- Net loans grew 8% during the quarter and 27.6% compared to 3Q10. This growth is in line with the current environment of solid credit demand in Colombia.
- Net interest income increased 2% during the quarter and 15.4% compared to 3Q10. These increases are the result of loan growth coupled with a funding strategy that allowed the Bank to maintain a moderate cost of deposits during the quarter as a measure to defend the net interest margin, which ended the period at 6%
- Loan portfolio quality continues showing a good trend. Loan deterioration during 3Q11 was COP 184 billion, and past due loans as a percentage of total loans were 2.5%. Net provision charges for past due loans and foreclosed assets totaled COP 87 billion for the quarter, and represented 0.7% of gross loans.
- The balance sheet remains strong. Loan loss reserves represented 4.6% of total loans and 184% of past due loans at the end of 3Q11. The capital adequacy ratio ended the quarter at 13% (Tier 1 of 9.3%).
- Profitability. ROE for 3Q11 was 20.6%, and annualized ROE for the first 9 months of the year was 19.2%, which represents an increase from the 18.9% reported for the same period in 2010.
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) Reports Consolidated Net Income Of COP 424 Billion For The Third Quarter Of 2011 (COP 539 Per Share - USD 1.12 Per ADR), Which Represents An Increase Of 13% Compared To The Same Quarter Last Year
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