BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2022.

Net income attributable to shareholders of the parent company for 2Q22 was COP 1.8 trillion. This value represents an increase of 2.8% compared to the previous quarter. Bancolombia consolidated annualized return on equity ("ROE") was 18.9% for the last 12 months.
Gross loans amount to COP 243 trillion, increasing 19.4% compared to the 2Q21. When excluding the FX effect, the increase during the last twelve months was 15.3%. Commercial and consumer segments presented a dynamic activity, growing at 18.8% and 23.5%, respectively.
Net interest income before provisions increased 16.6% and totaled COP 4.315 billion in 2Q22. Net interest margin expanded from 6.0% in 1Q22 to 6.7% in 2Q22.This performance is mainly driven by the loan portfolio growth of 9.3% in the quarter and the loan portfolio repricing as an effect of the contractionary monetary policy in Colombia.
30-day past due loans stood at 3.86% and 90-day past due loans at 2.72%. Total provision charges, net for 2Q22 was COP 613 billion, which indicates a lower release compared to 1Q22 and higher provisions in the consumer and commercial portfolio in line with the growth of the loan book.
Shareholders' equity attributable to the owners of the parent company stood at COP 33.3 trillion as of June 30, 2022, increasing 10.2% compared to 1Q22. This variation is largely explained by the net income generated during the period. Basic solvency stood at 10.28% and the total consolidated solvency ratio was 12.93% for 2Q22, decreasing mainly because of the loan dynamism and the depreciation effect, but widely exceeding the minimum regulatory requirements.
In reference to its digital strategy, Bancolombia shows a positive trend in line with 2021 results. As of June 2022, the bank has 7.0 million active digital customers in the Retail APP, as well as 19.3 million accounts in its financial inclusion platforms (6.3 million users in Bancolombia a la Mano and 13 million in NEQUI).

August 9, 2022. Medellin, Colombia - Today, BANCOLOMBIA S.A. ("Bancolombia" or "the Bank") announced its earnings results for the second quarter of 20221.

1 This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries ("BANCOLOMBIA" or "The Bank") which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards - IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as "Ps." or "COP". The financial information for the quarter ended June 30, 2022, is 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.

. BANCOLOMBIA's first IFRS financial statements will cover the year ending in 2015. 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, $4.151,21= US$ 1

1

2Q22

BANCOLOMBIA: Summary of consolidated financial quarterly results

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT

Quarter

Growth

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

ASSETS

Net Loans

186,686,086

207,491,489

228,054,203

9.91

%

22.16

%

Investments

28,812,050

27,312,673

27,415,761

0.38

%

(4.85)

%

Other assets

49,985,866

56,660,655

57,961,839

2.30

%

15.96

%

Total assets

265,484,002

291,464,817

313,431,803

7.54

%

18.06

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

189,742,391

208,462,963

222,331,703

6.65

%

17.18

%

Other liabilities

45,146,599

51,055,250

56,001,080

9.69

%

24.04

%

Total liabilities

234,888,990

259,518,213

278,332,783

7.25

%

18.50

%

Non-controlling interest

1,590,132

1,746,342

1,817,384

4.07

%

14.29

%

Shareholders' equity

29,004,880

30,200,262

33,281,636

10.20

%

14.74

%

Total liabilities and shareholders' equity

265,484,002

291,464,817

313,431,803

7.54

%

18.06

%

Interest income

3,911,503

4,943,488

5,954,765

20.46

%

52.24

%

Interest expense

(1,065,935)

(1,243,157)

(1,639,837)

31.91

%

53.84

%

Net interest income

2,845,568

3,700,331

4,314,928

16.61

%

51.64

%

Net provisions

(630,939)

(267,080)

(612,763)

129.43

%

(2.88)

%

Fees and income from service, net

806,703

919,171

878,792

(4.39)

%

8.94

%

Other operating income

526,421

653,660

493,564

(24.49)

%

(6.24)

%

Total Dividends received and equity method

54,711

61,015

84,830

39.03

%

55.05

%

Total operating expense

(2,075,717)

(2,438,615)

(2,519,735)

3.33

%

21.39

%

Profit before tax

1,526,747

2,628,482

2,639,616

0.42

%

72.89

%

Income tax

(339,389)

(815,100)

(784,776)

(3.72)

%

131.23

%

Net income before non-controlling interest

1,187,358

1,813,382

1,854,840

2.29

%

56.22

%

Non-controlling interest

(30,443)

(81,524)

(75,145)

(7.82)

%

146.84

%

Net income

1,156,915

1,731,858

1,779,695

2.76

%

53.83

%

2

2Q22

Quarter

As of

PRINCIPAL RATIOS

2Q21

1Q22

2Q22

2Q21

2Q22

PROFITABILITY

Net interest margin (1) from continuing operations

4.99

%

5.97

%

6.69

%

5.04

%

6.33

%

Return on average total assets (2) from continuing operations

1.76

%

2.40

%

2.37

%

1.31

%

2.38

%

Return on average shareholders´ equity (3)

16.33

%

21.66

%

22.55

%

12.24

%

21.95

%

EFFICIENCY

-

Operating expenses to net operating income

49.15

%

45.72

%

43.65

%

49.20

%

44.64

%

Operating expenses to average total assets

3.17

%

3.38

%

3.36

%

3.15

%

3.37

%

Operating expenses to productive assets

3.65

%

3.94

%

3.90

%

3.62

%

3.91

%

CAPITAL ADEQUACY

Shareholders' equity to total assets

10.93

%

10.36

%

10.62

%

10.93

%

10.62

%

Technical capital to risk weighted assets

15.04

%

13.49

%

12.93

%

15.04

%

12.93

%

KEY FINANCIAL HIGHLIGHTS

Net income per ADS from continuing operations

1.28

1.92

1.78

1.89

3.52

Net income per share $COP from continuing operations

1,202.83

1,800.59

1,850.33

1,766.88

3,650.92

P/BV ADS (4)

0.89

1.28

0.92

0.89

0.92

P/BV Local (5) (6)

0.88

1.38

0.97

0.88

0.97

P/E (7) from continuing operations

5.54

5.82

4.43

7.55

4.49

ADR price

28.80

42.85

30.83

28.80

30.83

Common share price (8)

26,400

43,380

33,540

26,400

33,540

Weighted average of Preferred Shares outstanding

961,827,000

961,827,000

961,827,000

961,827,000

961,827,000

USD exchange rate (quarter end)

3,748.50

3,756.03

4,151.21

3,748.50

4,151.21

(1)Defined as net interest income divided by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders' equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.

