CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May 2003
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
------- -------
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
------- -------
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 333-12658).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: May 20, 2003 By /s/ JAIME ALBERTO VELASQUEZ B.
--------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LOGO]
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2003
MAY 19, 2003. Medellin, Colombia - BANCOLOMBIA S.A. (NYSE: CIB) announced today
the financial results for the quarter ended March 31, 2003. (1)
CONSOLIDATED INCOME STATEMENT
AND BALANCE SHEET Quarter Growth
(Ps millions) 4Q 02 1Q 03 1Q03/4Q02
- ------------- ----- ----- ---------
ASSETS
Loans, net 5,864,991 5,957,858 1.58%
Investment Securities, net 4,343,458 4,378,120 0.80%
Other assets 2,391,133 2,556,518 6.92%
---------- ---------- ------
Total assets 12,599,582 12,892,496 2.32%
========== ========== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 8,788,158 9,184,624 4.51%
Other liabilities 2,527,076 2,423,317 -4.11%
TOTAL LIABILITIES 11,315,234 11,607,941 2.59%
Shareholders' equity 1,284,348 1,284,555 0.02%
---------- ---------- ------
Total liabilities and shareholders' equity 12,599,582 12,892,496 2.32%
========== ========== ======
Interest income 322,060 336,608 4.52%
Interest expense 108,242 107,926 -0.29%
NET INTEREST INCOME 213,818 228,682 6.95%
Net provisions (24,744) (59,400) 140.06%
Other operating income 105,913 117,913 11.33%
Other operating expense (194,631) (193,194) -0.74%
Non-operating income, net 2,577 824 -68.02%
Income tax expense (12,334) (12,972) 5.17%
---------- ---------- ------
Net income 90,599 81,853 -9.65%
========== ========== ======
- ----------
(1) The financial information contained herein includes the consolidated results
of all BANCOLOMBIA's subsidiaries in which it holds, directly or indirectly, 50%
or more of the outstanding voting shares. For this reason, the financial
information contained herein is not comparable to BANCOLOMBIA's consolidated
results (with its financial subsidiaries) previously released. The information
contained in this release has been prepared in accordance with Colombian GAAP,
expressed in nominal pesos, and has not been audited. All growth rates mentioned
herein are not adjusted for inflation. Unless otherwise specified, in this press
release "BANCOLOMBIA" or " the Bank" refers to the financial results of
BANCOLOMBIA S.A and its consolidated subsidiaries.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This release contains statements that may be considered forward-looking
statements within the meaning of Section 27A of the U.S. Securities Act of 1933
and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking
statements, whether made in this release or in future filings or press releases
or orally, address matters that involve risks and uncertainties; consequently,
there are or will be factors, including, among others, changes in general
economic and business conditions, changes in currency exchange rates and
interest rates, introduction of competing products by other companies, lack of
acceptances of new products or services by our targeted customers, changes in
business strategy and various others factors, that could cause actual results to
differ materially from those indicated in such statements. We do not intend, and
do not assume any obligation, to update these forward-looking statements.
Exchange rate: March 31, 2003 TRM COP 2,958.25/USD Average exchange rate March 2003 2,959.01
December 31, 2002 TRM COP 2,864.79/USD Average exchange rate Dec. 2003 2,814.89
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-1-
[BANCOLOMBIA LOGO]
1. HIGHLIGHTS:
- BANCOLOMBIA's net income amounted to Ps 81,853 million, or US$ 0.192
per ADS, during the quarter ended March 31, 2003, as compared to a
net income of Ps 90.599 million, or US$ 0.223 per ADS, for the
quarter ended December 31, 2002 and to a net income of Ps 35,160
million, or US$ 0.107 per ADS, for the quarter ended March 31, 2002.
- Net interest income increased 7.0% quarter over quarter. This
increase was the result of higher income from interest on loans,
mainly due to a higher volume of the Bank's loan portfolio.
- BANCOLOMBIA's total net provisions increased from Ps (24.7) billion
to Ps (59.4) billion quarter over quarter, as a result of higher
provisions for loan and accrued interest losses and foreclosed
assets. During the quarter ended March 31, 2003, the Bank's gross
loans increased 1.95% quarter over quarter.
- BANCOLOMBIA's ratio of past due loans to total loans for the quarter
ended March 31, 2003 increased to 2.67% compared to 2.5% for the
quarter ended December 31, 2002 and allowances for past due loans
for the quarter ended March 31, 2003 increased slightly to 226.8%
compared to 223.9%, for the previous quarter.
