MEDELLIN, Colombia, March 12 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") reported unconsolidated net income of Ps. 177.1 billion for the month ended February 28, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 233.2 billion for the first two months of 2009.
-- Net interest income, including investment securities, totaled Ps. 225.4 billion in February 2009. For the two month period ended February 28, 2009, net interest income totaled Ps. 458.4 billion, increasing 23.4% as compared to the same period last year.
-- Net fees and income from services in February 2009 totaled Ps. 64.2 billion. For the two month period ended February 28, 2009, net fees and income from services totaled Ps. 128.6 billion, which represents an increase of 4.7% as compared to the same period of 2008.
-- Other operating income totaled Ps. 116.0 billion in February 2009. For the two month period ended February 28, 2009, other operating income totaled Ps. 112.9 billion, increasing 141.8% 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. The Bank also notes that the item line of income from derivative financial instruments was negatively impacted by a Ps. 21.5 billion charge in February, related to rule changes concerning valuation methodologies for derivative instruments established by Colombian regulators.
-- Net provisions charges totaled Ps. 38.7 billion in February 2009, decreasing 53.0% as compared to the figure presented in January 2009. Net provisions totaled Ps. 121.0 billion for the two month period ended February 28, 2009, which represents an increase of 172.2% as compared to the same period of 2008.
-- Operating expenses totaled Ps. 165.4 billion in February 2009. For the two month period ended February 28, 2009, operating expenses totaled Ps. 321.6 billion, increasing 17.3% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.2 trillion, gross loans amounted to Ps. 28.1 trillion, deposits totaled Ps. 26.4 trillion and Bancolombia's total shareholders' equity amounted to Ps. 6.3 trillion.
Bancolombia's unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans amounted to 3.60% as of February 28, 2009, and the coverage for past due loans was 141.18% 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 February 2009, was as follows: 22.0% of total net loans, 22.0% of total checking accounts, 20.2% of total savings accounts, 16.2% 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.
Contacts Sergio Restrepo Executive VP Tel.: (574) 4041424 Jaime A. Velasquez Financial VP Tel.: (574) 4042199 Juan Esteban Toro IR Manager Tel.: (574) 4041837
