Bancolombia reported full-year 2024 net income of COP 6.3 trillion, a 2.5 per cent increase on the prior year. Fourth-quarter net income reached COP 1.7 trillion, up 10.8 per cent on the third quarter and 14.9 per cent higher than the equivalent period of 2023, while the annualised return on equity for the fourth quarter came in at 15.7 per cent. The full-year return on equity settled at 15.8 per cent.
PROVISIONS FALL 41.5% IN Q4
Provisions for credit losses declined 41.5 per cent quarter-on-quarter to COP 930 billion in the fourth quarter of 2024. The bank attributed the reduction mainly to reduced deterioration across all segments, along with a release from macroeconomic variables.
BALANCE SHEET AND NET INTEREST MARGIN
Total assets at the end of the fourth quarter reached COP 372.2 trillion, a rise of 5.3 per cent on the previous quarter, with net loans standing at COP 263.3 trillion (gross loans COP 279 trillion) and customer deposits growing 7.4 per cent quarter-on-quarter to COP 279.1 trillion. The net interest margin for the fourth quarter was 6.4 per cent.
Bancolombia's total solvency ratio stood at 13.75 per cent (basic solvency ratio 11.89 per cent), a level the bank said adequately complies with minimum regulatory requirements.