Shares of Bancolombia SA (CIB) rallied 5.08% during the intraday trading session on Wednesday, outperforming the broader market. This surge can be attributed to the Colombian bank's impressive fourth-quarter earnings report, which beat analyst expectations.
According to the earnings release, Bancolombia reported adjusted earnings per share (EPS) of $1.59 for the quarter ended December 31, 2024, surpassing the consensus estimate of $1.39 per share. The bank's strong profitability was a positive surprise for investors, driving up the stock price.
However, the company's revenue declined by 10.3% year-over-year to $1.16 billion, missing the expected $4.41 billion. Despite this revenue miss, the better-than-expected earnings appear to have been the primary driver behind Bancolombia's stock surge on Wednesday.
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