BanColombia SA (BCOLO CX) - Estandarizado

En Millones de COP excepto por acción FY 201012 meses fin 12/31/2010 + Ing int&inv INTEREST_INCOME4,983,384.0 - Gastos de intereses IS_INT_EXPENSES1,571,581.0 + Ingreso de interés neto NET_INT_INC3,411,803.0 + Beneficio cuenta oper IS_TRADING_ACCT_PROF245,179.0 + Comisiones y tarifas ganadas IS_COMM_AND_FEE_EARN_INC_REO1,729,594.0 + Otros ingresos operacionales IS_OTHER_OPER_INC_LOSSES212,538.0Ingresos netos NET_REV5,599,114.0 - Provisiones de pérdidas de préstamos IS_PROV_FOR_LOAN_LOSS512,585.0Ingreso neto tras provisiones NET_REV_AFT_PROV5,086,529.0 - Gasto no de intereses NON_INT_EXP3,315,319.0Ingreso operativo IS_OPER_INC1,771,210.0 - Pérdida neta no operacional IS_NET_NON_OPER_LOSS-186,918.0Ingreso antes de impuestos PRETAX_INC1,958,128.0 - Gastos de impuesto al ingreso IS_INC_TAX_EXP508,417.0Ingreso antes de PE IS_INC_BEF_XO_ITEM1,449,711.0 - Pérdida extraordinaria neta antes de impuestos XO_GL_NET_OF_TAX0.0 - Intereses minoritarios MIN_NONCONTROL_INTEREST_CREDITS13,217.0Ben neto NET_INCOME1,436,494.0 - Efectivo dividendos preferentes IS_TOT_CASH_PFD_DVD--Ingreso neto disponible a accionistas comunes EARN_FOR_COMMON1,436,494.0

Pérdida anormal IS_ABNORMAL_ITEM45,716.0 Efecto de impuesto en PE IS_TAX_EFF_ON_ABNORMAL_ITEM--Ingreso normalizado NORMALIZED_INCOME1,482,210.0

BPA antes de PE IS_BASIC_EPS_CONT_OPS1,881.39BPA base antes de PE IS_EARN_BEF_XO_ITEMS_PER_SH1,823.36BPA básicos IS_EPS 1,823.36 Acciones promedio básicas pond IS_AVG_NUM_SH_FOR_EPS787.8BPA diluidos antes de PE IS_DIL_EPS_CONT_OPS1,881.39BPA diluidos antes de PE IS_DIL_EPS_BEF_XO1,823.36BPA diluidos IS_DILUTED_EPS1,823.36 Acciones diluidas promedio pond IS_SH_FOR_DILUTED_EPS787.8BPA especiales IS_SPECIAL_EPS2,468.70

ReferenciaEstándar contable ACCOUNTING_STANDARDCO GAAPIngreso neto de interés menos provisiones NET_INT_INC_AFT_PROV2,899,218.0Ingreso neto - neto de comisiones pagadas NET_REV_EXCL_COMMISSIONS_PAID--Ingreso total SALES_REV_TURN7,170,695.0Margen operacional OPER_MARGIN31.63

Margen antes de impuestos PRETAX_MARGIN34.97Margen beneficios PROF_MARGIN25.66Margen de interés neto T12_NET_INT_MARGIN6.24Ingreso por empleado ACTUAL_SALES_PER_EMPL428,997,606.94Dividendo por acción EQY_DPS660.68Efectivo dividendos ordinarios IS_TOT_CASH_COM_DVD520,501.5Beneficio antes de impuestos antes de provisión PRETAX_PRE-PROVISION_PROFIT2,283,795.0Ratio eficiencia EFF_RATIO58.09Pérd efect préstamos IS_ACT_LOAN_LOSS_NET406,280.0Beneficios reinvertidos REINVEST_EARN--Source: Bloomberg Right click to show data transparency (not supported for all values)

FY 2011 FY 2012 FY 2013 FY 2014Análisis Horizontal - Balance General12/31/2011 12/31/2012 12/31/2013 12/31/2014 2011 2012 2013

