CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1933
For the month of November 2002
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F [X] Form 40-F
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the
registrant's registration statement on Form F-3 (File No. 333-12658).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: November 26, 2002 By /s/ JAIME ALBERTO VELASQUEZ B.
------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LOGO]
BANCOLOMBIA ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED
SEPTEMBER 30, 2002
NOVEMBER 25, 2002, MEDELLIN, COLOMBIA - Bancolombia S.A. (NYSE: CIB) announced
today the financial results for the quarter ended September 30, 2002.(1)
CONSOLIDATED INCOME STATEMENT QUARTER GROWTH
AND BALANCE SHEET ----------------------------- ---------
(Ps millions) 2Q 02 3Q 02 3Q02/2Q02
---------- ---------- ---------
ASSETS
Loans, net 5,083,957 5,709,724 12.31%
Investment Securities, net 3,865,654 4,207,750 8.85%
Other assets 1,822,410 1,921,552 5.44%
TOTAL ASSETS 10,772,021 11,839,026 9.91%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 7,954,830 8,288,730 4.20%
Other liabilities 1,798,230 2,560,529 42.39%
TOTAL LIABILITIES 9,753,060 10,849,259 11.24%
Shareholders' equity 1,018,961 989,767 -2.87%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10,772,021 11,839,026 9.91%
Interest income 290,440 248,324 -14.50%
Interest expense 120,499 108,145 -10.25%
NET INTEREST INCOME 169,941 140,179 -17.51%
Net provisions (43,610) (23,479) -46.16%
Other operating income 85,018 98,063 15.34%
Other operating expense 164,460 174,453 6.08%
Non-operating income, net (3,867) 24,023 721.23%
Income tax expense (9,014) (8,712) -3.35%
NET INCOME 34,008 55,621 63.55%
--------
(1) The financial information contained herein includes only the consolidated
results of Bancolombia's financial subsidiaries (Bancolombia Panama-Cayman,
Colcorp, Leasing Colombia, Almacenar, and Fiducolombia). Such information
can therefore not be compared to and should not be used in any way to
interpret any information contained in Bancolombia's annual report on Form
20-F for the year ended December 30, 2001, which contains the consolidated
financial results of the Bank and all its subsidiaries. The information
contained in this release has been prepared in accordance with Colombian
GAAP, expressed in nominal pesos, and has not been audited. All growth rates
mentioned herein are not adjusted for inflation.
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 that could cause actual results to differ
materially from those indicated in such statements.
Exchange rate: September 30, 2002 TRM COP 2,828.08/USD
June 30, 2002 TRM COP 2,398.82/USD
1
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/ JUAN D. DIAZ FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574) 5108866
[BANCOLOMBIA LETTERHEAD]
I. HIGHLIGHTS:
- Bancolombia reported net income of Ps 55.6 billion, US$ 0.14 per ADS,
during the quarter ended September 30, 2002, as compared to a net income
of Ps 34 billion, US$ 0.10 per ADS, for the quarter ended June 30, 2002.
- Bancolombia continued to show positive results during the quarter ended
September 30, 2002, despite a decrease in net interest income, which was
offset by lower provisions, higher fees and income from services, and
dividends.
- Net interest income declined 17.5% quarter over quarter. This decrease was
the result of lower income from investment portfolio, mainly due to a
decline in the prices of Colombian bonds. As a result, net interest margin
decreased to 6.3% in the quarter ended September 30, 2002, from 7.7% in
the quarter ended June 30, 2002. As of July 30, 2002, Colombian debt was
trading at a spread of 1,481 basis points over the JP Morgan EMBI.
However, Colombian debt spreads began to decline in the mid of October,
reaching 681 basis points over the JPMorgan EMBI as of November 15, 2002.
- Total net provisions decreased 46.2% quarter over quarter from Ps (43.6)
billion for the quarter ended June 30, 2002, to Ps (23.5) billion for the
quarter ended September 30, 2002. The ratio of past due loans to total
loans for the quarter ended September 30, 2002 decreased to 4.3% compared
to 5.1% for the quarter ended June 30, 2002 and allowances for past due
loans for the quarter ended September 30,2002 increased to 136.1% compared
to 118.9%, for the previous quarter.
- Bancolombia's total fees and commissions from services, amounted to
Ps 76,337 million during the third quarter of 2002, increasing 5.1%
compared to the previous quarter with fees and commissions from credit
cards and banking services contributing more significantly.
- During the quarter ended September 30, 2002, the Bank's gross loans
increased 12.3%, mainly due to a 14.5% increase in corporate loans.
- The annualized ROAE and ROAA for the quarter ended September 30, 2002,
were 20.0% and 2.0%, respectively.
- The Colombian peso devaluated during the quarter ended September 30, 2002.
The average exchange rate for the month of June 2002 was Ps 2,364.25 =
US$1.00 and the average exchange rate Ps 2,751.23 = US$1.00 for the month
of September 2002.
II. CONSOLIDATED BALANCE SHEET
ASSETS
Total assets increased 9.9% over the quarter to Ps 11,839 billion as of
September 30, 2002 from Ps 10,772 billion as of June 30, 2002. The increase in
total assets was mainly due to an increase in gross loans and investment
securities, which increased 12.3% and 9.2%, respectively over the quarter.
2
[BANCOLOMBIA LETTERHEAD]
LOAN PORTFOLIO
Bancolombia's gross loans totaled Ps 6,046 billion as of September 30, 2002, up
12.3% from Ps 5,387 billion as of June 30, 2002. Total corporate loans increased
14.5% during the third quarter of 2002 from Ps 3,344 billion as of June 30,
2002, to Ps 3,829 billion as of September 30, 2002 with working capital loans
and loans funded by domestic development banks increasing significantly. Total
retail loans increased 8.5% during the third quarter of 2002 from Ps 2,011
billion as of June 30, 2002 to Ps 2,182 billion as of September 30, 2002, with
loans funded by domestic development banks, working capital loans for small and
medium-sized companies, and personal loans increasing most significantly.
