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FINANCIAL OBLIGATIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Disclosure of deposits from financial obligations [abstract] |
Schedule of interbank borrowings, overnight funds and borrowings from banks and others | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December | ​ | December
​ | ​ | 31, 2024 | ​ | 31, 2023
​ | ​ | ​ | ​ | ​ | ​ |
Local Currency |  | ​ | ​ | ​ | ​ | ​
Interbank funds |  | ​ | ​ | ​ | ​ | ​
Overnight funds |  | Ps. | 41,570 | ​ | Ps. | 24,539
Interbank funds purchased |  | ​ | 781,409 | ​ | ​ | 671,542
Commitments to transfer open and closed repo operations |  | ​ | 9,898,971 | ​ | ​ | 3,746,752
Commitments to transfer simultaneous operations |  | ​ | 5,648,747 | ​ | ​ | 9,158,585
Commitments originated in short positions simultaneous operations |  | ​ | 1,093,006 | ​ | ​ | 1,093,314
Temporary securities transfer operations | ​ | ​ | 2 | ​ | ​ | —
Total interbank funds |  | Ps. | 17,463,705 | ​ | Ps. | 14,694,732
​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency |  | ​ | ​ | ​ | ​ | ​
Interbank funds |  | ​ | ​ | ​ | ​ | ​
Overnight funds |  | ​ | — | ​ | ​ | 14,241
Commitments to transfer open and closed repo operations |  | ​ | 1,046,064 | ​ | ​ | 372,947
Total interbank funds |  | Ps. | 1,046,064 | ​ | Ps. | 387,188
Total interbank borrowings and overnight funds | ​ | Ps. | 18,509,769 | ​ | Ps. | 15,081,920
​
Schedule of borrowings | ​
c | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December | ​ | December
​ | ​ | 31, 2024 | ​ | 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Local Currency | ​ | ​ | ​ | ​ | ​ | ​
Borrowings from banks and others | ​ | ​ | ​ | ​ | ​ | ​
Borrowings |  | ​ | 3,619,457 | ​ | ​ | 3,605,693
Leases contracts | ​ | ​ | 1,794,416 | ​ | ​ | 1,793,568
Financiera de Desarrollo Territorial “FINDETER” (1) | ​ | ​ | 2,518,426 | ​ | ​ | 2,194,515
Fondo para el Financiamiento del Sector Agropecuario - “FINAGRO” (1) | ​ | ​ | 984,179 | ​ | ​ | 1,482,091
Banco de Comercio Exterior - “BANCOLDEX” (1) | ​ | ​ | 528,363 | ​ | ​ | 1,121,416
Overdrafts in bank checking account | ​ | ​ | 305 | ​ | ​ | 13
Other financial obligations |  | ​ | 9,457 | ​ | ​ | 237,129
Total borrowings from banks and others |  | Ps. | 9,454,603 | ​ | Ps. | 10,434,425
​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency |  | ​ | ​ | ​ | ​ | ​
Borrowings from banks and others | ​ | ​ | ​ | ​ | ​ | ​
Borrowings |  | ​ | 14,014,948 | ​ | ​ | 12,077,906
Leases contracts | ​ | ​ | 1,071,851 | ​ | ​ | 998,180
Andean Development Corporation (Corporación Andina de Fomento) |  | ​ | 532,140 | ​ | ​ | —
Banco de Comercio Exterior - “BANCOLDEX” (1) | ​ | ​ | 6,333 | ​ | ​ | 15,111
Letters of credit |  | ​ | 1,566,346 | ​ | ​ | 1,026,404
Bankers acceptances |  | ​ | 1,451,938 | ​ | ​ | 2,479,567
Total borrowings from banks and others |  | Ps. | 18,643,556 | ​ | Ps. | 16,597,168
Total borrowings from banks and others |  | Ps. | 28,098,159 | ​ | Ps. | 27,031,593
| (1) | The Colombian Government has established certain credit programs for promoting the development of specific sectors of the economy, including foreign trade, agriculture, tourism, housing construction and other industries.
The amount of financial obligations with development entities as of December 31, 2024 is Ps. 4,037,301 and as of December 31, 2023 is Ps. 4,813,133.