5,973,294.0 7,709,493.0 8,193,691.0 9,423,945.0 19.86% 29.07% 6.28%2,042,006.0 2,894,860.0 3,122,126.0 3,240,787.0 29.93% 41.77% 7.85%3,931,288.0 4,814,633.0 5,071,565.0 6,183,158.0 15.23% 22.47% 5.34%

292,688.0 288,188.0 157,288.0 309,972.0 19.38% -1.54% -45.42%1,855,931.0 1,386,250.0 2,164,223.0 2,586,776.0 7.30% -25.31% 56.12%

391,908.0 1,054,037.0 560,818.0 707,657.0 84.39% 168.95% -46.79%6,471,815.0 7,543,108.0 7,953,894.0 9,787,563.0 15.59% 16.55% 5.45%

596,417.0 1,072,520.0 1,162,679.0 1,373,736.0 16.35% 79.83% 8.41%5,875,398.0 6,470,588.0 6,791,215.0 8,413,827.0 15.51% 10.13% 4.96%3,917,689.0 4,483,987.0 5,039,949.0 6,041,756.0 18.17% 14.45% 12.40%1,957,709.0 1,986,601.0 1,751,266.0 2,372,071.0 10.53% 1.48% -11.85%-188,053.0 -188,242.0 -198,320.0 -95,597.0 0.61% 0.10% 5.35%

2,145,762.0 2,174,843.0 1,949,586.0 2,467,668.0 9.58% 1.36% -10.36%470,517.0 467,074.0 417,095.0 589,075.0 -7.45% -0.73% -10.70%

1,675,245.0 1,707,769.0 1,532,491.0 1,878,593.0 15.56% 1.94% -10.26%0.0 0.0 0.0 0.0 25.96% 21.93% 21.48%

11,351.0 5,723.0 17,364.0 -128.0 -14.12% -49.58% 203.41%1,663,894.0 1,702,046.0 1,515,127.0 1,878,721.0 15.83% 2.29% -10.98%

0.0 0.0 0.0 0.01,663,894.0 1,702,046.0 1,515,127.0 1,878,721.0 15.83% 2.29% -10.98%

121,166.0 82,187.0 3,780.0 1,670.0 165.04% -32.17% -95.40%-- -- -- -398.7

1,785,060.0 1,784,233.0 1,518,907.0 1,879,992.3 20.43% -0.05% -14.87%

2,265.80 2,094.60 1,783.12 1,954.61 20.43% -7.56% -14.87%2,112.00 1,998.11 1,778.68 1,953.28 15.83% -5.39% -10.98%2,112.00 1,998.11 1,778.68 1,953.28 15.83% -5.39% -10.98%

787.8 851.8 851.8 961.8 0.00% 8.12% 0.00%2,265.80 2,094.60 1,783.12 1,954.61 20.43% -7.56% -14.87%2,112.00 1,998.11 1,778.68 1,953.28 15.83% -5.39% -10.98%2,112.00 1,998.11 1,778.68 1,953.28 15.83% -5.39% -10.98%

787.8 851.8 851.8 961.8 0.00% 8.12% 0.00%2,709.24 2,546.43 -- -- 9.74% -6.01%

CO GAAP CO GAAP CO GAAP CO GAAP3,334,871.0 3,742,113.0 3,908,886.0 4,809,422.0 15.03% 12.21% 4.46%

-- 7,340,464.0 7,706,027.0 9,437,682.0 4.98%8,513,821.0 10,437,968.0 11,076,020.0 13,028,350.0 18.73% 22.60% 6.11%

30.25 26.34 22.02 24.24 -4.38% -12.94% -16.40%

33.16 28.83 24.51 25.21 -5.19% -13.04% -14.99%25.71 22.56 19.05 19.20 0.21% -12.23% -15.58%

6.04 6.19 5.32 5.36 -3.29% 2.45% -14.07%358,250,410.27 596,182,773.59 385,078,747.00 432,003,116.92 -16.49% 66.42% -35.41%

708.00 754.00 776.00 830.00 7.16% 6.50% 2.92%557,781.0 642,277.6 661,017.8 798,316.4 7.16% 15.15% 2.92%

