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FINANCIAL OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of deposits from financial obligations [abstract]

Schedule of interbank borrowings, overnight funds and borrowings from banks and others


		December			December
		31, 2024			31, 2023

Local Currency
Interbank funds
Overnight funds		Ps.	41,570		Ps.	24,539
Interbank funds purchased			781,409			671,542
Commitments to transfer open and closed repo operations			9,898,971			3,746,752
Commitments to transfer simultaneous operations			5,648,747			9,158,585
Commitments originated in short positions simultaneous operations			1,093,006			1,093,314
Temporary securities transfer operations			2			—
Total interbank funds		Ps.	17,463,705		Ps.	14,694,732

Foreign currency
Interbank funds
Overnight funds			—			14,241
Commitments to transfer open and closed repo operations			1,046,064			372,947
Total interbank funds		Ps.	1,046,064		Ps.	387,188
Total interbank borrowings and overnight funds		Ps.	18,509,769		Ps.	15,081,920

Schedule of borrowings

c
		December			December
		31, 2024			31, 2023

Local Currency
Borrowings from banks and others
Borrowings			3,619,457			3,605,693
Leases contracts			1,794,416			1,793,568
Financiera de Desarrollo Territorial “FINDETER” ⁽¹⁾			2,518,426			2,194,515
Fondo para el Financiamiento del Sector Agropecuario - “FINAGRO” ⁽¹⁾			984,179			1,482,091
Banco de Comercio Exterior - “BANCOLDEX”⁽¹⁾			528,363			1,121,416
Overdrafts in bank checking account			305			13
Other financial obligations			9,457			237,129
Total borrowings from banks and others		Ps.	9,454,603		Ps.	10,434,425

Foreign currency
Borrowings from banks and others
Borrowings			14,014,948			12,077,906
Leases contracts			1,071,851			998,180
Andean Development Corporation (Corporación Andina de Fomento)			532,140			—
Banco de Comercio Exterior - “BANCOLDEX” ⁽¹⁾			6,333			15,111
Letters of credit			1,566,346			1,026,404
Bankers acceptances			1,451,938			2,479,567
Total borrowings from banks and others		Ps.	18,643,556		Ps.	16,597,168
Total borrowings from banks and others		Ps.	28,098,159		Ps.	27,031,593

(1)

The Colombian Government has established certain credit programs for promoting the development of specific sectors of the economy, including foreign trade, agriculture, tourism, housing construction and other industries.

The amount of financial obligations with development entities as of December 31, 2024 is Ps. 4,037,301 and as of December 31, 2023 is Ps. 4,813,133.

Schedule of issued bonds


				December			December
Issuer		Issue Date ^(*)		31, 2024			31, 2023			Maturity Date ^(*)		Interest Rate ^(*)
Local Currency
Banco Av. Villas S.A. ⁽¹⁾		23/02/2021		Ps.	87,020		Ps.	296,689		23/02/2026		CPI + 1.36%
Banco de Bogotá S.A. ⁽²⁾		Between 24/09/2020 and 25/07/2024			1,088,630			791,579		Between 24/09/2025 and 25/07/2028		CPI + 1.16%; and Fix Between 4.75% and 10.45%
Banco de Occidente S.A. ⁽³⁾		Between 09/08/2012 and 20/08/2020			1,876,405			2,121,344		Between 30/01/2025 and 14/12/2032		CPI + 2.37% to 4.65%
Corporación Financiera Colombiana S.A. ⁽⁴⁾		Between 11/12/2012 and 19/12/2024			3,871,660			3,205,530		Between 23/01/2025 and 19/11/2045		CPI + 1.58% to 6.30%; IBR + 3.75% and Fix 3.77%
Banco Popular S.A. ⁽⁵⁾		Between 12/10/2016 and 10/03/2022			1,370,950			2,002,987		Between 04/02/2025 and 10/03/2027		CPI + 2.58% to 4.13% and Fix Between 6.12% and 10.20%
Grupo Aval Acciones y Valores S.A. ⁽⁶⁾		Between 24/11/2016 and 12/12/2024			1,177,903			1,136,702		Between 24/11/2026 and 28/06/2042		CPI + 3.69% to 6.16% and Fix 10.08%
Local Currency Total				Ps.	9,472,568		Ps.	9,554,831

