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RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2024
RISK MANAGEMENT  
Schedule of maximum exposure to credit risk
The table below shows the maximum exposure to credit risk and provision based on the bank´s internal credit rating system, 12 months Basel PD range and year-end stage classification.

As of December 31, 2024
StandardPD rangeStage 1Stage 2Stage 3Total
ExposureProvisionExposureProvisionExposureProvisionExposureProvision
Normal risk 0% - 3.11% 9,738,866 12 267 - - - 9,739,133 12 
Acceptable risk > 3.11% - 11.15% 173,730 14 10,563 1 8,000 2 192,293 17 
Appreciable risk > 11.15% - 72.75% 14,123 1 6,970 3 48,221 - 69,314 4 
Significant risk> 72.75% - 89.89%- - - - - - - - 
Bad risk> 89.89% - 100%- - - - 143,561 4,460 143,561 4,460 
 Total  9,926,7192717,8004199,7824,46210,144,3014,493

As of December 31, 2023
StandardPD rangeStage 1Stage 2Stage 3Total
ExposureProvisionExposureProvisionExposureProvisionExposureProvision
Normal risk0% - 3.11%11,885,72465,165---11,890,8896
Acceptable risk> 3.11% - 11.15%629,867155,9741--635,84116
Appreciable risk> 11.15% - 72.75%18,277115,75023--34,02724
Significant risk> 72.75% - 89.89%--------
Bad risk> 89.89% - 100%----130,4412,192130,4412,192
Total12,533,8682226,88924130,4412,19212,691,1982,238
The information below contains the maximum exposure to credit risk for the periods ending December 31, 2024 and 2023:
December 31, 2024
Maximum exposure to credit risk - Financial instruments subject to impairment
In millions of COP
Stage 1Stage 2Stage 3Total
Loans and Advances245,272,297 16,670,291 17,511,320 279,453,908 
Commercial137,761,467 5,545,788 9,945,556 153,252,811 
Consumer46,697,013 5,118,607 4,000,063 55,815,683 
Mortgage37,076,580 2,701,930 1,963,091 41,741,601 
Small Business Loans1,175,803 91,256 85,150 1,352,209 
Financial Leases22,561,434 3,212,710 1,517,460 27,291,604 
Off-Balance Sheet Exposures43,604,372 223,317 256,249 44,083,938 
Financial Guarantees9,926,719 17,800 199,782 10,144,301 
Loan Commitments33,677,653 205,517 56,467 33,939,637 
Loss Allowance(2,331,035)(2,752,141)(11,397,984)(16,481,160)
Total286,545,634 14,141,467 6,369,585 307,056,686 
December 31, 2023
Maximum exposure to credit risk - Financial instruments subject to impairment
In millions of COP
Stage 1Stage 2Stage 3Total
Loans and Advances222,372,889 16,042,661 15,536,097 253,951,647 
 Commercial120,773,927 5,453,537 8,459,932 134,687,396 
 Consumer46,060,615 4,407,067 4,124,087 54,591,769 
 Mortgage32,210,648 2,628,654 1,411,106 36,250,408 
 Small Business Loans774,571 260,303 110,143 1,145,017 
 Financial Leases22,553,128 3,293,100 1,430,829 27,277,057 
Off-Balance Sheet Exposures39,266,370 154,567 157,801 39,578,738 
Financial Guarantees12,533,868 26,889 130,441 12,691,198 
Loan Commitments(1)
26,732,502 127,678 27,360 26,887,540 
Loss Allowance(3,854,240)(2,581,460)(10,042,022)(16,477,722)
Total257,785,019 13,615,768 5,651,876 277,052,663 
(1) The informational disclosed value of loan commitments has been updated.
