assets
Derivative financial instruments	3,015	5,519
Recurring Fair Value | Swaps
Assets
Derivative financial instruments	1,656,761	3,260,459
Recurring Fair Value | Swaps | Foreign exchange contracts
Assets
Derivative financial instruments	1,304,337	2,394,832
Recurring Fair Value | Swaps | Interest rate contracts
Assets
Derivative financial instruments	352,424	865,627
Recurring Fair Value | Options
Assets
Derivative financial instruments	210,588	121,307
Recurring Fair Value | Options | Foreign exchange contracts
Assets
Derivative financial instruments	210,588	121,307
Recurring Fair Value | Land
Assets
Investment property	325,394	123,352
Recurring Fair Value | Buildings
Assets
Investment property	4,384,517	3,870,706
Recurring Fair Value | Fair value through profit or loss
Assets
Debt instruments	12,096,407	11,039,266
Recurring Fair Value | Fair value through profit or loss | Securities issued by the Colombian Government
Assets
Debt instruments	4,725,605	4,260,230
Recurring Fair Value | Fair value through profit or loss | Securities issued or secured by government entities
Assets
Debt instruments	84,990	79,035
Recurring Fair Value | Fair value through profit or loss | Securities issued by other financial institutions
Assets
Debt instruments	774,178	610,618
Recurring Fair Value | Fair value through profit or loss | Securities issued by foreign governments
Assets
Debt instruments	6,274,400	5,967,856
Recurring Fair Value | Fair value through profit or loss | Corporate bonds
Assets
Debt instruments	237,234	121,527
Recurring Fair Value | Fair value through other comprehensive income
Assets
Debt instruments	6,148,177	7,977,675
Recurring Fair Value | Fair value through other comprehensive income | Securities issued by the Colombian Government
Assets
Debt instruments	2,725,722	2,590,622
Recurring Fair Value | Fair value through other comprehensive income | Securities issued by other financial institutions
Assets
Debt instruments	373,306	569,357
Recurring Fair Value | Fair value through other comprehensive income | Securities issued by foreign governments
Assets
Debt instruments	2,437,996	4,694,369
Recurring Fair Value | Fair value through other comprehensive income | Corporate bonds
Assets
Debt instruments	611,153	123,327
Recurring Fair Value | Level 1
Assets
Debt instruments	10,175,252	11,715,308
Equity securities	89,128	30,884
Derivative financial instruments	130,798	266,708
Total	10,395,178	12,012,900
Recurring Fair Value | Level 1 | Swaps
Assets
Derivative financial instruments	130,792	266,708
Recurring Fair Value | Level 1 | Swaps | Interest rate contracts
Assets
Derivative financial instruments	130,792	266,708
Recurring Fair Value | Level 1 | Options
Assets
Derivative financial instruments	6
Recurring Fair Value | Level 1 | Options | Foreign exchange contracts
Assets
Derivative financial instruments	6
Recurring Fair Value | Level 1 | Fair value through profit or loss
Assets
Debt instruments	8,151,108	7,205,165
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued by the Colombian Government
Assets
Debt instruments	4,363,135	3,960,211
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued or secured by government entities
Assets
Debt instruments		13,075
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued by other financial institutions
Assets
Debt instruments	41,003	77,944
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued by foreign governments
Assets
Debt instruments	3,621,960	3,136,636
Recurring Fair Value | Level 1 | Fair value through profit or loss | Corporate bonds
Assets
Debt instruments	125,010	17,299
Recurring Fair Value | Level 1 | Fair value through other comprehensive income
Assets
Debt instruments	2,024,144	4,510,143
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Securities issued by the Colombian Government
Assets
Debt instruments	61,427
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Securities issued by other financial institutions
Assets
Debt instruments	224,049	465,025
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Securities issued by foreign governments
Assets
Debt instruments	1,675,193	4,045,118
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Corporate bonds
Assets
Debt instruments	63,475
Recurring Fair Value | Level 2
Assets
Debt instruments	5,312,024	7,220,244
Equity securities	69,400	51,531
Derivative financial instruments	4,718,315	3,501,918
Total	10,099,739	10,773,693
Recurring Fair Value | Level 2 | Forwards
Assets
Derivative financial instruments	3,308,410	987,626
Recurring Fair Value | Level 2 | Forwards | Foreign exchange contracts
Assets
Derivative financial instruments	3,308,258	982,212
Recurring Fair Value | Level 2 | Forwards | Equity contracts
Assets
Derivative financial instruments	152	5,414
Recurring Fair Value | Level 2 | Swaps
Assets
Derivative financial instruments	1,272,926	2,510,052
Recurring Fair Value | Level 2 | Swaps | Foreign exchange contracts
Assets
Derivative financial instruments	1,066,915	1,940,303
Recurring Fair Value | Level 2 | Swaps | Interest rate contracts
Assets
Derivative financial instruments	206,011	569,749
Recurring Fair Value | Level 2 | Options
Assets
Derivative financial instruments	136,979	4,240
Recurring Fair Value | Level 2 | Options | Foreign exchange contracts
Assets
Derivative financial instruments	136,979	4,240
Recurring Fair Value | Level 2 | Fair value through profit or loss
Assets
Debt instruments	3,852,286	3,752,712
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued by the Colombian Government
Assets
Debt instruments	362,470	300,019
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued or secured by government entities
Assets
Debt instruments	84,990	65,960
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued by other financial institutions
Assets
Debt instruments	654,446	451,285
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued by foreign governments
Assets
Debt instruments	2,652,440	2,831,220
Recurring Fair Value | Level 2 | Fair value through profit or loss | Corporate bonds
Assets
Debt instruments	97,940	104,228
Recurring Fair Value | Level 2 | Fair value through other comprehensive income
Assets
Debt instruments	1,459,738	3,467,532
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Securities issued by the Colombian Government
Assets
Debt instruments		2,590,622
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Securities issued by other financial institutions
Assets
Debt instruments	149,257	104,332
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Securities issued by foreign governments
Assets
Debt instruments	762,803	649,251
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Corporate bonds
Assets
Debt instruments	547,678	123,327
Recurring Fair Value | Level 3
Assets
Debt instruments	2,757,308	81,389
Equity securities	384,682	462,253
Other financial assets	38,319	42,171
Derivative financial instruments	1,403,157	1,192,611
Investment property	4,709,911	3,994,058
Investments in associates	1,670,782	1,532,156
Total	10,964,159	7,304,638
Recurring Fair Value | Level 3 | Forwards
Assets
Derivative financial instruments	1,076,511	591,845
Recurring Fair Value | Level 3 | Forwards | Foreign exchange contracts
Assets
Derivative financial instruments	1,073,648	591,740
Recurring Fair Value | Level 3 | Forwards | Equity contracts
Assets
Derivative financial instruments	2,863	105
Recurring Fair Value | Level 3 | Swaps
Assets
Derivative financial instruments	253,043	483,699
Recurring Fair Value | Level 3 | Swaps | Foreign exchange contracts
Assets
Derivative financial instruments	237,422	454,529
Recurring Fair Value | Level 3 | Swaps | Interest rate contracts
Assets
Derivative financial instruments	15,621	29,170
Recurring Fair Value | Level 3 | Options
Assets
Derivative financial instruments	73,603	117,067
Recurring Fair Value | Level 3 | Options | Foreign exchange contracts
Assets
Derivative financial instruments	73,603	117,067
Recurring Fair Value | Level 3 | Land
Assets
Investment property	325,394	123,352
Recurring Fair Value | Level 3 | Buildings
Assets
Investment property	4,384,517	3,870,706
Recurring Fair Value | Level 3 | Fair value through profit or loss
Assets
Debt instruments	93,013	81,389
Recurring Fair Value | Level 3 | Fair value through profit or loss | Securities issued by other financial institutions
Assets
Debt instruments	78,729	$ 81,389
Recurring Fair Value | Level 3 | Fair value through profit or loss | Corporate bonds
Assets
Debt instruments	14,284
Recurring Fair Value | Level 3 | Fair value through other comprehensive income
Assets
Debt instruments	2,664,295
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | Securities issued by the Colombian Government
Assets
Debt instruments	$ 2,664,295

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, 2023	Dec. 31, 2022
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	$ 6,710,364	$ 4,737,454
Recurring Fair Value
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	6,710,364	4,737,454
Recurring Fair Value | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	4,536,834	1,718,847
Recurring Fair Value | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	4,526,353	1,711,644
Recurring Fair Value | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	10,481	7,203
Recurring Fair Value | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	1,940,943	2,925,699
Recurring Fair Value | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	1,491,086	1,917,397
Recurring Fair Value | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	449,857	1,008,302
Recurring Fair Value | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	232,587	92,908
Recurring Fair Value | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	232,587	92,908
Recurring Fair Value | Level 1
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	126,747	227,847
Recurring Fair Value | Level 1 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	126,728	227,847
Recurring Fair Value | Level 1 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	126,728	227,847
Recurring Fair Value | Level 1 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	19
Recurring Fair Value | Level 1 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	19
Recurring Fair Value | Level 2
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	6,399,889	4,109,918
Recurring Fair Value | Level 2 | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	4,467,157	1,530,998
Recurring Fair Value | Level 2 | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	4,458,528	1,523,795
Recurring Fair Value | Level 2 | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	8,629	7,203
Recurring Fair Value | Level 2 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	1,700,164	2,486,012
Recurring Fair Value | Level 2 | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	1,388,113	1,757,219
Recurring Fair Value | Level 2 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	312,051	728,793
Recurring Fair Value | Level 2 | Options
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	232,568	92,908
Recurring Fair Value | Level 2 | Options | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	232,568	92,908
Recurring Fair Value | Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	183,728	399,689
Recurring Fair Value | Level 3 | Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	69,677	187,849
Recurring Fair Value | Level 3 | Forwards | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	67,825	187,849
Recurring Fair Value | Level 3 | Forwards | Equity contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	1,852
Recurring Fair Value | Level 3 | Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	114,051	211,840
Recurring Fair Value | Level 3 | Swaps | Foreign exchange contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	102,973	160,178
Recurring Fair Value | Level 3 | Swaps | Interest rate contracts
FAIR VALUE OF ASSETS AND LIABILITIES
Derivative financial liabilities	$ 11,078	$ 51,662

FAIR VALUE OF ASSETS AND LIAB_6

FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of assets that are not measured at fair value (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE OF ASSETS AND LIABILITIES
Loans and advances to customers, net	$ 237,728,544	$ 254,444,099
Not measured at fair value
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	6,840,867	8,246,876
Loans and advances to customers, net	238,771,724	251,336,077
Total	245,612,591	259,582,953
Not measured at fair value | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	67,514	197,749
Not measured at fair value | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	3,125,916	3,041,314
Not measured at fair value | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	544,952	580,117
Not measured at fair value | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	528,255	766,396
Not measured at fair value | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	2,574,230	3,661,300
Not measured at fair value | Level 1
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	1,202,011	1,901,687
Total	1,202,011	1,901,687
Not measured at fair value | Level 1 | Securities issued by the Colombian Government
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	67,514	197,749
Not measured at fair value | Level 1 | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	209,178	272,157
Not measured at fair value | Level 1 | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	150,695	248,735
Not measured at fair value | Level 1 | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	774,624	1,183,046
Not measured at fair value | Level 2
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	720,822	3,904,912
Total	720,822	3,904,912
Not measured at fair value | Level 2 | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	49,980	3,041,314
Not measured at fair value | Level 2 | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	280,662	307,960
Not measured at fair value | Level 2 | Securities issued by foreign governments
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	377,560	517,661
Not measured at fair value | Level 2 | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	12,620	37,977
Not measured at fair value | Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	4,918,034	2,440,277
Loans and advances to customers, net	238,771,724	251,336,077
Total	243,689,758	253,776,354
Not measured at fair value | Level 3 | Securities issued or secured by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	3,075,936
Not measured at fair value | Level 3 | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	55,112
Not measured at fair value | Level 3 | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Debt instruments	$ 1,786,986	$ 2,440,277