3

2Q22

1.BALANCE SHEET

1.1.Assets

As of June 30, 2022, Bancolombia's assets at the consolidated level totaled COP 313,431 billion, which represents an increase of 7.5% compared to 1Q22 and 18.1% compared to 2Q21. The increase in total assets during the last year is largely explained by the growth in the loan book.

During the second quarter, the peso depreciated 10.5% against the US dollar and depreciated 10.7% in the last 12 months. The average exchange rate was 0.1% higher in 2Q22 versus 1Q22, and 7.9% higher in the last 12 months.

1.2.Loan Portfolio

The following table shows the composition of Bancolombia loans on a consolidated basis by type and currency:

Amounts in USD

Amounts in USD

(COP Million)

Amounts in COP

converted to COP

(thousands)

Total

(1 USD = 4151.21 COP)

2Q22

2Q22 / 1Q22

2Q22

2Q22 / 1Q22

2Q22

2Q22 / 1Q22

2Q22

2Q22 / 1Q22

Commercial loans

100,737,223

6.17

%

54,533,898

18.41

%

13,136,868

7.14

%

155,271,122

10.17

%

Consumer loans

37,696,235

5.77

%

16,011,126

13.82

%

3,856,978

2.99

%

53,707,360

8.05

%

Mortgage loans

17,813,024

3.95

%

14,972,514

11.59

%

3,606,783

0.97

%

32,785,538

7.31

%

Small business loans

684,270

(3.56)

%

643,750

9.76

%

155,075

(0.69)

%

1,328,020

2.47

%

Interests paid in advance

(11,592)

4.37

%

(1,395)

(8.39)

%

(336)

(17.11)

%

(12,987)

2.83

%

Gross loans

156,919,160

5.77

%

86,159,893

16.24

%

20,755,369

5.17

%

243,079,054

9.26

%

In 2Q22, gross loans grew 9.3% compared to 1Q22 (5.6% when excluding the FX effect) and 19.4% compared to 2Q21. During the last 12 months peso-denominated loans grew 16.9% and the dollar-denominated loans (expressed in USD) grew 12.4%.

Operations at Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala represented 27.5% of total gross loans for 2Q22. Likewise, the gross loans denominated in currencies other than COP, generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the USD denominated loans in Colombia, accounted for 35.4% of the portfolio, and increase 16.2% (when expressed in COP), as well as 5.2% (expressed in USD).

Total reserves (provisions in the balance sheet) for loan losses decreased 0.2% during the quarter and totaled COP 15,025 billion or 6.2% of the gross loans at the end of the quarter.

During 2Q22, the loan portfolio at a consolidated level continues with good dynamism in all geographies. Growth in commercial and consumer is remarkable. Banco Agricola reported the highest quarterly growth (6.5% when measured in USD), mainly driven by the commercial portfolio, which grew 11.2% and reached 45.3% of the total loan portfolio. Consumer loans grew 3.6% in the quarter, but slightly declined to 40.4% in terms of loan book share compared to 1Q22. Banco Agricola is closely followed by the Colombian operation, which presents an increase of 6.4% in the loan portfolio for the 2Q22, driven by commercial and consumer. Regarding loan book share, all segments remained relatively stable during the quarter. Banco Agromercantil reports a stable performance across all loan portfolio segments for 2Q22, growing at 1.9% consolidated in USD. The consumer portfolio continues increasing its loan book share, reaching 16.8% for this quarter, in line with the good performance experienced in 2021. Banistmo grew 1.8% (measured in USD) in the loan book

4

2Q22

during the quarter, basically due to the positive dynamics of the commercial portfolio, which grew 3.6% for the quarter and continues to be the largest share in the credit portfolio.

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

The following table summarizes Bancolombia total loan portfolio on a consolidated basis:

LOAN PORTFOLIO

% of total

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

loans

Commercial

130,683,524

140,937,269

155,271,122

10.17

%

18.81

%

63.88

%

Consumer

43,497,602

49,707,154

53,707,360

8.05

%

23.47

%

22.09

%

Mortgage

28,151,106

30,553,149

32,785,538

7.31

%

16.46

%

13.49

%

Microcredit

1,215,173

1,296,041

1,328,020

2.47

%

9.29

%

0.55

%

Interests received in advance

(12,086)

(12,629)

(12,987)

2.83

%

7.45

%

(0.01)

%

Total loan portfolio

203,535,319

222,480,984

243,079,054

9.26

%

19.43

%

100.00

%

Allowance for loan losses

(16,849,233)

(14,989,495)

(15,024,850)

0.24

%

(10.83)

%

0.00

Total loans, net

186,686,086

207,491,489

228,054,204

9.91

%

22.16

%

0.00

1.3.Investment Portfolio

As of June 30, 2022, Bancolombia net investment portfolio at the consolidated level totaled COP 27.416 billion, growing 0.4% from the end of 1Q22 and decreasing 4.8% from the end of 2Q21. At the end of 2Q22 the debt securities portfolio had a duration of 18.7 months and a weighted average yield to maturity of 7.46%.

1.4.Goodwill and intangibles

At the end of 2Q22, Bancolombia's goodwill and intangibles at the consolidated level totaled COP 8,991 billion, growing 10.2% compared to 1Q22. This quarterly variation is mainly explained by the devaluation of the COP against the USD.

1.5.Funding

As of June 30, 2022, Bancolombia's liabilities at the consolidated level totaled COP 278,333 billion, growing 7.2% compared to 1Q22, and 18.5% from the end of 2Q21.

Customer deposits totaled COP 222,332 billion (79.9% of liabilities) at the end of 2Q22 increasing 6.7% compared to 1Q22 and up 17.2% over the last 12 months. The net loans to deposits ratio was 102.6% at the end of 2Q22 increasing compared to 99.5% in 1Q22, driven by a larger credit portfolio.

Saving and checking accounts continue representing the main source of funding for the bank. In 2Q22 there was an increase in savings and checking accounts balance, but slightly reduced their share in the funding mix with respect to 1Q22. On the other hand, time deposits presented the highest growth with respect to 1Q22, recovering the participation observed in the funding mix for 2Q21 in a scenario of rate hikes by the Colombian Central Bank to contain inflation. The stability preserved in the funding mix during the last 12 months has allowed Bancolombia to maintain a cost under control and a comfortable liquidity position.