Other Financial Instruments
Maximum Exposure to Credit Risk - Other Financial Instruments
In millions of COP
Maximum ExposureCollateralNet Exposure
202420232024202320242023
Maximum Exposure to Credit Risk
Debt instruments36,583,512 25,148,469 (1,669,011)(1,407,484)34,914,501 23,740,985 
Derivatives929,498 1,824,750 (589,098)(698,662)340,400 1,126,088 
Equity1,011,310 543,210 - - 1,011,310 543,210 
Other financial instruments34,385 38,319 - - 34,385 38,319 
Total38,558,70527,554,748(2,258,109)(2,106,146)36,300,59625,448,602
Note: Collateral Held (-) and Collateral Pledged (+)
Schedule of amount and allowance of clients included in the described watch list
December 2024:
Watch List December 31,2024
In millions of COP
Risk LevelAmount%Allowance
Level 1 – Low Risk14,081,182 0.72 %101,994 
Level 2 – Medium Risk5,708,673 6.50 %370,892 
Level 3 – High Risk3,811,886 53.84 %2,052,135 
Level 4 – High Risk5,948,366 61.67 %3,668,615 
Total29,550,107 20.96 %6,193,636 
December 2023:
Watch List December 31,2023
In millions of COP
Risk LevelAmount%Allowance
Level 1 – Low Risk14,358,838 1.02 %146,014 
Level 2 – Medium Risk4,744,341 7.38 %349,972 
Level 3 – High Risk2,886,649 53.31 %1,538,882 
Level 4 – High Risk5,239,356 73.24 %3,837,196 
Total27,229,184 21.57 %5,872,064 
Schedule of loans and financial leases by type of collateral
The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral:
December 31, 2024
In Millions of COP
Amount Covered by Collateral
Nature of the CollateralCommercialConsumerMortgageFinancial
Leasing		Small
Business		Total
Real Estate and Residential25,163,297 1,816,374 39,092,440 39 363,465 66,435,615 
Goods Given in Real Estate Leasing- - 183 17,382,691 - 17,382,874 
Goods Given in Leasing Other Than Real Estate- 32 - 8,181,007 - 8,181,039 
Stand by Letters of Credit1,540,179 - - - - 1,540,179 
Security Deposits1,398,254 326,722 - - 139,481 1,864,457 
Guarantee Fund3,653,583 37 - 45,720 251,827 3,951,167 
Sovereign of the Nation- - - - - - 
Collection Rights7,757,578 109,946 - - — 7,867,524 
Other Collateral (Pledges)3,688,378 8,039,811 30,223 280 6,209 11,764,901 
Without Guarantee (Uncovered Balance)110,051,542 45,522,761 2,618,755 1,681,867 591,227 160,466,152 
Total loans and financial leases153,252,811 55,815,683 41,741,601 27,291,604 1,352,209 279,453,908 
December 31, 2023
In Millions of COP
Amount Covered by Collateral
Nature of the CollateralCommercialConsumerMortgageFinancial
Leasing
Small
Business
Total
Real Estate and Residential23,368,9501,693,00734,253,14010319,03859,634,145
Goods Given in Real Estate Leasing--18917,104,180-17,104,369
Goods Given in Leasing Other Than Real Estate-26-8,580,543-8,580,569
Stand by Letters of Credit1,052,764----1,052,764
Security Deposits447,306370,286--103,013920,605
Guarantee Fund4,012,115191-60,24252,2224,124,770
Sovereign of the Nation----- -
Collection Rights6,673,32057,306--4206,731,046
Other Collateral (Pledges)2,957,4827,286,58139,432-2,49910,285,994
Without Guarantee (Uncovered Balance)96,175,45945,184,3721,957,6471,532,082667,825145,517,385
Total loans and financial leases134,687,39654,591,76936,250,40827,277,0571,145,017253,951,647
Schedule of financial assets that are classified in Stage 3
The Financial assets that are classified in Stage 3 and are evaluated under this methodology are shown below:
December 31, 2024
In Millions of COP
ClassificationAmountAllowanceTotalFair Value of Collateral
Commercial783,435 372,156 411,279 1,660,829 
Consumer
Mortgage616,432 143,894 472,538 762,652 
Small Business Loans
Financial Leases761,892 327,257 434,635 1,305,365 
Total credit assets2,161,759 843,307 1,318,452 3,728,846 
December 31, 2023
In Millions of COP
ClassificationAmountAllowanceTotalFair Value of Collateral
Commercial700,120274,641425,4791,176,130
Consumer
Mortgage383,87894,260289,618331,738
Small Business Loans
Financial Leases699,803383,127316,6761,263,274
Total credit assets1,783,801752,0281,031,7732,771,142
Schedule of loans concentration by category
The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories for the periods ending on December 31, 2024 and 2023, it is as follows:
Composition20242023
In millions of COP
Commercial153,252,811 134,687,396 
Corporate85,278,293 69,843,654 
SME15,203,496 14,200,557 