Schedule of issued bonds | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
​ | ​ | ​ | ​ | December | ​ | December | ​ | ​ | ​ | ​
Issuer | ​ | Issue Date (*) | ​ | 31, 2024 | ​ | 31, 2023 | ​ | Maturity Date (*) | ​ | Interest Rate (*)
Local Currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Banco Av. Villas S.A. (1) | ​ | 23/02/2021 | ​ | Ps. | 87,020 | ​ | Ps. | 296,689 | ​ | 23/02/2026 | ​ | CPI + 1.36%
Banco de Bogotá S.A. (2) |  | Between 24/09/2020 and 25/07/2024 |  | ​ | 1,088,630 | ​ | ​ | 791,579 |  | Between 24/09/2025 and 25/07/2028 | ​ | CPI + 1.16%; and Fix Between 4.75% and 10.45%
Banco de Occidente S.A. (3) |  | Between 09/08/2012 and 20/08/2020 |  | ​ | 1,876,405 | ​ | ​ | 2,121,344 |  | Between 30/01/2025 and 14/12/2032 | ​ | CPI + 2.37% to 4.65%
Corporación Financiera Colombiana S.A. (4) |  | Between 11/12/2012 and 19/12/2024 |  | ​ | 3,871,660 | ​ | ​ | 3,205,530 |  | Between 23/01/2025 and 19/11/2045 | ​ | CPI + 1.58% to 6.30%; IBR + 3.75% and Fix 3.77%
Banco Popular S.A. (5) |  | Between 12/10/2016 and 10/03/2022 |  | ​ | 1,370,950 | ​ | ​ | 2,002,987 |  | Between 04/02/2025 and 10/03/2027 | ​ | CPI + 2.58% to 4.13% and Fix Between 6.12% and 10.20%
Grupo Aval Acciones y Valores S.A. (6) |  | Between 24/11/2016 and 12/12/2024 |  | ​ | 1,177,903 | ​ | ​ | 1,136,702 |  | Between 24/11/2026 and 28/06/2042 | ​ | CPI + 3.69% to 6.16% and Fix 10.08%
Local Currency Total | ​ | ​ |  | Ps. | 9,472,568 | ​ | Ps. | 9,554,831 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign Currency | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Banco de Bogotá S.A. Under rule 144A. |  | Between 12/05/2016 and 24/03/2023 |  | Ps. | 7,720,126 | ​ | Ps. | 6,750,155 |  | Between 12/05/2026 and 24/03/2033 | ​ | Fix Between 4.38% to 6.25% and SOFR6 3.75%
MFH (7) |  | Between 04/02/2020 and 21/06/2024 |  | ​ | 1,596,005 | ​ | ​ | 1,377,782 |  | Between 04/02/2025 and 28/12/2033 | ​ | Fix Between 3.00% to 7.75%
Banco Bogotá and MFH Total | ​ | ​ |  | Ps. | 9,316,131 | ​ | Ps. | 8,127,937 | ​ | ​ | ​ | ​
Grupo Aval Limited |  | 4/02/2020 |  | ​ | 4,428,224 | ​ | ​ | 3,834,985 |  | 4/02/2030 | ​ | Fix 4.38%
Promigas S.A. and Gases del Pacífico S.A.C. Under rule 144A. | ​ | Between 16/10/2019 and 22/10/2020 | ​ | ​ | 2,207,133 | ​ | ​ | 1,910,073 | ​ | Between 16/10/2029 and 22/10/2029 | ​ | Fix 3.75%
Banco de Occidente S.A. (8) | ​ | 13/05/2024 | ​ | ​ | 791,791 | ​ | ​ | — | ​ | 13/08/2034 | ​ | Fix 10.88%
Foreign Currency Total |  | ​ |  | Ps. | 16,743,279 | ​ | Ps. | 13,872,995 |  | ​ |  | ​
Total of Bonds |  | ​ |  | Ps. | 26,215,847 | ​ | Ps. | 23,427,826 |  | ​ |  | ​
(*) This information as of December 31, 2024 (1) Includes the payment for bonds maturing in 2024 for Ps. 208,231. (2) Includes the payment for bonds maturing in 2024 for Ps. 209,472; likewise, bonds were issued in the year for a value of Ps. 508,962. (3) Includes the payment for bonds maturing in 2024 for Ps. 281,306. (4) Includes the payment for bonds maturing in 2024 for Ps. 172,548; likewise, bonds were issued in the year for a value of Ps. 789,992. (5) Includes the payment for bonds maturing in 2024 for Ps. 628,383. (6) Includes the payment for bonds maturing in 2024 for Ps. 226,830; likewise, bonds were issued in the year for a value of Ps. 271,600. (7) Includes the payment for bonds maturing in 2024 for Ps. 36,247; Likewise, bonds were issued in the year for a value of Ps. 42,969. (8) Corresponds to the issuance of bonds on May 13, 2024.
