Bancolombia S A : 4Q20 Report

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

FOURTH QUARTER OF 2020.

• • Net income for 2020 was COP 276 billion. Net income as of December 31, 2020 was lower by 91.1% when compared to the one in 2019. Net loss for the quarter was COP 266 billion.

• • Bancolombia decided to anticipate the adoption of Basel III standards in 4Q20. Under Basel III the solvency ratio stood at 14.7% and 11.2% for Tier 1 capital. Both ratios are well above the minimum regulatory levels required in Colombia.

• • Gross loans amount to COP 191 trillion. Loans grew 5.0% when compared to 4Q19 and decreased by 3.7% during the quarter. Peso-denominated loans grew 5.8% when compared to 4Q19.

• • Provision charges for the quarter were COP 2.0 trillion and the coverage ratio for 90-day past due loans was 213.2%.

  Provision charges increased by 20.4% when compared to 3Q20 and by 79.4% when compared to 4Q19. This level of provisions was largely explained by the deterioration of the consumer portfolio, COVID-19 and the update of macroeconomic variables in our expected losses models.

• • The efficiency was 50.5% for the last 12 months. Operating expenses increased by 7.4% when compared to 3Q20 and decreased by 8.0% when compared to 4Q19.

• • Bancolombia continues to strengthen its digital strategy with a robust growth in its mobile platforms. As of December 31, 2020, the bank has 9.4 million digital accounts, 4.6 million users in Bancolombia a la Mano and 4.8 million in Nequi.

• • Shift of sales to digital channels continues to grow. During 2020, Bancolombia managed to distribute more than 3 million products through its web and mobile platforms, which represents 44% of the total sales completed in all channels.

  February 24, 2021. Medellin, Colombia - Today, BANCOLOMBIA S.A. ("Bancolombia" or "the Bank") announced its earnings results for the fourth quarter of 20201.

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 December 31, 2020 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 atwww.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, January 1, 2021 $3,432.50 = US$ 1

BANCOLOMBIA: Summary of consolidated financial quarterly results

LIABILITIES AND SHAREHOLDERS' EQUITY Deposits

Other liabilities Total liabilities Non-controlling interest Shareholders' equity

Total liabilities and shareholders' equity

Interest income

Interest expense Net interest income Net provisions

Fees and income from service, net Other operating income

Total Dividends received and equity method Total operating expense

Profit before tax Income tax

Net income before non-controlling interest Non-controlling interest

Net income

-132.09% -93.31%

-151.81%51.13%

-156.74%

-18.30%

-21.12%

-21.16% -21.10%

15.02%

79.37%

73.51%

15.94%

-6.88%

-1.26%

-8.03%

9.73%

2.20%

8.25%

PRINCIPAL RATIOS

PROFITABILITY

Net interest margin (1) from continuing operations

Return on average total assets (2) from continuing operations Return on average shareholders´ equity (3)

EFFICIENCY

Operating expenses to net operating income Operating expenses to average total assets Operating expenses to productive assets CAPITAL ADEQUACY

Shareholders' equity to total assets Technical capital to risk weighted assets KEY FINANCIAL HIGHLIGHTS

Net income per ADS from continuing operations

Net income per share $COP from continuing operations P/BV ADS (4)

P/BV Local (5) (6)

P/E (7) from continuing operations ADR price

Common share price (8)

Weighted average of Preferred Shares outstanding USD exchange rate (quarter end)

(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.

• 1. BALANCE SHEET

1.1.

Assets

As of December 31, 2020, Bancolombia's assets totaled COP 255,569 billion, which represents a decrease of 3.8% compared to 3Q20 and an increase of 8.3% compared to 4Q19.

During the quarter, the COP appreciated 11.2% versus the USD and over the past 12 months, it depreciated 4.7%. The average exchange rate for 4Q20 was 0.3% lower than that of 3Q20.

The increase in total assets during the year is largely explained by the growth in the loan book and financial assets investment.

1.2.

Loan Portfolio

The following table shows the composition of Bancolombia's loans by type and currency:

(COP Million)
(1 USD = 3,432.50 COP)	4Q20	4Q20/3Q20	4Q20	4Q20/3Q20	4Q20	4Q20/3Q20	4Q20	4Q20/3Q20
Commercial loans	84,984,612	-0.16%	38,147,366	-12.90%	11,113,581	-1.91%	123,131,979	-4.49%
Consumer loans	29,417,662	2.73%	11,681,075	-9.67%	3,403,081	1.72%	41,098,737	-1.13%
Mortgage loans	14,460,512	2.85%	11,498,600	-11.03%	3,349,920	0.19%	25,959,112	-3.80%
Small business loans	734,821	-1.44%	497,927	-14.56%	145,062	-3.78%	1,232,748	-7.20%
Interests paid in advance	(12,339)	-6.88%	(507)	425.58%	(148)	491.87%	(12,846)	-3.75%
Gross loans	129,585,269	0.81%	61,824,461	-11.98%	18,011,496	-0.87%	191,409,730	-3.71%

Amounts in COP

Amounts in USD converted to COP

Amounts in USD (thousands)

Total

In 4Q20, gross loans decreased by 3.7% when compared to 3Q20 and increased by 5.0% when compared to 4Q19. During the last twelve months peso-denominated loans grew 5.8% and the dollar-denominated loans (expressed in USD) decreased by 1.3%.

