Press Release: Bancolombia S.A. Announces Unconsolidated Results for the Month of November 2008
BanColombia is Colombia's largest bank in terms of assets and also has the largest market participation in deposit products and loans. BanColombia S.A. has a market cap of $3.7 billion; its shares were traded at around $22.75 with a P/E ratio of 6.4 and P/S ratio of 1.16. The dividend yield of BanColombia S.A. stocks is 6.75%. BanColombia S.A. had an annual average earning growth of 30.6% over the past 5 years.More on CIB:Gurus buys and sells of CIB10-year financial history of CIB
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MEDELLIN, Colombia, Dec. 11 /PRNewswire-FirstCall/ -- Bancolombia S.A.("Bancolombia") (NYSE: CIB) reported unconsolidated net income of Ps. 86.9billion in November 2008. Net income for Bancolombia on an unconsolidatedbasis totaled Ps. 981.4 billion for the first eleven months of 2008,increasing 35.5% as compared to the same period of 2007*.
-- Net interest income, including investment securities, totaledPs. 238.3 billion in November 2008. For the eleven month period ended November30, 2008, net interest income totaled Ps. 2,339.7 billion, increasing 35.4% ascompared to the same period last year.
-- Net fees and income from services in November 2008 totaledPs. 61.7 billion. For the eleven month period ended November 30, 2008, netfees and income from services totaled Ps. 714.8 billion, which represents anincrease of 19.1% as compared to the same period of 2007.
-- Other operating income totaled Ps. 80.6 billion in November 2008. Forthe eleven month period ended November 30, 2008, other operating incometotaled Ps. 546.2 billion, increasing 92.3% as compared to the same periodlast year. Bancolombia notes that a considerable part of this revenue comesfrom dividend income received from subsidiaries, which is eliminated in theconsolidated results as it is an intercompany transaction. As a result, thisdividend income is only recorded in Bancolombia's unconsolidated results.
-- Net provisions totaled Ps. 132.1 billion in November 2008. Netprovisions totaled Ps. 623.2 billion for the eleven month period endedNovember 30, 2008, which represents an increase of 148.6% as compared to thesame period of 2007.
-- Operating expenses totaled Ps. 140.4 billion in November 2008. For theeleven month period ended November 30, 2008, operating expenses totaledPs. 1,588.4 billion, increasing 12.9% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 38.5 trillion, loansamounted to Ps. 27.8 trillion, deposits totaled Ps. 24.0 trillion andBancolombia's total shareholders' equity amounted to Ps. 5.8 trillion.
Bancolombia's (unconsolidated) level of past due loans as a percentage oftotal loans amounted to 3.36% as of November 30, 2008, and the level ofallowance for past due loans amounted to 135.89% as of the same date.
According to ASOBANCARIA (Colombia's national banking association),BANCOLOMBIA's market share of the Colombian financial system as of November2008 was as follows: 18.8% of total deposits, 21.6% of total net loans, 20.3%of total savings accounts, 21.4% of total checking accounts and 15.4% of totaltime deposits.
* This report corresponds to the unconsolidated financial statements ofBancolombia. The numbers contained herein are subject to review by therelevant Colombian authorities. This information has been prepared inaccordance with generally accepted accounting principles in Colombia and isstated in nominal terms.
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