Others52,771,022 50,643,185 
Consumer55,815,683 54,591,769 
Credit card11,992,511 11,207,731 
Vehicle5,635,858 5,409,226 
Payroll loans10,381,247 9,461,889 
Others27,806,067 28,512,923 
Mortgage41,741,601 36,250,408 
VIS2
16,183,280 12,997,624 
Non- VIS25,558,321 23,252,784 
Financial Leases27,291,604 27,277,057 
Small Business Loans1,352,209 1,145,017 
Loans and advances to customers and financial institutions279,453,908 253,951,647 
Allowance for loans and advances and lease losses(16,179,738)(16,223,103)
Total net loan and financial leases263,274,170 237,728,544 
Schedule of credit concentration of loans and financial leases by maturity
The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases at the end of December 2024 and 2023:
December 31, 2024
In millions of COP
MaturityLess Than 1 YearBetween 1 and 5
Years		Between 5 and 15
Years		Greater Than 15
Years		Total
In millions of COP
Commercial48,186,15962,610,47841,614,622841,552153,252,811
Corporate29,076,02832,243,275 23,454,114504,87685,278,293
SME4,771,0878,555,996 1,727,911148,50215,203,496
Others14,339,04421,811,207 16,432,597188,17452,771,022
Consumer1,267,26934,216,96819,553,651777,79555,815,683
Credit card234,3259,587,518 2,170,668-11,992,511
Vehicle81,0663,270,554 2,283,8733655,635,858
Order of payment47,9812,261,874 7,525,578545,81410,381,247
Others903,89719,097,022 7,573,532231,61627,806,067
Mortgage79,3041,095,32910,509,42930,057,53941,741,601
VIS14,439284,872 2,540,65513,343,31416,183,280
December 31, 2024
In millions of COP
MaturityLess Than 1 YearBetween 1 and 5
Years		Between 5 and 15
Years		Greater Than 15
Years		Total
In millions of COP
Non-VIS64,865810,457 7,968,77416,714,22525,558,321
Financial Leases1,804,9648,586,693 13,202,5563,697,39127,291,604
Small business loans194,013919,392 208,40530,3991,352,209
Total gross loans and financial leases51,531,709107,428,86085,088,66335,404,676279,453,908
December 31, 2023
In millions of COP
MaturityLess Than 1 YearBetween 1 and 5
Years		Between 5 and 15
Years		Greater Than 15
Years		Total
Commercial40,601,34557,828,30135,936,869320,881134,687,396
Corporate22,360,10827,329,31219,970,727183,50769,843,654
SME4,486,3267,497,3072,200,27416,65014,200,557
Others13,754,91123,001,68213,765,868120,72450,643,185
Consumer1,289,15026,549,04326,086,537667,03954,591,769
Credit card417,3901,755,5189,034,823-11,207,731
Vehicle55,2952,982,4392,371,1633295,409,226
Order of payment57,2111,872,5467,061,605470,5279,461,889
Others759,25419,938,5407,618,946196,18328,512,923
Mortgage75,1891,005,8319,601,78325,567,60536,250,408
VIS23,303264,2322,157,32210,552,76712,997,624
Non-VIS51,886741,5997,444,46115,014,83823,252,784
Financial Leases1,639,2189,165,62212,939,9083,532,30927,277,057
Small business loans208,429737,255194,5814,7521,145,017
Total gross loans and financial leases43,813,33195,286,05284,759,67830,092,586253,951,647
_______________________________________________________
2VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages.
Schedule of credit concentration of loans and financial leases by past due days
The following table shows the loans and financial leases according to past due days for the periods ending on December 31, 2024 and 2023. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days):
December 31, 2024
In millions of COP
Past-due
Period0 - 30 Days31 - 90 Days91 - 120 Days121 - 360 DaysMore Than 360
Days		Total
Commercial147,402,632531,609280,7501,515,3243,522,496153,252,811
Consumer51,393,5271,761,496624,9451,776,361259,35455,815,683
Mortgage38,560,2531,184,755285,466830,743880,38441,741,601
Financial Leases26,331,118247,05658,435273,619381,37627,291,604
Small Business Loans1,242,56836,1968,84845,60818,9891,352,209
Total264,930,0983,761,1121,258,4444,441,6555,062,599279,453,908
December 31, 2023
In millions of COP
Past-due
Period0 - 30 Days31 - 90 Days91 - 120 Days121 - 360 DaysMore Than 360
Days		Total
Commercial129,866,971500,794205,1411,777,6202,336,870134,687,396
Consumer49,418,4312,244,017794,0051,994,748140,56854,591,769
Mortgage33,524,0341,290,817212,433599,351623,77336,250,408
Financial Leases26,436,493247,12456,434196,578340,42827,277,057
Small Business Loans1,005,72550,13814,85958,24416,0511,145,017
Total240,251,6544,332,8901,282,8724,626,5413,457,690253,951,647