AS OF GROWTH
LOAN PORTFOLIO -------------------------------------------------- ------------------------
(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
---------- ---------- ---------- --------- ---------
CORPORATE
Trade Financing 95,034 124,437 137,271 10.31% 44.44%
Loans funded by
domestic development banks 252,344 294,739 363,609 23.37% 44.09%
Working capital loans 3,163,256 2,886,281 3,293,222 14.10% 4.11%
Credit Cards 4,106 5,310 5,017 -5.52% 22.19%
Overdrafts 67,841 32,848 29,877 -9.04% -55.96%
TOTAL CORPORATE 3,582,581 3,343,615 3,828,996 14.52% 6.88%
---------- ---------- ---------- ------ ------
RETAIL
Credit Cards 223,544 227,531 229,249 0.76% 2.55%
Personal loans 419,110 463,896 500,991 8.00% 19.54%
Automobile loans 25,879 16,536 17,310 4.68% -33.11%
Overdrafts 88,258 127,138 134,383 5.70% 52.26%
Loans funded by
domestic development banks 114,644 208,980 261,736 25.24% 128.30%
Trade Financing 37,468 46,200 58,445 26.50% 55.99%
Working capital loans 811,502 920,444 979,794 6.45% 20.74%
TOTAL RETAIL 1,720,405 2,010,725 2,181,908 8.51% 26.83%
---------- ---------- ---------- ------ ------
MORTGAGE 34,360 32,450 35,584 9.66% 3.56%
---------- ---------- ---------- ------ ------
TOTAL LOANS 5,337,346 5,386,790 6,046,488 12.25% 13.29%
ALLOWANCE FOR LOAN LOSSES (294,424) (302,833) (336,764) 11.20% 14.38%
---------- ---------- ---------- ------ ------
TOTAL LOANS, NET 5,042,922 5,083,957 5,709,724 12.31% 13.22%
LOAN CLASSIFICATION AS OF 30-SEP-01 AS OF 30-JUN-02 AS OF 30-SEP-02
( Ps millions) ---------------------- ---------------------- ----------------------
"A" Normal 4,251,841 79.7% 4,349,013 80.7% 4,938,927 81.7%
"B" Subnormal 575,876 10.8% 498,077 9.3% 567,813 9.4%
"C" Deficient 96,226 1.8% 135,866 2.5% 88,901 1.5%
"D" Doubtful recovery 249,005 4.7% 233,695 4.3% 263,001 4.3%
"E" Unrecoverable 164,398 3.0% 170,139 3.2% 187,846 3.1%
TOTAL 5,337,346 100% 5,386,790 100% 6,046,488 100%
LOANS CLASSIFIED AS C, D AND E
AS A PERCENTAGE OF TOTAL LOANS 9.5% 10.0% 8.9%
3
[BANCOLOMBIA LOGO]
ASSET QUALITY
As of September 30, 2002 the Bank's past due loans as a percentage of total
loans were 4.3% as compared to 5.1% as of June 30, 2002. During the third
quarter, Bancolombia on a consolidated had basis, had no charge-offs. The level
of allowances of the Bank's past due loans increased to 136.1% in the third
quarter of 2002, from 118.9% during the previous quarter.
AS OF GROWTH
ASSET QUALITY -------------------------------------------- ------------------------
(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
-------------- --------- --------- --------- --------- ---------
Total performing past due loans 53,788 77,111 37,552 -51.30% -30.19%
Total nonperforming past due loans (1) 168,156 197,063 222,065 12.69% 32.06%
Total past due loans 221,944 274,174 259,617 -5.31% 16.97%
Allowance for loans and accrued interest losses 323,569 325,876 353,430 8.46% 9.23%
Past due loans to total loans 4.16% 5.09% 4.29%
Non performing loans to total loans 3.15% 3.66% 3.67%
Allowances to past due loans (2) 145.79% 118.86% 136.14%
Allowances to C, D and E loans (2) 63.49% 60.38% 65.48%
Allowances to non performing loans (2) 192.42% 165.37% 159.16%
Performing loans to total loans 96.85% 96.34% 96.33%
----------
(1) Before January 01, 2002, non-performing loans were commercial and consumer
loans that were past due 90 days or more, and mortgage loans that were
past due 120 days or more. Beginning in January 01, 2002, non-performing
loans are consumer loans that are past due 60 days or more, commercial
loans that are past due 90 days or more, and mortgage loans that are past
due 120 days or more.
(2) Allowance = allowance for loan and accrued interest losses.
INVESTMENT PORTFOLIO: NEW CATEGORIES
Effective September 02, 2002, the Superintendency of Banking adopted a new
investment securities classification for the Colombian financial system.
According to the new regulation, investments are classified as either "trading",
"held to maturity" or "available for sale". The "trading" and "available for
sale" categories are further divided into debt and equity securities.
Prior to the effectiveness of the new regulation, investments were classified as
"marketable", "non-marketable", "held to maturity", "permanent" or "hedging".
Variations in fair value of available for sale securities are recorded in
shareholders' equity as unrealized gains or losses.
LIABILITIES
Total deposits increased 4.2% over the quarter, from Ps 7,955 billion as of June
30, 2002, to Ps 8,289 billion as of September 30, 2002. During the third quarter
of 2002, Bancolombia's non-interest-bearing deposits increased 3.5% while
interest-bearing deposits increased 4.4%. Time deposits decreased 7.6% and
saving accounts increased 18.2% as a result of a commercial campaign to promote
deposits.
SHAREHOLDERS' EQUITY
Bancolombia's shareholders' equity decreased 2.9% over the quarter from Ps 1,019
billion as of June 30, 2002, to Ps 990 billion as of September 30, 2002, mainly
due to a decrease of reappraisal of investment securities. As of September 30,
2002, Bancolombia's unconsolidated ratio of technical capital to risk weighted
assets was 10.7%.
4
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/ JUAN D. DIAZ FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574) 5108866
[BANCOLOMBIA LOGO]
AS OF GROWTH
TECHNICAL EQUITY RISK WEIGHTED ASSETS --------------------------------------------------- -------------------------
Unconsolidated (Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
--------- --------- --------- --------- ---------
Basic capital 551,919 551,001 570,894 3.61% 3.44%
Additional capital 210,001 210,096 199,843 -4.88% -4.84%
Technical capital (1) 761,920 761,097 770,737 1.27% 1.16%
Risk weighted assets 6,675,434 6,591,050 7,223,403 9.59% 8.21%
--------- --------- --------- ---- ----
CAPITAL ADEQUACY (2) 11.41% 11.55% 10.67% -7.62% -6.52%
----------
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy = Technical capital / risk weighted assets
III. INCOME STATEMENT
Bancolombia's net income of Ps 55.6 billion, during the quarter ended September
30, 2002, as compared to a net income of Ps 34 billion, for the quarter ended
June 30, 2002. Bancolombia a showed positive result despite a decrease in net
interest income, which was offset lower provisions, higher fees and income from
services and dividends.
NET INTEREST INCOME
Net interest income decreased 17.5% over the quarter to Ps 140 billion for the
quarter ended September 30, 2002, compared to Ps 170 billion for the quarter
ended June 30, 2002. This decline was the result of lower income from investment
portfolio affected by lower valuation, mainly due to a decline in the prices of
Colombian bonds. Total interest expenses, however, decreased 10.3% over the
quarter, to Ps 108 billion for the quarter ended September 30, 2002, compared to
Ps 120 billion for the previous quarter, due to a 7.6% decrease in time deposits
and an 18.2% increase in saving accounts.
PROVISIONS
Total net provisions for the third quarter of 2002 amounted to Ps (23,479)
million, down 46.2% when compared to Ps (43,610) million for the previous
quarter.
FEES AND INCOME FROM SERVICES
Total fees and income from services increased 5.1% from 73 billion for the
quarter ended June 30, 2002, to 76 billion for the quarter ended September 30,
2002, with commissions from banking services and commissions and fees from
credit cards contributing significantly. Total fees and income from services as
a percentage of total operating income reached 35.5% during the quarter ended
September 30, 2002 compared to 34.4% during the previous quarter.
The number of outstanding credit cards decreased 1.6% from September 30, 2001 to
September 30, 2002 because in March 2002, the Bank canceled some outstanding
VISA credit cards that had not been active for a long period of time. Over the
quarter, however, the number of outstanding credit card increased 1.7%.