2,554,126.0 3,059,121.0 2,913,945.0 3,745,807.0 11.84% 19.77% -4.75%59.36 58.33 62.19 60.31 2.18% -1.74% 6.62%

531,682.0 678,506.0 880,000.0 689,000.0 30.87% 27.62% 29.70%1,106,113.0 1,059,768.4 854,109.2 1,080,404.6 -4.19% -19.41%

Right click to show data transparency (not supported for all values)

Análisis Horizontal - Balance General Análisis Vertical - Estado de Resultados2014 2010 2011 2012 2013 2014

15.01% 69.50% 70.16% 73.86% 73.98% 72.33%3.80% 21.92% 23.98% 27.73% 28.19% 24.87%

21.92% 47.58% 46.18% 46.13% 45.79% 47.46%97.07% 3.42% 3.44% 2.76% 1.42% 2.38%19.52% 24.12% 21.80% 13.28% 19.54% 19.85%26.18% 2.96% 4.60% 10.10% 5.06% 5.43%23.05% 78.08% 76.02% 72.27% 71.81% 75.13%18.15% 7.15% 7.01% 10.28% 10.50% 10.54%23.89% 70.93% 69.01% 61.99% 61.31% 64.58%19.88% 46.23% 46.02% 42.96% 45.50% 46.37%35.45% 24.70% 22.99% 19.03% 15.81% 18.21%

-51.80% -2.61% -2.21% -1.80% -1.79% -0.73%26.57% 27.31% 25.20% 20.84% 17.60% 18.94%41.23% 7.09% 5.53% 4.47% 3.77% 4.52%22.58% 20.22% 19.68% 16.36% 13.84% 14.42%21.39% 23.87% 22.93%

-100.74% 0.18% 0.13% 0.05% 0.16% 0.00%24.00% 20.03% 19.54% 16.31% 13.68% 14.42%

24.00% 20.03% 19.54% 16.31% 13.68% 14.42%

-55.82% 0.64% 1.42% 0.79% 0.03% 0.01%

23.77% 20.67% 20.97% 17.09% 13.71% 14.43%

9.62%9.82%9.82%

12.91%9.62%9.82%9.82%

12.91%

23.04% 40.43% 39.17% 35.85% 35.29% 36.92%22.47% 70.32% 69.57% 72.44%17.63% 100.00% 100.00% 100.00% 100.00% 100.00%10.07%

2.86%0.77%0.83%

12.19% 5982.65% 4207.87% 5711.67% 3476.69% 3315.87%6.96% 0.01% 0.01% 0.01% 0.01% 0.01%

20.77% 7.26% 6.55% 6.15% 5.97% 6.13%28.55% 31.85% 30.00% 29.31% 26.31% 28.75%-3.02% 0.00% 0.00% 0.00% 0.00% 0.00%

-21.70% 5.67% 6.24% 6.50% 7.95% 5.29%26.49% 12.99% 10.15% 7.71% 8.29%

BanColombia SA (BCOLO CX) - Estandarizado

En Millones de COP excepto por acción FY 2010 FY 2011 FY 201212 meses fin 12/31/2010 12/31/2011 12/31/2012Activos + Efectivo y equivalentes 5,312,398.0 7,728,997.0 7,144,015.0 + Activos interbancarios 842,636.0 741,296.0 1,025,082.0 + Inversiones a corto plazo 4,925,435.0 6,222,503.0 9,070,951.0 + Préstamos netos 46,091,877.0 58,575,846.0 66,739,040.0 + Préstamos totales 48,601,090.0 61,388,428.0 69,988,679.0 - Reserva para pérdias en préstamos 2,509,213.0 2,812,582.0 3,249,639.0 + Inversiones a largo plazo 3,750,327.0 3,735,688.0 3,483,360.0 + Activos fijos netos 2,180,733.0 3,002,368.0 3,533,626.0 + Otros activos 4,991,750.0 5,456,322.0 6,920,306.0 + Pasivo aceptación de clientes -- -- --Activo total 68,095,156.0 85,463,020.0 97,916,380.0

