Selected Ratios

EXHIBIT 7. SELECTED RATIOS’ CALCULATION	INDEX	Dec-2010			Dec-2009			Dec-2008			Dec-2007			Dec-2006
		(In Ps million )
Net interest income	(1)		3,377,104			3,802,282			3,560,402			2,808,318			1,767,503
Total Interest Earning Assets	(2)		53,096,650			52,686,295			46,583,698			36,994,871			28,532,355
Total Average Assets	(3)		63,355,081			62,629,596			55,121,514			43,194,923			32,437,287
Total Average Shareholders’ Equity	(4)		7,287,936			6,416,312			5,450,543			4,160,130			3,392,142
Operating Expenses	(5)		3,098,479			2,895,145			2,639,997			2,271,418			1,871,000
Net Income	(6)		1,436,494			1,256,850			1,290,643			1,086,923			749,529
Total Assets	(7)		68,095,156			61,864,365			61,783,079			52,151,649			34,488,696
Net Operating, Income	(8)		5,505,029			5,689,231			5,524,486			4,318,447			2,906,597
Total Shareholders' Equity	(9)		7,947,140			7,032,829			6,116,845			5,199,270			3,646,612
Loans	(10)		48,601,090			42,041,974			40,373,850			37,702,624			24,645,574
Non-Performing Loans	(11)		928,759			1,027,712			950,629			666,368			334,488
Allowance for Loans and Accrued Interest Losses	(12)		2,548,165			2,477,604			2,134,360			1,490,454			845,827
Loans Classified as “C”, “D” y “E”	(13)		2,098,105			2,149,685			1,775,642			1,170,099			626,255
Technical Capital	(14)		9,017,449			7,286,296			6,245,624			5,908,317			3,414,312
Risk Weighted Assets included Market Risk	(15)		61,449,661			55,084,655			55,542,485			46,628,036			30,885,195
SELECTED RATIOS:
Colombian GAAP:
Profitability Ratios:
Net Interest Margin	(1) / (2)		6.36	%		7.22	%		7.64	%		7.60	%		6.19	%
Return on Average Total Assets	(6) / (3)		2.27	%		2.01	%		2.34	%		2.52	%		2.31	%
Return on Average Shareholders’ Equity	(6) / (4)		19.71	%		19.59	%		23.68	%		26.13	%		22.10	%
Efficiency Ratio:
Operating Expenses as a Percentage of Interest, Fees Services and Other Operating Income	(5) / (8)		56.28	%		50.89	%		47.79	%		52.60	%		64.37	%
Capital Ratios:
Period-end Shareholders’ Equity as a Percentage of Period-end Total Assets	(9) / (7)		11.67	%		11.37	%		9.90	%		9.97	%		10.57	%
Period-end Regulatory Capital as a Percentage of Period-end Risk-Weighted Assets	(14) / (15)		14.67	%		13.23	%		11.24	%		12.67	%		11.05	%
Credit Quality Data:
Non-Performing Loans as a Percentage of Total Loans	(11) / (10)		1.91	%		2.44	%		2.35	%		1.77	%		1.36	%
"C", "D" and "E" Loans as a Percentage of Total Loans	(13) / (10)		4.32	%		5.11	%		4.40	%		3.10	%		2.54	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Non-Performing Loans	(12) / (11)		274.36	%		241.08	%		224.53	%		223.67	%		252.87	%
Allowance for Loan and Accrued Interest Losses as a Percentage of "C", "D" and "E" Loans	(12) / (13)		121.45	%		115.25	%		120.21	%		127.38	%		135.06	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Total Loans	(12) / (10)		5.24	%		5.89	%		5.29	%		3.95	%		3.43	%

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