Bancolombia's accumulated credit card billing increased 15.1% over the year,
achieving 15.9% of market share.
5
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/ JUAN D. DIAZ FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574) 5108866
[BANCOLOMBIA LOGO]
ACCUMULATED CREDIT CARD BILLING
% 2002
(As of September 30, in Ps million) 2001 2002 Growth Mkt. Share
-------------------------------------------------------------------------------------------
Bancolombia Mastercard 460,344 518,797 12.7% 10.8%
Bancolombia VISA 200,300 241,601 20.6% 5.0%
Total Bancolombia 660,644 760,398 15.1% 15.9%
-------------------------------------------------------------------------------------------
Colombian credit card industry 4,054,797 4,795,658 18.3% 100.0%
Source: Credibanco and Red Multicolor as of September 2002.
CREDIT CARD MARKET SHARE
% 2002
Number of credit cards as of September 30 2001 2002 Growth Mkt. Share
-------------------------------------------------------------------------------------------------
Bancolombia Mastercard 154,615 159,506 3.2% 7.3%
Bancolombia VISA 106,591 97,546 -8.5% 4.5%
Total Bancolombia 261,206 257,052 -1.6% 11.8%
-------------------------------------------------------------------------------------------------
Colombian credit card industry 1,974,278 2,183,171 10.6% 100.0%
Source: Credibanco and Red Multicolor as of September 2002.
OPERATING EXPENSES
Operating expenses increased 7.5% over the quarter from Ps 155 billion during
the quarter ended June 30, 2002, to Ps 167 billion during the quarter ended
September 30, 2002. This increase was mainly due to a change of accounting
policies determined by changes in tax regulations.
OTHER INCOME
- Dividends: During the third quarter of 2002, Bancolombia received
approximately Ps 13 billion in dividends from Conavi and Valores Simesa.
- Minority interest: During the third quarter, minority interest increased
as a consequence of the recovery of a "provision for foreclosed assets and
other assets" which belongs to minority shareholders.
IV. SUBSIDIARIES
SUBSIDIARIES' BREAKDOWN
BANCOLOMBIA LEASING
As of September 30, 2002 (Ps millions) BANCOLOMBIA PANAMA COLCORP COLOMBIA ALMACENAR FIDUCOLOMBIA
--------------------------------------------------------------------------------------------------------------------------------
Total assets 9,231,522 2,512,690 304,926 227,546 91,228 64,725
Total shareholders' equity 1,010,261 98,190 205,152 20,175 71,761 54,157
Net income (loss) 99,524 20,917 5,192 3,657 1,572 9,073
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
The following table is expressed in US dollars.
6
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/ JUAN D. DIAZ FAX: (574) 23172081
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574)5108866
[BANCOLOMBIA LETTERHEAD]
BANCOLOMBIA PANAMA
INCOME STATEMENT
AND BALANCE SHEET QUARTER GROWTH
(US$) 2Q 02 3Q 02 3Q02/2Q02
--------------------------------------------------------------------------------------------------
ASSETS
Loans, net 235,210,150 288,799,006 22.78%
Investment securities, net 623,762,252 530,032,509 -15.03%
Other assets 137,566,907 94,465,363 -31.33%
TOTAL ASSETS 996,539,309 913,296,878 -8.35%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 887,468,118 801,383,598 -9.70%
Other liabilities 61,158,992 76,223,677 24.63%
TOTAL LIABILITIES 948,627,110 877,607,274 -7.49%
Shareholders' equity 47,912,199 35,689,604 -25.51%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 996,539,309 913,296,878 -8.35%
Interest income 17,166,902 15,102,436 -12.03%
Interest expense 6,456,286 6,180,388 -4.27%
NET INTEREST INCOME 10,710,616 8,922,048 -16.70%
Net provisions (13,907,572) 1,944,878 -113.98%
Other operating income 361,356 611,599 69.25%
Other operating expense 739,693 633,691 -14.33%
NET INCOME (3,575,293) 10,844,834 403.33%
Bancolombia Panama's total assets decreased 8.4% over the quarter from US$997
million as of June 30, 2002, to US$913 million as of September 30, 2002. This
decrease was the result of a lower volume of investment securities, which
decreased 15.0%, from US$624 million as of June 30,2002 to US$530 million as of
September 30, 2002. The Bancolombia Panama total liabilities decreased 7.5% over
the quarter, from US$949 million as of June 30, 2002, to US$878 million of
September 30, 2002.
Bancolombia Panama showed positive results during the quarter mainly due to
lower provisions. As reported in Bancolombia's press release dated August 16,
2002, in the second quarter of 2002, Bancolombia Panama had created
extraordinary provisions for investment.
V. AMERICAN EXPRESS
In November 2002, Bancolombia began issuing the AMERICAN EXPRESS credit card.
The Bank is the only issuer and acquirer of this credit card in Colombia.
Bancolombia, a market leader in the credit card business, also issues the Visa
and MasterCard credit cards.
7
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/JUAN D. DIAZ FAX: (574)2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574)5108866
[BANCOLOMBIA LETTERHEAD]
PRINCIPAL RATIOS QUARTERS
3Q01 2Q02 3Q02
PROFITABILITY
-------------------------------------------------------------------------------------
Net interest margin (1) 7.97% 7.77% 6.26%
Return on average total assets (2) 2.37% 1.30% 2.05%
Return on average shareholders' equity (3) 24.73% 13.26% 20.04%
EFFICIENCY
-------------------------------------------------------------------------------------
Operating expenses to net operating income (4) 61.87% 60.76% 69.90%
Operating expenses to average total assets (4) 6.49% 5.92% 6.13%
CAPITAL ADEQUACY
-------------------------------------------------------------------------------------
Shareholders' equity to total assets 10.23% 9.46% 8.36%
Technical capital to risk weighted assets (5) 11.41% 11.55% 10.78%
ASSET QUALITY
-------------------------------------------------------------------------------------
Non performing loans to total loans (6) 3.15% 3.66% 3.67%
C, D and E loans to total loans (7) 9.55% 10.02% 8.93%
Past due loans to total loans 4.16% 5.09% 4.29%
Allowances to non performing loans (8) 192.42% 165.37% 159.16%
Allowances to past due loans (8) 145.79% 118.86% 136.14%
Allowances to C, D and E loans (8) 63.49% 60.38% 65.48%
Allowances to total loans (8) 6.06% 6.05% 5.85%
1. Defined as net interest income divided by monthly average interest-earning
assets.
2. Net income divided by monthly average total assets.
3. Net income divided by monthly average shareholders' equity.
4. Excluding merger expenses. Operating Income includes Net Interest Income,
Total fees and income from services, and Total other operating income.
5. Calculated on an unconsolidated basis.
6. Before January 01, 2002, non-performing loans were commercial and consumer
loans that were past due 90 days or more, and mortgage loans that were
past due 120 days or more. Beginning January 01, 2002, non-performing
loans are consumer loans that are past due 60 days or more, commercial
loans that are past due 90 days or more, and mortgage loans that are past
due 120 days or more.
