​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2022

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85

Medellín, Colombia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ◻                    No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

​

​

​

​

​

​

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2022.

​

​

​

​

​

​

​

​

August 9, 2022. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the second quarter of 2022¹.

​

​

​

​

​

​

​

1 This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended June 30, 2022, is not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.

. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate, July 1, $4.151,21= US$ 1

​

​

​

​

​

BANCOLOMBIA: Summary of consolidated financial quarterly results

​

​

​

​

​

1.BALANCE SHEET

​

1.1.Assets

​

As of June 30, 2022, Bancolombia's assets at the consolidated level totaled COP 313,431 billion, which represents an increase of 7.5% compared to 1Q22 and 18.1% compared to 2Q21. The increase in total assets during the last year is largely explained by the growth in the loan book.

​

During the second quarter, the peso depreciated 10.5% against the US dollar and depreciated 10.7% in the last 12 months. The average exchange rate was 0.1% higher in 2Q22 versus 1Q22, and 7.9% higher in the last 12 months.

​

1.2.Loan Portfolio

​

The following table shows the composition of Bancolombia loans on a consolidated basis by type and currency:

​

​

In 2Q22, gross loans grew 9.3% compared to 1Q22 (5.6% when excluding the FX effect) and 19.4% compared to 2Q21. During the last 12 months peso-denominated loans grew 16.9% and the dollar-denominated loans (expressed in USD) grew 12.4%.

Operations at Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala represented 27.5% of total gross loans for 2Q22. Likewise, the gross loans denominated in currencies other than COP, generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the USD denominated loans in Colombia, accounted for 35.4% of the portfolio, and increase 16.2% (when expressed in COP), as well as 5.2% (expressed in USD).

Total reserves (provisions in the balance sheet) for loan losses decreased 0.2% during the quarter and totaled COP 15,025 billion or 6.2% of the gross loans at the end of the quarter.

During 2Q22, the loan portfolio at a consolidated level continues with good dynamism in all geographies. Growth in commercial and consumer is remarkable. Banco Agricola reported the highest quarterly growth (6.5% when measured in USD), mainly driven by the commercial portfolio, which grew 11.2% and reached 45.3% of the total loan portfolio. Consumer loans grew 3.6% in the quarter, but slightly declined to 40.4% in terms of loan book share compared to 1Q22. Banco Agricola is closely followed by the Colombian operation, which presents an increase of 6.4% in the loan portfolio for the 2Q22, driven by commercial and consumer. Regarding loan book share, all segments remained relatively stable during the quarter. Banco Agromercantil reports a stable performance across all loan portfolio segments for 2Q22, growing at 1.9% consolidated in USD. The consumer portfolio continues increasing its loan book share, reaching 16.8% for this quarter, in line with the good performance experienced in 2021. Banistmo grew 1.8% (measured in USD) in the loan book

​

during the quarter, basically due to the positive dynamics of the commercial portfolio, which grew 3.6% for the quarter and continues to be the largest share in the credit portfolio.

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

The following table summarizes Bancolombia total loan portfolio on a consolidated basis:

​

1.3.Investment Portfolio

​

As of June 30, 2022, Bancolombia net investment portfolio at the consolidated level totaled COP 27.416 billion, growing 0.4% from the end of 1Q22 and decreasing 4.8% from the end of 2Q21. At the end of 2Q22 the debt securities portfolio had a duration of 18.7 months and a weighted average yield to maturity of 7.46%.

1.4.Goodwill and intangibles

​

At the end of 2Q22, Bancolombia's goodwill and intangibles at the consolidated level totaled COP 8,991 billion, growing 10.2% compared to 1Q22. This quarterly variation is mainly explained by the devaluation of the COP against the USD.

1.5.Funding

​

As of June 30, 2022, Bancolombia's liabilities at the consolidated level totaled COP 278,333 billion, growing 7.2% compared to 1Q22, and 18.5% from the end of 2Q21.

Customer deposits totaled COP 222,332 billion (79.9% of liabilities) at the end of 2Q22 increasing 6.7% compared to 1Q22 and up 17.2% over the last 12 months. The net loans to deposits ratio was 102.6% at the end of 2Q22 increasing compared to 99.5% in 1Q22, driven by a larger credit portfolio.

