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LOANS AND ADVANCES TO CUSTOMERS, NET (Tables)
 12 Months Ended
Dec. 31, 2024
LOANS AND ADVANCES TO CUSTOMERS, NET  
Schedule of loans and financial leasing operating portfolio
The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2024 and 2023:
CompositionDecember 31, 2024December 31, 2023
In millions of COP
Commercial153,252,811 134,687,396 
Consumer55,815,683 54,591,769 
Mortgage41,741,601 36,250,408 
Financial Leases(1)
27,291,604 27,277,057 
Small Business Loans1,352,209 1,145,017 
Total gross loans and advances to customers(2)
279,453,908 253,951,647 
Total allowance(16,179,738)(16,223,103)
Total Net loans and advances to customers263,274,170 237,728,544 
(1)See note 11.1 Lessor.
(2)Operations in Colombia, Panama, and Guatemala through the Group's Banks operating in these geographies contributed to the increase in the portfolio. Additionally, as of December 31, 2024, the Colombian peso devalued 15.36% against the US dollar, compared to December 31, 2023.
Schedule of the changes in the allowance for loans and advances and lease losses
The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2024, 2023 and 2022:
As of December 31, 2024
ConceptCommercialConsumerMortgageFinancial
Leases		Small
business
loans		Total
In millions of COP
Balance at beginning of period January 1, 20246,290,266 7,717,038 1,023,206 1,024,575 168,018 16,223,103 
Loan sales(1)
(178,128)- - - - (178,128)
Recovery of charged - off loans(2)
85,858 637,131 48,029 150,466 4,784 926,268 
Credit impairment charges on loans, advances and financial leases, net(3)
1,462,622 3,660,321 215,240 62,708 12,761 5,413,652 
Adjusted stage 3(4)
331,332 579,861 41,563 72,432 9,010 1,034,198 
Charges-off(2)
(977,743)(6,406,521)(143,885)(228,639)(99,124)(7,855,912)
Translation adjustment(5)
245,023 309,947 51,024 6,730 3,833 616,557 
Balance at December 31, 20247,259,230 6,497,777 1,235,177 1,088,272 99,282 16,179,738 
(1)Corresponds to the release of loan allowances related to portfolio sales.
(2)This amount results from collections of previously charged off loans.
(3)The credit impairment charges decreased by 27.45% compared to the previous year. This decrease is primarily due an improvement in the consumer portfolio resulting from lending and collection actions that the Bank initiated in 2023, which had positive effects in 2024. Additionally, there has been a positive effect of the macroeconomic variables in the expected credit losses models. .
(4)Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9.
(5)The variation is due to the increase in the market representative rate from COP 3,822.05 in December 2023 to COP 4,409.15 in December 2024.

As of December 31, 2023
ConceptCommercialConsumerMortgageFinancial
Leases		Small
business
loans		Total
In millions of COP
Balance at beginning of period January 1, 20237,270,305 6,047,135 1,024,091 1,013,074 125,035 15,479,640 
Loan sales(1)
(829,547)- - - - (829,547)
Recovery of charged - off loans(2)
93,251 548,655 64,573 61,749 2,706 770,934 
Credit impairment charges on loans, advances and financial leases, net756,174 6,313,453 104,417 167,904 119,531 7,461,479 
Adjusted stage 3(3)
427,283 509,668 33,465 67,288 11,201 1,048,905 
Charges-off(2)
(970,685)(5,261,966)(128,532)(277,904)(81,276)(6,720,363)
Translation adjustment(4)
(456,515)(439,907)(74,808)(7,536)(9,179)(987,945)
Balance at December 31, 20236,290,266 7,717,038 1,023,206 1,024,575 168,018 16,223,103 
(1)Corresponds to the release of loan allowances related to portfolio sales.
(2)This amount is still subject to enforcement activity.
(3)Recognized as reduction to interest income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9.
(4)The variation is due to the decrease in the market representative rate from COP 4,810.20 in December 2022 to COP 3,822.05 in December 2023.

