INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of investment securities [abstract]

Balances of investment securities


		Note		December 31, 2025⁽¹⁾			December 31, 2024

Investments in debt securities mandatorily at FVTPL		9.1		Ps.	—		Ps.	1,425
Investments in debt securities at FVOCI		9.2			28,455,957			27,050,198
Investments in debt securities at amortized cost		9.3			9,205,457			10,708,367
Investments in equity securities at FVOCI		9.4			1,599,479			1,421,303
				Ps.	39,260,893		Ps.	39,181,293

Loss impairment
Investments in debt securities at amortized cost		4.1.5		Ps.	(8,278)		Ps.	(18,675)
				Ps.	(8,278)		Ps.	(18,675)
Total investment securities net				Ps.	39,252,615		Ps.	39,162,618

⁽¹⁾As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A.

Investments in debt securities at fair value through profit or loss

The following table includes investments on asset-backed securities mandatorily at FVTPL because the contractual cash flows of these securities are not SPPI on the principal outstanding:


		December 31, 2025			December 31, 2024

Others⁽¹⁾		Ps.	—		Ps.	1,425
Total investments in debt securities mandatorily at FVTPL		Ps.	—		Ps.	1,425

⁽¹⁾ See details in Note 4.1.3.b

Investments in debt securities at fair value through OCI

December 31, 2025⁽¹⁾


Debt securities		Cost			Unrealized Gain			Unrealized Losses				Fair Value		ECL
Securities issued or secured by Colombian Government		Ps.	25,992,996		Ps.	39,800		Ps.	(1,430,096)		Ps.	24,602,700		Ps.	22,342
Securities issued or secured by other Colombian Government entities			517,983			3,927			(15,658)			506,252			1,344
Securities issued or secured by foreign Governments			1,319,487			19,762			(4,563)			1,334,686			360
Securities issued or secured by other financial entities			1,746,690			14,660			(7,806)			1,753,544			2,215
Securities issued or secured by non-financial sector entities			22,478			252			(113)			22,617			29
Others			245,816			412			(10,070)			236,158			312
Total debt securities at FVOCI		Ps.	29,845,450		Ps.	78,813		Ps.	(1,468,306)		Ps.	28,455,957		Ps.	26,602

⁽¹⁾As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A.

December 31, 2024


Debt securities			Cost			Unrealized Gain			Unrealized Losses			Fair Value		ECL
Securities issued or secured by Colombian Government		Ps.	19,278,224		Ps.	36,588		Ps.	(1,046,904)		Ps.	18,267,908		Ps.	11,761
Securities issued or secured by other Colombian Government entities			484,874			336			(22,465)			462,745			803
Securities issued or secured by foreign Governments			4,682,807			18,439			(198,436)			4,502,810			1,135
Securities issued or secured by central banks			251,079			32			(46,256)			204,855			97
Securities issued or secured by other financial entities			2,640,204			9,270			(22,691)			2,626,783			2,740
Securities issued or secured by non-financial sector entities			249,748			665			(753)			249,660			859
Others			771,824			715			(37,102)			735,437			915
Total debt securities at FVOCI		Ps.	28,358,760		Ps.	66,045		Ps.	(1,374,607)		Ps.	27,050,198		Ps.	18,310

Schedule of Tabular disclosure of amounts reclassified to profit or loss form OCI gross of taxes, related to investment debt securities FVOCI


		December 31, 2025			December 31, 2024
Redemptions or sales		Ps.	44,415		Ps.	(130,219)
ECL allowance			10,407			4,616
Total reclassified to profit or loss		Ps.	54,822		Ps.	(125,603)

Investments in debt securities at amortized cost


Debt securities		December 31, 2025⁽¹⁾			December 31, 2024
Securities issued or secured by Colombian Government		Ps.	1,860,258		Ps.	2,553,693
Securities issued or secured by other Colombian Government entities			5,351,209			5,563,208
Securities issued or secured by foreign Governments			30,540			30,655
Securities issued or secured by other financial entities			1,963,450			2,350,549
Securities issued or secured by non-financial sector entities			—			145,553
Others			—			64,709
Total debt securities at amortized cost		Ps.	9,205,457		Ps.	10,708,367

⁽¹⁾As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A.

