MEDELLIN, Colombia, July 14 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") reported unconsolidated net income of Ps. 76.0 billion for the month ended June 30, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 555.1 billion for the first six months of 2009, decreasing 5.1% as compared to the same period last year.
-- Net interest income, including interest from investment securities, totaled Ps. 207.0 billion in June 2009. For the six month period ended June 30, 2009, net interest income totaled Ps. 1,361.4 billion, increasing 12.6% as compared to the same period last year.
-- Net fees and income from services totaled Ps. 72.7 billion in June 2009. For the six month period ended June 30, 2009, net fees and income from services totaled Ps. 411.9 billion, which represents an increase of 10.1% as compared to the same period of 2008.
-- Other operating income registered a loss of Ps. 971 million in June 2009. For the six month period ended June 30, 2009, other operating income totaled Ps. 189.2 billion, decreasing 51.2% as compared to the same period last year, driven by the negative impact in the line item of income from derivative financial instruments caused by a Ps 122.8 billion charge during the six month period ended June 30, 2009, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator. The Bank finished amortizing the reduction in the carrying value of derivatives in June 2009. In addition, other operating income for the six month period ended June 30, 2008 was positively impacted by sales of equity securities, as the Bank recorded gains on sales of investment securities of Ps. 40.7 billion related to the sale of interest in Multienlace S.A. Bancolombia notes that a considerable part of other operating income 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 charges totaled Ps. 50.5 billion in June 2009. Net provisions totaled Ps. 390.8 billion for the six month period ended June 30, 2009, which represents an increase of 48.3% as compared to the same period of 2008.
-- Operating expenses totaled Ps. 154.5 billion in June 2009. For the six month period ended June 30, 2009, operating expenses totaled Ps. 963.8 billion, increasing 13.4% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 28.5 trillion, deposits totaled Ps. 26.6 trillion and Bancolombia's total shareholders' equity amounted to Ps. 6.0 trillion.
Bancolombia's unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.58% as of June 30, 2009, and the coverage for past due loans was 144.1% 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 June 2009 was as follows: 21.8% of total net loans, 20.8% of total checking accounts, 20.1% of total savings accounts, 18.1% of time deposits and 19.5% 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
Bancolombia S.A.
CONTACT: Sergio Restrepo, Executive VP, +011-574-4041424, or Jaime A.
Velasquez, Financial VP, +011-574-4042199, or Juan Esteban Toro, IR Manager,
+011-574-4041837, all of Bancolombia
Web site: http://www.bancolombia.com/