Saving and checking accounts continue representing the main source of funding for the bank. In 2Q22 there was an increase in savings and checking accounts balance, but slightly reduced their share in the funding mix with respect to 1Q22. On the other hand, time deposits presented the highest growth with respect to 1Q22, recovering the participation observed in the funding mix for 2Q21 in a scenario of rate hikes by the Colombian Central Bank to contain inflation. The stability preserved in the funding mix during the last 12 months has allowed Bancolombia to maintain a cost under control and a comfortable liquidity position.

​

​

1.6.Shareholders’ Equity and Regulatory Capital

​

Shareholders’ equity attributable to the owners of the parent company at the end of 2Q22 was COP 33,282 billion, increasing 10.2% compared to 1Q22 and up to 14.7% when compared to 2Q21. This is explained by profits generated during the year 2022, which contributes to offset the distribution of dividends decreed at the General Shareholders’ Meeting in March of 2022 for a total of COP 3.0 trillion.

Bancolombia solvency ratio on a consolidated basis under Basel III was 12.93% in 2Q22 standing 393 basis points above the minimum level required by the regulator in Colombia, while the basic capital ratio (Tier 1) stood at 10.28%, 428 basis points above the minimum regulatory capital level of 6.00% (value to fully comply with the new capital requirements after the 4-year Basel III phase in period). The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.83% at the end of 2Q22.

​

​

2.INCOME STATEMENT

​

Net income attributable to equity holders of the parent company was COP 1,780 billion in 2Q22, o COP 1,850.33 per share (USD $1.78 per ADR). This profit represents an increase of 2.8% compared to 1Q22. Bancolombia´s annualized return on equity (“ROE”) was 22.6% for 2Q22 and 18,9% for the last 12 months.

2.1.Net Interest Income

​

Net interest income totaled COP 4,315 billion in 2Q22, growing 16.6% compared to the income reported in 1Q22, and 51.6% compared to 2Q21. The increase in net interest income is mainly explained by growth of the commercial and consumer portfolio, in a higher interest rates environment that impacts new originations and loans indexed to floating rates, mainly on the commercial portfolio. On the other hand, the investment portfolio generated interest income and valuation of financial instruments for COP 469 billion in 2Q22 with a growth of 141.0% when compared to 1Q22.

Net Interest Margin

The annualized net interest margin increased to 6.7% during 2Q22. The annualized net interest margin for investments in 2Q22 was 4.1%. This growth in the investments´ margin is due to the reaction of the local and international markets to the interest rate hikes in the treasury portfolios.

The annualized quarterly net interest margin of the loan portfolio was 7.0% presenting an increase of 38 basis points when compared to 1Q22 and 132 basis points compared to 2Q21. The margin expansion trend after 4Q21 continues to be present due to the growth of the loan portfolio and its repricing as an effect of the asset sensitive condition reflected in a higher impact on income than on interest expenses during reference rate hikes, which in turn, favors the lending margin. Given the growth in interest expenses during this quarter and the expectations of the Colombian Central Bank interest rates, it could be expected a stabilization of the margin or a slight reduction for the coming quarters.

​

​

(1) Net interest margin and valuation income on financial instruments.

Cost of liabilities continues to be favored by the bank's funding structure, mainly supported by low-cost demand deposits. Nevertheless, during the last two quarters a general increase in the cost of deposits took place following the Colombian Central Bank contractionary policy. For 2Q22, time deposits reported the highest increase, although its impact on the total cost is moderated considering a 26% share on the funding mix. Savings and checking accounts, that represent 58.4% of the funding mix, are less sensitive to interest rate hikes.  

Demand deposit accounts (DDAs) confirm a continuous growth over the last 12 months. Savings accounts grew 5.8% compared to 1Q22 and 18.7% with respect to 2Q21. On the other hand, checking accounts grew 1.3% compared to 1Q22 and 12.6% with respect to 2Q21. The annualized weighted average cost of deposits was 2.13% in 2Q22, increasing 57 basis points compared to 1Q22 and 68 basis points compared to 2Q21, whereas the Colombian Central Bank interest rate hikes amount to 525 basis points during the same timeframe.

