EXHIBIT 7.1 SELECTED RATIOS’ CALCULATION

EXHIBIT 7.1 SELECTED RATIOS’ CALCULATION	INDEX	Dec-2012			Dec-2011			Dec-2010			Dec-2009			Dec-2008
		(In million of COP )
Net interest income	(1)		4,767,023			3,903,588			3,389,059			3,802,282			3,560,402
Total Interest Earning Assets	(2)		73,406,938			63,290,028			53,096,650			52,686,295			46,583,698
Total Average Assets	(3)		88,656,613			75,759,824			63,355,081			62,629,596			55,121,514
Total Average Stockholders’ Equity	(4)		10,655,007			8,228,194			7,287,936			6,416,312			5,450,543
Operating Expenses	(5)		4,162,382			3,606,348			3,098,479			2,895,145			2,639,997
Net Income	(6)		1,702,046			1,663,894			1,436,494			1,256,850			1,290,643
Total Assets	(7)		97,916,380			85,463,020			68,095,156			61,864,365			61,783,079
Net Operating, Income	(8)		7,407,160			6,263,409			5,505,029			5,689,231			5,524,486
Total Stockholders' Equity	(9)		11,606,955			8,993,360			7,947,140			7,032,829			6,116,845
Loans	(10)		69,988,679			61,388,428			48,601,090			42,041,974			40,373,850
Non-Performing Loans	(11)		1,228,327			930,540			928,759			1,027,712			950,629
Allowance for Loans and Accrued Interest Losses	(12)		3,303,665			2,856,226			2,548,165			2,477,604			2,134,360
Loans Classified as “C”, “D” y “E”	(13)		2,769,194			2,347,201			2,098,105			2,149,685			1,775,642
Technical Capital	(14)		13,764,690			9,675,140			9,017,449			7,286,296			6,245,624
Risk Weighted Assets included Market Risk	(15)		87,262,916			77,651,097			61,449,661			55,084,655			55,542,485
SELECTED RATIOS:
Colombian GAAP:
Profitability Ratios:
Net Interest Margin	(1) / (2)		6.49	%		6.17	%		6.38	%		7.22	%		7.64	%
Return on Average Total Assets	(6) / (3)		1.92	%		2.20	%		2.27	%		2.01	%		2.34	%
Return on Average Stockholders’ Equity	(6) / (4)		15.97	%		20.22	%		19.71	%		19.59	%		23.68	%
Efficiency Ratio:
Operating Expenses as a Percentage of Interest, Fees Services and Other Operating Income	(5) / (8)		56.19	%		57.58	%		56.28	%		50.89	%		47.79	%
Capital Ratios:
Period-end Stockholders’ Equity as a Percentage of Period-end Total Assets	(9) / (7)		11.85	%		10.52	%		11.67	%		11.37	%		9.90	%
Period-end Regulatory Capital as a Percentage of Period-end Risk-Weighted Assets	(14) / (15)		15.77	%		12.46	%		14.67	%		13.23	%		11.24	%
Credit Quality Data:
Non-Performing Loans as a Percentage of Total Loans	(11) / (10)		1.76	%		1.52	%		1.91	%		2.44	%		2.35	%
"C", "D" and "E" Loans as a Percentage of Total Loans	(13) / (10)		3.96	%		3.82	%		4.32	%		5.11	%		4.40	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Non-Performing Loans	(12) / (11)		268.96	%		306.94	%		274.36	%		241.08	%		224.53	%
Allowance for Loan and Accrued Interest Losses as a Percentage of "C", "D" and "E" Loans	(12) / (13)		119.30	%		121.69	%		121.45	%		115.25	%		120.21	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Total Loans	(12) / (10)		4.72	%		4.65	%		5.24	%		5.89	%		5.29	%