As of December 31, 2020, the operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 26% of total gross loans.

Gross loans denominated in currencies other than COP, originated by the operations in Central America, the offshore operation of Bancolombia Panama, Puerto Rico and the USD denominated loans in Colombia, accounted for 32.3% and decreased by 12.0% during 4Q20 (when expressed in COP).

Total reserves (allowances in the balance sheet) for loan losses increased by 9.9% during the quarter and totaled COP 16,616 billion, equivalent to 8.7% of gross loans at the end of the quarter.

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's total loan portfolio:

LOAN PORTFOLIO

4Q19

3Q20

4Q20

4Q20/4Q19

% of total loans

(COP million) Commercial Consumer Mortgage Microcredit

117,270,014

128,917,692

123,131,979

39,754,610

41,566,548

41,098,737

23,983,283

26,983,752

25,959,112

1,280,373

1,328,348

1,232,748

4Q20/3Q20 -4.49% -1.13% -3.80% -7.20%

5.00% 64.3%

3.38% 21.5%

8.24% 13.6%

-3.72% 0.6%

Interests received in advance Total loan portfolio Allowance for loan losses Total loans, net

(5,537) 182,282,743 (10,929,395) 171,353,348

(13,347) 198,782,993 (15,113,745) 183,669,248

(12,846) 191,409,730 (16,616,043) 174,793,687

-3.75% 131.99% 0.0%

-3.71% 9.94% -4.83%

5.01% 100.0%

52.03% 2.01%

1.3.

Investment Portfolio

As of December 31, 2020, Bancolombia's net investment portfolio totaled COP 29,553 billion, increasing by 6.6% from the end of 3Q20 and by 75.7% from the end of 4Q19.

At the end of 4Q20, the debt securities portfolio had a duration of 18.1 months and a weighted average yield to maturity of 3.2%.

1.4.

Goodwill and intangibles

As of 4Q20, Bancolombia's goodwill and intangibles totaled COP 7,507 billion, decreasing by 10.9% compared to 3Q20. This variation is explained by the appreciation of the COP against the USD during the quarter.

1.5.

Funding

As of December 31, 2020, Bancolombia's liabilities totaled COP 227,453 billion, decreasing by 3.7% from the end of 3Q20 and increasing by 9.7% compared to 4Q19.

Deposits by customers totaled COP 180,821 billion (or 79.5% of liabilities) at the end of 4Q20, decreasing by 1.5% when compared to 3Q20 and increasing by 15.0% over the last 12 months. The net loans to deposits ratio was 96.7% at the end of 4Q20 decreasing when compared to 100.0% at the end of 3Q20.

Bancolombia's liquidity position continues to be adequate. During 4Q20 total funding cost indicates the undertaken efforts to sustain a high share of deposits over the total funding mix.

Funding mix COP Million	4Q19	3Q20	4Q20
Checking accounts Saving accounts Time deposits Other deposits Long term debt Loans with banks	25,159,676 66,914,834 63,635,078 2,809,461 19,921,515 15,323,022	13% 35% 33% 1% 10% 8%	31,271,133 79,265,987 71,386,752 3,436,279 21,165,855 15,740,786	14% 36% 32% 2% 10% 7%	31,894,229 86,147,655 61,083,519 3,911,553 19,126,593 11,964,700	15% 40% 29% 2% 9% 6%
Total Funds	193,763,586	100%	222,266,792	100%	214,128,249	100%

1.6.

Shareholders' Equity and Regulatory Capital

As of December 31, 2020, Bancolombia anticipated the adoption of Basel III standards to report solvency ratios. This process was completed in two stages. First, by performing an accounting reclassification of occasional reversals into legal reserves, approved last July by the extraordinary shareholders' meeting.

Secondly during the last quarter of the year, adopting the rest of the regulatory changes, such as the calculation of risk-weighted assets, goodwill deductions, and the inclusion of operational risk, among others.

Shareholders' equity at the end of 4Q20 was COP 26,545 billion, decreasing by 5.2% compared to 3Q20 and by 1.3% when compared to 4Q19.

