2Q-2016 Consolidated Results Conference Call

Transcription

1 2Q-2016 Consolidated Results Conference Call FULL IFRS September 27, 2016 The IR Recognition granted by the Colombian Securities Exchange (Bolsa de Valores de Colombia S.A) is not a certification of the registered securities or the solvency of the issuer.

2 2 Disclaimer Banco de Bogotá is an issuer of securities in Colombia. As a financial institution, the Bank, as well as its financial subsidiaries, is subject to inspection and surveillance from the Superintendency of Finance of Colombia. As an issuer of securities in Colombia, Banco de Bogotá is required to comply with periodic reporting requirements and corporate governance practices. In 2009 the Colombian Congress enacted Law 1314 establishing the implementation of IFRS in Colombia. As a result, since January 1, 2015, financial entities and Colombian issuers of publicly traded securities, such as Banco de Bogotá, must prepare financial statements under IFRS, with some exceptions established by applicable regulation. IFRS as applicable under Colombian regulations differs in certain aspects from IFRS as currently issued by the IASB Our reports for 2015 s quarters had been presented in accordance with IFRS applicable in Colombia (Col IFRS). This report and 1Q16 were prepared with unaudited consolidated financial information, which is in accordance with IFRS as currently issued by the IASB. At June 30th 2016, Banco de Bogota deconsolidated (ceded control of CFC to Grupo Aval) Corficolombiana. The bank now holds its 38.3% stake of Corficolombiana as an equity investment. For comparative analysis with previous periods, this report has a Pre-deconsolidation of that reflects Banco de Bogotá s consolidated figures including Corficolombiana as a subsidiary. Growths will be shown versus Pre-deconsolidation. Details of the calculations of Non GAAP measures such as ROAA and ROAE, among others, are explained when required in this report. Colombian peso/dollar annual devaluation as of June 30, 2016 was 12.3%. Quarterly revaluation was 2.7%. In this report, calculations of growth, excluding the exchange rate movement of the Colombian Peso, use the exchange rate as of June 30, 2016 (COP 2,919.01) This report may include forward-looking statements and actual results may vary from those stated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risks factors. Recipients of this document are responsible for the assessment and use of the information provided herein. Banco de Bogotá will not have any obligation to update the information herein and shall not be responsible for any decision taken by investors in connection with this document. The content of this document is not intended to provide full disclosure on Banco de Bogotá or its subsidiaries. In this document we refer to trillions as millions of millions and to billions as thousands of millions.

3 2016 Second Quarter Performance Highlights Recurring Attributable Net Income for the period was $570.9 billion pesos, which represented a 15.8% increase versus the second quarter of 2015 Profitability Key Metrics ROAA: 2.1% / ROAE: 17.1% Net Interest Margin: 5.3% Fee Income Ratio: 31.8% Efficiency Ratio: 46.0% Commentary ROAA steady; ROAE increased 30bps NIM increased 30 bps due to Central Bank rate hikes Fee income increased 21.1% primarily due to banking fees Efficiency slightly deteriorated, up from 43.8% Balance Sheet Gross Loans: $92.5 Total Deposits: $90.5 Deposits / Net Loans: 1.00x Deposits % Funding: 72.7% Gross Loans grew 14.3%, excluding FX growth was 9.0% Total Deposits grew 10.3%, excluding FX growth was 5.5% Deposits / Net Loans illustrates robust funding model, but decreased marginally from 1.04x Credit & Capital Cost of Risk 1 : 1.7% 90+ Days PDL Ratio: 1.6% Tier 1 Ratio 2 : 9.2% Total Solvency 2 : 14.0% Excluding non-recurring item, cost of risk post recoveries increased slightly by 10bps 90+ Days PDL Ratio stayed constant at 1.6% Tier 1 Ratio increased by 140 bps and Total Solvency increased by 290 bps. Both ratios well above regulatory minimums Note: Changes / growths refer to Q over Q2 2015, unless otherwise stated. All figures refer to Q pre-deconsolidation of Corficolombiana. (1) Excluding Pacific non-recurring provisions; net of recoveries (2) Reflects an estimate of Banco de Bogotá s solvency ratio taking into account the Shareholder s meeting approval to capitalize the one-time $2.2 trillion gain derived from the deconsolidation of Corficolombiana plus 50% of the recurring net income of the first semester of