Funding mix

COP Million

2Q21

1Q22

2Q22

Checking accounts

35,593,777

16

%

39,542,426

16

%

40,062,692

15

%

Saving accounts

93,813,194

42

%

105,315,588

44

%

111,399,791

43

%

Time deposits

58,297,621

26

%

59,215,988

25

%

66,652,747

26

%

Other deposits

6,554,355

3

%

6,464,195

3

%

7,120,690

3

%

Long term debt

19,922,967

9

%

19,921,185

8

%

21,462,415

8

%

Loans with banks

8,364,739

4

%

11,129,812

5

%

12,515,221

5

%

Total Funds

222,546,653

100

%

241,589,194

100

%

259,213,556

100

%

5

2Q22

1.6.Shareholders' Equity and Regulatory Capital

Shareholders' equity attributable to the owners of the parent company at the end of 2Q22 was COP 33,282 billion, increasing 10.2% compared to 1Q22 and up to 14.7% when compared to 2Q21. This is explained by profits generated during the year 2022, which contributes to offset the distribution of dividends decreed at the General Shareholders' Meeting in March of 2022 for a total of COP 3.0 trillion.

Bancolombia solvency ratio on a consolidated basis under Basel III was 12.93% in 2Q22 standing 393 basis points above the minimum level required by the regulator in Colombia, while the basic capital ratio (Tier 1) stood at 10.28%, 428 basis points above the minimum regulatory capital level of 6.00% (value to fully comply with the new capital requirements after the 4-year Basel III phase in period). The tangible capital ratio, defined as shareholders' equity minus goodwill and intangible assets divided by tangible assets, was 7.83% at the end of 2Q22.

TECHNICAL CAPITAL RISK WEIGHTED ASSETS

Consolidated (COP millions)

2Q21

%

1Q22

%

2Q22

%

Basic capital (Tier I)

22,638,870

11.49

%

23,968,541

10.63

%

26,299,311

10.28

%

Additional capital (Tier II)

7,020,090

3.56

%

6,456,077

2.86

%

6,770,767

2.65

%

Technical capital (1)

29,644,922

30,410,753

33,057,251

Risk weighted assets including market and operational risk (2)

197,104,371

225,452,846

255,721,580

CAPITAL ADEQUACY (3)

15.04

%

13.49

%

12.93

%

(1) Technical capital is the sum of basic and additional capital, minus deductions ($13,865MM for 1Q22 and $12,826 MM for 2Q22).
(2) Operational risk applies to 2Q21, 1Q22 and 2Q22 after the adoption of Basel III regulation.
(3) Capital adequacy is technical capital divided by risk-weighted assets..

2.INCOME STATEMENT

Net income attributable to equity holders of the parent company was COP 1,780 billion in 2Q22, o COP 1,850.33 per share (USD $1.78 per ADR). This profit represents an increase of 2.8% compared to 1Q22. Bancolombia´s annualized return on equity ("ROE") was 22.6% for 2Q22 and 18,9% for the last 12 months.

2.1.Net Interest Income

Net interest income totaled COP 4,315 billion in 2Q22, growing 16.6% compared to the income reported in 1Q22, and 51.6% compared to 2Q21. The increase in net interest income is mainly explained by growth of the commercial and consumer portfolio, in a higher interest rates environment that impacts new originations and loans indexed to floating rates, mainly on the commercial portfolio. On the other hand, the investment portfolio generated interest income and valuation of financial instruments for COP 469 billion in 2Q22 with a growth of 141.0% when compared to 1Q22.

Net Interest Margin

The annualized net interest margin increased to 6.7% during 2Q22. The annualized net interest margin for investments in 2Q22 was 4.1%. This growth in the investments´ margin is due to the reaction of the local and international markets to the interest rate hikes in the treasury portfolios.

The annualized quarterly net interest margin of the loan portfolio was 7.0% presenting an increase of 38 basis points when compared to 1Q22 and 132 basis points compared to 2Q21. The margin expansion trend after 4Q21 continues to be present due to the growth of the loan portfolio and its repricing as an effect of the asset sensitive condition reflected in a higher impact on income than on interest expenses during reference rate hikes, which in turn, favors the lending margin. Given the growth in interest expenses during this quarter and the expectations of the Colombian Central Bank interest rates, it could be expected a stabilization of the margin or a slight reduction for the coming quarters.

6

2Q22

Annualized Interest

Margin

2Q21

1Q22

2Q22

Loans' Interest margin

5.7

%

6.7

%

7.0

%

Debt investments' margin

0.5

%

1.1

%

4.1

%

Net interest margin (1)

5.0

%

6.0

%

6.7

%

(1) Net interest margin and valuation income on financial instruments.

Cost of liabilities continues to be favored by the bank's funding structure, mainly supported by low-cost demand deposits. Nevertheless, during the last two quarters a general increase in the cost of deposits took place following the Colombian Central Bank contractionary policy. For 2Q22, time deposits reported the highest increase, although its impact on the total cost is moderated considering a 26% share on the funding mix. Savings and checking accounts, that represent 58.4% of the funding mix, are less sensitive to interest rate hikes.

Demand deposit accounts (DDAs) confirm a continuous growth over the last 12 months. Savings accounts grew 5.8% compared to 1Q22 and 18.7% with respect to 2Q21. On the other hand, checking accounts grew 1.3% compared to 1Q22 and 12.6% with respect to 2Q21. The annualized weighted average cost of deposits was 2.13% in 2Q22, increasing 57 basis points compared to 1Q22 and 68 basis points compared to 2Q21, whereas the Colombian Central Bank interest rate hikes amount to 525 basis points during the same timeframe.

Average weighted

funding cost

2Q21

1Q22

2Q22

Checking accounts

0.20

%

0.17

%

0.20

%

Saving accounts

0.69

%

0.94

%

1.35

%

Time deposits

3.49

%

3.71

%

4.82

%

Total deposits

1.45

%

1.56

%

2.13

%

Long term debt

5.19

%

5.77

%

6.13

%

Loans with banks

2.08

%

2.06

%

2.53

%

Total funding cost

1.85

%

1.95

%

2.48

%

2.2.Fees and Income from Services

Total fees and commissions, net for 2Q22 was COP 879 billion, decreasing 4.4% compared to 1Q22, and increasing 8.9% compared to 2Q21. This decrease in 2Q22 is explained by the fees and commission expenses growing at a higher rate than fee income, due to higher payments associated to data processing in banking services, card associations and royalties' expenses according to the transactional volume, as well as higher costs undertaken for new banking agents' openings.

On the income side, credit and debit card fees and commercial establishments reveal a stable performance in the quarter and an outstanding performance for the last 12 months. It is explained mainly by the higher revenues from intermediary bank fees, led by an increasing dynamism in transactions carried out through traditional merchant businesses and electronic commerce. Fees generated by Bancassurance report a remarkable growth quarterly and annually, because of the good performance of the economy and loan book growth that directly impact voluntary and compulsory insurance.

