XML 92 R67.htm IDEA: XBRL DOCUMENT v3.23.1
OPERATING INCOME (Tables)
12 Months Ended
Dec. 31, 2022
OPERATING INCOME  
Schedule of interest and valuation on financial asset instruments

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

​

​

​

​

​

​

​

​

​

​

2022

​

2021

​

2020

In millions of COP

Interest on debt instruments using the effective interest method

​

588,792

​

311,488

​

308,453

Interest and valuation on financial instruments

​

​

​

​

​

​

Debt investments(1)

​

1,198,296

​

466,124

​

533,506

Derivatives

​

171,381

​

33,637

​

(337,796)

Spot transactions

​

77,433

​

27,348

​

20,173

Repos

​

(84,410)

​

(56,555)

​

(1,025)

Total valuation on financial instruments

​

1,362,700

​

470,554

​

214,858

Total Interest and valuation on financial instruments

​

1,951,492

​

782,042

​

523,311

(1) The increase is mainly represented by Bancolombia S.A., due to a higher volume and higher valuation in the portfolio of securities issued by foreign governments (United States Treasury Bonds), which are directly related to the variations in the exchange rate.

​

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 balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers

The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Bank’ segments see Note 3 Operating segments:

As of December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

​

Banking

​

​

Banking El

​

​

Banking

​

​

​

​

​

Investment

​

​

​

​

​

International

​

​

All Other

​

​

Total

​

​

​

Colombia

​

​

Panama

​

​

Salvador

​

​

Guatemala

​

​

Trust

​

​

Banking

​

​

Brokerage

​

​

Banking

​

​

Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue from contracts with customers

​

In millions of COP

Fees and Commissions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit and debit card fees and commercial estabilshments

​

2,248,727

​

​

232,637

​

​

216,977

​

​

79,551

​

​

-

​

​

-

​

​

-

​

​

1,868

​

​

-

​

​

2,779,760

​

Bancassurance

​

814,653

​

​

57,858

​

​

97

​

​

-

​

​

29

​

​

8

​

​

32

​

​

-

​

​

-

​

​

872,677

​

Payment and collections

​

851,983

​

​

13,975

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

865,958

​

Banking services

​

481,103

​

​

91,938

​

​

142,047

​

​

78,264

​

​

-

​

​

-

​

​

-

​

​

31,277

​

​

12,732

​

​

837,361

​

Trust

​

-

​

​

18,975

​

​

6,522

​

​

803

​

​

318,840

​

​

-

​

​

78,509

​

​

53

​

​

-

​

​

423,702

​

Placement of securities and investment banking

​

-

​

​

550

​

​

1,482

​

​

-

​

​

-

​

​

86,224

​

​

15,667

​

​

-

​

​

-

​

​

103,923

​

Acceptances, Guarantees and Standby Letters of Credit

​

58,293

​

​

18,382

​

​

10,081

​

​

3,774

​

​

-

​

​

-

​

​

-

​

​

828

​

​

-

​

​

91,358

​

Brokerage

​

-

​

​

11,888

​

​

-

​

​

-

​

​

-

​

​

-

​

​

15,960

​

​

-

​

​

-

​

​

27,848

​

Others

​

229,804

​

​

380

​

​

66,971

​

​

56,162

​

​

-

​

​

-

​

​

1,198

​

​

7,995

​

​

5,429

​

​

367,939

​

Total revenue of contracts with customers

​

4,684,563

​

​

446,583

​

​

444,177

​

​

218,554

​

​

318,869

​

​

86,232

​

​

111,366

​

​

42,021

​

​

18,161

​

​

6,370,526

​

​

As of December 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

​

Banking

​

​

Banking El

​

​

Banking

​

​

​

​

​

Investment

​

​

​

​

​

International

​

​

All Other

​

​

Total

​

​

​

Colombia

​

​

Panama

​

​

Salvador

​

​

Guatemala

​

​

Trust

​

​

Banking

​

​

Brokerage

​

​

Banking

​

​

Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue from contracts with customers

​

In millions of COP

Fees and Commissions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit and debit card fees and commercial estabilshments

