Selected Ratios

EXHIBIT 7.1 SELECTED RATIOS’ CALCULATION

EXHIBIT 7.1 SELECTED RATIOS’ CALCULATION	INDEX	Dec-2013			Dec-2012			Dec-2011			Dec-2010			Dec-2009
		(COP million )
Net interest income	(1)		5,008,558			4,767,023			3,903,588			3,389,059			3,802,282
Total Interest Earning Assets	(2)		91,438,678			73,406,938			63,290,028			53,096,650			52,686,295
Total Average Assets	(3)		110,777,484			88,656,613			75,759,824			63,355,081			62,629,596
Total Average Stockholders’ Equity	(4)		11,874,312			10,655,007			8,228,194			7,287,936			6,416,312
Operating Expenses	(5)		4,639,280			4,162,382			3,606,348			3,098,479			2,895,145
Net Income	(6)		1,515,127			1,702,046			1,663,894			1,436,494			1,256,850
Total Assets	(7)		130,816,241			97,916,380			85,463,020			68,095,156			61,864,365
Net Operating, Income	(8)		7,765,039			7,407,160			6,263,409			5,505,029			5,689,231
Total Stockholders' Equity	(9)		12,492,846			11,606,955			8,993,360			7,947,140			7,032,829
Loans	(10)		89,459,542			69,988,679			61,388,428			48,601,090			42,041,974
Non-Performing Loans	(11)		1,630,027			1,228,327			930,540			928,759			1,027,712
Allowance for Loans and Accrued Interest Losses	(12)		4,129,275			3,303,665			2,856,226			2,548,165			2,477,604
Loans Classified as “C”, “D” y “E”	(13)		3,677,946			2,769,194			2,347,201			2,098,105			2,149,685
Technical Capital	(14)		11,331,614			13,764,690			9,675,140			9,017,449			7,286,296
Risk Weighted Assets included Market Risk	(15)		106,826,579			87,262,916			77,651,097			61,449,661			55,084,655
SELECTED RATIOS:
Colombian GAAP:
Profitability Ratios:
Net Interest Margin	(1) / (2)		5.48	%		6.49	%		6.17	%		6.38	%		7.22	%
Return on Average Total Assets	(6) / (3)		1.37	%		1.92	%		2.20	%		2.27	%		2.01	%
Return on Average Stockholders’ Equity	(6) / (4)		12.76	%		15.97	%		20.22	%		19.71	%		19.59	%
Efficiency Ratio:
Operating Expenses as a Percentage of Interest, Fees Services and Other Operating Income	(5) / (8)		59.75	%		56.19	%		57.58	%		56.28	%		50.89	%
Capital Ratios:
Period-end Stockholders’ Equity as a Percentage of Period-end Total Assets	(9) / (7)		9.55	%		11.85	%		10.52	%		11.67	%		11.37	%
Period-end Regulatory Capital as a Percentage of Period-end Risk-Weighted Assets	(14) / (15)		10.61	%		15.77	%		12.46	%		14.67	%		13.23	%
Credit Quality Data:
Non-Performing Loans as a Percentage of Total Loans	(11) / (10)		1.82	%		1.76	%		1.52	%		1.91	%		2.44	%
"C", "D" and "E" Loans as a Percentage of Total Loans	(13) / (10)		4.11	%		3.96	%		3.82	%		4.32	%		5.11	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Non-Performing Loans	(12) / (11)		253.33	%		268.96	%		306.94	%		274.36	%		241.08	%
Allowance for Loan and Accrued Interest Losses as a Percentage of "C", "D" and "E" Loans	(12) / (13)		112.27	%		119.30	%		121.69	%		121.45	%		115.25	%
Allowance for Loan and Accrued Interest Losses as a Percentage of Total Loans	(12) / (10)		4.62	%		4.72	%		4.65	%		5.24	%		5.89	%

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