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New Transcripts published every two weeks and new analysis added every business day. Register for a free account to gain access to longer previews of the 100+ timely interviews published each month, unlimited access to full-length archived interviews, and free special reports. Or call Customer Service (212) 952-7400 or send us a message. Interview with the EVP and CFO: Cenovus Energy Inc. Interview with the Chief Technology Officer: One Horizon Group, Inc. Interview with the Chairman and CEO: Customers Bancorp, Inc. Edwin C. Ciskowski-Keeley Asset Management Corp. February 03, 2014 Bancolombia S.A. BANCOLOMBIA S.A. INCOME OF COP 1,515 BILLION FOR THE YEAR 2013 (COP 1,779 PER SHARE - USD 3. ? The bank showed a strong and healthy growth in assets during 2013, improvements in quality and funding sources. Bancolombia's assets grew 33.6% in 2013 explained, 14.6% by the contribution of Banistmo (formerly HSBC Panama) and 19% by the organic growth of the existing operation before the consolidation of Banistmo. ? Past due loans as a percentage of total loans remain low in 2013. 30 days (or more) past due loans as a percentage of total gross loans was 2.9%. Net provision charges for past due loans and foreclosed assets totaled COP 1,231 billion, which represents 1.59% of gross loans when annualized, an improvement compared to 1.72% in 2012. ? Loan portfolio coverage remains at high levels. At the end of 2013, the ratio between allowances for loans losses and 30-days past due loans was 157%, indicating that Bancolombia has sufficient reserves to maintain its business operation and has a strong and healthy balance. ? The bank improved its liquidity position as deposits grew 35% during 2013 and the ratio of net loans to deposits ended at 99%. This growth is explained, 17% by the contribution of Banistmo (formerly HSBC Panama) and 19% by the organic growth of the existing operation before consolidation Banistmo. 3.1%, less than 4% in late 2012. February 3, 2014. Medellin, Colombia - Today, BANCOLOMBIA S.A. ("Bancolombia" or "the Bank") announced its unaudited earnings results for the year 2013, which are still subject to approval by the Board of Directors and the Colombian Superintendence of Finance (Superintendencia Financiera de Colombia). 3.76 per ADR, which represents an 11% decrease as compared to the results for the year 2012. Bancolombia ended 2013 with COP 130,816 billion in assets, 33.6% higher than those at the end 2012. At the same time, liabilities totaled COP 118,323 billion, increasing 37.1% as compared to 20121. These annual increases of assets and liabilities are mostly explained by the consolidation of Banistmo (formerly HSBC Panama) since October 2013. 1. This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. ("BANCOLOMBIA") and its affiliates of which it owns, directly or indirectly more than 50% of the voting capital stock. These financial statements have been prepared in accordance with generally accepted accounting principles in Colombia and the regulations of Superintendencia Financiera de Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herei n as "Ps." or "COP". Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. There have been no changes t o the Bank's principal accounting policies in the year ended December 31, 2013. The statements of income for the year ended December 31, 2013 are not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commissio n's website at www.sec.gov. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward -looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, the re 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, lac k 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 roun ding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified. Representative Market Rate January 1, 2014 $1,926. ,,,C.,IB,,. Net interest margin (1l 6.49% 5.48% Retum on a\erage total assets (2l 1.92% 1.37% Retum on a\erage shareholders' equity ( 3l 15.97% 12. Operating expenses to net operating income 56.19% 59.75% Operating expenses to a\erage total assets 4.69% 4. Shareholders' equity to total assets 11.85% 9.55% Technical capitai to risk weighted assets 15.77% 10. Net income per AOS (USO) 4.47 3. Net income per share $COP 1,998.11 1,778. P/BV AOS (4J 2.16 1. P/BV Local (SJ (BJ 2.20 1. P/E (7J 13.55 10. AOR price (8J 66.58 49. USO exchange rate (guarter end} 1,768.23 1,926. (l) Defined as net interest incarne divided by monthly average interest- earning assets. (2) Net incarne divided by monthly average assets. (3) N et incarne divided by monthl.y average shareholderd equity. (4) Defimd as ADS price divided by ADS book v.Jue. (5) D efimd as share price divided by share book v.Jue. (6) Share prices on the C olombianStock Exchenge; (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.(9) Common and prefened. 1. 1.1. ,,,C.,IB,,. Bancolombia's assets increased 33.6% during 2013. This growth was explained by the organic growth of the business, as well as the incorporation of Banistmo's assets. The line of the assets that contributed most to growth was the loan portfolio and financial leases, which grew 28% during the year to end up representing 65% of total assets in 2013 compared to 68% in 2012. Of this 28%, 12.4% was explained by the organic growth of the company and 15.6% by the addition of Banistmo. 1.2. At the end of 2013, the investm ent portfolio represented 11% of assets, compared to 13% it represented in 2012. During the year severa! events impacted the performance of these investm ents, in particular, the loss of value of securities in the second quarter of 2013 due to expectations of a reduction of monetary stimulus in the U.S. Bancolombia's strategy focused an reducing the volatility and duration of the portfolio to reduce its impact an the results, but also reduce the abrupt changes in them. 1.3. As of December 31, 2013, Bancolombia's goodwill totaled COP 3,589 billion; increasing 528% compared to the amount reported in 2012. This variation is mainly explained by the incorporation of Banistmo. This acquisition generated goodwill of USO 1.5 billion. Under Colombian accounting standards, goodwill is amortized lineally aver a period of 20 years. 1.4. The funding structure of Bancolombia rem ained stable in terms of the composition of funding sources, but in nominaiterms, there was a growth of 38%. The higher growth of deposits compared to net loans, led to a better liquidity position of the bank, since the net loans to deposits ratio (including borrowings from domestic developm ent banks) finished at 99% compared to 104% at the end of 2012. to defend the net interest margin. Checking accounts 11.298.901 14% 16.784.933 15% Saving accounts 27.113.914 33% 34.649.764 31% lime deposits 24.767.489 30% 34.058.452 30% Other deposits 978.416 1% 1.063.430 1% Long term debt 12.059.219 15% 12.328.275 11% Loans vvith banks 5.316.443 7% 13.632.894 12% Total Funds 81.534.382 100% 112.517. 1.5. ,,,C.,IB,,. Bancolombia's capitai adequacy ratio was 10.61%, 516 basis points below the 15.77% far 2012. This annual decrease in the capitai adequacy was due to the implem entation in Colombia of a new capitai regulation far banks, which increased deductions from the tier 1 calculation, as well as the incorporation of risk weighted assets and goodwill due to the acquisition of Banistm o. The capitai adequacy ratio was 161 basis points above the minimum level required by the Colombian regulator, while the basic capitai ratio (Tier 1) to risk weighted assets was 5.81% and the tangible capitai ratio, defined as the ratio of equity less comm ercial credit ("goodwill") and non-tangible assets to tangible assets was 6.49% at the end of 2013. 9,070,487 10. 4,694,203 5. 6,207,050 5. 5,124,564 4. (1) Technical capitai is the sum of basic and additional capitai. (2) Capitai adequacy is technical capitai divided by risk weighted assets. 2. ,,,C.,IB,,. Net incarne totaled COP 1,515 billion in 2013, or COP 1,779 per share- USO 3.76 per AOR, which represents a decrease of 11% compared to 2012. Bancolombia's annualized ROE was 12.8% for 2013. 