FAIR VALUE OF ASSETS AND LIAB_7

FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of liabilities that are not measured at fair value (Details) - Not measured at fair value - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	$ 280,928,761	$ 289,415,424
Deposits by customers
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	249,340,519	249,503,805
Interbank deposits
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	606,141	902,132
Repurchase agreements and other similar secured borrowing
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	470,295	189,052
Borrowings from other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	15,648,606	19,692,638
Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	14,468,650	18,776,819
Preferred shares
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	394,550	350,978
Level 1
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	8,021,700	7,714,800
Level 1 | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	8,021,700	7,714,800
Level 2
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	64,261,677	49,889,125
Level 2 | Deposits by customers
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	60,236,355	40,990,191
Level 2 | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	4,025,322	8,898,934
Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	208,645,384	231,811,499
Level 3 | Deposits by customers
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	189,104,164	208,513,614
Level 3 | Interbank deposits
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	606,141	902,132
Level 3 | Repurchase agreements and other similar secured borrowing
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	470,295	189,052
Level 3 | Borrowings from other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	15,648,606	19,692,638
Level 3 | Debt Instruments in issue
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	2,421,628	2,163,085
Level 3 | Preferred shares
FAIR VALUE OF ASSETS AND LIABILITIES
Liabilities	$ 394,550	$ 350,978

FAIR VALUE OF ASSETS AND LIAB_8

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, 2023	Dec. 31, 2022
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	$ 159,451	$ 95,417
Machinery and equipment
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	11,702	9,918
Real estate for residential purposes
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	117,476	63,283
Real estate different from residential properties
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	30,273	22,216
Level 3
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	159,451	95,417
Level 3 | Machinery and equipment
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	11,702	9,918
Level 3 | Real estate for residential purposes
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	117,476	63,283
Level 3 | Real estate different from residential properties
FAIR VALUE OF ASSETS AND LIABILITIES
Financial assets, at fair value	$ 30,273	$ 22,216

FAIR VALUE OF ASSETS AND LIAB_9

FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all assets measured at fair value (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets
Assets, beginning balance	$ 352,814,733
Assets, ending balance	342,928,809	$ 352,814,733
Recurring Fair Value | Level 3
Assets
Assets, beginning balance	3,310,580	2,790,771
Included in earnings	49,210	486,094
OCI	165,561	89,072
Purchases	3,828,398	682,660
Settlement	(902,387)	(710,453)
Reclassifications	(13,597)	(3,958)
Prepaids	(9,613)	(19,181)
Transfers in to Level 3	65,480	53,315
Transfers out of Level 3	(239,384)	(57,740)
Assets, ending balance	6,254,248	3,310,580
Recurring Fair Value | Level 3 | Derivative financial instruments
Assets
Assets, beginning balance	1,192,611	984,339
Included in earnings	(71,393)	290,381
Purchases	1,304,909	617,087
Settlement	(816,973)	(657,213)
Reclassifications	(13,597)	(3,958)
Transfers in to Level 3	46,984	596
Transfers out of Level 3	(239,384)	(38,621)
Assets, ending balance	1,403,157	1,192,611
Recurring Fair Value | Level 3 | Derivative financial instruments | Foreign exchange contracts
Assets
Assets, beginning balance	1,163,336	937,633
Included in earnings	(60,699)	270,494
Purchases	1,295,089	607,659
Settlement	(812,275)	(647,914)
Reclassifications	(13,559)	(777)
Transfers in to Level 3	46,459	547
Transfers out of Level 3	(233,678)	(4,306)
Assets, ending balance	1,384,673	1,163,336
Recurring Fair Value | Level 3 | Derivative financial instruments | Interest rate contracts
Assets
Assets, beginning balance	29,170	46,393
Included in earnings	(10,694)	19,887
Purchases	6,957	9,323
Settlement	(4,593)	(8,986)
Reclassifications	(38)	(3,181)
Transfers in to Level 3	525	49
Transfers out of Level 3	(5,706)	(34,315)
Assets, ending balance	15,621	29,170
Recurring Fair Value | Level 3 | Derivative financial instruments | Equity contracts
Assets
Assets, beginning balance	105	313
Purchases	2,863	105
Settlement	(105)	(313)
Assets, ending balance	2,863	105
Recurring Fair Value | Level 3 | Equity securities
Assets
Assets, beginning balance	462,253	335,006
Included in earnings	(3,577)	(285)
OCI	(8,087)	89,072
Purchases	6,740	15,762
Settlement	(72,647)	(18,848)
Transfers in to Level 3		41,856
Transfers out of Level 3		(310)
Assets, ending balance	384,682	462,253
Recurring Fair Value | Level 3 | Other financial instruments
Assets
Assets, beginning balance	42,171
Included in earnings	(13,746)	(3,851)
Purchases	9,894	46,022
Assets, ending balance	38,319	42,171
Recurring Fair Value | Level 3 | Investment in associates
Assets
Assets, beginning balance	1,532,156	1,358,368
Included in earnings	129,207	188,149
Purchases	9,419
Settlement		(14,361)
Assets, ending balance	1,670,782	1,532,156
Recurring Fair Value | Level 3 | Investment in associates | P.A. Viva Malls
Assets
Assets, beginning balance	1,530,459	1,355,688
Included in earnings	128,028	189,132
Purchases	3,192
Settlement		(14,361)
Assets, ending balance	1,661,679	1,530,459
Recurring Fair Value | Level 3 | Investment in associates | P.A Distrito Vera
Assets
Assets, beginning balance	1,697	2,680
Included in earnings	1,179	(983)
Purchases	6,227
Assets, ending balance	9,103	1,697
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments
Assets
Assets, beginning balance	81,389	113,058
Included in earnings	8,719	11,700
Purchases	6,789	3,789
Settlement	(12,767)	(20,031)
Prepaids	(9,613)	(19,181)
Transfers in to Level 3	18,496	10,863
Transfers out of Level 3		(18,809)
Assets, ending balance	93,013	81,389
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
Assets
Included in earnings	(4,150)
Purchases	4,150
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities
Assets
Assets, beginning balance	81,389	113,058
Included in earnings	12,869	11,700
Purchases	2,639	3,789
Settlement	(12,767)	(20,031)
Prepaids	(9,613)	(19,181)
Transfers in to Level 3	4,212	10,863
Transfers out of Level 3		(18,809)
Assets, ending balance	78,729	$ 81,389
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | Corporate bonds
Assets
Transfers in to Level 3	14,284
Assets, ending balance	14,284
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | Debt instruments
Assets
OCI	173,648
Purchases	2,490,647
Assets, ending balance	2,664,295
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government
Assets
OCI	173,648
Purchases	2,490,647
Assets, ending balance	$ 2,664,295

FAIR VALUE OF ASSETS AND LIA_10

FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all liabilities measured at fair value (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Liabilities
Liabilities, beginning balance	$ 312,817,182
Liabilities, ending balance	303,879,080	$ 312,817,182
Recurring Fair Value | Level 3
Liabilities
Liabilities, beginning balance	399,689	236,756
Included in earnings	9,049	113,568
Purchases	169,659	215,183
Settlement	(370,860)	(157,706)
Reclassifications	(13,597)	(3,958)
Transfers into Level 3	8,064	396
Transfers out of Level 3	(18,276)	(4,550)
Liabilities, ending balance	183,728	399,689
Recurring Fair Value | Level 3 | Derivative financial instruments
Liabilities
Liabilities, beginning balance	399,689	236,756
Included in earnings	9,049	113,568
Purchases	169,659	215,183
Settlement	(370,860)	(157,706)
Reclassifications	(13,597)	(3,958)
Transfers into Level 3	8,064	396
Transfers out of Level 3	(18,276)	(4,550)
Liabilities, ending balance	183,728	399,689
Recurring Fair Value | Level 3 | Derivative financial instruments | Foreign exchange contracts
Liabilities
Liabilities, beginning balance	348,027	232,444
Included in earnings	15,346	88,743
Purchases	164,179	188,860
Settlement	(329,858)	(157,374)
Reclassifications	(13,559)	(777)
Transfers into Level 3	4,330
Transfers out of Level 3	(17,667)	(3,869)
Liabilities, ending balance	170,798	348,027
Recurring Fair Value | Level 3 | Derivative financial instruments | Interest rate contracts
Liabilities
Liabilities, beginning balance	51,662	4,312
Included in earnings	(6,297)	24,825
Purchases	3,628	26,323
Settlement	(41,002)	(332)
Reclassifications	(38)	(3,181)
Transfers into Level 3	3,734	396
Transfers out of Level 3	(609)	(681)
Liabilities, ending balance	11,078	$ 51,662
Recurring Fair Value | Level 3 | Derivative financial instruments | Equity contracts
Liabilities
Purchases	1,852
Liabilities, ending balance	$ 1,852

FAIR VALUE OF ASSETS AND LIA_11

FAIR VALUE OF ASSETS AND LIABILITIES - Transfers between levels (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative financial instruments | Foreign exchange contracts and interest rate contracts
Transfers between levels, Assets
Transfers out of Level 3	$ 257,660	$ 43,171
Transfers in to Level 3	55,048
Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Unrealized gains (losses)	8,719	11,700
Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Unrealized gains (losses)	(3,577)	(285)
Transfers between levels, Assets
Transfers, Level 1 to Level 2	13,740
Transfers, Level 2 to Level 1	7	15,858
Fair value through profit or loss | Debt instruments
Transfers between levels, Assets
Transfers, Level 1 to Level 2	17,179	5,282
Transfers, Level 2 to Level 1	8,397	35,447
Fair value through profit or loss | Debt instruments | Securities issued or secured by foreign government
Transfers between levels, Assets
Transfers, Level 1 to Level 2	1,712
Transfers, Level 2 to Level 1		15,885
Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities
Transfers between levels, Assets
Transfers, Level 1 to Level 2	13,619
Transfers, Level 2 to Level 1		14,459
Fair value through profit or loss | Debt instruments | Corporate bonds
Transfers between levels, Assets
Transfers, Level 1 to Level 2		5,282
Transfers, Level 2 to Level 1	8,397
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government
Transfers between levels, Assets
Transfers, Level 2 to Level 1		5,103
Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities
Transfers between levels, Assets
Transfers, Level 1 to Level 2	1,848
Fair value through OCI | Debt instruments
Transfers between levels, Assets
Transfers, Level 1 to Level 2	637,744	90,010
Transfers, Level 2 to Level 1	95,572	950,235
Fair value through OCI | Debt instruments | Securities issued or secured by foreign government
Transfers between levels, Assets
Transfers, Level 1 to Level 2	572,800
Transfers, Level 2 to Level 1		950,235
Fair value through OCI | Debt instruments | Corporate bonds
Transfers between levels, Assets
Transfers, Level 1 to Level 2		$ 90,010
Transfers, Level 2 to Level 1	95,572
Fair value through OCI | Debt instruments | Securities issued or secured by other financial entities
Transfers between levels, Assets
Transfers, Level 1 to Level 2	$ 64,944

