Prepared Highlights
- Net income: Q2 2025 attributable net income of COP 195 billion (COP 20.8 per share), highest in 12 quarters, up 36.9% QoQ and 142% YoY; H1 2025 net income of COP 856 billion, 1.7x higher than H1 2024 (CEO, CFO).
- Net interest margin (NIM): Consolidated NIM reached 4.0% for first time in 3 years; NIM on loans 4.5% (up 7 bps QoQ, 20 bps YoY); banking segment NIM 4.6% (up 38 bps QoQ), NIM on loans for banking segment 5.0% (up 9 bps QoQ) (CFO).
- Loan growth: Gross loans COP 199.4 trillion, up 3.2% YoY and 0.3% QoQ; retail loans grew 6% YoY (consumer +6%, mortgages +20%), commercial loans +0.3% YoY; 2025 loan growth guidance ~7% (CFO).
- Deposits: Total deposits grew 6.8% YoY and 1.9% QoQ; deposits-to-net-loans ratio 110%; share of peso-denominated deposits held by individuals improved from 16.7% (Q1 2025) to 18.2% (Q2 2025) (CEO, CFO).
- Asset quality: 30-day PDLs 4.81% (down 37 bps QoQ, 99 bps YoY); 90-day PDLs 3.51% (down 23 bps QoQ, 73 bps YoY); Stage 3 loans fell to 6.1% for third consecutive quarter; cost of risk net of recoveries 1.7% (down 31 bps QoQ) (CFO).
- Funding & capital: Total funding +6.3% YoY, +1.5% QoQ; total equity +6.2% YoY, +3.1% QoQ; attributable equity +6.2% YoY, +3.4% QoQ; total solvency and Tier 1 ratios increased slightly at most banks (CFO).
- Efficiency: Cost-to-assets 2.8% (up 3 bps QoQ, 6 bps YoY); cost-to-income 52% (deteriorated QoQ); general & administrative expenses +0.8% QoQ, +4.4% YoY (CFO).
- Fee income: Gross fee income +3.5% YoY, +0.3% QoQ; net fee income +1% YoY, +1.1% QoQ; nonfinancial sector income ~80% of Q2 2024 level (CFO).
- Profitability: ROAA 1.1%, ROAE 11.3% for Q2 2025; 2025 ROAE guidance ~10.5% (CFO).
- Synergies: Procurement synergy center launched on COP 4.3 trillion spending base; expected initial savings >10% of COP 2.1 trillion manageable spend and 40% reduction in contracting time (CEO).
- Macro outlook: Colombia GDP growth expected 2.7% in 2025; inflation forecast ~4.9% year-end; Central Bank rate expected to end 2025 at 8.5% (CEO, economist).
Official Guidance (2025, CFO)
| Metric | Guidance |
|---|
| ROAE | ~10.5% |
| Loan growth | ~7% (commercial ~5%, retail ~9%) |
| Consolidated NIM | ~4.0% (loans ~4.5%) |
| Banking segment NIM | ~4.7% (loans ~5.3%) |
| Cost of risk (net of recoveries) | ~1.95% |
| Cost-to-assets | ~2.75% |
| Nonfinancial sector income | ~90% of 2024 level |
| Fee income ratio | ~21% |
Mgmt Quotes
- "Net income for the quarter was COP 494.9 billion, the highest quarterly figure in 3 years, growing 37% over the quarter and 142% over the year." (CEO)
- "Our net interest margin reached the 4% level for the first time in 3 years with our consolidated NIM on loans at 4.5%." (CEO)
- "30-day PDL formation for the quarter was the lowest since second quarter 2022, while 90-day PDL formation reached the lowest level of the last 3 years." (CFO)
- "We expect 2025 loan growth to be close to 7%." (CFO)
- "We remain focused on sustaining double-digit profitability throughout the remainder of the year." (CEO)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| Attributable net income (Q2 2025) | COP 195 billion (COP 20.8/share) | CFO |
| Consolidated NIM | 4.0% | CFO |
| NIM on loans (consolidated) | 4.5% | CFO |
| Gross loans | COP 199.4 trillion | CFO |
| Loan growth YoY | 3.2% | CFO |
| Deposit growth YoY | 6.8% | CFO |
| 30-day PDLs | 4.81% | CFO |
| 90-day PDLs | 3.51% | CFO |
| Cost of risk (net of recoveries) | 1.7% | CFO |
| ROAA (Q2 2025) | 1.1% | CFO |
| ROAE (Q2 2025) | 11.3% | CFO |
| Cost-to-assets | 2.8% | CFO |
| Cost-to-income | 52% | CFO |
| Total equity | +6.2% YoY, +3.1% QoQ | CFO |
| Colombia GDP growth forecast (2025) | 2.7% | CEO, economist |
| Colombia inflation forecast (year-end 2025) | ~4.9% | CEO, economist |
| Central Bank rate forecast (year-end 2025) | 8.5% | CEO, economist |