Grupo Cibest S.A. 1Q26 Financial Summary
Business Context and Reporting Period
This Form 6-K reports unaudited consolidated financial results for Grupo Cibest S.A. for the first quarter ended March 31, 2026. The filing highlights a significant strategic shift: the sale of 100% of Banistmo S.A. (Panama) to Inversiones Cuscatlán Centroamérica S.A., executed in December 2025. Consequently, Banistmo is classified as a Discontinued Operation under IFRS 5, requiring the restatement of prior periods to separate continuing and discontinued operations.
Key Financial Metrics
| Metric | 1Q26 Value | Change vs 4Q25 | Change vs 1Q25 |
|---|---|---|---|
| Net Income (Attributable to Shareholders) | COP 1.46 trillion | +178.66% | -16.15% |
| Net Interest Income | COP 5.18 trillion | +7.00% | +9.15% |
| Net Interest Margin (NIM) | 7.03% | +27 bps | +39 bps |
| Gross Loan Portfolio | COP 261.8 trillion | +2.14% | +6.50% |
| Customer Deposits | COP 271.7 trillion | +2.76% | +10.41% |
| Shareholders' Equity | COP 36.4 trillion | -8.50% | -10.48% |
| Return on Equity (ROE) Annualized | 14.89% | N/A | N/A |
| Cost of Credit (Annualized) | 1.90% | -41 bps | +19 bps |
| 30-Day Past Due Ratio | 3.63% | +6 bps | -52 bps |
Material Changes vs. Prior Periods
- Profitability Volatility: Net income surged 178.66% quarter-over-quarter, primarily due to a massive loss in 4Q25 related to discontinued operations (Banistmo) and a non-recurring wealth tax accrual in 1Q26. Year-over-year, net income declined 16.15%.
- Equity Reduction: Shareholders' equity decreased 8.50% quarter-over-quarter, driven by the approval of a COP 4.3 trillion profit distribution and the execution of a share buyback program (50.54% of the COP 1.35 trillion target executed).
- Expense Reclassification: Operating expenses increased 24.41% year-over-year. This includes a COP 374 billion provision for a new temporary wealth tax and the reclassification of collection and customer service costs from fee expenses to operating expenses.
- Asset Quality: The 30-day past due ratio rose slightly to 3.63% due to higher origination in consumer and mortgage segments, though coverage ratios remain robust at 132.69%.
Outlook, Risks, and Management Commentary
- Macroeconomic Environment: Management cites a complex environment in Colombia with inflation accelerating above 5% and the Central Bank raising rates to 11.25%. Fiscal deterioration and electoral uncertainty are noted risks.
- Discontinued Operations: Banistmo (Panama) results are now presented separately. In 1Q26, Banistmo reported net income of COP 100.6 billion, a 129% increase quarter-over-quarter, though its loan portfolio contracted 1.50%.
- Digital Growth: Digital strategy remains a priority, with Bancolombia reporting 9.4 million active digital customers and Nequi reporting 23.3 million active accounts.
- Forward-Looking Risks: Risks include exchange rate volatility, geopolitical conflicts affecting energy supply, and the impact of the new wealth tax on effective tax rates (which rose to 33% in 1Q26).
Investor Verification Checklist
- Discontinued Operations Impact: Verify the specific accounting treatment and future cash flow implications of the Banistmo sale and its classification as a discontinued operation.
- Wealth Tax Sustainability: Confirm the duration and deductibility of the temporary wealth tax (Decree 0173) and its impact on future effective tax rates.
- Expense Reclassification: Review the long-term impact of reclassifying collection and service costs from fee income to operating expenses on the efficiency ratio.
- Asset Quality Trends: Monitor the 30-day past due ratio in the consumer and mortgage segments, which drove the slight deterioration in asset quality metrics.
- Dividend and Buyback Execution: Track the remaining execution of the COP 1.35 trillion share buyback program and future dividend payout policies given the equity reduction.