Schedule of credit concentration of loans and financial leases by economic sector
The following table contains the detail of the portfolio of loans and financial leases by main economic activity of the borrower for the periods ending on December 31, 2024 and 2023:
December 31, 2024
In millions of COP
Economic sectorLoans and advances
LocalForeignTotal
Agriculture5,520,414 2,813,604 8,334,018 
Petroleum and Mining Products2,126,602 636,010 2,762,612 
Food, Beverages and Tobacco10,132,520 2,164,911 12,297,431 
Chemical Production4,507,362 364,649 4,872,011 
Government10,256,608 627,705 10,884,313 
Construction14,441,608 9,134,115 23,575,723 
Commerce and Tourism24,920,337 8,480,380 33,400,717 
Transport and Communications12,313,907 597,216 12,911,123 
Public Services13,253,631 1,265,243 14,518,874 
Consumer Services61,263,015 35,692,512 96,955,527 
Commercial Services30,662,353 13,347,867 44,010,220 
Other Industries and Manufactured Products9,671,905 5,259,434 14,931,339 
Total199,070,262 80,383,646 279,453,908 
December 31, 2023
In millions of COP
Economic sectorLoans and advances
LocalForeignTotal
Agriculture5,162,9732,488,7897,651,762
Petroleum and Mining Products1,846,238234,5232,080,761
Food, Beverages and Tobacco9,147,936888,42910,036,365
Chemical Production4,299,30825,4094,324,717
Government8,369,707887,4489,257,155
Construction16,202,0355,561,78221,763,817
Commerce and Tourism23,803,83011,068,04934,871,879
Transport and Communications9,574,318351,1769,925,494
Public Services11,758,2651,286,56113,044,826
Consumer Services59,032,64232,965,56591,998,207
Commercial Services27,474,5937,217,59134,692,184
Other Industries and Manufactured Products8,679,6845,624,79614,304,480
Total185,351,52968,600,118253,951,647
Schedule of credit concentration of loans and financial leases by country
The following information shows the concentration of the loans and financial leases by country in which the Bank are located as of December 31, 2024 and 2023:
December 31, 2024
In millions of COP
CountryLoans and advances% ParticipationAllowance for loans and
advances and lease losses		% Participation
Colombia190,956,423 68.33 %(12,490,991)77.20%
Panamá47,300,183 16.93 %(2,089,269)12.91%
El Salvador18,712,218 6.70 %(598,710)3.70%
Guatemala 21,125,637 7.56 %(995,339)6.15%
Puerto Rico1,359,447 0.49 %(5,429)0.03%
Total279,453,908 100.00 %(16,179,738)100.00%
December 31, 2023
In millions of COP
CountryLoans and advances% ParticipationAllowance for loans and
advances and lease losses		% Participation
Colombia181,951,462 71.65 %(13,133,577)80.96%
Panamá38,599,152 15.20 %(1,645,802)10.14%
El Salvador15,373,156 6.05 %(552,236)3.40%
Guatemala 16,958,954 6.68 %(887,518)5.47%
Puerto Rico1,068,923 0.42 %(3,970)0.02%
Total253,951,647 100.00 %(16,223,103)100.00%
Schedule of information about credit quality of the borrower
The following information about credit quality of the borrower for the periods ending December 31, 2024 and 2023:
December 31, 2024
In millions of COP
ClassificationStage 1Stage 2Stage 3Total
Commercial137,761,4675,545,7889,945,556153,252,811
Consumer46,697,0135,118,6074,000,06355,815,683
Mortgage37,076,5802,701,9301,963,09141,741,601
Small Business Loans1,175,80391,25685,1501,352,209
Financial Leases22,561,4343,212,7101,517,46027,291,604
Loans and Advances245,272,29716,670,29117,511,320279,453,908
December 31, 2023
In millions of COP
ClassificationStage 1Stage 2Stage 3Total
Commercial120,773,927 5,453,537 8,459,932 134,687,396 
Consumer46,060,615 4,407,067 4,124,087 54,591,769 
Mortgage32,210,648 2,628,654 1,411,106 36,250,408 
Small Business Loans774,571 260,303 110,143 1,145,017 
Financial Leases22,553,128 3,293,100 1,430,829 27,277,057 
Loans and Advances222,372,889 16,042,661 15,536,097 253,951,647 
Schedule of Stage 3 loans and advances according to their type of evaluation
The table below shows Stage 3 loans and advances according to their type of evaluation for the periods ending December 31, 2024 and 2023:
December 31, 2024
In millions of COP
ImpairmentIndividual EvaluationCollective Evaluation
Carrying AmountECLCarrying AmountECL
Commercial6,007,0993,443,0473,938,4572,854,636
Consumer--4,000,0633,482,791
Mortgage--1,963,091761,031
Financial Leases519,462290,932997,998444,282
Small Business Loan--85,15054,279
