MEDELLIN, Colombia, Jan. 30 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") reported unconsolidated net income of Ps. 62.3 billion in December 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 1,043.7 billion for the year ended December 31, 2008, increasing 29.8% as compared to the same period of 2007.
-- Net interest income, including investment securities, totaled Ps. 259.5 billion in December 2008. For the year ended December 31, 2008, net interest income totaled Ps. 2,599.2 billion, increasing 35.4% as compared to the same period of 2007.
-- Net fees and income from services in December 2008 totaled Ps. 85.1 billion. For the year ended December 31, 2008, net fees and income from services totaled Ps. 799.9 billion, which represents an increase of 18.0% as compared to the same period of 2007.
-- Other operating income totaled Ps. 7.7 billion in December 2008. For the year ended December 31, 2008, other operating income totaled Ps. 553.9 billion, increasing 63.6% as compared to the same period of 2007. 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. 127.9 billion in December 2008. Net provisions totaled Ps. 751.1 billion for the year ended December 31, 2008, which represents an increase of 136.2% as compared to the same period of 2007. Bancolombia's (unconsolidated) level of past due loans (i.e., loans overdue for more than 30 days) as a percentage of total loans amounted to 3.53% as of December 31, 2008, and the ratio of allowances to past due loans increased to 143.1% as of the same date.
-- Operating expenses totaled Ps. 211.9 billion in December 2008. For the year ended December 31, 2008, operating expenses totaled Ps. 1,800.3 billion, increasing 16.3% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 39.4 trillion, loans amounted to Ps. 27.9 trillion, deposits totaled Ps. 25.3 trillion and Bancolombia's total shareholders' equity amounted to Ps. 5.9 trillion.
Market Share
According to ASOBANCARIA (Colombia's national banking association), Bancolombia's market share of the Colombian financial system as of December 2008 was as follows: 19.1% of total deposits, 21.8% of total net loans, 21.0% of total savings accounts, 22.1% of total checking accounts and 14.8% of total time deposits.
Note: 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
Contacts Sergio Restrepo Executive VP Tel.: (574) 4041424 Jaime A. Velasquez Financial VP Tel.: (574) 4042199 Juan Esteban Toro IR Manager Tel.: (574) 4041837
