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 Feb 2025
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 o
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 o                    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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4Q24
GRUPO BANCOLOMBIA (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS
FOR THE FOURTH QUARTER OF 2024.

•Net income attributable to shareholders of the parent company in 4Q24 was COP 1.7 trillion, representing a 10.8% increase compared to the previous quarter. The annualized return on equity (ROE) of Grupo Bancolombia was 15.7% for the quarter and 15.8% for the last 12 months.

•Gross loans amounted to COP 279 trillion, growing by 3.7% compared to the previous quarter. All segments recorded growth, with commercial and mortgage loans contributing the most.

•30-day past due loan ratio was 4.78% and the 90-day past due loan ratio was 3.37%. Total provisions charges for 4Q24 decreased by 41.5% compared to 3Q24, totaling COP 930 billion, representing a quarterly annualized cost of credit of 1.35%. This decrease was mainly due to lower expenses associated with reduced deterioration in all segments, along with a release from macroeconomic variables.

•Shareholders’ equity attributable to the owners of the parent company stood at COP 43.5 trillion as of December 31, 2024, reflecting a 6.5% increase from the previous quarter, this increase is attributed to retained earnings and the currency depreciation during the quarter. Basic solvency ratio was 11.89%, and the total solvency ratio for Grupo Bancolombia was 13.75% for 4Q24, adequately complying with the minimum regulatory requirements.

•In reference to its digital strategy, Grupo Bancolombia maintained a positive trend in line with results during the last year. As of December 2024, Bancolombia has 9.0 million active digital clients on the APP Personas (active over a period of three months), as well as 27.8 million accounts on its financial inclusion platforms (6.4 million users on Bancolombia a la Mano and 21.4 million on NEQUI).
February 19, 2025. Medellin, Colombia – Today, GROUP BANCOLOMBIA announced its earnings results for the fourth quarter of 20241.
_____________________________________________________
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 June 30, 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, January 1, 2024, $4,409.15= US$ 1
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4Q24
BANCOLOMBIA: Summary of consolidated financial quarterly results
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENTQuarterChange
(COP million)4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23 
ASSETS          
Net Loans237,728,544 253,050,237 263,274,170 4.04%10.75%
Investments25,674,195 35,837,645 37,570,270 4.83%46.33%
Other assets79,526,070 64,545,415 71,370,942 10.57%-10.25%
Total assets342,928,809 353,433,297 372,215,382 5.31%8.54%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits247,941,180 259,758,641 279,059,401 7.43%12.55%
Other liabilities55,937,900 51,760,150 48,571,706 -6.16%-13.17%
Total liabilities303,879,080 311,518,791 327,631,107 5.17%7.82%
Non-controlling interest960,217 1,015,070 1,041,807 2.63%8.50%
Shareholders' equity38,089,512 40,899,436 43,542,468 6.46%14.32%
Total liabilities and shareholders' equity342,928,809 353,433,297 372,215,382 5.31%8.54%
Interest income9,484,710 8,855,118 8,648,234 -2.34%-8.82%
Interest expense(4,249,597)(3,702,518)(3,625,428)-2.08%-14.69%
Net interest income5,235,113 5,152,600 5,022,806 -2.52%-4.06%
Net provisions(1,724,239)(1,588,836)(929,750)-41.48%-46.08%
Fees and income from service, net1,026,068 1,038,344 1,083,856 4.38%5.63%
Other operating income937,484 762,313 909,259 19.28%-3.01%
Total Dividends received and equity method(91,014)92,001 153,340 66.67%-268.48%
Total operating expense(3,457,059)(3,346,745)(3,796,239)13.43%9.81%
Profit before tax1,926,353 2,109,677 2,443,272 15.81%26.83%
Income tax(474,414)(590,192)(743,941)26.05%56.81%
Net income before non-controlling interest1,451,939 1,519,485 1,699,331 11.84%17.04%
Non-controlling interest(4,032)(18,291)(36,027)96.97%793.53%
Net income1,447,907 1,501,194 1,663,304 10.80%14.88%
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4Q24
QuarterAs of
PRINCIPAL RATIOS4Q233Q244Q244Q234Q24
PROFITABILITY        
Net interest margin (1) from continuing operations
7.28 %6.83 %6.41 %6.99 %6.85 %
Return on average total assets (2) from continuing operations
1.70 %1.71 %1.82 %1.78 %1.79 %
Return on average shareholders´ equity (3)
15.24 %15.01 %15.68 %16.14 %15.77 %
EFFICIENCY— 
Operating expenses to net operating income48.64 %47.68 %52.95 %45.33 %48.96 %
Operating expenses to average total assets4.06 %3.85 %4.16 %3.77 %3.90 %
Operating expenses to productive assets4.81 %4.47 %4.84 %4.44 %4.55 %
CAPITAL ADEQUACY
Shareholders' equity to total assets11.11 %11.57 %11.70 %11.11 %11.70 %
Technical capital to risk weighted assets13.40 %14.35 %13.75 %13.40 %13.75 %
KEY FINANCIAL HIGHLIGHTS  
Net income per ADS from continuing operations1.58 1.49 1.57 6.66 5.91 
Net income per share $COP from continuing operations1,521 1,576 1,745 6,420 6,576 
P/BV ADS (4)
0.74 0.84 0.83 0.74 0.83 
P/BV Local (5) (6)
0.84 0.85 0.83 0.84 0.83 
P/E (7) from continuing operations
5.22 5.77 5.44 4.94 5.78 
ADR price30.77 34.22 34.22 30.77 34.22 
Common share price (8)
33,200 36,240 37,600 33,200 37,600 
Weighted average of Preferred Shares outstanding961,827,000 961,827,000 961,827,000 961,827,000 961,827,000 
USD exchange rate (quarter end)3,822.05 4,178.30 4,409.15 3,822.05 4,409.15 
(1)Defined as net interest income divided by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders’ equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.
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4Q24
1.BALANCE SHEET
1.1.Assets

As of December 31, 2024, Grupo Bancolombia’s assets amounted to COP 372,215 billion, increasing by 5.3% from 3Q24, mainly due to growth in the commercial and mortgage loan portfolio, and an increase in REPOS driven by the quarter's liquidity.