As of December 31, 2022
ConceptCommercialConsumerMortgageFinancial
Leases		Small
business
loans		Total
In millions of COP
Balance at beginning of period January 1, 20227,813,023 5,305,267 1,061,058 1,521,067 164,067 15,864,482 
Loan sales(1)
(225,226)- - - - (225,226)
Recovery of charged - off loans(2)
188,018 385,011 28,690 72,056 1,191 674,966 
Credit impairment charges on loans, advances and financial leases, net502,577 3,447,515 183,436 (461,665)49,490 3,721,353 
Adjusted stage 3(3)
323,196 279,843 38,769 48,836 11,989 702,633 
Charges-off(2)
(1,742,895)(3,788,517)(345,991)(176,407)(111,092)(6,164,902)
Translation adjustment(4)
411,612 418,016 58,129 9,187 9,390 906,334 
Balance at December 31, 20227,270,305 6,047,135 1,024,091 1,013,074 125,035 15,479,640 
(1)Corresponds to the release of loan allowances related to portfolio sales.
(2)This amount is still subject to enforcement activity.
(3)Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9.
(4)The variation is due to the increase in the market representative rate from COP 3,981.16 in December 2021 to COP 4,810.20 in December 2022.
Schedule of changes in the contractual cash flows of the loan portfolio that did not result in derecognition
The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses.
Changes in the contractual cash flows of the loan portfolio that did not result in derecognition
In millions of COP
December 31, 2024December 31, 2023
Loan portfolio modified during the period
Amortized cost before modification7,563,6217,566,692
Net gain or loss on changes(560,552)(182,023)
Loan portfolio modified since initial recognition
Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months.325,028393,789
Schedule of significant changes in the loans and the allowance for loans losses by category
As of December 31, 2024
Commercial
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 2024120,773,927(638,095)5,453,537(425,470)8,459,932(5,226,701)134,687,396(6,290,266)
Transfers of financial instruments: (1,548,717)(13,835)(200,399)101,9211,749,116(88,086)--
Transfers from stage 1 to stage 2 (1,625,193)22,8901,625,193(22,890)----
Transfers from stage 1 to stage 3 (1,207,431)36,155--1,207,431(36,155)--
Transfers from stage 2 to stage 1 1,278,864(70,018)(1,278,864)70,018----
Transfers from stage 2 to stage 3 --(633,645)86,370633,645(86,370)--
Transfers from stage 3 to stage 1 5,043(2,862)--(5,043)2,862--
Transfers from stage 3 to stage 2 --86,917(31,577)(86,917)31,577--
Remeasurement arising from transfer of stage (537,295)42,814(254,631)(33,104)(236,667)(1,205,996)(1,028,593)(1,196,286)
Remeasurement from remaining in the stage (7,993,068)112,459(269,421)38,16829,358(329,489)(8,233,131)(178,862)
Remeasurement due to changes in economics factors -3,800-(1,359)-109-2,550
Remeasurement due to changes in model inputs -12,929-(60,157)-28,775-(18,453)
New financial assets purchased/originated(1)
83,411,122(234,532)2,012,893(166,762)1,595,995(954,919)87,020,010(1,356,213)
Financial assets that have been derecognized (61,617,701)229,467(1,631,559)81,976(1,177,975)734,137(64,427,235)1,045,580
Charges-off (18,847)872(71,910)24,045(886,986)952,826(977,743)977,743
Foreign Exchange and other movements 5,292,046(17,916)507,278(18,768)412,783(208,339)6,212,107(245,023)
Balance at December 31, 2024137,761,467(502,037)5,545,788(459,510)9,945,556(6,297,683)153,252,811(7,259,230)
(1) Includes financial assets purchased, originated and restructured.
