​

​

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 May, 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 FIRST QUARTER OF 2022.

​

​

​

​

​

​

​

​

May 11, 2022. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the first 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 March 31, 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, April 1, 2022 $3,756.03 = US$ 1

​

​

​

​

BANCOLOMBIA: Summary of consolidated financial quarterly results

​

​

​

​

​

1.BALANCE SHEET

​

1.1.Assets

​

As of March 31, 2022, Bancolombia's assets at the consolidated level totaled COP 291,465 billion, which represents a increase of 0.6% compared to 4Q21 and 13.3% compared to 1Q21. The increase in total assets during the last year is largely explained by the growth in the loan book.

​

During the quarter, the peso appreciated 5.7% against the US dollar and depreciated 2.1% in the last 12 months. The average exchange rate was 4.4% higher in 1Q22 versus 4Q21, and 9.9% 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 1Q22, gross loans grew 1.0% compared to 4Q21 (3.0% when excluding the FX effect) and 12.9% compared to 1Q21. During the last 12 months peso-denominated loans grew 14.3% and the dollar-denominated loans (expressed in USD) grew 7.8%.

At the end of 1Q22, Banco Agricola operations in El Salvador, Banistmo in Panama and BAM in Guatemala represented 26% of total gross loans.

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 33.3% of the portfolio, and decreased 3.8% in the quarter (when expressed in COP).

Total reserves (provisions in the balance sheet) for loan losses decreased 5.5% during the quarter and totaled COP 14,989 billion or 6.7% of the gross loans at the end of the quarter.

During 1Q22, as seen in previous quarters, a growing trend on the loan portfolio persists at the consolidated level, increasing across all geographies. Banco Agromercantil denotes the highest quarterly growth (6.1% when measured in USD), showing good results in all loan categories. It is worth noting the increase of 11.3% in the consumer portfolio, in line with the strong performance from 2021 gaining gradually market share in Guatemala. The operation in Colombia shows a 3.1% growth in the loan balance, again with a positive performance in individuals. When analyzing the annual variation, products such as payrolls and credit cards stand out in retail, as well as mortgages growing 15.9%. Banco Agricola reports a positive performance across all segments, growing 1.2% (measured in USD) during the quarter. The credit portfolio continues to show a balanced share in commercial and retail, representing 43% and 42% respectively within the total loan book, without major changes over the past 12 months. Banistmo reveals a 0.1% growth (measured in

​

USD) during the quarter. Originations maintain an encouraging trend not only in commercial loans but also in retail and home-lending.

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 March 31, 2022, Bancolombia net investment portfolio at the consolidated level totaled COP 27.313 billion, decreasing 6.7% from the end of 4Q21 and decreasing 0.5% from the end of 1Q21. At the end of 1Q22, the debt securities portfolio had a duration of 17.2 months and a weighted average yield to maturity of 6.9%.

1.4.Goodwill and intangibles

​

At the end of 1Q22, Bancolombia's goodwill and intangibles at the consolidated level totaled COP 8,155 billion, down 5.5% compared to 4Q21. This quarterly variation is mainly explained by the revaluation of the COP against the USD.

1.5.Funding

​

As of March 31, 2022, Bancolombia's liabilities at the consolidated level totaled COP 259,518 billion, growing 1.4% from the end of 4Q21, and 13.8% compared to 1Q21.

Customer deposits totaled COP 208,463 billion (80.3% of liabilities) at the end of 1Q22, down 0.9% compared to 4Q21 and up 13.0% over the last 12 months. The net loans to deposits ratio was 99.5% at the end of 1Q22 increasing compared to 97.2% in 4Q21, driven by a larger credit portfolio.

Checking and saving accounts continue to represent the main source of liabilities for the bank, with minor variations during the quarter. A stable funding mix has allowed to maintain a low funding cost 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 1Q22 was COP 30.200 billion, decreasing by 6.3% compared to 4Q21 and increasing by 9.3% when compared to 1Q21. In March of 2022 the General

​

Shareholders’ Meeting approved the proposal for distribution of profits for a total of COP 3.0 trillion. Dividends approved mainly explain the quarterly reduction in equity and capital ratio.

Bancolombia solvency ratio on a consolidated basis under Basel III was 13.49% in 1Q22 standing 449 basis points above the minimum level required by the regulator in Colombia, while the basic capital ratio (Tier 1) stood at 10.63%, 463 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 7.6% at the end of 1Q22.

​

​

2.INCOME STATEMENT

​

Net income attributable to equity holders of the parent company was COP 1,732 billion in 1Q22, or COP 1,800.59 per share (USD $ 1.92 per ADR). This profit represents an increase of 19.9% compared to 4Q21. The company´s annualized return on equity (“ROE”) was 21.7% for 1Q22 and 17.4% for the last 12 months.