Bancolombia's consolidated solvency ratio under Basel III was 14.74% in 4Q20, while the basic capital ratio

(Tier 1) was 11.24%. These levels are above the minimum regulatory levels required under the new regulation in Colombia, which provides a period of 4 years to comply with a minimum of 11.5% of total solvency and 6.0% of basic capital.

The tangible capital ratio, defined as shareholders' equity minus goodwill and intangible assets divided by tangible assets, was 7.5% at the end of 4Q20.

The annual decrease in risk-weighted assets is mainly explained by the adoption of the new regulation.

(1)

TECHNICAL CAPITAL RISK WEIGHTED ASSETS Consolidated (COP millions)	4Q19 %	3Q20 %	4Q20 %
Basic capital (Tier I) Additional capital (Tier II) Technical capital (1) Risk weighted assets including market and operational risk (2)	20,023,333 9.57% 6,800,436 3.25% 26,823,769 209,182,274	24,618,529 11.37% 7,337,256 3.39% 31,955,785 216,452,732	20,824,348 11.24% 6,494,242 3.50% 27,318,590 185,215,575
CAPITAL ADEQUACY (3)	12.82%	14.76%	14.74%
1) Technical capital is the sum of basic and additional capital.

(2) Operational risk only applies to 4Q20 when Basel III regulation was adopted.

(3) Capital adequacy is technical capital divided by risk weighted

2.

INCOME STATEMENT

Net loss totaled COP 266 billion in 4Q20, or COP -276.80 per share USD -0.32 per ADR. Total net income for 2020 was COP 276 billion. Bancolombia's annualized ROE for 4Q20 was -3.9% and 1.0% for the last twelve months.

2.1.

Net Interest Income

Net interest income totaled COP 2,243 billion in 4Q20, 19.0% less than the one reported in 3Q20, and 21.1% below the figure of 4Q19.

During 4Q20, the investment, interest rate derivatives and repos portfolio generated COP -166 billion, mainly explained by valuation losses in Debt investments during the quarter.

Net Interest Margin

The annualized net interest margin decreased to 4.0% during 4Q20. The annualized net interest margin for investments was -3.2%, affected by the exchange rate exposure (USD) on the short-term portfolio that is mainly hedging exchange rate derivatives portfolios. It is important to note that this exchange rate exposure has not net result on financial statements.

The annualized net interest margin of the loan portfolio was 5.3%, decreasing when compared to the one reported in 3Q20. Such reduction is explained by lower interest recognized as a result of the increase in clients in stage 3 under IFRS 9, the effect of reference rate cuts by Colombian Central Bank, as well as, lower net present value from loans under PAD program.

Annualized Interest Margin	4Q19	3Q20	4Q20
Loans' Interest margin Debt investments' margin	6.2% 0.7%	5.5% 1.7%	5.3% -3.2%
Net interest margin	5.6%	4.9%	4.0%

Total funding cost decreased during 4Q20. Saving accounts and checking accounts and have increased their share over the total funding mix during the last twelve months. Saving accounts accounted by 35% as of 4Q19 and by 40% as of 4Q20. Checking accounts accounted by 13% as of 4Q19 and by 15% as of 4Q20. The annualized average weighted cost of deposits was 1.82% in 4Q20, decreasing by 34 basis points when compared to 3Q20 and by 97 basis points when compared to 4Q19.

Average weighted funding cost	4Q 19	3Q 20	4Q 20
Checking accounts Saving accounts Time deposits	0.00% 1.72% 4.88%	0.00% 1.07% 4.29%	0.00% 0.83% 3.92%
Total deposits	2.79%	2.16%	1.82%
Long term debt Loans with banks	5.86% 2.52%	5.04% 2.40%	5.06% 2.18%
Total funding cost	3.08%	2.47%	2.16%

2.2.

Fees and Income from Services

During 4Q20, net fees and income from services totaled COP 794 billion, growing by 3.9% compared to 3Q20, and by 2.2% compared to 4Q19. A better performance in fees was due to higher volumes of transactions related to credit, debit card and commercial establishments, as well as a greater income from bancassurance.

Fees from credit and debit cards went up by 17.2% compared to 3Q20 and by 10.4% compared to 4Q19. Fees from asset management and trust services grew 4.0% compared to 3Q20 and 8.0% compared to 4Q19. Fees from our bancassurance business increased by 2.3% compared to 3Q20 and decreased by 2.4% with respect to 4Q19.

2.3.

Other Operating Income

Total other operating income was COP 787 billion in 4Q20, increasing by 173.8% compared to 3Q20 and by 73.5% compared to 4Q19. This quarterly variation is largely explained by a higher net foreign exchange as a result of the restatement of assets and liabilities.