7

2Q22

2.3.Other Operating Income

Total other operating income was COP 494 billion in 2Q22, decreasing 24.5% compared to 1Q22 and 6.2% compared to 2Q21. This decrease is mainly explained by the net foreign exchange expense according with the depreciation observed during the quarter.

On the other hand, there was an increase in other operating income from operating leasing and renting, as well as from the appraisal updating and leases repricing of the real estate properties owned by "Fondo Inmobiliario Colombia FIC". Nevertheless, these facts were not enough to mitigate the foreign exchange impact on the total operating income balance.

2.4.Asset Quality, Provision Charges and Balance Sheet Strength

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 9,103 billion at the end of 2Q22, and represent 3.9% of total gross loans, decreasing when compared to 1Q22, when past due loans represented 4.2% of total gross loans. During the quarter, charge-offs totaled COP 979 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 149.8% at the end of 2Q22, increasing compared to 149.0% at the end of 1Q22. The deterioration of the loan portfolio (new past due loans including charge-offs) during 2Q22 was COP 953 billion.

Provision charges (net of recoveries) totaled COP 613 billion in 2Q22, presenting a growth of 129.4% with respect to 1Q22. This performance is mainly explained by a greater constitution of provisions in the portfolio of individuals (Consumer) and new provisions expenses in commercial in line with loan book growth, as well as a lower level of releases carried out in 1Q22 associated to macroeconomic variables and overlays.

Provisions as a percentage of the average gross loans were 1.1% annualized for 2Q22 and 0.6% for the last 12 months. Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 13,639 billion, or 5.8% of total loans at the end of 2Q22, decreasing when compared to 1Q22.

The following tables present key metrics related to asset quality:

ASSET QUALITY

As of

(COP millions)

2Q21

1Q22

2Q22

Total 30-day past due loans

9,033,714

9,128,850

9,103,170

Allowance for loan losses (1)

15,274,541

13,603,403

13,639,335

Past due loans to total loans

4.58

%

4.23

%

3.86

%

Allowances to past due loans

169.08

%

149.02

%

149.83

%

Allowance for loan losses as a percentage of total loans

7.74

%

6.30

%

5.78

%

(1) Allowances are reserves for the principal of loans.

% Of loan

30 days

PDL Per Category

Portfolio

2Q21

1Q22

2Q22

Commercial loans

63.9

%

3.89

%

3.31

%

2.79

%

Consumer loans

22.1

%

6.24

%

5.49

%

5.39

%

Mortgage loans

13.5

%

4.78

%

6.04

%

6.01

%

Microcredit

0.5

%

12.87

%

11.26

%

12.49

%

PDL TOTAL

4.58

%

4.23

%

3.86

%

% Of loan

90 days

PDL Per Category

Portfolio

2Q21

1Q22

2Q22

Commercial loans

63.9

%

3.49

%

2.79

%

2.47

%

Consumer loans

22.1

%

3.24

%

2.80

%

3.17

%

Mortgage loans*

13.5

%

3.00

%

2.78

%

2.97

%

8

2Q22

Microcredit

0.5

%

9.45

%

8.12

%

8.39

%

PDL TOTAL

3.40

%

2.82

%

2.72

%

*Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

1Q22

2Q22

2Q22 / 1Q22

Loans

Allowances

%

Loans

Allowances

%

Loans

Allowances

Stage 1

190,890,686

2,581,608

1.4

%

213,258,344

2,711,980

1.3

%

11.7

%

5.1

%

Stage 2

16,728,735

2,760,868

16.5

%

15,168,942

2,549,689

16.8

%

(9.3)

%

(7.6)

%

Stage 3

14,861,563

9,647,019

64.9

%

14,651,767

9,763,181

66.6

%

(1.4)

%

1.2

%

Total

222,480,984

14,989,495

6.7

%

243,079,053

15,024,850

6.2

%

9.3

%

0.2

%

Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).

Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).

Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).

2.5.Operating Expenses

During 2Q22, operating expenses totaled COP 2,520 billion, increasing by 3.3% compared to 1Q22 and increasing by 21.4% compared to 2Q21.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 1,050 billion in 2Q22, which represent 1.6% reduction compared to 1Q22 and up 24.5% from 2Q21. On annual basis, such growth was mainly explained by salary increases affected by inflation and depreciation, higher registered provisions for variable bonuses when compared to the estimated value in the first half of 2021, and finally by a 2.5% growth in the headcount.

General expenses grew 10.9% in the quarter and 18.9% year-over-year. This growth is mainly driven by the depreciation of the exchange rate and technology fees related to digital transformation projects.

As of June 30, 2022, Bancolombia at a consolidated level had 31,759 employees, owned 889 branches, 5,532 ATMs, 26,834 banking agents and served more than 25 million customers.

2.6.Taxes

Bancolombia income tax on a consolidated basis for 2Q22 reached COP 785 billion. This value is fundamentally attributed to the operation in Colombia due to tax benefits undertaken such as untaxed dividends, exempt income from low-income home lending portfolio and investment in real productive fixed assets. Additionally, in Guatemala, El Salvador and Panama tax benefits are linked to exempt revenues from returns on securities issued by their governments and revenues from foreign sources in Panama being exempted that also contributed to a lower tax.

3.BREAK DOWN OF OPERATIONS

The following table summarizes the financial statements of our operations in each country.

BANCOLOMBIA S.A. (STAND ALONE) - COLOMBIA

The loan portfolio of Bancolombia S.A. presents an increase of 6.4% in the quarter and 17.9% during the year, with a clear dynamism in all loan categories. The commercial portfolio mainly explains such growth, with lines such as ordinary credit in legal currency and foreign currency. The consumer segment grows 6.0% quarterly and 25.3% year on year, highlighting originations in personal loans and credit cards. In the funding structure, in line with the trends seen in the previous quarter, term deposits continue growing at a higher rate than savings and checking accounts. This performance represents an increase in the cost of funding, which is explained by the interest rate hikes in Colombia.

9

2Q22

Net result for Bancolombia S.A. in 2Q22 was a profit of COP 1.8 trillion, which represents an increase of 4.5% when compared to 1Q22 and 137.3% with respect to 2Q21. Net interest income showed a significant increase explained by the interest rate hikes of the Colombian Central Bank of 550 basis points from October of 2021 to July 1st, 2022, driven largely by the repricing of the commercial portfolio. In addition, investment revenues increased due to the positions in US dollar debt securities and higher valuation of treasury bonds and derivatives. The increase in interest expense is explained by growth in time deposits and higher interest rates. For 2Q22, net provisions grew due to a higher expense in consumer and commercial loans in line with the growth of the portfolio and lower provision releases compared to previous quarters. Other operating income decreased compared to the previous quarter mainly due to losses from foreign exchange difference and lower income from exchange derivatives. Operating expenses grew on an annualized basis because of higher labor expenses due to annual salary increases and social security contributions affected by inflation, as well as variable bonuses provisions.

