MEDELLIN, Colombia, Aug. 7 /PRNewswire-FirstCall/ -- Today, BANCOLOMBIA S.A. ("BANCOLOMBIA" or the "Bank") announced its financial results for the second quarter of fiscal year 2007, ended June 30, 2007, including Banagricola's results for the first time.
HIGHLIGHTS:
-- This is the first time that BANCOLOMBIA has released consolidated
results since the acquisition of Banagricola, which was settled on
May 16, 2007; therefore, going forward, the Bank's consolidated
financial statements will include Banagricola's results. However,
for this presentation, BANCOLOMBIA's consolidated results excluding
Banagricola are presented on a quarterly basis, permitting trend
analysis.
Including Banagricola
-- Total assets contributed by the consolidation of Banagricola
amounted to Ps 6,927 billion, where net loans and financial leases
totaled Ps 4,876 billion and net investment securities
Ps 342 billion.
-- The net income contributed by the consolidation of Banagricola
amounted to Ps 66.4 billion in the first half of 2007.
BANCOLOMBIA with Banagricola
-- Net income for the first half of 2007 totaled Ps 447.7 billion,
increasing 58.1% compared to the first half of 2006.
-- Net loans and financial leases totaled Ps 31,110 billion.
-- Investments in debt securities totaled Ps 5,363 billion (11.9% of
total assets).
-- Net interest income for the first half of 2007 totaled
Ps 1,304.9 billion.
Stand-Alone Basis
-- The Bank's net income for the second quarter of 2007 totaled
Ps 181.3 billion.
-- Net loans and financial leases totaled Ps 26,234 billion as of
June 30, 2007, representing an increase of 5.5% over the quarter and
a 24.4% over the year.
-- Debt securities represented 11.1% of total assets as of June 30,
2007, decreasing 15.0% over the quarter and 45.1% over the year.
-- Net interest income for the period ended June 30, 2007, represented
an increase of 10.8% over the quarter and 226.6% over the year. The
Bank's net interest margin for the second quarter of
2007 was 7.42%.
-- Efficiency, measured as operating expenses as a percentage of
interest, fees, services and other operating income, for the second
quarter of 2007 was 58.2%, improving from the 60.9% in the previous
quarter.
-- Allowances for loan losses increased 8.0% over the quarter and
25.9% over the year. Asset quality remained in similar ratios as
past due loans to total loans stayed at 2.7% and allowances
to past due loans remained close to 130%.
-- In the second quarter of 2007, the Bank concluded the public
offering of US$400 million U.S. dollar denominated subordinated
notes due 2017. Additionally, on July 24, 2007, BANCOLOMBIA
concluded its public offering of preferred shares. As a result of
this transaction, the Bank increased its equity by approximately
Ps 927.6 billion (US$ 480 million). Most of this equity increase
took place in July and is not reflected in June's consolidated
balance sheet.