The Colombian peso depreciated by 5.5% against the US dollar in the fourth quarter of 2024 and by 15.4% over the last 12 months. The average exchange rate was 2.3% higher in 4Q24 compared to 3Q24, and 5.9% lower over the last 12 months.
1.2.Loan Portfolio
The following table shows the composition of Bancolombia loans on a consolidated basis by type and currency:
(COP Million)Amounts in COPAmounts in USD
converted to COP		Amounts in USD
(thousands)		Total
(1 USD = 4409.15 COP)4Q244Q24 / 3Q244Q244Q24 / 3Q244Q244Q24 / 3Q244Q244Q24 / 3Q24
Commercial loans122,469,629 3.23%58,044,790 4.74%13,164,621 -0.75%180,514,419 3.71%
Consumer loans36,381,192 -0.40%19,493,880 6.57%4,421,233 0.99%55,875,072 1.93%
Mortgage loans24,920,679 5.85%16,820,922 5.15%3,815,003 -0.36%41,741,601 5.57%
Small business loans661,841 21.88%690,369 9.44%156,576 3.71%1,352,209 15.19%
Interests paid in advance(24,347)6.44%(5,046)492.89%(1,144)461.85%(29,393)23.89%
Gross loans184,408,994 2.89%95,044,914 5.21%21,556,290 -0.30%279,453,908 3.67%

In 4Q24, the gross loan portfolio grew by 3.7% compared to 3Q24 (1.8% growth excluding the exchange rate effect) and increased by 10% compared to 4Q23. Over the last 12 months, the loan portfolio in Colombia grew by 4.5%, while the loan portfolio in U.S. dollars (expressed in USD) grew 22.6%.

Banco Agricola in El Salvador, Banistmo in Panama, and Bam in Guatemala accounted for 26.6% of the total gross loan portfolio balance for 4Q24. Meanwhile, the loan portfolio denominated in currencies other than the Colombian peso, generated by Central American operations, Bancolombia Panama's offshore operation, Puerto Rico, and the USD-denominated portfolio in Colombia, represented 34.0% of the total portfolio and grew by 5.2% (expressed in USD) during the quarter.

Allowances for loan losses decreased by 2.1% during the quarter, totaling COP 16,180 billion, equivalent to 5.8% of the gross loan portfolio at the end of the quarter.

Quarterly, Bancolombia S.A. recorded a 3.1% growth in the gross loan portfolio, Banco Agromercantil 1.4% (measured in USD), and Banco Agricola 0.9% (measured in USD). In contrast, Banistmo saw a decline of 3.8% (measured in USD). The main driver of the total portfolio growth was the commercial portfolio in Colombia, thanks to the special credit lines program designed to stimulate demand. Additionally, the mortgage portfolio grew by 5.6% in the quarter, continuing its positive trend throughout the year, bolstered by the implementation of the interest rate reduction program for housing in Colombia.

The consumer loan portfolio experienced a 1.9% growth in the quarter (0.1% growth when excluding the exchange rate effect), driven by positive dynamics in disbursements of personal loan products and credit cards at Banco Agricola, as well as credit cards at BAM. Banistmo continued with a contraction trend similar to that observed throughout the year. Although Bancolombia showed growth in originations, it closed the quarter with a lower portfolio balance due to prepayments made by customers, motivated by higher liquidity in the last quarter of the year.
For a more detailed explanation regarding coverage and portfolio quality, see section 2.4. Asset quality, provision charges, and balance sheet strength.
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4Q24
The following table summarizes Grupo Bancolombia's total portfolio
LOAN PORTFOLIO
(COP million)
4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23% of total
loans
Commercial161,937,971 174,062,016 180,514,419 3.71%11.47%64.60%
Consumer54,640,628 54,816,798 55,875,072 1.93%2.26%19.99%
Mortgage36,250,408 39,539,529 41,741,601 5.57%15.15%14.94%
Microcredit1,145,360 1,173,887 1,352,209 15.19%18.06%0.48%
Interests received in advance(22,720)(23,726)(29,393)23.89%29.37%-0.01%
Total loan portfolio253,951,647 269,568,504 279,453,908 3.67%10.04%100.00%
Allowance for loan losses(16,223,103)(16,518,267)(16,179,738)-2.05%-0.27%0.00
Total loans, net237,728,544 253,050,237 263,274,170 4.04%10.75%0.00
1.3.Investment Portfolio

As of December 31, 2024, Grupo Bancolombia’s investment portfolio amounted to COP 37,570 billion, representing an increase of 4.8% compared to 3Q24 and 46.3% compared to 4Q23. Positions in active liquidity operations increased due to a higher surplus of liquid assets relative to the previous quarter. At the end of 4Q24, the debt securities investment portfolio had a duration of 17.0 months and a yield to maturity of 9.86%.
1.4.Goodwill and intangibles

As of December 31, 2024, Grupo Bancolombia's intangibles and goodwill totaled COP 9,768 billion, representing an increase of 5.4% compared to 3Q24. This increase is mainly due to the depreciation of the peso against the dollar and the restatement of balances from foreign subsidiaries.
1.5.Funding

As of December 31, 2024, Grupo Bancolombia's liabilities totaled COP 327,631 billion, reflecting a 5.2% increase compared to 3Q24 and a 7.8% increase compared to 4Q23.

Customer deposits amounted to COP 279,059 billion (85.2% of liabilities) at the end of 4Q24, showing a 7.4% increase from 3Q24, mainly driven by the growth in savings accounts, particularly in the retail customers and business clients due to higher liquidity in the last month of the year. The net loan-to-deposit ratio was 94.3% at the end of 4Q24, which decreased from the 97.4% recorded in 3Q24 due to the higher quarterly growth of deposits compared to the loan portfolio.

In the funding mix, sight deposits remain as the primary source of funding, represented in both savings and checking accounts, which increased during the quarter due to the seasonal phenomenon of higher liquidity in the last quarter of the year. On the other hand, although time deposits showed a higher balance in the quarter due to the strong performance of the online time deposit product, their share in the funding mix decreased due to the greater growth of savings accounts. Debt securities issued decreased by 21.6% compared to the previous quarter due to the repurchase of the subordinated bond 2029 in December. Loans with banks increased due to the devaluation of the Colombian peso against the dollar and the growth of the book in Colombia and Bancolombia Panama.
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4Q24
Funding mix
COP Million
4Q233Q244Q24
Checking accounts34,993,066 13 %34,598,670 12 %38,033,696 12 %
Saving accounts108,971,334 39 %111,838,420 38 %124,636,994 40 %
Time deposits98,686,516 35 %108,606,359 37 %109,760,722 36 %
Other deposits (Includes Repos)5,760,559 2 %7,562,138 3 %7,688,461 2 %
Long term debt14,663,576 5 %14,388,708 5 %11,275,216 4 %
Loans with banks16,254,747 6 %13,660,431 5 %16,406,025 5 %
Total Funds279,329,798 100 %290,654,726 100 %307,801,114 100 %
1.6.Shareholders’ Equity and Regulatory Capital

Shareholders' equity attributable to the owners of the parent company at the end of 4Q24 was COP 43,542 billion, increasing by 6.5% compared to 3Q24 and by 14.3% compared to 4Q23. This increase is due to the accumulated earnings during the quarter and the restatement of foreign subsidiaries balances.