4 Colombia: Economic activity has decelerated but a gradual pick-up is expected going forward Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 8% 7% 6% 5% 4% 3% 2% 1% 0% GDP (YoY %) GDP growth by sector(yoy %) e 4.6% 3.1% 2.3% -1% Jun-02 Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 QoQ % YoY % 2.0% GDP Agriculture Mining Industry Electricity Construction Commerce Transportation Financial services Social services -7.1% jun-16 jun % -0.8% 0.1% 2.0% 3.1% 2.4% 1.7% 1.0% 4.4% 6.0% 1.4% 3.6% 0.1% 0.5% 4.6% 3.8% 2.3% 2.4% 7.8% -10% 0% 10% Colombian Peso vs WTI US$/barrel WTI (US$ - Lhs) COP Exchange Rate ,700 3,200 2,700 2,200 1,700 Unemployment (%) 12.7% 11.5% 10.9% 11.1% 9.9% 9.8% 9.3% 8.8% 9.8% 9.6% 8.4% 8.7% 8.6% Unemployment as of December for each period Unemployment as of July for each period Source: DANE, Fedesarrollo. Estimates Economic Research Banco de Bogotá. 4

5 Colombia: Dissipation of shocks, as well as central bank rate hikes Core and total inflation (YoY %) COP/USD Exchange Rate 10% 8% 6% Headline inflation (1) Core inflation 4 Inflation e 3.7% 6.8% 6.8% 8.1% 6.6% 2Q15 1Q16 2Q16 Average 2, , , End of period 2, , , % 2% 0% Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 2Q16 vs. 1Q16 2Q16 vs. 2Q15 Average 8.3% -19.9% End of period 2.7% -12.3% Positive change = COP appreciation Negative change = COP devaluation Central bank interest rate vs. DTF rate (%) Market-based inflation expectations - BEI (%) 8% 7% Central Bank Rate e 4.50% 5.75% 7.75% 7.75% 7.24% 6% 5% 6% 5% 4% 3% 3.3% 3.2% 3.2% 4% 3% Central bank rate DTF rate 2% Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 2% BEI 2Y BEI 3Y 1% BEI 5Y Inflation target 0% Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Source: DANE, Banco de la República (BR). Estimates Economic Research Banco de Bogotá. (1) Average of four measures preferred by BR: 1) without foodstuff; 2) without foodstuff and regulated; 3) without foodstuff, public services and gasoline; and 4) core 20 5

6 Colombia: Balance of payments adjustment continues 1,000 0 Trade balance (USD M, % GDP, monthly) -USD810 M -3.4% GDP 5% 0% International reserves (USD M, months of imports) International reserves (USD M) IR in months of imports Historical average 13 47, ,000-5% Trade balance (USD M) -2,000 % GDP -10% Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13 Jun % 4% 2% 0% -2% -4% -6% -8% Current Account (% GDP, quarterly) Current account e -5.2% -6.4% -5.0% -10% Mar-00 Mar-04 Mar-08 Mar-12 Mar-16 Current transfers Labor and investment income Services balance Trade balance Current account 2.2% -5.1% -5.6% -0.9% -1.7% 1,500 1, Foreign investment: direct and portfolio* (USD M, monthly) 2,000 Other sectors Oil and mining 2,000 1,000 0 Portfolio ,110 (1,000) Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Source: DANE, Banco de la República. Estimates Economic Research Banco de Bogotá. * With information from Balanza cambiaria. 6