2.1. Net interest incarne totaled COP 5,009 billion, 5.1% higher than the COP 4,767 reported in 2012. The performance in net interest income was m ainly driven by higher loan volumes, but was overshadowed by the annual fall of investm ent returns in the securities portfolio. uncertainties in the markets. The net interest margin compression presented in 2013 was due to lower investment incarne, the lower interest rates that made the loan interest margin fell, the change in the loan portfolio mix resulted in a greater concentratian of the corporate loans, and the incorporatian of Banistmo's assets denominated in USO with a lower margin. The funding cost decreased during 2013 due to the rate cuts and management of the liabilities structure. 0. 5. 0. 4. 2.2. ,,,C.,IB,,. Net fees totaled COP 1,916 billion at the end of 2013, increasing 6% from 2012. The lines that contributed the most to the generation and growth offees were debit and credit card and banking services fees, which include fees from insurance distribution, investment banking and cash management. 2.3. The asset quality presented a slight deterioration in 2013 with past due loans at 2. 2.6% in 2012, due to the addition of Banistmo's assets, which under Colombian rule increased this indicator. Colombian regulation considers loans past due when they are overdue more than 30 days while regulation in Panama considers them past due after 90 days or more. Far the same reason, the coverage ratio fell during 2013, ending at 157% versus 177% in 2012. Total performing past due loans ( 1l 604,375 977,744 61. Total non-performing past due loans 1,228,327 1,619,475 31. Total past due loans 1,832,702 2,597,219 41. Allowance far loans interest losses 3,249,639 4,065,530 25. Past due loans to total loans 2.62% 2. Non-performing loans as a percentage of totalloans 1.76% 1. "C", "D" and "E" loans as a percentage oftotalloans 3.96% 4. Allowances to past due loans (2l 177.31% 156. Allowance far loan losses as a percentage of"C", "D" and "E" loans ( 2l 117.35% 110. Allowance far loan losses as a percentage of non-performing loans (2l 264.56% 251. Allowance far loan losses as a percentage of total loans 4.64% 4. Percentage of performing loans to total loans 98.24% 98. (1) "Performing·· past due loans are loans upon which Bancolombia continues to recognize income although interest in resp ect of suc h loans has not been received. Mortgage loans cease to accumulate interest on the statement of operations when they are more than 60 days past due. Forali other loans and financialleasing operations of any type, interest is no longer accumulated alter they are more than 30 days past due. (2) Under Colombian Bank regulations, a loan is past due when it is at least 31 days past the actual due date. ,,,C.,IB,,. Com m ereial loans 1.48% 1. Consumer loans 4.80% 4. ·A" Normal 65,453,223 93.52% 82,576,478 92. ··s·· Subnormal 1,766,262 2.52% 3,205,117 3. ·c·Deficient 1,179,600 1.69% 1,590,504 1. ·u·Doubtful reco\ery 948,051 1.35% 1,213,258 1. ·E·Unreco\erable 641,543 0.92% 874,185 0.98% Total 69,988,679 100.00% 89,459,542 100. as a percentage oftotal loans and financial leases 3.96% 4. 2.4. Operating expenses totaled COP 4,560 billion and increased 10.8% from COP 4,117 in 2012. Personnel expenses (salaries, bonus pian payments and compensation) increased 1.1% compared to 2012, due to lower bonuses and little growth in the number of employees. Administrative expenses increased 14% due to costs associated with the incorporation of Banistmo and organic expenses growth. Depreciation expenses, including operating leases from Leasing Bancolombia whose operating leases are depreciated, increased 34% due to dynamism in the business of operating leasing. 3. ,,,C.,IB,,. GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individuai and corporate customer base of more than 7 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, Cayman and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries previde stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others. E-mail: investorrelations@bancolombia.com.co Alejandro Mejia (IR Manager) l Simon Botero (Analyst) Website: http://www.grupobancolombia. ,,,C.,IB,,. 23. 63. 22. -10. 528. 33. Bank ac ceptances outstanding and derivatives 625,632 464,514 -25.75% 0. Other interbank bo rowings 1,803,665 7,876,792 336.71% 6. Borrowmgs from development and other domestic banks 3,467,843 4,631,300 33.55% 3. Accounts payable 2,311,221 2,611,114 12.98% 2. Accrued interest payable 523,655 610,511 16.59% 0. Other liabil1ties 888,190 1,250,757 40.82% 1. 