​

​

2.2.Fees and Income from Services

​

Total fees and commissions, net for 2Q22 was COP 879 billion, decreasing 4.4% compared to 1Q22, and increasing 8.9% compared to 2Q21. This decrease in 2Q22 is explained by the fees and commission expenses growing at a higher rate than fee income, due to higher payments associated to data processing in banking services, card associations and royalties’ expenses according to the transactional volume, as well as higher costs undertaken for new banking agents’ openings.

On the income side, credit and debit card fees and commercial establishments reveal a stable performance in the quarter and an outstanding performance for the last 12 months. It is explained mainly by the higher revenues from intermediary bank fees, led by an increasing dynamism in transactions carried out through traditional merchant businesses and electronic commerce. Fees generated by Bancassurance report a remarkable growth quarterly and annually, because of the good performance of the economy and loan book growth that directly impact voluntary and compulsory insurance.

​

2.3.Other Operating Income

​

Total other operating income was COP 494 billion in 2Q22, decreasing 24.5% compared to 1Q22 and 6.2% compared to 2Q21. This decrease is mainly explained by the net foreign exchange expense according with the depreciation observed during the quarter.

On the other hand, there was an increase in other operating income from operating leasing and renting, as well as from the appraisal updating and leases repricing of the real estate properties owned by “Fondo Inmobiliario Colombia FIC”. Nevertheless, these facts were not enough to mitigate the foreign exchange impact on the total operating income balance.

2.4.Asset Quality, Provision Charges and Balance Sheet Strength

​

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 9,103 billion at the end of 2Q22, and represent 3.9% of total gross loans, decreasing when compared to 1Q22, when past due loans represented 4.2% of total gross loans. During the quarter, charge-offs totaled COP 979 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 149.8% at the end of 2Q22, increasing compared to 149.0% at the end of 1Q22. The deterioration of the loan portfolio (new past due loans including charge-offs) during 2Q22 was COP 953 billion.

Provision charges (net of recoveries) totaled COP 613 billion in 2Q22, presenting a growth of 129.4% with respect to 1Q22. This performance is mainly explained by a greater constitution of provisions in the portfolio of individuals (Consumer) and new provisions expenses in commercial in line with loan book growth, as well as a lower level of releases carried out in 1Q22 associated to macroeconomic variables and overlays.

Provisions as a percentage of the average gross loans were 1.1% annualized for 2Q22 and 0.6% for the last 12 months. Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 13,639 billion, or 5.8% of total loans at the end of 2Q22, decreasing when compared to 1Q22.

The following tables present key metrics related to asset quality:

​

​

​

​

*Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

​

​

​

Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).

Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).

Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).

​

2.5.Operating Expenses

​

During 2Q22, operating expenses totaled COP 2,520 billion, increasing by 3.3% compared to 1Q22 and increasing by 21.4% compared to 2Q21.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 1,050 billion in 2Q22, which represent 1.6% reduction compared to 1Q22 and up 24.5% from 2Q21. On annual basis, such growth was mainly explained by salary increases affected by inflation and depreciation, higher registered provisions for variable bonuses when compared to the estimated value in the first half of 2021, and finally by a 2.5% growth in the headcount.

General expenses grew 10.9% in the quarter and 18.9% year-over-year. This growth is mainly driven by the depreciation of the exchange rate and technology fees related to digital transformation projects.

As of June 30, 2022, Bancolombia at a consolidated level had 31,759 employees, owned 889 branches, 5,532 ATMs, 26,834 banking agents and served more than 25 million customers.

2.6.Taxes

​

Bancolombia income tax on a consolidated basis for 2Q22 reached COP 785 billion. This value is fundamentally attributed to the operation in Colombia due to tax benefits undertaken such as untaxed dividends, exempt income from low-income home lending portfolio and investment in real productive fixed assets. Additionally, in Guatemala, El Salvador and Panama tax benefits are linked to exempt revenues from returns on securities issued by their governments and revenues from foreign sources in Panama being exempted that also contributed to a lower tax.

