Exhibit
12.1
  For the three month period then endedFor the year ended December 31,
    
    March 31,EXHIBIT 12. SELECTED RATIOS' CALCULATION
    
    INDEX
    
    2010
    
    2009
    
    2008
    
    2007
    
    2006
    
    2010
    
    2011
    
    2011(in millions of Ps and thousands of US$)Net interest income
    
    (1)
    
    
    3,377,104
    
    
    
    3,802,282
    
    
    
    3,560,402
    
    
    
    2,808,318
    
    
    
    1,767,503
    
    
    
    817,512
    
    
    
    893,891
    
    
    
    477,863Total Interest Earning Assets
    
    (2)
    
    
    53,096,650
    
    
    
    52,686,295
    
    
    
    46,583,698
    
    
    
    36,994,871
    
    
    
    28,532,355
    
    
    
    52,016,485
    
    
    
    54,975,437
    
    
    
    29,389,200Total Average Assets
    
    (3)
    
    
    63,355,081
    
    
    
    62,629,596
    
    
    
    55,121,514
    
    
    
    43,194,923
    
    
    
    32,437,287
    
    
    
    62,077,389
    
    
    
    65,325,325
    
    
    
    34,922,124Total Average Shareholders Equity
    
    (4)
    
    
    7,287,936
    
    
    
    6,416,312
    
    
    
    5,450,543
    
    
    
    4,160,130
    
    
    
    3,392,142
    
    
    
    6,582,539
    
    
    
    7,491,652
    
    
    
    4,004,946Operating Expenses
    
    (5)
    
    
    3,098,479
    
    
    
    2,895,145
    
    
    
    2,639,997
    
    
    
    2,271,418
    
    
    
    1,871,000
    
    
    
    745,996
    
    
    
    856,006
    
    
    
    457,610Net Income
    
    (6)
    
    
    1,436,494
    
    
    
    1,256,850
    
    
    
    1,290,643
    
    
    
    1,086,923
    
    
    
    749,529
    
    
    
    340,984
    
    
    
    350,083
    
    
    
    187,150Total Assets
    
    (7)
    
    
    68,095,156
    
    
    
    61,864,365
    
    
    
    61,783,079
    
    
    
    52,151,649
    
    
    
    34,488,696
    
    
    
    60,770,582
    
    
    
    71,182,466
    
    
    
    38,053,280Net Operating, Income
    
    (8)
    
    
    5,505,029
    
    
    
    5,689,231
    
    
    
    5,524,486
    
    
    
    4,318,447
    
    
    
    2,906,597
    
    
    
    1,333,932
    
    
    
    1,390,459
    
    
    
    743,322Total Shareholders Equity
    
    (9)
    
    
    7,947,140
    
    
    
    7,032,829
    
    
    
    6,116,845
    
    
    
    5,199,270
    
    
    
    3,646,612
    
    
    
    6,802,249
    
    
    
    7,714,097
    
    
    
    4,123,862Loans
    
    (10)
    
    
    48,601,090
    
    
    
    42,041,974
    
    
    
    40,373,850
    
    
    
    37,702,624
    
    
    
    24,645,574
    
    
    
    41,945,848
    
    
    
    50,793,471
    
    
    
    27,153,572Non-Performing Loans
    
    (11)
    
    
    928,759
    
    
    
    1,027,712
    
    
    
    950,629
    
    
    
    666,368
    
    
    
    334,488
    
    
    
    1,052,313
    
    
    
    958,546
    
    
    
    512,427Allowance for Loans and Accrued Interest Losses
    
    (12)
    
    
    2,548,165
    
    
    
    2,477,604
    
    
    
    2,134,360
    
    
    
    1,490,454
    
    
    
    845,827
    
    
    
    2,500,257
    
    
    
    2,595,076
    
    
    
    1,387,296Loans Classified as C, D y E
    
    (13)
    
    
    2,098,105
    
    
    
    2,149,685
    
    
    
    1,775,642
    
    
    
    1,170,099
    
    
    
    626,255
    
    
    
    2,203,451
    
    
    
    2,238,767
    
    
    
    1,196,818Technical Capital
    
    (14)
    
    
    9,017,449
    
    
    
    7,286,296
    
    
    
    6,245,624
    
    
    