Consumer
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 202446,060,615 (2,672,234)4,407,067 (1,584,505)4,124,087 (3,460,299)54,591,769 (7,717,038)
Transfers of financial instruments: (3,287,690)167,853 1,334,175 (32,948)1,953,515 (134,905)- - 
Transfers from stage 1 to stage 2 (2,355,931)236,700 2,355,931 (236,700)- - - - 
Transfers from stage 1 to stage 3 (1,694,306)185,537 - - 1,694,306 (185,537)- - 
Transfers from stage 2 to stage 1 705,570 (207,512)(705,570)207,512 - - - - 
Transfers from stage 2 to stage 3 - - (572,936)195,424 572,936 (195,424)- - 
Transfers from stage 3 to stage 1 56,977 (46,872)- - (56,977)46,872 - - 
Transfers from stage 3 to stage 2 - - 256,750 (199,184)(256,750)199,184 - - 
Remeasurement arising from transfer of stage (322,470)214,334 (389,162)(153,151)1,432,594 (4,673,940)720,962 (4,612,757)
Remeasurement from remaining in the stage (3,891,488)246,406 (137,592)(27,302)27,126 (96,141)(4,001,954)122,963 
Remeasurement due to changes in economics factors - 13,782 - 8,102 - (4,463)- 17,421 
Remeasurement due to changes in model inputs - 370,905 - (37,890)- (28,501)- 304,514 
New financial assets purchased/originated(1)
18,171,352 (503,056)1,702,506 (592,301)1,099,137 (970,118)20,972,995 (2,065,475)
Financial assets that have been derecognized (11,013,532)597,248 (895,311)336,485 (525,071)422,288 (12,433,914)1,356,021 
Charges-off (1,093,049)266,898 (1,092,436)502,944 (4,221,036)5,636,679 (6,406,521)6,406,521 
Foreign Exchange and other movements 2,073,275 (72,848)189,360 (63,708)109,711 (173,391)2,372,346 (309,947)
Balance at December 31, 202446,697,013 (1,370,712)5,118,607 (1,644,274)4,000,063 (3,482,791)55,815,683 (6,497,777)
(1)Includes financial assets purchased, originated and restructured.
Financial Leases
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 202422,553,128 (145,429)3,293,100 (206,641)1,430,829 (672,505)27,277,057 (1,024,575)
Transfers of financial instruments: (626,993)(32,495)164,252 42,979 462,741 (10,484)- - 
Transfers from stage 1 to stage 2 (807,360)11,270 807,360 (11,270)- - - - 
Transfers from stage 1 to stage 3 (301,609)5,217 - - 301,609 (5,217)- - 
Transfers from stage 2 to stage 1 476,482 (48,011)(476,482)48,011 - - - - 
Transfers from stage 2 to stage 3 - - (261,903)28,911 261,903 (28,911)- - 
Transfers from stage 3 to stage 1 5,494 (971)- - (5,494)971 - - 
Transfers from stage 3 to stage 2 - - 95,277 (22,673)(95,277)22,673 - - 
Remeasurement arising from transfer of stage (29,224)26,927 (111,911)(24,264)82,688 (332,058)(58,447)(329,395)
Remeasurement from remaining in the stage (2,030,801)1,024 (36,408)6,618 (48,471)19,994 (2,115,680)27,636 
Remeasurement due to changes in economics factors - 388 - (1,315)- 3,278 - 2,351 
Remeasurement due to changes in model inputs - 33,405 - (39,054)- (19,599)- (25,248)
New financial assets purchased/originated(1)
4,685,664 (16,709)265,140 (61,525)43,177 (26,867)4,993,981 (105,101)
Financial assets that have been derecognized (2,161,635)14,818 (369,040)13,130 (232,037)116,203 (2,762,712)144,151 
Charges-off (2,309)116 (626)38,690 (225,704)189,833 (228,639)228,639 
Foreign Exchange and other movements 173,604 (873)8,203 (2,848)4,237 (3,009)186,044 (6,730)
Balance at December 31, 202422,561,434 (118,828)3,212,710 (234,230)1,517,460 (735,214)27,291,604 (1,088,272)
(1)Includes financial assets purchased, originated and restructured.
Mortgage
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 202432,210,648 (184,915)2,628,654 (284,921)1,411,106 (553,370)36,250,408 (1,023,206)
Transfers of financial instruments: (530,580)(63,741)(110,527)65,658 641,107 (1,917)- - 
Transfers from stage 1 to stage 2 (1,054,660)17,932 1,054,660 (17,932)- - - - 
Transfers from stage 1 to stage 3 (388,239)7,709 - - 388,239 (7,709)- - 
Transfers from stage 2 to stage 1 911,038 (89,109)(911,038)89,109 - - - - 
Transfers from stage 2 to stage 3 - - (575,585)77,114 575,585 (77,114)- - 
Transfers from stage 3 to stage 1 1,281 (273)- - (1,281)273 - - 
Transfers from stage 3 to stage 2 - - 321,436 (82,633)(321,436)82,633 - - 
Remeasurement arising from transfer of stage (46,383)71,166 (34,361)(69,232)58,849 (197,427)(21,895)(195,493)
Remeasurement from remaining in the stage (1,500,100)146 (28,254)(50,026)(14,983)(92,113)(1,543,337)(141,993)
Remeasurement due to changes in economics factors - (655)- 232 - - - (423)
Remeasurement due to changes in model inputs - 35,570 - 38,196 - (59,346)- 14,420 
New financial assets purchased/originated(1)
7,250,404 (24,146)89,441 (15,434)38,103 (15,032)7,377,948 (54,612)
Financial assets that have been derecognized (2,219,679)13,232 (88,540)12,205 (114,124)47,832 (2,422,343)73,269 
Charges-off (3,221)263 (2,019)1,789 (138,645)141,833 (143,885)143,885 
Foreign Exchange and other movements 1,915,491 (5,340)247,536 (14,193)81,678 (31,491)2,244,705 (51,024)
Balance at December 31, 202437,076,580 (158,420)2,701,930 (315,726)1,963,091 (761,031)41,741,601 (1,235,177)
(1)Includes financial assets purchased, originated and restructured.