The total solvency ratio of Grupo Bancolombia under Basel III was 13.75% in 4Q24, standing 225 basis points above the minimum level required by the Colombian regulator, while the core equity ratio (Tier I) to risk-weighted assets was 11.89%, standing 339 basis points above the regulatory minimum level (required to comply with the new capital requirements in the fourth year of Basel III implementation). The decrease in solvency levels during the quarter is mainly due to the repurchase of subordinated bonds 2029 in December. On the other hand, the increase in core equity is mainly due to retained earnings for the period. The tangible equity ratio, defined as the ratio of equity minus goodwill and intangible assets to tangible assets, was 9.09% at the end of 4Q24.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions)
4Q23%3Q24%4Q24%
Basic capital (Tier I)30,785,197 11.42 %32,868,658 11.58 %35,057,283 11.89 %
Additional capital (Tier II)5,338,147 1.98 %7,896,406 2.78 %5,485,765 1.86 %
Technical capital (1)
36,112,657 40,751,587   40,529,249   
Risk weighted assets including market and operational risk (2)
269,591,211 283,955,135   294,794,366   
CAPITAL ADEQUACY (3)
13.40 %14.35 %13.75 %
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(1)Technical capital is the sum of basic and additional capital, minus deductions ($13,478 MM for 3Q24 and $13,798 MM for 4Q24).
(2)Operational risk applies to 4Q23, 3Q24 and 4Q24 after the adoption of Basel III regulation.
(3)Capital adequacy is technical capital divided by risk-weighted assets.
2.INCOME STATEMENT

Net income attributable to equity holders of the parent company’s totaled COP 1,663 billion in 4Q24, or COP 1,744.63 per share (USD $1.57 per ADR). This represents an increase of 10.8% compared to 3Q24, primarily due to lower loan provisions. Grupo Bancolombia's annualized ROE was 15.7% for 4Q24 and 15.8% for the last 12 months.
2.1.Net Interest Income

Net interest income for 4Q24 was COP 5,023 billion, a decrease of 2.5% compared to 3Q24. The decrease in the balance is mainly due to the decline interest income, resulting from lower interest rates applicable to new originations and the portfolio tied to variable rates, partially offset by the lower interest expense. Income from debt instruments and financial valuation totaled COP 751 billion, a decline of 1.7% in the quarter, mainly due to lower valuation of debt securities.
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4Q24
Net Interest Margin

The annualized net interest margin for investments was 3.63%, representing a decrease of 94 basis points compared to 3Q24. This reduction is due to the lower valuation of debt securities resulting from the increase in public debt rates. The group's quarterly annualized net interest margin also decreased by 42 basis points, from 6.83% to 6.41%.

The quarterly annualized loan portfolio margin was 6.85%, 31 basis points lower than 3Q24 and 82 basis points lower compared to 4Q23. The decrease in portfolio yield was partially offset by a reduction in interest expense, in a context of slight growth in the banking book and lower interest rates.
Annualized Interest
Margin		4Q233Q244Q24
Loans' Interest margin7.7 %7.2 %6.8 %
Debt investments' margin4.5 %4.6 %3.6 %
Net interest margin (1)
7.3 %6.8 %6.4 %
(1) Net interest margin and valuation income on financial instruments.

Savings accounts grew by 11.4% and checking accounts by 9.9% compared to 3Q24. The annualized weighted average cost of deposits was 4.46% in 4Q24, a decrease of 24 basis points compared to 3Q24.

During the fourth quarter, the Colombia’s Central Bank continued its expansionary monetary policy, cutting the interest rate by 75 basis points. This reduced Grupo Bancolombia’s funding costs but also negatively impacted interest income due to lower origination rates and the repricing of the existing portfolio linked to floating rates. .
Average weighted
funding cost		4Q233Q244Q24
Checking accounts0.28%0.31%0.31%
Saving accounts3.39 %2.54 %2.44 %
Time deposits10.02 %8.46 %8.12 %
Total deposits5.66 %4.70 %4.46 %
Long term debt8.45 %8.32 %9.02 %
Loans with banks6.23 %4.74 %4.72 %
Total funding cost5.80 %4.85 %4.62 %
2.2.Fees and Income from Services

Net income from commissions and other services for 4Q24 was COP 1,084 billion, increasing by 4.4% compared to 3Q24 and by 5.6% compared to 4Q23.

On a quarterly basis, Bancassurance revenues showed the highest growth due to improved portfolio origination dynamics in consumer segment, mainly in Colombia, and the reclassification of some other related items. Secondly, the performance of debit and credit card commissions, along with affiliated establishments, stood out, driven by the higher transactional volume in the last months of the year.

The increase in fee expenses for the quarter is attributed to data processing in banking services and higher royalties to credit-debit card franchises due to the increased transactional volume.
2.3.Other Operating Income

Other operating income amounted to COP 909 billion in 4Q24, representing a 19.3% increase compared to 3Q24. This growth is primarily attributed to the valuation of investment properties of Bancolombia and Fondo Inmobiliario Colombia (FIC). Operating lease income was COP 476 billion in 4Q24, driven by vehicle leases and subleases at Bancolombia and Renting Colombia, with increases of 6.4% compared to 3Q24 and 1.3% compared to 4Q23.
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4Q24
2.4.Dividends received, and share of profits

Total dividends and other net income from equity investments in 4Q24 amounted to COP 153 billion. This increase is mainly due to higher income from financial instruments in Bancolombia, FCP Pactia Inmobiliario, and FCP Fondo Inmobiliario Colombia, as well as returns received from P.A. Viva Malls. .
2.5.Asset Quality, Provision Charges and Balance Sheet Strength

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 13,002 billion at the end of 4Q24, representing 4.78% of the total gross portfolio, whereas 90-day past-due totaled COP 9,164 billion, representing 3.37%. The 30-day past due loan ratio decreased following the trend of the previous quarter, and the 90-day past due loan ratio reversed the negative trend of the year and dropped by 7 basis points this quarter. This result is explained by the lower deterioration in all portfolio segments, more notably in consumer and mortgage portfolio.

