CIB Bancolombia SA

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UNITED STATES

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 2024

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85

Medellín, 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 þ                    Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___

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 þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

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BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2024.

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May 9, 2024. Medellin, Colombia – Today, BANCOLOMBIA S.A. announced its earnings results for the first quarter of 2024¹.

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1 This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended March 31, 2024, is not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.

BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA or “The Bank” means Bancolombia S.A: together with its affiliates, unless otherwise specified.

Representative Market Rate, April 1, 2024, $3,842.30 = US$ 1

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BANCOLOMBIA: Summary of consolidated financial quarterly results

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1.BALANCE SHEET

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1.1.Assets

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As of March 31, 2024, The Bank’ s assets totaled COP 336,956 billion, decreasing 1.7% compared to 4Q23. Unlike the previous quarter, less excess liquidity implied a reduction in cash balances, allocating these resources to reduce loans with banks and meet loan origination needs, also considering a slower pace in deposits collection.

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The Colombian peso depreciated 0.5% against the US dollar during the first quarter of 2024 and appreciated 17.3% in the last 12 months. The average exchange rate was 9.5% lower in 1Q24 versus 4Q23, and 17.6% in the last 12 months.

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1.2.Loan Portfolio

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The following table shows the composition of Bancolombia loans on a consolidated basis by type and currency:

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In 1Q24, gross loans grew 2.5% compared to 4Q23 (2.3% when excluding FX) and declined 2.6% compared to 1Q23. During the last 12 months peso-denominated loans increased 5.4% and dollar-denominated loans (calculated in in USD) decreased 16.5%.

As of March 31, 2024, Banco Agricola operations in El Salvador, Banistmo in Panama and BAM in Guatemala represented 25.1% of total gross loans. Gross loans denominated in currencies other than COP, generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the USD denominated loans in Colombia, accounted for 31.5% of the portfolio, and increased 5.7% in the quarter (when calculated in USD).

Allowances for loan losses decreased 0.1% during the quarter and totaled COP 16,202 billion or 6.2% of the gross loans at the end of the quarter.

In 1Q24, the bank’s loan book presented a significant reactivation after a decreasing path during all quarters of 2023. The better origination dynamics in commercial explain the increase in the quarter, both in Colombian pesos and especially in foreign currency.

Quarterly Bancolombia S.A. reports a growth of 0.6% in its gross portfolio, Banistmo up 2.5% (calculated in USD), Banco Agricola up 4.0% (calculated in USD) and Banco Agromercantil up 3.5% (calculated in USD). Some particular loan disbursements to business groups from corporate segments led the highest balance in all geographies. Adversely, retail loans reflected a sustained contraction as shown in 2023 for the bank, driven by lower appetite in Colombia and Panama amid a scenario of high interest rates. The decrease in Bancolombia S.A. stands out, highlighting the performance of

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personal loans and credit card with a sharper decrease. Banco Agricola, for its part, is the only geography that presents better disbursement dynamics in retail, specifically in unsecured personal loans.

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

The following table summarizes Bancolombia total loan portfolio on a consolidated basis:

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1.3.Investment Portfolio

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As of March 31, 2024, the bank’s net investment portfolio totaled COP 28,403 billion, increasing 10.6% from the end of 4Q23 and decreasing 8.3% from the end of 1Q23. When analyzing financial assets investment, there was an increase in debt securities and the trading portfolio at Bancolombia S.A. as a strategy for the expansionary monetary policy in place during 2024. Repos and simultaneous purchases operations decreased in line with a lower liquidity compared to the previous quarter and the greater origination needs as mentioned before. At the end of 1Q24, the investment portfolio in debt securities had a duration of 17.6 months and a yield to maturity of 9.0%.

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1.4.Goodwill and intangibles

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At the end of 1Q24, the bank’s goodwill and intangibles totaled COP 8,527 billion, up 0.4% compared to 4Q23. This quarterly variation is mainly explained by the slight depreciation of the COP against the USD and the restatement of foreign subsidiaries balances.

1.5.Funding

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As of March 31, 2024, the bank’s liabilities totaled COP 299,506 billion, down 1.4% from the end of 4Q23, and down 3.8% compared to 1Q23.