- The annualized ROAE (Return on average shareholders' equity) and
ROAA (Return on average total assets) for the first quarter of 2003
were 25.6% and 2.57%, respectively.
BANKING SECTOR
- The results of the Colombian Banking Sector continue improving
during the first quarter of year 2003. The Sector's aggregate
results posted net income of Ps 369.3 billion as of March 31, 2003,
compared to Ps 233.9 billion as of March 31, 2002. (Source:
Colombian Superintendency of Banking)
- Gross loans in the Colombian Banking Sector increased 2.3% over the
quarter and 9.0% over the twelve-months ended March 31, 2003.
(Computed on the basis of data released by the Colombian
Superintendency of Banking).
- The Sector's past due loan ratio improved to 9.28% as of March 31,
2003 from 9.47% as of December 31, 2002. (Source: Colombian
Superintendency of Banking)
- Allowances for past due loans had a slight decrease to 82.1% as of
March 31, 2003 from 82.8% as of December 31, 2002. (Source:
Colombian Superintendency of Banking)
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-2-
[BANCOLOMBIA LOGO]
2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets increased 2.3% over the quarter to Ps 12,892.5
billion as of March 31, 2003 from Ps 12,599.6 billion as of December 31,
2002. The increase in total assets was primarily due to higher volume of
overnight funds sold and a larger loan portfolio.
2.1.1 LOAN PORTFOLIO
BANCOLOMBIA's gross loans totaled Ps 6,317.9 billion as of March 31, 2003,
an increase of 1.95% from Ps 6,197.3 billion as of December 31, 2002.
Total retail loans increased 4.9% during the same period from Ps 1,911.8
billion as of December 31, 2002 to Ps 2,005.4 billion as of March 31,
2003, with overdrafts, working capital loans and personal loans increasing
the most. Total corporate loans increased 0.6% during the first quarter of
2003 from Ps 4,247.4 billion as of December 31, 2002, to Ps 4,273.8
billion as of March 31, 2003.
BANCOLOMBIA's unconsolidated total loan market share in the Colombian
Financial system was 12.6% as of March 31, 2003. (Computed on the basis of
data released by the Asociacion Bancaria y de Entidades Financieras de
Colombia).
LOAN PORTFOLIO As of Growth
(Ps millions) 31-Mar-02 31-Dec-02 31-Mar-03 1Q03/4Q02 1Q03/1Q02
CORPORATE
Trade Financing 97,460 166,620 138,357 -16.96% 41.96%
Loans funded by
domestic development banks 280,470 376,378 382,035 1.50% 36.21%
Working capital loans 3,067,280 3,650,585 3,702,986 1.44% 20.73%
Credit Cards 7,044 5,218 6,632 27.10% -5.85%
Overdrafts 32,613 48,591 43,750 -9.96% 34.15%
--------- --------- --------- ---- -----
TOTAL CORPORATE 3,484,867 4,247,392 4,273,760 0.62% 22.64%
--------- --------- --------- ---- -----
RETAIL
Credit Cards 235,759 254,876 267,578 4.98% 13.50%
Personal loans 444,233 561,558 586,251 4.40% 31.97%
Automobile loans 15,759 24,476 24,884 1.67% 57.90%
Overdrafts 124,242 68,490 98,241 43.44% -20.93%
Loans funded by
domestic development banks 159,592 276,157 294,363 6.59% 84.45%
Trade Financing 34,611 28,112 11,431 -59.34% -66.97%
Working capital loans 896,811 698,160 722,657 3.51% -19.42%
--------- --------- --------- ---- -----
TOTAL RETAIL 1,911,007 1,911,829 2,005,405 4.89% 4.94%
--------- --------- --------- ---- -----
MORTGAGE 32,496 38,094 38,769 1.77% 19.30%
--------- --------- --------- ---- -----
TOTAL LOANS 5,428,370 6,197,315 6,317,934 1.95% 16.39%
ALLOWANCE FOR LOAN LOSSES (322,761) (332,324) (360,076) 8.35% 11.56%
--------- --------- --------- ---- -----
Total loans, net 5,105,609 5,864,991 5,957,858 1.58% 16.69%
========= ========= ========= ==== =====
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-3-
[BANCOLOMBIA LOGO]
2.1.2 ASSET QUALITY
As of March 31, 2003 the Bank's past due loans as a percentage of total
loans were 2.67% as compared to 2.5% as of December 31, 2002. During the
first quarter, BANCOLOMBIA had loan charge offs of Ps 6,832 million.