​

1,830,128

​

​

174,226

​

​

168,273

​

​

61,831

​

​

-

​

​

-

​

​

-

​

​

1,663

​

​

-

​

​

2,236,121

​

Bancassurance

​

636,632

​

​

49,730

​

​

129

​

​

-

​

​

40

​

​

10

​

​

51

​

​

-

​

​

-

​

​

686,592

​

Payment and collections

​

723,297

​

​

10,064

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

733,361

​

Banking services

​

414,870

​

​

69,379

​

​

118,532

​

​

56,548

​

​

-

​

​

-

​

​

-

​

​

22,902

​

​

-

​

​

682,231

​

Trust

​

-

​

​

17,420

​

​

6,567

​

​

704

​

​

347,838

​

​

-

​

​

90,548

​

​

46

​

​

-

​

​

463,123

​

Placement of securities and investment banking

​

-

​

​

1,998

​

​

1,353

​

​

-

​

​

-

​

​

79,521

​

​

11,481

​

​

-

​

​

-

​

​

94,353

​

Acceptances, Guarantees and Standby Letters of Credit

​

43,863

​

​

16,125

​

​

6,928

​

​

3,716

​

​

-

​

​

-

​

​

-

​

​

1,917

​

​

-

​

​

72,549

​

Brokerage

​

-

​

​

12,661

​

​

-

​

​

-

​

​

-

​

​

-

​

​

14,193

​

​

-

​

​

-

​

​

26,854

​

Others

​

192,682

​

​

-

​

​

57,942

​

​

37,109

​

​

-

​

​

-

​

​

1,009

​

​

6,781

​

​

3,097

​

​

298,620

​

Total revenue of contracts with customers

​

3,841,472

​

​

351,603

​

​

359,724

​

​

159,908

​

​

347,878

​

​

79,531

​

​

117,282

​

​

33,309

​

​

3,097

​

​

5,293,804

​

​

​

As of December 31, 2020

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

​

Banking

​

​

Banking El

​

​

Banking

​

​

​

​

​

Investment

​

​

​

​

​

International

​

​

All Other

​

​

Total

​

​

​

Colombia

​

​

Panama

​

​

Salvador

​

​

Guatemala

​

​

Trust

​

​

Banking

​

​

Brokerage

​

​

Banking

​

​

Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revenue from contracts with customers

​

In millions of COP

Fees and Commissions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit and debit card fees and commercial estabilshments

​

1,484,085

​

​

147,448

​

​

126,857

​

​

85,643

​

​

-

​

​

-

​

​

-

​

​

1,834

​

​

-

​

​

1,845,867

​

Bancassurance

​

685,783

​

​

42,697

​

​

139

​

​

-

​

​

8

​

​

3

​

​

12

​

​

-

​

​

-

​

​

728,642

​

Payment and collections

​

595,222

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

-

​

​

595,222

​

Banking services

​

329,281

​

​

77,727

​

​

105,821

​

​

49,782

​

​

-

​

​

-

​

​

-

​

​

20,234

​

​

-

​

​

582,845

​

Trust

​

844

​

​

18,089

​

​

1,868

​

​

788

​

​

349,127

​

​

-

​

​

81,373

​

​

46

​

​

2,115

​

​

454,250

​

Placement of securities and investment banking

​

-

​

​

789

​

​

1,723

​

​

-

​

​

-

​

​

37,354

​

​

12,170

​

​

-

​

​

-

​

​

52,036

​

Acceptances, Guarantees and Standby Letters of Credit

​

38,864

​

​

13,976

​

​

5,112

​

​

2,713

​

​

-

​

​

-

​

​

-

​

​

1,109

​

​

-

​

​

61,774

​

Brokerage

​

-

​

​

10,047

​

​

-

​

​

9

​

​

-

​

​

-

​

​

18,308

​

​

-

​

​

-

​

​

28,364

​

Others

​

157,303

​

​

-

​

​

48,272

​

​

37,333

​

​

15

​

​

90

​

​

765

​

​

5,673

​

​

(38)

​

​

249,413

​

Total revenue of contracts with customers

​

3,291,382

​

​

310,773

​

​

289,792

​

​

176,268

​

​

349,150

​

​

37,447

​

​

112,628

​

​

28,896

​

​

2,077

​

​

4,598,413

​

​

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 fees and commissions expenses