7 Central America: Strong growth, stable inflation, low rates GDP (YoY %) f El Salvador Honduras Costa Rica Guatemala Central America Nicaragua Panama Inflation (YoY %) Central bank interest rate (%) 10 8 CR PA GU NI HO ES CENAM Jul-14 Jan-15 Jul-15 Jan-16 Jul Costa Rica Honduras 1.75 Guatemala 0 Aug-13 Aug-14 Aug-15 Aug-16 Source: SECMCA, International Monetary Fund (IMF). Estimates Economic Research Banco de Bogotá. ES: El Salvador, HO: Honduras, CR: Costa Rica, GU: Guatemala, NI: Nicaragua, PA: Panama. 7

8 Impact of Deconsolidation of CFC in Banco de Bogotá s Balance Sheet 8 Figures in PS Trillion Total Assets Total Liabilities Predeconsolidation Deconsolidation of CFC Assets Difference between BV and FV of CFC Postdeconsolidation Predeconsolidation Deconsolidation of CFC Liabilities Postdeconsolidation 4.4 Minority interest Attribuitable Equity Predeconsolidation Third party stakes in CFC Postdeconsolidation Predeconsolidation Deconsolidation of CFC Difference between BV and FV of CFC Postdeconsolidation

9 Impact of Deconsolidation of CFC in Banco de Bogotá s Income Statement 9 Figures in Ps. Billion 919 NII post Cost of Risk 100 1, Net Fees Trading Income Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation 2Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation 2Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation Other Income ,459 OPEX 1,437 1, ,183 2Q16 Predeconsolidation Difference between BV and FV of CFC CFC vía Equity Method Deconsolidation of CFC 2Q16 Postdeconsolidation 2Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation 307 Taxes Minority Interest Attributable Net Income 2,188 2, Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation 2Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation 2Q16 Predeconsolidation Deconsolidation of CFC 2Q16 Postdeconsolidation

10 Balance Sheet Structure - Consolidated Figures in Ps. Trillions Growth excluding FX 2Q16/2Q15: 12.3% Total Assets 2Q16/2Q15: 7.3% 2Q16/1Q16: -0.3% 2Q16/1Q16: 0.8% Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation Assets Breakdown 2Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation 2.1% 24.9% 11.9% 61.0% 2.2% 25.8% 10.8% 61.2% 2.1% 25.6% 10.2% 62.1% 3.3% 8.4% 20.2% 68.1% Colombian Operation (2) 62.1% 59.6% Foreign Operation (1) 37.9% 40.4% Loans and Leases, Net Fixed Income Investments 60.1% 39.9% 55.5% 44.5% Equity Investments Other Assets (3) (1) Foreign operations reflect BAC Credomatic operations in Central America. (2) Includes Banco de Bogotá in Colombia, Porvenir, Corficolombia (except for 2Q16), Fidubogotá, Almaviva, Casa de Bolsa, Banco de Bogotá Panamá, Finance, Ficentro and Megalínea. (3) Other Assets: Cash and balances at Central Bank, Derivatives, Allowance for financial assets held for investment, Other financial assets at fair value through profit or loss, Non-current assets held for sale, Tangible Assets, Intangible Assets, Income Tax Assets, Other Accounts Receivable, Derivatives used for hedging and Other Assets. 10

11 Loan Portfolio Breakdown by Business Segment - Consolidated Figures in Ps. Trillions Growth excluding FX 2Q16/2Q15: 9.0% Gross Loan Portfolio 2Q16/2Q15: 14.3% 2Q16/1Q16: 1.1% 2Q16/1Q16: 2.3% Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation Gross Loan Portfolio Breakdown % 25.0% 64.0% 0.5% % 26.3% 61.9% 0.4% 0.4 % 11.4% 11.5% 26.2% 26.2% 62.0% 61.9% 0.4 % Microcredit Mortgage Consumer Growth (%) Excluding FX 2Q16/1Q Growth (%) 2Q16/2Q Growth (%) Excluding FX 2Q16/2Q Commercial Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation 11

12 Loan Portfolio Quality (1/3) Consolidated 0.78x 30 days PDLs/ Gross Loans 90 days PDLs / Gross Loans 30 days PDLs / Gross Loans 90 days PDLs / Gross Loans 2.6% Charge-offs (1) / Average 90 days PDLs Excluding Pacific Rubiales 2.8% 2.7% 2.7% 1.6% 1.6% 1.6% 1.6% 0.85x 0.85x 1.14x 1.24x 1.28x 1.7% 1.6% Allowances / 30 days PDLs Cost of Risk (1) Impairment loss (net of recoveries of charged-off assets) / Average Loans Impairment loss / Average Loans Excluding Pacific Rubiales 1.9% 2.2% 2.1% 2.1% 2.1% 2.0% 2.0% 1.8% 2Q-15 1Q-16 2Q-15 1Q-16 Pre-deconsolidation Postdeconsolidation Pre-deconsolidation Postdeconsolidation Charge-offs / Average 1.2% 1.8% 2.0% 2.0% Allowances/ 2.4% 2.4% 2.4% 2.3% Loans Gross Loans 2Q-15 1Q-16 Predeconsolidation Postdeconsolidation 2Q-15 1Q-16 (2) Predeconsolidation Postdeconsolidation Coverage 1.8% 1.7% Allowances / 90 days PDLs 1.5x 1.5x 1.5x 1.5x 1.8% 1.7% 0.9x 0.9x 0.9x 0.9x (1) Annualized 12

13 Loan Portfolio Quality (2/3) Colombia (1) and Central America 2Q15 Colombia Pre- decon. 1Q16 2Q16 Post- decon. 2Q16 Central America 2Q15 1Q16 2Q16 Delinquency Ratio 30 day PDLS / Gross Loans 2.7% 3.1% 3.1% 2.9% 2.3% 2.3% 2.3% 90 day PDLS / Gross Loans 1.9% 2.1% 2.0% 2.0% 1.0% 1.0% 1.0% Cost of Risk (2) Impairment Loss, net of recoveries of charge-off 1.6% 2.2% 2.2% 2.1% 1.5% 2.0% 1.8% Excluding Pacific 1.7% 1.7% 1.7% Impairment Loss 1.8% 2.3% 2.4% 2.3% 1.5% 2.0% 1.8% Excluding Pacific 1.9% 1.9% 1.9% Charge-Off Ratio (2) Charge offs / 90 days PDLs 0.54x 0.94x 1.19x 1.25x 1.49x 1.64x 1.36x Excluding Pacific 0.65x 0.65x charge offs / Avg Loans 1.0% 1.9% 2.5% 2.5% 1.5% 1.7% 1.4% Coverage Allowance / 30 days PDLs 1.10x 1.00x 1.00x 1.00x 0.6x 0.6x 0.6x Allowances / 90 days PDLs 1.60x 1.50x 1.50x 1.60x 1.30x 1.30x 1.30x Allowances / Gross Loans 3.0% 3.2% 3.1% 3.1% 1.3% 1.3% 1.4% (1) Includes Banco de Bogotá in Colombia, Corficolombiana (Except for 2Q16), Porvenir, Fidubogotá, Almaviva, Casa de Bolsa, Banco de Bogotá Panamá, Finance, Ficentro and Megalínea. (2) Annualized 13

14 14 Loan Portfolio Quality (3/3) Consolidated 2Q-15 1Q days PDLs 90 days PDLs Pre- decon. 2Q16 Post- decon. 2Q16 2Q-15 1Q-16 Pre- decon. 2Q16 Post- decon. 2Q16 Commercial 1.7% 2.0% 2.0% 1.9% 1.3% 1.5% 1.5% 1.4% Consumer 4.7% 4.5% 4.7% 4.6% 2.3% 2.0% 2.1% 2.1% Mortgage 2.3% 2.5% 2.3% 2.3% 1.1% 1.2% 1.1% 1.1% Microcredit 12.0% 12.2% 12.6% 12.6% 8.0% 7.8% 8.0% 8.0% Total Loans 2.6% 2.8% 2.7% 2.7% 1.6% 1.6% 1.6% 1.6% Coverage Ratio 0.92x 0.86x 0.87x 0.88x 1.51x 1.47x 1.47x 1.50x

