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MATERIAL ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
MATERIAL ACCOUNTING POLICIES  
Schedule of subsidiaries
The Parent Company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group:
ENTITYJURISDICTION
OF
INCORPORATION		BUSINESSPROPORTION OF
OWNERSHIP
INTEREST AND
VOTING POWER
HELD BY THE
BANK 2024		PROPORTION OF
OWNERSHIP
INTEREST AND
VOTING POWER
HELD BY THE
BANK 2023		PROPORTION OF
OWNERSHIP
INTEREST AND
VOTING POWER
HELD BY THE
BANK 2022
Fiduciaria Bancolombia S.A. Sociedad FiduciariaColombiaTrust98.81 %98.81 %98.81 %
Banca de Inversión Bancolombia S.A. Corporación FinancieraColombiaInvestment banking100.00 %100.00 %100.00 %
Valores Bancolombia S.A. Comisionista de BolsaColombiaSecurities brokerage100.00 %100.00 %100.00 %
Wompi S.A.S.(1)
ColombiaTechnology services provider100.00 %100.00 %99.98 %
Renting Colombia S.A.S.ColombiaOperating leasing100.00 %100.00 %100.00 %
Transportempo S.A.S. “En liquidación”(2)
ColombiaTransportation- %100.00 %100.00 %
Inversiones CFNS S.A.S.(3)
ColombiaInvestments100.00 %99.94 %99.94 %
Negocios Digitales Colombia S.A.S. ColombiaPayment solutions100.00 %100.00 %100.00 %
Fondo de Capital Privado Fondo Inmobiliario ColombiaColombiaReal estate investment fund80.47 %80.47 %80.47 %
P.A. Inmuebles CEMColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. Calle 92 FIC-11ColombiaMercantile trust52.31 %52.31 %52.31 %
P.A. FIC Edificio CorfinsuraColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. FIC-A5ColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. FIC InmueblesColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. FIC Clínica de PradoColombiaMercantile trust62.00 %62.00 %62.00 %
P. A. FIC A6ColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. Central PointColombiaMercantile trust60.35 %60.35 %60.35 %
Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris(4)
ColombiaMercantile trust- %80.47 %80.47 %
P.A. Fideicomiso Twins BayColombiaMercantile trust80.47 %80.47 %80.47 %
Fideicomiso Lote Av San MartínColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. Fideicomiso Lote 30ColombiaMercantile trust80.47 %80.47 %80.47 %
Fideicomiso Fondo Inmobiliario BancolombiaColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. Florencia Ferrara(5)
ColombiaMercantile trust44.26 %44.26 %44.26 %
P.A. Flor Morado Plaza(5)
ColombiaMercantile trust80.47 %80.47 %80.47 %
P.A. Galería la 33(6)
ColombiaMercantile trust80.47 %80.47 %- %
P.A. Linz Granz del Rio(7)
ColombiaMercantile trust44.26 %- %- %
Fideicomiso Selecto Terrazu E1(7)
ColombiaMercantile trust64.38 %- %- %
Valores Simesa S.A.(8)
ColombiaInvestments62.75 %64.93 %66.33 %
Fideicomiso Lote Distrito Vera B1B2(8)
ColombiaMercantile trust62.44 %64.61 %66.00 %
Fideicomiso Lote Distrito Vera B3B4(9)
ColombiaMercantile trust- %64.61 %66.00 %
Fideicomiso Lote B6 Ciudad del Rio(10)
ColombiaMercantile trust- %- %66.00 %
P.A. FAI Calle 77(11)
ColombiaMercantile trust98.00 %98.00 %98.00 %
P.A. Nomad Salitre(12)
ColombiaMercantile trust98.00 %98.00 %98.00 %
P.A. Nomad Central-2(13)
ColombiaMercantile trust98.00 %98.00 %- %
P.A. Calle 84 (2)(13)
ColombiaMercantile trust98.00 %98.00 %- %
P.A. Calle 84 (3)(13)
ColombiaMercantile trust98.00 %98.00 %- %
P.A. Nomad Distrito Vera(14)
ColombiaMercantile trust98.00 %- %- %
P.A. Nexo(14)
ColombiaMercantile trust98.00 %- %- %
P.A. Mercurio(15)
ColombiaMercantile trust100.00 %100.00 %100.00 %
P.A. CEDIS Sodimac(14)
ColombiaMercantile trust100.00 %- %- %
Wenia S.A.S.(16)
