Bancolombia Full-Year 2024 Profits Rise Year-on-Year
Medellin-based multinational banking giant Bancolombia announced February 19 that its full-year 2024 net income rose 2.4% year-on-year, to COP$6.26 trillion (US$1.52 billion).
Fourth quarter (4Q) 2024 net income also rose 10.8% compared to third quarter (3Q) 2024, hitting COP$1.7 trillion (US$414 million), according to the company.
Annualized return on equity (ROE) for full-year 2024 hit 15.8%, according to Bancolombia.
“Gross loans [in 4Q 2024] amounted to COP$279 trillion [US$68 billion], growing by 3.7% compared to the previous quarter. All segments recorded growth, with commercial and mortgage loans contributing the most,” according to the company.
“Total provisions charges for 4Q 2024 decreased by 41.5% compared to 3Q 2024, totaling COP$930 billion [US$226 million], representing a quarterly annualized cost of credit of 1.35%. This decrease was mainly due to lower expenses associated with reduced deterioration in all segments,” the company explained.
“Basic solvency ratio was 11.89%, and the total solvency ratio for Grupo Bancolombia was 13.75% for 4Q 2024 — adequately complying with the minimum regulatory requirements.”
As for its digital banking efforts, “Grupo Bancolombia maintained a positive trend in line with results during the last year. As of December 2024, Bancolombia has 9.0 million active digital clients on the APP Personas (active over a period of three months), as well as 27.8 million accounts on its financial inclusion platforms (6.4 million users on ‘Bancolombia a la Mano’ and 21.4 million in ‘Nequi’),” the company added.
Bancolombia’s 2024 market share for loans in Colombia topped 27% and surpassed 26% in leasing – easily beating all national banking competitors, the company added.