The coverage, measured by the ratio of allowances for loan losses (principal) to past-due loans (30 days overdue), was 112.39% at the end of 4Q24, increasing from 112.13% in 3Q24. Loan deterioration (new past-due loans including write-offs) during 4Q24 was COP 1,419 billion. The lower value compared to 3Q24 is mainly due to better performance in the retail segment in Colombia and El Salvador.

Provision charges (after recoveries) totaled COP 929 billion in 4Q24, showing a decrease of 41.5% compared to 3Q24, primarily due to lower provision expense across all portfolios, especially in Colombia and El Salvador, updated macroeconomic projections in all countries, and lower provisioning for significant clients.

Provisions as a percentage of the average gross portfolio, quarterly annualized, was 1.35% for 4Q24 and 2.05% for the last 12 months. Grupo Bancolombia maintains a balanced position supported by an adequate level of past-due loan reserves. Loan loss provisions (for the principal) totaled COP 14,614 billion, or 5.4% of the gross portfolio at the end of 4Q24, decreasing compared to 3Q24.
The following tables present key metrics related to asset quality:
ASSET QUALITYAs of
(COP millions)4Q233Q244Q24
Total 30-day past due loans12,357,192 13,290,446 13,002,448 
Allowance for loan losses (1)
14,833,191 14,902,967 14,614,084 
Past due loans to total loans5.01 %5.06 %4.78 %
Allowances to past due loans120.04 %112.13 %112.39 %
Allowance for loan losses as a percentage of total loans6.02 %5.68 %5.37 %
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(1)Allowances are reserves for the principal of loans.
% Of loan
Portfolio		30 days
PDL Per Category4Q233Q244Q24
Commercial loans64.6 %3.26 %3.57 %3.45 %
Consumer loans20.0 %8.76 %7.65 %7.27 %
Mortgage loans14.9 %6.95 %7.86 %7.03 %
Microcredit0.5 %10.44 %9.58 %7.29 %
PDL TOTAL5.01 %5.06 %4.78 %


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4Q24
% Of loan
Portfolio		90 days
PDL Per Category4Q233Q244Q24
Commercial loans64.6 %2.80 %3.03 %3.03 %
Consumer loans20.0 %4.83 %4.49 %4.24 %
Mortgage loans*14.9 %2.93 %3.69 %3.59 %
Microcredit0.5 %6.57 %6.16 %4.74 %
PDL TOTAL3.28 %3.44 %3.37 %
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*Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.
3Q244Q244Q24 / 3Q24
LoansAllowances%  LoansAllowances%  LoansAllowances
Stage 1234,584,472 2,495,843 1.1 %245,272,297 2,174,979 0.9 %4.6 %(12.9)%
Stage 217,567,474 2,870,777 16.3 %16,670,291 2,673,761 16.0 %(5.1)%(6.9)%
Stage 317,416,558 11,151,647 64.0 %17,511,320 11,330,998 64.7 %0.5 %1.6 %
Total269,568,504 16,518,267 6.1 %279,453,908 16,179,738 5.8 %3.7 %(2.0)%
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).
2.6.Operating Expenses

During the fourth quarter of 2024, operating expenses reached COP 3,796 billion, representing a 13.4% increase compared to 3Q24 and a 9.8% increase compared to 4Q23.

Efficiency was 53.0% in 4Q24 and 49.0% over the last 12 months. Personnel expenses (salaries, employee benefits, and bonuses) amounted to COP 1,533 billion in 4Q24, representing an 8.6% increase compared to 3Q24, mainly explained by increased bonus provisions due to better annual results, and a 14.5% increase compared to 4Q23, primarily due to the annual salary adjustments made differently across each geography.

On the other hand, general expenses increased by 16.9% in the quarter and 6.8% compared to 4Q23. The quarterly increase is mainly due to higher technological expenses for cloud consumption, licenses for Nequi, and cybersecurity, as well as higher technological fees associated with projects. Annually, the increase is primarily attributed to business transformation, cloud migration, and operational risk.

As of December 31, 2024, Grupo Bancolombia had 34,114 employees, 844 branches, 6,113 ATMs, 34,786 banking agents, and more than 33 million customers.
2.7.Taxes

Grupo Bancolombia income tax for 4Q24 was COP 744 billion, resulting in an effective rate of 27.7%. This reflects the impact of exempt income from the mortgage portfolio for social housing and investments in productive fixed assets in Colombia. Additionally, tax considerations in Guatemala, El Salvador, and Panama related to exempt income from yields on securities issued by those governments. Lastly, the profits of foreign subsidiaries with lower tax rates compared to Colombia also contributed to a reduced tax burden.




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4Q24
3.BREAK DOWN OF OPERATIONS
The following tables summarize the financial statements of our operations in each country.
BANCOLOMBIA S.A. (STAND ALONE) – COLOMBIA

During the fourth quarter of 2024, Bancolombia S.A. loan portfolio experienced a 3.6% increase, achieving a 5.5% growth over the last 12 months. The largest increase was recorded in the commercial loan portfolio, primarily driven by the special credit lines program designed to boost demand. The mortgage loan portfolio maintained positive momentum with a 5.9% increase in the quarter, resulting from rates reduction strategies. In contrast, the balance of the consumer loan portfolio decreased during the quarter as prepayments exceeded origination volumes, reflecting higher liquidity in December from retail customers. In the funding structure, there was an increase in sight deposits, highlighting the growth of savings accounts in the SME and retail segments. Time deposits decreased due to a reduction in treasury time deposits, although this trend was partially offset by continued growth in online time deposits.

Bancolombia S.A. net income for 4Q24 was COP 1.6 trillion, representing a 1.7% decrease compared to 3Q24. This reduction is attributed to lower interest income from the commercial loan portfolio and lower interest rates on time deposits. However, operating expenses grew by 12.8%, mainly due to higher fees and bonus provisions. The net interest margin for the quarter was 7.2%, while the quarterly annualized ROE reached 15.0%.

