Schedule of interest on financial liability instruments

The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2022, 2021 and 2020:


	2022	2021	2020
In millions of COP
Deposits⁽¹⁾	6,141,680	2,814,505	4,084,192
Debt instruments in issue	1,328,511	1,053,441	1,053,989
Borrowing costs⁽¹⁾	763,717	293,949	527,825
Lease liabilities⁽²⁾	111,349	111,556	118,600
Preferred shares	57,701	57,701	57,701
Borrowings from other financial institutions	11,375	3,870	5,838
Other interest	28,137	16,534	14,863
Total interest expenses	8,442,470	4,351,556	5,863,008

⁽¹⁾The increase is mainly presented in Bancolombia S.A., due to the increase in volume and the increase in intervention rate issued by Banco de la República closed in 2022, at 12.00% and in 2021, at 3.00%, and which had an impact on the rates of deposits operations.

⁽²⁾See Note 7.2 Lessee.

Schedule of accounts receivable and contract liabilities balances

The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2022, 2021 and 2020:


	2022	2021	2020
	In millions of COP
Accounts receivable from contracts with customers⁽¹⁾	192,029	182,672	177,991
Liabilities from contracts with customers⁽²⁾⁽³⁾	56,856	55,025	64,071

⁽¹⁾Allowances for receivables from customers are COP 15,330, COP 16,537 and COP 36,061 for the year 2022, 2021 and 2020, respectively.

⁽²⁾Contract liabilities are mainly related to commissions received from customers when the Bank issues financial guarantees. They are recognized as income during the term of the contract, according to the form and frequency of payment of the commissions. The weighted-average expected period for income recognition as of December 31, 2022 was 1.6 years and as of December 31, 2021, 1.3 years.

⁽³⁾See Note 20 Other liabilities.

Schedule of other operating income


Other operating income	2022	2021	2020
	In millions of COP
Leases and related services⁽¹⁾	1,362,677	936,574	711,575
Investment property valuation⁽²⁾	236,617	67,762	(3,501)
Gains on sale of assets⁽³⁾	171,482	227,445	65,932
Logistics services	165,738	140,451	143,145
Insurance⁽⁴⁾	92,294	54,833	59,514
Other reversals	64,467	56,381	70,352
Penalties for failure to contracts	6,833	15,680	8,207
Hedging	(3,012)	(6,133)	(3,746)
Net foreign exchange and Derivatives Foreign exchange contracts⁽⁵⁾	(373,045)	296,534	599,396
Others	329,384	232,614	193,698
Total Other operating income	2,053,435	2,022,141	1,844,572

⁽¹⁾Corresponds to operating leases for COP 649,693, COP 412,286 and COP 311,291, other related leasing services for COP 541,436, COP 375,275 and COP 266,158 (see Note 7.1 lessor), property leases for COP 157,511, COP 139,021 and COP 125,494 (see Note 11. Investment properties) and other assets leases for COP 14,037, COP 9,992, COP 8,632 for the years ended December 31, 2022, 2021 and 2020 respectively.

⁽²⁾ Increase in investment properties and variation in fair value due to improved market conditions at the reporting date. See Note 11. Investment properties.

⁽³⁾In 2022, corresponds mainly to lower gains on assets held for sale, mostly vehicles and assets returned from leasing contracts.

⁽⁴⁾Corresponds to income from insurance operations of Seguros Agromercantil S.A., which operates in Guatemala.

⁽⁵⁾Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar.