MEDELLIN, Colombia, Jan. 30 /PRNewswire-FirstCall/ -- Bancolombia S.A.
("Bancolombia") (NYSE: CIB) reported unconsolidated net income of
Ps. 62.3 billion in December 2008. Net income for Bancolombia on an
unconsolidated basis totaled Ps. 1,043.7 billion for the year ended
December 31, 2008, increasing 29.8% as compared to the same period of 2007.
-- Net interest income, including investment securities, totaled
Ps. 259.5 billion in December 2008. For the year ended December 31, 2008, net
interest income totaled Ps. 2,599.2 billion, increasing 35.4% as compared to
the same period of 2007.
-- Net fees and income from services in December 2008 totaled
Ps. 85.1 billion. For the year ended December 31, 2008, net fees and income
from services totaled Ps. 799.9 billion, which represents an increase of 18.0%
as compared to the same period of 2007.
-- Other operating income totaled Ps. 7.7 billion in December 2008. For
the year ended December 31, 2008, other operating income totaled
Ps. 553.9 billion, increasing 63.6% as compared to the same period of 2007.
Bancolombia notes that a considerable part of this revenue comes from dividend
income received from subsidiaries, which is eliminated in the consolidated
results as it is an intercompany transaction. As a result, this dividend
income is only recorded in Bancolombia's unconsolidated results.
-- Net provisions totaled Ps. 127.9 billion in December 2008. Net
provisions totaled Ps. 751.1 billion for the year ended December 31, 2008,
which represents an increase of 136.2% as compared to the same period of 2007.
Bancolombia's (unconsolidated) level of past due loans (i.e., loans overdue
for more than 30 days) as a percentage of total loans amounted to 3.53% as of
December 31, 2008, and the ratio of allowances to past due loans increased to
143.1% as of the same date.
-- Operating expenses totaled Ps. 211.9 billion in December 2008. For the
year ended December 31, 2008, operating expenses totaled Ps. 1,800.3 billion,
increasing 16.3% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 39.4 trillion, loans
amounted to Ps. 27.9 trillion, deposits totaled Ps. 25.3 trillion and
Bancolombia's total shareholders' equity amounted to Ps. 5.9 trillion.
Market Share
According to ASOBANCARIA (Colombia's national banking association),
Bancolombia's market share of the Colombian financial system as of December
2008 was as follows: 19.1% of total deposits, 21.8% of total net loans, 21.0%
of total savings accounts, 22.1% of total checking accounts and 14.8% of total
time deposits.
Note: This report corresponds to the unconsolidated financial statements
of Bancolombia. The numbers contained herein are subject to review by the
relevant Colombian authorities. This information has been prepared in
accordance with generally accepted accounting principles in Colombia and is
stated in nominal terms
Contacts
Sergio Restrepo
Executive VP
Tel.: (574) 4041424
Jaime A. Velasquez
Financial VP
Tel.: (574) 4042199
Juan Esteban Toro
IR Manager
Tel.: (574) 4041837
SOURCE Bancolombia S.A.
BANCOLOMBIA S.A. 
By 