ColombiaTechnology services100.00 %100.00 %100.00 %
P.A. Wenia(16)
ColombiaMercantile trust100.00 %100.00 %- %
Nequi S.A. Compañía de Financiamiento(17)
ColombiaFinancial services100.00 %100.00 %100.00 %
Sociedad Beneficiaria BC Panamá S.A.S.(18)
ColombiaHolding100.00 %- %- %
Bancolombia Panamá S.A.PanamaBanking100.00 %100.00 %100.00 %
Sistemas de Inversiones y Negocios S.A. SinesaPanamaInvestments100.00 %100.00 %100.00 %
Banagrícola S.A.PanamaHolding99.17 %99.17 %99.17 %
Banistmo S.A.PanamaBanking100.00 %100.00 %100.00 %
Banistmo Investment Corporation S.A.PanamaTrust100.00 %100.00 %100.00 %
Leasing Banistmo S.A.PanamaLeasing100.00 %100.00 %100.00 %
Valores Banistmo S.A.PanamaPurchase and sale of securities100.00 %100.00 %100.00 %
Banistmo Panamá Fondos de Inversión S.A.(19)
PanamaInvestment fund holder100.00 %100.00 %100.00 %
Banistmo Capital Markets Group Inc.(19)
PanamaPurchase and sale of securities100.00 %100.00 %100.00 %
Anavi Investment Corporation S.A.(19)
PanamaReal estate100.00 %100.00 %100.00 %
Desarrollo de Oriente S.A.(19)
PanamaReal estate100.00 %100.00 %100.00 %
Steens Enterprises S.A.(19)
PanamaPortfolio holder100.00 %100.00 %100.00 %
Ordway Holdings S.A.(19)
PanamaReal estate broker100.00 %100.00 %100.00 %
Grupo Agromercantil Holding S.A.PanamaHolding100.00 %100.00 %100.00 %
Banco Agromercantil de Guatemala S.A.GuatemalaBanking99.68 %99.68 %99.68 %
Seguros Agromercantil de Guatemala S.A.GuatemalaInsurance agency79.92 %79.92 %79.92 %
Financiera Agromercantil S.A.GuatemalaFinancial services100.00 %100.00 %100.00 %
Agrovalores S.A.GuatemalaSecurities brokerage100.00 %100.00 %100.00 %
Arrendadora Agromercantil S.A.GuatemalaFinancial Leasing100.00 %100.00 %100.00 %
Agencia de Seguros y Fianzas Agromercantil S.A.(20)
GuatemalaInsurance agency- %- %100.00 %
Asistencia y Ajustes S.A.GuatemalaRoadside and medical assistance services100.00 %100.00 %100.00 %
Serproba S.A.GuatemalaMaintenance and remodeling services100.00 %100.00 %100.00 %
Servicios de Formalización S.A.GuatemalaLoans formalization100.00 %100.00 %100.00 %
Conserjeria, Mantenimiento y Mensajería S.A. “En liquidación”GuatemalaMaintenance services100.00 %100.00 %100.00 %
Mercom Bank Ltd.(21)
BarbadosBanking99.68 %99.68 %99.68 %
New Alma Enterprises Ltd.BahamasInvestments99.68 %99.68 %99.68 %
Bancolombia Puerto Rico Internacional Inc.Puerto RicoBanking100.00 %100.00 %100.00 %
Sinesa Cayman, Inc. (before Bancolombia Cayman S.A)(22)
Cayman IslandsBanking100.00 %100.00 %100.00 %
Banco Agrícola S.A.El SalvadorBanking97.36 %97.36 %97.36 %
Arrendadora Financiera S.A. ArfinsaEl SalvadorLeasing97.37 %97.37 %97.37 %
Accelera S.A. de C.V. (before Credibac S.A. de C.V)El SalvadorCredit card services97.36 %97.36 %97.36 %
Valores Banagrícola S.A. de C.V.El SalvadorSecurities brokerage98.89 %98.89 %98.89 %
Inversiones Financieras Banco Agrícola S.A. IFBAEl SalvadorHolding98.89 %98.89 %98.89 %
Gestora de Fondos de Inversión Banagrícola S.A.El SalvadorAdministers investment funds98.89 %98.89 %98.89 %
Bagrícola Costa Rica S.A.Costa RicaBusiness and management advising99.17 %99.17 %99.17 %
Bancolombia Capital Holdings USA LLCUnited StatesHolding100.00 %100.00 %100.00 %
Bancolombia Capital Advisers LLCUnited StatesInvestment advisor100.00 %100.00 %100.00 %
Bancolombia Capital LLCUnited StatesSecurities brokerage100.00 %100.00 %100.00 %
Wenia Ltd.(16)
BermudaTechnology services100.00 %100.00 %100.00 %
(1) During 2022 and 2023, Bancolombia Group through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors.