Customer deposits totaled COP 244,810 billion (81.7% of liabilities) at the end of 1Q24, decreasing 1.3% compared to 4Q23, partially offset by the 0.5% currency depreciation with a marginal effect by the restatement of foreign subsidiaries balances. Net loans to deposits ratios was 99.7% at the end of 1Q24 higher than the 95.9% ratio from 4Q23, basically because of the greater change of the loan balance.

The deposit mix posted a quarterly contraction in saving accounts, with a greater percentage reduction in checking accounts mainly from corporate clients. The decrease in savings accounts took place to a greater extent in the Colombian operation (-4.0%), however, they continue to represent the main source of funding weighting 39% of the total. Lower balances in savings accounts and checking accounts were offset by growth in time deposits, particularly in digital time deposits from retail customers.

Loans with banks presented a reduction of 9.8% in the quarter, mainly in foreign currency balances by virtue of several credit prepayments taking advantage of available liquidity. In debt securities, the maturity of a subordinated bond in local currency explains the variation in the balance during the period.

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1.6.Shareholders’ Equity and Regulatory Capital

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Shareholders’ equity attributable to the owners of the parent company at the end of 1Q24 was COP 36,486 billion, decreasing by 4.2% compared to 4Q23 and decreasing 1.2% when compared to 1Q23. In March of 2024 the General Shareholders’ Meeting approved the proposal for distribution of profits for a total of COP 3.4 trillion. Dividends approved mainly explain the quarterly reduction in equity and capital ratio.

The bank’s solvency ratio under Basel III was 12.31% in 1Q24 standing 81 basis points above the minimum level required by the regulator in Colombia, while the basic capital ratio (Tier 1) stood at 10.45%, 195 basis points above the minimum regulatory capital level (value to fully comply with the new capital requirements in the fourth year of the Basel III phase-in period). The reduction in solvency levels is mainly due to the earning distribution. The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 8.28% at the end of 1Q24.

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(1) Technical capital is the sum of basic and additional capital, minus deductions ($10,687 MM for 4Q23and $10,459 MM for 1Q24).

(2) Operational risk applies to 1Q23, 4Q23 and 1Q24 after the adoption of Basel III regulation.

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

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2.INCOME STATEMENT

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Net income attributable to equity holders of the parent company was COP 1,663 billion in 1Q24, or COP 1,744.92 per share (USD $ 1.80 per ADR). This profit represents an increase of 14.9% compared to 4Q23, mainly as a result of lower provision charges and operating expenses. The company´s annualized return on equity (“ROE”) was 17.4% for 1Q24 and 16.1% for the last 12 months.

2.1.Net Interest Income

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Net interest income totaled COP 5,158 billion in 1Q24, 1.5% lower than 4Q23. The decrease in the total balance results from the combination of lower interest income in the investment portfolio and in the lending business. Total Interest on debt instruments and valuation on financial instruments was COP 664 billion, which represents a reduction of 5.7% in the quarter. The variation follows the valuation of the public debt securities portfolio in Colombia. It is worth noting that the result in investments is positive, liquidity operations are performing well and the lower expenses on liability liquidity operations contributed to the outcome. Additionally, interest expenses decreased in line with the lower cost of funding.

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Net Interest Margin

The annualized net interest margin on investments in 1Q24 stood at 3.7%, impacting the total annualized NIM that decreased 15 bps and reached 7.1%.

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The annualized net interest margin of the loan portfolio was 7.6%, 4 basis points below 4Q23 and 24 basis points below 1Q23. The performance of the lending business was relatively stable amid a higher balance in the loan book and lower interest rates on assets. The lower yield on loans was favorably offset by lower interest expenses.

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(1) Net interest margin and valuation income on financial instruments.

Savings accounts decreased 2.2% compared to 4Q23, and checking accounts decreased 3.2%. The annualized weighted average cost of deposits was 5.24% in 1Q24, decreasing 42 basis points compared to 4Q23.

During the first months of the year, the Central bank in Colombia has continued its monetary policy interest rate cuts that started in December 2023. This behavior has favored the total cost of financing for the bank that began a decreasing path from the last quarter of 2023 and signaled a significant reduction in 1Q24 due to the gradual repricing of interest rate-sensitive liabilities.

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2.2.Fees and Income from Services

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During 1Q24, total fees and commissions, net totaled COP 1,001 billion, down 2.4% compared to 4Q23, and 0.1% compared to 1Q23.

Credit and debit card fees and commercial establishments revenues revealed a quarterly decrease due to a seasonal effect of the first months of the year with a lower volume of transactions and banking operations when compared to the fourth quarter.

Bancassurance division similarly presented a revenue contraction as a result of lower originations in consumer loans and therefore a lower number of policy distributions, as well as the increase in the volume of claims for compensation of losses covered causing a reduction in profits distribution.

Higher fee expenses in 1Q24 are due to an increase in the cost of data processing in banking services and higher royalties to credit-debit card franchises associated with transactional flows.

2.3.Other Operating Income

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Total other operating income was COP 629 billion in 1Q24, down 32.9% compared to 4Q23. Income from operating leases was COP 460 billion in 1Q24, a decrease of 2.3% compared to 4Q23 and an increase of 10.1% compared to 1Q23. The better performance on an annually basis was driven by an improvement in customer financial lease agreements at

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Bancolombia S.A. and customer rental contracts of vehicles at Renting Colombia and higher income in property rentals from “FCP Fondo Inmobiliario Colombia”.

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2.4. Dividends received, and share of profits

Total dividends and other net income from equity participation was COP 85 billion in 1Q24, with a quarterly increase explained by a specific effect from the last quarter when impairment charges in associates and joint businesses corresponding to TUYA S.A. because of the market valuation carried out in 4Q23 impacted the results.

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2.5.Asset Quality, Provision Charges and Balance Sheet Strength

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The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 13,299 billion at the end of 1Q24 and represented 5.3% of total gross loans, whereas 90-day past-due loans totaled 8,359 billion and represented 3.3%, both ratios increased quarterly largely due to a greater number of commercial clients becoming delinquent, especially small, and medium enterprises. During the quarter, charge-offs totaled COP 1,478 billion, lower than the previous quarter mostly by improvements in retail.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 110.7% at the end of 1Q24, decreasing compared to 120.0% at the end of 4Q23. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 2,420 billion, impacted by commercial loans becoming past-due.

Provision charges (net of recoveries) totaled COP 1,315 billion in 1Q24, decreasing 23.7% compared to 4Q23. In general, it is worth highlighting the better performance of the consumer portfolio in Colombia, Panama, and El Salvador, which has a considerable impact on the better cost of credit. On the other hand, macroeconomic variables represented a release due to updated forecasts in Colombia. Finally, it is worth noting the recoveries carried out from large exposures that were previously impaired and meant a reduction in the provisioning expense for the commercial segment.

Provisions as a percentage of average gross loans were 2.0% annualized for 1Q24 and 2.6% for the last 12 months. The bank maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 14,723 billion, or 5.8% of total loans at the end of 1Q24, lower when compared to 4Q23.

The following tables present key metrics related to asset quality:

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*Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

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Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).

Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).

Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).

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2.6.Operating Expenses

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During 1Q24, operating expenses totaled COP 3,179 billion, decreasing 8.1% compared to 4Q23 and increasing 3.5% compared to 1Q23.

The efficiency ratio was 46.2% and 46.7% in the last twelve months. Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 1,335 billion in 1Q24, down 0.3% from 4Q23 and up 0.9% from 1Q23. General expenses declined 13.0% in the quarter and grew 5.4% compared to 1Q23. The quarterly performance is due to seasonality, mainly in some areas such as advertising, technology fees and cash transportation, among others. In the annual analysis, it is worth noting the salary increases for labor expenses, and in general expenses, the higher local taxes other than income tax, the expenses of the rental business, technology maintenance and licensing expenses growth due to business transformation and migration to the cloud.

As of March 31, 2024, the bank had 34,279 employees, owned 856 branches, 6,086 ATMs, 34,483 banking agents and served more than 31 million customers.

2.7.Taxes

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The bank’s income tax for 1Q24 was COP 695 billion, resulting in a lower effective tax rate when compared to the statutory tax rate in Colombia caused by the application of tax benefits in Colombia such as exempt income for social housing in mortgages and investments in productive fixed assets. Additionally, due to the tax benefits in Guatemala, El Salvador, and Panama, corresponding to exempt yields on government-issued securities. Finally, it is worth noting the earnings of the foreign subsidiaries with lower tax rates when compared to Colombia, which also contributed to a lower result.

