Bancolombia S.A. (NYSE: CIB) Reports Consolidated Fourth-Quarter 2009 Net Income of COP 371 Billion, and Full-Year 2009 Net Income of 1,257 Billion Colombian Pesos (COP 1,595 per Share - USD 3.12 per ADR)
RETURN ON AVERAGE SHAREHOLDER'S EQUITY WAS 19.6% FOR FULL-YEAR 2009
MEDELLIN, Colombia, March 1 /PRNewswire-FirstCall/ -- Today, BANCOLOMBIA S.A. (NYSE: CIB) ("BANCOLOMBIA" or the "Bank") announced its financial results for the fourth quarter and fiscal year 2009.
-- Strong balance sheet: reserves for loan losses represented 5.8% of total loans and 149% of past due loans at the end of 4Q09, while capital adequacy finished 2009 at 13.2% (Tier 1 ratio of 10.4%), higher than the 11.2% (Tier 1 ratio of 9.0%) reported at the end of 2008.
-- Stable asset quality: past due loans, those more than 30 days overdue, represented 3.9% of gross loans, decreasing from 4.1% in 3Q09.
-- Solid liquidity position: deposits increased 4% during 2009, while the ratio of net loans to deposits (including borrowings from development banks) was 88% at the end of the year.
-- Sequential recurring NIM expansion: After decreasing significantly throughout 2009, recurring net interest margin was 6.7% in 4Q09, up from 6.3% in 3Q09.
-- Credit cost remained high: Provision charges, net of recoveries, totaled COP 301 billion for 4Q09 and COP 1,153 billion for full-year 2009 (2.6% of average loans).
-- Credit demand remained low: Although stable during 4Q09, loans and financial leases decreased 6% during the year. This performance was driven primarily by higher than anticipated prepayments and lower demand on corporate loans motivated by increased activity of non-financial firms in the domestic and international debt markets.
-- Ranked # 1 in Colombia and El Salvador: # 1 bank in assets, deposits, shareholder's equity and net income in the main markets where we operate.
For the year 2009, net income totaled COP 1,257 billion (COP 1,595 per share - USD 3.12 per ADR), decreasing 3% as compared to full-year 2008. Bancolombia's return on average shareholders' equity ("ROE") for 2009 was 19.6%.
For the quarter ended December 31, 2009 ("4Q09"), Bancolombia reports consolidated net income of COP 371 billion (COP 471 per share - U.S. $0.92 per ADR), increasing 16% as compared to the results for the quarter ended September 30, 2009 ("3Q09") and 26% as compared to the results for the quarter ended December 31, 2008 ("4Q08").
Bancolombia ended 2009 with COP 61,864 billion in assets, increasing 3% over the last quarter ("QoQ") but flat as compared to the end of 4Q08 ("YoY").
The complete earnings report can be downloaded from Bancolombia's investor relations website: http://www.grupobancolombia.com/investorRelations/index.asp
BANCOLOMBIA Company Description (NYSE: CIB)
Bancolombia is a full service financial institution incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 6.9 million customers. 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 banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami. Together, Bancolombia and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, pension fund administration, and insurance, among others.
Contact Information
Bancolombia's Investor Relations
Phone: (574) 4041837 / (574) 4041838
E-mail: [email protected]
Juan E Toro V (IR Manager) /Catalina Botero S. (Analyst)
Website: http://www.grupobancolombia.com/investorRelations/index.asp
SOURCE Bancolombia S.A.
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