FAIR VALUE OF ASSETS AND LIA_12

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, 2023 COP ($)	Dec. 31, 2022 COP ($) item
Debt instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 2,757,308	$ 81,389
Debt instruments | Securities issued by other financial institutions
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	78,729
Debt instruments | TIPS
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	74,087	76,014
Debt instruments | TIPS | Discounted cash flow | Yield
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	70,982	71,208
Sensitivity 100 basis point decrease	$ 75,852	$ 75,021
Debt instruments | TIPS | Discounted cash flow | Yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0206	0.0206
Debt instruments | TIPS | Discounted cash flow | Yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.1073	0.0989
Debt instruments | TIPS | Discounted cash flow | Yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0548	0.0493
Debt instruments | TIPS | Discounted cash flow | Prepayment speed
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	$ 78,953
Debt instruments | Time deposits
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	4,642	$ 5,375
Debt instruments | Time deposits | Discounted cash flow | Prepayment speed
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	73,271	77,349
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	4,277
Sensitivity 100 basis point decrease	$ 4,701
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0215
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0570
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0378
Debt instruments | Time deposits | Discounted cash flow | Interest rate
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase		5,033
Sensitivity 100 basis point decrease		$ 5,438
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item		0.0410
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets | item		0.0520
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets		0.0500
Debt instruments | Bonds by government entities
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 2,664,295
Debt instruments | Bonds by government entities | Discounted cash flow | Yield
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	2,658,010
Sensitivity 100 basis point decrease	$ 2,679,372
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0118
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0117
Debt instruments | Corporate bonds
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 14,284
Debt instruments | Corporate bonds | Discounted cash flow | Yield
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	13,700
Sensitivity 100 basis point decrease	$ 14,912
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0349
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0349
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0349
Equity securities
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 384,682	$ 462,253
Other financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	38,319	42,171
Derivative financial instruments
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	1,219,429	792,922
Forwards
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	1,006,834	403,996
Forwards | Discounted cash flow | Credit spread / yield
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	1,004,399	405,806
Sensitivity 100 basis point decrease	$ 1,009,283	$ 410,413
Forwards | Discounted cash flow | Credit spread / yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0	0
Forwards | Discounted cash flow | Credit spread / yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.5058	0.5947
Forwards | Discounted cash flow | Credit spread / yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0722	0.1105
Swaps
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 138,992	$ 271,859
Swaps | Discounted cash flow | Credit spread / yield
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase		265,949
Sensitivity 100 basis point decrease		$ 278,192
Swaps | Discounted cash flow | Credit spread / yield | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets		0
Swaps | Discounted cash flow | Credit spread / yield | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets		0.3933
Swaps | Discounted cash flow | Credit spread / yield | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets		0.0785
Swaps | Discounted cash flow | Credit spread
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	139,451
Sensitivity 100 basis point decrease	$ 138,577
Swaps | Discounted cash flow | Credit spread | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0
Swaps | Discounted cash flow | Credit spread | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.6339
Swaps | Discounted cash flow | Credit spread | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0586
Options
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 73,603	$ 117,067
Options | Discounted cash flow | Credit spread
FAIR VALUE OF ASSETS AND LIABILITIES
Sensitivity 100 basis point increase	73,048	116,182
Sensitivity 100 basis point decrease	$ 73,870	$ 117,636
Options | Discounted cash flow | Credit spread | Minimum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0013	0.0010
Options | Discounted cash flow | Credit spread | Maximum
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.3377	0.3640
Options | Discounted cash flow | Credit spread | Weighted average
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0057	0.0064
Investment in associates
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 1,670,782	$ 1,532,156
Investment in associates | P.A. Viva Malls
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	1,661,679	1,530,459
Investment in associates | P.A Distrito Vera
FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value	$ 9,103	$ 1,697

FAIR VALUE OF ASSETS AND LIA_13

FAIR VALUE OF ASSETS AND LIABILITIES - Valuation techniques (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income approach
FAIR VALUE OF ASSETS AND LIABILITIES
Ratio between monthly gross income and real estate value	0.82%	0.61%
Direct capitalization | Capitalisation rate
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0807	0.0786
Discounted cash flow | Discount rate
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.1244	0.1162
Discounted cash flow | Terminal rate
FAIR VALUE OF ASSETS AND LIABILITIES
Significant unobservable input, assets	0.0825	0.0806

IMPACTS ON APPLICATION OF NEW_3

IMPACTS ON APPLICATION OF NEW STANDARDS (Details) - COP ($) $ in Millions	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
IMPACTS ON APPLICATION OF NEW STANDARDS
Retained earnings	$ 2,515,278		$ 3,278,164
IFRS 17
IMPACTS ON APPLICATION OF NEW STANDARDS
Insurance contracts asset			68,991
Insurance contracts liability			124,598
Retained earnings
Adoption adjustment | IFRS 17
IMPACTS ON APPLICATION OF NEW STANDARDS
Insurance contracts asset			22,383
Insurance contracts liability			21,679
Retained earnings			$ 704
Adjusted Balance | IFRS 17
IMPACTS ON APPLICATION OF NEW STANDARDS
Insurance contracts asset		$ 91,374
Insurance contracts liability		146,277
Retained earnings		$ 704

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, 2023	Dec. 31, 2022
RISK MANAGEMENT
Loss Allowance	$ (16,477,722)	$ (15,761,546)
Total	277,052,663	294,027,788
Stage One
RISK MANAGEMENT
Loss Allowance	(3,854,240)	(3,017,368)
Total	257,785,019	273,229,318
Stage Two
RISK MANAGEMENT
Loss Allowance	(2,581,460)	(3,227,440)
Total	13,615,768	15,767,135
Stage Three
RISK MANAGEMENT
Loss Allowance	(10,042,022)	(9,516,738)
Total	5,651,876	5,031,335
Loans and Advances
RISK MANAGEMENT
Maximum exposure	253,951,647	269,923,739
Loans and Advances | Stage One
RISK MANAGEMENT
Maximum exposure	222,372,889	236,770,056
Loans and Advances | Stage Two
RISK MANAGEMENT
Maximum exposure	16,042,661	18,656,439
Loans and Advances | Stage Three
RISK MANAGEMENT
Maximum exposure	15,536,097	14,497,244
Commercial
RISK MANAGEMENT
Maximum exposure	134,687,396	143,537,853
Commercial | Stage One
RISK MANAGEMENT
Maximum exposure	120,773,927	126,530,862
Commercial | Stage Two
RISK MANAGEMENT
Maximum exposure	5,453,537	8,062,435
Commercial | Stage Three
RISK MANAGEMENT
Maximum exposure	8,459,932	8,944,556
Consumer
RISK MANAGEMENT
Maximum exposure	54,591,769	59,588,721
Consumer | Stage One
RISK MANAGEMENT
Maximum exposure	46,060,615	51,510,943
Consumer | Stage Two
RISK MANAGEMENT
Maximum exposure	4,407,067	5,288,921
Consumer | Stage Three
RISK MANAGEMENT
Maximum exposure	4,124,087	2,788,857
Mortgage
RISK MANAGEMENT
Maximum exposure	36,250,408	37,371,373
Mortgage | Stage One
RISK MANAGEMENT
Maximum exposure	32,210,648	34,067,734
Mortgage | Stage Two
RISK MANAGEMENT
Maximum exposure	2,628,654	1,997,270
Mortgage | Stage Three
RISK MANAGEMENT
Maximum exposure	1,411,106	1,306,369
Small Business Loans
RISK MANAGEMENT
Maximum exposure	1,145,017	1,328,076
Small Business Loans | Stage One
RISK MANAGEMENT
Maximum exposure	774,571	1,093,973
Small Business Loans | Stage Two
RISK MANAGEMENT
Maximum exposure	260,303	135,528
Small Business Loans | Stage Three
RISK MANAGEMENT
Maximum exposure	110,143	98,575
Financial Leases
RISK MANAGEMENT
Maximum exposure	27,277,057	28,097,716
Financial Leases | Stage One
RISK MANAGEMENT
Maximum exposure	22,553,128	23,566,544
Financial Leases | Stage Two
RISK MANAGEMENT
Maximum exposure	3,293,100	3,172,285
Financial Leases | Stage Three
RISK MANAGEMENT
Maximum exposure	1,430,829	1,358,887
Off Balance Sheet Exposures
RISK MANAGEMENT
Maximum exposure	39,578,738	39,865,595
Off Balance Sheet Exposures | Stage One
RISK MANAGEMENT
Maximum exposure	39,266,370	39,476,630
Off Balance Sheet Exposures | Stage Two
RISK MANAGEMENT
Maximum exposure	154,567	338,136
Off Balance Sheet Exposures | Stage Three
RISK MANAGEMENT
Maximum exposure	157,801	50,829
Financial Guarantees
RISK MANAGEMENT
Maximum exposure	12,691,198	11,624,914
Financial Guarantees | Stage One
RISK MANAGEMENT
Maximum exposure	12,533,868	11,399,726
Financial Guarantees | Stage Two
RISK MANAGEMENT
Maximum exposure	26,889	202,240
Financial Guarantees | Stage Three
RISK MANAGEMENT
Maximum exposure	130,441	22,948
Loan Commitments
RISK MANAGEMENT
Maximum exposure	26,887,540	28,240,681
Loan Commitments | Stage One
RISK MANAGEMENT
Maximum exposure	26,732,502	28,076,904
Loan Commitments | Stage Two
RISK MANAGEMENT
Maximum exposure	127,678	135,896
Loan Commitments | Stage Three
RISK MANAGEMENT
Maximum exposure	$ 27,360	$ 27,881

RISK MANAGEMENT - Maximum exp_2

RISK MANAGEMENT - Maximum exposure to credit risk - Other financial instruments (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other financial instruments
RISK MANAGEMENT
Maximum exposure	$ 27,554,748	$ 37,194,524
Collateral	(2,106,146)	(879,613)
Net exposure	25,448,602	36,314,911
Debt instruments
RISK MANAGEMENT
Maximum exposure	25,148,469	27,418,197
Collateral	(1,407,484)	(741,197)
Net exposure	23,740,985	26,677,000
Derivatives
RISK MANAGEMENT
Maximum exposure	1,824,750	9,189,488
Collateral	(698,662)	(138,416)
Net exposure	1,126,088	9,051,072
Equity
RISK MANAGEMENT
Maximum exposure	543,210	544,668
Net exposure	543,210	544,668
Other financial instruments
RISK MANAGEMENT
Maximum exposure	38,319	42,171
Net exposure	$ 38,319	$ 42,171

RISK MANAGEMENT - Commercial an

RISK MANAGEMENT - Commercial and Financial Leases (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)	Dec. 31, 2023 USD ($)
Commercial and financial leases | Corporate | Minimum
RISK MANAGEMENT
Annual sales by economic group	$ 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 by economic group	13,000
Commercial and financial leases | Business | Maximum
RISK MANAGEMENT
Annual sales by economic group	100,000
Commercial and financial leases | Business | Banco Agricola | Minimum
RISK MANAGEMENT
Annual sales		7
Commercial and financial leases | Business | Banco Agricola | Maximum
RISK MANAGEMENT
Annual sales		25
Commercial and financial leases | Business | BAM | Minimum
RISK MANAGEMENT
Annual sales		5
Commercial and financial leases | Business | BAM | Maximum
RISK MANAGEMENT
Annual sales		25
Commercial and financial leases | Commercial | BAM | Minimum
RISK MANAGEMENT
Annual sales		2
Commercial and financial leases | Commercial | BAM | Maximum
RISK MANAGEMENT
Annual sales		5
Commercial and financial leases | Business Construction | Minimum
RISK MANAGEMENT
Annual sales by economic group	58,000
Annual sales by commercial size	15,000
Annual sales by project size	500,000
Commercial and financial leases | Business Construction | Maximum
RISK MANAGEMENT
Annual sales by economic group	200,000
Annual sales by commercial size	70,000
Annual sales by project size	2,200,000
Commercial and financial leases | Corporate Construction | Minimum
RISK MANAGEMENT
Annual sales by economic group	200,000
Annual sales by commercial size	70,000
Annual sales by project size	2,200,000
Commercial and financial leases | SME Construction | Minimum
RISK MANAGEMENT
Annual sales by economic group	380
Annual sales by commercial size	715,000
Commercial and financial leases | SME Construction | Maximum
RISK MANAGEMENT
Annual sales by economic group	58,000
Annual sales by commercial size	500,000
Commercial and financial leases | Government | Minimum
RISK MANAGEMENT
Annual sales	20,000
Commercial and financial leases | SME | Minimum
RISK MANAGEMENT
Annual sales	$ 13,000
Commercial and financial leases | SME | Banistmo | Minimum
RISK MANAGEMENT
Annual sales		10
Commercial and financial leases | SME | Banco Agricola | Minimum
RISK MANAGEMENT
Annual sales		7
Commercial and financial leases | SME | BAM | Minimum
RISK MANAGEMENT
Annual sales		$ 2
Mortgage | Minimum
RISK MANAGEMENT
Repayment term	5 years	5 years
Mortgage | 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, 2023	Dec. 31, 2022
RISK MANAGEMENT
Financial assets	$ 25,674,195	$ 27,940,140
Watch list
RISK MANAGEMENT
Watch List, Amount	$ 27,229,184	$ 26,583,853
Percentage of allowance recorded	21.57%	27.55%
Allowance	$ 5,872,064	$ 7,322,784
Level 1 - Low Risk
RISK MANAGEMENT
Watch List, Amount	$ 14,358,838	$ 10,467,361
Percentage of allowance recorded	1.02%	1.50%
Allowance	$ 146,014	$ 157,131
Level 2 - Medium Risk
RISK MANAGEMENT
Watch List, Amount	$ 4,744,341	$ 7,408,528
Percentage of allowance recorded	7.38%	9.36%
Allowance	$ 349,972	$ 693,260
Level 3 - High Risk
RISK MANAGEMENT
Watch List, Amount	$ 2,886,649	$ 2,265,069
Percentage of allowance recorded	53.31%	52.04%
Allowance	$ 1,538,882	$ 1,178,800
Level 4 - High Risk
RISK MANAGEMENT
Watch List, Amount	$ 5,239,356	$ 6,442,895
Percentage of allowance recorded	73.24%	82.16%
Allowance	$ 3,837,196	$ 5,293,593
Loan portfolio and financial lease operations
RISK MANAGEMENT
Percentage increase (decrease) in total loan portfolio	(5.90%)
30-day past due loan ratio	5.39%	3.55%
Commercial and financial leases
RISK MANAGEMENT
Financial assets	$ 161,964,000
Percentage increase (decrease) in total loan portfolio	(5.60%)
30-day past due loan ratio	3.50%	2.39%
Consumer loans
RISK MANAGEMENT
Financial assets	$ 54,592,000
Percentage increase (decrease) in total loan portfolio	(8.40%)
30-day past due loan ratio	9.48%	5.82%
Mortgage loans
RISK MANAGEMENT
Financial assets	$ 36,250,000
Percentage increase (decrease) in total loan portfolio	(3.00%)
30-day past due loan ratio	7.52%	4.95%
Small Business Loans
RISK MANAGEMENT
Financial assets	$ 1,145,000
Percentage increase (decrease) in total loan portfolio	(13.80%)
30-day past due loan ratio	12.17%	11.48%

