Press release from PR Newswire
Bancolombia S.A. Reports Consolidated Net Income of COP 354 Billion for the Second Quarter of 2012 (COP 416 Per Share - USD 0.93 Per ADR), Which Represents a Decrease of 8% Compared to the Same Quarter Last Year
Wednesday, August 01, 2012
Bancolombia S.A. Reports Consolidated Net Income of COP 354 Billion for the Second Quarter of 2012 (COP 416 Per Share - USD 0.93 Per ADR), Which Represents a Decrease of 8% Compared to the Same Quarter Last Year18:00 EDT Wednesday, August 01, 2012MEDELLIN, Colombia, Aug. 1, 2012 /PRNewswire/ -- Today, BANCOLOMBIA S.A. ("Bancolombia" or "the Bank") (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) announced its earnings results for the second quarter of 2012.For the quarter ended on June 30, 2012 ("2Q12"), Bancolombia reported consolidated net income of COP 354 billion, or COP 416 per share - USD 0.93 per ADR, which represents a decrease of 8% as compared to the results for the quarter ended on June 30, 2011 ("2Q11") and a decrease of 20% as compared to the results for the quarter ended on March 31, 2012 ("1Q12").Bancolombia ended 2Q12 with COP 87,215 billion in assets, 4% higher than those at the end of 1Q12 and 16% greater than at the end of 2Q11. At the same time, liabilities totaled COP 76,499 billion, increasing 4% as compared to the figure presented in 1Q12 and increased 14% as compared to 2Q11.Net interest income increased 19% compared to 2Q11 and 3% compared to 1Q12. These increases are the result of loan growth coupled with an expansion of the net interest margin, which ended the period at 6.2%. Net loans increased 17% compared to 2Q11. This variation confirms the sustained loan demand in Colombia, although it already reflects some moderation in growth due to more stringent standards for granting loans. Past due loans as a percentage of total loans continues being low. 30 days (or more) past due loans as a percentage of total gross loans was 3.0%. Loan deterioration during 2Q12 was COP 383 billion, and net provision charges for past due loans and foreclosed assets totaled COP 310 billion, which represents 2.0% of gross loans when annualized. The balance sheet remains strong. Loan loss reserves represented 4.9% of total gross loans and 163% of past due loans at the end of 2Q12. The capital adequacy ratio ended the quarter at 14.9% (Tier 1 of 11.6%). Contact Information:Bancolombia's Investor RelationsPhone: (574) 4041837 / (574) 4041838E-mail: email@example.comAlejandro Mejia (IR Manager) / David Olano (Analyst)Website: http://www.grupobancolombia.com/investorrelations/  This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. ("BANCOLOMBIA") and its affiliates of which it owns, directly or indirectly more than 50% of the voting capital stock. These financial statements have been prepared in accordance with generally accepted accounting principles in Colombia and the regulations of Superintendencia Financiera de Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as "Ps." or "COP". Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. There have been no changes to the Bank's principal accounting policies in the quarter ended March 31, 2012. The statements of income for the quarter ended June 30, 2012 are not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified. Representative Market Rate July 1, 2012 $1,784.07 = US$ 1SOURCE Bancolombia, S.A.