Schedule of interest expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Interest expense | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | ​ | ​ | ​ | ​ | ​
Checking accounts | Ps. | (261,315) | Ps. | (253,043) | Ps. | (159,114)
Savings accounts | ​ | (5,434,063) | ​ | (5,953,426) | ​ | (3,555,844)
Time deposits | ​ | (9,448,857) | ​ | (9,944,424) | ​ | (4,040,232)
Interest of the derivative designated as the hedging instrument (*) | ​ | (49,794) | ​ | (63,333) | ​ | (1,242)
Total deposits | Ps. | (15,194,029) | Ps. | (16,214,226) | Ps. | (7,756,432)
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial obligations | ​ | ​ | ​ | ​ | ​ | ​
Interbank borrowings and overnight funds | Ps. | (1,683,943) | Ps. | (1,856,263) | Ps. | (678,114)
Borrowings from banks and similar | ​ | (1,510,447) | ​ | (1,601,927) | ​ | (739,803)
Leases contracts | ​ | (244,651) | ​ | (208,781) | ​ | (147,330)
Bonds issued | ​ | (1,790,729) | ​ | (2,159,948) | ​ | (2,092,843)
Borrowing from development entities | ​ | (490,534) | ​ | (591,285) | ​ | (249,873)
Total financial obligations | Ps. | (5,720,304) | Ps. | (6,418,204) | Ps. | (3,907,963)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total interest expense | Ps. | (20,914,333) | Ps. | (22,632,430) | Ps. | (11,664,395)
(*) Corresponds to the coverage of interest expense for Term Certificates of Deposit "CDTs" over 12 months. See note 10.4 Impact on Interest Income and Expense Line Item from interest rate hedging.
Schedule of reconciliation of movements of liabilities to cash flows arising from financing activities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Liabilities | ​ | Equity | ​ | Total
​ | Notes | ​ | Dividends payable | ​ | Bonds issued | ​ | Leases contracts | ​ | Subscribed and paid-in capital | ​ | Additional paid-in capital | ​ | Appropriated retained earnings | ​ | Non-controlling interest (NCI) | ​ | ​
Balance at January 1, 2022 | ​ | Ps. | 598,534 | Ps. | 32,257,933 | Ps. | 2,882,157 | Ps. | 22,281 | Ps. | 8,490,799 | Ps. | 13,383,387 | Ps. | 16,457,994 | Ps. | 74,093,085
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to shareholders | ​ | ​ | (414,267) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (414,267)
Dividends paid to non-controlling interest | 26 | ​ | (615,177) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (615,177)
Issuance of debt securities | ​ | ​ | — | ​ | 695,136 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 695,136
Payment of outstanding debt securities | ​ | ​ | — | ​ | (7,837,898) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (7,837,898)
Leases contracts | ​ | ​ | — | ​ | — | ​ | (383,472) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (383,472)
Equity transaction | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 7,280 | ​ | — | ​ | (22,294) | ​ | (15,014)
Net cash used in financing activities | ​ | ​ | (1,029,444) | ​ | (7,142,762) | ​ | (383,472) | ​ | — | ​ | 7,280 | ​ | — | ​ | (22,294) | ​ | (8,570,692)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest | ​ | ​ | — | ​ | 2,147,935 | ​ | 148,806 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,296,741
Interest paid | ​ | ​ | — | ​ | (2,109,636) | ​ | (146,275) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (2,255,911)
Effects of changes in foreign exchange rates | ​ | ​ | — | ​ | 6,030,376 | ​ | 142,898 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 6,173,274
Other Changes | ​ | ​ | 651,725 | ​ | (2,821,625) | ​ | (308,170) | ​ | 1,463 | ​ | 1,082,307 | ​ | (1,193,728) | ​ | (542,353) | ​ | (3,130,381)
Total liabilities related to other changes | ​ | ​ | 651,725 | ​ | 3,247,050 | ​ | (162,741) | ​ | 1,463 | ​ | 1,082,307 | ​ | (1,193,728) | ​ | (542,353) | ​ | 3,083,723
Total equity related to other changes | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (9,012) | ​ | (4,171,242) | ​ | (1,538,658) | ​ | (5,718,912)
Balance at December 31, 2022 | ​ | Ps. | 220,815 | Ps. | 28,362,221 | Ps. | 2,335,944 | Ps. | 23,744 | Ps. | 9,571,374 | Ps. | 8,018,417 | Ps. | 14,354,689 | Ps. | 62,887,204
