Banco de Bogotá (BOGOTA) Q4 2024 earnings summary

Executive summary

• Net income attributable to shareholders for 2024 reached COP 1.09 trillion, up 14.3% year-over-year, with ROA at 0.8% and ROE/ROAE at 6.8%.

• Gross loans grew 8.6% year-over-year, mainly driven by mortgages and commercial loans; deposits increased 14.5% to COP 104.3 trillion.

• Digital transformation advanced, with 294 million digital transactions and 84% digital participation; 320,000 new personal products placed.

• Sustainability initiatives expanded, with the green portfolio up 87% to COP 4.7 trillion and new sustainable bond issuance.

• Recognized for ESG leadership and digital innovation by Euromoney, S&P Global, and Fintech Americas.

Financial highlights

• Total assets reached COP 150.7 trillion, up 9.6% year-over-year; total liabilities at COP 133.9 trillion.

• NIM for 2024 was 4.4%, down 13 bps year-over-year; loan NIM was 5%, investment NIM 1.9%.

• Net cost of risk improved to 2.1% for 2024, better than guidance; 90-day PDLs decreased by 34 bps to 4.4%.

• Cost to income ratio was 52.5% for the year, up 1.7 percentage points; cost to assets stable at 2.7%.

• Fee income ratio was 27.7% in Q4; operating expenses up 5.6% year-over-year.

Outlook and guidance

• 2025 guidance: loan growth 8–10%, NIM ~4.4%, net cost of risk ~2%, fee income ratio ~25%, cost to income ~50%, cost to assets ~2.6%, ROE/ROAE 8–9%.

• Double-digit ROE expected in H2 2025, driven by NIM improvement and tight cost of risk.

• Loan growth to be led by mortgages and retail loans.