Grupo Cibest (CIB) Q3 2026 earnings summary

Executive summary

• 3Q26 net income attributable to shareholders was COP 2.08T, down 23.81% QoQ and 2.97% YoY; annualized quarterly ROE was 21.75%.

• Gross loans grew 4.31% QoQ and 9.67% YoY, led by commercial lending; deposits increased 1.47% QoQ.

• Margin compression and higher provisions weighed on quarterly earnings; Nequi began independent operations September 1, and Banistmo’s sale closed June 30 for USD 1.418B.

Financial highlights

• Net interest income was COP 5.743T, down 4.88% QoQ and up 15.78% YoY; NIM was 7.43%, down 51 bps QoQ.

• Net fees and service income was COP 1.396T, up 1.57% QoQ and 15.46% YoY; bancassurance grew 17% YoY, supported by the Sura alliance.

• Net provisions were COP 1.195T, up 16.77% QoQ and 43.4% YoY; quarterly annualized cost of risk was 1.80%.

• Operating expenses totaled COP 3.660T, up 0.30% QoQ and 5.13% YoY; YTD growth excluding the earlier wealth tax was 5.2%.

• Deposits were COP 275.0T, up 1.47% QoQ and 8.6% YoY; savings deposits grew 13.8% and time deposits 7.3% YoY on a pro forma basis.

Outlook and guidance

• 2026 guidance: loan growth 8%-9%, NIM 7.4%-7.6%, cost of risk 1.6%-1.8%, efficiency 47%-48%, and ROE 21%-22%.

• Preliminary 2027 guidance: loan growth 9%-10%, NIM 7.5%-7.7%, cost of risk 1.9%-2.1%, and efficiency 46%-47%.

• 2026 net income is expected near COP 8.5T; 2027 net income growth is projected at 8%-10%, to COP 9.2-9.3T, with ROE of 21.5%-22%.

• Long-term targets include ~20% ROE, loan growth 1-2 points above nominal GDP, NIM of 6.5%-6.7%, and cost of risk near 2%; assumptions include 4% inflation and a 29%-30% tax rate.

• Nequi 2026 guidance includes loans +65%, deposits +19%, NIM 17.2%, cost of risk ~18%, and ROE 28%; 2027 targets include loans +65%-70% and ROE 28%-30%.