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OPERATING EXPENSES (Tables)
 12 Months Ended
Dec. 31, 2024
OPERATING EXPENSES  
Schedule of salaries and employee benefit expenses
The detail for salaries and employee benefits for the years ended December 31, 2024, 2023 and 2022 is as follows:
Salaries and employee benefit202420232022
In millions of COP
Salaries(1)
2,452,902 2,286,471 1,897,710 
Bonuses(2)
873,739 940,292 823,517 
Private premium
628,882 651,048 423,261 
Social security contributions599,171 546,434 447,017 
Indemnization payment229,909 179,916 189,643 
Other benefits(3)
843,459 746,073 636,508 
Total salaries and employee benefit5,628,062 5,350,234 4,417,656 
(1)This is mainly explained by salary increases.
(2)Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Bank.
(3)Includes vacations, severance and interest on severance, pension and employee benefits (policy benefits, training and recreation).
Schedule of other administrative and general expenses
The detail for administrative and general expenses for the years ended December 31, 2024, 2023 and 2022 is as follows:
Other administrative and general expenses202420232022
In millions of COP
 Maintenance and repairs(1)
1,012,853 900,251 757,861 
 Fees 937,643 943,781 864,520 
 Insurance734,358 738,786 640,753 
 Data processing(2)
560,016 473,059 362,621 
 Frauds and claims(3)
419,920 346,899 258,834 
 Transport 257,703 233,856 232,471 
 Advertising179,122 175,690 185,122 
 Cleaning and security services136,242 129,460 117,966 
 Public services135,328 125,433 119,949 
 Contributions and affiliations115,939 109,038 116,118 
 Useful and stationery(4)
97,871 57,061 55,045 
 Communications76,268 74,685 72,501 
 Properties improvements and installation68,335 66,438 70,845 
 Disputes, fines and sanctions(5)
46,093 43,499 63,519 
 Real estate management38,396 33,637 30,216 
 Travel expenses32,031 31,813 25,600 
 Publications and subscriptions23,412 22,574 20,644 
 Storage services17,845 16,321 15,013 
 Short-term and low-value leases17,333 11,577 19,926 
 Legal expenses12,676 14,136 10,573 
 Joint operations activities9,471 8,892 8,357 
 Others516,357 477,058 511,446 
Total other administrative and general expenses
5,445,212 5,033,944 4,559,900 
Taxes other than income tax
1,442,511 1,433,148 929,512 
(1)The increase is mainly in computer equipment maintenance.
(2)The increase is mainly generated in license maintenance.
(3)The increase is generated mainly in virtual transactions and card frauds.
(4)The increase is mainly due to the issuance, personalization and packaging of debit and credit cards.
(5)The amount for the year 2022 includes the following events: Banagrícola and subsidiaries by USD 4,000 due to out-of-court closing of contingency and in Banistmo and subsidiaries by USD 2,500 due to judgment against.
Schedule of impairment, depreciation and amortization expenses
The detail for Impairment, depreciation and amortization for the years ended December 31, 2024, 2023 and 2022 is as follows:
Impairment, depreciation and amortization202420232022
In millions of COP
Depreciation of premises and equipment(1)
633,755 636,376 560,596 
Depreciation of right-of-use assets(2)
207,560 229,665 212,861 
Amortization of intangible assets(3)
170,140 212,317 175,991 
Impairment of other assets, net(4)(5)
106,426 46,501 31,127 
Total impairment, depreciation and amortization 1,117,881 1,124,859 980,575 
(1)See Note 10 Premises and equipment, net.
(2)See Note 11.2 Lessee.
(3)See Note 12 Goodwill and intangibles assets, net.
(4)Includes value for impairment of property and equipment for COP 842 in 2024, COP 4,480 in 2023 and COP 3,536 in 2022.
(5)The detail of the impairment of other assets net by operating segments for the years ended December 31, 2024, 2023 and 2022 is presented in the table below:
Impairment (recovery) of other assets, net202420232022
In millions of COP
Banking Colombia(1)
51,626 45,122 24,187 
Banking Panama(1)
28,475 5,290 12,599 
Banking Guatemala13,703 8,929 12,101 
International Banking5,999 1,730 314 
All other segments5,826 4,713 1,803 
Banking El Salvador(2)
732 (19,283)(19,877)
Brokerage65 - - 
Total
106,426 46,501 31,127 
(1)The variation in 2024 with respect to 2023 and 2022 is mainly for
the impairment of assets received in lieu of payment by restatement to
Net realizable value (NRV).
(2) The variation corresponds mainly to the Net realizable value (NRV)
and higher sales generated in 2023.