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OPERATING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
OPERATING SEGMENTS  
Schedule of financial performance by operating segment
The CODM reviews the performance of the Bank using the following financial information by operating segment:

For the year ended December 31, 2024
Banking
Colombia		Banking
Panama		Banking El
Salvador		Banking
Guatemala		TrustInvestment
banking		BrokerageInternational
Banking		All other
segments		Total
segments
In millions of COP
Total interest and valuation on financial instruments27,543,286 2,689,904 1,851,126 1,939,602 61 6 44,750 1,203,838 271,648 35,544,221 
Interest income on loans and financial leases25,632,102 2,283,111 1,623,427 1,807,334 61 - 5,327 987,378 274,811 32,613,551 
Debt investments1,503,298 316,205 226,122 134,101 - 6 37,480 116,662 41 2,333,915 
Derivatives, net155,794 3,322 775 - - - (2,463)(94)(3,204)154,130 
Liquidity operations, net252,092 87,266 802 (1,833)- - 4,406 99,892 - 442,625 
Interest expenses(11,588,039)(1,336,250)(437,244)(804,815)(192)- (165)(708,671)(148,535)(15,023,911)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments15,955,247 1,353,654 1,413,882 1,134,787 (131)6 44,585 495,167 123,113 20,520,310 
Credit impairment charges, net(4,220,207)(456,748)(236,086)(394,589)(554)768 - (91,617)(53,316)(5,452,349)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments11,735,040 896,906 1,177,796 740,198 (685)774 44,585 403,550 69,797 15,067,961 
(Expenses) Revenues from transactions by the operating segments of the Bank(151,933)(40,110)(19,110)(87,061)(58,498)7,823 86,150 410,003 (147,264)- 
Fees and commissions income(1)
5,660,355 562,330 515,734 211,778 448,854 69,266 132,192 51,901 36,428 7,688,838 
Fees and commissions expenses(2,885,272)(286,392)(226,445)(85,700)(3,804)(115)(8,600)(10,116)(5,330)(3,511,774)
Total fees and commissions, net2,775,083 275,938 289,289 126,078 445,050 69,151 123,592 41,785 31,098 4,177,064 
Other operating income800,252 65,876 40,818 130,140 13,737 1,609 7,566 12,435 1,969,552 3,041,985 
Dividends and net income on equity investments(2)
(121,975)11,474 4,338 1,555 45,558 (97,585)3,622 25 257,561 104,573 
Total operating income, net15,036,467 1,210,084 1,493,131 910,910 445,162 (18,228)265,515 867,798 2,180,744 22,391,583 
Operating expenses(3)
(8,651,424)(853,980)(771,078)(645,310)(168,494)(55,157)(188,573)(98,570)(1,083,199)(12,515,785)
Impairment, depreciation and amortization(770,207)(128,544)(93,982)(61,471)(3,000)(89)(2,759)(8,016)(49,813)(1,117,881)
Total operating expenses(9,421,631)(982,524)(865,060)(706,781)(171,494)(55,246)(191,332)(106,586)(1,133,012)(13,633,666)
Profit before income tax5,614,836 227,560 628,071 204,129 273,668 (73,474)74,183 761,212 1,047,732 8,757,917 
(1)For further information about income from contracts with customers, see Note 25.3. Commissions income, net.
(2)For further information see Note 25.5. Dividends and net income on equity investments.
(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.
