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Quarterly Results: Bancolombia (HOLD) - Positive delivery in cost of credit and operating expenses

Price: COP 27,320; Target Price: COP 30,000

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May 6, 2014 (www.investorideas.com newswire) Bancolombia posted a 1Q14 COP508bn in net income, equivalent to a 3% y/y growth and beating our estimates by 11%. The top line was mostly in line with our forecast and the positive surprises are explained by lower-than-expected provision expenses and operating expenses.

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In our view, 1Q14 was positive for Bancolombia as it showed improvement in efficiency, a weak point for the bank. Also, cost of credit is improving y/y and the balance sheet closed with sound Tier 1 ratio (almost 9%) in the quarter; however, with an expected ROAE surrounding 14% for 2014 and 2015, current prices do not offer ample room for outperformance. We maintain our HOLD on the shares.

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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