Total6,526,5613,733,97910,984,7597,597,019
December 31, 2023
In millions of COP
ImpairmentIndividual EvaluationCollective Evaluation
Carrying AmountECLCarrying AmountECL
Commercial5,198,3842,825,3573,261,5482,401,344
Consumer--4,124,0873,460,299
Mortgage--1,411,106553,370
Financial Leases562,716315,979868,113356,526
Small Business Loan--110,14377,923
Total5,761,1003,141,3369,774,9976,849,462
Schedule of changes in the expected credit losses sensitivity analysis
The change in the expected credit losses (ECL) at 31 of December 2024, as a result of a possible positive or negative 1% (100 basis points) change in those variables were assessed based on the assumptions used to calculate the ECL for each of the scenarios: base, optimistic and pessimistic, as following:

 Interest Rate - Trade balance - Fiscal balance
In Millions of COP
[+1%]Unchanged[-1%]
[+1%]182,233 88,755 4,983 
InflationUnchanged93,478 - -83,772 
[-1%]13,601 (79,877)-163,649 
Schedule of changes in the expected credit losses for each methodology
The Bank has estimated the impact on the expected credit loss (ECL) assuming the forward-looking scenarios (e.g. optimistic and pessimistic) were weighted 100% instead of applying scenario probability weights across the two scenarios. The table below shows the impact on the expected credit loss (ECL) for each methodology:

Expected credit loss by scenarios
In millions of COP
20242023
MethodologiesOptimisticPessimisticOptimisticPessimistic
Collective methodology(435,740)368,782(437,294)343,209
Collateral methodology(155,591)173,438(149,983)137,172
Individual methodology(1)
(408,368)763,362(240,474)605,152
Total(999,699)1,305,582(827,751)1,085,533
(1) For individual methodology, the applied scenarios are the base in the optimistic scenario and the alternative in the pessimistic scenario with a weighting of 100% each.
Schedule of credit quality analysis of the Group
Maximum Exposure to Credit Risk
In millions of COP
Debt instrumentsEquityOther financial instruments(1)Derivatives(2)
20242023202420232024202320242023
Low Risk29,130,38021,078,496363,198220,967 1,71221,976834,8211,711,788
Medium Risk4,873,025827,46957,11917,354 16,479-1,154316
High Risk2,580,1073,242,504677587 2,9662,9667,08617,327
Without Rating--590,316304,302 13,22813,37786,43795,319
Total36,583,51225,148,4691,011,310543,21034,38538,319929,4981,824,750
(1)Corresponds to SAFE "Simple Agreement for Future Equity".
(2)For derivatives transactions counterparty risk is disclosed as long as the valuation is positive.
Schedule of maximum exposure level to the credit risk Maximum exposure level to the credit risk given:
Maximum Exposure to Credit Risk
In millions of COP
Maximum Exposure
Collateral(1)
Net Exposure
202420232024202320242023
Debt instruments36,583,51225,148,469(1,669,011)(1,407,484)34,914,50123,740,985
Derivatives **929,4981,824,750(589,098)(698,662)340,4001,126,088
Equity1,011,310543,210--1,011,310543,210
Other financial instruments34,38538,319--34,38538,319
Total38,558,70527,554,748(2,258,109)(2,106,146)36,300,59625,448,602
Schedule of individual evaluation of impairment at the end of the period for other financial instruments
Debt instruments
Maximum Exposure to Credit Risk
In millions of COP
ExposureImpairmentFinal Exposure
202420232024202320242023
Fair Value28,119,69718,244,5846,5135,56228,113,18418,239,022
Amortized Cost8,463,8156,903,88558,93755,8038,404,8786,848,082
Total36,583,51225,148,46965,45061,36536,518,06225,087,104
Equity
Maximum Exposure to Credit Risk
In millions of COP
ExposureImpairmentFinal Exposure
202420232024202320242023
Fair Value through profit or loss537,213 98,853 - - 537,213 98,853 
Fair Value through OCI474,097 444,357 - - 474,097 444,357 
Total1,011,310 543,210 - - 1,011,310 543,210 
Schedule of level of collateral held
Maximum Exposure to Credit Risk
In millions of COP
Maximum Exposure
Collateral(1)
Net Exposure
202420232024202320242023
Debt instruments36,583,51225,148,469(1,669,011)(1,407,484)34,914,50123,740,985
Derivatives **929,4981,824,750(589,098)(698,662)340,4001,126,088
Equity1,011,310543,210--1,011,310543,210
Other financial instruments34,38538,319--34,38538,319
Total38,558,70527,554,748(2,258,109)(2,106,146)36,300,59625,448,602
(1) Collateral Held (-) and Collateral Pledged (+).