For the year ended December 31, 2023
Banking
Colombia		Banking
Panama		Banking El
Salvador		Banking
Guatemala		TrustInvestment
banking		BrokerageInternational
Banking		All other
segments		Total
segments
In millions of COP
Total interest and valuation on financial instruments29,230,060 2,826,559 1,773,140 1,795,543 47 6 45,875 1,112,171 262,758 37,046,159 
Interest income on loans and financial leases28,366,678 2,415,234 1,524,765 1,726,821 47 - 5,076 940,091 262,075 35,240,787 
Debt investments937,090 301,167 236,350 60,534 - 6 36,538 85,091 683 1,657,459 
Derivatives, net(167,887)817 11,187 - - - (1,747)(188)- (157,818)
Liquidity operations, net94,179 109,341 838 8,188 - - 6,008 87,177 - 305,731 
Interest expenses(13,464,980)(1,238,112)(464,851)(731,886)(179)(1)(222)(596,039)(172,025)(16,668,295)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments15,765,080 1,588,447 1,308,289 1,063,657 (132)5 45,653 516,132 90,733 20,377,864 
Credit impairment charges, net(6,480,377)(270,501)(154,938)(499,368)(2,893)(380)106 4,164 (57,399)(7,461,586)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments9,284,703 1,317,946 1,153,351 564,289 (3,025)(375)45,759 520,296 33,334 12,916,278 
(Expenses) Revenues from transactions by the operating segments of the Bank(187,467)(34,105)(17,844)(76,054)(16,518)13,949 68,617 415,508 (166,086)- 
Fees and commissions income(1)
5,252,099 532,930 479,568 223,200 361,965 55,917 103,985 47,228 23,986 7,080,878 
Fees and commissions expenses(2,522,927)(258,897)(188,972)(89,405)(4,244)(238)(8,645)(11,042)(12,910)(3,097,280)
Total fees and commissions, net2,729,172 274,033 290,596 133,795 357,721 55,679 95,340 36,186 11,076 3,983,598 
Other operating income (expenses)1,575,845 36,939 51,656 130,757 14,107 (1,011)4,737 16,794 2,149,826 3,979,650 
Dividends and net income on equity investments(2)
17,613 13,498 10,982 1,827 33,275 (98,512)6,416 37 225,049 210,185 
Total operating income, net13,419,866 1,608,311 1,488,741 754,614 385,560 (30,270)220,869 988,821 2,253,199 21,089,711 
Operating expenses(3)
(8,022,042)(909,843)(668,105)(620,928)(177,626)(49,759)(186,212)(89,219)(1,093,592)(11,817,326)
Impairment, depreciation and amortization(744,346)(107,716)(131,921)(55,243)(2,218)(208)(2,950)(4,259)(75,998)(1,124,859)
Total operating expenses(8,766,388)(1,017,559)(800,026)(676,171)(179,844)(49,967)(189,162)(93,478)(1,169,590)(12,942,185)
Profit before income tax4,653,478 590,752 688,715 78,443 205,716 (80,237)31,707 895,343 1,083,609 8,147,526 
(1)For further information about income from contracts with customers, see Note 25.3. Commissions income, net.
(2)For further information see Note 25.5. Dividends and net income on equity investments.
(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.
For the year ended December 31, 2022
Banking
Colombia		Banking
Panama		Banking El
Salvador		Banking
Guatemala		TrustInvestment
banking		BrokerageInternational
Banking		All other
segments		Total
segments
In millions of COP
Total interest and valuation on financial instruments20,727,335 2,364,820 1,527,860 1,537,801 72 4 12,996 512,417 113,642 26,796,947 
Interest income on loans and financial leases19,263,960 2,154,151 1,293,556 1,509,143 72 - 511 446,028 116,072 24,783,493 
Debt investments1,361,299 161,974 170,423 27,089 - 4 20,024 48,722 (2,447)1,787,088 
Derivatives, net108,255 (1,026)63,494 - - - 658 - - 171,381 
Liquidity operations, net(6,179)49,721 387 1,569 - - (8,197)17,667 17 54,985 
Interest expenses(6,333,834)(910,937)(297,839)(528,459)(150)(4)(104)(271,280)(99,863)(8,442,470)
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments14,393,501 1,453,883 1,230,021 1,009,342 (78)- 12,892 241,137 13,779 18,354,477 
Credit impairment charges, net(2,971,599)(545,012)(102,710)(168,834)(796)(924)3,133 25,029 (29,984)(3,791,697)
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments11,421,902 908,871 1,127,311 840,508 (874)(924)16,025 266,166 (16,205)14,562,780 
(Expenses) Revenues from transactions by the operating segments of the Bank(32,163)(25,022)(7,371)(45,526)(12,658)3,404 53,229 212,049 (145,942)- 
Fees and commissions income(1)
4,684,563 446,583 444,177 218,554 318,869 86,232 111,366 42,021 18,161 6,370,526 
Fees and commissions expenses(2,099,585)(210,004)(170,563)(91,424)(3,668)(269)(6,160)(8,025)(468)(2,590,166)
Total fees and commissions, net2,584,978 236,579 273,614 127,130 315,201 85,963 105,206 33,996 17,693 3,780,360 
Other operating (expenses) income(72,994)51,494 19,685 129,403 14,897 671 13,575 9,954 1,886,750 2,053,435 
Dividends and net income on equity investments(2)
(8,058)9,655 5,340 828 2,164 8,760 (4,314)35 221,444 235,854 
Total operating income, net13,893,665 1,181,577 1,418,579 1,052,343 318,730 97,874 183,721 522,200 1,963,740 20,632,429 
Operating expenses(3)
(6,600,686)(797,091)(639,748)(577,497)(153,377)(47,997)(153,317)(79,814)(857,541)(9,907,068)
Impairment, depreciation and amortization(613,807)(110,293)(106,601)(54,999)(1,630)(232)(1,754)(2,626)(88,633)(980,575)
Total operating expenses(7,214,493)(907,384)(746,349)(632,496)(155,007)(48,229)(155,071)(82,440)(946,174)(10,887,643)
Profit before income tax6,679,172 274,193 672,230 419,847 163,723 49,645 28,650 439,760 1,017,566 9,744,786 
(1)For further information about income from contracts with customers, see Note 25.3. Commissions income, net.