RISK MANAGEMENT - Loans and fin

RISK MANAGEMENT - Loans and financial leases by classification and type of collateral (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Loans and financial leases	$ 253,951,647	$ 269,923,739
Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	59,634,145	65,957,175
Goods Given in Real Estate Leasing
RISK MANAGEMENT
Loans and financial leases	17,104,369	17,031,470
Goods Given in Leasing Other Than Real Estate
RISK MANAGEMENT
Loans and financial leases	8,580,569	7,975,392
Stand by Letter of Credit
RISK MANAGEMENT
Loans and financial leases	1,052,764	607,684
Security Deposits
RISK MANAGEMENT
Loans and financial leases	920,605	1,048,209
Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	4,124,770	5,187,548
Collection Rights
RISK MANAGEMENT
Loans and financial leases	6,731,046	6,102,860
Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	10,285,994	11,406,953
Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	145,517,385	154,606,448
Commercial
RISK MANAGEMENT
Loans and financial leases	134,687,396	143,537,853
Commercial | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	23,368,950	28,426,583
Commercial | Stand by Letter of Credit
RISK MANAGEMENT
Loans and financial leases	1,052,764	604,309
Commercial | Security Deposits
RISK MANAGEMENT
Loans and financial leases	447,306	450,157
Commercial | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	4,012,115	4,976,395
Commercial | Collection Rights
RISK MANAGEMENT
Loans and financial leases	6,673,320	6,048,311
Commercial | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	2,957,482	3,382,334
Commercial | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	96,175,459	99,649,764
Consumer
RISK MANAGEMENT
Loans and financial leases	54,591,769	59,588,721
Consumer | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	1,693,007	2,094,966
Consumer | Goods Given in Leasing Other Than Real Estate
RISK MANAGEMENT
Loans and financial leases	26	39
Consumer | Security Deposits
RISK MANAGEMENT
Loans and financial leases	370,286	464,940
Consumer | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	191	1,168
Consumer | Collection Rights
RISK MANAGEMENT
Loans and financial leases	57,306	54,112
Consumer | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	7,286,581	7,963,563
Consumer | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	45,184,372	49,009,933
Mortgage
RISK MANAGEMENT
Loans and financial leases	36,250,408	37,371,373
Mortgage | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	34,253,140	34,941,415
Mortgage | Goods Given in Real Estate Leasing
RISK MANAGEMENT
Loans and financial leases	189	193
Mortgage | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	39,432	57,360
Mortgage | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	1,957,647	2,372,405
Financial Leases
RISK MANAGEMENT
Loans and financial leases	27,277,057	28,097,716
Financial Leases | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	10	13
Financial Leases | Goods Given in Real Estate Leasing
RISK MANAGEMENT
Loans and financial leases	17,104,180	17,031,277
Financial Leases | Goods Given in Leasing Other Than Real Estate
RISK MANAGEMENT
Loans and financial leases	8,580,543	7,975,353
Financial Leases | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	60,242	77,695
Financial Leases | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	1,532,082	3,013,378
Small Business
RISK MANAGEMENT
Loans and financial leases	1,145,017	1,328,076
Small Business | Real Estate and Residential
RISK MANAGEMENT
Loans and financial leases	319,038	494,198
Small Business | Stand by Letter of Credit
RISK MANAGEMENT
Loans and financial leases		3,375
Small Business | Security Deposits
RISK MANAGEMENT
Loans and financial leases	103,013	133,112
Small Business | Guarantee Fund
RISK MANAGEMENT
Loans and financial leases	52,222	132,290
Small Business | Collection Rights
RISK MANAGEMENT
Loans and financial leases	420	437
Small Business | Other Collateral (Pledges)
RISK MANAGEMENT
Loans and financial leases	2,499	3,696
Small Business | Without Guarantee (Uncovered Balance)
RISK MANAGEMENT
Loans and financial leases	$ 667,825	$ 560,968

RISK MANAGEMENT - Financial ass

RISK MANAGEMENT - Financial assets classified in Stage 3 (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RISK MANAGEMENT
Financial assets	$ 25,674,195	$ 27,940,140
Non-current assets held for sale	1,361,465	889,752
Stage Three
RISK MANAGEMENT
Financial assets	1,031,773	1,006,275
Fair Value of Collateral	2,771,142	2,676,846
Commercial | Stage Three
RISK MANAGEMENT
Financial assets	425,479	335,669
Fair Value of Collateral	1,176,130	1,185,888
Consumer
RISK MANAGEMENT
Financial assets	54,592,000
Mortgage
RISK MANAGEMENT
Financial assets	36,250,000
Mortgage | Stage Three
RISK MANAGEMENT
Financial assets	289,618	268,002
Fair Value of Collateral	331,738	406,990
Small Business
RISK MANAGEMENT
Financial assets	1,145,000
Financial Leases | Stage Three
RISK MANAGEMENT
Financial assets	316,676	402,604
Fair Value of Collateral	1,263,274	1,083,968
Mortgage and Commercial Business | Stage Three
RISK MANAGEMENT
Financial assets		206,871	$ 204,268
Gross carrying amount | Stage Three
RISK MANAGEMENT
Financial assets	1,783,801	1,673,803
Gross carrying amount | Commercial | Stage Three
RISK MANAGEMENT
Financial assets	700,120	653,619
Gross carrying amount | Mortgage | Stage Three
RISK MANAGEMENT
Financial assets	383,878	350,380
Gross carrying amount | Financial Leases | Stage Three
RISK MANAGEMENT
Financial assets	699,803	669,804
Allowance | Stage Three
RISK MANAGEMENT
Financial assets	(752,028)	(667,528)
Allowance | Commercial | Stage Three
RISK MANAGEMENT
Financial assets	(274,641)	(317,950)
Allowance | Mortgage | Stage Three
RISK MANAGEMENT
Financial assets	(94,260)	(82,378)
Allowance | Financial Leases | Stage Three
RISK MANAGEMENT
Financial assets	$ (383,127)	$ (267,200)

RISK MANAGEMENT - Loans concent

RISK MANAGEMENT - Loans concentration by category (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loans and advances to customers	$ 237,728,544	$ 254,444,099
Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	253,951,647	269,923,739
Allowance
RISK MANAGEMENT
Loans and advances to customers	(16,223,103)	(15,479,640)	$ (15,864,482)	$ (16,616,043)
Commercial | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	134,687,396	143,537,853
Commercial | Allowance
RISK MANAGEMENT
Loans and advances to customers	(6,290,266)	(7,270,305)	(7,813,023)	(7,673,720)
Commercial | Corporate | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	69,843,654	79,766,203
Commercial | SME | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	14,200,557	15,864,828
Commercial | Others | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	50,643,185	47,906,822
Consumer | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	54,591,769	59,588,721
Consumer | Allowance
RISK MANAGEMENT
Loans and advances to customers	(7,717,038)	(6,047,135)	(5,305,267)	(5,753,430)
Consumer | Credit card | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	11,207,731	11,388,043
Consumer | Vehicle | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	5,409,226	5,173,235
Consumer | Payroll loans | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	9,461,889	10,838,679
Consumer | Others | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	28,512,923	32,188,764
Mortgage | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	36,250,408	37,371,373
Mortgage | VIS | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	12,997,624	12,318,512
Mortgage | Non-VIS | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	23,252,784	25,052,861
Financial Leases | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	27,277,057	28,097,716
Financial Leases | Allowance
RISK MANAGEMENT
Loans and advances to customers	(1,024,575)	(1,013,074)	(1,521,067)	(1,996,033)
Small Business Loans [Member] | Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	1,145,017	1,328,076
Small Business Loans [Member] | Allowance
RISK MANAGEMENT
Loans and advances to customers	$ (168,018)	$ (125,035)	$ (164,067)	$ (200,345)

RISK MANAGEMENT - Concentration

RISK MANAGEMENT - Concentration of loan by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Gross loans and advances to customers	$ 253,951,647	$ 269,923,739
Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	43,813,331	45,381,330
Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	95,286,052	110,771,211
Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	84,759,678	83,018,588
Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	30,092,586	30,752,610
Commercial
RISK MANAGEMENT
Gross loans and advances to customers	134,687,396	143,537,853
Commercial | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	40,601,345	41,624,418
Commercial | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	57,828,301	63,696,431
Commercial | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	35,936,869	38,127,660
Commercial | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	320,881	89,344
Commercial | Corporate
RISK MANAGEMENT
Gross loans and advances to customers	69,843,654	79,766,203
Commercial | Corporate | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	22,360,108	22,737,806
Commercial | Corporate | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	27,329,312	32,474,514
Commercial | Corporate | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	19,970,727	24,547,720
Commercial | Corporate | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	183,507	6,163
Commercial | SME
RISK MANAGEMENT
Gross loans and advances to customers	14,200,557	15,864,828
Commercial | SME | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	4,486,326	4,715,405
Commercial | SME | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	7,497,307	9,011,823
Commercial | SME | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	2,200,274	2,110,855
Commercial | SME | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	16,650	26,745
Commercial | Others
RISK MANAGEMENT
Gross loans and advances to customers	50,643,185	47,906,822
Commercial | Others | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	13,754,911	14,171,207
Commercial | Others | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	23,001,682	22,210,094
Commercial | Others | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	13,765,868	11,469,085
Commercial | Others | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	120,724	56,436
Consumer
RISK MANAGEMENT
Gross loans and advances to customers	54,591,769	59,588,721
Consumer | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	1,289,150	1,276,398
Consumer | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	26,549,043	36,662,101
Consumer | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	26,086,537	20,790,945
Consumer | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	667,039	859,277
Consumer | Credit card
RISK MANAGEMENT
Gross loans and advances to customers	11,207,731	11,388,043
Consumer | Credit card | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	417,390	341,644
Consumer | Credit card | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	1,755,518	9,658,986
Consumer | Credit card | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	9,034,823	1,387,413
Consumer | Vehicle
RISK MANAGEMENT
Gross loans and advances to customers	5,409,226	5,173,235
Consumer | Vehicle | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	55,295	56,869
Consumer | Vehicle | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	2,982,439	2,453,692
Consumer | Vehicle | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	2,371,163	2,662,171
Consumer | Vehicle | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	329	503
Consumer | Order of payment
RISK MANAGEMENT
Gross loans and advances to customers	9,461,889	10,838,679
Consumer | Order of payment | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	57,211	53,455
Consumer | Order of payment | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	1,872,546	1,955,842
Consumer | Order of payment | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	7,061,605	8,274,849
Consumer | Order of payment | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	470,527	554,533
Consumer | Others
RISK MANAGEMENT
Gross loans and advances to customers	28,512,923	32,188,764
Consumer | Others | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	759,254	824,430
Consumer | Others | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	19,938,540	22,593,581
Consumer | Others | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	7,618,946	8,466,512
Consumer | Others | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	196,183	304,241
Mortgage
RISK MANAGEMENT
Gross loans and advances to customers	36,250,408	37,371,373
Mortgage | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	75,189	65,252
Mortgage | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	1,005,831	1,017,950
Mortgage | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	9,601,783	10,018,853
Mortgage | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	25,567,605	26,269,318
Mortgage | VIS
RISK MANAGEMENT
Gross loans and advances to customers	12,997,624	12,318,512
Mortgage | VIS | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	23,303	16,905
Mortgage | VIS | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	264,232	246,203
Mortgage | VIS | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	2,157,322	1,934,490
Mortgage | VIS | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	10,552,767	10,120,914
Mortgage | Non-VIS
RISK MANAGEMENT
Gross loans and advances to customers	23,252,784	25,052,861
Mortgage | Non-VIS | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	51,886	48,347
Mortgage | Non-VIS | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	741,599	771,747
Mortgage | Non-VIS | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	7,444,461	8,084,363
Mortgage | Non-VIS | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	15,014,838	16,148,404
Financial Leases
RISK MANAGEMENT
Gross loans and advances to customers	27,277,057	28,097,716
Financial Leases | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	1,639,218	2,215,774
Financial Leases | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	9,165,622	8,560,553
Financial Leases | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	12,939,908	13,798,615
Financial Leases | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	3,532,309	3,522,774
Small Business Loans [Member]
RISK MANAGEMENT
Gross loans and advances to customers	1,145,017	1,328,076
Small Business Loans [Member] | Less than 1 year
RISK MANAGEMENT
Gross loans and advances to customers	208,429	199,488
Small Business Loans [Member] | Between 1 and 5 years
RISK MANAGEMENT
Gross loans and advances to customers	737,255	834,176
Small Business Loans [Member] | Between 5 and 15 years
RISK MANAGEMENT
Gross loans and advances to customers	194,581	282,515
Small Business Loans [Member] | Greater than 15 years
RISK MANAGEMENT
Gross loans and advances to customers	$ 4,752	$ 11,897

