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Consolidated Statement of Cash Flows - COP ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income before tax expense $ 8,520,297 $ 6,475,284 $ 7,451,711
Reconciliation of net income before taxes and net cash provided by operating activities:      
Depreciation of tangible assets and right-of-use assets 886,949 921,705 839,105
Amortization of intangible assets 559,403 479,877 459,576
Impairment losses on loans and other accounts receivable 4,551,160 6,313,302 4,237,381
Net interest income (12,728,861) (11,960,526) (11,285,518)
Accrued dividends (159,122) (91,565) (84,686)
Impairment of investments in associates and joint ventures     225
Net gains on sales of non-current assets held for sale (33,046) (108,623) (18,989)
Gains on sale of property plant and equipment for own-use (23,436) (25,449) (24,249)
Losses on sale of investment property 9,964 16,919 11,962
Gains on biological assets (34,635) (29,717) (22,292)
Valuations and interest from concession agreements (4,158,048) (3,737,836) (3,960,250)
Foreign exchange losses (gains) (87,235) (68,097) 109,533
Profit of equity accounted on investments in associates and joint ventures (300,217) (220,162) (229,626)
Net (Gains) or losses on fair value adjustments of:      
Derivative financial instruments (798,187) (669,306) (142,075)
Non-current assets held for sale 3,874 1,347 (2,296)
Investment properties (22,775) 46,924 (19,597)
Biological assets (28,546) (15,021) (18,914)
Changes in operating assets and liabilities:      
Trading assets 696,846 (1,109,076) (584,599)
Other accounts receivable (621,178) (95,679) (374,435)
Derivative financial instruments 43,979 (163,588) (154,614)
Other assets (313,453) (610,889) (283,186)
Other liabilities and provisions 1,912,622 246,967 143,127
Employee benefits (8,388) (49,519) (93,993)
Loans (16,024,938) (11,151,777) (8,740,036)
Customer deposits 6,916,177 24,613,595 10,409,443
Interbank borrowings and overnight funds 3,218,258 (2,670,489) 2,358,074
Borrowings from development entities (1,898) (1,675) 9,115
Borrowings from banks and others 3,509,251 (3,830,694) (3,197,960)
Interest received 19,423,325 18,153,484 18,507,769
Interest paid (7,091,527) (8,699,311) (7,860,077)
Interest paid on leases (168,966) (191,924) (194,589)
Income tax paid (1,746,019) (1,747,763) (1,610,046)
Net cash provided by operating activities 5,901,630 10,020,718 5,634,994
Cash flows from investing activities:      
Acquisition property, plant and equipment for own use and operating lease (664,506) (638,263) (679,016)
Acquisition of investment property (876) (1,659) (2,371)
Additions of cost of biological assets (27,213) (21,285) (20,559)
Additions of concession arrangement rights (994,639) (815,349) (651,355)
Additions of other intangibles assets (569,920) (558,978) (377,471)
Acquisition of investments at FVOCI (41,292,437) (34,282,037) (25,378,675)
Proceeds from sales of investments at FVOCI 35,457,164 31,447,496 23,439,811
Proceeds from sales of own property and equipment 76,726 41,912 77,070
Proceeds from sales of investment properties 67,463 110,782 57,027
Proceeds from sales of biological assets 58,083 48,205 41,114
Proceeds from sales of non-current assets held for sale 76,846 267,303 154,569
Purchases of financial assets at amortized cost (5,743,019) (6,508,594) (3,678,335)
Redemptions of financial assets at amortized cost 6,589,962 4,281,023 3,642,470
Dividends received from investments 368,964 389,649 307,566
Acquisition of investments in associates and joint ventures (4,539) (5,333) (2,789)
Proceeds from sales of investments in associates and joint ventures     6,060
Capitalized leasing cost   (137) 1,357
Business combination, net of cash   (1,340,145)  
Net cash used in by investing activities (6,601,941) (7,585,410) (3,063,527)
Cash flows from financing activities:      
Dividends paid to shareholders (1,230,841) (1,330,241) (1,266,920)
Dividends paid to non-controlling interest (913,356) (946,034) (804,302)
Issuance of debt securities 2,931,280 5,726,320 3,148,887
Payment of outstanding debt securities (1,631,318) (2,185,636) (1,544,225)
Leases (472,084) (429,636) (362,334)
Redemption of preferred shares (29,751) (379,320)  
Issuance of common shares 120    
Equity transaction   (51,004) (67,097)
Net cash (used in) provided by financing activities (1,345,950) 404,449 (895,991)
Effect of foreign currency changes on cash and cash equivalents 4,663,555 1,068,542 40,477
Increase in cash and cash equivalents 2,617,294 3,908,299 1,715,953
Cash and cash equivalents at beginning of year 34,025,535 30,117,236 28,401,283
Cash and cash equivalents at end of year $ 36,642,829 $ 34,025,535 $ 30,117,236