Small business loans
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 2024774,571 (55,230)260,303 (34,865)110,143 (77,923)1,145,017 (168,018)
Transfers of financial instruments: 48,693 4,363 (90,096)465 41,403 (4,828)- - 
Transfers from stage 1 to stage 2 (32,175)5,260 32,175 (5,260)- - - - 
Transfers from stage 1 to stage 3 (26,237)3,577 - - 26,237 (3,577)- - 
Transfers from stage 2 to stage 1 106,886 (4,362)(106,886)4,362 - - - - 
Transfers from stage 2 to stage 3 - - (22,854)3,333 22,854 (3,333)- - 
Transfers from stage 3 to stage 1 219 (112)- - (219)112 - - 
Transfers from stage 3 to stage 2 - - 7,469 (1,970)(7,469)1,970 - - 
Remeasurement arising from transfer of stage (8,293)2,046 (11,218)(35)2,245 (59,190)(17,266)(57,179)
Remeasurement from remaining in the stage (119,140)13,134 (1,716)9,558 (4,671)(1,179)(125,527)21,513 
Remeasurement due to changes in economics factors - 549 - 103 - (52)- 600 
Remeasurement due to changes in model inputs - 9,603 - (169)- (740)- 8,694 
New financial assets purchased/originated(1)
774,418 (15,290)42,211 (6,973)18,044 (12,363)834,673 (34,626)
Financial assets that have been derecognized (323,208)12,414 (120,903)5,663 (27,026)16,366 (471,137)34,443 
Charges-off (19,210)3,952 (19,407)7,670 (60,507)87,502 (99,124)99,124 
Foreign Exchange and other movements 47,972 (523)32,082 (1,438)5,519 (1,872)85,573 (3,833)
Balance at December 31, 20241,175,803 (24,982)91,256 (20,021)85,150 (54,279)1,352,209 (99,282)
(1)Includes financial assets purchased, originated and restructured.
As of December 31, 2023
Commercial
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 2023126,530,862 (665,259)8,062,435 (751,728)8,944,556 (5,853,318)143,537,853 (7,270,305)
Transfers of financial instruments: (1,248,210)(73,788)(565,802)157,677 1,814,012 (83,889)- - 
Transfers from stage 1 to stage 2 (1,286,292)24,362 1,286,292 (24,362)- - - - 
Transfers from stage 1 to stage 3 (900,645)26,071 - - 900,645 (26,071)- - 
Transfers from stage 2 to stage 1 931,660 (118,403)(931,660)118,403 - - - - 
Transfers from stage 2 to stage 3 - - (1,081,128)139,257 1,081,128 (139,257)- - 
Transfers from stage 3 to stage 1 7,067 (5,818)- - (7,067)5,818 - - 
Transfers from stage 3 to stage 2 - - 160,694 (75,621)(160,694)75,621 - - 
Remeasurement arising from transfer of stage (172,134)98,684 (190,275)(7,563)(153,574)(1,140,608)(515,983)(1,049,487)
Remeasurement from remaining in the stage (10,087,837)69,038 (444,057)97,791 (135,588)(159,438)(10,667,482)7,391 
Remeasurement due to changes in economics factors - (14,781)- (19,968)- 7,515 - (27,234)
Remeasurement due to methodological changes - 19,001 - 53,533 - 25,299 - 97,833 
New financial assets purchased/originated(1)
60,154,305 (302,169)1,192,219 (143,442)1,296,765 (725,298)62,643,289 (1,170,909)
Financial assets that have been derecognized (45,206,464)181,931 (1,519,892)121,596 (1,715,530)1,391,718 (48,441,886)1,695,245 
Charges-off (19,285)973 (81,528)17,475 (869,872)952,237 (970,685)970,685 
Foreign Exchange and other movements (9,177,310)48,275 (999,563)49,159 (720,837)359,081 (10,897,710)456,515 
Balance at December 31, 2023120,773,927 (638,095)5,453,537 (425,470)8,459,932 (5,226,701)134,687,396 (6,290,266)
(1)Includes financial assets purchased, originated and restructured.