2.1.Net Interest Income

​

Net interest income totaled COP 3,700 billion in 1Q22, 15.4% higher than the income reported in 4Q21, and 31.0% above 1Q21. The increase in net interest income is due to higher interest rates on new originations and on loans indexed to floating rates, mainly in the commercial portfolio. During 1Q22, the investment, interest rate derivatives and repos portfolio generated COP 195 billion, presenting a 2.2% reduction when compared to 4Q21.

Net Interest Margin

The annualized net interest margin increased to 6.0% during 1Q22. The annualized net interest margin for investments in 1Q22 was 1.1%. This reduction in the debt investments´ margin compared to the previous quarter shows an impact led by the devaluation in the portfolios exposed to interest rates, because of inflation and global monetary policy decisions. Likewise, investments in treasury bonds were marginally affected by the Colombian currency appreciation during the quarter.

The annualized net interest margin of the loan portfolio was 6.7%, presenting an increase of 78 basis points when compared to 4Q21. In line with the margin expansion seen during the previous quarter, the growing trend is stressed in 1Q22 as an effect of the credit portfolio repricing originated by the Colombian Central Bank contractionary monetary policy in place.

The reference rate hikes show a higher impact on income than on interest expenses due to the asset-sensitive condition of Bancolombia, thus favoring the lending margin. Additionally, although to a lesser extent, it is worth mentioning the contribution from the continuous recovery of those loans previously covered by credit reliefs.

​

​

​

​

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

The cost of liabilities is benefited by incremental demand deposit accounts within the funding structure during recent quarters and a gradual decrease in term deposits. In 1Q22, the increase in the cost of deposits is due to the changes implemented in reference rates by the central bank in Colombia during recent months.

Demand deposit accounts (DDAs) ratify a continuous growth during the last twelve months. Savings accounts accounted for 40.9% in 1Q21, and they represent 43.6% of total funding in 1Q22. On the other hand, checking accounts moved from 15.9% in 1Q21, to 16.4% of total funds in 1Q22. The annualized average weighted cost of deposits was 1.56% in 1Q22, increasing 14 basis points compared to 4Q21 and decreasing 1 basis point compared to 1Q21.

​

​

2.2.Fees and Income from Services

​

During 1Q22, total fees and commissions, net totaled COP 919 billion, down 3.0% compared to 4Q21, and up 15.1% compared to 1Q21.

Credit and debit card fees and commercial establishments reveal a stable performance in the quarterly balance, despite the seasonality condition that reflects a greater income generation by the end of the year. In a yearly basis, a significant growth takes place, mainly due to higher income from intermediary bank fees, led by an increasing dynamism in transactions carried out through traditional merchant businesses and e-commerce.

Fees generated by bancassurance report a decrease during the quarter because of the lower revenue from voluntary and compulsory insurance profit sharing.

2.3.Other Operating Income

​

Total other operating income was COP 654 billion in 1Q22, up by 9.3% compared to 4Q21 and by 90.2% compared to 1Q21.

The quarterly expansion is explained by the following factors: appraisals updating of owned properties from “Fondo Inmobiliario Colombia FIC”, profits on the sale of assets regarding operating vehicles under sublease, and higher income

​

from operating lease agreements and financial lease agreements, mainly in the Renting business due to an increase on customer rental contracts.

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 9,129 billion at the end of 1Q22 and represents 4.2% of total gross loans, decreasing when compared to 4Q21, when past due loans represented 4.0% of total gross loans. During the quarter, charge-offs totaled COP 916 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 149.0% at the end of 1Q22, decreasing compared to 166.3% at the end of 4Q21. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 1,370 billion.

Provision charges (net of recoveries) totaled COP 267 billion in 1Q22. Macroeconomic variables, particularly in Panama, as well as the deterioration in the retail portfolio, mainly explain the provision charges for the quarter. In the commercial portfolio, lower provisions were registered during 1Q22 due to a better performance of the loan book, coupled with better asset quality metrics from clients previously covered under COVID-19 credit reliefs, contributing to a low provision expense.

Provisions as a percentage of the average gross loans were 0.5% annualized for 1Q22 and 0.7% 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 13.603 billion, or 6.3% of total loans at the end of 1Q22, decreasing when compared to 4Q21.

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 1Q22, operating expenses totaled COP 2,439 billion, decreasing by 10.1% compared to 4Q21 and increasing by 22.4% compared to 1Q21.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 1,068 billion in 1Q22, down 5.9% from 4Q21 and up 29.5% from 1Q21. On an annual basis, such growth was basically led by salary increases and registered provisions for variable bonuses with a lower than estimated value at the beginning of 2021.

General expenses decreased 16.4% in the quarter and grew 12.6% year over year. This growth is mainly driven by technology fees tied to digital transformation projects. In addition, the Renting business division demanded higher expenses related to insurance policies due to increased rates, as well as higher payments of premiums and charges associated with maintenance of assets due to the vehicle fleet growth.

