EXHIBIT 7. SELECTED RATIOS’ CALCULATION

EXHIBIT 7. SELECTED RATIOS’ CALCULATION	INDEX	Dec-2011			Dec-2010			Dec-2009			Dec-2008			Dec-2007
		(In million of COP )
Net interest income	(1)		3,903,588			3,389,059			3,802,282			3,560,402			2,808,318
Total Interest Earning Assets	(2)		63,290,028			53,096,650			52,686,295			46,583,698			36,994,871
Total Average Assets	(3)		75,759,824			63,355,081			62,629,596			55,121,514			43,194,923
Total Average Stockholders’ Equity	(4)		8,228,194			7,287,936			6,416,312			5,450,543			4,160,130
Operating Expenses	(5)		3,606,348			3,098,479			2,895,145			2,639,997			2,271,418
Net Income	(6)		1,663,894			1,436,494			1,256,850			1,290,643			1,086,923
Total Assets	(7)		85,463,020			68,095,156			61,864,365			61,783,079			52,151,649
Net Operating, Income	(8)		6,263,409			5,505,029			5,689,231			5,524,486			4,318,447
Total Stockholders’ Equity	(9)		8,993,360			7,947,140			7,032,829			6,116,845			5,199,270
Loans	(10)		61,388,428			48,601,090			42,041,974			40,373,850			37,702,624
Non-Performing Loans	(11)		930,540			928,759			1,027,712			950,629			666,368
Allowance for Loans and Accrued Interest Losses	(12)		2,856,226			2,548,165			2,477,604			2,134,360			1,490,454
Loans Classified as “C”, “D” y “E”	(13)		2,347,201			2,098,105			2,149,685			1,775,642			1,170,099
Technical Capital	(14)		9,675,140			9,017,449			7,286,296			6,245,624			5,908,317
Risk Weighted Assets included Market Risk	(15)		77,651,097			61,449,661			55,084,655			55,542,485			46,628,036
SELECTED RATIOS:
Colombian GAAP:
Profitability Ratios:
Net Interest Margin	(1) / (2)		6.17	%		6.38	%		7.22	%		7.64	%		7.60	%
Return on Average Total Assets	(6) / (3)		2.20	%		2.27	%		2.01	%		2.34	%		2.52	%
Return on Average Stockholders’ Equity	(6) / (4)		20.22	%		19.71	%		19.59	%		23.68	%		26.13	%
Efficiency Ratio:
Operating Expenses as a Percentage of Interest, Fees Services and Other Operating Income	(5) / (8)		57.58	%		56.28	%		50.89	%		47.79	%		52.60	%
Capital Ratios:
Period-end Stockholders’ Equity as a Percentage of Period-end Total Assets	(9) / (7)		10.52	%		11.67	%		11.37	%		9.90	%		9.97	%
Period-end Regulatory Capital as a Percentage of Period-end Risk-Weighted Assets	(14) / (15)		12.46	%		14.67	%		13.23	%		11.24	%		12.67	%
Credit Quality Data:
Non-Performing Loans as a Percentage of Total Loans	(11) / (10)		1.52	%		1.91	%		2.44	%		2.35	%		1.77	%
“C”, “D” and “E” Loans as a Percentage of Total Loans	(13) / (10)		3.82	%		4.32	%		5.11	%		4.40	%		3.10	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Non-Performing Loans	(12) / (11)		306.94	%		274.36	%		241.08	%		224.53	%		223.67	%
Allowance for Loan and Accrued Interest Losses as a Percentage of “C”, “D” and “E” Loans	(12) / (13)		121.69	%		121.45	%		115.25	%		120.21	%		127.38	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Total Loans	(12) / (10)		4.65	%		5.24	%		5.89	%		5.29	%		3.95	%