Additionally, there was an increase in loans classified as "C" due to
deterioration in the debt of Electricosta and Electricaribe. However,
these companies paid their debt on April 4, 2003.
LOAN CLASSIFICATION As of 31-Mar-02 As of 31-Dec-02 As of 31-Mar-03
- ------------------- ------------------------ ------------------------ -------------------------
( Ps millions)
"A"Normal 4,239,610 78.1% 5,115,889 82.6% 5,292,633 83.8%
"B"Subnormal 605,864 11.2% 479,429 7.7% 330,417 5.2%
"C"Deficient 137,662 2.5% 142,782 2.3% 229,841 3.7%
"D"Doubtful recovery 282,502 5.2% 180,630 2.9% 254,910 4.0%
"E"Unrecoverable 162,732 3.0% 278,585 4.5% 210,133 3.3%
TOTAL 5,428,370 100% 6,197,315 100% 6,317,934 100%
--------- --- --------- --- --------- ---
Loans Classified as C, D and E
as a percentage of total loans 10.7% 9.7% 11.0%
--------- --------- ---------
ASSET QUALITY As of Growth
( Ps millions) 31-Mar-02 31-Dec-02 31-Mar-03 1Q03/4Q02 1Q03/1Q02
- -------------- --------- --------- --------- --------- ---------
Total performing past due loans 52,097 45,485 41,071 -9.70% -21.16%
Total non-performing past due loans (1) 213,021 109,659 127,688 16.44% -40.06%
Total past due loans 265,118 155,144 168,759 8.78% -36.35%
Allowance for loans and accrued interest losses 345,440 347,398 382,757 10.18% 10.80%
Past due loans to total loans 4.88% 2.50% 2.67%
Non-performing loans to total loans 3.92% 1.77% 2.02%
C, D, and E loans to total loans 10.74% 9.71% 11.00%
Allowances to past due loans (2) 130.30% 223.92% 226.81%
Allowances to C, D, and E loans (2) 59.26% 57.71% 55.08%
Allowances to non-performing loans (2) 162.16% 316.80% 299.76%
Allowances to total loans 6.36% 5.61% 6.06%
Performing loans to total loans 96.08% 98.23% 97.98%
(1) Before January 1, 2002, non-performing loans included commercial and
consumer loans that were past due 90 days or more, and mortgage loans that
were past due 120 days or more. Since January 1, 2002, non-performing
loans comprise consumer loans that are past due 60 days or more,
commercial loans that are past due 90 days or more, and mortgage loans
that are past due 120 days or more.
(2) Allowance = allowance for loan and accrued interest losses.
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-4-
[BANCOLOMBIA LOGO]
2.2 LIABILITIES
Total deposits increased 4.5% over the quarter, from Ps 8,788.2 billion as
of December 31, 2002, to Ps 9,184.6 billion as of March 31, 2003. During
the first quarter of 2003, BANCOLOMBIA's interest-bearing deposits
increased 8.8% while non-interest-bearing deposits decreased 10.3%, which
is customary during this time of the year.
BANCOLOMBIA's unconsolidated accumulated deposit market shares of the
Colombian Financial System as of March 31, 2003 were as follows: total
checking accounts 17%, Savings accounts 11.0% and time deposits 11.6%.
(Computed on the basis of data released by the Asociacion Bancaria y de
Entidades Financieras de Colombia).
2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 1,284.6 billion during the
first quarter. As of March 31, 2003, the Bank's consolidated ratio of
technical capital to risk-weighted assets was 11.97%.
TECHNICAL EQUITY RISK WEIGHTED ASSETS As of
Consolidated (Ps millions) 31-Mar-02 31-Dec-02 31-Mar-03
- -------------------------- --------- --------- ---------
Basic capital 579,089 795,739 850,820
Additional capital 193,111 242,776 247,857
Technical capital (1) 772,200 1,038,515 1,098,677
Risk weighted assets 8,055,618 8,942,207 9,178,035
--------- --------- ---------
CAPITAL ADEQUACY (2) 9.59% 11.61% 11.97%
--------- --------- ---------
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy = Technical capital / risk weighted assets
3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 81.9 billion during the quarter
ended March 31, 2003, as compared to net income of Ps 90.6 billion for the
quarter ended December 31, 2002. This decrease during the first quarter of
2003 was mainly due to an increase in net provisions.