12,059,219 12,328,275 2.23% 10. 344,951 423,303 22.71% 0. 447.27% 0. . st 208 26°1<' . Total shareholder's equity 11,606,956 12,492,846 7.63"/o 9. Totalliabilities + shareholder' s equity 97,916,380 1 ,816,241 33.60% 100. ,,,C.,IB,,. lnterest on loans 6,047,906 6,730,380 11.28% lnterest on investment securities 759,513 489,528 -35.55% Overnight funds and interbank loans 24,178 26,900 11.26% Financialleases 830,286 883,876 645% Total interest income 7,661,883 8,130,684 6. Checking accounts 24,931 29,403 17.94% lime deposits 1'117,435 1,330,439 1906% Savings deposits 659,355 642,616 -2.54% Total interest on deposits 1,801,721 2,002,458 11. lnterbank borrowngs 50,209 77,995 55. Total interest ex pense 2,894,860 3,122,126 7.85% Net interest i neome 4,767,023 5,008,558 5.07% Provisions for loans and accrued interest losses and other receivables , net (1,240,339) (1,394,075) 12.39% Reco\?ry of charged-off loans 167,819 231,396 37.88% Provision forforeclosed assets and other assets (118,961) (152,802) 2845% Reco\?ry of pruvisions for foreclosed assets and other assets 80,608 84,881 5.30% Total net provisions (1'110,873) (1,230,600) 10. and accrued interest losses 3,656,150 3,777,958 3.33% Commissions frum banking ser.ices 449,452 469,896 4.55% Electrunic services and ATM fees 73,887 87,516 18 45% Branch networn ser.ices 126,356 135,474 7.22% Collections and payments fees 256,503 283,788 1064% Credi!card merchant fees 9,684 8,295 -14.34% Credi!and debit card fees 654,900 731,095 11.63% Checking fees 72,636 70,261 -3.27% Trust acti-jties 208,583 207,994 -0.28% Brokerage fees 63,631 62,615 -1.60% Check remittances 22,120 44,368 100.58% lnternational w re transfers 71,932 62,921 -12.53% Fees and other service incom e 2,009,684 2,164,223 7.69% Fees and other set'Ace expenses (202,644) (247,867) 22.32% Total fees and incom e fi'om services, net 1,807,040 1,916,356 6. Foreign exchange gain (loss), net 103,953 94,595 -900% Gains on forward contracts in foreign currency 58,902 27,320 -53.62% Gains on sales of in\?stments in equity securities 82,187 3,780 -9540% Gains on sales of mortgage loans 43,146 31,593 -26.78% Oi-jdend income 47,610 63,007 32.34% lncome frum non-financial subsidiaries 147,304 143,893 -2.32% lnsurance income - 10,164 0.00% Communication, postage, rent and others 349,995 465,773 33.08% Total other operating incom e 833,097 840,125 0.84% Total income 6,296,287 6,534,439 3. Salaries and employee benefits 1,394,027 1,467,780 5. Bonus pian payments 204,201 154,550 -24.31% lndemnities benefits 39,452 33,965 -13.91% Administrative and other expenses 2,040,223 2,327,908 14.10% lnsurance on deposits , net 105,675 135,816 28.52% Donation expenses 13,512 11,525 -14.71% Depreciation 319,602 428,856 34.18% Total operating expenses 4,116,692 4,560,400 10.78% Net operating incom e 2,179,595 1,974,039 -9.43% Goodwll amortization (1) 45,690 78,880 72. Other income 148,751 233,721 57. Minority interest (5,723) (17,364) 203 41% Other expense (107,813) (179,294) 66.30% Total non-operating income 35,215 37,063 5.25% lncome before income taxes 2,169,120 1,932,222 -10.92% lncome tax expense (467,074 (417,095 -10. This noodl was issued by Bancolombia SA and was initially posted at www.bancolombia.com. It was distributed, unedited and unaltered, by noodls on 2014-02-03 16:34:51 CET. The issuer is solely responsible for the accuracy of the information contained therein. On Assignment, Inc. Resources Connection, Inc. Corporate Resource Services Inc (CRRS) to Introduce New Recruiting Process Automation Software in the U.S. Manpower Group Inc. The Wall Street Transcript is a completely unique resource for investors and business researchers. Companies covered:BRK-ABACGGPMBIAIGBIR. Companies covered:DUE.DEPNDORA. Michael S. Companies covered:CPBNESN.VXJNJNVSWENVODSEACCAKEINGRORK.OLULEXO.MIF.MIRHM. Interview with the EVP and CFO: Cenovus Energy Inc. Interview with the Chief Technology Officer: One Horizon Group, Inc. Interview with the Chairman and CEO: Customers Bancorp, Inc. Edwin C. Ciskowski-Keeley Asset Management Corp. 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