Summary of investments in debt securities at amortized cost by maturity dates


		December 31, 2025⁽¹⁾			December 31, 2024

Up to 1 month		Ps.	941,587		Ps.	1,120,443
More than 1 month and no more than 3 months			30,540			30,655
More than 3 months and no more than 1 year			6,269,880			7,016,333
More than 1 year and no more than 5 years⁽²⁾			—			136,318
More than 5 years and no more than 10 years⁽³⁾			—			68,447
More than 10 years			1,963,450			2,336,171
Total		Ps.	9,205,457		Ps.	10,708,367

⁽¹⁾ As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A.

⁽²⁾ This corresponds to a security issued by the Aburrá Oriente S.A. Concession trust. Its maturity date was originally set for 2029; however, it was prepaid by the issuer on September 25, 2025
⁽³⁾See Note 13.2, ‘Multi Financial Group Transaction

Investment in debt at amortized cost securities pledged as collateral


		December 31,			December 31,
		2025 ⁽¹⁾			2024
Pledged as collateral in money market operations
Securities issued or secured by other Colombian Government entities		Ps.	1,295,485		Ps.	685,394
Securities issued or secured by Colombian Government			—			1,528,723
		Ps.	1,295,485		Ps.	2,214,117
Pledged as collateral to special entities such as CRCC, BR and BVC ⁽²⁾
Securities issued or secured by Colombian Government		Ps.	856,494		Ps.	1,173,348
Securities issued or secured by other Colombian Government entities			789,531			688,891
		Ps.	1,646,025		Ps.	1,862,239
Total		Ps.	2,941,510		Ps.	4,076,356

⁽¹⁾ As of December 2025, the assets related to Multi Financial Group (MFG) were no longer presented line-by-line on the Consolidated Statements of Financial Position and were instead reported in a single line item within “Non-current assets held for sale”, see note 13.A.

⁽²⁾ Cámara de Riesgo Central de Contraparte (“CRCC”), Banco de la República (“BR”) and Bolsa de Valores de Colombia (“BVC”)

Investments in equity securities at fair value through OCI

December 31, 2025

Cost

Unrealized Gain

Unrealized Losses

Fair Value

In Colombian Pesos

Corporate stock

Ps.

462,233

Ps.

1,091,504

Ps.

(4,769)

Ps.

1,548,968

In foreign currency

Corporate stock

52,927

1,355

(3,771)

50,511

Total equity securities

Ps.

515,160

Ps.

1,092,859

Ps.

(8,540)

Ps.

1,599,479

December 31, 2024


		Cost			Unrealized Gain			Unrealized Losses			Fair Value
In Colombian Pesos
Corporate stock		Ps.	546,822		Ps.	832,222		Ps.	(2,799)		Ps.	1,376,245
In foreign currency
Corporate stock			50,213			4,423			(9,578)			45,058
Total equity securities		Ps.	597,035		Ps.	836,645		Ps.	(12,377)		Ps.	1,421,303

Disclosure of equity securities at fair value through OCI


Entity ⁽¹⁾		December 31, 2025			December 31, 2024
Grupo Energía Bogotá S.A. E.S.P.		Ps.	1,411,637		Ps.	1,159,729
Port operating companies			62,315			45,396
Holding Bursátil Regional S.A.			46,496			40,942
Titularizadora Colombiana S.A.			32,486			31,451
Others			46,545			42,302
Mineros S.A.⁽²⁾			—			101,483
Total		Ps.	1,599,479		Ps.	1,421,303

⁽¹⁾ These investments in equity securities have been designated as FVOCI considering that they are not held for trading and correspond to long-term strategic investments.

⁽²⁾On July 14, 2025, Corficolombiana completed the sale of its investment in Mineros SA., as a strategic decision by the portfolio management.