BALANCE SHEET AND INCOME STATEMENT

Quarter

Growth

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

ASSETS

Gross loans

140,953,012

156,160,885

166,195,963

6.43

%

17.91

%

Allowances for loans

(12,900,665)

(11,511,493)

(11,227,779)

(2.46)

%

(12.97)

%

Investments

24,842,217

37,949,062

39,756,303

4.76

%

60.04

%

Other assets

22,857,679

27,372,257

27,089,815

(1.03)

%

18.52

%

Total assets

175,752,243

209,970,711

221,814,301

5.64

%

26.21

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

121,374,290

132,129,594

137,006,229

3.69

%

12.88

%

Other liabilities

38,024,036

47,196,474

51,006,029

8.07

%

34.14

%

Total liabilities

159,398,326

179,326,069

188,012,257

4.84

%

17.95

%

Shareholders' equity

16,353,916

30,644,642

33,802,044

10.30

%

106.69

%

Total liabilities and shareholders' equity

175,752,243

209,970,711

221,814,301

5.64

%

26.21

%

Interest income

2,809,893

3,768,487

4,698,350

24.67

%

67.21

%

Interest expense

(691,904)

(885,807)

(1,258,514)

42.08

%

81.89

%

Net interest income

2,117,989

2,882,681

3,439,836

19.33

%

62.41

%

Net provisions

(535,199)

(246,110)

(439,274)

78.49

%

(17.92)

%

Fees and income from service, net

527,408

619,914

615,515

(0.71)

%

16.71

%

Other operating income

282,584

754,752

516,851

(31.52)

%

82.90

%

Total operating expense

(1,351,840)

(1,572,415)

(1,594,597)

1.41

%

17.96

%

Profit before tax

991,406

2,370,204

2,460,039

3.79

%

148.14

%

Income tax

(241,160)

(666,318)

(679,323)

1.95

%

181.69

%

Net income

750,247

1,703,886

1,780,715

4.51

%

137.35

%

BANISTMO- PANAMA

Loans in Banistmo closed 2Q22 with quarterly and annual growth (calculated in USD) thanks to the positive trends in commercial originations. Other assets decreased for 2Q22 in line with a better liquidity management. Deposits (calculated in USD) decreased in the annual analysis, mainly due to a reduction in time deposits which contributes to the optimization of interest expenses. It is important to highlight the increase in saving accounts explained by the retail segment.

Net result for Banistmo in 2Q22 was a profit of COP 109.4 billion, presenting growth with respect to the quarter and the year. Net interest income grew in the quarter mainly due to additional income in SMEs, increasing investment volume and foreign loans. Provision expenses decreased for 2Q22 due to the releases in the corporate portfolio following a better performance. Net fees decreased for the quarter due to higher expenses paid to affiliated merchants. However, when compared to 2Q21, net fees grew on the back of higher revenues in bancassurance, investment banking, and the reactivation

10

2Q22

of interest for late payment on credit cards. Operating expenses also increased in the quarter due to specific outsourcing contracts for projects execution.

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT

Quarter

Growth

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

ASSETS

Gross loans

28,921,647

29,725,562

33,459,315

12.56

%

15.69

%

Allowances for loans

(2,085,148)

(1,950,719)

(2,067,593)

5.99

%

(0.84)

%

Investments

5,356,447

5,469,398

6,112,944

11.77

%

14.12

%

Other assets

6,449,748

5,190,821

5,049,238

(2.73)

%

(21.71)

%

Total assets

38,642,694

38,435,063

42,553,904

10.72

%

10.12

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

26,886,609

26,594,680

29,541,695

11.08

%

9.88

%

Other liabilities

7,740,319

7,721,393

8,398,004

8.76

%

8.50

%

Total liabilities

34,626,928

34,316,073

37,939,699

10.56

%

9.57

%

Shareholders' equity

4,015,766

4,118,990

4,614,205

12.02

%

14.90

%

Total liabilities and shareholders' equity

38,642,694

38,435,063

42,553,904

10.72

%

10.12

%

Interest income

477,817

488,963

521,602

6.68

%

9.16

%

Interest expense

(201,625)

(195,235)

(199,964)

2.42

%

(0.82)

%

Net interest income

276,192

293,727

321,639

9.50

%

16.45

%

Net provisions

(115,699)

(39,142)

(35,134)

(10.24)

%

(69.63)

%

Fees and income from service, net

44,599

52,338

50,922

(2.71)

%

14.18

%

Other operating income

3,420

8,653

9,752

12.70

%

185.14

%

Total operating expense

(179,942)

(201,315)

(208,343)

3.49

%

15.78

%

Profit before tax

28,570

114,262

138,835

21.51

%

385.95

%

Income tax

11,640

(22,422)

(29,472)

31.45

%

(353.20)

%

Net income

40,210

91,840

109,363

19.08

%

171.98

%

BANAGRICOLA- EL SALVADOR

Loans in Banco Agricola grew in the quarter and for the year (calculated in USD), mainly driven by the commercial portfolio of the corporate, and mid-sized companies that are partially offset by decreases in Costa Rica, institutional and government segments. The consumer portfolio has a lower growth than commercial loans, explained by a good performance in personal loans. In the funding structure, deposits grew for the quarter and for the year, mainly based on demand deposits, representing approximately 80% of all deposits. Savings accounts increased in retail and checking accounts increased specially in mid-sized companies. Loans with financial institutions also grew significantly to support growth in the credit portfolio.

Net result for Banco Agricola in 2Q22 was a profit of COP 70.2 billion, which represents a decrease compared to 1Q22 and 2Q21. This performance is mainly explained by growth in provisions associated to investments in government securities of El Salvador and the country risk rating downgrade and, deterioration of the credit portfolio. In previous quarters we saw provision expenses below a normalized level due to reserves releases from corporate and retail clients. On the other hand, net interest income growth reflects a good performance of commercial loans and credit cards, as well as investments in debt securities. Operating expenses reported an increase linked to insurance charges, and foreclosed assets related expenses. Labor expenses also grew mainly because of wage increases, employee benefits, and bonuses.