Foreign Currency
Banco de Bogotá S.A. Under rule 144A.		Between 12/05/2016 and 24/03/2023		Ps.	7,720,126		Ps.	6,750,155		Between 12/05/2026 and 24/03/2033		Fix Between 4.38% to 6.25% and SOFR6 3.75%
MFH ⁽⁷⁾		Between 04/02/2020 and 21/06/2024			1,596,005			1,377,782		Between 04/02/2025 and 28/12/2033		Fix Between 3.00% to 7.75%
Banco Bogotá and MFH Total				Ps.	9,316,131		Ps.	8,127,937
Grupo Aval Limited		4/02/2020			4,428,224			3,834,985		4/02/2030		Fix 4.38%
Promigas S.A. and Gases del Pacífico S.A.C. Under rule 144A.		Between 16/10/2019 and 22/10/2020			2,207,133			1,910,073		Between 16/10/2029 and 22/10/2029		Fix 3.75%
Banco de Occidente S.A. ⁽⁸⁾		13/05/2024			791,791			—		13/08/2034		Fix 10.88%
Foreign Currency Total				Ps.	16,743,279		Ps.	13,872,995
Total of Bonds				Ps.	26,215,847		Ps.	23,427,826

^(*) This information as of December 31, 2024

⁽¹⁾ Includes the payment for bonds maturing in 2024 for Ps. 208,231.

⁽²⁾ Includes the payment for bonds maturing in 2024 for Ps. 209,472; likewise, bonds were issued in the year for a value of Ps. 508,962.

⁽³⁾ Includes the payment for bonds maturing in 2024 for Ps. 281,306.

⁽⁴⁾ Includes the payment for bonds maturing in 2024 for Ps. 172,548; likewise, bonds were issued in the year for a value of Ps. 789,992.

⁽⁵⁾ Includes the payment for bonds maturing in 2024 for Ps. 628,383.

⁽⁶⁾ Includes the payment for bonds maturing in 2024 for Ps. 226,830; likewise, bonds were issued in the year for a value of Ps. 271,600.

⁽⁷⁾ Includes the payment for bonds maturing in 2024 for Ps. 36,247; Likewise, bonds were issued in the year for a value of Ps. 42,969.

⁽⁸⁾ Corresponds to the issuance of bonds on May 13, 2024.

Schedule of interest expenses


		For the years ended December 31,
		2024		2023		2022
Interest expense
Deposits
Checking accounts	Ps.	(261,315)	Ps.	(253,043)	Ps.	(159,114)
Savings accounts		(5,434,063)		(5,953,426)		(3,555,844)
Time deposits		(9,448,857)		(9,944,424)		(4,040,232)
Interest of the derivative designated as the hedging instrument ^(*)		(49,794)		(63,333)		(1,242)
Total deposits	Ps.	(15,194,029)	Ps.	(16,214,226)	Ps.	(7,756,432)

Financial obligations
Interbank borrowings and overnight funds	Ps.	(1,683,943)	Ps.	(1,856,263)	Ps.	(678,114)
Borrowings from banks and similar		(1,510,447)		(1,601,927)		(739,803)
Leases contracts		(244,651)		(208,781)		(147,330)
Bonds issued		(1,790,729)		(2,159,948)		(2,092,843)
Borrowing from development entities		(490,534)		(591,285)		(249,873)
Total financial obligations	Ps.	(5,720,304)	Ps.	(6,418,204)	Ps.	(3,907,963)

Total interest expense	Ps.	(20,914,333)	Ps.	(22,632,430)	Ps.	(11,664,395)

^(*) Corresponds to the coverage of interest expense for Term Certificates of Deposit "CDTs" over 12 months. See note 10.4 Impact on Interest Income and Expense Line Item from interest rate hedging.

Schedule of reconciliation of movements of liabilities to cash flows arising from financing activities


