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Bancolombia Earnings Flash 2Q17

 

August 9, 2017 (Investorideas.com Newswire) Bancolombia reported negative results for the second quarter of the year in line with our expectations. Here are the main figures:

Bancolombia reported negative results for the second quarter of the year in line with our expectations. Here are the main figures:

Source: Issuer | Davivienda Corredores

In line with our expectations, net income for the quarter was of COP 654 billion, decreasing 10.8% YoY and increasing 7.4% QoQ. Although a recovery was observed in quarterly terms, it is worth noting that in the first quarter a tax on wealth was caused by COP 57 billion. ROAE for the quarter stood at 12.3% vs. 15.2% in 2Q16 and 11.44% in 1Q17.

Net loan showed a significant increase from an annual growth of 4.2% in 1Q17 to 7.63% in 2Q17, reaching COP 150.7 trillion, slightly surpassing our expectations. We highlight a rebound in consumption modality that presents an increase of 19.0% YoY and 5.22% QoQ. On the other hand, commercial modality grew 6.7% annually and 3.4% quarterly while housing modality had a 6.5% annual and 5.0% quarterly growth.

Net interest income stood at COP 2.63 trillion, increasing 8.3% annually and 0.5% quarterly. Thus, net interest margin stood at 6.2%, 10 bps lower than 1Q17, due to Central Bank cuts in the intervention rate.

Provisions expenses continued to be high (COP 790 billion in 2Q17) and portfolio quality (portfolio overdue at 30 days / total portfolio) stood at 4.27%, compared to 4.10% in 1Q17 and 3.10% in 2Q16, even by having a non-recurring contribution of 53 billion in net provisions of Panama which benefited the consolidated performance of provision expenses item.

Finally, efficiency indicator presented a slight deterioration to 51.7%, compared to 51.18% in 1Q17 and 48.23% in 2Q16.

Conference Call

Tomorrow at 8:00 a.m. conference call will be held, after which we will send our First Insight with a more detailed analysis.

To connect from Colombia: 01 800 915 6924

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Corredores Davivienda S.A. Comisionista de Bolsa is not responsible for investment decisions that may be derived from the information and analyses presented in this document. These decisions, their effects and consequences will be the sole responsibility of the investor. The information published is informative and has been taken from reliable sources, but Corredores Davivienda S.A. does not guarantee that they are free of errors. Total or partial reproduction of this document is not allowed without the prior and express authorization of Corredores Davivienda S.A.

In addition to the above, we inform that: i) Corredores Davivienda S.A. Comisionista de Bolsa is a subsidiary (related party) of Banco Davivienda Issuer; ii) Corredores Davivienda is one of the member companies of Grupo Empresarial Bolívar iii) Corredores Davivienda according to their policy and Investment Risk, could acquire or maintain for their own position financial assets or securities to which this report refers

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