Bancolombia S.A. Reports Consolidated First-Quarter 2010 Net Income of COP 341 Billion (COP 433 Per Share - USD 0.90 Per ADR), up 10% as Compared to 1Q09 Results
Posted on May 07, 2010 at 18:19 PM EDT
MEDELLIN, Colombia, May 7 /PRNewswire-FirstCall/ -- Today, Bancolombia S.A. ("Bancolombia" or the "Bank" - NYSE: CIB; BVC: BCOLOMBIA and PFBCOLOM) announced its financial results for the first quarter 2010.
For the quarter ended March 31, 2010 ("1Q10"), Bancolombia's consolidated net income totaled COP 341 billion (COP 433 per share - USD 0.90 per ADR), which represents an increase of 10% as compared to the results for the quarter ended March 31, 2009 ("1Q09"), and a decrease of 8% as compared to the results for the quarter ended December 31, 2009 ("4Q09"). Bancolombia's return on average shareholders' equity ("ROE") for 1Q10 was 19.4%.
Bancolombia ended 1Q10 with COP 60,771 billion in assets, down 2% and 6% as compared to 4Q09 and 1Q09, respectively. At the same time, total liabilities amounted to COP 53,968 billion and decreased 8% as compared to 1Q09. (1)
(1) This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. ("BANCOLOMBIA") and its affiliates of which it owns, directly or indirectly more than 50% of the voting capital stock. These financial statements have been prepared in accordance with generally accepted accounting principles in Colombia and the regulations of Superintendencia Financiera de Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as "Ps." or "COP". Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. There have been no changes to the Bank's principal accounting policies in the quarter ended March 31, 2010. The statements of income for the quarter ended March 31, 2010 are 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.
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, 2010 COP. 1,921.88= US$ 1
Average Representative Market Rate for 1Q10 COP. 1,944.98 = US$1
SOURCE Bancolombia, S.A.
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