7. "C", "D" and "E" loans include all non-performing loans as well as
consumer and commercial loans classified "C" which are considered
performing loans under the regulations of the Colombian Superintendency of
Banking.
8. Allowance = allowance for loan and accrued interest losses.
STOCK INDICATORS QUARTERS
3Q 01 2Q 02 3Q 02
--------------------------------------------------------------------------------
Net Income (Ps Millions) 52,620 34,008 55,621
USD Earnings per ADS 0.157 0.100 0.140
ROAA 2.37% 1.30% 2.05%
ROAE 24.73% 13.26% 20.04%
P/BV ADS 0.39 0.80 0.55
P/BV Local (1) 0.60 0.98 0.99
Shares Outstanding 576,695,395 576,695,395 576,695,395
(1) Share prices on the Colombian Stock Exchange
8
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/JUAN D. DIAZ FAX: (574)2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574)5108866
[BANCOLOMBIA LOGO]
CONSOLIDATED BALANCE SHEET AS OF GROWTH
(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
---------------------------------------------------------------------------------------------------------------------------
ASSETS
Cash and due from banks 456,967 405,341 578,570 42.74% 26.61%
Overnight funds 192,058 180,888 96,667 -46.56% -49.67%
TOTAL CASH AND EQUIVALENTS 649,025 586,229 675,237 15.18% 4.04%
---------------------------------------------------------------------------------------------------------------------------
DEBT SECURITIES
Trading 2,379,888 3,651,911 1,715,973 -53.01% -27.90%
Available for Sale -- -- 1,525,533 100.00% 100.00%
Held to Maturity -- -- 590,775 100.00% 100.00%
EQUITY SECURITIES
Trading -- -- 142,541 100.00% 100.00%
Available for Sale 170,187 259,618 296,907 14.36% 74.46%
Market value allowance (24,204) (45,875) (63,979) 39.46% 164.33%
NET INVESTMENT SECURITIES 2,525,871 3,865,654 4,207,750 8.85% 66.59%
---------------------------------------------------------------------------------------------------------------------------
Gross Loans 5,337,346 5,386,790 6,046,488 12.25% 13.29%
Allowance for loan losses (294,424) (302,833) (336,764) 11.20% 14.38%
NET TOTAL LOANS 5,042,922 5,083,957 5,709,724 12.31% 13.22%
---------------------------------------------------------------------------------------------------------------------------
Accrued interest receivable on loans 111,271 98,763 100,523 1.78% -9.66%
Allowance for accrued interest losses (29,145) (23,043) (16,666) -27.68% -42.82%
NET TOTAL INTEREST ACCRUED 82,126 75,720 83,857 10.75% 2.11%
---------------------------------------------------------------------------------------------------------------------------
Customers' acceptances 41,411 6,105 1,225 -79.93% -97.04%
Net accounts receivable 63,481 51,279 90,588 76.66% 42.70%
Net premises and equipment 265,214 253,727 254,329 0.24% -4.10%
Foreclosed assets 64,513 53,388 50,582 -5.26% -21.59%
Prepaid expenses and deferred charges 72,795 42,590 60,690 42.50% -16.63%
Good will 147,214 130,228 124,566 -4.35% -15.38%
Net lease 233,777 284,763 310,825 9.15% 32.96%
Other 128,678 86,568 71,799 -17.06% -44.20%
Reappraisal of assets 260,956 251,813 197,854 -21.43% -24.18%
TOTAL ASSETS 9,577,983 10,772,021 11,839,026 9.91% 23.61%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 1,175,092 1,514,512 1,567,048 3.47% 33.36%
Checking accounts 1,098,503 1,438,034 1,464,528 1.84% 33.32%
Other 76,589 76,478 102,520 34.05% 33.86%
---------------------------------------------------------------------------------------------------------------------------
INTEREST BEARING 5,767,507 6,440,318 6,721,682 4.37% 16.54%
Checking accounts 596,103 518,946 703,880 35.64% 18.08%
Time deposits 3,408,030 3,804,278 3,515,817 -7.58% 3.16%
Savings deposits 1,763,374 2,117,094 2,501,985 18.18% 41.89%
---------------------------------------------------------------------------------------------------------------------------
TOTAL DEPOSITS 6,942,599 7,954,830 8,288,730 4.20% 19.39%
Overnight funds 449,363 310,090 713,567 130.12% 58.80%
Bank acceptances outstanding 39,569 24,008 31,686 31.98% -19.92%
Interbank borrowings 310,349 394,396 594,810 50.82% 91.66%
Borrowings from domestic development banks 305,816 446,978 500,189 11.90% 63.56%
Accounts payable 304,313 369,012 478,940 29.79% 57.38%
Other liabilities 110,115 105,762 142,944 35.16% 29.81%
Bonds 9,677 5,077 2,221 -56.25% -77.05%
Accrued expenses 104,167 116,176 82,955 -28.60% -20.36%
Minority interest in consolidated subsidiaries 22,499 26,731 13,217 -50.56% -41.26%
---------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 8,598,467 9,753,060 10,849,259 11.24% 26.18%
Shareholders' equity 979,516 1,018,961 989,767 -2.87% 1.05%
---------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 9,577,983 10,772,021 11,839,026 9.91% 23.61%
9
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/ JUAN D. DIAZ FAX: (574) 23172081
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574)5108866
[BANCOLOMBIA LOGO]
CONSOLIDATED INCOME STATEMENT AS OF QUARTER GROWTH
---------------------- ------------------------------ --------------------------
( Ps Millions) 30-SEP-01 30-SEP-02 3Q 01 2Q 02 3Q 02 3Q 02/2Q 02 3Q 02/3Q 01
------------------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME AND EXPENSES
Interest on loans 611,919 550,115 202,032 181,526 176,903 -2.55% -12.44%
Interest on investment securities 174,881 230,697 62,929 96,614 61,316 -36.54% -2.56%
Overnight funds 20,435 6,801 5,845 2,534 738 -70.88% -87.37%
Leasing 26,150 28,653 8,971 9,766 9,367 -4.09% 4.42%
TOTAL INTEREST INCOME 833,385 816,266 279,777 290,440 248,324 -14.50% -11.24%
------------------------------------------------------------------------------------------------------------------------------------
Interest expense
Time deposits 244,083 215,380 82,010 73,675 63,068 -14.40% -23.10%
Savings deposits 86,039 80,092 29,438 27,540 25,633 -6.92% -12.92%
TOTAL INTEREST ON DEPOSITS 330,122 295,472 111,448 101,215 88,701 -12.36% -20.41%
------------------------------------------------------------------------------------------------------------------------------------
Interbank borrowings 25,446 8,409 4,393 2,098 3,505 67.06% -20.22%
Borrowings from domestic development banks 25,759 32,564 8,365 11,047 11,069 0.20% 32.33%
Overnight funds 17,498 19,253 8,053 6,139 4,870 -20.67% -39.53%
TOTAL INTEREST EXPENSE 398,825 355,698 132,259 120,499 108,145 -10.25% -18.23%
------------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME 434,560 460,568 147,518 169,941 140,179 -17.51% -4.97%
Provision for loan and accrued interest