Pasivo y capital social + Depósitos demanda 9,555,933.0 10,293,894.0 11,298,901.0 + Depósitos que pagan interés 33,331,140.0 41,236,168.0 51,881,403.0 + Depósitos ahorro 18,060,869.0 23,263,051.0 27,113,914.0 + Depósitos a plazo 15,270,271.0 17,973,117.0 24,767,489.0 + Otros depósitos 651,894.0 904,430.0 978,416.0 + Depósitos de clientes 43,538,967.0 52,434,492.0 64,158,720.0 + Adeudos a CP y Repos 645,374.0 2,468,527.0 670,567.0 + Otro pasivo a corto plazo 5,718,376.0 2,570,665.0 2,834,876.0 + Préstamos a largo plazo 7,209,433.0 17,767,909.0 17,330,727.0 + Otros pasivos a largo plazo 2,965,254.0 1,154,612.0 1,233,141.0Pasivos totales 60,077,404.0 76,396,205.0 86,228,031.0 + Capital preferente total -- 0.0 0.0 + Interés minoritario 70,612.0 73,455.0 81,394.0 + Capital en acciones y APIC 393,914.0 393,914.0 425,914.0 + Beneficios retenidos y otro capital 7,553,226.0 8,599,446.0 11,181,041.0Patrimonio total 8,017,752.0 9,066,815.0 11,688,349.0Pasivo y capital totales 68,095,156.0 85,463,020.0 97,916,380.0Préstamos hipotecarios 3,342,881.0 4,840,668.0 5,957,824.0Préstamos comerciales 31,247,485.0 38,529,903.0 42,800,251.0Préstamos de consumo 11,520,056.0 15,686,714.0 18,538,485.0Otros préstamos 5,833,549.0 7,171,811.0 8,649,943.0Activos rentables 58,119,488.0 72,087,915.0 83,568,072.0Activos no rentables 928,759.0 930,540.0 1,589,594.0Compromisos no en hoja de balance -- -- 475,622,182.0Núm. de empleados 16,715.00 23,765.00 17,508.00Source: Bloomberg

FY 2013 FY 2014Análisis Horizontal - Balance General Análisis Vertical - Balance General12/31/2013 12/31/2014 2011 2012 2013 2014 2010 2011

11,427,441.0 11,192,825.0 45.49% -7.57% 59.96% -2.05% 7.80% 9.04%3,981,205.0 2,249,304.0 -12.03% 38.28% 288.38% -43.50% 1.24% 0.87%

10,010,452.0 10,813,514.0 26.33% 45.78% 10.36% 8.02% 7.23% 7.28%85,394,012.0 102,803,374.0 27.08% 13.94% 27.95% 20.39% 67.69% 68.54%89,459,542.0 107,553,547.0 26.31% 14.01% 27.82% 20.23% 71.37% 71.83%

4,065,530.0 4,750,173.0 12.09% 15.54% 25.11% 16.84% 3.68% 3.29%3,795,338.0 2,864,287.0 -0.39% -6.75% 8.96% -24.53% 5.51% 4.37%5,110,858.0 5,950,094.0 37.68% 17.69% 44.63% 16.42% 3.20% 3.51%

11,096,935.0 12,851,463.0 9.31% 26.83% 60.35% 15.81% 7.33% 6.38%-- 0.0

130,816,241.0 148,724,861.0 25.51% 14.57% 33.60% 13.69% 100.00% 100.00%

16,784,933.0 18,142,957.0 7.72% 9.76% 48.55% 8.09% 14.03% 12.04%68,708,216.0 75,804,107.0 23.72% 25.82% 32.43% 10.33% 48.95% 48.25%34,649,764.0 39,175,192.0 28.80% 16.55% 27.79% 13.06% 26.52% 27.22%34,058,452.0 36,628,915.0 17.70% 37.80% 37.51% 7.55% 22.42% 21.03%

1,063,430.0 1,390,158.0 38.74% 8.18% 8.69% 30.72% 0.96% 1.06%86,556,579.0 95,337,222.0 20.43% 22.36% 34.91% 10.14% 63.94% 61.35%