RISK MANAGEMENT - Concentrati_2

RISK MANAGEMENT - Concentration by past due days (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Gross loans and advances to customers	$ 253,951,647	$ 269,923,739
0 - 30 Days
RISK MANAGEMENT
Gross loans and advances to customers	240,251,654	260,345,821
31 - 90 Days
RISK MANAGEMENT
Gross loans and advances to customers	4,332,890	2,856,163
91 - 120 Days
RISK MANAGEMENT
Gross loans and advances to customers	1,282,872	875,300
121 - 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	4,626,541	2,502,650
More Than 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	3,457,690	3,343,805
Commercial
RISK MANAGEMENT
Gross loans and advances to customers	134,687,396	143,537,853
Commercial | 0 - 30 Days
RISK MANAGEMENT
Gross loans and advances to customers	129,866,971	140,277,356
Commercial | 31 - 90 Days
RISK MANAGEMENT
Gross loans and advances to customers	500,794	427,127
Commercial | 91 - 120 Days
RISK MANAGEMENT
Gross loans and advances to customers	205,141	140,582
Commercial | 121 - 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	1,777,620	604,363
Commercial | More Than 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	2,336,870	2,088,425
Consumer
RISK MANAGEMENT
Gross loans and advances to customers	54,591,769	59,588,721
Consumer | 0 - 30 Days
RISK MANAGEMENT
Gross loans and advances to customers	49,418,431	56,121,232
Consumer | 31 - 90 Days
RISK MANAGEMENT
Gross loans and advances to customers	2,244,017	1,578,302
Consumer | 91 - 120 Days
RISK MANAGEMENT
Gross loans and advances to customers	794,005	521,407
Consumer | 121 - 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	1,994,748	1,201,421
Consumer | More Than 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	140,568	166,359
Mortgage
RISK MANAGEMENT
Gross loans and advances to customers	36,250,408	37,371,373
Mortgage | 0 - 30 Days
RISK MANAGEMENT
Gross loans and advances to customers	33,524,034	35,520,689
Mortgage | 31 - 90 Days
RISK MANAGEMENT
Gross loans and advances to customers	1,290,817	578,116
Mortgage | 91 - 120 Days
RISK MANAGEMENT
Gross loans and advances to customers	212,433	144,580
Mortgage | 121 - 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	599,351	524,619
Mortgage | More Than 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	623,773	603,369
Financial Leases
RISK MANAGEMENT
Gross loans and advances to customers	27,277,057	28,097,716
Financial Leases | 0 - 30 Days
RISK MANAGEMENT
Gross loans and advances to customers	26,436,493	27,250,876
Financial Leases | 31 - 90 Days
RISK MANAGEMENT
Gross loans and advances to customers	247,124	205,639
Financial Leases | 91 - 120 Days
RISK MANAGEMENT
Gross loans and advances to customers	56,434	53,469
Financial Leases | 121 - 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	196,578	117,808
Financial Leases | More Than 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	340,428	469,924
Small Business Loans [Member]
RISK MANAGEMENT
Gross loans and advances to customers	1,145,017	1,328,076
Small Business Loans [Member] | 0 - 30 Days
RISK MANAGEMENT
Gross loans and advances to customers	1,005,725	1,175,668
Small Business Loans [Member] | 31 - 90 Days
RISK MANAGEMENT
Gross loans and advances to customers	50,138	66,979
Small Business Loans [Member] | 91 - 120 Days
RISK MANAGEMENT
Gross loans and advances to customers	14,859	15,262
Small Business Loans [Member] | 121 - 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	58,244	54,439
Small Business Loans [Member] | More Than 360 Days
RISK MANAGEMENT
Gross loans and advances to customers	$ 16,051	$ 15,728

RISK MANAGEMENT - Concentrati_3

RISK MANAGEMENT - Concentration of loans by economic sector (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Loans and advances	$ 253,951,647	$ 269,923,739
Loans and Advances
RISK MANAGEMENT
Loans and advances	253,951,647	269,923,739
Loans and Advances | Agriculture
RISK MANAGEMENT
Loans and advances	7,651,762	8,128,406
Loans and Advances | Petroleum and Mining Products
RISK MANAGEMENT
Loans and advances	2,080,761	895,774
Loans and Advances | Food, Beverages and Tobacco
RISK MANAGEMENT
Loans and advances	10,036,365	10,938,428
Loans and Advances | Chemical Production
RISK MANAGEMENT
Loans and advances	4,324,717	5,061,495
Loans and Advances | Government
RISK MANAGEMENT
Loans and advances	9,257,155	6,831,479
Loans and Advances | Construction
RISK MANAGEMENT
Loans and advances	21,763,817	25,895,135
Loans and Advances | Commerce and Tourism
RISK MANAGEMENT
Loans and advances	34,871,879	38,532,429
Loans and Advances | Transport and Communications
RISK MANAGEMENT
Loans and advances	9,925,494	11,070,003
Loans and Advances | Public Services
RISK MANAGEMENT
Loans and advances	13,044,826	11,806,268
Loans and Advances | Consumer Services
RISK MANAGEMENT
Loans and advances	91,998,207	98,606,064
Loans and Advances | Commercial Services
RISK MANAGEMENT
Loans and advances	34,692,184	34,884,002
Loans and Advances | Other Industries and Manufactured Products
RISK MANAGEMENT
Loans and advances	14,304,480	17,274,256
Loans and Advances | Colombia
RISK MANAGEMENT
Loans and advances	185,351,529	184,166,082
Loans and Advances | Colombia | Agriculture
RISK MANAGEMENT
Loans and advances	5,162,973	4,822,190
Loans and Advances | Colombia | Petroleum and Mining Products
RISK MANAGEMENT
Loans and advances	1,846,238	751,401
Loans and Advances | Colombia | Food, Beverages and Tobacco
RISK MANAGEMENT
Loans and advances	9,147,936	9,725,211
Loans and Advances | Colombia | Chemical Production
RISK MANAGEMENT
Loans and advances	4,299,308	5,029,722
Loans and Advances | Colombia | Government
RISK MANAGEMENT
Loans and advances	8,369,707	6,826,772
Loans and Advances | Colombia | Construction
RISK MANAGEMENT
Loans and advances	16,202,035	17,828,783
Loans and Advances | Colombia | Commerce and Tourism
RISK MANAGEMENT
Loans and advances	23,803,830	24,841,275
Loans and Advances | Colombia | Transport and Communications
RISK MANAGEMENT
Loans and advances	9,574,318	10,345,263
Loans and Advances | Colombia | Public Services
RISK MANAGEMENT
Loans and advances	11,758,265	10,121,410
Loans and Advances | Colombia | Consumer Services
RISK MANAGEMENT
Loans and advances	59,032,642	59,437,125
Loans and Advances | Colombia | Commercial Services
RISK MANAGEMENT
Loans and advances	27,474,593	24,688,401
Loans and Advances | Colombia | Other Industries and Manufactured Products
RISK MANAGEMENT
Loans and advances	8,679,684	9,748,529
Loans and Advances | Foreign countries
RISK MANAGEMENT
Loans and advances	68,600,118	85,757,657
Loans and Advances | Foreign countries | Agriculture
RISK MANAGEMENT
Loans and advances	2,488,789	3,306,216
Loans and Advances | Foreign countries | Petroleum and Mining Products
RISK MANAGEMENT
Loans and advances	234,523	144,373
Loans and Advances | Foreign countries | Food, Beverages and Tobacco
RISK MANAGEMENT
Loans and advances	888,429	1,213,217
Loans and Advances | Foreign countries | Chemical Production
RISK MANAGEMENT
Loans and advances	25,409	31,773
Loans and Advances | Foreign countries | Government
RISK MANAGEMENT
Loans and advances	887,448	4,707
Loans and Advances | Foreign countries | Construction
RISK MANAGEMENT
Loans and advances	5,561,782	8,066,352
Loans and Advances | Foreign countries | Commerce and Tourism
RISK MANAGEMENT
Loans and advances	11,068,049	13,691,154
Loans and Advances | Foreign countries | Transport and Communications
RISK MANAGEMENT
Loans and advances	351,176	724,740
Loans and Advances | Foreign countries | Public Services
RISK MANAGEMENT
Loans and advances	1,286,561	1,684,858
Loans and Advances | Foreign countries | Consumer Services
RISK MANAGEMENT
Loans and advances	32,965,565	39,168,939
Loans and Advances | Foreign countries | Commercial Services
RISK MANAGEMENT
Loans and advances	7,217,591	10,195,601
Loans and Advances | Foreign countries | Other Industries and Manufactured Products
RISK MANAGEMENT
Loans and advances	$ 5,624,796	$ 7,525,727

RISK MANAGEMENT - Credit concen

RISK MANAGEMENT - Credit concentration by country (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Loans and advances to customers	$ 237,728,544	$ 254,444,099
Gross carrying amount
RISK MANAGEMENT
Loans and advances to customers	$ 253,951,647	$ 269,923,739
% Participation	100%	100%
Gross carrying amount | Colombia
RISK MANAGEMENT
Loans and advances to customers	$ 181,951,462	$ 178,168,073
% Participation	71.65%	66.01%
Gross carrying amount | Panama
RISK MANAGEMENT
Loans and advances to customers	$ 38,599,152	$ 50,813,521
% Participation	15.20%	18.83%
Gross carrying amount | El Salvador
RISK MANAGEMENT
Loans and advances to customers	$ 15,373,156	$ 18,971,871
% Participation	6.05%	7.03%
Gross carrying amount | Guatemala
RISK MANAGEMENT
Loans and advances to customers	$ 16,958,954	$ 20,866,364
% Participation	6.68%	7.73%
Gross carrying amount | Puerto rico
RISK MANAGEMENT
Loans and advances to customers	$ 1,068,923	$ 1,103,910
% Participation	0.42%	0.41%
Gross carrying amount | Other Countries
RISK MANAGEMENT
% Participation	0%	0%
Allowance
RISK MANAGEMENT
Loans and advances to customers	$ (16,223,103)	$ (15,479,640)	$ (15,864,482)	$ (16,616,043)
% Participation	100%	100%
Allowance | Colombia
RISK MANAGEMENT
Loans and advances to customers	$ (13,133,577)	$ (11,505,443)
% Participation	80.96%	74.33%
Allowance | Panama
RISK MANAGEMENT
Loans and advances to customers	$ (1,645,802)	$ (2,223,118)
% Participation	10.14%	14.36%
Allowance | El Salvador
RISK MANAGEMENT
Loans and advances to customers	$ (552,236)	$ (729,238)
% Participation	3.40%	4.71%
Allowance | Guatemala
RISK MANAGEMENT
Loans and advances to customers	$ (887,518)	$ (950,068)
% Participation	5.47%	6.14%
Allowance | Puerto rico
RISK MANAGEMENT
Loans and advances to customers	$ (3,970)	$ (71,773)
% Participation	0.02%	0.46%
Allowance | Other Countries
RISK MANAGEMENT
% Participation	0%	0%