15 Funding - Consolidated Figures in Ps. Trillions Total Funding Growth excluding FX Total Deposits Growth excluding FX 2Q16/2Q15: 12.3% 2Q16/1Q16: -0.8% Q16/2Q15: 7.4% 2Q16/1Q16: 0.3% Q16/2Q15: 10.3% 2Q16/1Q16: -2.2% Q16/2Q15: 5.5% 2Q16/1Q16: -1.1% Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation % 2Q-15 1Q-16 Deposits Banks and others Interbank Borrowings Long Term Bonds Predeconsolidation Postdeconsolidation Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation % 2Q-15 1Q-16 Time Deposits Saving Accounts Checking Accounts Others Predeconsolidation Postdeconsolidation Deposits / Net Loans (%) (2) 1.04x 1.04x 1.00x 0.98x 2Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation (1) Other Deposits include: Deposits from other Banks and Correspondent Accounts, Banking Services Liabilities, Collection Banking Services and Other Deposit (2) Net Loans includes commercial, consumer, mortgages and microcredit. Deposits include checking, savings, time deposits and other deposits. 15

16 Equity and Capital Adequacy Figures in Ps. Trillions Attributable Equity + Minority Interest Shareholders Equity 2Q16/2Q15: 12.4% 2Q16/2Q15: 12.3% 2Q16/1Q16: 3.3% 2Q16/1Q16: 2.8% Q-15 1Q-16 Pre-deconsolidation Pro-forma Shareholders' Equity Non-controlling interest Post-deconsolidation Total Equity / Assets Tangible Capital Ratio (1) 2Q-15 1Q-16 Pre-deconsolidation Pro-forma 12.0% 11.6% 12.0% 8.1% 7.6% 8.1% Postdeconsolidation 12.3% 8.2% Consolidated Capital Adequacy (2) Regulatory Minimum: Total: 9.0% 11.1% 3.3% Tier I 13.7% 3.7% Tier II 13.0% 6.3% 14.0% 4.8% Tier I: 4.5% 7.8% 10.0% 6.8% 9.2% (3) 2Q-15 1Q-16 Post Capitalization (1) Tangible Capital ratio is calculated as Total Equity minus Goodwill and others Intangible Assets / Total Assets minus Goodwill and other Intangible Assets. (2) Capital Ratios are calculated under the methodology of Colombian Superintendency of finance. (3) Reflects an estimation of Banco de Bogotá s Pre-deconsolidation solvency ratio now that the general shareholders has approved the capitalization of the extraordinary $2.2 trillion gain derived from the deconsolidation of Corficolombiana plus the capitalization of at least 50% of the recurring net income of the first semester of

17 Net Interest Margin Consolidated Net Interest Margin on Investments (2) Net Interest Margin on Loans (3) Net Interest Margin (4) 6.0% 5.0% Quarterly Net Interest Margin Net Interest Income (1) (Billion COP) Growth Rate 2Q-15 1Q-16 Predeconsolidatiodeconsolidation Pre-deconsolidation Pre-deconsolidation Post- 2Q16/2Q15 2Q16/1Q16 1, , , , % -0.7% 6.3% 6.1% 0.9% 0.8% 1.5% 0.4% 6.6% 5.3% 5.3% 5.8% Yield on loans Yield on fixed income Average Funding Cost / Total Int. Bearing Funding 2Q-15 1Q-16 (4) Pre-deconsolidation Post-deconsolidation 9.6% 10.7% 10.9% 10.9% 4.5% 5.2% 6.3% 4.6% 3.6% 4.2% 4.6% 4.3% Source: Banco de Bogotá. Consolidated Figures. (1) Net interest Margin include net interest income plus net trading income from investment securities held for trading (2) Investments' Net Interest Margin : Quarterly Net Interest income on fixed income securities, net trading income from equity and fixed income investment securities held for trading through profit and on interbank and overnight funds to Average securities and Interbank and overnight fund. (3) Loans Net Interest Margin: Quarterly Net Interest Income on Loans, annualized/quarterly average loans and financial leases. (4) Net Interest Income for the period, annualized / Average interest earning assets. 17