Throughout 2024, Bancolombia achieved a net income of COP 6,439 billion, increasing by 7.1% compared to 2023. The ROE increased from 15.7% to 16.2% during this period. The growth in commercial and mortgage loan portfolios stands out, thanks to rate reduction strategies. On the other hand, the consumer loan portfolio continued its downward trend, closing the year with a lower balance due to a more conservative origination policy. The funding structure showed an increase in sight and time deposits, coupled with a reduction in bonds and loans with financial institutions, aligned with the funding cost reduction strategy. In the income statement, net interest income increased, due to a higher decrease in interest expenses relative to lower interest rates. the investments portfolio generated exceptional results thanks to higher liquidity during the year. The decrease in provisions, attributed to the better performance of the retail segment and the release of models due to macroeconomic factors, significantly contributed to the annual net income increase, along with controlled growth in operating expenses.
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BALANCE SHEET AND INCOME STATEMENTQuarterChange
(COP million)4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23
ASSETS          
Gross loans183,293,823 186,319,894 192,022,058 3.06%4.76%
Allowances for loans(13,050,569)(12,999,288)(12,397,521)-4.63%-5.00%
Investments38,504,813 49,288,500 50,347,881 2.15%30.76%
Other assets44,105,490 31,618,352 35,283,396 11.59%-20.00%
Total assets252,853,558 254,227,458 265,255,815 4.34%4.90%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits170,230,642 172,270,646 185,801,073 7.85%9.15%
Other liabilities44,565,610 40,522,552 35,327,458 -12.82%-20.73%
Total liabilities214,796,252 212,793,198 221,128,531 3.92%2.95%
Shareholders’ equity38,057,305 41,434,260 44,127,284 6.50%15.95%
Total liabilities and shareholders’ equity252,853,558 254,227,458 265,255,815 4.34%4.90%
Interest income7,673,654 6,914,785 6,623,151 -4.22%-13.69%
Interest expense(3,573,823)(2,980,951)(2,803,349)-5.96%-21.56%
Net interest income4,099,831 3,933,834 3,819,802 -2.90%-6.83%
Net provisions(1,475,745)(1,161,248)(657,865)-43.35%-55.42%
Fees and income from service, net691,929 675,864 728,745 7.82%5.32%
Other operating income914,344 913,318 949,962 4.01%3.90%
Total operating expense(2,342,916)(2,283,281)(2,557,954)12.03%9.18%
Profit before tax1,887,444 2,078,488 2,282,690 9.82%20.94%
Income tax(442,136)(447,642)(680,196)51.95%53.84%
Net income1,445,308 1,630,845 1,602,495 -1.74%10.88%
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4Q24
BANISTMO- PANAMA

Banistmo's loan portfolio closed the quarter with a decrease of 3.8% (measured in USD). all loan portfolios decreased, commercial loans saw the largest contraction due to prepayments by companies and government-related entities at year-end. Deposits increased by 2.4%, mainly due to time deposits in the business segment. Sight deposits grew by 1.2% due to an increase in checking accounts, offsetting the decline in savings accounts.

Banistmo's net income for 4Q24 was a profit of COP 2.4 billion, a quarterly decrease of 94.0%. Net interest income declined, primarily driven by lower investment income due to the start of the FED's rate-cut cycle. Interest expenses remained stable. Provisions decreased due to model updates, partially offset by higher provisions in the commercial and consumer portfolios. Operating expenses increased due to the impairment of foreclosed assets, while labor expenses fell due to lower severance payments and bonuses. The net interest margin was 3.0% and the annualized quarterly ROE was 0.2%.

In 2024, Banistmo's net income was COP 215.6 billion, a decline compared to 2023. ROE dropped from 9.8% in 2023 to 4.5% in 2024. The portfolio decreased across all segments, especially consumer, while deposits grew slightly due to time deposits. The decrease in net income during the year was explained mainly by higher provision charges, and, to a lesser extent to a lower net interest income following an increase in interest expenses.
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENTQuarterChange
(COP million)4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23
ASSETS          
Gross loans30,704,582 34,079,743 34,589,230 1.49%12.65%
Allowances for loans(1,579,573)(1,746,549)(1,909,025)9.30%20.86%
Investments5,572,981 6,323,824 6,828,832 7.99%22.53%
Other assets6,039,740 4,506,482 6,452,984 43.19%6.84%
Total assets40,737,731 43,163,499 45,962,022 6.48%12.82%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits27,492,013 29,954,144 32,382,044 8.11%17.79%
Other liabilities8,820,972 8,131,380 8,748,118 7.58%-0.83%
Total liabilities36,312,985 38,085,523 41,130,162 7.99%13.27%
Shareholders’ equity4,424,745 5,077,976 4,831,860 -4.85%9.20%
Total liabilities and shareholders’ equity40,737,731 43,163,499 45,962,022 6.48%12.82%
Interest income673,700 697,122 690,404 -0.96%2.48%
Interest expense(325,263)(349,415)(370,631)6.07%13.95%
Net interest income348,437 347,707 319,772 -8.03%-8.23%
Net provisions(49,860)(139,758)(122,583)-12.29%145.85%
Fees and income from service, net75,688 68,459 54,362 -20.59%-28.18%
Other operating income10,251 13,865 30,811 122.23%200.57%
Total operating expense(291,290)(243,565)(295,589)21.36%1.48%
Profit before tax93,225 46,708 (13,226)-128.32%-114.19%
Income tax(25,118)(6,506)15,625 -340.16%-162.21%
Net income68,107 40,201 2,399 -94.03%-96.48%
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4Q24
BANAGRICOLA- EL SALVADOR

Banco Agricola’s loan portfolio closed the quarter with a 0.9% increase (measured in USD), with notable growth in the consumer portfolio, particularly in personal loans. To a lesser extent, there was an increase in the commercial portfolio, mainly in the corporate segment. Deposits grew during the quarter, driven by sight deposits, particularly savings accounts in the retail segment, and to a lesser extent, current accounts in the corporate segment. Additionally, time deposits showed a quarterly increase, mainly in the corporate segment.

The net result for Banco Agricola in 4Q24 was a profit of COP 141.6 billion, representing a 9.0% increase compared to 3Q24. There was an increase in net interest income generation due to higher investment income and lower interest expenses, primarily derived from the decrease in loans with financial institutions. Net fees increased due to a higher transactional volume in the quarter. Net provisions decreased mainly due to the release of credit card receivables provisions. Operating expenses increased due to payments for the renewal of software maintenance contracts and increased bonus provision. The net interest margin for Banco Agricola in the fourth quarter of 2024 was 7.2% and the quarterly annualized ROE was 21.4%.