(2)For further information see Note 25.5. Dividends and net income on equity investments.
(3)Includes Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.
Schedule of financial information of the total assets and liabilities by operating segment
The following table presents financial information of the total assets and liabilities by operating segment:
As of December 31, 2024
In millions of COP
Banking
Colombia		Banking
Panama		Banking El
Salvador		Banking
Guatemala		TrustInvestment
banking		BrokerageInternational
Banking		All other
segments		Total before
eliminations		Adjustments
for
consolidation		Total after
eliminations
Total assets266,593,755 45,964,767 26,670,513 27,332,834 719,006 1,464,180 398,066 35,272,842 10,901,576 415,317,539 (43,102,157)372,215,382 
Total liabilities222,402,215 41,132,907 23,889,120 25,018,466 153,181 48,620 122,213 24,248,959 4,639,406 341,655,087 (14,023,980)327,631,107 
As of December 31, 2023
In millions of COP
Banking
Colombia		Banking
Panama		Banking El
Salvador		Banking
Guatemala		TrustInvestment
banking		BrokerageInternational
Banking		All other
segments		Total before
eliminations		Adjustments
for
consolidation		Total after
eliminations
Total assets254,367,378 40,740,495 21,608,586 21,377,205 658,547 1,719,824 351,694 30,199,897 10,224,734 381,248,360 (38,319,551)342,928,809 
Total liabilities216,200,157 36,315,750 19,220,367 19,469,075 138,171 51,841 121,423 20,734,521 4,874,547 317,125,852 (13,246,772)303,879,080 
Schedule of financial information of the investments in associates and joint ventures by operating segment
The following table presents financial information of the investments in associates and joint ventures by operating segment:
As of December 31, 2024(1)
Banking
Colombia		Banking El
Salvador		TrustInvestment
banking		All other
segments		Total
In millions of COP
Investments in associates and joint ventures205,311 27,621 300,881 499,195 1,895,976 2,928,984 
Equity method(28,130)4,320 45,312 58,507 142,563 222,572 
(1)As of December 31, 2024, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures.
As of December 31, 2023(1)
Banking
Colombia		Banking El
Salvador		TrustInvestment
banking		All other
segments		Total
In millions of COP
Investments in associates and joint ventures332,862 21,292 285,838 617,982 1,739,629 2,997,603 
Equity method(52,183)2,730 30,043 4,398 128,127 113,115 
(1)As of December 31, 2023, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures.
Schedule of geographic information
The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the Interest and valuation was originated:
202420232022
Geographic information
Interest and
valuation(1)
Long-lived
assets(2)
Interest and
valuation(1)
Long-lived
assets(2)
Interest and
valuation(1)
Long-lived
assets(2)
In millions of COP
Colombia28,127,681 13,614,718 29,812,448 13,466,457 20,977,845 12,666,847 
Panama 4,156,413 995,045 4,234,542 877,407 3,023,461 1,042,824 
El Salvador1,852,097 607,601 1,774,165 547,357 1,528,264 636,071 
Guatemala1,939,808 436,804 1,795,597 361,840 1,537,811 445,288 
United States of America63 4,176 55 4,805 - 7,504 
Bermuda177 4,416 184 3,434 2 - 
Puerto Rico187,913 1,552 149,541 1,297 64,709 2,328 
Total36,264,152 15,664,312 37,766,532 15,262,597 27,132,092 14,800,862 
Eliminations and adjustment(719,931)8,453,369 (720,373)7,000,343 (335,145)8,795,011 
Total, net35,544,221 24,117,681 37,046,159 22,262,940 26,796,947 23,595,873 
(1)Includes interest and valuation on financial instruments.
(2)Includes assets held for sale, premises and equipment, net, investment property, right-of-use assets, goodwill and intangible assets, net.