Consumer
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 202351,510,943 (1,823,841)5,288,921 (1,868,882)2,788,857 (2,354,412)59,588,721 (6,047,135)
Transfers of financial instruments: (2,366,645)(213,509)299,377 313,735 2,067,268 (100,226)- - 
Transfers from stage 1 to stage 2 (1,890,263)116,262 1,890,263 (116,262)- - - - 
Transfers from stage 1 to stage 3 (1,805,932)124,706 - - 1,805,932 (124,706)- - 
Transfers from stage 2 to stage 1 1,252,391 (381,036)(1,252,391)381,036 - - - - 
Transfers from stage 2 to stage 3 - - (547,962)230,723 547,962 (230,723)- - 
Transfers from stage 3 to stage 1 77,159 (73,441)- - (77,159)73,441 - - 
Transfers from stage 3 to stage 2 - - 209,467 (181,762)(209,467)181,762 - - 
Remeasurement arising from transfer of stage (176,080)281,499 (103,802)(541,174)990,976 (4,445,663)711,094 (4,705,338)
Remeasurement from remaining in the stage (4,024,103)(79,073)(162,497)(79,505)278,004 (493,421)(3,908,596)(651,999)
Remeasurement due to changes in economics factors - (242,317)- (32,244)- 989 - (273,572)
Remeasurement due to methodological changes - (423,782)- 252,110 - 19,805 - (151,867)
New financial assets purchased/originated(1)
15,350,895 (866,684)1,429,142 (584,910)1,275,594 (1,053,814)18,055,631 (2,505,408)
Financial assets that have been derecognized (9,643,264)349,930 (858,742)315,991 (294,422)250,487 (10,796,428)916,408 
Charges-off (1,299,715)231,387 (1,129,877)542,312 (2,832,374)4,488,267 (5,261,966)5,261,966 
Foreign Exchange and other movements (3,291,416)114,156 (355,455)98,062 (149,816)227,689 (3,796,687)439,907 
Balance at December 31, 202346,060,615 (2,672,234)4,407,067 (1,584,505)4,124,087 (3,460,299)54,591,769 (7,717,038)
(1)Includes financial assets purchased, originated and restructured.
Financial leases
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 202323,566,544 (151,328)3,172,285 (238,920)1,358,887 (622,826)28,097,716 (1,013,074)
Transfers of financial instruments: (33,774)(56,552)(337,901)74,010 371,675 (17,458)- - 
Transfers from stage 1 to stage 2 (886,398)15,837 886,398 (15,837)- - - - 
Transfers from stage 1 to stage 3 (214,258)6,202 - - 214,258 (6,202)- - 
Transfers from stage 2 to stage 1 1,065,222 (77,927)(1,065,222)77,927 - - - - 
Transfers from stage 2 to stage 3 - - (211,221)26,291 211,221 (26,291)- - 
Transfers from stage 3 to stage 1 1,660 (664)- - (1,660)664 - - 
Transfers from stage 3 to stage 2 - - 52,144 (14,371)(52,144)14,371 - - 
Remeasurement arising from transfer of stage (67,839)66,879 (66,232)(43,021)38,500 (275,772)(95,571)(251,914)
Remeasurement from remaining in the stage (1,719,440)7,812 (84,050)27,024 (16,635)(44,480)(1,820,125)(9,644)
Remeasurement due to changes in economics factors - (2,286)- (4,103)- 8,419 - 2,030 
Remeasurement due to methodological changes - (1,756)- (5,150)- 8,486 - 1,580 
New financial assets purchased/originated(1)
2,926,745 (21,654)915,316 (57,704)67,467 (45,494)3,909,528 (124,852)
Financial assets that have been derecognized (1,780,980)11,596 (264,866)12,186 (129,570)62,077 (2,175,416)85,859 
Charges-off (863)29 (25,471)27,464 (251,570)250,411 (277,904)277,904 
Foreign Exchange and other movements (337,265)1,831 (15,981)1,573 (7,925)4,132 (361,171)7,536 
Balance at December 31, 202322,553,128 (145,429)3,293,100 (206,641)1,430,829 (672,505)27,277,057 (1,024,575)
(1)Includes financial assets purchased, originated and restructured.