Schedule of risk exposure by economic sector and risk region
Debt instrumentsEquity
Other financial instruments(1)
Derivatives(2)
20242023202420232024202320242023
Sector Concentration
Corporate4,764,7483,675,913337,332279,39616,47923,887362,568951,573
Financial5,612,9934,626,294252,731211,03717,90614,432317,722870,598
Government26,201,39016,827,596----829-
Funds ETF4,38118,666421,24752,777-248,3792,579
Total36,583,51225,148,4691,011,310543,21034,38538,319929,4981,824,750
Concentration by Region
North America6,109,3484,666,195273197--132,870344,639
Latam30,441,88820,440,893706,437529,03334,38538,319426,4241,009,595
Europe32,27641,3813,908--—147,533467,937
Others (Includes Funds and ETF)-—300,69213,980--222,6712,579
Total36,583,51225,148,4691,011,310543,21034,38538,319929,4981,824,750
(1)Corresponds to SAFE "Simple Agreement for Future Equity".
(2)For derivatives transactions counterparty risk is disclosed as long as the valuation is positive.
Schedule of risk exposure by credit rating
Risk exposure by credit rating
Maximum Exposure to Credit Risk
In millions of COP
Other financial instruments(1)
20242023
Sovereign Risk14,487,6227,520,002
AAA10,113,5819,613,353
AA+4,714,5012,934,561
AA770,266761,139
AA-68,124285,253
A+906,847763,754
A465,978465,025
A-352,619396,755
BBB+587,802604,672
BBB221,092243,820
BBB-219,6761,808,396
Other4,960,6161,745,020
Not rated689,981412,998
Total38,558,70527,554,748
(1) Internal homologation
Summary of interest rate risk The possible variations in the interest rates are established by the SFC according to the historical behavior of these variables in the markets, and they are a function of the duration and currency, as seen in the following table:
Modified DurationChanges in Interest Rates (bps)
ZoneBandLower LimitUpper LimitLegal CurrencyUVRForeign
 Currency
100.08274274100
Zone 120.080.25268274100
30.250.5259274100
40.51233274100
511.922225090
Zone 261.92.822225080
72.83.621122075
83.64.321122075
94.35.717220070
105.77.316217065
Zone 3117.39.316217060
129.310.616217060
1310.61216217060
14122016217060
152016217060
Summary of sensitivity factor by currency The (“∆p”) is determined by the SFC, as shown in the following table:
CurrencySensitivity Factor
United States Dollar12.49 %
Euro11.00 %
Other currencies13.02 %
Equity and Fund Risk14.70 %
Schedule of total change on market risk and other risk factors
The following table presents the total change in market risk and other risk factors.
December 2024
In millions of COP
FactorDecember 31AverageMaximumMinimum
Interest Rate Risk VaR540,397507,425586,194433,465
Foreign Exchange Rate Risk VaR764,920554,900764,920364,421
Equity Risk VaR360,287351,134360,287340,363
Fund Risk VaR31,96225,65331,96218,005
Total Value at Risk1,697,5661,439,112
December 2023
In millions of COP
FactorDecember 31AverageMaximumMinimum
Interest Rate Risk VaR405,467418,472542,464383,914
Foreign Exchange Rate Risk VaR332,662185,624374,40751,410
Equity Risk VaR342,024332,443347,539312,136
Fund Risk VaR15,84723,29227,92315,847
Total Value at Risk1,096,000959,831
Schedule of interest rate risk sensitivity in local currency
The chart below provides information about Bancolombia’s interest rate risk sensitivity in local currency (COP) at December 31, 2024 and December 31, 2023:
 December 31, 2024December 31, 2023
In millions of COP
Assets sensitivity 100 bps1,262,7761,152,782
Liabilities sensitivity 100 bps915,528595,749
Net interest income sensitivity 100 bps347,248557,033
The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2024 and 2023:
December 31, 2024December 31, 2023
In millions of USD
Assets sensitivity 100 bps76,21975,052
Liabilities sensitivity 100 bps83,05174,800
Net interest income sensitivity 100 bps(6,832)252
Schedule of equity risk exposure
The structural equity positions are exposed to market risk. Sensitivity calculations are made for those positions:
December 31, 2024December 31, 2023
Fair Value36,22641,096
Delta14.70 %14.70%
Sensitivity5,3256,041
Schedule of liquidity coverage ratio
In order to estimate liquidity risk, the Bank measures a liquidity coverage ratio to ensure holding liquid assets sufficient to cover potential net cash outflows over 30 days. This indicator allows the Bank to meet liquidity coverage for the next month. The liquidity coverage ratio is presented as follows:
Liquidity Coverage Ratio December 31, 2024December 31, 2023
Net cash outflows into 30 days23,887,07413,752,496
Liquid Assets 59,617,84050,680,823
Liquidity coverage ratio(1)
249.58%368.52%
(1) The minimum level required of the liquidity coverage ratio by the legal norm is 100%.