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3.BREAK DOWN OF OPERATIONS

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The following tables summarize the financial statements of our operations in each country.

BANCOLOMBIA S.A. (STAND ALONE) – COLOMBIA

The portfolio of Bancolombia S.A. grew by 0.6% in 1Q24 and 3.0% over the last 12 months. Commercial loans increased by 1.3% and were the main driver as a result of the good pace of originations in corporate clients. Home lending continued performing well and contributed to growth of the loan book in Colombia. On the other hand, consumer loans sustained the decreasing trend shown in 2023 and contracted 2.2% in the first quarter, explained to a greater extent by unsecured personal loans and credit cards. In the funding structure, deposits decreased by savings accounts and checking accounts, whereas time deposits increased quarterly, highligthing digital time deposits from retail clients.

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Net result for Bancolombia S.A. was COP 1.8 trillion, representing an increase of 21.6% compared to the result of 4Q23. Lending income decreased mainly due to lower interest rate in both consumer and commercial loans, in addition to modified and restructured credit operations. The lower interest expense corresponding to lower deposit rates offset the reduction and net interest income decreased by only 1.3%. The reduction in credit provision expenses during 1Q24 was beneficial for the final result and was explained by releases associated to the lower deterioration mainly in retail, as well as a better performance of macroeconomic variables. When compared to the previous quarter, lower operating expenses contributed to earnings growth for the first quarter. Net interest margin for Bancolombia S.A. in 1Q24 was 8.1% and the annualized quarterly ROE was 18.5%.

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BANISTMO- PANAMA

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Loans in Banistmo grew 2.5% (calculated in USD) in 1Q24. The commercial portfolio increased 5.8% in 1Q24 due to important disbursements to corporate clients, offset by a decrease in consumer and policy tightening strategies after the second half of last year in pursue of lower risk appetite. In the funding structure, deposits are relatively stable with a slight reordering of higher time deposits from corporate and SME clients offsetting the reduction in savings accounts and checking accounts.

The net result for Banistmo in 1Q24 was a net income of COP 68.1 billion, which represents an increase of 58.5% in quarterly terms. Net interest income had a slight contraction due to higher interest expenses following a greater amount of time deposits. Provisioning expenses grew as a statistical base effect due to the reserve releases from the previous quarter mainly in consumer as well as updated macroeconomic parameters. The greatest contribution to earnings growth was linked to the reduction in operating expenses, lower personnel bonuses provisions, the release of a remaining balance from 2023, as well as a drop in general expenses as a seasonal effect of the last quarter of the year. Banistmo's 1Q24 net interest margin was 3.5% and annualized quarterly ROE was 9.5%.

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BANAGRICOLA- EL SALVADOR

Loans in Banco Agricola increased 4.0% (calculated in USD) in 1Q24. As in previous quarters, Banco Agricola is the only operation sustaining constant growth in consumer for over 2 years. The unsecured personal loan portfolio had the best performance in originations. By using analytical tools and the implementation of a growing plan for specific market niches, the bank has achieved positive results and a sound risk exposure. The commercial segment had an outstanding performance with an increase of 4.8% (calculated in USD) in 1Q24 due to specific operations with corporate clients. In the funding structure, there was a significant growth in all deposit categories, compensating the lending needs. The increase in checking accounts and time deposits from consumer clients were the most relevant elements, whereas the greatest growth in savings accounts came from commercial clients.

Net result for Banco Agricola in 1Q24 was a net income of COP 99.1 billion, which represents a reduction of 31.7% compared to 4Q23. There is a considerable increase in net interest income as a combination of greater volume and higher rates for disbursements made in commercial and consumer. Lower interest expenses also contributed to growth of the net balance.  Provisioning expenses in 1Q24 were associated to a greater extent with the higher pace of originations, especially in consumer, as well as deterioration. The quarterly difference in the credit provisioning expense is due to the releases made in the previous quarter and improvements in the risk classifications of consumer clients. General expenses had a significant reduction, mainly attributed to a base effect from the last quarter of 2023 and specific projects carried out related to the new core credit card system and cloud services. Banco Agrícola's net interest margin for 1Q24 was 6.7% and the annualized quarterly ROE was 17.8%.