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to shareholders | ​ | ​ | (766,537) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (766,537)
Dividends paid to non-controlling interest | 26 | ​ | (915,933) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (915,933)
Issuance of debt securities | ​ | ​ | — | ​ | 2,609,994 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,609,994
Payment of outstanding debt securities | ​ | ​ | — | ​ | (4,072,742) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (4,072,742)
Leases contracts | ​ | ​ | — | ​ | — | ​ | (391,667) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (391,667)
Net cash used in financing activities | ​ | ​ | (1,682,470) | ​ | (1,462,748) | ​ | (391,667) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (3,536,885)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest | ​ | ​ | — | ​ | 2,212,345 | ​ | 210,041 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,422,386
Interest paid | ​ | ​ | — | ​ | (2,171,231) | ​ | (202,551) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (2,373,782)
Effects of changes in foreign exchange rates | ​ | ​ | — | ​ | (3,525,280) | ​ | (172,766) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (3,698,046)
Other Changes | ​ | ​ | 1,989,639 | ​ | 12,519 | ​ | 1,012,747 | ​ | — | ​ | — | ​ | (982,868) | ​ | (1,006,721) | ​ | 1,025,316
Total liabilities related to other changes | ​ | ​ | 1,989,639 | ​ | (3,471,647) | ​ | 847,471 | ​ | — | ​ | — | ​ | (982,868) | ​ | (1,006,721) | ​ | (2,624,126)
Total equity related to other changes | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 696,224 | ​ | 1,389,776 | ​ | 2,086,000
Balance at December 31, 2023 | ​ | Ps. | 527,984 | Ps. | 23,427,826 | Ps. | 2,791,748 | Ps. | 23,744 | Ps. | 9,571,374 | Ps. | 7,731,773 | Ps. | 14,737,744 | Ps. | 58,812,193
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends paid to shareholders | ​ | ​ | (728,181) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (728,181)
Dividends paid to non-controlling interest | 26 | ​ | (667,330) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (667,330)
Issuance of debt securities | ​ | ​ | — | ​ | 2,262,527 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,262,527
Payment of outstanding debt securities | ​ | ​ | — | ​ | (1,758,387) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (1,758,387)
Leases contracts | ​ | ​ | — | ​ | — | ​ | (416,640) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (416,640)
Equity transaction (1) | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (4,904) | ​ | — | ​ | (50,096) | ​ | (55,000)
Net cash used in financing activities | ​ | ​ | (1,395,511) | ​ | 504,140 | ​ | (416,640) | ​ | — | ​ | (4,904) | ​ | — | ​ | (50,096) | ​ | (1,363,011)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest | ​ | ​ | — | ​ | 1,831,715 | ​ | 245,366 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,077,081
Interest paid | ​ | ​ | — | ​ | (1,764,802) | ​ | (239,988) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (2,004,790)
Effects of changes in foreign exchange rates | ​ | ​ | — | ​ | 2,200,477 | ​ | 142,677 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,343,154
Other Changes | ​ | ​ | 1,161,028 | ​ | 16,491 | ​ | 343,104 | ​ | — | ​ | (58,408) | ​ | (569,843) | ​ | (608,824) | ​ | 283,548
Total liabilities related to other changes | ​ | ​ | 1,161,028 | ​ | 2,283,881 | ​ | 491,159 | ​ | — | ​ | (58,408) | ​ | (569,843) | ​ | (608,824) | ​ | 2,698,993
Total equity related to other changes | ​ | ​ | 21,823 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1,001,504 | ​ | 1,632,837 | ​ | 2,656,164
Balance at December 31, 2024 | ​ | Ps. | 315,324 | Ps. | 26,215,847 | Ps. | 2,866,267 | Ps. | 23,744 | Ps. | 9,508,062 | Ps. | 8,163,434 | Ps. | 15,711,661 | Ps. | 62,804,339
(1) See note 25.4 Equity Transactions

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