Schedule of liquid assets held by Banks
Liquid Assets(1)
December 31, 2024December 31, 2023
High quality liquid assets(2)
Cash27,931,83425,273,317
High quality liquid securities24,862,86119,951,771
Other Liquid Assets
Other securities(3)
6,823,1455,455,735
Total Liquid Assets59,617,84050,680,823
(1)Cash and those liquid assets received by the Central Bank for its operations expansion and monetary contraction are the assets with highest liquidity. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt instruments.
(2) High-quality liquid assets: cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM-142 of the Bank of the Republic.
(3) Other Securities: Securities issued by financial and corporate entities.
Schedule of contractual maturities of financial assets
The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial assets:
Contractual maturities of financial assets December 31, 2024
Financial Assets0 – 30 days31 days – 1 Year1 - 3 Years3 - 5 YearsMore than 5 years
Cash and balances with central bank24,881,536 
Interbank borrowings - Repurchase agreements7,815,791 146,772 
Financial assets investments2,303,523 13,929,810 13,318,529 5,257,338 7,910,771 
Loans and advances to customers13,067,571 102,476,191 106,645,598 61,320,760 113,075,471 
Derivative financial instruments8,858,966 5,306,353 2,288,557 757,393 847,796 
Total financial assets56,927,387 121,859,126 122,252,684 67,335,491 121,834,038
Contractual maturities of financial assets December 31, 2023
Financial Assets0 – 30 days31 days – 1 Year1 - 3 Years3 - 5 YearsMore than 5 years
Cash and balances with central bank24,461,384----
Interbank borrowings - Repurchase agreements14,497,024452,847---
Financial assets investments2,467,49312,311,0555,462,1982,597,7875,525,545
Loans and advances to customers12,474,47390,653,85296,770,26857,038,679104,103,871
Derivative financial instruments3,922,73512,977,2664,141,8961,699,9431,405,850
Total financial assets57,823,109116,395,020106,374,36261,336,409111,035,266
Schedule of contractual maturities of financial liabilities
The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial liabilities:
Contractual maturities of financial liabilities December 31, 2024:
Financial Liabilities0 – 30 days31 days – 1 Year1 - 3 Years3 - 5 YearsMore than 5 years
Demand deposit from customers162,015,643 
Time deposits from customers16,673,292 64,079,401 16,502,005 5,879,599 17,667,549 
Interbank deposits-Repurchase agreements 1,801,163 46,538 — 
Borrowings from other financial institutions381,534 8,811,727 3,537,113 1,815,062 2,013,978 
Debt securities in issue56,666 1,698,794 6,917,904 1,131,868 5,846,266 
Preferred Shares57,701 115,403 115,403 295,697 
Derivative financial instruments8,644,300 5,100,947 2,152,992 777,663 766,037 
Total financial liabilities189,572,598 79,795,108 29,225,417 9,719,595 26,589,527 
Contractual maturities of financial liabilities December 31, 2023:
Financial Liabilities0 – 30 days31 days – 1 Year1 - 3 Years3 - 5 YearsMore than 5 years
Demand deposit from customers143,307,149----
Time deposits from customers15,107,20357,588,43017,737,4646,671,91118,331,091
Interbank deposits-Repurchase agreements 809,027242,81023,431--
Borrowings from other financial institutions763,5805,604,3276,651,2282,403,7862,661,657
Debt securities in issue124,0553,913,6874,363,5936,023,4693,836,353
Preferred Shares—57,701115,403115,403295,697
Derivative financial instruments3,337,03913,511,5324,146,2591,688,4731,484,149
Total financial liabilities163,448,05380,918,48733,037,37816,903,04226,608,947
Schedule of contractual maturities of financial guarantees
The tables below set out the remaining contractual maturities of the Bank’s financial guarantees
December 31, 20240 – 30 days31 days – 1 Year1 - 3 Years3 - 5 YearsMore than 5 years
In millions of COP
Financial guarantees744,0776,535,0712,135,24960,876669,028
December 31, 20230 – 30 days31 days – 1 Year1 - 3 Years3 - 5 YearsMore than 5 years
In millions of COP
Financial guarantees826,6999,388,3451,489,899450,875535,380
Schedule of financial instruments which have yet to transition to alternative benchmark rate
The following tables provide a breakdown by currency and nature of financial instruments exposed to the LIBOR rate for the periods ending in December 2023 and December 2024:
December 31, 2024
In millions of COP
USD LIBOR(1)
Assets
Loans1,890
Bonds-
Derivatives-
Total Assets1,890
Liabilities
Loans-
Term deposits-
Total Liabilities-
1Cessation date: USD LIBOR 06/30/23. Portfolio balances and market value of derivative transactions outstanding at December 31, 2024. These correspond to transactions conducted before June 30, 2023, whose maturity will occur according to the agreed contractual terms.