Revenues from operating leases totaled COP 190 billion in 4Q20, increasing by 13.9% compared to 3Q20 and decreasing by 2.7% compared to those reported in 4Q19. The annual increase is due to higher volumes of operations and delivered assets under leasing.

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 9,137 billion at the end of 4Q20 and represented 4.9% of total gross loans, increasing when compared to 3Q20, when past due loans represented 4.7% of total gross loans. During the quarter, charge-offs totaled COP 237 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 164.9% at the end of 4Q20, increasing compared to 153.0% at the end of 3Q20. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 431 billion.

Provision charges (net of recoveries) totaled COP 2.0 trillion in 4Q20. Provisions during the quarter were mostly explained by consumer past-due loans and the expected losses estimation that considers the macroeconomic impact and the impairment generated by COVID-19 in the loan portfolio.

Provisions as a percentage of the average gross loans were 4.2% for 4Q20 and 3.9% for the last 12 months. Cost of risk without COVID-19 and macroeconomic variables was 0.7% for 4Q20 and 2.0% 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 15,071 billion, or 8.1% of total loans at the end of 4Q20, increasing when compared to 3Q20.

The following tables present key metrics related to asset quality:

ASSET QUALITY	As of
(COP millions)	4Q19	3Q20 4Q20
Total 30-day past due loans	7,530,472	8,942,804 9,136,694
Allowance for loan losses (1)	10,086,202	13,679,629 15,070,638
Past due loans to total loans	4.27%	4.67% 4.93%
Allowances to past due loans	133.94%	152.97% 164.95%
Allowance for loan losses as a percentage of total loans	5.71%	7.15% 8.13%
(1) Allowances are reserves for the principal of loans.
4Q20/3Q20

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

PDL Per Category 30 days % Of loan Portfolio 4Q19 3Q20 4Q20
Commercial loans 64.3% Consumer loans 21.5% Mortgage loans 13.6% Microcredit 0.6%	3.49% 4.80% 6.69% 11.30% 4.29% 4.45% 5.14% 6.12% 5.35% 4.94% 13.39% 12.79%
PDL TOTAL	4.27% 4.67% 4.93%

PDL Per Category 90 days % Of loan Portfolio 4Q19 3Q20 4Q20
Commercial loans 64.3% Consumer loans 21.5% Mortgage loans* 13.6% Microcredit 0.6%	2.88% 2.66% 3.45% 7.39% 3.51% 3.97% 1.29% 3.43% 3.52% 3.42% 8.37% 9.41%
PDL TOTAL	2.94% 3.08% 3.81%

3Q20	4Q20
Loans	Allowances	%	Loans	Allowances	%	Loans	Allowances
Stage 1	165,291,523	3,205,577	1.9%	156,253,029	3,333,073	2.1%	-5.5%	4.0%
Stage 2	18,207,359	2,864,582	15.7%	18,778,668	2,987,987	15.9%	3.1%	4.3%
Stage 3	15,284,111	9,043,586	59.2%	16,378,033	10,294,983	62.9%	7.2%	13.8%
Total	198,782,993	15,113,745	7.6%	191,409,730	16,616,043	8.7%

-3.7%

9.9%

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 4Q20, operating expenses totaled COP 2,077 billion, increasing by 7.4% with respect to 3Q20 and decreasing by 8.0% with respect to 4Q19.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 734 billion in 4Q20, which represents a decrease of 4.6% compared to 3Q20 and of 16.5% compared to 4Q19.

During 4Q20, administrative expenses totaled COP 901 billion, increasing by 25.0% compared to 3Q20 and by 4.2% as compared to 4Q19.

Depreciation and amortization expenses totaled COP 226 billion in 4Q20, increasing by 6.5% compared to 3Q20 and decreasing by 7.3% compared to 4Q19.

As of December 31, 2020, Bancolombia had 30,633 employees, owned 951 branches, 6,124 ATMs, 18,583 banking agents and served more than 17 million customers.

2.6.

Taxes

During 4Q20, there was an income tax of COP 16 billion. This balance was mainly due to the tax impacts on Bancolombia S.A., some of the aspects that explained it are related to tax concepts that do not depend on the accounting net income such as:

• • Tax discounts corresponding to the payment of local taxes in Colombia

• • Exemptions related with mortgage portfolio for social housing and investments in productive fixed assets