RISK MANAGEMENT - Credit conc_2

RISK MANAGEMENT - Credit concentration by economic group (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Loans and advances	$ 253,951,647	$ 269,923,739
20 largest economic groups
RISK MANAGEMENT
Loans and advances	$ 34,134,547	$ 33,413,138

RISK MANAGEMENT - Credit qualit

RISK MANAGEMENT - Credit quality of the borrower (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Loans and advances	$ 253,951,647	$ 269,923,739
Stage 1
RISK MANAGEMENT
Loans and advances	222,372,889	236,770,056
Stage 2
RISK MANAGEMENT
Loans and advances	16,042,661	18,656,439
Stage 3
RISK MANAGEMENT
Loans and advances	15,536,097	14,497,244
Commercial
RISK MANAGEMENT
Loans and advances	134,687,396	143,537,853
Commercial | Stage 1
RISK MANAGEMENT
Loans and advances	120,773,927	126,530,862
Commercial | Stage 2
RISK MANAGEMENT
Loans and advances	5,453,537	8,062,435
Commercial | Stage 3
RISK MANAGEMENT
Loans and advances	8,459,932	8,944,556
Consumer
RISK MANAGEMENT
Loans and advances	54,591,769	59,588,721
Consumer | Stage 1
RISK MANAGEMENT
Loans and advances	46,060,615	51,510,943
Consumer | Stage 2
RISK MANAGEMENT
Loans and advances	4,407,067	5,288,921
Consumer | Stage 3
RISK MANAGEMENT
Loans and advances	4,124,087	2,788,857
Mortgage
RISK MANAGEMENT
Loans and advances	36,250,408	37,371,373
Mortgage | Stage 1
RISK MANAGEMENT
Loans and advances	32,210,648	34,067,734
Mortgage | Stage 2
RISK MANAGEMENT
Loans and advances	2,628,654	1,997,270
Mortgage | Stage 3
RISK MANAGEMENT
Loans and advances	1,411,106	1,306,369
Small Business
RISK MANAGEMENT
Loans and advances	1,145,017	1,328,076
Small Business | Stage 1
RISK MANAGEMENT
Loans and advances	774,571	1,093,973
Small Business | Stage 2
RISK MANAGEMENT
Loans and advances	260,303	135,528
Small Business | Stage 3
RISK MANAGEMENT
Loans and advances	110,143	98,575
Financial Leases
RISK MANAGEMENT
Loans and advances	27,277,057	28,097,716
Financial Leases | Stage 1
RISK MANAGEMENT
Loans and advances	22,553,128	23,566,544
Financial Leases | Stage 2
RISK MANAGEMENT
Loans and advances	3,293,100	3,172,285
Financial Leases | Stage 3
RISK MANAGEMENT
Loans and advances	$ 1,430,829	$ 1,358,887

RISK MANAGEMENT - Stage 3 loans

RISK MANAGEMENT - Stage 3 loans and advances by evaluation type (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Financial assets	$ 25,674,195	$ 27,940,140
Consumer
RISK MANAGEMENT
Financial assets	54,592,000
Mortgage
RISK MANAGEMENT
Financial assets	36,250,000
Small Business Loans [Member]
RISK MANAGEMENT
Financial assets	1,145,000
Stage Three
RISK MANAGEMENT
Financial assets	1,031,773	1,006,275
Stage Three | Commercial
RISK MANAGEMENT
Financial assets	425,479	335,669
Stage Three | Mortgage
RISK MANAGEMENT
Financial assets	289,618	268,002
Stage Three | Financial Leases
RISK MANAGEMENT
Financial assets	316,676	402,604
Stage Three | Individually assessed
RISK MANAGEMENT
Financial assets	$ 5,761,100	6,545,087
Percentage of loan portfolio in default	2.30%
Stage Three | Individually assessed | Commercial
RISK MANAGEMENT
Financial assets	$ 5,198,384	5,990,389
Stage Three | Individually assessed | Financial Leases
RISK MANAGEMENT
Financial assets	562,716	554,698
Stage Three | Collectively assessed
RISK MANAGEMENT
Financial assets	9,774,997	7,952,157
Stage Three | Collectively assessed | Commercial
RISK MANAGEMENT
Financial assets	3,261,548	2,954,167
Stage Three | Collectively assessed | Consumer
RISK MANAGEMENT
Financial assets	4,124,087	2,788,857
Stage Three | Collectively assessed | Mortgage
RISK MANAGEMENT
Financial assets	1,411,106	1,306,369
Stage Three | Collectively assessed | Financial Leases
RISK MANAGEMENT
Financial assets	868,113	804,189
Stage Three | Collectively assessed | Small Business Loans [Member]
RISK MANAGEMENT
Financial assets	110,143	98,575
ECL | Stage Three | Individually assessed
RISK MANAGEMENT
Financial assets	3,141,336	3,927,072
ECL | Stage Three | Individually assessed | Commercial
RISK MANAGEMENT
Financial assets	2,825,357	3,650,680
ECL | Stage Three | Individually assessed | Financial Leases
RISK MANAGEMENT
Financial assets	315,979	276,392
ECL | Stage Three | Collectively assessed
RISK MANAGEMENT
Financial assets	6,849,462	5,531,947
ECL | Stage Three | Collectively assessed | Commercial
RISK MANAGEMENT
Financial assets	2,401,344	2,202,638
ECL | Stage Three | Collectively assessed | Consumer
RISK MANAGEMENT
Financial assets	3,460,299	2,354,412
ECL | Stage Three | Collectively assessed | Mortgage
RISK MANAGEMENT
Financial assets	553,370	561,016
ECL | Stage Three | Collectively assessed | Financial Leases
RISK MANAGEMENT
Financial assets	356,526	346,434
ECL | Stage Three | Collectively assessed | Small Business Loans [Member]
RISK MANAGEMENT
Financial assets	$ 77,923	$ 67,447

RISK MANAGEMENT - Changes in EC

RISK MANAGEMENT - Changes in ECL (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	$ (827,751)	$ (1,282,025)
Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	1,085,533	$ 1,209,700
GDP Growth | Optimistic scenario | 1% increase
RISK MANAGEMENT
Increase (decrease) in ECL	73,940
GDP Growth | Optimistic scenario | Unchanged
RISK MANAGEMENT
Increase (decrease) in ECL	215,658
GDP Growth | Optimistic scenario | 1% decrease
RISK MANAGEMENT
Increase (decrease) in ECL	389,759
GDP Growth | Base scenario | 1% increase
RISK MANAGEMENT
Increase (decrease) in ECL	(141,718)
GDP Growth | Base scenario | 1% decrease
RISK MANAGEMENT
Increase (decrease) in ECL	174,101
GDP Growth | Pessimistic scenario | 1% increase
RISK MANAGEMENT
Increase (decrease) in ECL	(344,396)
GDP Growth | Pessimistic scenario | Unchanged
RISK MANAGEMENT
Increase (decrease) in ECL	(202,678)
GDP Growth | Pessimistic scenario | 1% decrease
RISK MANAGEMENT
Increase (decrease) in ECL	$ (28,576)

RISK MANAGEMENT - Impact on ECL

RISK MANAGEMENT - Impact on ECL for each methodology (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	$ (827,751)	$ (1,282,025)
Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	1,085,533	1,209,700
Collective methodology | Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	(437,294)	(306,602)
Collective methodology | Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	343,209	277,296
Collateral methodology | Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	(149,983)	(150,312)
Collateral methodology | Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	137,172	115,074
Individual methodology | Optimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	(240,474)	(825,111)
Individual methodology | Pessimistic scenario
RISK MANAGEMENT
Increase (decrease) in ECL	$ 605,152	$ 817,330

RISK MANAGEMENT - Credit Qual_2

RISK MANAGEMENT - Credit Quality Analysis of the Group (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Total
RISK MANAGEMENT
Maximum exposure	$ 27,554,748	$ 37,194,524
Collateral	(2,106,146)	(879,613)
Net exposure	$ 25,448,602	36,314,911
Debt instruments
RISK MANAGEMENT
Percentage of financial instruments not in default	100%
Maximum exposure	$ 25,148,469	27,418,197
Collateral	(1,407,484)	(741,197)
Net exposure	23,740,985	26,677,000
Debt instruments | Low Risk
RISK MANAGEMENT
Maximum exposure	21,078,496	21,851,178
Debt instruments | Medium Risk
RISK MANAGEMENT
Maximum exposure	827,469	2,090,039
Debt instruments | High Risk
RISK MANAGEMENT
Maximum exposure	3,242,504	3,476,980
Equity
RISK MANAGEMENT
Maximum exposure	543,210	544,668
Net exposure	543,210	544,668
Equity | Low Risk
RISK MANAGEMENT
Maximum exposure	220,967	222,843
Equity | Medium Risk
RISK MANAGEMENT
Maximum exposure	17,354	19,074
Equity | High Risk
RISK MANAGEMENT
Maximum exposure	587	13,728
Equity | Without Rating
RISK MANAGEMENT
Maximum exposure	304,302	289,023
Other financial instruments
RISK MANAGEMENT
Maximum exposure	38,319	42,171
Net exposure	38,319	42,171
Other financial instruments | Low Risk
RISK MANAGEMENT
Maximum exposure	21,976	12,821
Other financial instruments | High Risk
RISK MANAGEMENT
Maximum exposure	2,966
Other financial instruments | Without Rating
RISK MANAGEMENT
Maximum exposure	$ 13,377	29,350
Derivatives
RISK MANAGEMENT
Percentage of financial instruments not in default	99.90%
Maximum exposure	$ 1,824,750	9,189,488
Collateral	(698,662)	(138,416)
Net exposure	1,126,088	9,051,072
Derivatives | Low Risk
RISK MANAGEMENT
Maximum exposure	1,711,788	9,119,402
Derivatives | Medium Risk
RISK MANAGEMENT
Maximum exposure	316	14,464
Derivatives | High Risk
RISK MANAGEMENT
Maximum exposure	17,327	$ 55,622
Derivatives | Without Rating
RISK MANAGEMENT
Maximum exposure	$ 95,319

RISK MANAGEMENT - Individual ev

RISK MANAGEMENT - Individual evaluation of impairment for other financial instruments (Details) - Individual evaluation - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt instruments
RISK MANAGEMENT
Maximum exposure	$ 25,148,469	$ 27,418,197
Impairment	61,365	67,189
Final Exposure	25,087,104	27,351,008
Equity
RISK MANAGEMENT
Maximum exposure	543,210	544,668
Final Exposure	543,210	544,668
Fair value | Debt instruments
RISK MANAGEMENT
Maximum exposure	18,244,584	19,016,935
Impairment	5,562	2,286
Final Exposure	18,239,022	19,014,648
Amortized cost | Debt instruments
RISK MANAGEMENT
Maximum exposure	6,903,885	8,401,262
Impairment	55,803	64,903
Final Exposure	6,848,082	8,336,360
Fair Value through profit or loss | Equity
RISK MANAGEMENT
Maximum exposure	98,853	90,538
Final Exposure	98,853	90,538
Fair value through OCI | Equity
RISK MANAGEMENT
Maximum exposure	444,357	454,130
Final Exposure	$ 444,357	$ 454,130

