Grupo Cibest S.A. 4Q25 Financial Summary
Business Context and Reporting Period
This Form 6-K reports the unaudited consolidated financial results for Grupo Cibest S.A. for the fourth quarter ended December 31, 2025. The filing was released on February 23, 2026. The period is significantly impacted by the classification of Banistmo S.A. (Panama) as a "Discontinued Operation" following a December 18, 2025, agreement to sell 100% of its shares to Inversiones Cuscatlán Centroamérica S.A. for approximately US$1.418 billion.
Key Financial Metrics
- Net Income: Reported a net loss of COP 1.85 trillion (COP -1,852 billion) for 4Q25, compared to a profit of COP 2.14 trillion in 3Q25. On a pro forma basis (excluding the Banistmo impairment), net income would have been COP 1.60 trillion.
- Profitability: Return on Equity (ROE) was -17.71% for the quarter. Excluding the Banistmo sale impact, ROE would have been 15.03%. Annual ROE for 2025 was 9.09% (17.21% pro forma).
- Revenue: Net interest income totaled COP 4.84 trillion, a 2.35% decrease quarter-over-quarter (QoQ) but a 3.13% increase year-over-year (YoY). Net fee and service income rose 14.48% QoQ to COP 1.26 trillion.
- Balance Sheet: Total assets reached COP 379.75 trillion. Gross loan portfolio stood at COP 256.35 trillion (down 8.44% QoQ due to Banistmo reclassification). Deposits totaled COP 264.41 trillion (down 5.99% QoQ).
- Asset Quality: The 30-day past-due loan ratio was 3.57%, and the 90-day ratio was 2.54%. The quarterly annualized cost of risk was 2.12%.
- Equity: Shareholders' equity closed at COP 39.75 trillion, a 6.19% decrease QoQ primarily due to the goodwill impairment loss.
Material Changes vs. Prior Period
- Goodwill Impairment: A non-cash impairment charge of COP 3.4 trillion was recorded against Banistmo goodwill, resulting in a net loss on the discontinued operation of COP 3.01 trillion for the quarter.
- Portfolio Reclassification: The reported decline in loans and deposits is largely artificial, driven by the reclassification of Banistmo's assets and liabilities to "held for sale." Pro forma figures show loan growth of 1.86% QoQ and deposit growth of 3.71% QoQ.
- Provision Charges: Total provisions increased 74.70% QoQ to COP 1.46 trillion. This was driven by specific corporate client provisions and macroeconomic adjustments in Colombia, partially offset by the removal of Banistmo's provisions from continuing operations.
- Exchange Rate Impact: The Colombian peso appreciated 4.24% against the US dollar during the quarter, reducing the COP value of USD-denominated portfolios.
Outlook, Risks, and Management Commentary
- Strategic Divestment: The sale of Banistmo is part of a long-term strategy to optimize the portfolio and focus on strategic markets. Proceeds are expected to be received upon regulatory approval.
- Digital Growth: Bancolombia reported 9.3 million active digital clients on the Mi Bancolombia app and 21.9 million active Nequi accounts as of year-end.
- Macroeconomic Risks: Management highlighted risks related to inflation acceleration in Colombia (driven by minimum wage increases), leading the Central Bank to raise interest rates to 10.25% in early 2026. Fiscal challenges and public debt levels in Colombia remain concerns.
- Regional Performance:
- Colombia (Bancolombia): Loan portfolio grew 3.96% QoQ; ROE was 19.5%.
- El Salvador (Banco Agrícola): Loan portfolio grew 4.35% (USD); ROE was 23.62%.
- Guatemala (BAM): Loan portfolio decreased 1.96% (USD); ROE was 3.97%.
Investor Verification Checklist
- Verify the closing timeline and regulatory approval status for the Banistmo sale to Inversiones Cuscatlán.
- Confirm the pro forma financial metrics (excluding Banistmo) to assess the core operating performance of the remaining group.
- Monitor the impact of the Colombian Central Bank's rate hike to 10.25% on future net interest margins and loan demand.
- Review the specific corporate clients driving the 74.70% increase in provision charges to assess concentration risk.
- Track the execution of the share buyback program (31.9% executed as of year-end) and its impact on equity and earnings per share.