3. BREAK DOWN OF OPERATIONS

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

BANCOLOMBIA S.A. (STAND ALONE) - COLOMBIA

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT (COP million)	Quarter	Grow th
4Q19 3Q20 4Q20	4Q20/3Q20	4Q20/4Q19
ASSETS
Gross loans Allowances for loans Investments Other assets	129,564,592 (8,658,314) 17,328,031 24,296,776 136,129,859 (11,613,267) 135,572,248 (13,054,985) 24,757,410 27,143,924 24,553,210 24,805,307	-0.41% 12.41% 9.64% 1.03%	4.64% 50.78% 56.65% 2.09%
Total assets 162,531,085 173,827,211 174,466,494	0.37%	7.34%
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Other liabilities Total liabilities Shareholders' equity 102,751,326 42,262,264 145,013,590 17,517,495 115,008,443 119,256,503 43,299,017 39,294,248 158,307,460 158,550,751 15,519,752 15,915,743	3.69% -9.25% 0.15% 2.55%	16.06% -7.02% 9.34% -9.14%
Total liabilities and shareholders' equity 162,531,085 173,827,211 174,466,494	0.37%	7.34%
Interest income Interest expense Net interest income Net provisions	3,305,608 (1,168,187) 2,137,421 (717,018) 3,022,266 (999,995) 2,022,270 (1,298,754) 2,449,559 (822,997) 1,626,562 (1,535,877)	-18.95% -17.70% -19.57% 18.26%	-25.90% -29.55% -23.90% 114.20%
Fees and income from service, net	492,920 496,811 501,730	0.99%	1.79%
Other operating income Total operating expense Profit before tax Income tax	229,282 (1,561,229) 117,868 (1,317,449) 517,519 (1,357,537) 581,375 (183,969) 20,746 (247,604) 91,489 (5,849)	339.07% 3.04% -1293.48% -106.39%	125.71% -13.05% -142.59% -96.82%
Net income 397,406 112,236 (253,453)	-325.82%	-163.78%

BANISTMO- PANAMA

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT

(COP million)

ASSETS Gross loans Allowances for loans Investments

Other assets Total assets

LIABILITIES AND SHAREHOLDERS' EQUITY Deposits

Other liabilities Total liabilities Shareholders' equity

Total liabilities and shareholders' equity

Interest income

Interest expense Net interest income Net provisions

Total operating expense Profit before tax Income tax

Fees and income from service, net Other operating income

Net income

BANCO AGRÍCOLA- EL SALVADOR

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT (COP million)	Quarter	Grow th
4Q19 3Q20 4Q20	4Q20/3Q20	4Q20/4Q19
ASSETS
Gross loans Allowances for loans Investments Other assets	11,446,896 13,478,425 11,663,275 (443,923) (670,817) (727,748) 996,712 4,004,610 2,672,690 2,869,631 4,314,393 4,145,988	-13.47% 8.49% 7.37% -3.90%	1.89% 63.94% 187.91% 3.53%
Total assets 16,004,294 19,794,691 17,951,146	-9.31%	12.16%
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Other liabilities Total liabilities Shareholders' equity 11,719,716 2,422,837 14,142,553 1,861,741 15,098,017 13,878,209 2,687,558 2,266,166 17,785,575 16,144,374 2,009,116 1,806,771	-8.08% -15.68% -9.23% -10.07%	18.42% -6.47% 14.15% -2.95%
Total liabilities and shareholders' equity 16,004,294 19,794,691 17,951,146	-9.31%	12.16%
Interest income Interest expense Net interest income Net provisions	297,667 (79,091) 218,576 (8,110) 311,596 (68,522) 243,075 (55,061) 287,408 (66,100) 221,307 (133,693)	-7.76% -3.53% -8.96% 142.81%	-3.45% -16.42% 1.25% 1548.52%
Fees and income from service, net	54,047 55,500 63,879	15.10%	18.19%
Other operating income Total operating expense Profit before tax Income tax	573 (142,453) 122,634 (44,772) 1,536 (120,623) 124,427 (40,374) 6,032 (123,824) 33,701 (12,727)	292.72% 2.65% -72.91% -68.48%	952.01% -13.08% -72.52% -71.57%
Net income 77,862 84,053 20,974	-75.05%	-73.06%