(2) Company liquidated in July 2024. For more information, see Note 1. Reporting entity.
(3) During 2024, Banca de Inversión Bancolombia S.A acquired shares of Inversiones CFNS S.A.S., therefore Bancolombia Group increased its effective participation percentage.
(4) On February 29, 2024, the trust rights were transferred as a result of the sale by Fondo de Capital Privado Fondo Inmobiliario Colombia
(5) Companies consolidated by Fondo de Capital Privado Fondo Inmobiliario Colombia since April and December 2022, respectively. The P.A Florencia Ferrara is a subsidiary of Fondo de Capital Privado Fondo Inmobiliario Colombia, which has a 55.00% percentage of ownership. Bancolombia has an effective percentage of ownership in Fondo de Capital Privado Fondo Inmobiliario Colombia of 80.47%.
(6) Company consolidated by Fondo de Capital Privado Fondo Inmobiliario Colombia since March 2023.
(7) The P.A. Linz Granz del Rio and Fideicomiso Selecto Terrazu E1 are consolidated through Fondo de Capital Privado Fondo Inmobiliario as of September and December 2024, respectively.
(8) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa subsidiary (Parent of the fund) during 2024 and 2023.
(9) During 2024, the trust rights were transferred as a result of the sale by Valores Simesa S.A.
(10) During 2023, the trust rights were transferred as a result of the sale by Valores Simesa S.A.
(11) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing.
(12) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a Multifamily Project.
(13) During February and April 2023, the parent company was established as trustor of P.A. Nomad Central-2, P.A Calle 84 (2) and P.A. Calle 84 (3), through a management mercantile trust agreement.
(14) During May, June and November 2024, the parent company was established as trustor of P.A. CEDIS Sodimac, P.A. Nomad Distrito Vera and P.A. Nexo, respectively through a management mercantile trust agreement, for real estate activity purposes.
(15) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantile trust agreement.
(16) On July 22, 2022, Bancolombia Group through the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, established the company Wenia LTD in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia LTD established the company called Wenia S.A.S., whose
purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the fiduciary rights of P.A. Wenia.
(17) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, Bancolombia Group’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100% digital credit establishment. For further information, see Note 1. Reporting entity.
(18) On September 27, 2024, Sociedad Beneficiaria BC Panamá was established, a company whose corporate purpose is to be the beneficiary of the division of a company domiciled in Panama, by virtue of which it partially transfers its assets, as a consequence of the above, to be the owner of the assets and liabilities received on the occasion of said operation, and merge with a company domiciled in Colombia. For more information, see Note 1. Reporting entity.
(19) Investments in non-operational stage.
(20) Company liquidated as of June 2023.
(21) On September 30, 2021, Mercom Bank Ltd shareholder authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank, Ltd., to Banco Agromercantil de Guatemala, S. A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting Entity.
(22) On October 5, 2020, the Board of Directors of Bancolombia Panamá (parent company of Sinesa Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. For further information, see Note 1. Reporting entity.
Schedule of consolidated funds
The Bank consolidates the following funds:
NameCountry% of ownership
interest held by
the Bank, 2024		% of ownership
interest held by
the Bank, 2023		% of ownership
interest held by
the Bank, 2022		Assets managed
December 31,
2024		December 31,
2023
Fondo de Capital Privado Fondo Inmobiliario Colombia(1)
Colombia80.47%80.47%80.47%6,039,8915,503,022
Fideicomiso Lote Distrito Vera B1B2(2)
Colombia62.44%64.61%66.00%26,36725,073
Fideicomiso Lote Distrito Vera B3B4(3)
Colombia-64.61%66.00%-56,295
Fideicomiso Lote B6 Ciudad del Rio(4)
Colombia--66.00%--
Banistmo Panamá Fondos de Inversión S.A.(5)
Panama100.00%100.00%100.00%126,092132,496
(1)It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information see Note 1. Reporting entity.
(2)    The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (Parent of the fund), during 2024 and 2023. For further information, see Note 2.C. Consolidation.
(3)    During 2024, the trust rights were transferred by Valores Simesa S.A. (Parent of the fund).
(4)    During 2023, the trust rights were transferred by Valores Simesa S.A. (Parent of the fund).
