MEDELLIN, Colombia, Oct. 10 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") reported unconsolidated net income of Ps. 60.3 billion in September 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 824.3 billion for the first nine months of 2008, increasing 44.0% as compared to the same period of 2007.*
-- Net interest income, including investment securities, totaled Ps. 214.1 billion in September 2008. For the nine month period ended September 30, 2008, net interest income totaled Ps. 1,880.7 billion, increasing 37.1% as compared to the same period last year. -- Net fees and income from services in September 2008 totaled Ps. 74.2 billion. For the nine month period ended September 30, 2008, net fees and income from services totaled Ps. 584.6 billion, which represents an increase of 22.9% as compared to the same period of 2007. -- Other operating income had a total loss of Ps. 16.3 billion in September 2008. For the nine month period ended September 30, 2008, other operating income totaled Ps. 433.9 billion increasing 83.1% 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. -- Net provisions totaled Ps. 28.3 billion in September 2008. Net provisions totaled Ps. 403.9 billion for the nine month period ended September 30, 2008, which represents an increase of 86.4% as compared to the same period of 2007. -- Operating expenses totaled Ps. 149.5 billion in September 2008. For the nine month period ended September 30, 2008, operating expenses totaled Ps. 1,297.1 billion, increasing 13.2% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 36.1 trillion, loans amounted to Ps. 25.5 trillion, deposits totaled Ps. 22.7 trillion and Bancolombia's total shareholders' equity amounted to Ps. 5.5 trillion.
Bancolombia's (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.48% as of September 30, 2008, and the level of allowance for past due loans amounted to 128.15% 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 September 2008, was as follows: 18.7% of total deposits, 20.8% of total net loans, 20.0% of total savings accounts, 21.6% of total checking accounts and 15.5% of total time 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.