1,589,316.0 3,435,587.0 282.50% -72.84% 137.01% 116.17% 0.95% 2.89%3,221,625.0 3,242,690.0 -55.05% 10.28% 13.64% 0.65% 8.40% 3.01%

24,836,367.0 27,529,398.0 146.45% -2.46% 43.31% 10.84% 10.59% 20.79%1,674,060.0 1,868,223.0 -61.06% 6.80% 35.76% 11.60% 4.35% 1.35%

117,877,947.0 131,413,120.0 27.16% 12.87% 36.70% 11.48% 88.23% 89.39%0.0 0.0

445,448.0 494,387.0 4.03% 10.81% 447.27% 10.99% 0.10% 0.09%425,914.0 480,914.0 0.00% 8.12% 0.00% 12.91% 0.58% 0.46%

12,066,932.0 16,336,440.0 13.85% 30.02% 7.92% 35.38% 11.09% 10.06%12,938,294.0 17,311,741.0 13.08% 28.91% 10.69% 33.80% 11.77% 10.61%

130,816,241.0 148,724,861.0 25.51% 14.57% 33.60% 13.69% 100.00% 100.00%10,295,930.0 12,518,984.0 44.81% 23.08% 72.81% 21.59% 4.91% 5.66%52,880,286.0 65,127,730.0 23.31% 11.08% 23.55% 23.16% 45.89% 45.08%26,897,820.0 31,173,785.0 36.17% 18.18% 45.09% 15.90% 16.92% 18.35%

9,681,436.0 11,252,032.0 22.94% 20.61% 11.92% 16.22% 8.57% 8.39%107,246,537.0 123,480,652.0 24.03% 15.93% 28.33% 15.14% 85.35% 84.35%

2,087,441.0 2,451,946.0 0.19% 70.82% 31.32% 17.46% 1.36% 1.09%574,503,144.0 650,908,392.0 20.79% 13.30%

28,763.00 30,158.00 42.18% -26.33% 64.28% 4.85%

Análisis Vertical - Balance General2012 2013 2014

7.30% 8.74% 7.53%1.05% 3.04% 1.51%9.26% 7.65% 7.27%

68.16% 65.28% 69.12%71.48% 68.39% 72.32%

3.32% 3.11% 3.19%3.56% 2.90% 1.93%3.61% 3.91% 4.00%7.07% 8.48% 8.64%

100.00% 100.00% 100.00%

11.54% 12.83% 12.20%52.99% 52.52% 50.97%27.69% 26.49% 26.34%25.29% 26.04% 24.63%

1.00% 0.81% 0.93%65.52% 66.17% 64.10%

0.68% 1.21% 2.31%2.90% 2.46% 2.18%

17.70% 18.99% 18.51%1.26% 1.28% 1.26%

88.06% 90.11% 88.36%

0.08% 0.34% 0.33%0.43% 0.33% 0.32%

11.42% 9.22% 10.98%11.94% 9.89% 11.64%

100.00% 100.00% 100.00%6.08% 7.87% 8.42%

43.71% 40.42% 43.79%18.93% 20.56% 20.96%

8.83% 7.40% 7.57%85.35% 81.98% 83.03%

1.62% 1.60% 1.65%

Administración del Capital de Trabajo 2014Capital de Trabajo 127,059,017 Capital de Trabajo Operativo 105,052,678 Capital de Trabajo Neto Operativo 6,279,869 Razón corriente 1.286Prueba ácida 1.264Capital de Trabajo Neto 25,043,518 Razon Act. Circulante / Act. Total 0.854Razón Pas. Circulante / Act. Total 0.686

#REF!

Requerimientos estacionales

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Costo de la deuda Costo del equityCorto Plazo 12.40% Costo patrimonio 12.34%Largo Plazo 18.60% Tasa libre de riesgo (Rf) 8.50%

Tasa del mercado (Rm) 10.34%Impuestos 24% Beta de riesgo 1.2234

CAMP 10.75%

Costo de capital 10.53%

MÉTODOLOGÍA EVA

2014UOAII 2467668Gasto en impuestos 589075UODI 1,878,593

ANO 12,229,963 CK 10.53%

EVA 591,329.22

0.31