    5,908,317
    
    
    
    3,414,312
    
    
    
    7,381,624
    
    
    
    9,338,544
    
    
    
    4,992,272Risk Weighted Assets included Market Risk
    
    (15)
    
    
    61,449,661
    
    
    
    55,084,655
    
    
    
    55,542,485
    
    
    
    46,628,036
    
    
    
    30,885,195
    
    
    
    54,207,462
    
    
    
    65,715,356
    
    
    
    35,130,630SELECTED RATIOS:Colombian GAAP:Profitability Ratios:Net Interest Margin
    
    (1) / (2)
    
    
    6.36
    %
    
    
    7.22
    %
    
    
    7.64
    %
    
    
    7.60
    %
    
    
    6.19
    %
    
    
    6.29
    %
    
    
    6.50
    %
    
    
    6.50
    %Return on Average Total Assets
    
    (6) / (3)
    
    
    2.27
    %
    
    
    2.01
    %
    
    
    2.34
    %
    
    
    2.52
    %
    
    
    2.31
    %
    
    
    2.20
    %
    
    
    2.14
    %
    
    
    2.14
    %Return on Average Shareholders Equity
    
    (6) / (4)
    
    
    19.71
    %
    
    
    19.59
    %
    
    
    23.68
    %
    
    
    26.13
    %
    
    
    22.10
    %
    
    
    20.72
    %
    
    
    18.69
    %
    
    
    18.69
    %Efficiency Ratio:Operating Expenses as a Percentage of Interest, Fees
Services and Other Operating Income
    
    (5) / (8)
    
    
    56.28
    %
    
    
    50.89
    %
    
    
    47.79
    %
    
    
    52.60
    %
    
    
    64.37
    %
    
    
    55.92
    %
    
    
    61.56
    %
    
    
    61.56
    %Capital Ratios:Period-end Shareholders Equity as a Percentage of Period-end Total Assets
    
    (9) / (7)
    
    
    11.67
    %
    
    
    11.37
    %
    
    
    9.90
    %
    
    
    9.97
    %
    
    
    10.57
    %
    
    
    11.19
    %
    
    
    10.84
    %
    
    
    10.84
    %Period-end Regulatory Capital as a Percentage of
Period-end Risk-Weighted Assets
    
    (14) / (15)
    
    
    14.67
    %
    
    
    13.23
    %
    
    
    11.24
    %
    
    
    12.67
    %
    
    
    11.05
    %
    
    
    13.62
    %
    
    
    14.21
    %
    
    
    14.21
    %Credit Quality Data:Non-Performing Loans as a Percentage of Total Loans
    
    (11) / (10)
    
    
    1.91
    %
    
    
    2.44
    %
    
    
    2.35
    %
    
    
    1.77
    %
    
    
    1.36
    %
    
    
    2.51
    %
    
    
    1.89
    %
    
    
    1.89
    %C, D and E Loans as a Percentage of Total Loans
    
    (13) / (10)
    
    
    4.32
    %
    
    
    5.11
    %
    
    
    4.40
    %
    
    
    3.10
    %
    
    
    2.54
    %
    
    
    5.25
    %
    
    
    4.41
    %
    
    
    4.41
    %Allowance for Loan and Accrued Interest Losses as a
Percentage of Non-Performing Loans
    
    (12) / (11)
    
    
    274.36
    %
    
    
    241.08
    %
    
    
    224.53
    %
    
    
    223.67
    %
    
    
    252.87
    %
    
    
    237.60
    %
    
    
    270.73
    %
    
    
    270.73
    %Allowance for Loan and Accrued Interest Losses as a
Percentage of C, D and E Loans
    
    (12) / (13)
    
    
    121.45
    %
    
    
    115.25
    %
    
    
    120.21
    %
    
    
    127.38
    %
    
    
    135.06
    %
    
    
    113.47
    %
    
    
    115.92
    %
    
    
    115.92
    %Allowance for Loan and Accrued Interest Losses as a
Percentage of Total Loans
    
    (12) / (10)
    
    
    5.24
    %
    
    
    5.89
    %
    
    
    5.29
    %
    
    
    3.95
    %
    
    
    3.43
    %
    
    
    5.96
    %
    
    
    5.11
    %
    
    
    5.11
    %