losses (233,923) (172,635) (101,715) (73,064) (27,547) -62.30% -72.92%
Provision for foreclosed assets and
other assets (41,663) (57,585) (24,732) (31,570) (19,076) -39.58% -22.87%
Recovery of provisions for foreclosed
assets and other assets -- 24,346 -- 6,565 4,707 -28.30% 100.00%
Recovery of provisions for past due loans
and accrued interest losses 170,654 82,118 90,237 46,188 9,825 -78.73% -89.11%
Recovery of charged-off loans 16,164 20,232 6,844 8,271 8,612 4.12% 25.84%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL NET PROVISIONS (88,768) (103,524) (29,366) (43,610) (23,479) -46.16% -20.05%
NET INTEREST INCOME AFTER PROVISION FOR
LOANS AND ACCRUED INTEREST LOSSES 345,792 357,044 118,152 126,331 116,700 -7.62% -1.23%
------------------------------------------------------------------------------------------------------------------------------------
Commissions from banking services 60,502 74,498 21,069 24,488 27,408 11.92% 30.09%
Credit card merchant fees 28,687 31,039 9,909 10,101 11,198 10.86% 13.01%
Credit and debit card annual fees 29,410 36,422 10,022 12,085 12,555 3.89% 25.27%
Checking fees 28,167 30,557 9,340 10,413 10,353 -0.58% 10.84%
Warehouse services 24,121 29,010 8,376 9,625 9,850 2.34% 17.60%
Commissions-fees from fiduciary activities 19,584 25,581 7,058 9,494 8,261 -12.99% 17.05%
Check remittance 17,479 15,123 5,623 4,973 4,985 0.24% -11.34%
International operations 14,876 15,939 4,673 4,921 6,166 25.30% 31.95%
TOTAL FEES AND OTHER SERVICE INCOME 222,826 258,169 76,070 86,100 90,776 5.43% 19.33%
------------------------------------------------------------------------------------------------------------------------------------
Fees and other service expenses (37,854) (40,257) (13,199) (13,470) (14,439) 7.19% 9.39%
TOTAL FEES AND INCOME FROM SERVICES 184,972 217,912 62,869 72,630 76,337 5.10% 21.42%
------------------------------------------------------------------------------------------------------------------------------------
OTHER OPERATING INCOME
Net foreign exchange gains 22,868 70,791 5,623 32,196 39,919 23.99% 609.99%
Forward contracts in foreign currency 10,404 (40,745) 9,939 (22,996) (33,265) 44.66% -434.68%
Dividend income 7,749 24,391 4,554 1,147 12,976 1031.30% 184.94%
Communication, postage and others 6,327 6,221 2,340 2,041 2,096 2.69% -10.42%
TOTAL OTHER OPERATING INCOME 47,348 60,658 22,456 12,388 21,726 75.38% -3.25%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME 578,112 635,614 203,477 211,349 214,763 1.62% 5.55%
OPERATING EXPENSES
Salaries and employee benefits 183,482 204,603 60,770 68,215 69,189 1.43% 13.85%
Compensation 16,354 18,348 5,854 6,028 6,490 7.66% 10.86%
Administrative and other expenses 209,492 226,894 69,193 72,904 82,720 13.46% 19.55%
Donation expenses -- 408 -- 24 12 -50.00% 100.00%
Depreciation 24,070 23,299 8,241 7,739 8,123 4.96% -1.43%
TOTAL OPERATING EXPENSES 433,398 473,552 144,058 154,910 166,534 7.50% 15.60%
------------------------------------------------------------------------------------------------------------------------------------
NET OPERATING INCOME 144,714 162,062 59,419 56,439 48,229 -14.55% -18.83%
Merger expenses 32,107 27,366 9,967 9,550 7,919 -17.08% -20.55%
NON-OPERATING INCOME (EXPENSE)
Other income 49,007 24,073 15,040 5,658 12,918 128.31% -14.11%
Minority interest (874) 15,219 (359) (676) 16,369 -2521.45% -4659.61%
Recovery of deposit security -- 2,421 -- -- -- 0.00% 100.00%
Other expense (9,976) (19,902) (4,281) (8,849) (5,264) -40.51% 22.97%
TOTAL NON-OPERATING INCOME 38,157 21,811 10,400 (3,867) 24,023 -721.23% 130.98%
INCOME BEFORE INCOME TAXES 150,764 156,507 59,852 43,022 64,333 49.54% 7.49%
Income tax expense (25,871) (25,737) (7,232) (9,014) (8,712) -3.35% 20.47%
------------------------------------------------------------------------------------------------------------------------------------
NET INCOME 124,893 130,770 52,620 34,008 55,621 63.55% 5.70%
10
--------------------------------------------------------------------------------
CONTACTS: JAIME A. VELASQUEZ MARIA A. VILLA/ JUAN D. DIAZ FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574)5108666 TEL.: (574)5108866
CONSOLIDATED INCOME STATEMENT
AND BALANCE SHEET QUARTER GROWTH
(Ps millions) 2Q 02 3Q 02 3Q02/2Q02
--------------------------------------------------------------------------------------------
ASSETS
Loans, net 5,083,957 5,709,724 12.31%
Investment Securities, net 3,865,654 4,207,750 8.85%
Other assets 1,822,410 1,921,552 5.44%
TOTAL ASSETS 10,772,021 11,839,026 9.91%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 7,954,830 8,288,730 4.20%
Other liabilities 1,798,230 2,560,529 42.39%
TOTAL LIABILITIES 9,753,060 10,849,259 11.24%
Shareholders' equity 1,018,961 989,767 -2.87%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 10,772,021 11,839,026 9.91%
Interest income 290,440 248,324 -14.50%
Interest expense 120,499 108,145 -10.25%
NET INTEREST INCOME 169,941 140,179 -17.51%
Net provisions (43,610) (23,479) -46.16%
Other operating income 85,018 98,063 15.34%
Other operating expense 164,460 174,453 6.08%
Non-operating income, net (3,867) 24,023 721.23%
Income tax expense (9,014) (8,712) -3.35%
NET INCOME 34,008 55,621 63.55%
LOAN PORTFOLIO AS OF GROWTH
(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
------------------------------------------------------------------------------------------------------
CORPORATE
Trade Financing 95,034 124,437 137,271 10.31% 44.44%
Loans funded by
domestic development banks 252,344 294,739 363,609 23.37% 44.09%
Working capital loans 3,163,256 2,886,281 3,293,222 14.10% 4.11%
Credit Cards 4,106 5,310 5,017 -5.52% 22.19%
Overdrafts 67,841 32,848 29,877 -9.04% -55.96%
TOTAL CORPORATE 3,582,581 3,343,615 3,828,996 14.52% 6.88%
------------------------------------------------------------------------------------------------------
RETAIL
Credit Cards 223,544 227,531 229,249 0.76% 2.55%
Personal loans 419,110 463,896 500,991 8.00% 19.54%
Automobile loans 25,879 16,536 17,310 4.68% -33.11%
Overdrafts 88,258 127,138 134,383 5.70% 52.26%
Loans funded by
domestic development banks 114,644 208,980 261,736 25.24% 128.30%
Trade Financing 37,468 46,200 58,445 26.50% 55.99%
Working capital loans 811,502 920,444 979,794 6.45% 20.74%
TOTAL RETAIL 1,720,405 2,010,725 2,181,908 8.51% 26.83%
------------------------------------------------------------------------------------------------------
MORTGAGE 34,360 32,450 35,584 9.66% 3.56%
------------------------------------------------------------------------------------------------------