December 31, 2023
In millions of COP
USD LIBOR(1)
Assets
Loans66,351
Bonds-
Derivatives-
Total Assets66,351
Liabilities
Loans323
Term deposits6,750
Total Liabilities7,073
1Cessation date: USD LIBOR 06/30/23. Portfolio balances and market value of derivative transactions outstanding at December 31, 2023.
Summary of regulatory capital and capital adequacy ratios
The following table indicates Bancolombia’ s capital ratios for 2024 according to the new regulation implemented in Colombia:
Technical CapitalAsof
A diciembre 31, 2024A diciembre 31, 2023
In millions of COP
Primary capital45,245,389 39,704,542 
Share Capital480,914 480,914 
Additional paid-in capital4,857,454 4,857,454 
Preferred shares584,204 584,204 
Legal reserve14,429,333 14,541,561 
Occasional reserves9,874,876 7,250,712 
Non-controlling interest1,041,807 960,217 
Other comprehensive income6,642,526 4,065,182 
Net income attributable to equity holders of the Parent Company6,267,744 6,116,936 
Retained earnings1,066,531 847,362 
Less:(10,188,105)(8,919,345)
Prior-year losses(79,590)(79,587)
Intangibles assets (9,017,419)(7,818,125)
Revaluation property, plant and equipment(340,612)(350,061)
Other intangibles (750,484)(671,572)
Deferred net income tax- — 
Primary capital (Tier I)35,057,283 30,785,197 
Hybrid bonds4,669,804 4,283,448 
Subordinated bonds 595,442 678,797 
General provisions220,519 375,902 
Computed secondary capital (Tier II)5,485,765 5,338,147 
Less:(13,798)(10,687)
Technical capital (1)40,529,250 36,112,657 
Capital Ratios
Primary capital to risk-weighted assets (Tier I)11.89 %11.42 %
Secondary capital to risk-weighted assets (Tier II)1.86 %1.98 %
Risk-weighted assets including market risk and operational risk294,794,366 269,591,211 
Technical capital to risk-weighted assets (2)13.75 %13.40 %
Calculations based on the new definitions of Decree 1477 of 2018.
1) Technical capital is the sum of basic and additional capital.
(2) Capital adequacy is technical capital divided by risk weighted assets.

Additionally, Bancolombia´s total exposure used to estimate leverage ratio was COP 388,088,665 millions of COP as of 2024 and the leverage ratio was 9.03%.
Commercial and financial leases  
RISK MANAGEMENT  
Summary of portfolio variables
The borrowers in this portfolio are mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification:
SegmentIncomes/Sales
Corporate
Companies with consolidated annual sales by economic group >= COP 100,000M. Banistmo places borrowers with annual sales >= USD10M. BAM place borrowers with annual sales >= USD25M. Banco Agricola place borrowers with annual sales >= USD30M.
Business
Companies with consolidated annual sales by economic group > = COP 13,000M and < COP 100,000M. For Banco Agricola borrowers with annual sales >= USD7 MM y < USD30M and BAM, with annual sales >= USD5M and < USD25M.
Commercial
For BAM, companies with annual sales >= USD2M y < USD5M.
Business Construction
Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group >= COP 58,000M and <= COP 200,000M or commercial size > = COP 15,000M and < COP 70,000M, or project size >= COP 500,000M and < COP 2.2 billion
Corporate Construction
Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group > COP 200,000M or commercial size > = COP 70,000M or project size >=COP 2.2 billion
SME Construction
Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with consolidated annual sales by economic group >= COP 380M and <= COP 58,000M or commercial size < COP 15,000M or project size < COP 500,000M.
Institutional FinancingFinancial sector institutions.
Government
Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000M.
SME
Annual sales < COP 13,000M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD10M in annual sales. For Banco Agrícola, borrowers with annual sales < USD7M and BAM, borrowers with annual sales < USD2M.