Bancolombia Sa Stock Earnings Reports

Grupo Cibest reported resilient Q1 2026 results despite a challenging macro environment in Colombia (higher inflation, policy rate hikes, fiscal deterioration and geopolitical volatility). Reported net income was COP 1.5 trillion (-16% YoY) largely driven by a one‑off wealth tax; normalized net income would be COP 1.8 trillion. Key operating highlights: net interest income and NIM expanded (NIM up ~20 bps to ~7.0%), deposits outpaced loan growth (sight deposits 58% of funding), fees rose (net fee income +30% YoY, partly due to an accounting reclassification), and digital businesses (Nequi, Wompi, Wenia) continued strong user and monetization momentum. Asset quality remains broadly stable: quarterly annualized cost of risk was 1.9% (including a COP 248 billion macro outlook charge), 90‑day past due improved for Nequi and overall past‑due ratios remained stable. Capital actions and corporate moves: shareholders approved an ordinary dividend of COP 4.3 trillion and a new share buyback program of up to COP 1.35 trillion; the Banistmo sale is on track for Q2 close with proceeds earmarked for intragroup capital instruments and digital investments. Management reiterated guidance updates given the GRN macro scenario: loan growth guidance maintained (~7–8%), NIM guidance raised to 7.0–7.2%, cost of risk maintained at 1.6–1.8% (management expects the year to be toward the upper end), efficiency ~49%, and ROE guidance increased to ~19.5–20%. Nequi continues to scale (admin. net income ~USD 7m in Q1, ~$30m run‑rate guidance for year) and a spinoff toward an independent license is progressing toward Q3. Management flagged election and fiscal risks as key macro uncertainties but expressed confidence in their risk framework and Colombia’s institutions.