11

2Q22

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT

Quarter

Growth

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

ASSETS

Gross loans

13,152,691

13,537,037

15,937,481

17.73

%

21.17

%

Allowances for loans

(837,867)

(601,174)

(666,443)

10.86

%

(20.46)

%

Investments

3,765,346

3,145,125

2,955,517

(6.03)

%

(21.51)

%

Other assets

3,847,675

4,211,554

5,417,484

28.63

%

40.80

%

Total assets

19,927,845

20,292,542

23,644,038

16.52

%

18.65

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

15,406,641

15,740,135

17,602,153

11.83

%

14.25

%

Other liabilities

2,307,968

2,537,861

3,734,680

47.16

%

61.82

%

Total liabilities

17,714,609

18,277,996

21,336,832

16.74

%

20.45

%

Non-controlling interest

22,005

19,953

20,813

4.31

%

(5.42)

%

Stockholders' equity attributable to the owners of the parent company

2,191,230

1,994,592

2,286,393

14.63

%

4.34

%

Total liabilities and shareholders' equity

19,927,845

20,292,542

23,644,038

16.52

%

18.65

%

Interest income

291,696

337,896

347,383

2.81

%

19.09

%

Interest expense

(61,768)

(58,282)

(63,529)

9.00

%

2.85

%

Net interest income

229,928

279,614

283,855

1.52

%

23.45

%

Net provisions

7,967

(7,474)

(63,636)

751.43

%

(898.75)

%

Fees and income from service, net

63,205

61,736

62,386

1.05

%

(1.29)

%

Other operating income

2,011

5,534

7,078

27.89

%

251.97

%

Total operating expense

(142,540)

(158,885)

(189,450)

19.24

%

32.91

%

Profit before tax

160,571

180,525

100,232

(44.48)

%

(37.58)

%

Income tax

(43,889)

(48,353)

(28,269)

(41.54)

%

(35.59)

%

Net income before non-controlling interest

116,682

132,171

71,963

(45.55)

%

(38.33)

%

GRUPO AGROMERCANTIL HOLDING - GUATEMALA

Loans in BAM increased during the year and during the quarter (calculated in USD), mainly driven by retail, consolidating the dynamism experienced in 2021. Credit card and personal loans present a remarkable performance for the quarter. The commercial portfolio also grew and represents 70.8% of the portfolio mainly due to corporate originations, which were partially mitigated by prepayments in June. On the other hand, the funding structure shows a stabilization in dollar terms of deposits with slight decreases in time deposits and checking accounts while corporate savings accounts are growing both for the quarter and for the year. A higher financing with credit lines through corresponding banks is also important to highlight when analyzing the annual performance.

Net result for BAM in 2Q22 was a profit of COP 50.2 billion, which represents a decrease compared to the previous quarter. The main element explaining this reduction is net provisions, increasing significantly due to lower releases following the restructuring of two corporate client loans. Similarly, net fees also decreased for the quarter as a result of the syndicated corporate loan being restructured.

12

2Q22

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT

Quarter

Growth

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

ASSETS

Gross loans

13,864,056

15,463,403

17,420,542

12.66

%

25.65

%

Allowances for loans

(813,453)

(731,184)

(837,159)

14.49

%

2.91

%

Investments

1,687,906

1,577,980

1,535,824

(2.67)

%

(9.01)

%

Other assets

3,164,128

3,443,128

3,512,617

2.02

%

11.01

%

Total assets

17,902,637

19,753,327

21,631,825

9.51

%

20.83

%

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

13,689,633

14,964,619

16,493,824

10.22

%

20.48

%

Other liabilities

2,641,724

3,045,041

3,156,471

3.66

%

19.49

%

Total liabilities

16,331,357

18,009,659

19,650,294

9.11

%

20.32

%

Non-controlling interest

20,224

20,522

20,989

2.28

%

3.79

%

Stockholders' equity attributable to the owners of the parent company

1,551,056

1,723,147

1,960,541

13.78

%

26.40

%

Total liabilities and shareholders' equity

17,902,637

19,753,327

21,631,825

9.51

%

20.83

%

Interest income

294,638

311,123

326,067

4.80

%

10.67

%

Interest expense

(104,784)

(114,783)

(127,185)

10.81

%

21.38

%

Net interest income

189,854

196,340

198,881

1.29

%

4.76

%

Net provisions

7,532

4,100

(54,030)

(1417.84)

%

(817.32)

%

Fees and income from service, net

25,721

39,155

23,659

(39.58)

%

(8.02)

%

Other operating income

15,821

27,721

29,187

5.29

%

84.48

%

Total operating expense

(129,676)

(137,763)

(137,098)

(0.48)

%

5.72

%

Profit before tax

109,252

129,554

60,599

(53.22)

%

(44.53)

%

Income tax

(15,279)

(30,324)

(9,268)

(69.44)

%

(39.34)

%

Net income before non-controlling interest

93,973

99,229

51,331

(48.27)

%

(45.38)

%

Non-controlling interest

(874)

(1,141)

(1,122)

(1.73)

%

28.31

%

Net income

93,099

98,088

50,210

(48.81)

%

(46.07)

%

4.BANCOLOMBIA Company Description (NYSE: CIB)

GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 25 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional network comprised of Colombia's largest non-government owned banking network, El Salvador's leading financial conglomerate (Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, Cayman and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.

Contact Information

Bancolombia's Investor Relations

Phone:

(571) 4885371 / (574) 4043917 / (574) 4041918

E-mail:

IR@bancolombia.com.co

Contacts:

Carlos Raad (IR Director) /Luis German Pelaez / Santiago López / Lina Michelle Alvarado

Website:

http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

13

2Q22

CONSOLIDATED BALANCE SHEET

Growth

% of

(COP million)

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

% of Assets

Liabilities

ASSETS

Cash and balances at central bank

18,409,879

22,075,426

21,408,529

(3.02)

%

16.29

%

6.83

%

Interbank borrowings

1,576,073

2,817,360

1,896,523

(32.68)

%

20.33

%

0.61

%

Reverse repurchase agreements and other similar secured lend

1,342,932

776,023

1,348,849

73.82

%

0.44

%

0.43

%

Financial assets investment

28,812,050

27,312,673

27,415,761

0.38

%

(4.85)

%

8.75

%

Derivative financial instruments

2,090,644

2,473,578

3,930,968

58.92

%

88.03

%

1.25

%

Loans and advances to customers

203,535,319

222,480,984

243,079,053

9.26

%

19.43

%

77.55

%

Allowance for loan and lease losses

(16,849,233)

(14,989,495)

(15,024,850)

0.24

%

(10.83)

%

(4.79)

%

Investment in associates and joint ventures

2,591,643

2,786,968

2,876,316

3.21

%

10.98

%

0.92

%

Goodwill and Intangible assets, net

8,143,475

8,154,922

8,990,737

10.25

%

10.40

%

2.87

%

Premises and equipment, net

4,480,521

5,176,180

5,472,760

5.73

%

22.15

%

1.75

%

Investment property

2,784,379

3,232,832

3,263,930

0.96

%

17.22

%

1.04

%

Right of use assets

1,671,928

1,617,095

1,696,110

4.89

%

1.45

%

0.54

%

Prepayments

422,159

515,072

494,992

(3.90)