(5)    Investment in non-operational stage. The variation in assets managed is mainly due to the effect of converting US dollars to Colombian pesos in the consolidation process, the closing exchange rate was to 3,822.05 in December 2023 and 4,409.15 in December 2024 and the exit of clients from one of its investment Funds. For further information, see Note 2.C. Consolidation.
Schedule of exchange rate used by the Bank and its subsidiaries
The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert consolidated statement of financial position accounts and transactions in U.S. dollar into Colombian pesos:
December 31, 2024December 31, 2023December 31, 2022
Year-end exchange rate 4,409.153,822.054,810.20
Average rate for the period ended at4,073.754,330.144,257.12
Schedule of economic scenario weighting
OptimisticBasePessimistic
Country202420232024202320242023
Colombia15.00 %15.00 %60.00 %50.00 %25.00 %35.00 %
Panama20.00 %20.00 %55.00 %50.00 %25.00 %30.00 %
El Salvador20.00 %20.00 %55.00 %55.00 %25.00 %25.00 %
Guatemala20.00 %20.00 %55.00 %55.00 %25.00 %25.00 %
Summary of projections of macroeconomic variables used to estimate ECL
The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2024 and 2023:
As of December 31, 2024
ColombiaPanama
CutoffOptimisticBasePessimisticOptimisticBasePessimistic
20241.98 %1.80 %1.59 %3.51 %2.46 %1.41 %
20253.89 %2.57 %1.23 %6.04 %3.48 %0.92 %
20264.76 %2.96 %1.16 %6.68 %3.76 %0.85 %
As of December 31, 2024
GuatemalaEl Salvador
CutoffOptimisticBasePessimisticOptimisticBasePessimistic
20243.83 %3.48 %3.12 %3.10 %2.59 %2.09 %
20254.46 %3.46 %2.45 %3.77 %2.36 %0.95 %
20264.55 %3.35 %2.14 %3.93 %2.25 %0.58 %
As of December 31, 2023
ColombiaPanama
CutoffOptimisticBasePessimisticOptimisticBasePessimistic
20231.64 %1.16 %0.68 %7.92 %5.95 %3.99 %
20242.37 %0.87 %(0.63)%6.68 %4.00 %1.33 %
20254.47 %2.60 %0.73 %7.17 %4.20 %1.23 %
As of December 31, 2023
GuatemalaEl Salvador
CutoffOptimisticBasePessimisticOptimisticBasePessimistic
20233.69 %3.12 %2.55 %2.75 %2.25 %1.74 %
20244.33 %3.26 %2.19 %3.32 %1.90 %0.49 %
20254.61 %3.38 %2.15 %3.76 %2.08 %0.41 %
Schedule of significant increase in risk using external credit rating
To establish whether a security has a significant increase in risk since the initial recognition, an assessment of the deterioration of the rating in the current date is made against the rating granted at the time of purchase; according to the origin classification there may be an increase with 1, 2 or 3 notches, as shown in the following table:
EXTERNAL RATING ORIGINSIGNIFICANT INCREASE
IN RISK
Ba1/BB+
3 Notches
Ba2/BB
3 Notches
Ba3/BB-
3 Notches
B1/B+
2 Notches
B2/B
2 Notches
B3/B-
1 Notch
Caa/CCC
1 Notch
Summary of information about written-off loan portfolio
Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party, i.e., there is no possibility of recovery due to the debtor's lack of ability or willingness to pay or in the absence of open guarantees granted by the debtor. In general, this characteristic will be fulfilled when the following delinquency conditions are present:
Length of delinquency (days)
TypeCollateralGrupo Agromercantil Holding S.A.Banistmo S.A.Banco Agrícola S.A.Bancolombia S.A.
Without collateral180
CommercialWith collateral
N/A(1)
360360360
Without collateral180180180180
ConsumerWith collateral
540 for vehicles collateral
1080 for mortgage collateral
720 for mortgage collateral
Without collateral180
Small Business LoanWith collateral
N/A(1)
1080 for mortgage collateral
180180
MortgageWith collateral14401080720
N/A(1)
(1)Not dependent on the length of delinquency but on the reasons underlying a loan's non-recoverability.
Schedule of estimated useful lives for each asset group
Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, in order to derecognize the depreciable amount of premises and equipment over the estimated useful lives of the assets. The depreciable amount is the cost of an asset less its residual value. The estimated useful lives for each asset group are:
Asset groupUseful life range
Buildings
10 to 75 years
Furniture and fixtures
3 to 20 years
Computer equipment
3 to 20 years
Equipment and machinery
2 to 40 years
Vehicles
3 to 10 years