3.1 NET INTEREST INCOME
Net interest income increased 7.0% to Ps 228.7 billion for the quarter
ended March 31, 2003, compared to Ps 213.8 billion for the quarter ended
December 31, 2002. Total interest income increased 4.5% over the quarter
as a result of higher interest on loans, which increased 12.8% totaling Ps
187.3 billion due to the higher volume of the loan portfolio.
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-5-
[BANCOLOMBIA LOGO]
3.2 PROVISIONS
Total net provisions for the first quarter of 2003 amounted to Ps (59.4)
billion. During the quarter, provisions for loan and accrued interest
losses increased for clients such as Electricosta, Electricaribe and other
clients from BANCOLOMBIA Panama's loan portfolio. Additionally, there were
provisions for foreclosed assets due to a change in accounting standards
according to the Superintendency of Banking.
3.3 FEES AND INCOME FROM SERVICES
Total fees and income from services totaled Ps 80.4 billion during the
first quarter of 2003, slightly lower than the Ps 83.2 billion for the
quarter ended December 31, 2002.
BANCOLOMBIA's accumulated unconsolidated credit card billing increased
25.6% over the twelve-months ended March 31, 2003, resulting in a 17.4%
market share of the Colombian credit card business (Source: Credibanco,
American Express and Red Multicolor) .
ACCUMULATED CREDIT CARD BILLING % 2003
(As of March 31, in Ps million) 2002 2003 Growth Mkt. Share
- ------------------------------- ---- ---- ------ ----------
Bancolombia Mastercard 165,281 177,148 7.2% 10.1%
Bancolombia VISA 76,625 84,461 10.2% 4.8%
Bancolombia American Express -- 42,337 -- 2.4%
Total Bancolombia 241,906 303,946 25.6% 17.4%
--------- --------- ---- -----
Colombian credit card industry 1,451,944 1,749,052 20.5% 100.0%
--------- --------- ---- -----
Source: Credibanco, American Express and Red Multicolor
CREDIT CARD MARKET SHARE % 2003
Number of credit cards as of March 31, 2002 2003 Growth Mkt. Share
---- ---- ------ ----------
Bancolombia Mastercard 154,491 157,402 1.9% 6.9%
Bancolombia VISA 92,646 100,500 8.5% 4.4%
Bancolombia American Express -- 36,007 -- 1.6%
Total Bancolombia 247,137 293,909 18.9% 12.9%
--------- --------- ---- -----
Colombian credit card industry 2,041,661 2,272,143 11.3% 100.0%
--------- --------- ---- -----
Source: Credibanco, American Express and Red Multicolor.
3.4 OPERATING EXPENSES
Operating expenses totaled Ps 187.5 billion during the quarter ended March
31, 2003, stable from Ps 189 billion during the quarter ended December 31,
2002. During the quarter ended March 31, 2003 BANCOLOMBIA's efficiency
ratio reached 54.1% improving from 59.1% for the quarter ended December
31, 2002.
3.5 OTHER OPERATING INCOME
Dividends: BANCOLOMBIA received approximately Ps 9.5 billion in dividends
from other affiliate companies in which BANCOLOMBIA holds, directly or
indirectly, less than 50% of the outstanding
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-6-
[BANCOLOMBIA LOGO]
voting shares, such as Ps 6.0 billion from CONAVI (Housing Bank), Ps 1.4
billion from PROTECCION (Pension Fund), and Ps 2.1 billion from other
companies.
