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May 9, 2008 |
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BANCOLOMBIA SA: Net Income is COP253.9BB in Qtr. Ended March 31 During the quarter ended March 31, 2008, Bancolombia S.A. recorded net income of COP253.9 billion, an increase of 23% as compared to the pro forma COP206.4 billion for the quarter ended March 31, 2007. This increase was mainly driven by: -- Net interest income that amounted to COP796.4 billion in quarter ended March 31, 2008, resulting in an increase of 29.2% as compared to the pro forma figures for quarter ended March 31, 2007. -- Net fees and income from services that amounted to COP306.9 billion in quarter ended March 31, 2008, representing an increase of 15.4% as compared to the pro forma figures for quarter ended March 31, 2007. -- Other operating income that amounted to COP134.7 billion in quarter ended March 31, 2008, representing an increase of 317.1% as compared to the pro forma figures for quarter ended March 31, 2008. -- Total operating expenses that amounted to COP584.1 billion in quarter ended March 31, 2008. This represents an increase in total operating expenses of 0.4% as compared to the quarter ended Dec. 31 2007, and 9.8% as compared to the pro forma figures for quarter ended March 31, 2007. -- The Bank's efficiency ratio amounted to 48.5% for quarter ended March 31, 2008. Efficiency is measured as the ratio between operating expenses and net operating income. The efficiency ratio for quarter ended March 31, 2008, compares favorably to the 59.9% pro forma efficiency ratio for quarter ended March 31, 2007. The operating results for quarter ended March 31, 2008 were partially off-set by: -- Provisions for loan and accrued interest losses that amounted to COP193.9 billion for quarter ended March 31, 2008. This represents an increase of 99.7% when compared to the pro forma figures for quarter ended March 31, 2007. -- Income tax expense for quarter ended March 31, 2008, that amounted to Ps 156.9 billion. This represents an increase of 14.4% as compared to quarter ended Dec. 31 2007, and 68.8% as compared to the pro forma figures for quarter ended March 31, 2007. As of March 31, 2008, BANCOLOMBIA's net loans totaled COP36,607 billion, increasing 21% as compared to the pro forma COP30,256 billion as of March 31, 2007. The lower loan growth rate correlates with the higher interest rates implemented by the Colombian Central Bank as part of a more restrictive monetary policy intended to maintain sustainable long term growth for the Colombian economy. The company's ratio of past due loans to total loans as of March 31, 2008 increased to 3.4% as compared to 2.9% in quarter ended Dec. 31 2007, and to 2.9% in quarter ended March 31, 2007. An increased number of delinquencies during quarter ended March 31, 2008, affected this ratio. Bancolombia S.A. is Colombia's largest full-service financial institution, formed by a merger of three leading Colombian financial institutions. Bancolombia's market capitalization is over US$5.5 billion, with US$13.8 billion asset base and US$1.4 billion in shareholders' equity as of Sept. 30, 2006. Bancolombia is the only Colombian company with an ADR level III program in the New York Stock Exchange. * * * As reported in the Troubled Company Reporter-Latin America on June 27, 2007, Moody's Investors Service changed the outlook to positive from stable on its Ba3 long-term foreign currency deposit ratings and Ba1 long-term foreign currency subordinated bond rating for Bancolombia, S.A. |
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