CIB - Bancolombia S.A. (CIB) Q1 2024 Earnings Call Transcript
2024-05-10 16:18:05 ET
Bancolombia S.A. (CIB)
Q1 2024 Earnings Conference Call
May 10, 2024 09:00 AM ET
Company Participants
Juan Carlos Mora - Chief Executive Officer
Laura Clavijo - Chief Economist
Jose Humberto Acosta - Chief Financial Officer
Laura Clavijo - Chief Economist
Conference Call Participants
Ernesto Gabilondo - Bank of America
Yuri Fernandes - JPMorgan
Julian Ausique - Davivienda Corredores
Andres Soto - Santander
Nicolas Riva - Bank of America
Carlos Gomez - HSBC
Tito Labarta - Goldman Sachs
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to Bancolombia's First Quarter 2024 Earnings Conference Call. My name is Daryl, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Following the prepared remarks, there will be a question-and-answer session. [Operator Instructions] Please note that, this conference is being recorded.
Please note that, this conference call will include forward-looking statements, including statements related to our future performance, capital position, credit-related expenses and credit losses. All forward-looking statements whether made in this conference call and future filings and press releases or verbally address matters that involve risks and uncertainties.
Consequently, these are factors that could cause actual results to differ materially from those indicated in such statements, including changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptance of new products or services by our targeted clients, changes in business strategy and various other factors that we described in our reports filed with the SEC.
With us today are Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Julian Mora, Chief Corporate Officer; Mr. Jose Humberto Acosta, Chief Financial Officer; Mr.
Rodrigo Prieto, Chief Risk Officer; Mrs. Catalina Toba, Investor Relations and Capital Markets Director; and Mrs. Laura Clavijo, Chief Economist.
I will now turn the call over to Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Juan Carlos, you may begin.
Juan Carlos Mora
Good morning, and welcome to Bancolombia's first quarter results conference call. Please turn to slide 2. During the first quarter of the year, Colombia encounter economic challenges marked by elevated interest rates and reduced consumer confidence. Despite subsequent declines in inflation and interest rates, consumer demand and investments remain restrained.
Nevertheless, by utilizing our commercial expertise and conducting comprehensive risk assessments, we accomplished a not notable 2.5% quarterly loan growth. However, this growth is offset by a 2.6% annual contraction resulting from the substantial appreciation of the peso by 17.3% during the quarter....
Bancolombia S.A. (CIB) Q1 2024 Earnings Call Transcript