TOTAL LOANS 5,337,346 5,386,790 6,046,488 12.25% 13.29%
ALLOWANCE FOR LOAN LOSSES (294,424) (302,833) (336,764) 11.20% 14.38%
------------------------------------------------------------------------------------------------------
TOTAL LOANS, NET 5,042,922 5,083,957 5,709,724 12.31% 13.22%
LOAN CLASSIFICATION AS OF 30-SEP-01 AS OF 30-JUN-02 AS OF 30-SEP-02
(Ps millions)
--------------------------------------------------------------------------------------------------------------------
"A" Normal 4,251,841 79.7% 4,349,013 80.7% 4,938,927 81.7%
"B" Subnormal 575,876 10.8% 498,077 9.3% 567,813 9.4%
"C" Deficient 96,226 1.8% 135,866 2.5% 88,901 1.5%
"D" Doubtful recovery 249,005 4.7% 233,695 4.3% 263,001 4.3%
"E" Unrecoverable 164,398 3.0% 170,139 3.2% 187,846 3.1%
TOTAL 5,337,346 100% 5,386,790 100% 6,046,488 100%
LOANS CLASSIFIED AS C, D AND E
AS A PERCENTAGE OF TOTAL LOANS 9.5% 10.0% 8.9%
ASSET QUALITY AS OF GROWTH
(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
--------------------------------------------------------------------------------------------------------------------------------
Total performing past due loans 53,788 77,111 37,552 -51.30% -30.19%
Total nonperforming past due loans(1) 168,156 197,063 222,065 12.69% 32.06%
Total past due loans 221,944 274,174 259,617 -5.31% 16.97%
Allowance for loans and accrued interest losses 323,569 325,876 353,430 8.46% 9.23%
Past due loans to total loans 4.16% 5.09% 4.29%
Non performing loans to total loans 3.15% 3.66% 3.67%
Allowances to past due loans(2) 145.79% 118.86% 136.14%
Allowances to C, D and E loans(2) 63.49% 60.38% 65.48%
Allowances to non performing loans(2) 192.42% 165.37% 159.16%
Performing loans to total loans 96.85% 96.34% 96.33%
TECHNICAL EQUITY RISK WEIGHTED ASSETS AS OF GROWTH
Unconsolidated(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
--------------------------------------------------------------------------------------------------------------------
Basic capital 551,919 551,001 570,894 3.61% 3.44%
Additional capital 210,001 210,096 199,843 -4.88% -4.84%
Technical capital(1) 761,920 761,097 770,737 1.27% 1.16%
Risk weighted assets 6,675,434 6,591,050 7,223,403 9.59% 8.21%
--------------------------------------------------------------------------------------------------------------------
CAPITAL ADEQUACY(2) 11.41% 11.55% 10.67% -7.62% -6.52%
--------------------------------------------------------------------------------------------------------------------
ACCUMULATED CREDIT CARD BILLING
% 2002
(As of September 30, in Ps million) 2001 2002 Growth Mkt. Share
-----------------------------------------------------------------------------------------------
Bancolombia Mastercard 460,344 518,797 12.7% 10.8%
Bancolombia VISA 200,300 241,601 20.6% 5.0%
Total Bancolombia 660,644 760,398 15.1% 15.9%
-----------------------------------------------------------------------------------------------
Colombian credit card industry 4,054,797 4,795,658 18.3% 100.0%
Source: Credibanco and Red Multicolor as of September 2002.
CREDIT CARD MARKET SHARE
% 2002
Number of credit cards as of September 30, 2001 2002 Growth Mkt. Share
-----------------------------------------------------------------------------------------------
Bancolombia Mastercard 154,615 159,506 3.2% 7.3%
Bancolombia VISA 106,591 97,546 -8.5% 4.5%
Total Bancolombia 261,206 257,052 -1.6% 11.8%
-----------------------------------------------------------------------------------------------
Colombian credit card industry 1,974,278 2,183,171 10.6% 100.0%
Source: Credibanco and Red Multicolor as of September 2002.
SUBSIDIARIES' BREAKDOWN
As of September 30, 2002 (Ps millions) BANCOLOMBIA BANCOLOMBIA PANAMA COLCORP LEASING COLOMBIA
-----------------------------------------------------------------------------------------------------------------
Total assets 9,231,522 2,512,690 304,926 227,546
Total shareholders' equity 1,010,261 98,190 205,152 20,175
Net income (loss) 99,524 20,917 5,192 3,657
As of September 30, 2002 (Ps millions) ALMACENAR FIDUCOLOMBIA
-------------------------------------------------------------------
Total assets 91,228 64,725
Total shareholders' equity 71,761 54,157
Net income (loss) 1,572 9,073
BANCOLOMBIA PANAMA
INCOME STATEMENT
AND BALANCE SHEET QUARTER GROWTH
(US$) 2Q 02 3Q 02 3Q02/2Q02
----------------------------------------------------------------------------------------------
ASSETS
Loans, net 235,210,150 288,799,006 22.78%
Investment securities, net 623,762,252 530,032,509 -15.03%
Other assets 137,566,907 94,465,363 -31.33%
TOTAL ASSETS 996,539,309 913,296,878 -8.35%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 887,468,118 801,383,598 -9.70%
Other liabilities 61,158,992 76,223,677 24.63%
TOTAL LIABILITIES 948,627,110 877,607,274 -7.49%
Shareholders' equity 47,912,199 35,689,604 -25.51%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 996,539,309 913,296,878 -8.35%
Interest income 17,166,902 15,102,436 -12.03%
Interest expense 6,456,286 6,180,388 -4.27%
NET INTEREST INCOME 10,710,616 8,922,048 -16.70%
Net provisions (13,907,572) 1,944,878 -113.98%
Other operating income 361,356 611,599 69.25%
Other operating expense 739,693 633,691 -14.33%
NET INCOME (3,575,293) 10,844,834 403.33%
PRINCIPAL RATIOS
QUARTERS
3Q01 2Q02 3Q02
PROFITABILITY
------------------------------------------------------------------------------------------------------------------------------
Net interest margin (1) 7.97% 7.77% 6.26%
Return on average total assets (2) 2.37% 1.30% 2.05%
Return on average shareholders'equity (3) 24.73% 13.26% 20.04%
EFFICIENCY
------------------------------------------------------------------------------------------------------------------------------
Operating expenses to net operating income (4) 61.87% 60.76% 69.90%
Operating expenses to average total assets (4) 6.49% 5.92% 6.13%
CAPITAL ADEQUACY
------------------------------------------------------------------------------------------------------------------------------
Shareholders' equity to total assets 10.23% 9.46% 8.36%
Technical capital to risk weighted assets (5) 11.41% 11.55% 10.78%
ASSET QUALITY
------------------------------------------------------------------------------------------------------------------------------
Non performing loans to total loans (6) 3.15% 3.66% 3.67%
C, D and E loans to total loans (7) 9.55% 10.02% 8.93%
Past due loans to total loans 4.16% 5.09% 4.29%
Allowances to non performing loans (8) 192.42% 165.37% 159.16%
