Bancolombia SA (NYSE:CIB) Q2 2022 Earnings Conference Call August 10, 2022 9:00 AM ET
Company Participants
Carlos Raad - IR Director & Manager
Juan Carlos Mora - President & CEO
Juan Pablo Espinosa - Head, Economic Research
José Humberto Acosta - CFO & VP, Finance
Conference Call Participants
Jason Mollin - Scotiabank
Yuri Fernandes - JPMorgan Chase & Co.
Ernesto Gabilondo - Bank of America Merrill Lynch
Carlos Gomez - HSBC
Olavo Duarte - UBS
Daer Labarta - Goldman Sachs Group
Carlos Raad
Good morning, ladies and gentlemen, and welcome to Bancolombia's Second Quarter 2022 Earnings Conference Call. My name is Chad, and I will be your operator for today's call. Following their 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, in press releases or verbally, address matters that involve risk and uncertainty. 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 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 describe in our reports filed with the SEC.
With us today is Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Mauricio Rosillo, Chief Corporate Officer; Mr. Jose Humberto Acosta, Chief Financial Officer; Mr. Rodrigo Prieto, Chief Risk Officer; and Mr. Juan Pablo Espinosa, Chief Economist. I will now turn the conference over to Mr. Juan Carlos Mora, Chief Executive Officer. Mr. Juan Carlos, you may begin your call.
Juan Carlos Mora
Good morning, everyone. Welcome to our second quarter 2022 conference call. I am pleased to report a strong second quarter for Bancolombia. We delivered a profit of COP 1.8 trillion and an ROE of 23% in 2Q '22.
The strategic emphasis on strengthening customer relationships is paying off. Our commercial and retail banking businesses present a solid evolution over the last quarter. Corporate and consumer companies have been key elements to a significant economic growth in Colombia. Loan book grew above our expectations, expanding originations across all segments. This has resulted in important revenue growth.