GRUPO AGROMERCANTIL HOLDING - GUATEMALA

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT (COP million)	Quarter	Grow th
4Q19 3Q20 4Q20	4Q20/3Q20	4Q20/4Q19
ASSETS
Gross loans Allowances for loans Investments Other assets	11,385,421 (689,839) 1,213,475 2,424,575 13,566,972 (1,098,816) 12,314,524 (900,125) 1,715,301 1,899,426 3,994,236 2,990,269	-9.23% -18.08% 10.73% -25.14%	8.16% 30.48% 56.53% 23.33%
Total assets 14,333,631 18,177,693 16,304,094	-10.31%	13.75%
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Other liabilities Total liabilities Non-controlling interest Shareholders' equity 10,184,939 2,909,043 13,093,982 20,680 1,218,970 13,780,112 12,514,295 3,099,686 2,538,090 16,879,798 15,052,385 20,714 1,277,181 21,095 1,230,614	-9.19% -18.12% -10.83% 1.84% -3.65%	22.87% -12.75% 14.96% 2.01% 0.96%
Total liabilities and shareholders' equity 14,333,631 18,177,693 16,304,094	-10.31%	13.75%
Interest income Interest expense	271,395 (111,158) 295,092 (120,741) 235,649 (116,590)	-20.14% -3.44%	-13.17% 4.89%
Net interest income Net provisions 160,238 (151,967) 174,351 119,060 (177,082) 86,919	-31.71% -149.08%	-25.70% -157.20%
Fees and income from service, net 35,658 36,742 34,751	-5.42%	-2.54%
Other operating income Total operating expense Profit before tax Income tax 23,412 (121,387) 15,473 (127,880) 21,301 (169,219) (54,046) 11,705 (78,396) 18,859 92,812 (25,489)	37.67% 32.33% -218.39% -235.16%	-9.02% 39.40% -271.73% -317.77%
Net income before non-controlling interest (42,342) (59,537) 67,322	-213.08%	-259.00%
Non-controlling interest (1,112) (515) (1,219)	136.82%	9.62%
Net income (43,454) (60,052) 66,103	-210.08%	-252.12%

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 17 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: E-mail: Contacts: Website:

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

[e-mail]

Carlos Raad (IR Director) / Luis German Pelaez (Manager) / Santiago López (Analyst)http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

BALANCE SHEET

(COP million)

ASSETS

Cash and balances at central bank Interbank borrowings

Reverse repurchase agreements and other similar secured lend Financial assets investments

Derivative financial instruments Loans and advances to customers Allowance for loan and lease losses Investment in associates and joint ventures Goodwill and Intangible assets, net Premises and equipment, net Investment property

Right of use assets Prepayments

Tax receivables Deferred tax

Assets held for sale and inventories Other assets

Dec-19

Sep-20

Dec-20

18,256,065

2,465,913

17,943,053 20,185,074 5,602,153 3,193,915

16,822,754

% of Assets

% of Liabilities

3,016,064

1,524,562 27,732,492

322,160 29,553,003

1,902,955

182,282,743

4,045,401 2,800,719 198,782,993 191,409,730

(10,929,395)

7.90% 1.25% 0.13% 11.56%

1.10%

74.90%

(15,113,745)

(16,616,043)

2,367,757

2,462,312 2,506,315

7,233,312

8,427,705 7,507,321

3,827,865

3,910,312 4,302,304

1,992,964

2,002,056 2,839,350

1,692,116

1,801,028 1,661,015

365,143

-6.50%

0.98%

2.94%

1.68%

1.11%

0.65%

418,292 1,218,128

802,074

376,608 1,204,529

401,002

634,351 675,295

518,749

566,426 509,145

0.15%

0.47%

0.26%

0.20%

Total assets

3,070,032 236,088,113

3,656,686 265,614,205

3,138,065 255,568,505

1.23% 100.00%

LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES

Deposit by customers Interbank Deposits

Derivative financial instrument Borrowings from other financial institutions Debt securities in issue

Lease liability Preferred shares

Repurchase agreements and other similar secured borrowing Current tax

Deferred tax Employees benefit plans Other liabilities

• 157,205,312 183,648,637

1,363,679

180,820,793 762,574

797,912

13,959,343

19,921,515

1,860,812

1,831,585

3,136,260 2,381,326 14,942,874 11,202,126 21,165,855 19,126,593 1,934,029 1,818,358

70.75%

79.50%

0.30%

0.34%

0.93%

1.05%

4.38%

4.93%

7.48%

8.41%

0.71%

0.80%

584,204

569,477

584,204

0.23%

0.26%

1,313,737

1,711,514

2,216,163

0.87%

0.97%

195,757

634,577

296,404

0.12%

0.13%

1,521,958

681,712

1,056,094

0.41%

0.46%

768,947

797,804

823,945

0.32%

0.36%

Total liabilities SHAREHOLDERS' EQUITY Share Capital

6,755,645 207,282,494

6,153,713 236,174,364

6,364,712 227,453,292

Additional paid-in-capital Appropriated reserves Retained earnings

Accumulated other comprehensive income (loss), net of tax

480,914

2.49% 89.00%

2.80% 100.00%

480,914

480,914

10,413,092

4,857,454

7,812,361

3,320,098

4,857,454 4,857,454 13,827,922 13,830,604 4,359,564 4,187,243 4,471,413 3,189,014