​

3.BREAK DOWN OF OPERATIONS

​

The following table summarizes the financial statements of our operations in each country.

BANCOLOMBIA S.A. (STAND ALONE) – COLOMBIA

The loan portfolio of Bancolombia S.A. presents an increase of 6.4% in the quarter and 17.9% during the year, with a clear dynamism in all loan categories. The commercial portfolio mainly explains such growth, with lines such as ordinary credit in legal currency and foreign currency. The consumer segment grows 6.0% quarterly and 25.3% year on year, highlighting originations in personal loans and credit cards. In the funding structure, in line with the trends seen in the previous quarter, term deposits continue growing at a higher rate than savings and checking accounts. This performance represents an increase in the cost of funding, which is explained by the interest rate hikes in Colombia.

​

Net result for Bancolombia S.A. in 2Q22 was a profit of COP 1.8 trillion, which represents an increase of 4.5% when compared to 1Q22 and 137.3% with respect to 2Q21. Net interest income showed a significant increase explained by the interest rate hikes of the Colombian Central Bank of 550 basis points from October of 2021 to July 1st, 2022, driven largely by the repricing of the commercial portfolio. In addition, investment revenues increased due to the positions in US dollar debt securities and higher valuation of treasury bonds and derivatives. The increase in interest expense is explained by growth in time deposits and higher interest rates. For 2Q22, net provisions grew due to a higher expense in consumer and commercial loans in line with the growth of the portfolio and lower provision releases compared to previous quarters. Other operating income decreased compared to the previous quarter mainly due to losses from foreign exchange difference and lower income from exchange derivatives. Operating expenses grew on an annualized basis because of higher labor expenses due to annual salary increases and social security contributions affected by inflation, as well as variable bonuses provisions.

​

BANISTMO- PANAMA

​

Loans in Banistmo closed 2Q22 with quarterly and annual growth (calculated in USD) thanks to the positive trends in commercial originations. Other assets decreased for 2Q22 in line with a better liquidity management. Deposits (calculated in USD) decreased in the annual analysis, mainly due to a reduction in time deposits which contributes to the optimization of interest expenses. It is important to highlight the increase in saving accounts explained by the retail segment.

Net result for Banistmo in 2Q22 was a profit of COP 109.4 billion, presenting growth with respect to the quarter and the year. Net interest income grew in the quarter mainly due to additional income in SMEs, increasing investment volume and foreign loans. Provision expenses decreased for 2Q22 due to the releases in the corporate portfolio following a better performance. Net fees decreased for the quarter due to higher expenses paid to affiliated merchants. However, when compared to 2Q21, net fees grew on the back of higher revenues in bancassurance, investment banking, and the reactivation

​

of interest for late payment on credit cards. Operating expenses also increased in the quarter due to specific outsourcing contracts for projects execution.

​

​

BANAGRICOLA- EL SALVADOR

Loans in Banco Agricola grew in the quarter and for the year (calculated in USD), mainly driven by the commercial portfolio of the corporate, and mid-sized companies that are partially offset by decreases in Costa Rica, institutional and government segments. The consumer portfolio has a lower growth than commercial loans, explained by a good performance in personal loans. In the funding structure, deposits grew for the quarter and for the year, mainly based on demand deposits, representing approximately 80% of all deposits. Savings accounts increased in retail and checking accounts increased specially in mid-sized companies. Loans with financial institutions also grew significantly to support growth in the credit portfolio.

Net result for Banco Agricola in 2Q22 was a profit of COP 70.2 billion, which represents a decrease compared to 1Q22 and 2Q21. This performance is mainly explained by growth in provisions associated to investments in government securities of El Salvador and the country risk rating downgrade and, deterioration of the credit portfolio. In previous quarters we saw provision expenses below a normalized level due to reserves releases from corporate and retail clients. On the other hand, net interest income growth reflects a good performance of commercial loans and credit cards, as well as investments in debt securities. Operating expenses reported an increase linked to insurance charges, and foreclosed assets related expenses. Labor expenses also grew mainly because of wage increases, employee benefits, and bonuses.

​