Allowances to past due loans (8) 145.79% 118.86% 136.14%
Allowances to C, D and E loans (8) 63.49% 60.38% 65.48%
Allowances to total loans (8) 6.06% 6.05% 5.85%
STOCK INDICATORS QUARTERS
3Q 01 2Q 02 3Q 02
-----------------------------------------------------------------------------------------------------------------
Net Income (Ps Millions) 52,620 34,008 55,621
USD Earnings per ADS 0.157 0.100 0.140
ROAA 2.37% 1.30% 2.05%
ROAE 24.73% 13.26% 20.04%
P/BV ADS 0.39 0.80 0.55
P/BV Local (1) 0.60 0.98 0.99
Shares Outstanding 576,695,395 576,695,395 576,695,395
(1) Share prices on the Colombian Stock Exchange
CONSOLIDATED BALANCE SHEET AS OF GROWTH
(Ps millions) 30-SEP-01 30-JUN-02 30-SEP-02 3Q02/2Q02 3Q02/3Q01
-------------------------------------------------------------------------------------------------------------------------------
ASSETS
Cash and due from banks 456,967 405,341 578,570 42.74% 26.61%
Overnight funds 192,058 180,888 96,667 -46.56% -49.67%
TOTAL CASH AND EQUIVALENTS 649,025 586,229 675,237 15.18% 4.04%
-------------------------------------------------------------------------------------------------------------------------------
DEBT SECURITIES
Trading 2,379,888 3,651,911 1,715,973 -53.01% -27.90%
Available for Sale -- -- 1,525,533 100.00% 100.00%
Held to Maturity -- -- 590,775 100.00% 100.00%
EQUITY SECURITIES
Trading -- -- 142,541 100.00% 100.00%
Available for Sale 170,187 259,618 296,907 14.36% 74.46%
Market value allowance (24,204) (45,875) (63,979) 39.46% 164.33%
NET INVESTMENT SECURITIES 2,525,871 3,865,654 4,207,750 8.85% 66.59%
-------------------------------------------------------------------------------------------------------------------------------
Gross Loans 5,337,346 5,386,790 6,046,488 12.25% 13.29%
Allowance for loan losses (294,424) (302,833) (336,764) 11.20% 14.38%
NET TOTAL LOANS 5,042,922 5,083,957 5,709,724 12.31% 13.22%
-------------------------------------------------------------------------------------------------------------------------------
Accrued interest receivable on loans 111,271 98,763 100,523 1.78% -9.66%
Allowance for accrued interest losses (29,145) (23,043) (16,666) -27.68% -42.82%
NET TOTAL INTEREST ACCRUED 82,126 75,720 83,857 10.75% 2.11%
-------------------------------------------------------------------------------------------------------------------------------
Customers' acceptances 41,411 6,105 1,225 -79.93% -97.04%
Net accounts receivable 63,481 51,279 90,588 76.66% 42.70%
Net premises and equipment 265,214 253,727 254,329 0.24% -4.10%
Foreclosed assets 64,513 53,388 50,582 -5.26% -21.59%
Prepaid expenses and deferred charges 72,795 42,590 60,690 42.50% -16.63%
Good will 147,214 130,228 124,566 -4.35% -15.38%
Net lease 233,777 284,763 310,825 9.15% 32.96%
Other 128,678 86,568 71,799 -17.06% -44.20%
Reappraisal of assets 260,956 251,813 197,854 -21.43% -24.18%
TOTAL ASSETS 9,577,983 10,772,021 11,839,026 9.91% 23.61%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 1,175,092 1,514,512 1,567,048 3.47% 33.36%
Checking accounts 1,098,503 1,438,034 1,464,528 1.84% 33.32%
Other 76,589 76,478 102,520 34.05% 33.86%
-------------------------------------------------------------------------------------------------------------------------------
INTEREST BEARING 5,767,507 6,440,318 6,721,682 4.37% 16.54%
Checking accounts 596,103 518,946 703,880 35.64% 18.08%
Time deposits 3,408,030 3,804,278 3,515,817 -7.58% 3.16%
Savings deposits 1,763,374 2,117,094 2,501,985 18.18% 41.89%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL DEPOSITS 6,942,599 7,954,830 8,288,730 4.20% 19.39%
Overnight funds 449,363 310,090 713,567 130.12% 58.80%
Bank acceptances outstanding 39,569 24,008 31,686 31.98% -19.92%
Interbank borrowings 310,349 394,396 594,810 50.82% 91.66%
Borrowings from domestic development banks 305,816 446,978 500,189 11.90% 63.56%
Accounts payable 304,313 369,012 478,940 29.79% 57.38%
Other liabilities 110,115 105,762 142,944 35.16% 29.81%
Bonds 9,677 5,077 2,221 -56.25% -77.05%
Accrued expenses 104,167 116,176 82,955 -28.60% -20.36%
Minority interest in consolidated subsidiaries 22,499 26,731 13,217 -50.56% -41.26%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 8,598,467 9,753,060 10,849,259 11.24% 26.18%
Shareholders' equity 979,516 1,018,961 989,767 -2.87% 1.05%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 9,577,983 10,772,021 11,839,026 9.91% 23.61%
AS OF QUARTER
CONSOLIDATED INCOME STATEMENT ------------------------- --------------------------
( Ps Millions) 30-SEP-01 30-SEP-02 3Q 01 2Q 02
------------------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME AND EXPENSES
Interest on loans 611,919 550,115 202,032 181,526
Interest on investment securities 174,881 230,697 62,929 96,614
Overnight funds 20,435 6,801 5,845 2,534
Leasing 26,150 28,653 8,971 9,766
TOTAL INTEREST INCOME 833,385 816,266 279,777 290,440
------------------------------------------------------------------------------------------------------------------------------------
Interest expense
Time deposits 244,083 215,380 82,010 73,675
Savings deposits 86,039 80,092 29,438 27,540
TOTAL INTEREST ON DEPOSITS 330,122 295,472 111,448 101,215
------------------------------------------------------------------------------------------------------------------------------------
Interbank borrowings 25,446 8,409 4,393 2,098
Borrowings from domestic development banks 25,759 32,564 8,365 11,047
Overnight funds 17,498 19,253 8,053 6,139
TOTAL INTEREST EXPENSE 398,825 355,698 132,259 120,499
------------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME 434,560 460,568 147,518 169,941
Provision for loan and accrued interest losses (233,923) (172,635) (101,715) (73,064)
Provision for foreclosed assets and other assets (41,663) (57,585) (24,732) (31,570)
Recovery of provisions for foreclosed assets and other assets -- 24,346 -- 6,565
Recovery of provisions for past due loans and accrued interest losses 170,654 82,118 90,237 46,188
Recovery of charged-off loans 16,164 20,232 6,844 8,271
------------------------------------------------------------------------------------------------------------------------------------
TOTAL NET PROVISIONS (88,768) (103,524) (29,366) (43,610)
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 345,792 357,044 118,152 126,331
------------------------------------------------------------------------------------------------------------------------------------
Commissions from banking services 60,502 74,498 21,069 24,488