0.19%

1.90%

5.41%

1.64%

1.25%

Stockholders' equity attributable to the owners of the parent company

Non-controlling interest Total liabilities and equity

26,883,919 1,921,700 236,088,113

27,997,267 1,442,574 265,614,205

26,545,229 1,569,984 255,568,505

10.39% 0.61% 100.00%

INCOME STATEMENT (COP million)	As of	Growth dec-20 / dec-19	4Q 19	3Q 20	4Q 20	Growth
Dec-19	Dec-20	4Q 20 / 3Q 20	4Q 20 / 4Q 19
Interest income and expenses
Interest on loans and financial leases Commercial Consumer Small business loans Mortgage Leasing Interest income on loans and financial leases Interest income on overnight and market funds Interest and valuation on Investments at amortized cost Debt investments, net Net gains from investment activities at fair value through income statement Debt investments Derivatives Repos Other Total Net gains from investment activities at fair value through profit and loss Total Interest and valuation on investments Total interest and valuation	7,319,318 5,273,101 144,585 1,972,661 1,918,655 16,628,320 67,724 160,200 881,985 (182,769) (174,632) (144) 524,440 684,640 17,380,684	6,814,749 5,472,703 139,250 1,876,304 1,829,971 16,132,977 32,362 308,453 533,506 (337,796) (1,025) 20,173 214,858 523,311 16,688,650	-6.89% 3.79% -3.69% -4.88% -4.62% -2.98% -52.21% 92.54% -39.51% 84.82% -99.41% -14109.03% -59.03% -23.56% -3.98%	1,818,842 1,439,661 36,741 484,835 487,800 4,267,879 14,635 43,423 75,043 26,570 (18,846) 5,887 88,654 132,077 4,414,591	1,665,252 1,284,977 34,843 440,372 459,403 3,884,847 6,142 110,210 266,550 (57,314) 5,839 (3,080) 211,995 322,205 4,213,194	1,462,897 1,280,486 29,976 415,533 405,977 3,594,869 3,553 81,961 (151,957) (51,144) (10,169) 15,054 (198,216) (116,255) 3,482,167	-12.15% -0.35% -13.97% -5.64% -11.63% -7.46% -42.15% -25.63% -157.01% -10.77% -274.16% -588.77% -193.50% -136.08% -17.35%	-19.57% -11.06% -18.41% -14.29% -16.77% -15.77% -75.72% 88.75% -302.49% -292.49% -46.04% 155.72% -323.58% -188.02% -21.12%
Interest expense
Borrowing costs Overnight funds Debt securities in issue Deposits Preferred Shares Dividends Interest right of use assets Other interest (expense) Total interest expenses	(627,058) (21,663) (1,164,808) (4,164,798) (57,908) (121,946) (21,613) (6,179,794)	(527,825) (5,838) (1,053,989) (4,084,192) (57,701) (118,600) (14,863) (5,863,008)	-15.83% -73.05% -9.51% -1.94% -0.36% -2.74% -31.23% -5.13%	(142,643) (4,808) (300,715) (1,077,907) (14,727) (25,666) (5,795) (1,572,261)	(135,804) (541) (263,741) (996,983) (14,325) (29,462) (3,152) (1,444,008)	(96,844) (759) (254,810) (839,687) (14,726) (28,970) (3,725) (1,239,521)	-28.69% 40.30% -3.39% -15.78% 2.80% -1.67% 18.18% -14.16%	-32.11% -84.21% -15.27% -22.10% -0.01% 12.87% -35.72% -21.16%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments Credit impairment charges on loans and advance and financial leases	11,200,890 (3,936,831)	10,825,642 (7,772,663)	-3.35% 97.43%	2,842,330 (1,239,786)	2,769,186 (1,768,564)	2,242,646 (2,133,254)	-19.01% 20.62%	-21.10% 72.07%
Recovery of charged-off loans Credit impairment charges on/recoveries on off balance sheet credit Credit impairment charges/recoveries on investments	551,650 (26,195) 255	436,908 (161,743) (28,951)	-20.80% 517.46% -11453.33%	128,903 (14,326) (4,470)	102,125 (14,974) (1,995)	184,689 (68,795) (8,919)	80.85% 359.43% 347.07%	43.28% 380.21% 99.53%
Total credit impairment charges, net	(3,411,121)	(7,526,449)	120.64%	(1,129,679)	(1,683,408)	(2,026,279)	20.37%	79.37%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments	7,789,769	3,299,193	-57.65%	1,712,651	1,085,778	216,367	-80.07%	-87.37%
Fees and comissions income
