CIB - Bancolombia SA (CIB) Q4 2023 Earnings Call Transcript
2024-02-23 15:38:04 ET
Bancolombia SA (CIB)
Q4 2023 Results Conference Call
February 21, 2024 09:00 AM ET
Company Participants
Juan Carlos Mora - Chief Executive Officer
Laura Clavijo - Chief Economist
Jose Humberto Acosta - Chief Financial Officer
Julian Marra - Chief Corporate Officer
Rodrigo Preto - Chief Risk Officer
Catalina Tobin - Investor Relations and Capital Markets
Conference Call Participants
Tito Labarta - Goldman Sachs
Yuri Fernandes - JPMorgan
Andres Soto - Santander Bank
Carlos Gomez - HSBC
Alonso Aramburu - BTG
Julian Ausique - Davivienda Corredores
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to Bancolombia’s Fourth Quarter 2023 Earnings Conference Call. My name is Robert, and I'll 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, there 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 current 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 describe in our reports filed with the SEC.
With us today is Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Julian Marra, Chief Corporate Officer; Mr. Jose Humberto Acosta, Chief Financial Officer; Mr. Rodrigo Preto, Chief Risk Officer; Mrs. Catalina Tobin, Investor Relations and Capital Markets; Director and Mrs. Laura Clavijo, Chief Economist.
I'd now like to 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 fourth quarter results conference call. Please go to Slide 2.
As anticipated, 2023 has proven to be a year of significant challenges for the Colombian financial system. The prevailing high interest rates and inflation have had a discouraging effect on credit growth, resulting in reduced net interest income generation. Furthermore, these factors have adversely impacted loan quality and led to an overall increase in operating costs. In light of the prevailing macroeconomic environment, Bancolombia's net income for the quarter reached COP1.4 trillion, indicating a 2% reduction compared to the preceding quarter....
Bancolombia SA (CIB) Q4 2023 Earnings Call Transcript