For the full year 2024, Banco Agricola’s net profit was COP 486.3 billion, decreasing by 3.7% compared to the profit generated in 2023, going from an ROE of 20.3% in 2023 to 20.5% in 2024. In the balance sheet, consumer loans presented a remarkable growth, 10.2% year-over-year. Deposits increased in both sight deposits and time deposits. In the income statement, there was an increase in net interest income due to higher loan interest income, coupled with lower interest expenses. The increase in provisions is tied to the growth in the consumer loan portfolio. The decrease in net income is basically due to a lower average exchange rate in 2024 of COP against USD, given that in dollars net income grew.
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENTQuarterChange
(COP million)4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23
ASSETS          
Gross loans15,373,156 17,582,842 18,712,218 6.42%21.72%
Allowances for loans(552,236)(584,390)(598,710)2.45%8.42%
Investments2,710,012 3,196,865 4,015,690 25.61%48.18%
Other assets4,077,655 4,334,743 4,511,185 4.07%10.63%
Total assets21,608,586 24,530,060 26,640,383 8.60%23.29%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits16,134,466 18,811,454 21,185,538 12.62%31.31%
Other liabilities3,085,902 3,222,516 2,673,452 -17.04%-13.37%
Total liabilities19,220,368 22,033,970 23,858,990 8.28%24.13%
Non-controlling interest23,049 22,093 23,303 5.48%1.10%
Stockholders’ equity attributable to the owners of the parent company2,365,169 2,473,997 2,758,090 11.48%16.61%
Total liabilities and shareholders’ equity21,608,586 24,530,060 26,640,383 8.60%23.29%
Interest income432,924 475,342 506,531 6.56%17.00%
Interest expense(131,569)(115,421)(118,549)2.71%-9.90%
Net interest income301,355 359,921 387,981 7.80%28.75%
Net provisions12,608 (54,068)(51,618)-4.53%-509.41%
Fees and income from service, net79,003 75,256 82,917 10.18%4.95%
Other operating income41,479 8,222 10,482 27.49%-74.73%
Total operating expense(242,536)(220,609)(254,250)15.25%4.83%
Profit before tax191,909 168,722 175,512 4.02%-8.54%
Income tax(44,198)(36,412)(31,235)-14.22%-29.33%
Net income before non-controlling interest147,711 132,310 144,277 9.04%-2.32%
Non-controlling interest(2,556)(2,520)(2,750)9.15%7.62%
Net income145,156 129,790 141,527 9.04%-2.50%
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4Q24
GRUPO AGROMERCANTIL HOLDING – GUATEMALA

BAM's loan portfolio closed 4Q24 growing 1.3% (measured in USD). This increase is attributed to the higher balances in commercial, consumer, and mortgage portfolios, with the consumer segment showing the highest growth, especially in credit card products. In the funding structure, there was an increase in sight and time deposits, with the latter showing the greatest increment.

BAM's net result for 4Q24 was a profit of COP 10.8 billion. Net interest income increased during the quarter due to higher growth in loan interest income, which exceeded the increase in interest expenses caused by the growth in time deposits. Regarding provisions, there was a higher expense in the retail segment, partially offset by a release due to the calibration of risk models. Operating expenses increased mainly due to higher depreciation of foreclosed assets and increases in salaries. BAM's net interest margin for the fourth quarter of 2024 was 4.8%, and the quarterly annualized ROE was 1.9%.