Mortgage
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 202334,067,734 (206,800)1,997,270 (256,275)1,306,369 (561,016)37,371,373 (1,024,091)
Transfers of financial instruments: (1,226,789)(46,563)838,151 32,285 388,638 14,278 - - 
Transfers from stage 1 to stage 2 (1,419,929)20,379 1,419,929 (20,379)- - - - 
Transfers from stage 1 to stage 3 (330,417)7,821 - - 330,417 (7,821)- - 
Transfers from stage 2 to stage 1 523,311 (74,687)(523,311)74,687 - - - - 
Transfers from stage 2 to stage 3 - - (306,993)52,110 306,993 (52,110)- - 
Transfers from stage 3 to stage 1 246 (76)- - (246)76 - - 
Transfers from stage 3 to stage 2 - - 248,526 (74,133)(248,526)74,133 - - 
Remeasurement arising from transfer of stage (18,655)45,186 (8,302)(84,371)63,442 (154,335)36,485 (193,520)
Remeasurement from remaining in the stage (1,240,204)(6,873)(12,416)(5,955)(20,842)(125,459)(1,273,462)(138,287)
Remeasurement due to changes in economics factors - (8,108)- (1,386)- - - (9,494)
Remeasurement due to methodological changes - 54,756 - 17,730 - 58,972 - 131,458 
New financial assets purchased/originated(1)
5,361,515 (36,938)102,552 (19,513)37,864 (11,435)5,501,931 (67,886)
Financial assets that have been derecognized (1,428,077)11,130 (69,961)10,885 (106,100)53,259 (1,604,138)75,274 
Charges-off (2,088)8 (2,446)497 (123,998)128,027 (128,532)128,532 
Foreign Exchange and other movements (3,302,788)9,287 (216,194)21,182 (134,267)44,339 (3,653,249)74,808 
Balance at December 31, 202332,210,648 (184,915)2,628,654 (284,921)1,411,106 (553,370)36,250,408 (1,023,206)
(1)Includes financial assets purchased, originated and restructured.
Small business loans
Stage1Stage2Stage3Total
Gross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		AllowanceGross
carrying		Allowance
In millions of COP
Balance at January 1, 20231,093,973 (28,564)135,528 (29,024)98,575 (67,447)1,328,076 (125,035)
Transfers of financial instruments: (210,552)3,957 155,467 (680)55,085 (3,277)- - 
Transfers from stage 1 to stage 2 (177,024)4,932 177,024 (4,932)- - - - 
Transfers from stage 1 to stage 3 (46,849)2,745 - - 46,849 (2,745)- - 
Transfers from stage 2 to stage 1 13,169 (3,625)(13,169)3,625 - - - - 
Transfers from stage 2 to stage 3 - - (17,243)5,043 17,243 (5,043)- - 
Transfers from stage 3 to stage 1 152 (95)- - (152)95 - - 
Transfers from stage 3 to stage 2 - - 8,855 (4,416)(8,855)4,416 - - 
Remeasurement arising from transfer of stage (2,939)2,268 (4,798)(5,519)(8,155)(58,743)(15,892)(61,994)
Remeasurement from remaining in the stage (133,210)5,932 (9,475)(7,767)(94)(9,821)(142,779)(11,656)
Remeasurement due to changes in economics factors - (3,185)- (882)- 24 - (4,043)
Remeasurement due to methodological changes - (14,202)- 3,792 - 2,808 - (7,602)
New financial assets purchased/originated(1)
395,777 (29,237)31,394 (8,643)32,093 (28,378)459,264 (66,258)
Financial assets that have been derecognized (220,594)5,021 (13,738)3,545 (12,904)9,549 (247,236)18,115 
Charges-off (17,840)1,787 (17,376)7,174 (46,060)72,315 (81,276)81,276 
Foreign Exchange and other movements (130,044)993 (16,699)3,139 (8,397)5,047 (155,140)9,179 
Balance at December 31, 2023774,571 (55,230)260,303 (34,865)110,143 (77,923)1,145,017 (168,018)
(1)Includes financial assets purchased, originated and restructured.