​

​

​

​

​

​

​

​

Fees and Commissions Expenses

​

2022

​

2021

​

2020

​

​

In millions of COP

Banking services

​

1,242,590

​

798,729

​

587,531

Sales, collections and other services(1)

​

708,803

​

619,715

​

558,038

Correspondent banking

​

406,567

​

307,308

​

213,850

Payments and collections

​

34,720

​

26,897

​

20,034

Others

​

197,486

​

108,034

​

182,132

Total expenses for commissions

​

2,590,166

​

1,860,683

​

1,561,585

(1) Increase in 2022 due to greater demand for attention through the telephone channel (contact center services).

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.

​

​

Schedule of dividends received, and share of profits of equity method investees

​

​

​

​

​

​

​

​

Dividends and net income on equity investments

​

2022

​

2021

​

2020

​

​

In millions of COP

Equity method(1)

​

219,105

​

199,652

​

136,596

Dividends(2)

​

59,072

​

108,079

​

14,217

Equity investments(3)

​

(672)

​

7,253

​

(27,795)

Impairment of investments in associates and joint ventures(4)

​

(9,633)

​

(1,733)

​

(4,399)

(Losses) Gains on sale of investments in associates(5)

​

(34,451)

​

9,896

​

-

Others(6)

​

2,433

​

5,197

​

4,706

Total dividends received, and share of profits of equity method investees

​

235,854

​

328,344

​

123,325

(1)Corresponds to income from equity method of investments in associates as of December 31, 2022, 2021 and 2020 for COP 265,885, COP 179,033 and COP 123,676 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP (46,780) COP 20,619 and COP 13,019, respectively. For further information, see Note 8 investments in associates and joint ventures.
(2)Includes dividends received from equity investments at fair value through profit or loss as of December 31, 2022, 2021 and 2020 in the amounts of  COP 6,209, COP 40,188 and COP 115, respectively and of investments derecognised for COP 116, COP 251 and COP 490, respectively. For 2022, the decrease is the result of the dividends on the preferred share of Tuya S.A. and the increase in 2021 is explained by the dividends on the preferred share of Tuya S.A. and the Bolsa de Valores de Colombia.  Dividends from equity investments at fair value through OCI amounted to COP 16,842, COP 12,665 and COP 13,567, respectively. Additionally, these amounts include dividends on investments in associates at fair value. See Note 8 investments in associates and joint ventures.
(3)During 2020, the losses in the investment portfolios of the Bank are due to the negative macroeconomic impacts resulting from the global COVID-19 pandemic.
(4)For 2022, corresponds to the recognized impairment losses of the investments in associates and joint ventures Reintegra S.A.S. by COP 7,688, Fondo de Capital Privado Ruta del Sol compartimiento A COP 6,514 and Viliv S.A.S (In liquidation) by COP 463, it was recognized in all others segments, offset for recovery of impairment losses in the associate Internacional Ejecutiva de Aviación S.A.S. by COP 5,032 in the Investment banking segment. For 2021 and 2020, corresponds the associate Internacional Ejecutiva de Aviación S.A.S. For further information, see Note 8 Investments in associates and joint ventures.
(5)On December 5, 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., to comply with the authorized investment regime, and a loss of COP (41,434) was recognized. See Note 8 Investments in associates and joint ventures. Additionally, as a result of the sale in 2019 of the investments in the associates Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., COP 6,983 was received as contingent payment; and by 2021, COP 9,896 had been received.
(6)For 2022, corresponds to gains recognized in acquisition of PA FAI Calle 77 from a bargain purchase. In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Wompi S.A.S. (before Vlipco S.A.S.) previous to its acquisition date, the transaction was completed in November 2021. For further information, see Note 9.3 Business combination. In 2020, corresponds to the valuation of the financial liability that the Bank had with BAM Financial Corporation (BFC), due to its obligation to pay cash in the future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. In February 2020, BFC notified its decision to exercise the contractual put option for the sale of the GAH common stock held, and in September, 2020, the Bank purchased 40% of the common stock of GAH from BFC, after obtaining the necessary regulatory approvals.