RISK MANAGEMENT - Level of coll

RISK MANAGEMENT - Level of collateral held (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt securities
RISK MANAGEMENT
Collateral	$ (1,407,484)	$ (741,197)
Derivatives
RISK MANAGEMENT
Collateral	(698,662)	(138,416)
Credit risk
RISK MANAGEMENT
Collateral	(2,106,146)	(879,613)
Credit risk | Debt securities
RISK MANAGEMENT
Collateral	$ (1,407,483)	$ (741,197)
Main type of collateral	Government bonds (TES)	Government bonds (TES)
Credit risk | Derivatives
RISK MANAGEMENT
Collateral	$ (698,663)	$ (138,416)
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, 2023	Dec. 31, 2022
Debt instruments
RISK MANAGEMENT
Maximum Exposure to Credit Risk	$ 25,148,469	$ 27,418,197
Debt instruments | North America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	4,666,195	5,686,298
Debt instruments | Latin America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	20,440,893	20,004,790
Debt instruments | Europe
RISK MANAGEMENT
Maximum Exposure to Credit Risk	41,381
Debt instruments | Other (Includes Funds and ETF)
RISK MANAGEMENT
Maximum Exposure to Credit Risk		1,727,109
Debt instruments | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	3,675,913	4,197,844
Debt instruments | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	4,626,294	5,268,337
Debt instruments | Government Sectors
RISK MANAGEMENT
Maximum Exposure to Credit Risk	16,827,596	17,924,261
Debt instruments | Funds and ETF
RISK MANAGEMENT
Maximum Exposure to Credit Risk	18,666	27,755
Equity
RISK MANAGEMENT
Maximum Exposure to Credit Risk	543,210	544,668
Equity | North America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	197	125
Equity | Latin America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	529,033	473,259
Equity | Other (Includes Funds and ETF)
RISK MANAGEMENT
Maximum Exposure to Credit Risk	13,980	71,284
Equity | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	279,396	329,249
Equity | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	211,037	199,760
Equity | Funds and ETF
RISK MANAGEMENT
Maximum Exposure to Credit Risk	52,777	15,659
Other financial instruments
RISK MANAGEMENT
Maximum Exposure to Credit Risk	38,319	42,171
Other financial instruments | Latin America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	38,319	29,187
Other financial instruments | Europe
RISK MANAGEMENT
Maximum Exposure to Credit Risk		12,984
Other financial instruments | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	23,887	42,171
Other financial instruments | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	14,432
Derivatives
RISK MANAGEMENT
Maximum Exposure to Credit Risk	1,824,750	9,189,488
Derivatives | North America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	344,639	3,285,822
Derivatives | Latin America
RISK MANAGEMENT
Maximum Exposure to Credit Risk	1,009,595	2,102,995
Derivatives | Europe
RISK MANAGEMENT
Maximum Exposure to Credit Risk	467,937	3,117,284
Derivatives | Other (Includes Funds and ETF)
RISK MANAGEMENT
Maximum Exposure to Credit Risk	2,579	683,387
Derivatives | Corporate
RISK MANAGEMENT
Maximum Exposure to Credit Risk	951,573	1,403,527
Derivatives | Financial
RISK MANAGEMENT
Maximum Exposure to Credit Risk	870,598	7,096,094
Derivatives | Funds and ETF
RISK MANAGEMENT
Maximum Exposure to Credit Risk	$ 2,579	$ 689,867

RISK MANAGEMENT - Risk exposu_2

RISK MANAGEMENT - Risk exposure by credit rating (Details) - Other financial instruments - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Maximum Exposure to Credit Risk	$ 27,554,748	$ 37,194,524
Sovereign Risk
RISK MANAGEMENT
Credit exposure	7,520,002	7,025,658
AAA
RISK MANAGEMENT
Credit exposure	9,613,353	14,570,753
AA+
RISK MANAGEMENT
Credit exposure	2,934,561	1,448,837
AA
RISK MANAGEMENT
Credit exposure	761,139	723,019
AA-
RISK MANAGEMENT
Credit exposure	285,253	794,748
A+
RISK MANAGEMENT
Credit exposure	763,754	3,549,222
A
RISK MANAGEMENT
Credit exposure	465,025	516,950
A-
RISK MANAGEMENT
Credit exposure	396,755	1,628,479
BBB+
RISK MANAGEMENT
Credit exposure	604,672	1,395,620
BBB
RISK MANAGEMENT
Credit exposure	243,820	1,027,745
BBB-
RISK MANAGEMENT
Credit exposure	1,808,396	1,332,161
Other
RISK MANAGEMENT
Credit exposure	1,745,020	2,862,959
Not rated
RISK MANAGEMENT
Credit exposure	$ 412,998	$ 318,373

RISK MANAGEMENT - Relevant fact

RISK MANAGEMENT - Relevant facts (Details) - $ / $	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RISK MANAGEMENT
Inflation rate		9.28%	13.12%
Intervention rate issued by Banco de la Republica		13%	12%	3%	1.75%
Federal reserve interest rate		5.50%	4.05%
CPI, United States		3.40%
Colombian stock market percentage of devaluation		(7.07%)
Percentage of appreciation, S&P 500		24.23%
Percentage of appreciation, Euro Stoxx 50		19.19%
Increase in interest rate futures		24.70%
Increase in currency futures		12.80%
Year end exchange rate, US dollar into Colombian pesos		3,822.05	4,810.20	3,981.16
Annual appreciation of foreign exchange rate		20.54%
Forecast | Minimum
RISK MANAGEMENT
Inflation rate	5.20%
Forecast | Maximum
RISK MANAGEMENT
Inflation rate	5.70%

RISK MANAGEMENT - Interest Risk

RISK MANAGEMENT - Interest Risk Sensitivity by Bands and Zones (Details)	12 Months Ended
	Dec. 31, 2023
Zone 1 | Band 1 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.74%
Zone 1 | Band 1 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.74%
Zone 1 | Band 1 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1%
Zone 1 | Band 1 | Lower Limit
RISK MANAGEMENT
Modified Duration	0
Zone 1 | Band 1 | Upper Limit
RISK MANAGEMENT
Modified Duration	0.08
Zone 1 | Band 2 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.68%
Zone 1 | Band 2 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.74%
Zone 1 | Band 2 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1%
Zone 1 | Band 2 | Lower Limit
RISK MANAGEMENT
Modified Duration	0.08
Zone 1 | Band 2 | Upper Limit
RISK MANAGEMENT
Modified Duration	0.25
Zone 1 | Band 3 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.59%
Zone 1 | Band 3 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.74%
Zone 1 | Band 3 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1%
Zone 1 | Band 3 | Lower Limit
RISK MANAGEMENT
Modified Duration	0.25
Zone 1 | Band 3 | Upper Limit
RISK MANAGEMENT
Modified Duration	0.5
Zone 1 | Band 4 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.33%
Zone 1 | Band 4 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.74%
Zone 1 | Band 4 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1%
Zone 1 | Band 4 | Lower Limit
RISK MANAGEMENT
Modified Duration	0.5
Zone 1 | Band 4 | Upper Limit
RISK MANAGEMENT
Modified Duration	1
Zone 2 | Band 5 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.22%
Zone 2 | Band 5 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.50%
Zone 2 | Band 5 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.90%
Zone 2 | Band 5 | Lower Limit
RISK MANAGEMENT
Modified Duration	1
Zone 2 | Band 5 | Upper Limit
RISK MANAGEMENT
Modified Duration	1.9
Zone 2 | Band 6 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.22%
Zone 2 | Band 6 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.50%
Zone 2 | Band 6 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.80%
Zone 2 | Band 6 | Lower Limit
RISK MANAGEMENT
Modified Duration	1.9
Zone 2 | Band 6 | Upper Limit
RISK MANAGEMENT
Modified Duration	2.8
Zone 2 | Band 7 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.11%
Zone 2 | Band 7 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.20%
Zone 2 | Band 7 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.75%
Zone 2 | Band 7 | Lower Limit
RISK MANAGEMENT
Modified Duration	2.8
Zone 2 | Band 7 | Upper Limit
RISK MANAGEMENT
Modified Duration	3.6
Zone 3 | Band 8 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.11%
Zone 3 | Band 8 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2.20%
Zone 3 | Band 8 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.75%
Zone 3 | Band 8 | Lower Limit
RISK MANAGEMENT
Modified Duration	3.6
Zone 3 | Band 8 | Upper Limit
RISK MANAGEMENT
Modified Duration	4.3
Zone 3 | Band 9 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.72%
Zone 3 | Band 9 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	2%
Zone 3 | Band 9 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.70%
Zone 3 | Band 9 | Lower Limit
RISK MANAGEMENT
Modified Duration	4.3
Zone 3 | Band 9 | Upper Limit
RISK MANAGEMENT
Modified Duration	5.7
Zone 3 | Band 10 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.62%
Zone 3 | Band 10 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.70%
Zone 3 | Band 10 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.65%
Zone 3 | Band 10 | Lower Limit
RISK MANAGEMENT
Modified Duration	5.7
Zone 3 | Band 10 | Upper Limit
RISK MANAGEMENT
Modified Duration	7.3
Zone 3 | Band 11 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.62%
Zone 3 | Band 11 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.70%
Zone 3 | Band 11 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.60%
Zone 3 | Band 11 | Lower Limit
RISK MANAGEMENT
Modified Duration	7.3
Zone 3 | Band 11 | Upper Limit
RISK MANAGEMENT
Modified Duration	9.3
Zone 3 | Band 12 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.62%
Zone 3 | Band 12 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.70%
Zone 3 | Band 12 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.60%
Zone 3 | Band 12 | Lower Limit
RISK MANAGEMENT
Modified Duration	9.3
Zone 3 | Band 12 | Upper Limit
RISK MANAGEMENT
Modified Duration	10.6
Zone 3 | Band 13 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.62%
Zone 3 | Band 13 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.70%
Zone 3 | Band 13 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.60%
Zone 3 | Band 13 | Lower Limit
RISK MANAGEMENT
Modified Duration	10.6
Zone 3 | Band 13 | Upper Limit
RISK MANAGEMENT
Modified Duration	12
Zone 3 | Band 14 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.62%
Zone 3 | Band 14 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.70%
Zone 3 | Band 14 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.60%
Zone 3 | Band 14 | Lower Limit
RISK MANAGEMENT
Modified Duration	12
Zone 3 | Band 14 | Upper Limit
RISK MANAGEMENT
Modified Duration	20
Zone 3 | Band 15 | Legal Currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.62%
Zone 3 | Band 15 | UVR
RISK MANAGEMENT
Changes in Interest Rates (percent)	1.70%
Zone 3 | Band 15 | Foreign currency
RISK MANAGEMENT
Changes in Interest Rates (percent)	0.60%
Zone 3 | Band 15 | Lower Limit
RISK MANAGEMENT
Modified Duration	20

RISK MANAGEMENT - Currency, Equ

RISK MANAGEMENT - Currency, Equity and Fund Risk (Details)	12 Months Ended
	Dec. 31, 2023
United States Dollar
RISK MANAGEMENT
Sensitivity Factor	12.49%
Euro
RISK MANAGEMENT
Sensitivity Factor	11%
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, 2023	Dec. 31, 2022
Market Risk
RISK MANAGEMENT
Percentage increase (decrease) in VaR	22.90%
Value at risk	$ 1,096,000	$ 891,569
Market Risk | Average
RISK MANAGEMENT
Value at risk	959,831	892,583
Interest Rate Risk VaR
RISK MANAGEMENT
Value at risk	405,467	340,107
Interest Rate Risk VaR | Average
RISK MANAGEMENT
Value at risk	418,472	381,094
Interest Rate Risk VaR | Maximum
RISK MANAGEMENT
Value at risk	542,464	410,605
Interest Rate Risk VaR | Minimum
RISK MANAGEMENT
Value at risk	383,914	340,107
Foreign Exchange Rate Risk VaR
RISK MANAGEMENT
Value at risk	332,662	78,165
Foreign Exchange Rate Risk VaR | Average
RISK MANAGEMENT
Value at risk	185,624	118,620
Foreign Exchange Rate Risk VaR | Maximum
RISK MANAGEMENT
Value at risk	374,407	201,927
Foreign Exchange Rate Risk VaR | Minimum
RISK MANAGEMENT
Value at risk	51,410	78,165
Equity Risk VaR
RISK MANAGEMENT
Value at risk	342,024	85,345
Equity Risk VaR | Average
RISK MANAGEMENT
Value at risk	332,443	98,401
Equity Risk VaR | Maximum
RISK MANAGEMENT
Value at risk	347,539	105,263
Equity Risk VaR | Minimum
RISK MANAGEMENT
Value at risk	312,136	85,345
Fund Risk VaR
RISK MANAGEMENT
Value at risk	15,847	387,952
Fund Risk VaR | Average
RISK MANAGEMENT
Value at risk	23,292	294,468
Fund Risk VaR | Maximum
RISK MANAGEMENT
Value at risk	27,923	387,952
Fund Risk VaR | Minimum
RISK MANAGEMENT
Value at risk	$ 15,847	$ 225,401

RISK MANAGEMENT - Sensitivity t

RISK MANAGEMENT - Sensitivity to Interest Rate Risk of the Banking Book (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 COP ($)	Dec. 31, 2022 COP ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Interest Rate Risk | Sensitivity 100 bps
RISK MANAGEMENT
Assets	$ 1,152,782	$ 1,060,949	$ 75,052	$ 84,883
Liabilities	595,749	545,911	74,800	71,737
Net	$ 557,033	515,038	$ 252	$ 13,146
Equity price risk
RISK MANAGEMENT
Percentage of decrease in market value of investments	27.40%
Fair value	$ 41,096	$ 56,607
Delta, decrease in measurement input	14.70%	14.70%	14.70%	14.70%
Sensitivity (decrease in value)	$ 6,041	$ 8,321
Structural equity investments market value	$ 35,000	$ 41,000

RISK MANAGEMENT - Liquidity ris

RISK MANAGEMENT - Liquidity risk exposure (Details) - Liquidity risk - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Net cash outflows into 30 days	$ 13,752,496	$ 18,227,019
Liquid assets	$ 50,680,823	$ 48,059,179
Liquidity coverage ratio	368.52%	263.67%

RISK MANAGEMENT - Liquid Assets

RISK MANAGEMENT - Liquid Assets (Details) - Liquidity risk - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Liquid assets	$ 50,680,823	$ 48,059,179
High quality liquid assets | Cash
RISK MANAGEMENT
Liquid assets	25,273,317	26,299,990
High quality liquid assets | High quality liquid securities
RISK MANAGEMENT
Liquid assets	19,951,771	17,739,501
Other liquid assets | Other securities
RISK MANAGEMENT
Liquid assets	$ 5,455,735	$ 4,019,688

RISK MANAGEMENT - Contractual m

RISK MANAGEMENT - Contractual maturities of financial assets (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Financial assets	$ 25,674,195	$ 27,940,140
0 - 30 Days
RISK MANAGEMENT
Financial assets	57,823,109	49,734,435
31 Days - 1 Year
RISK MANAGEMENT
Financial assets	116,395,020	98,408,792
Between 1 and 3 years
RISK MANAGEMENT
Financial assets	106,374,362	103,403,352
Between 3 and 5 years
RISK MANAGEMENT
Financial assets	61,336,409	64,269,526
Greater than 5 years
RISK MANAGEMENT
Financial assets	111,035,266	113,509,992
Cash and balances with central bank | 0 - 30 Days
RISK MANAGEMENT
Financial assets	24,461,384	24,721,168
Interbank borrowings - Repurchase agreements | 0 - 30 Days
RISK MANAGEMENT
Financial assets	14,497,024	6,354,954
Interbank borrowings - Repurchase agreements | 31 Days - 1 Year
RISK MANAGEMENT
Financial assets	452,847	1,369,698
Financial assets investments
RISK MANAGEMENT
Financial assets	25,674,195	27,940,140
Financial assets investments | 0 - 30 Days
RISK MANAGEMENT
Financial assets	2,467,493	5,191,479
Financial assets investments | 31 Days - 1 Year
RISK MANAGEMENT
Financial assets	12,311,055	10,620,793
Financial assets investments | Between 1 and 3 years
RISK MANAGEMENT
Financial assets	5,462,198	4,595,406
Financial assets investments | Between 3 and 5 years
RISK MANAGEMENT
Financial assets	2,597,787	2,715,738
Financial assets investments | Greater than 5 years
RISK MANAGEMENT
Financial assets	5,525,545	3,788,041
Loans and advances to customers | 0 - 30 Days
RISK MANAGEMENT
Financial assets	12,474,473	11,980,037
Loans and advances to customers | 31 Days - 1 Year
RISK MANAGEMENT
Financial assets	90,653,852	80,781,681
Loans and advances to customers | Between 1 and 3 years
RISK MANAGEMENT
Financial assets	96,770,268	95,394,236
Loans and advances to customers | Between 3 and 5 years
RISK MANAGEMENT
Financial assets	57,038,679	60,072,303
Loans and advances to customers | Greater than 5 years
RISK MANAGEMENT
Financial assets	104,103,871	108,373,306
Derivative financial instruments | 0 - 30 Days
RISK MANAGEMENT
Financial assets	3,922,735	1,486,797
Derivative financial instruments | 31 Days - 1 Year
RISK MANAGEMENT
Financial assets	12,977,266	5,636,620
Derivative financial instruments | Between 1 and 3 years
RISK MANAGEMENT
Financial assets	4,141,896	3,413,710
Derivative financial instruments | Between 3 and 5 years
RISK MANAGEMENT
Financial assets	1,699,943	1,481,485
Derivative financial instruments | Greater than 5 years
RISK MANAGEMENT
Financial assets	$ 1,405,850	$ 1,348,645

RISK MANAGEMENT - Contractual_2

RISK MANAGEMENT - Contractual maturities of financial liabilities (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
0 - 30 Days
RISK MANAGEMENT
Financial liabilities	$ 163,448,053	$ 173,639,612
31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	80,918,487	67,956,943
Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	33,037,378	41,736,579
Between 3 and 5 years
RISK MANAGEMENT
Financial liabilities	16,903,042	21,503,125
Greater than 5 years
RISK MANAGEMENT
Financial liabilities	26,608,947	23,077,352
Demand deposit from customers | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities	143,307,149	158,943,073
Time deposits from customers | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities	15,107,203	9,814,980
Time deposits from customers | 31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	57,588,430	47,401,947
Time deposits from customers | Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	17,737,464	18,441,478
Time deposits from customers | Between 3 and 5 years
RISK MANAGEMENT
Financial liabilities	6,671,911	7,318,807
Time deposits from customers | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	18,331,091	17,384,283
Interbank deposits - Repurchase agreements | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities	809,027	921,917
Interbank deposits - Repurchase agreements | 31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	242,810	158,179
Interbank deposits - Repurchase agreements | Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	23,431
Borrowings from other financial institutions | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities	763,580	1,601,799
Borrowings from other financial institutions | 31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	5,604,327	12,736,576
Borrowings from other financial institutions | Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	6,651,228	10,673,653
Borrowings from other financial institutions | Between 3 and 5 years
RISK MANAGEMENT
Financial liabilities	2,403,786	4,325,218
Borrowings from other financial institutions | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	2,661,657	2,479,635
Debt securities in issue | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities	124,055	807,242
Debt securities in issue | 31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	3,913,687	2,117,609
Debt securities in issue | Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	4,363,593	9,501,683
Debt securities in issue | Between 3 and 5 years
RISK MANAGEMENT
Financial liabilities	6,023,469	8,220,719
Debt securities in issue | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	3,836,353	1,472,558
Preferred shares | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities		62,083
Preferred shares | 31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	57,701	374,780
Preferred shares | Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	115,403	540,358
Preferred shares | Between 3 and 5 years
RISK MANAGEMENT
Financial liabilities	115,403	136,414
Preferred shares | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	295,697	322,982
Derivative financial instruments | 0 - 30 Days
RISK MANAGEMENT
Financial liabilities	3,337,039	1,488,518
Derivative financial instruments | 31 Days - 1 Year
RISK MANAGEMENT
Financial liabilities	13,511,532	5,167,852
Derivative financial instruments | Between 1 and 3 years
RISK MANAGEMENT
Financial liabilities	4,146,259	2,579,407
Derivative financial instruments | Between 3 and 5 years
RISK MANAGEMENT
Financial liabilities	1,688,473	1,501,967
Derivative financial instruments | Greater than 5 years
RISK MANAGEMENT
Financial liabilities	$ 1,484,149	$ 1,417,894
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, 2023	Dec. 31, 2022
RISK MANAGEMENT
Financial guarantees	$ 12,691,198	$ 11,624,914
0 - 30 Days
RISK MANAGEMENT
Financial guarantees	826,699	757,658
31 Days - 1 Year
RISK MANAGEMENT
Financial guarantees	9,388,345	6,981,309
Between 1 and 3 years
RISK MANAGEMENT
Financial guarantees	1,489,899	3,660,806
Between 3 and 5 years
RISK MANAGEMENT
Financial guarantees	450,875	134,611
Greater than 5 years
RISK MANAGEMENT
Financial guarantees	$ 535,380	$ 90,530

RISK MANAGEMENT - Interest Rate

RISK MANAGEMENT - Interest Rate Benchmark Reform (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Loans	$ 237,728,544	$ 254,444,099
Derivative financial assets	6,252,270	4,961,237
TOTAL ASSETS	342,928,809	352,814,733
Liabilities
Term deposits	98,686,516	87,138,067
TOTAL LIABILITIES	303,879,080	312,817,182
USD LIBOR
Assets
Loans	66,351	12,448,204
Bonds		693,302
Derivative financial assets		(1,784,991)
TOTAL ASSETS	66,351	11,356,515
Liabilities
Loans	323	2,209,628
Term deposits	6,750	11,458
TOTAL LIABILITIES	$ 7,073	$ 2,221,086

RISK MANAGEMENT - Technical cap

RISK MANAGEMENT - Technical capital (Details) - COP ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Regulatory Capital and Capital Adequacy Ratios
Share capital	$ 480,914	$ 480,914
Additional paid-in-capital	4,857,454	4,857,454
Preferred shares	584,204	584,204
Non-controlling interest	960,217	908,648
Other comprehensive income	4,074,161	7,758,216
Net income attributable to equity holders of the Parent Company	6,116,936	6,783,490
Retained earnings	2,515,278	3,278,164
Intangibles assets	(7,818,125)	(9,836,661)	$ (8,143,146)
Other intangibles	(671,572)	(602,531)
Deferred net income tax	(685,612)	(764,594)
Technical Capital
Regulatory Capital and Capital Adequacy Ratios
Primary capital	39,704,542	40,652,350
Share capital	480,914	480,914
Additional paid-in-capital	4,857,454	4,857,454
Preferred shares	584,204	584,204
Legal reserve	14,541,561	14,534,766
Occasional reserves	7,250,712	3,162,401
Non-controlling interest	960,217	908,648
Other comprehensive income	4,065,182	7,749,234
Net income attributable to equity holders of the Parent Company	6,116,936	6,783,490
Retained earnings	847,362	1,591,239
Less:	(8,919,345)	(11,001,874)
Prior-year losses	(79,587)	(79,577)
Intangibles assets	(7,818,125)	(9,836,661)
Revaluation property, plant and equipment	(350,061)	(351,871)
Other intangibles	(671,572)	(602,531)
Deferred net income tax		(131,234)
Primary capital (Tier I)	30,785,197	29,650,476
Hybrid bonds	4,283,448	6,109,531
Subordinated bonds	678,797	794,881
General provisions	375,902	12,759
Computed secondary capital (Tier II)	5,338,147	6,917,171
Less:	(10,687)	(16,136)
Technical capital	$ 36,112,657	$ 36,551,511
Capital Ratios
Primary capital to risk-weighted assets (Tier I)	11.42%	10.37%
Secondary capital to risk-weighted assets (Tier II)	1.98%	2.41%
Risk-weighted assets including market risk and operational risk	$ 269,591,211	$ 285,878,639
Technical capital to risk-weighted assets	13.40%	12.79%