4. SUBSIDIARIES
Beginning this quarter and with this release, BANCOLOMBIA's financial
information includes the consolidated results of all of BANCOLOMBIA's
subsidiaries in which it holds, directly or indirectly, 50% or more of the
outstanding voting shares. For this reason, the financial information
contained herein is not comparable to BANCOLOMBIA's consolidated results
(with its financial subsidiaries) previously released. The consolidated
subsidiaries are:
ENTITY LOCATION BUSINESS PARTICIPATION DATE OF CREATION
------ -------- -------- ------------- ----------------
Almacenes Generales de Deposito Mercantil S.A. Colombia Warehousing 98.25% February 1953
ALMACENAR
Fiducolombia S.A Colombia Trust 95.52% January 1992
Bancolombia Panama S.A Panama Banking 100% February 1973
Bancolombia Cayman S.A Cayman Islands Banking 100% August 1987
Leasing Colombia S.A Colombia Leasing 99.98% December 1978
Colcorp S.A. Corporacion Financiera Colombia Finance 100% July 1994
Comisionista de Colombia S.A Colombia Securities Brokerage 99.99% December 1991
Abocol S.A Colombia Chemical 92.14% March 1960
Valores Simesa S.A Colombia Various commercial
investments 71.69% December 2000
Inmobiliaria Bancol S.A Colombia Real estate broker 98.95% June 1995
Fundicom S.A Colombia Metals engineering 79.86% May 2000
Todo UNO Colombia Colombia e-commerce 53.92% June 2001
Unicargo de Colombia S.A Colombia Freight service 98.35% August 1994
C.T.I. Cargo S.A Colombia Freight service 93.32% June 1994
Sistema de Inversiones y Negocios S.A Panama Commercial entity 100% September 1975
Sinesa Holding Company British Virgin Is Holding 100% June 1988
Future Net Inc. Panama e-commerce 60.02% November 2000
Compania Metalurgica Colombiana S.A COMECOL (1) Colombia Metals engineering 39.62% December 1996
Sociedad Portuaria Mamonal S.A Colombia Customs office 92.52% August 1991
Abocol Costa Rica S.A Costa Rica Chemical products
commercial 92.25% December 2001
Fertillanos Ltda Colombia Chemical Products
commercial 55.28% October 2001
(1) Controlled through other subsidiaries
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-7-
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BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
The following table is expressed in US dollars.
BANCOLOMBIA PANAMA
INCOME STATEMENT
AND BALANCE SHEET QUARTER GROWTH
(US$) 4Q 02 1Q 03 1Q03/4Q02
- ----- ----- ----- ---------
ASSETS
Loans, net 312,213,710 285,523,452 -8.55%
Investment securities, net 528,157,321 492,197,901 -6.81%
Overnight funds sold 62,913,803 165,217,423 162.61%
Leases, net 42,770,204 47,455,437 10.95%
Other assets 14,210,557 14,975,664 5.38%
----------- ------------- -----
Total assets 960,265,595 1,005,369,877 4.70%
----------- ------------- -----
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 844,551,883 880,564,141 4.26%
Other liabilities 15,459,997 15,984,225 3.39%
TOTAL LIABILITIES 860,011,880 896,548,366 4.25%
Shareholders' equity 100,253,715 108,821,511 8.55%
----------- ------------- -----
Total liabilities and shareholders' equity 960,265,595 1,005,369,877 4.70%
----------- ------------- -----
Interest income 15,712,417 23,046,910 46.68%
Interest expense (6,642,696) (5,608,946) -15.56%
NET INTEREST INCOME 9,069,721 17,437,964 92.27%
Net provisions 2,954,306 (7,391,020) -350.18%
Other operating income 1,362,400 (1,542,934) -213.25%
Other operating expense (788,635) (847,877) 7.51%
----------- ------------- ----
Net income 12,597,792 7,656,133 -39.23%
----------- ------------- -----
BANCOLOMBIA Panama's total assets as of March 31, 2003 increased 4.7% over
the quarter to US$1,005 million from US$960 million as of December 31,
2002. This increase was the result of higher overnight funds, which
increased 162.6%, from US$62.9 million as of December 31, 2002 to US$165.2
million as of March 31, 2003. Overnight funds increased as a result of
lower volume in investment and loan portfolios and an increase in total
deposits. BANCOLOMBIA Panama's total liabilities increased 4.3% over the
quarter, from US$860 million as of December 31, 2002, to US$896.5 million
as of March 31, 2003.
BANCOLOMBIA Panama's shareholders' equity increased 8.6% over the quarter
from US$100.3 million as of December 31, 2002, to US$108.8 billion as of
March 31, 2003.
BANCOLOMBIA Panama reported net income of US$ 7.7 million during the
quarter ended March 31, 2003 as compared to a net income of US$ 12.6
million for the quarter ended December 31, 2002.
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-8-
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Interest income increased 46.7% to US$23 million over the quarter, mainly
due to gains on sales of the investment portfolio.
5. RATINGS AND ACKNOWLEDGMENTS
- The ICONTEC Institute (Instituto Colombiano de Normas Tecnicas y
Certificacion) accredited the renovation of FIDUCOLOMBIA'S quality
management system ISO 9001 VERSION 2000 in February 2003.
- ALMACENAR, the logistic company affiliate of BANCOLOMBIA obtained
from the ICONTEC Institute the ratification of its quality system
ISO 9002/94-NTC 9294 for its logistical operations, reception,
storage and distribution of the pharmaceutical logistic center.
