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Bancolombia: 2Q14 Results – HOLD

Profits in line; healthy asset quality trend continues in 2Q14

Price: COP 30,000; Target Price: COP 30,000

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August 6, 2014 (www.investorideas.com newswire) Bancolombia recorded COP 467 bn in profits during 2Q14, equivalent to a 123% y/y growth. Bottom line came in line with our expectations (COP 468 bn), but below market consensus. Strong growth was mainly driven by a normalized quarter in terms of gains on investments, compared to the sharp losses of 2Q13. However, we consider the results were positive given the expansion on loan NIM and improvements in asset quality.

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Regards,
Credicorp Capital

La información contenida en este mensaje es confidencial y para conocimiento exclusivo del destinatario. La información y opiniones contenidas en este mensaje pertenecen únicamente al remitente, excepto cuando en el cuerpo del mensaje se establezca lo contrario y el remitente esté autorizado para enviar dicha información con carácter definitivo y oficial de Credicorp Capital. La información relacionada con su cuenta, los extractos, informes financieros y de productos, sólo será vinculante en la medida en que sea remitida por los canales y en los formatos que Credicorp Capital determine. Las opiniones, conclusiones o cualquier otra clase de información contenida en este correo no relacionadas con los fines del negocio de Credicorp Capital, deben entenderse como personales y bajo ninguna circunstancia son avaladas por Credicorp Capital. Si usted ha recibido este mensaje por error por favor proceda a eliminarlo, y notificar al remitente. De cualquier manera, usted no debe usar, divulgar, revelar, distribuir, imprimir, copiar o adulterar en forma parcial o total este mensaje. Credicorp Capital no se hace responsable por la eventual transmisión de virus o programas dañinos por este medio. Credicorp Capital, no se responsabiliza por eventuales daños o alteraciones como consecuencia de la recepción o uso del presente mensaje.

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