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Exact name of Registrant as specified in its charter. Securities for which there is a reporting obligation pursuant to Section 15 d of the Act. Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report. Common Shares , Preferred Shares , Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule of the Securities Act.
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 of 15 d of the Securities Exchange Act of Yes [ ] No [X]. Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that the registrant was required to file such reportsand 2 has been financiar forex con tarjeta de credito mastercard to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated financiar forex con tarjeta de credito mastercard, or a non-accelerated filer.
See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ]. Indicate by check mark which financial statement item the registrant has elected to follow. Financiar forex con tarjeta de credito mastercard 17 [ ] Item 18 [X].
If this is an annual report, indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act Yes [ ] No [X].
References to "Subsidiaries" refer to subsidiaries of Bancolombia S. References to "UVR" refer to Unidades de Valor Real, a Colombian inflation-adjusted monetary index financiar forex con tarjeta de credito mastercard by the board of directors of the Central Bank and generally used for pricing home-mortgage loans. The accounting practices and the preparation of the Bank's consolidated financial statements follow the special regulations of the Superintendencia Financiera or Financiar forex con tarjeta de credito mastercard Superintendency of Finance "Superintendency of Finance"financiar forex con tarjeta de credito mastercard, in the absence of such regulations, generally accepted accounting principles in Colombia "Colombian GAAP".
Together, these requirements differ in certain significant respects from generally accepted accounting principles in the United States "U. Note 31 to the Bank's audited consolidated financial statements included in this Annual Report provides a description of the principal differences between Colombian GAAP and U. GAAP as they relate to the Bank's audited consolidated financial statements and provides a reconciliation of net income and shareholders' equity for the years and dates indicated herein.
For consolidation purposes under Colombian GAAP, financial statements of the Bank and its Subsidiaries must be prepared under uniform accounting policies. In order to comply with this requirement, financial statements of foreign Subsidiaries were adjusted as required by Colombian regulations with regard to investments, loans and leased assets. The consolidated financial statements of the Bank's subsidiary Bancolombia Panama S. The consolidated financial statements of the Bank's subsidiary Leasing Bancolombia S.
Compania de Financiamiento Comercial "Leasing Bancolombia"formerly "Leasing Colombia", includes the following companies: The consolidated financial statements of the Bank's subsidiary Valores Bancolombia S. On July 30,Conavi and Corfinsura merged with and into Bancolombia, after the spin-off of a portion of Corfinsura's investment portfolio. For more information see Item 4. Information on the Company - A. History and Development of the Company.
The Bank maintains accounting records in Colombian pesos. The audited consolidated financial statements of Bancolombia including its Subsidiaries for the years ended December 31,and contained in this Annual Report collectively, including the notes thereto, the "Financial Statements" are expressed in pesos.
This Annual Report translates certain peso amounts into U. Unless otherwise indicated, such peso amounts have been translated at the rate of Ps 2, The Superintendency of Finance also calculates and certifies the average Representative Market Rate for each month for purposes of preparing financial statements, and converting amounts in foreign currency to Colombian pesos.
Such conversion should not be construed as a representation that the peso amounts correspond to, or have been or could be converted into, U. Certain monetary amounts, percentages and other figures included in this Annual Report have been subject to rounding adjustments. The Bank maintains an Internet site at www. In addition, certain of the Bank's subsidiaries maintain Internet sites referred to in this Annual Report, such as www.
This Annual Report also refers to certain websites as sources for certain information contained herein. Information contained in or otherwise accessible through these websites is not a part of this Annual Report. All references in this Annual Report to these and other Internet sites are inactive textual references to these URLs, or "uniform resource locators", and are for your informational reference only. This Annual Report contains statements which may constitute forward-looking statements within the meaning of the safe harbor provisions of the U.
Private Securities Litigation Reform Act of These forward-looking statements are not based on historical facts but instead represent only the Bank's belief regarding future events, many of which, by their nature, are inherently uncertain and outside the Bank's control. The words "anticipate", "believe", "estimate", "expect", "intend", "plan", "predict", "target", "forecast", "guideline", "should", "project" and similar words and expressions, are intended to identify forward-looking statements.
It is possible that the Bank's actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements.
Information regarding important factors that could cause actual results to differ, perhaps materially, from those in the Bank's forward-looking statements appear in a number of places in this Annual Report, principally in "Item 3.
Key Information - D. Forward-looking statements speak only as of the date they are made and are subject to change, and the Bank does not intend, and does not assume any obligation, to update these forward-looking statements in light of new information or future events.
Neither the Bank's independent auditors, nor any other independent accountants, have compiled, examined, or performed any procedures, with respect to the prospective financial information contained herein, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and they assume no responsibility for, and disclaim any association with, the prospective financial information.
The selected consolidated financial data as of December 31, andand for each of the three fiscal years in the period ended December 31, set forth below has been derived from the Bank's audited consolidated financial statements included in this Annual Report.
The selected consolidated financial data as of December 31,andand for each of the two fiscal years in the period ended December 31, set forth below have been derived from the Bank's audited consolidated financial statements for the respective periods, which are not included herein. The selected consolidated financial financiar forex con tarjeta de credito mastercard should be read in conjunction with the Bank's consolidated financial statements, related notes thereto, and the report of the independent registered public accounting firm.