- The Deutsche Bank, who conducts through BANCOLOMBIA its cross-border
payments from Colombia to the rest of America and Europe, awarded
the Bank with the FIRST ANNUAL AWARD BY DIRECT PROCESSING 2002, in
recognition to the excellent quality of the processing of
cross-border payments.
- Clients recognized BANCOLOMBIA as the leader in service according to
the INDICA survey.
- BANCOLOMBIA is Top-of-Mind for banking services according to THE
DINERO MAGAZINE survey conducted in March 2003 in different cities
of the country.
- BANCOLOMBIA was ranked second on the SPEER & ASSOCIATES, INC.'S
(S&A'S) SMALL BUSINESS INTERNET SURVEY conducted during the fourth
quarter of 2002. BANCOLOMBIA's site was the highest rated Latin
American site among 92 commercial bank sites in the Western
Hemisphere. According to the study, the highest ranked sites are
those that provide convenience and have value-added/advisory
information, while delivering cost savings and revenue enhancement
opportunities. At the same time, these sites invoke personalization
and relationship building characteristics through the use of a broad
array of transactional capabilities.
- BANCOLOMBIA was acknowledged in 2003, for the fourth consecutive
year, as the BEST BANK IN COLOMBIA by GLOBAL FINANCE magazine.
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-9-
[BANCOLOMBIA LOGO]
PRINCIPAL RATIOS Quarters
1Q02 4Q02 1Q03
---- ---- ----
PROFITABILITY
Net interest margin (1) 7.22% 9.28% 8.33%
Return on average total assets (2) 1.40% 3.24% 2.57%
Return on average shareholders'equity (3) 13.81% 35.17% 25.60%
EFFICIENCY
Operating expenses to net operating income (4) 64.60% 59.10% 54.11%
Operating expenses to average total assets (4) 6.43% 6.76% 5.89%
CAPITAL ADEQUACY
Shareholders' equity to total assets 9.04% 10.19% 9.96%
Technical capital to risk weighted assets 9.59% 11.61% 11.97%
(1) Defined as Net Interest Income divided by monthly average
interest-earning assets.
(2) Net income divided by monthly average total assets.
(3) Net income divided by monthly average shareholders' equity.
(4) Excluding merger expenses. Operating income includes net interest
income, total fees and income from services, and total other
operating income.
STOCK INDICATORS QUARTERS
1Q 02 4Q 02 1Q 03
----- ----- -----
Net Income (Ps millions) 35,160 90,599 81,853
USD Earnings per ADS 0.107 0.223 0.192
ROAA 1.40% 3.24% 2.57%
ROAE 13.81% 35.17% 25.60%
P/BV ADS (1) 0.58 0.74 0.91
P/BV Local (2) (3) 0.75 1.08 1.03
Shares Outstanding 576,695,395 576,695,395 576,695,395
(1) Defined as ADS price divided by ADS book value.
(2) Defined as Share price divided by share book value.
(3) Share prices on the Colombian Stock Exchange
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-10-
[BANCOLOMBIA LOGO]
CONSOLIDATED BALANCE SHEET AS OF GROWTH
(Ps millions) 31-MAR-02 31-DEC-02 31-MAR-03 1Q03/4Q02 1Q03/1Q02
- ------------- --------- --------- --------- --------- ---------
ASSETS
Cash and due from banks 418,213 643,405 514,897 -19.97% 23.12%
Overnight funds sold 240,602 207,684 455,176 119.17% 89.18%
TOTAL CASH AND EQUIVALENTS 658,815 851,089 970,073 13.98% 47.25%
------- ------- ------- ----- -----
DEBT SECURITIES 3,193,689 4,099,997 4,160,656 1.48% 30.28%
Trading 3,191,702 1,602,514 1,594,013 -0.53% -50.06%
Available for Sale -- 1,887,514 1,928,535 2.17% --
Held to Maturity 1,987 609,969 638,108 4.61% 32014.14%
EQUITY SECURITIES 220,785 314,353 300,247 -4.49% 35.99%
Trading 220,785 92,839 80,605 -13.18% -63.49%
Available for Sale -- 221,514 219,642 -0.85% --