Banking services Credit and debit card fees and commercial establishments Brokerage Acceptances and Guarantees Trust and Securities Investment banking Bancassurance Payments and Collections Other Fees and comission income	668,451 1,821,945 26,534 56,023 445,804 38,991 643,026 623,758 254,440 4,578,972	582,845 1,845,867 28,364 61,774 454,250 52,036 728,642 595,222 249,413 4,598,413	-12.81% 1.31% 6.90% 10.27% 1.89% 33.46% 13.31% -4.57% -1.98% 0.42%	173,821 480,452 7,117 14,175 115,568 16,860 192,513 169,310 73,550 1,243,366	146,495 452,476 6,917 16,009 120,016 6,447 183,669 146,540 61,489 1,140,058	160,610 530,272 7,019 15,183 124,796 18,553 187,904 174,752 66,211 1,285,300	9.64% 17.19% 1.47% -5.16% 3.98% 187.78% 2.31% 19.25% 7.68% 12.74%	-7.60% 10.37% -1.38% 7.11% 7.98% 10.04% -2.39% 3.21% -9.98% 3.37%
Fees and comission expenses
Banking services Other Fees and comission expenses	(630,583) (922,656) (1,553,239)	(513,122) (1,048,463) (1,561,585)	-18.63% 13.64% 0.54%	(162,761) (303,898) (466,659)	(117,934) (257,769) (375,703)	(129,029) (362,444) (491,473)	9.41% 40.61% 30.81%	-20.72% 19.27% 5.32%
Total fees and comissions, net	3,025,733	3,036,828	0.37%	776,707	764,355	793,827	3.86%	2.20%
Other operating income
Derivatives FX contracts Net foreign exchange Hedging Operating leases Gains (or losses) on sale of assets Other reversals Other Total other operating income	(102,451) 322,286 663 682,525 93,548 5,419 533,257 1,535,247	970,800 (371,404) (3,746) 711,575 65,932 4,135 467,280 1,844,572	-1047.57% -215.24% -665.01% 4.26% -29.52% -23.69% -12.37% 20.15%	(397,351) 483,983 (104) 195,119 34,227 747 136,901 453,522	139,409 (88,748) (1,294) 166,664 16,558 1,346 53,504 287,439	(308,131) 669,701 (1,479) 189,841 16,238 922 219,819 786,911	-321.03% -854.61% 14.30% 13.91% -1.93% -31.50% 310.85% 173.77%	-22.45% 38.37% 1322.12% -2.71% -52.56% 23.43% 60.57% 73.51%
Dividends received, and share of profits of equity method investees Dividends Equity investments Equity method Others Total dividends received, and share of profits of equity method investees	84,183 71,207 249,231 (24,022) 380,599	14,217 (27,795) 136,596 307 123,325	-83.11% -139.03% -45.19% -101.28% -67.60%	27,613 46,679 63,118 (96,511) 40,899	208 386 65,163 19 65,776	6,541 (6,676) 51,951 (4,399) 47,417	3044.71% -1829.53% -20.28% -23252.63% -27.91%	-76.31% -114.30% -17.69% -95.44% 15.94%
Total operating income, net	12,731,348	8,303,918	-34.78%	2,983,779	2,203,348	1,844,522	-16.29%	-38.18%
INCOME STATEMENT (COP million)	As of	Growth dec-20 / dec-19	4Q 19	3Q 20	4Q 20	Growth
Dec-19	Dec-20	4Q 20 / 3Q 20	4Q 20 / 4Q 19
Operating expenses
Salaries and employee benefits Bonuses Other administrative and general expenses	(2,806,675) (560,149) (3,069,058)	(2,931,887) (112,843) (3,140,789)	4.46% -79.85% 2.34%	(712,612) (165,614) (865,220)	(744,172) (24,326) (721,106)	(705,791) (27,722) (901,201)	-5.16% 13.96% 24.97%	-0.96% -83.26% 4.16%
Tax contributions and other tax burden	(757,820)	(765,766)	1.05%	(205,444)	(182,003)	(162,194)	-10.88%	-21.05%
Impairment, depreciation and amortization Other expenses	(824,590) (235,525)	(837,790) (206,070)	1.60% -12.51%	(243,454) (66,307)	(211,753) (49,902)	(225,579) (54,719)	6.53% 9.65%	-7.34% -17.48%
Total operating expenses	(8,253,817)	(7,995,145)	-3.13%	(2,258,651)	(1,933,262)	(2,077,206)	7.45%	-8.03%
Profit before tax	4,477,531	308,773	-93.10%	725,128	270,086	(232,684)	-186.15%	-132.09%
Income tax	(1,262,964)	6,586	-100.52%	(244,495)	10,882	(16,349)	-250.24%	-93.31%
Profit for the year from continuing operations	3,214,567	315,359	-90.19%	480,633	280,968	(249,033)	-188.63%	-151.81%
Non-controlling interest	(97,216)	(39,365)	-59.51%	(11,380)	(1,329)	(17,199)	1194.13%	51.13%
Net income attributable to equity holders of the Parent Company	3,117,351	275,994	-91.15%	469,253	279,639	(266,232)	-195.21%	-156.74%