As of March 31, 2022, Bancolombia had 31.430 employees, owned 905 branches, 6,061 ATMs, 25,702 banking agents and served more than 25 million customers.

2.6.Taxes

​

In 1Q22, Bancolombia income tax on a consolidated basis presented an expense of COP 815 billion. This value is fundamentally attributed to the operation in Colombia. The fiscal benefits that led to a minor tax expense in Colombia are related to investment in real productive fixed assets, exempt income from low-income home lending portfolio and untaxed dividends. For Guatemala and El Salvador, tax benefits are linked to exempt revenues from returns on securities issued by their Governments, and for Panama the exempt revenues from returns on securities issued by the Government and income from foreign sources that are not taxed in that country.

​

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 portfolio of Bancolombia S.A. presents an increase of 3.1% in the quarter and 14.9% in the year, with an increasing dynamism in all loan categories. The commercial portfolio mainly explains the expansion in terms of volume, highlighting specifically products such as ordinary and development loans for corporates. The consumer segment shows an accelerated activity in terms of percentage growth, increasing 5.0% QoQ and 20.3% YoY. In the quarter particularly, originations in payrolls and credit cards stand out from other products. In the funding structure, a changing trend takes place. After several quarters when demand deposit accounts gained share within the total funding mix as opposed to time deposits with a significant reduction in interest expenses, in 1Q22 checking and saving accounts decreased whereas term deposits grew. This fact explains a minor increase in the cost of funding by moving from 1.9% in 4Q21 to 2.1% in 1Q22.

​

Net result for Bancolombia S.A. in 1Q22 was a profit of COP 1.7 trillion, which represents a reduction of 33.3% when compared to 4Q21. The net interest income shows a significant increase explained by the interest rate hikes, largely driven by the repricing in the commercial portfolio. It is worth noting the variation in other operating income due to a change in the subsidiaries accounting estimation policy in which the equity method started being registered during the last quarter of 2021, therefore showing only in 4Q21 the accumulated value for the year, whereas in 2022 the registered amount refers exclusively to the corresponding quarter. Operating expenses on the other hand show a decline Q/Q due to seasonal factors. The variation Y/Y is driven by higher labor expenses due to annual salary increases and social security contributions, as well as variable bonuses provisions.

​

BANISTMO- PANAMA

​

Loans in Banistmo closed 1Q22 with quarterly and annual growth (calculated in USD) thanks to the positive trends in originations, showing improvements in all segments, both commercial and consumer. Client deposits decreased Q/Q basically reflected in checking accounts and time deposits which in turn contributed to interest expenses reduction, whereas savings accounts continued to maintain a positive growing trend.

Net result for Banistmo in 1Q22 was a profit of COP 91.8 billion, improving when compared to the losses generated in 4Q21. Net interest income decreased in the quarter due to specific corporate clients, while provision expenses reported a significant decrease due to clients previously covered under credit relief, as well as a better performance on the corporate portfolio, allowing provision releases. A decrease in operating expenses additionally support the better result in profits. This variation is explained by first, the seasonal expenses of the last quarter being higher than usual. And second, a low execution of the investment plan for the first half of 2022. The best performance in fee income is a positive outcome during

​

the quarter thanks to a greater level of transactions, in addition to higher revenues in Bancassurance, investment banking and the reactivation of interest for late payments on credit cards.

​

​

BANAGRICOLA- EL SALVADOR

Loans in Banco Agricola grew in the quarter (calculated in USD), with a positive performance on the retail portfolio in the first place, underlining personal loans over other products. Commercial loans contributed with the highest quarterly balance growth impacted by corporates and mid-sized companies, whereas institutional, government and construction clients showed a slight decrease. In the liability structure, demand deposit accounts continue to represent the main source of funding for the bank, accounting for around 70% within the total and increasing its share both in the quarter and in the year. This growth has occurred mainly in consumer clients, contrasting when compared to institutional deposits. The increase in saving accounts and checking accounts has allowed to significantly reduce interest expenses. For 1Q22 the cost of funding was 1.3%, which represents a decrease of 19 basis points vs the same period of 2021.

Net result for Banco Agricola in 1Q22 was a profit of COP 128.2 billion, which represents an increase Q/Q and Y/Y. Total net gains from investment activities stand out in the net interest income structure, due to the increase in hedging contracts related to derivative operations. In the credit business, 1Q22 shows a similar performance to 4Q21 despite a slight contraction on lending rates partially offset by efficiencies in interest expenses due to increasing saving accounts. The quarterly and annual expansion in the net interest margin reflects the efficiencies achieved in the funding structure. Loan-losses provisions still reflect a lower level than average because of releases on corporate clients and higher recoveries in retail loans that reflect better asset quality compared to previous quarters. Fees show a quarterly growth based on an accelerated activity on services with clients, mainly in the lines of Bancassurance and payments and collections. In relation to operating expenses, an annual increase is due to variable bonuses provisions and general expenses associated to the execution of technology-related projects.

​