%

17.25

%

0.16

%

Tax receivables

1,811,969

1,940,275

1,257,582

(35.19)

%

(30.60)

%

0.40

%

Deferred tax

746,770

664,290

755,533

13.74

%

1.17

%

0.24

%

Assets held for sale and inventories

557,866

574,146

553,078

(3.67)

%

(0.86)

%

0.18

%

Other assets

3,355,628

3,856,488

4,015,932

4.13

%

19.68

%

1.28

%

Total assets

265,484,002

291,464,817

313,431,803

7.54

%

18.06

%

100.00

%

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Deposit by customers

189,742,391

208,462,963

222,331,703

6.65

%

17.18

%

70.93

%

79.88

%

Interbank Deposits

656,239

621,540

728,150

17.15

%

10.96

%

0.23

%

0.26

%

Derivative financial instrument

1,692,579

2,274,452

3,703,279

62.82

%

118.80

%

1.18

%

1.33

%

Borrowings from other financial institutions

7,708,500

10,508,173

11,787,071

12.17

%

52.91

%

3.76

%

4.23

%

Debt securities in issue

19,922,967

19,921,185

21,462,415

7.74

%

7.73

%

6.85

%

7.71

%

Lease liability

1,810,508

1,729,726

1,782,992

3.08

%

(1.52)

%

0.57

%

0.64

%

Preferred shares

555,152

541,340

555,152

2.55

%

0.00

%

0.18

%

0.20

%

Repurchase agreements and other similar secured borrowing

4,516,556

2,075,234

2,904,217

39.95

%

(35.70)

%

0.93

%

1.04

%

Current tax

646,003

685,235

1,343,228

96.02

%

107.93

%

0.43

%

0.48

%

Deferred tax

783,989

1,424,876

1,084,246

(23.91)

%

38.30

%

0.35

%

0.39

%

Employees benefit plans

785,745

856,275

859,267

0.35

%

9.36

%

0.27

%

0.31

%

Other liabilities

6,068,361

10,417,214

9,791,063

(6.01)

%

61.35

%

3.12

%

3.52

%

Total liabilities

234,888,990

259,518,213

278,332,783

7.25

%

18.50

%

88.80

%

100.00

%

SHAREHOLDERS' EQUITY

Share Capital

480,914

480,914

480,914

0.00

%

0.00

%

0.15

%

0.00

%

Additional paid-in-capital

4,857,454

4,857,454

4,857,454

0.00

%

0.00

%

1.55

%

0.00

%

Appropriated reserves

14,636,806

16,833,618

16,810,058

(0.14)

%

14.85

%

5.36

%

14.85

%

Retained earnings

4,895,330

3,998,270

5,771,842

44.36

%

17.91

%

1.84

%

17.91

%

Accumulated other comprehensive income, net of tax

4,134,376

4,030,006

5,361,368

33.04

%

29.68

%

1.71

%

29.68

%

Stockholders' equity attributable to the owners of the parent company

29,004,880

30,200,262

33,281,636

10.20

%

14.74

%

10.62

%

Non-controlling interest

1,590,132

1,746,342

1,817,384

4.07

%

14.29

%

0.58

%

Total liabilities and equity

265,484,002

291,464,817

313,431,803

7.54

%

18.06

%

100.00

%

14

2Q22

INCOME STATEMENT

As of

Growth

Growth

(COP million)

Jun-21

Jun-22

Jun-22 / Jun-21

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

Interest income and expenses

Interest on loans and financial leases

Commercial

2,856,636

4,198,111

46.96

%

1,450,511

1,889,323

2,308,788

22.20

%

59.17

%

Consumer

2,561,738

3,366,381

31.41

%

1,285,599

1,577,645

1,788,736

13.38

%

39.14

%

Small business loans

65,616

82,637

25.94

%

33,997

39,836

42,801

7.44

%

25.90

%

Mortgage

1,142,985

1,627,092

42.35

%

610,033

788,622

838,470

6.32

%

37.45

%

Financial leases

764,196

949,477

24.25

%

367,444

450,515

498,962

10.75

%

35.79

%

Total interest income on loans and financial leases

7,391,171

10,223,698

38.32

%

3,747,584

4,745,941

5,477,757

15.42

%

46.17

%

Interest income on overnight and market funds

4,585

10,525

129.55

%

2,128

2,806

7,719

175.09

%

262.73

%

Interest and valuation on financial instruments

-

-

0.00

-

-

-

0.00

0.00

Interest on debt instruments using the effective interest method

162,343

215,460

32.72

%

85,163

93,251

122,209

31.05

%

43.50

%

Valuation on financial instruments

-

-

0.00

-

-

-

0.00

0.00

Debt investments

181,218

396,453

118.77

%

97,362

57,008

339,445

495.43

%

248.64

%

Derivatives

91,617

29,077

(68.26)

%

(24,246)

47,114

(18,037)

(138.28)

%

(25.61)

%

Repos

(14,272)

(15,751)

10.36

%

(8,910)

(17,211)

1,460

(108.48)

%

(116.39)

%

Others

13,743

38,791

182.26

%

12,422

14,579

24,212

66.07

%

94.91

%

Total valuation on financial instruments

272,306

448,570

64.73

%

76,628

101,490

347,080

241.98

%

352.94

%

Total Interest on debt instruments and valuation on financial instruments

434,649

664,030

52.77

%

161,791

194,741

469,289

140.98

%

190.06

%

Total interest and valuation on financial instruments

7,830,405

10,898,253

39.18

%

3,911,503

4,943,488

5,954,765

20.46

%

52.24

%

Interest expense

Borrowings from other financial institutions

(149,877)

(218,803)

45.99

%

(69,782)

(89,298)

(129,505)

45.03

%

85.59

%

Overnight funds

(657)

(2,758)

319.79

%

(197)

(1,391)

(1,367)

(1.73)

%

593.91

%

Debt securities in issue

(502,341)

(612,688)

21.97

%

(257,823)

(295,732)

(316,956)

7.18

%

22.94

%

Deposits

(1,415,614)

(1,959,690)

38.43

%

(690,493)

(816,178)

(1,143,512)

40.11

%

65.61

%

Preferred shares

(28,650)

(28,650)

0.00

%

(13,813)

(14,837)

(13,813)

(6.90)

%

0.00

%

Lease liabilities

(54,973)

(50,307)

(8.49)

%

(29,924)

(21,004)

(29,303)

39.51

%

(2.08)

%

Other interest

(7,368)

(10,098)

37.05

%

(3,903)

