Aug 11, 2026 earnings call — Historic profit and higher NIM
Net income reached COP 2.7 trillion, producing a historic quarterly ROE of 28.7%.
Revenue $2.4B (est $2.4B) · EPS $3.32 (est $2.14)
Key quotes
"Net income reached COP 2.7 trillion, supported by a NIM close to 8%, solid asset quality that kept cost of risk at 1.6% and continued efficiency gains."
"Investment NIM delivered a very positive performance, rising from 1.8% to 6%."
"As previously announced, following the authorization granted by the Financial Superintendency of Colombia, Nequi is expected to begin operating as an independent financial entity within Grupo Cibest on September 1, 2026."
Analyst Q&A 8
Second half strength and asset quality
Q (Yuri Fernandes · JPMorgan): The analyst asked if the second half can be as strong or stronger than the first half and how that compares to the full-year ROE guidance of 22%. He also asked about asset quality: impact from the recent earthquake and the stronger peso on exporters and cost of risk.
A: Management said the second half is usually stronger and they expect a strong quarter with higher credit demand. They will maintain the full-year ROE guidance of 22% and a positive NIM, but credit risk from El Nino, the earthquake, and the strong peso could affect results and cost of risk.
"So we think it's going to be a strong quarter that our guidance -- we maintain even with those effects, our guidance for the full year ROE on 22% and a NIM that is going to be positive." — Juan Uribe
NIM sensitivity, ROE, Nequi asset quality
Q (Ernesto María Gabilondo Márquez · BofA): The analyst asked about reducing NIM sensitivity to interest-rate moves (derivatives or loan mix), the bank's sustainable ROE when rates normalize, and limits for Nequi's NPLs and cost of risk and when they would cut growth.
A: They said they believe they can deliver an ROE above 20% long term. Nequi's loan book is growing healthily, is profitable at current levels, and they do not expect additional deterioration. On NIM, asset repricing will help through at least the first half of next year; derivatives are available but not used now, and sensitivity moved from 20 to 25 bps partly after the Banistmo divestment.
"So we are -- we firmly believe that we can deliver an ROE above 20% on the long term." — Juan Uribe
New government and capital plans
Q (Brian Flores · Citibank): The analyst asked for impressions of the incoming administration and its likely impact on the sector and taxes. He also asked about priorities for capital allocation: dividends, buybacks, or growth.
A: Management said the new administration's fiscal focus and team create a generally positive environment and may attract private investment, though the first year will be challenging. On capital allocation, they will use all tools as appropriate: extraordinary dividends tied to events, ordinary dividends to grow in real terms, buybacks only if market conditions make sense, and corporate development aligned with strategy; they noted over COP 5 trillion deployed recently.
"The administration that started a few days ago creates a positive environment in general." — Juan Uribe
Usury cap and geographic expansion
Q (Carlos Gomez-Lopez · HSBC): The analyst asked if the new government might review the long-standing usury rate cap and where the group will be geographically in five years—more countries or different business lines.
A: Management said the cap-rate topic is an active, long-running conversation; they believe change is possible but it will take time to evolve. For geography, they see Latin America opportunities by creating entities and capabilities (Nequi, Wenia, Wompi) rather than buying established banks, and will move carefully.
"So it will be, I think, a matter that will be on the table, but it will take some time to evolve, I think." — Juan Uribe
Avista buy and fee/investment drivers
Q (Juliana Ohara · Goldman Sachs): The analyst asked the strategic rationale for acquiring Avista (payroll lending) and how it will scale and contribute. She also asked what drove strong equity income and fees and whether they are sustainable.
A: They said Avista complements their payroll lending offering and brings expertise, technology, and a team to help grow a lower cost-of-risk segment. Investment NIM was helped by a carry-trade window with international investors and short-term rollovers; fees—especially bancassurance via an agreement with Sura Seguros—are performing well and are seen as sustainable.
"Avista, it's an acquisition that complements our offering on payroll lending." — Juan Uribe
Growth drivers, earthquake exposure, capital ratios
Q (Andres Soto · Santander): The analyst asked how quickly growth can shift from consumption to investment under the new government, the earthquake's short-term macro impact and the bank's exposure, and the double-leverage level after planned capital moves.
A: They said 2.6% GDP reflects moderate growth and they expect private investment to favor growth more in the second half of 2027, while consumption remains relatively strong. For asset quality, downside risks include the earthquake, El Nino, and FX effects on exporters. Capital: double leverage is currently 94%, expected to end the year at 105 after transactions, with an appetite up to 120; Bancolombia's solvency is expected at 15.3%.
"We see the double leverage ratio at 105 at the end of this year after distributing the extraordinary dividends and implementing the different capital instruments that we have disclosed we're going to implement." — Mauricio Botero Wolff
2027 loan growth by segment
Q (Daniel Vaz · Banco Safra): The analyst asked the bank's loan growth appetite for 2027 for commercial, consumer, and mortgages, and whether commercial will keep losing share.
A: They said 2027 loan growth should be in the upper part of the 2026 guidance range of 7% to 8%. Breakdowns: mortgages and consumer could be in double digits, while commercial is expected around 8%; overall they do not expect double-digit total growth until interest rates come down.
"2027 loan growth should be, I would say, in the upper range -- in the upper part of the range for 2026, which has a guidance of 7% to 8%." — Mauricio Botero Wolff
Market stance, asset mix, NIM split
Q (Santiago Villanueva Lizcano · Davivienda Corredores): The analyst asked how Bancolombia compares to peers and whether current ROE lets them pressure prices or protect NIM; if the higher share of investments is sustainable; and for NIM guidance split between loans and investments.
A: They said the bank will keep focusing on competitive advantages and delivering ROE to shareholders. The investment increase this quarter was opportunistic due to a carry-trade window and weaker loan demand; when loan demand picks up, some assets may move back to loans. NIM guidance for the year: lending NIM around 8% and investment NIM around 3.5%.
"In terms of NIM, the breakdown of the guidance of the NIM should be the lending NIM around 8% and the investment NIM should be around 3.5%, both numbers for the whole year." — Mauricio Botero Wolff