			Liabilities						Equity								Total
	Notes		Dividends payable		Bonds issued		Leases contracts		Subscribed and paid-in capital		Additional paid-in capital		Appropriated retained earnings		Non-controlling interest (NCI)
Balance at January 1, 2022		Ps.	598,534	Ps.	32,257,933	Ps.	2,882,157	Ps.	22,281	Ps.	8,490,799	Ps.	13,383,387	Ps.	16,457,994	Ps.	74,093,085
Cash flows from financing activities:
Dividends paid to shareholders			(414,267)		—		—		—		—		—		—		(414,267)
Dividends paid to non-controlling interest	26		(615,177)		—		—		—		—		—		—		(615,177)
Issuance of debt securities			—		695,136		—		—		—		—		—		695,136
Payment of outstanding debt securities			—		(7,837,898)		—		—		—		—		—		(7,837,898)
Leases contracts			—		—		(383,472)		—		—		—		—		(383,472)
Equity transaction			—		—		—		—		7,280		—		(22,294)		(15,014)
Net cash used in financing activities			(1,029,444)		(7,142,762)		(383,472)		—		7,280		—		(22,294)		(8,570,692)
Cash flows from operating activities:
Accrued interest			—		2,147,935		148,806		—		—		—		—		2,296,741
Interest paid			—		(2,109,636)		(146,275)		—		—		—		—		(2,255,911)
Effects of changes in foreign exchange rates			—		6,030,376		142,898		—		—		—		—		6,173,274
Other Changes			651,725		(2,821,625)		(308,170)		1,463		1,082,307		(1,193,728)		(542,353)		(3,130,381)
Total liabilities related to other changes			651,725		3,247,050		(162,741)		1,463		1,082,307		(1,193,728)		(542,353)		3,083,723
Total equity related to other changes			—		—		—		—		(9,012)		(4,171,242)		(1,538,658)		(5,718,912)
Balance at December 31, 2022		Ps.	220,815	Ps.	28,362,221	Ps.	2,335,944	Ps.	23,744	Ps.	9,571,374	Ps.	8,018,417	Ps.	14,354,689	Ps.	62,887,204
Cash flows from financing activities:
Dividends paid to shareholders			(766,537)		—		—		—		—		—		—		(766,537)
Dividends paid to non-controlling interest	26		(915,933)		—		—		—		—		—		—		(915,933)
Issuance of debt securities			—		2,609,994		—		—		—		—		—		2,609,994
Payment of outstanding debt securities			—		(4,072,742)		—		—		—		—		—		(4,072,742)
Leases contracts			—		—		(391,667)		—		—		—		—		(391,667)
Net cash used in financing activities			(1,682,470)		(1,462,748)		(391,667)		—		—		—		—		(3,536,885)
Cash flows from operating activities:
Accrued interest			—		2,212,345		210,041		—		—		—		—		2,422,386
Interest paid			—		(2,171,231)		(202,551)		—		—		—		—		(2,373,782)
Effects of changes in foreign exchange rates			—		(3,525,280)		(172,766)		—		—		—		—		(3,698,046)
Other Changes			1,989,639		12,519		1,012,747		—		—		(982,868)		(1,006,721)		1,025,316
Total liabilities related to other changes			1,989,639		(3,471,647)		847,471		—		—		(982,868)		(1,006,721)		(2,624,126)
Total equity related to other changes			—		—		—		—		—		696,224		1,389,776		2,086,000
Balance at December 31, 2023		Ps.	527,984	Ps.	23,427,826	Ps.	2,791,748	Ps.	23,744	Ps.	9,571,374	Ps.	7,731,773	Ps.	14,737,744	Ps.	58,812,193
Cash flows from financing activities:
Dividends paid to shareholders			(728,181)		—		—		—		—		—		—		(728,181)
Dividends paid to non-controlling interest	26		(667,330)		—		—		—		—		—		—		(667,330)
Issuance of debt securities			—		2,262,527		—		—		—		—		—		2,262,527
Payment of outstanding debt securities			—		(1,758,387)		—		—		—		—		—		(1,758,387)
Leases contracts			—		—		(416,640)		—		—		—		—		(416,640)
Equity transaction ⁽¹⁾			—		—		—		—		(4,904)		—		(50,096)		(55,000)
Net cash used in financing activities			(1,395,511)		504,140		(416,640)		—		(4,904)		—		(50,096)		(1,363,011)
Cash flows from operating activities:
Accrued interest			—		1,831,715		245,366		—		—		—		—		2,077,081
Interest paid			—		(1,764,802)		(239,988)		—		—		—		—		(2,004,790)
Effects of changes in foreign exchange rates			—		2,200,477		142,677		—		—		—		—		2,343,154
Other Changes			1,161,028		16,491		343,104		—		(58,408)		(569,843)		(608,824)		283,548
Total liabilities related to other changes			1,161,028		2,283,881		491,159		—		(58,408)		(569,843)		(608,824)		2,698,993
Total equity related to other changes			21,823		—		—		—		—		1,001,504		1,632,837		2,656,164
Balance at December 31, 2024		Ps.	315,324	Ps.	26,215,847	Ps.	2,866,267	Ps.	23,744	Ps.	9,508,062	Ps.	8,163,434	Ps.	15,711,661	Ps.	62,804,339

⁽¹⁾ See note 25.4 Equity Transactions