FINANCIAL STATEMENTS OF 4Q13 INCORPORATE TWO MONTHS OF BANISTMO´S OPERATIONS
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February 6, 2014 (www.investorideas.com newswire) Bancolombia released its 2013´s unaudited results. These statements consolidate Banistmo operations (HSBC Panama) since November of 2013, making the numbers not comparable with previous quarters. Net income for FY2013 decreased 11% YoY to COP 1,515,127 million. However, in 4Q13 net income increased 4.5% YoY. The annualized Return on Equity (ROAE) was 12.8% for FY2013, well below the 15.97% of FY2012. The behavior of the different financial items showed weak results for the FY2013. As we had mentioned before, the benefits from Banistmo transaction will not be reflected in the short term. Conversely, what we should expect is a contraction of Bancolombia`s ROAE to approximately 11%, due to the equity issuance that is about to start in the coming days.
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