Grupo Cibest (PFCIBEST.CN): Earnings resilience ahead of elections

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Grupo Cibest (PFCIBEST.CN): Earnings resilience ahead of elections

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18 Jun 2026 16:42:47 ET │ 11 pages

Grupo Cibest (PFCIBEST.CN)

Earnings resilience ahead of elections

CITI’S TAKE

We hosted Cibest’s IR Team, led by Catalina Tobón, to discuss the

Neutral company’s trend prior to Sunday’s presidential election. Despite macro

Price (18 Jun 26 15:00) CP$70,480.00 and political headwinds, Cibest has continued delivering solid returns,

dividends, buybacks, and divestments to enhance shareholders’ returns. Target price CP$70,000.00

The bank is seizing its net asset sensitivity to boost results for the short Expected share price -0.7% term, where we highlight a robust capital generation and a disciplined return

balance sheet management. Cibest sees Nequi, Wompi and Wenia as Expected dividend yield 5.3%

strategic digital assets which should reap benefits in terms of efficiency Expected total return 4.7%

and NIM in coming quarters. As we noted in Colombia Banks – Market Cap CP$75,190,478M

Fundamentals no longer enough: Reiterating Neutral, we see the short-

US$21,780M term tailwinds balanced by potential fiscal reform headwinds ahead,

albeit recognizing that liquidity could play a relevant role prior to the

election in terms of price action, with CIB representing one of the top

liquid assets within the Colombian equity space. We rate CIB as Neutral. Brian Flores, CFAAC

+55-11-4009-2842

Conference Highlights: luis.brian.flores@citi.com

Gustavo Schroden

+55-11-4009-5858

• Navigating a convoluted macro: While sovereign risk has shown some short-

gustavo.schroden@citi.com

term recovery following the first round of elections, the structural issue remains

unresolved: closing the fiscal deficit. Colombia’s recent economic mix has Arnon Shirazi, CFA