Credit card merchant fees 28,687 31,039 9,909 10,101
Credit and debit card annual fees 29,410 36,422 10,022 12,085
Checking fees 28,167 30,557 9,340 10,413
Warehouse services 24,121 29,010 8,376 9,625
Commissions-fees from fiduciary activities 19,584 25,581 7,058 9,494
Check remittance 17,479 15,123 5,623 4,973
International operations 14,876 15,939 4,673 4,921
TOTAL FEES AND OTHER SERVICE INCOME 222,826 258,169 76,070 86,100
------------------------------------------------------------------------------------------------------------------------------------
Fees and other service expenses (37,854) (40,257) (13,199) (13,470)
TOTAL FEES AND INCOME FROM SERVICES 184,972 217,912 62,869 72,630
------------------------------------------------------------------------------------------------------------------------------------
OTHER OPERATING INCOME
Net foreign exchange gains 22,868 70,791 5,623 32,196
Forward contracts in foreign currency 10,404 (40,745) 9,939 (22,996)
Dividend income 7,749 24,391 4,554 1,147
Communication, postage and others 6,327 6,221 2,340 2,041
TOTAL OTHER OPERATING INCOME 47,348 60,658 22,456 12,388
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME 578,112 635,614 203,477 211,349
OPERATING EXPENSES
Salaries and employee benefits 183,482 204,603 60,770 68,215
Compensation 16,354 18,348 5,854 6,028
Administrative and other expenses 209,492 226,894 69,193 72,904
Donation expenses -- 408 -- 24
Depreciation 24,070 23,299 8,241 7,739
TOTAL OPERATING EXPENSES 433,398 473,552 144,058 154,910
------------------------------------------------------------------------------------------------------------------------------------
NET OPERATING INCOME 144,714 162,062 59,419 56,439
Merger expenses 32,107 27,366 9,967 9,550
NON-OPERATING INCOME (EXPENSE)
Other income 49,007 24,073 15,040 5,658
Minority interest (874) 15,219 (359) (676)
Recovery of deposit security -- 2,421 -- --
Other expense (9,976) (19,902) (4,281) (8,849)
TOTAL NON-OPERATING INCOME 38,157 21,811 10,400 (3,867)
INCOME BEFORE INCOME TAXES 150,764 156,507 59,852 43,022
Income tax expense (25,871) (25,737) (7,232) (9,014)
------------------------------------------------------------------------------------------------------------------------------------
NET INCOME 124,893 130,770 52,620 34,008
------------------------------------------------------------------------------------------------------------------------------------
QUARTER GROWTH
CONSOLIDATED INCOME STATEMENT ------- ---------------------------
(Ps Millions) 3Q 02 3Q 02/2Q 02 3Q 02/3Q 01
------------------------------------------------------------------------------------------------------------------
INTEREST INCOME AND EXPENSES
Interest on loans 176,903 -2.55% -12.44%
Interest on investment securities 61,316 -36.54% -2.56%
Overnight funds 738 -70.88% -87.37%
Leasing 9,367 -4.09% 4.42%
TOTAL INTEREST INCOME 248,324 -14.50% -11.24%
------------------------------------------------------------------------------------------------------------------
Interest expense
Time deposits 63,068 -14.40% -23.10%
Savings deposits 25,633 -6.92% -12.92%
TOTAL INTEREST ON DEPOSITS 88,701 -12.36% -20.41%
------------------------------------------------------------------------------------------------------------------
Interbank borrowings 3,505 67.06% -20.22%
Borrowings from domestic development banks 11,069 0.20% 32.33%
Overnight funds 4,870 -20.67% -39.53%
TOTAL INTEREST EXPENSE 108,145 -10.25% -18.23%
------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME 140,179 -17.51% -4.97%
Provision for loan and accrued interest losses (27,547) -62.30% -72.92%
Provision for foreclosed assets and other assets (19,076) -39.58% -22.87%
Recovery of provisions for foreclosed assets and other assets 4,707 -28.30% 100.00%
Recovery of provisions for past due loans and accrued interest losses 9,825 -78.73% -89.11%
Recovery of charged-off loans 8,612 4.12% 25.84%
------------------------------------------------------------------------------------------------------------------
TOTAL NET PROVISIONS (23,479) -46.16% -20.05%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 116,700 -7.62% -1.23%
------------------------------------------------------------------------------------------------------------------
Commissions from banking services 27,408 11.92% 30.09%
Credit card merchant fees 11,198 10.86% 13.01%
Credit and debit card annual fees 12,555 3.89% 25.27%
Checking fees 10,353 -0.58% 10.84%
Warehouse services 9,850 2.34% 17.60%
Commissions-fees from fiduciary activities 8,261 -12.99% 17.05%
Check remittance 4,985 0.24% -11.34%
International operations 6,166 25.30% 31.95%
TOTAL FEES AND OTHER SERVICE INCOME 90,776 5.43% 19.33%
------------------------------------------------------------------------------------------------------------------
Fees and other service expenses (14,439) 7.19% 9.39%
TOTAL FEES AND INCOME FROM SERVICES 76,337 5.10% 21.42%
------------------------------------------------------------------------------------------------------------------
OTHER OPERATING INCOME
Net foreign exchange gains 39,919 23.99% 609.99%
Forward contracts in foreign currency (33,265) 44.66% -434.68%
Dividend income 12,976 1031.30% 184.94%
Communication, postage and others 2,096 2.69% -10.42%
TOTAL OTHER OPERATING INCOME 21,726 75.38% -3.25%
------------------------------------------------------------------------------------------------------------------
TOTAL INCOME 214,763 1.62% 5.55%
OPERATING EXPENSES
Salaries and employee benefits 69,189 1.43% 13.85%
Compensation 6,490 7.66% 10.86%
Administrative and other expenses 82,720 13.46% 19.55%
Donation expenses 12 -50.00% 100.00%
Depreciation 8,123 4.96% -1.43%
TOTAL OPERATING EXPENSES 166,534 7.50% 15.60%
------------------------------------------------------------------------------------------------------------------
NET OPERATING INCOME 48,229 -14.55% -18.83%
Merger expenses 7,919 -17.08% -20.55%
NON-OPERATING INCOME (EXPENSE)
Other income 12,918 128.31% -14.11%
Minority interest 16,369 -2521.45% -4659.61%
Recovery of deposit security -- 0.00% 100.00%
Other expense (5,264) -40.51% 22.97%
TOTAL NON-OPERATING INCOME 24,023 -721.23% 130.98%
INCOME BEFORE INCOME TAXES 64,333 49.54% 7.49%
Income tax expense (8,712) -3.35% 20.47%
------------------------------------------------------------------------------------------------------------------
NET INCOME 55,621 63.55% 5.70%
------------------------------------------------------------------------------------------------------------------