(4,717)

(5,381)

14.08

%

37.87

%

Total interest expenses

(2,159,480)

(2,882,994)

33.50

%

(1,065,935)

(1,243,157)

(1,639,837)

31.91

%

53.84

%

15

2Q22

Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments

5,670,925

8,015,259

41.34

%

2,845,568

3,700,331

4,314,928

16.61

%

51.64

%

Credit impairment charges on loans and advance and financial leases

(2,186,647)

(1,173,822)

(46.32)

%

(772,804)

(391,431)

(782,391)

99.88

%

1.24

%

Recovery of charged - off loans

239,660

344,234

43.63

%

123,207

148,144

196,090

32.36

%

59.15

%

Credit impairment charges on off balance sheet credit instruments

22,783

(21,086)

(192.55)

%

15,481

(18,152)

(2,934)

(83.84)

%

(118.95)

%

Credit impairment charges/recovery on investments

16,589

(29,169)

(275.83)

%

3,177

(5,641)

(23,528)

317.09

%

(840.57)

%

Total credit impairment charges, net

(1,907,615)

(879,843)

(53.88)

%

(630,939)

(267,080)

(612,763)

129.43

%

(2.88)

%

Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments

3,763,310

7,135,416

89.60

%

2,214,629

3,433,251

3,702,165

7.83

%

67.17

%

Fees and commission income

Banking services

321,303

374,204

16.46

%

157,101

184,552

189,652

2.76

%

20.72

%

Credit and debit card fees and commercial establishments

1,017,033

1,295,849

27.41

%

513,712

632,443

663,406

4.90

%

29.14

%

Brokerage

13,696

15,918

16.22

%

6,171

9,236

6,682

(27.65)

%

8.28

%

Acceptances, Guarantees and Standby Letters of Credit

33,602

40,745

21.26

%

17,649

19,840

20,905

5.37

%

18.45

%

Trust

244,478

213,283

(12.76)

%

114,141

108,943

104,340

(4.23)

%

(8.59)

%

Placement of securities and investment banking

37,922

50,358

32.79

%

30,853

31,918

18,440

(42.23)

%

(40.23)

%

Bancassurance

310,205

372,594

20.11

%

164,130

167,824

204,770

22.01

%

24.76

%

Payments and Collections

340,659

415,935

22.10

%

173,144

203,309

212,626

4.58

%

22.80

%

Others

136,267

164,153

20.46

%

68,965

81,326

82,827

1.85

%

20.10

%

Total fees and commission income

2,455,165

2,943,039

19.87

%

1,245,866

1,439,391

1,503,648

4.46

%

20.69

%

Fees and commission expenses

(849,769)

(1,145,076)

34.75

%

(439,163)

(520,220)

(624,856)

20.11

%

42.28

%

Total fees and comissions, net

1,605,396

1,797,963

11.99

%

806,703

919,171

878,792

(4.39)

%

8.94

%

Other operating income

Derivatives FX contracts

257,557

79,221

(69.24)

%

78,542

(87,408)

166,629

(290.63)

%

112.15

%

16

2Q22

Net foreign exchange

(134,655)

(16,650)

(87.64)

%

59,352

213,103

(229,753)

(207.81)

%

(487.10)

%

Hedging

(2,900)

(2,545)

(12.24)

%

(1,445)

(1,560)

(985)

(36.86)

%

(31.83)

%

Leases

419,294

618,806

47.58

%

212,554

297,372

321,434

8.09

%

51.22

%

Gains (or losses) on sale of assets

48,040

69,992

45.70

%

21,857

37,863

32,129

(15.14)

%

47.00

%

Other reversals

1,441

4,948

243.37

%

158

2,997

1,951

(34.90)

%

1134.81

%

Others

281,251

393,452

39.89

%

155,403

191,293

202,159

5.68

%

30.09

%

Total other operating income

870,028

1,147,224

31.86

%

526,421

653,660

493,564

(24.49)

%

(6.24)

%

Dividends received, and share of profits of equity method investees

Dividends

25,759

29,656

15.13

%

8,402

5,713

23,943

319.10

%

184.97

%

Equity investments

(931)

(6,360)

583.14

%

(3,268)

1,910

(8,270)

(532.98)

%

153.06

%

Equity method

100,364

108,996

8.60

%

41,414

50,959

58,037

13.89

%

40.14

%

Others

8,163

13,553

66.03

%

8,163

2,433

11,120

357.05

%

36.22

%

Total dividends received, and share of profits of equity method investees

133,355

145,845

9.37

%

54,711

61,015

84,830

39.03

%

55.05

%

Total operating income, net

6,372,089

10,226,448

60.49

%

3,602,464

5,067,097

5,159,351

1.82

%

43.22

%

INCOME STATEMENT

As of

Growth

Growth

(COP million)

Jun-21

Jun-22

Jun-22 / Jun-21

2Q21

1Q22

2Q22

2Q22 / 1Q22

2Q22 / 2Q21

Operating expenses

Salaries and employee benefits

(1,475,368)

(1,743,557)

18.18

%

(741,479)

(891,029)

(852,528)

(4.32)

%

14.98

%

Bonuses

(192,911)

(374,891)

94.33

%

(102,461)

(176,901)

(197,990)

11.92

%

93.23

%

Other administrative and general expenses

(1,662,592)

(1,966,676)

18.29

%

(869,561)

(932,456)

(1,034,220)

10.91

%

18.94

%

Taxes other than income tax

(338,891)

(428,363)

26.40

%

(161,708)

(216,817)

(211,546)

(2.43)

%

30.82

%

Impairment, depreciation and amortization

(403,733)

(444,863)

10.19

%

(200,508)

(221,412)

(223,451)

0.92

%

11.44

%

Total operating expenses

(4,073,495)

(4,958,350)

21.72

%

(2,075,717)

(2,438,615)

(2,519,735)

3.33

%

21.39

%

Profit before tax

2,298,594

5,268,098

129.19

%

1,526,747

2,628,482

2,639,616

0.42

%

72.89

%

Income tax

(545,837)

(1,599,876)

193.11

%

(339,389)

(815,100)

(784,776)

(3.72)

%

131.23

%

Net income

1,752,757

3,668,222

109.28

%

1,187,358

1,813,382

1,854,840

2.29

%

56.22

%

Non-controlling interest

(53,326)

(156,669)

193.79

%

(30,443)

(81,524)

(75,145)

(7.82)

%

146.84

%

Net income attributable to equity holders of the Parent Company

1,699,431

3,511,553

106.63

%

1,156,915

1,731,858

1,779,695

2.76

%

53.83

%

17

2Q22

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Bancolombia SA published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 22:02:19 UTC.