Market value allowance (19,869) (70,892) (82,783) 16.77% 316.64%
NET INVESTMENT SECURITIES 3,394,605 4,343,458 4,378,120 0.80% 28.97%
--------- --------- --------- ---- -----
Gross Loans 5,428,370 6,197,315 6,317,934 1.95% 16.39%
Allowance for loan losses (322,761) (332,324) (360,076) 8.35% 11.56%
NET TOTAL LOANS 5,105,609 5,864,991 5,957,858 1.58% 16.69%
--------- --------- --------- ---- -----
Accrued interest receivable on loans 108,797 98,533 93,702 -4.90% -13.87%
Allowance for accrued interest losses (22,679) (15,074) (22,681) 50.46% 0.01%
NET TOTAL INTEREST ACCRUED 86,118 83,459 71,021 -14.90% -17.53%
--------- --------- --------- ---- -----
Customers' acceptances and derivatives 40,319 (15,662) 14,641 -193.48% -63.69%
Net accounts receivable 91,394 146,451 128,832 -12.03% 40.96%
Net premises and equipment 266,714 317,724 326,007 2.61% 22.23%
Foreclosed assets 50,162 45,911 43,710 -4.79% -12.86%
Prepaid expenses and deferred charges 61,375 58,403 53,045 -9.17% -13.57%
Good will 135,890 118,904 113,242 -4.76% -16.67%
Net lease 272,778 376,175 404,820 7.61% 48.41%
Other 232,967 148,868 176,539 18.59% -24.22%
Reappraisal of assets 255,257 259,811 254,588 -2.01% -0.26%
---------- ---------- ---------- ---- -----
TOTAL ASSETS 10,652,003 12,599,582 12,892,496 2.32% 21.03%
========== ========== ========== ==== =====
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 1,375,292 1,970,599 1,767,314 -10.32% 28.50%
Checking accounts 1,284,151 1,876,026 1,603,879 -14.51% 24.90%
Other 91,141 94,573 163,435 72.81% 79.32%
INTEREST BEARING 6,116,218 6,817,559 7,417,310 8.80% 21.27%
--------- --------- --------- ---- -----
Checking accounts 682,055 815,367 896,113 9.90% 31.38%
Time deposits 3,526,670 3,603,466 3,963,257 9.98% 12.38%
Savings deposits 1,907,493 2,398,726 2,557,940 6.64% 34.10%
--------- --------- --------- ---- -----
TOTAL DEPOSITS 7,491,510 8,788,158 9,184,624 4.51% 22.60%
Overnight funds 394,202 610,158 588,942 -3.48% 49.40%
Bank acceptances outstanding 26,409 31,050 33,034 6.39% 25.09%
Interbank borrowings 532,609 403,962 300,010 -25.73% -43.67%
Borrowings from domestic development banks 421,765 713,053 608,256 -14.70% 44.22%
Accounts payable 495,829 429,259 521,454 21.48% 5.17%
Other liabilities 122,962 170,572 155,212 -9.00% 26.23%
Bonds 7,623 62,782 62,742 -0.06% 723.06%
Accrued expenses 140,022 55,104 107,547 95.17% -23.19%
Minority interest in consolidated subsidiaries 56,018 51,136 46,120 -9.81% -17.67%
---------- ---------- ---------- ---- -----
TOTAL LIABILITIES 9,688,949 11,315,234 11,607,941 2.59% 19.81%
---------- ---------- ---------- ---- -----
Shareholders' equity 963,054 1,284,348 1,284,555 0.02% 33.38%
---------- ---------- ---------- ---- -----
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10,652,003 12,599,582 12,892,496 2.32% 21.03%
========== ========== ========== ==== =====
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-11-
[BANCOLOMBIA LOGO]
CONSOLIDATED INCOME STATEMENT Quarter GROWTH
(Ps Millions) 1Q 02 4Q 02 1Q 03 1Q 03/4Q 02 1Q 03/1Q 02
- ------------- ----- ----- ----- ----------- -----------
INTEREST INCOME AND EXPENSES
Interest on loans 191,427 166,082 187,260 12.75% -2.18%
Interest on investment securities 73,680 140,400 133,800 -4.70% 81.60%
Overnight funds sold 3,120 4,635 3,547 -23.47% 13.69%
Leasing 9,512 10,943 12,001 9.67% 26.17%
TOTAL INTEREST INCOME 277,739 322,060 336,608 4.52% 21.20%
------- ------- ------- ---- -----
Interest expense
Time deposits 78,665 57,875 58,040 0.29% -26.22%