For the full year 2024, BAM's net profit was COP 165.6 billion, representing a 133.1% increase compared to the profit generated in 2023, rising from an ROE of 3.3% in 2023 to 8.1% in 2024. It is worth noting in the balance sheet, an increase in the loan portfolio across all segments, with commercial and consumer showing the highest growth. Deposits also increased in both sight and time deposits, with savings accounts increasing the most. In the income statement, the decrease in net interest income was due to higher interest expenses, mainly caused by the increase in volume and rate of time deposits. The decrease in provision expenses was primarily due to the release of provisions associated with specific corporate segment clients, which explains part of the profit growth, partially offsetting a slight decrease in fees and an 11.2% increase in operating expenses.
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENTQuarterChange
(COP million)4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23
ASSETS          
Gross loans16,958,954 19,746,155 21,125,637 6.99%24.57%
Allowances for loans(887,518)(912,829)(995,338)9.04%12.15%
Investments1,604,091 2,276,623 2,476,756 8.79%54.40%
Other assets3,701,678 4,344,549 4,610,963 6.13%24.56%
Total assets21,377,205 25,454,498 27,218,017 6.93%27.32%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits15,570,121 18,033,877 19,596,065 8.66%25.86%
Other liabilities3,898,954 5,249,310 5,307,585 1.11%36.13%
Total liabilities19,469,076 23,283,187 24,903,649 6.96%27.91%
Non-controlling interest22,401 23,282 23,293 0.05%3.98%
Stockholders’ equity attributable to the owners of the parent company1,885,728 2,148,029 2,291,075 6.66%21.50%
Total liabilities and shareholders’ equity21,377,205 25,454,498 27,218,017 6.93%27.32%
Interest income453,857 496,803 536,966 8.08%18.31%
Interest expense(203,252)(230,763)(259,944)12.65%27.89%
Net interest income250,606 266,040 277,021 4.13%10.54%
Net provisions(169,741)(75,957)(129,227)70.13%-23.87%
Fees and income from service, net35,752 35,346 32,273 -8.69%-9.73%
Other operating income25,668 13,784 61,383 345.32%139.15%
Total operating expense(163,678)(175,383)(219,149)24.95%33.89%
Profit before tax(21,394)63,830 22,303 -65.06%-204.24%
Income tax14,734 (12,623)(11,516)-8.77%-178.16%
Net income before non-controlling interest(6,661)51,207 10,786 -78.94%-261.94%
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Non-controlling interest(1,206)(1,959)(27)-98.63%-97.77%
Net income(7,867)49,248 10,759 -78.15%-236.77%
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4.BANCOLOMBIA Company Description (NYSE: CIB, BVC: BCOLOMBIA Y PFBCOLOM)
GROUP BANCOLOMBIA is a full-service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 33 million customers. GROUP BANCOLOMBIA delivers its products and services via its regional network comprised of Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate (Banagricola S.A.), International banking and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.
Contact Information
Bancolombia’s Investor Relations
Phone:(601) 4885371
E-mail:IR@bancolombia.com.co
Contacts:Catalina Tobón Rivera (IR Director)
Website:https://www.grupobancolombia.com/investor-relations
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CONSOLIDATED BALANCE SHEETChange% of
Liabilities
(COP million)4Q233Q244Q244Q24 / 3Q244Q24 / 4Q23% of Assets
ASSETS              
Cash and balances at central bank27,974,98422,778,795 24,881,536 9.23%-11.06%6.68%  
Interbank borrowings3,983,699 2,298,108 2,239,615 -2.55%-43.78%0.60%  
Reverse repurchase agreements and other similar secured lend7,840,926 1,298,602 5,722,948 340.70%-27.01%1.54%  
Financial assets investment25,674,195 35,837,645 37,570,270 4.83%46.33%10.09%  
Derivative financial instruments6,252,270 2,464,399 2,938,142 19.22%-53.01%0.79%  
Loans and advances to customers253,951,647 269,568,504 279,453,908 3.67%10.04%75.08%  
Allowance for loan and lease losses(16,223,103)(16,518,267)(16,179,738)-2.05%-0.27%-4.35%  
Investment in associates and joint ventures2,997,603 2,920,853 2,928,984 0.28%-2.29%0.79%  
Goodwill and Intangible assets, net8,489,697 9,271,404 9,767,903 5.36%15.06%2.62%  
Premises and equipment, net6,522,534 5,870,602 5,906,064 0.60%-9.45%1.59%  
Investment property4,709,911 5,467,963 5,580,109 2.05%18.48%1.50%  
Right of use assets1,634,045 1,676,615 1,757,206 4.81%7.54%0.47%  
Prepayments713,505 871,958 907,620 4.09%27.21%0.24%  
Tax receivables1,386,967 2,536,230 1,943,780 -23.36%40.15%0.52%  
Deferred tax685,612 729,232 763,757 4.73%11.40%0.21%  
Assets held for sale and inventories906,753 945,484 1,106,399 17.02%22.02%0.30%  
Other assets5,427,564 5,415,170 4,926,879 -9.02%-9.22%1.32%  
Total assets342,928,809 353,433,297 372,215,382 5.31%8.54%100.00%  
LIABILITIES AND SHAREHOLDERS’ EQUITY   
LIABILITIES   
Deposit by customers247,941,180 259,758,641 279,059,401 7.43%12.55%74.97%85.17%
Interbank Deposits606,141 725,285 716,493 -1.21%18.21%0.19%0.22%
Derivative financial instrument6,710,364 2,537,577 2,679,643 5.60%-60.07%0.72%0.82%
Borrowings from other financial institutions15,648,606 12,935,146 15,689,532 21.29%0.26%4.22%4.79%
Debt securities in issue14,663,576 14,388,708 11,275,216 -21.64%-23.11%3.03%3.44%
Lease liability1,773,610 1,829,899 1,889,364 3.25%6.53%0.51%0.58%
Preferred shares584,204 569,477 584,204 2.59%0.00%0.16%0.18%
Repurchase agreements and other similar secured borrowing470,295 2,846,946 1,060,472 -62.75%125.49%0.28%0.32%
Current tax164,339 1,109,561 156,162 -85.93%-4.98%0.04%0.05%
Deferred tax1,785,230 2,215,517 2,578,504 16.38%44.44%0.69%0.79%
Employees benefit plans882,954 907,574 951,555 4.85%7.77%0.26%0.29%
Other liabilities12,648,581 11,694,460 10,990,561 -6.02%-13.11%2.95%3.35%
Total liabilities303,879,080 311,518,791 327,631,107 5.17%7.82%88.02%100.00%
SHAREHOLDERS’ EQUITY%%%  
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Share Capital480,914 480,914 480,914 0.00%0.00%0.13%  
Additional paid-in-capital4,857,454 4,857,454 4,857,454 0.00%0.00%1.31%  
Appropriated reserves20,044,769 22,634,127 22,575,837 -0.26%12.63%6.07%  
Retained earnings8,632,214 7,279,088 8,983,057 23.41%4.06%2.41%  
Accumulated other comprehensive income, net of tax4,074,161 5,647,853 6,645,206 17.66%63.11%1.79%  
Stockholders’ equity attributable to the owners of the parent company38,089,512 40,899,436 43,542,468 6.46%14.32%11.70%  
Non-controlling interest960,217 1,015,070 1,041,807 2.63%8.50%0.28%  
Total liabilities and equity342,928,809 353,433,297 372,215,382 5.31%8.54%100.00%  
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INCOME STATEMENTAs ofGrowth
Dic-24 / Dic-23		Change
(COP million)Dic-23Dic-244Q233Q244Q244Q24 / 3Q244Q24 / 4Q23
Interest income and expenses                
Interest on loans and financial leases                
Commercial17,277,481 16,550,290 -4.21%4,402,429 4,171,772 4,020,316 -3.63%-8.68%