For fiscal yearit included , preferred shares and , common shares. GAAP, these shares are considered outstanding since the beginning of the earliest period presented. Net income per share under U. GAAP is presented on the basis of net income available financiar forex con tarjeta de credito mastercard common stockholders divided by the weighted average number of Common Shares outstanding million for each ofand ; See Note 31 to the Financial Statements.
The weighted average rounded to the nearest million of preferred and common shares outstanding was million for the fiscal years ended December 31,andmillion for the fiscal year ended December 31, and million for the fiscal year ended December 31, Starting January 1,instead of recording financial leases as property, plant and equipment, companies must account for them in their loan portfolio.
Additionally, according to this Circular, the assets given in financial lease contracts and recovered by the lessor because the purchase option is not exercised or because of the lessee's failure to make payments are to be classified as foreclosed assets starting January 1, In the annual report for fiscal yearthese assets were included in the line "Other assets".
The Bank did not recla ssify for these assets in the balance sheet for fiscal years and Please see Item 8. Financial Information financiar forex con tarjeta de credito mastercard A. Dividend Policy, for information about the dividends declared per share in both pesos and U. The Bank's consolidated financial statements have been prepared in accordance with accounting principles and policies as summarized in Note 2 to the Bank's Financial Statements included in this Annual Report.
These accounting principles and policies differ in some respects from U. A reconciliation of net income, stockholders equity and cash flows under U. Consolidated net income under U. GAAP for the year ended December 31, was Psmillion compared with Psmillion for fiscal year and Psmillion for fiscal year The significant adjustments between Colombian and U. Information on the Company - B. Financiar forex con tarjeta de credito mastercard Overview - B. Supervision and Regulation - Capital Adequacy Requirements.
Each category includes financial leases. Information on the Company - E. Selected Statistical Information - E. The following table sets forth the high and low peso per U.
The factors referred to below, as well as all other information presented in this Annual Report, should be considered by investors when reviewing any forward-looking statements contained in this Annual Report, in any document incorporated by reference, if any, in this Annual Report, in any of the Bank's future public filings or press releases, or in any future oral statements made by the Bank or any of its officers or other persons acting on its behalf.
The risks and financiar forex con tarjeta de credito mastercard described below are not the only ones that the Bank faces. Additional risks and uncertainties that the Bank is not aware of, or that the Bank currently thinks are immaterial may also impair the Bank's business operations.
If any of financiar forex con tarjeta de credito mastercard following risks occur, it could materially and adversely affect the Bank's business, results of operations and financial condition. Unforeseen changes in the income levels of the Bank's borrowers, increases in the inflation rate or an unexpected increase in interest rates could have a negative effect on the quality of the Bank's loan portfolio, causing the Bank to increase provisions for loan losses and resulting in reduced profits.
In particular, the Bank might not be able to maintain its current level of asset quality and credit risk in the future. Furthermore, if the Bank successfully increases the participation of consumer, mortgage and small business credits in its loan portfolio, it may experience detrimental changes in its credit risk levels.
The Bank's principal sources of funds are short-term deposits, checking accounts and savings accounts, each of which represented a share of Because the Bank relies primarily on short-term deposits for its funding, in the event of a sudden or unexpected shortage of funds in the Colombian banking system and money markets, the Bank might not be able to maintain its current level of funding without incurring higher costs or liquidating certain assets.
All of the Bank's principal businesses financiar forex con tarjeta de credito mastercard highly dependent on the ability to timely collect and process a large amount of financial and other information across numerous and diverse markets and products at its various branches, at a time when transaction processes have become increasingly complex with increasing volume. The proper functioning of financial control, accounting or other financiar forex con tarjeta de credito mastercard collection and processing systems is critical to the Bank's businesses and to its ability to compete effectively.
A partial or complete failure of any of these primary systems could materially and adversely affect its decision making process, its risk management and internal control systems as well as the Bank's ability to respond on a timely basis to changing market conditions. If the Bank cannot maintain an effective data collection and management system, its business operations, financial condition and results of operations could be materially and adversely affected.
The Bank is also dependent on information systems to operate its website, process transactions, respond to customer financiar forex con tarjeta de credito mastercard on a timely basis and maintain cost-efficient operations. The Bank may experience operational problems with its information systems as a result of system failures, viruses, computer "hackers" or other causes.
Any material disruption or slowdown of its systems could cause information, including data related to customer requests, to be lost or to be delivered to the Bank's clients with delays or errors, which could reduce demand for the Bank's services and products and could materially and adversely affect the Bank's results of operations and financial position.
The Bank is a Colombian financial institution, and most of the Bank's operations, property and customers are located in Colombia. As a result, the quality of its assets, financial condition and results of operations depend primarily on macroeconomic and deutsche bank forex trading account conditions prevailing in Colombia.
Colombia is subject to political, economic and other uncertainties, including renegotiation, or nullification of existing contracts, currency exchange restrictions and international monetary fluctuations. Furthermore, changes in Colombia's monetary, exchange and trade policies could affect the overall business environment in Colombia, which would impact the Bank's financial condition and results of operations.