Savings deposits 26,905 26,733 27,293 2.09% 1.44%
TOTAL INTEREST ON DEPOSITS 105,570 84,608 85,333 0.86% -19.17%
------- ------ ------ ---- -----
Interbank borrowings 3,239 995 109 -89.05% -96.63%
Borrowings from domestic development banks 10,660 14,112 13,333 -5.52% 25.08%
Overnight funds 8,456 8,527 9,151 7.32% 8.22%
TOTAL INTEREST EXPENSE 127,925 108,242 107,926 -0.29% -15.63%
------- ------- ------- ---- -----
NET INTEREST INCOME 149,814 213,818 228,682 6.95% 52.64%
Provision for loan and accrued interest losses (72,038) (34,402) (43,967) 27.80% -38.97%
Provision for foreclosed assets and other assets (6,944) (13,923) (22,059) 58.44% 217.67%
Recovery of provisions for foreclosed assets and
other assets 13,074 8,540 730 -91.45% -94.42%
Recovery of provisions for past due loans and
accrued interest losses 26,105 9,664 1,507 -84.41% -94.23%
Recovery of charged-off loans 3,349 5,377 4,389 -18.37% 31.05%
------- ------- ------- ----- -----
TOTAL NET PROVISIONS (36,454) (24,744) (59,400) 140.06% 62.95%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 113,360 189,074 169,282 -10.47% 49.33%
------- ------- ------- ----- -----
Commissions from banking services 24,010 31,113 31,086 -0.09% 29.47%
Credit card merchant fees 9,740 13,078 12,010 -8.17% 23.31%
Credit and debit card annual fees 11,782 12,569 13,347 6.19% 13.28%
Checking fees 9,789 10,415 11,043 6.03% 12.81%
Warehouse services 9,529 9,910 9,648 -2.64% 1.25%
Commissions-fees from fiduciary activities 7,826 9,700 8,076 -16.74% 3.19%
Check remittance 5,165 5,350 5,338 -0.22% 3.35%
International operations 4,852 6,462 6,149 -4.84% 26.73%
TOTAL FEES AND OTHER SERVICE INCOME 82,693 98,597 96,697 -1.93% 16.93%
------- ------- ------- ----- -----
Fees and other service expenses (12,161) (15,359) (16,285) 6.03% 33.91%
TOTAL FEES AND INCOME FROM SERVICES 70,532 83,238 80,412 -3.40% 14.01%
------- ------- ------- ----- -----
OTHER OPERATING INCOME
Net foreign exchange gains (1,960) 20,641 8,550 -58.58% -536.22%
Dividend income 4,176 3,722 9,532 156.10% 128.26%
Forward contracts in foreign currency 15,516 (21,867) 1,413 -106.46% -90.89%
Revenues from commercial subsidiaries 10,232 15,951 14,700 -7.84% 43.67%
Communication, postage and others 2,023 4,228 3,306 -21.81% 63.42%
TOTAL OTHER OPERATING INCOME 29,987 22,675 37,501 65.38% 25.06%
------- ------- ------- ----- -----
TOTAL INCOME 213,879 294,987 287,195 -2.64% 34.28%
OPERATING EXPENSES
Salaries and employee benefits 70,494 76,285 77,546 1.65% 10.00%
Compensation 5,854 6,019 7,339 21.93% 25.37%
Administrative and other expenses 76,824 88,624 94,051 6.12% 22.42%
Donation expenses 372 9,003 11 -99.88% -97.04%
Depreciation 8,169 9,038 8,585 -5.01% 5.09%
TOTAL OPERATING EXPENSES 161,713 188,969 187,532 -0.76% 15.97%
------- ------- ------- ----- -----
NET OPERATING INCOME 52,166 106,018 99,663 -5.99% 91.05%
Merger expenses 9,897 5,662 5,662 0.00% -42.79%
NON-OPERATING INCOME (EXPENSE)
Other income 9,102 15,727 7,606 -51.64% -16.44%
Minority interest (779) (315) (1,439) 356.83% 84.72%
Recovery of deposit security 2,421 -- -- 0.00% -100.00%
Other expense (7,889) (12,835) (5,343) -58.37% -32.27%
TOTAL NON-OPERATING INCOME 2,855 2,577 824 -68.02% -71.14%
INCOME BEFORE INCOME TAXES 45,124 102,933 94,825 -7.88% 110.14%
Income tax expense (9,964) (12,334) (12,972) 5.17% 30.19%
------- ------- ------- ----- -----
NET INCOME 35,160 90,599 81,853 -9.65% 132.80%
------- ------- ------- ----- -----
CONTACTS JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
-12-