Consumer10,062,092 8,502,467 -15.50%2,391,073 2,064,678 2,097,577 1.59%-12.27%
Small business loans169,301 210,822 24.52%41,141 49,187 56,652 15.18%37.70%
Mortgage3,852,725 3,790,158 -1.62%900,282 887,935 869,766 -2.05%-3.39%
Financial leases3,879,188 3,559,814 -8.23%994,678 869,870 817,815 -5.98%-17.78%
Total interest income on loans and financial leases35,240,787 32,613,551 -7.46%8,729,603 8,043,442 7,862,126 -2.25%-9.94%
Interest income on overnight and market funds197,307 208,491 5.67%51,403 47,462 34,611 -27.08%-32.67%
Interest and valuation on financial instruments
Interest on debt instruments using the effective interest method1,029,377 965,935 -6.16%263,663 236,410 231,613 -2.03%-12.16%
Valuation on financial instruments
Debt investments628,082 1,367,980 117.80%403,140 562,625 222,255 -60.50%-44.87%
Derivatives(157,818)154,130 -197.66%(95,244)(82,730)249,134 -401.14%-361.57%
Repos137,014 237,321 73.21%123,646 31,985 46,152 44.29%-62.67%
Others(28,590)(3,187)-88.85%8,499 15,924 2,343 -85.29%-72.43%
Total valuation on financial instruments578,688 1,756,244 203.49%440,041 527,804 519,884 -1.50%18.14%
Total Interest on debt instruments and valuation on financial instruments1,608,065 2,722,179 69.28%703,704 764,214 751,497 -1.66%6.79%
Total interest and valuation on financial instruments37,046,159 35,544,221 -4.05%9,484,710 8,855,118 8,648,234 -2.34%-8.82%
Interest expense
Borrowings from other financial institutions(1,658,996)(1,349,913)-18.63%(428,254)(307,744)(307,818)0.02%-28.12%
Overnight funds(30,540)(22,306)-26.96%(4,421)(6,099)(6,195)1.57%40.13%
Debt securities in issue(1,426,615)(1,202,112)-15.74%(321,611)(317,223)(289,370)-8.78%-10.02%
Deposits(13,323,516)(12,215,673)-8.31%(3,436,784)(3,014,675)(2,965,477)-1.63%-13.71%
Preferred shares(57,701)(57,701)0.00%(14,727)(14,325)(14,726)2.80%-0.01%
Lease liabilities(113,815)(135,546)19.09%(28,963)(33,710)(33,113)-1.77%14.33%
Other interest(57,112)(40,660)-28.81%(14,837)(8,742)(8,729)-0.15%-41.17%
Total interest expenses(16,668,295)(15,023,911)-9.87%(4,249,597)(3,702,518)(3,625,428)-2.08%-14.69%
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments20,377,864 20,520,310 0.70%5,235,113 5,152,600 5,022,806 -2.52%-4.06%
Credit impairment charges on loans and advance and financial leases(8,232,413)(6,339,920)-22.99%(2,005,633)(1,732,478)(1,255,404)-27.54%-37.41%
Recovery of charged - off loans770,934 926,268 20.15%246,992 205,207 326,947 59.33%32.37%
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Credit impairment charges on off balance sheet credit instruments6,532 (41,934)-741.98%19,477 (60,193)6,355 -110.56%-67.37%
Credit impairment charges/recovery on investments(6,639)3,237 -148.76%14,925 (1,372)(7,648)457.43%-151.24%
Total credit impairment charges, net(7,461,586)(5,452,349)-26.93%(1,724,239)(1,588,836)(929,750)-41.48%-46.08%
Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments12,916,278 15,067,961 16.66%3,510,874 3,563,764 4,093,056 14.85%16.58%
Fees and commission income0.00
Banking services991,563 1,136,777 14.64%263,843 291,138 307,277 5.54%16.46%
Credit and debit card fees and commercial establishments3,070,428 3,285,773 7.01%827,040 824,875 879,235 6.59%6.31%
Brokerage26,708 37,121 38.99%5,920 6,055 10,380 71.43%75.34%
Acceptances, Guarantees and Standby Letters of Credit107,681 109,015 1.24%27,464 25,879 27,761 7.27%1.08%
Trust463,546 571,251 23.24%118,894 145,276 153,961 5.98%29.49%
Placement of securities and investment banking68,821 81,887 18.99%26,002 21,763 13,055 -40.01%-49.79%
Bancassurance997,321 1,025,564 2.83%285,984 212,532 318,647 49.93%11.42%
Payments and Collections965,403 1,039,788 7.71%253,755 269,529 264,837 -1.74%4.37%
Others389,407 401,662 3.15%90,048 105,732 110,968 4.95%23.23%
Total fees and commission income7,080,878 7,688,838 8.59%1,898,950 1,902,779 2,086,121 9.64%9.86%
Banking services(1,525,605)(1,751,013)14.77%(411,746)(433,088)(509,707)17.69%23.79%
Sales, collections and other services(855,480)(894,836)4.60%(234,760)(211,122)(247,475)17.22%5.42%
Correspondent banking(507,586)(623,193)22.78%(167,167)(155,757)(170,988)9.78%2.29%
Others(208,609)(242,732)16.36%(59,209)(64,468)(74,095)14.93%25.14%
Fees and commission expenses(3,097,280)(3,511,774)13.38%(872,882)(864,435)(1,002,265)15.94%14.82%
Total fees and comissions, net3,983,598 4,177,064 4.86%1,026,068 1,038,344 1,083,856 4.38%5.63%
Other operating income
Derivatives FX contracts338,064 169,735 -49.79%(13,124)97,025 10,485 -89.19%-179.89%
Net foreign exchange877,000 268,149 -69.42%221,751 116,559 50,764 -56.45%-77.11%
Hedging— (81)0.00%— — (81)0.00%0.00%
Leases1,771,016 1,827,163 3.17%471,023 448,199 476,933 6.41%1.25%
Gains (or losses) on sale of assets170,910 103,481 -39.45%38,122 28,645 41,841 46.07%9.76%
Other reversals39,388 42,530 7.98%12,647 9,535 14,542 52.51%14.98%
Others783,272 631,008 -19.44%207,065 62,350 314,775 404.85%52.02%
Total other operating income3,979,650 3,041,985 -23.56%937,484 762,313 909,259 19.28%-3.01%
Dividends received, and share of profits of equity method investees
Dividends127,427 140,634 10.36%49,104 34,928 71,839 105.68%46.30%
Equity investments22,944 42,194 83.90%33,155 2,475 47,902 1835.43%44.48%
Equity method113,115 222,572 96.77%(65,098)54,598 34,662 -36.51%-153.25%
Others(53,301)(300,827)464.39%(108,175)— (1,063)0.00%-99.02%
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Total dividends received, and share of profits of equity method investees210,185 104,573 -50.25%(91,014)92,001 153,340 66.67%-268.48%
Total operating income, net21,089,711 22,391,583 6.17%5,383,412 5,456,422 6,239,511 14.35%15.90%
Operating expenses              
Salaries and employee benefits(4,409,942)(4,754,323)7.81%(1,089,590)(1,180,036)(1,198,269)1.55%9.97%
Bonuses(940,292)(873,739)-7.08%(249,401)(231,512)(334,898)44.66%34.28%
Other administrative and general expenses(5,033,944)(5,445,212)8.17%(1,442,624)(1,320,342)(1,632,105)23.61%13.13%
Taxes other than income tax(1,433,148)(1,442,511)0.65%(339,472)(344,293)(317,392)-7.81%-6.50%
Impairment, depreciation and amortization(1,124,859)(1,117,881)-0.62%(335,972)(270,562)(313,575)15.90%-6.67%
Total operating expenses(12,942,185)(13,633,666)5.34%(3,457,059)(3,346,745)(3,796,239)13.43%9.81%
Profit before tax8,147,526 8,757,917 7.49%1,926,353 2,109,677 2,443,272 15.81%26.83%
Income tax(1,932,555)(2,392,336)23.79%(474,414)(590,192)(743,941)26.05%56.81%
Net income6,214,971 6,365,581 2.42%1,451,939 1,519,485 1,699,331 11.84%17.04%
Non-controlling interest(98,035)(97,837)-0.20%(4,032)(18,291)(36,027)96.97%793.53%
Net income attributable to equity holders of the Parent Company6,116,936 6,267,744 2.47%1,447,907 1,501,194 1,663,304 10.80%14.88%
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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: Feb 19, 2025By:
/s/ MAURICIO BOTERO WOLFF
Name:Mauricio Botero Wolff
Title:
Vice President of Strategy and Finance
22
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