18 Fees and Other Operating Income Figures in Ps. Billions Gross Fee income 2Q16/2Q15: 21.1% 2Q16/1Q16: -1.2% 3.4% 5.2% % 3.1% 3.2% 23.9% 21.4% 20.9% 21.4% 3.9% 4.2% 3.9% 67.5% 72.0% 71.8% 71.6% Other Pension fees Fiduciary activites Banking fees 2Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation Fee Income Ratio (1) 31.3% 31.8% 31.8% 33.7% Other Operating Income (1) 2Q-15 1Q-16 Predeconsolidatiodeconsolidation Post- Income from Non Financial Sector, net Net Income from financial instruments designated at fair value Derivatives and foreign exchange gains (losses), net (2) Other Income (3) Equity method income, dividend income (4) Non Recurrent income from de Consolidation Corficolombiana ,183.6 Total Other Operating Income ,454.8 (1) Fee Income ratio is calculated Gross Fee income divided by net interest income before provision plus gross fee income plus other operating income (2) For periods before the deconsolidation of Corficolombiana, Other Operating Income includes 100% of Corficolombiana s other operating income that was offset by the minority interest (3) Derivatives and foreign exchange gains (losses), net: Includes the portion of Net Trading Income related to derivatives (4) Other income includes: Net gain on sale of investments, earnings on the sale of non-current assets held for sale and other income (5) For Post deconsolidation, includes $46.9 million related with the equity method income of Corficolombiana. 18

19 Consolidated Efficiency Ratio Efficiency Ratio (1) 43.3% 43.8% 46.0% 50.8% 2Q-15 (2) 1Q-16 Post-deconsolidation Pre-deconsolidation Post-deconsolidation Banco de Bogotá Stand Alone (1) Central America (1) 55.7% 55.5% 54.7% 34.9% 31.6% 35.6% (2) 2Q-15 1Q-16 2Q-15 1Q-16 1/ Calculated as Personnel plus administrative expenses divided by net interest income plus net trading income, other income and fees and other services income, net (excluding others) 2/ Efficiency for 1Q16 for Banco de Bogotá Consolidated, was calculated excluding the effect of Ps billion of wealth tax paid during 2Q16. When included, efficiency would have been 49.9%, efficiency for 1Q16 for Banco de Bogotá Stand Alone, excluding the effect of Ps billion of wealth tax paid during 1Q16. When included, efficiency would have been 41.8%. 19

20 Profitability Figures in Ps. Billions Figures excluding wealth tax x.x Net Income attributable to controlling interest 2, Figures including Non Recurrent income for deconsolidation of CFC (3) 2Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation (3) ROAA (1) 2.1% 2.0% 1.5% 2.1% 1.8% ROAE (2) 2Q-15 1Q-16 (3) Pre-deconsolidation Post-deconsolidation 16.8% 16.1% 17.1% 15.7% 11.3% 2Q-15 1Q-16 Pre-deconsolidation Post-deconsolidation (1) ROAA for each quarter is calculated as annualized Net Income divided by average of total assets.. ROAA for 1Q16 excludes the effect of Ps billion of wealth. (2) ROAE for each quarter is calculated as annualized Net Income attributable to shareholders divided by average attributable shareholders' equity. ROAE for 1Q16 excludes the effect of Ps billion of attributable wealth tax. (3) Non-recurrent income as a result of deconsolidation of CFC: includes $2,184 Ps. Billion of the difference between book value and fair value of Corficolombiana plus other income (3) 20