MEDELLIN, Colombia, April 14 /PRNewswire-FirstCall/ — Bancolombia S.A.
(“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 129.0 billion
for the month ended March 31, 2009. Net income for Bancolombia on an
unconsolidated basis totaled Ps. 362.2 billion for the first three months of
2009, increasing 9.1% as compared to the same period last year.
– Net interest income, including investment securities, totaled
Ps. 238.1 billion in March 2009. For the three month period ended March 31,
2009, net interest income totaled Ps. 696.6 billion, increasing 19.7% as
compared to the same period last year.
– Net fees and income from services totaled Ps. 71.8 billion in March
2009. For the three month period ended March 31, 2009, net fees and income
from services totaled Ps. 200.3 billion, which represents an increase of 9.5%
as compared to the same period of 2008.
– Other operating income totaled Ps. 107.5 billion in March 2009. For the
three month period ended March 31, 2009, other operating income totaled
Ps. 220.4 billion, decreasing 15.0% as compared to the same period last year.
Bancolombia notes that a considerable part of this revenue comes from dividend
income received from subsidiaries, which is eliminated in the consolidated
results as it is an intercompany transaction. As a result, this dividend
income is only recorded in Bancolombia’s unconsolidated results
(Ps. 64.4 billion corresponding to dividend income from subsidiaries for the
month of March will be eliminated in the consolidated results). The Bank also
notes that the line item of income from derivative financial instruments was
negatively impacted by a Ps 20.1 billion charge in March, related to rule
changes concerning valuation methodologies for derivative instruments
established by the Colombian regulator.
– Net provisions charges totaled Ps. 89.5 billion in March 2009,
increasing 131.6% as compared to the figure presented in February 2009. Net
provisions totaled Ps. 210.5 billion for the three month period ended March
31, 2009, which represents an increase of 103.7% as compared to the same
period of 2008.
– Operating expenses totaled Ps. 174.7 billion in March 2009. For the
three month period ended March 31, 2009, operating expenses totaled
Ps. 496.4 billion, increasing 21.4% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.1 trillion, gross loans
amounted to Ps. 27.8 trillion, deposits totaled Ps. 26.1 trillion and
Bancolombia’s total shareholders’ equity amounted to Ps. 5.9 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30
days) as a percentage of total loans was 3.90% as of March 31, 2009, and the
coverage for past due loans was 140.4% as of the same date.
Market Share
According to ASOBANCARIA (Colombia’s national banking association),
BANCOLOMBIA’s market share of the Colombian financial system as of March 2009
was as follows: 21.6% of total net loans, 21.4% of total checking accounts,
19.7% of total savings accounts, 17.0% of time deposits and 19.0% of total
deposits.
* This report corresponds to the unconsolidated financial statements of
Bancolombia. The numbers contained herein are subject to review by the
relevant Colombian authorities. This information has been prepared in
accordance with generally accepted accounting principles in Colombia and is
stated in nominal terms.
SOURCE Bancolombia S.A.

Sergio Restrepo, Executive VP, +011-574-4041424, or Jaime A. Velasquez,
Financial VP, +011-574-4042199, or Juan Esteban Toro, IR Manager,
+011-574-4041837, all of Bancolombia