BANCOLOMBIA S.A. Reports Consolidated Net Income of COP 434 Billion for the Third Quarter of 2012 (COP 510 per Share - USD 1.13 per ADR), Which Represents an Increase of 2% Compared to the Same Quarter Last Year PR Newswire MEDELLIN, Colombia, Nov. 2, 2012 MEDELLIN, Colombia, Nov. 2, 2012 /PRNewswire/ -- Today, BANCOLOMBIA S.A. ("Bancolombia" or "the Bank") (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) announced its earnings results for the third quarter of 2012. For the quarter ended on September 30, 2012 ("3Q12"), Bancolombia reported consolidated net income of COP 434 billion, or COP 510 per share - USD 1.13 per ADR, which represents an increase of 2.3% as compared to the results for the quarter ended on September 30, 2011 ("3Q11") and an increase of 22.5% as compared to the results for the quarter ended on June 30, 2012 ("2Q12"). Bancolombia ended 3Q12 with COP 93,194 billion in assets, 6.9% higher than those at the end of 2Q12 and 15.6% greater than at the end of 3Q11. At the same time, liabilities totaled COP 82,049 billion, increasing 7.3% as compared to the figure presented in 2Q12 and increased 13.7% as compared to 3Q11(1) oNet loans increased 4.1% compared to 2Q12 and 12.6% compared to 3Q11. This quarterly growth confirms an increase in credit demand in Colombia with respect to 2Q12, although the yearly growth reflects some moderation due to more stringent credit underwriting standards. oNet interest income increased 22.2% compared to 3Q11. Also, it grew 5.3% compared to 2Q12. These increases are the result of loan growth coupled with an expansion of the net interest margin, which ended the period at 6.3%. oPast due loans as a percentage of total loans declined in 3Q12. 30 days (or more) past due loans as a percentage of total gross loans was 2.9%. Loan deterioration during 3Q12 was COP 237 billion, and net provision charges for past due loans and foreclosed assets totaled COP 268 billion, which represents 1.7% of gross loans when annualized. oThe balance sheet remains strong. Loan loss reserves represented 4.9% of total gross loans and 166% of past due loans at the end of 3Q12. The capital adequacy ratio ended the quarter at 16.6% (Tier 1 of 10.9%). Contact Information: Bancolombia's Investor Relations Phone: (574) 4041837 / (574) 4041838 E-mail: firstname.lastname@example.org Alejandro Mejia (IR Manager) / David Olano (Analyst) Website: http://www.grupobancolombia.com/investorrelations/ (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 herein 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 to the Bank's principal accounting policies in the quarter ended September 30, 2012. The statements of income for the quarter ended September 30, 2012 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 Commission'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, 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 October 1, 2012 $1,800.52 = US$ 1 SOURCE Bancolombia, S.A. Website: http://www.bancolombia.com
U.K. Economy Grew 0.7% in Third Quarter, Matching Median Forecast
BANCOLOMBIA S.A. Reports Consolidated Net Income of COP 434 Billion for the Third Quarter of 2012 (COP 510 per Share - USD 1.13
Press spacebar to pause and continue. Press esc to stop.