UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2007.

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Calle 50 No. 51-66
Medellín, Colombia
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2): o

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                    No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

UNCONSOLIDATED NET INCOME OF PS 78,161 MILLION FOR THE MONTH OF OCTOBER 2007
TOTALING PS 650,655 MILLION FOR THE FIRST TEN MONTHS OF 2007*

Medellín, Colombia, November 13, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 78,161 million during the past month of October.

During October, total net interest income, including investment securities amounted to Ps 178,627 million. Additionally, total net fees and income from services totaled Ps 63,426 million.

Total assets amounted to Ps 31.78 trillion, total deposits totaled Ps 20.04 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4.80 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.70% as of October 30, 2007, and the level of allowance for past due loans was 135.80% as of the same date.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian financial system as of October, 2007 was as follows: 18.2% of total deposits, 21.6% of total net loans, 19.1% of total savings accounts, 21.3% of total checking accounts and 14.3% of total time deposits.

 

* This report corresponds to the unconsolidated financial statements of Bancolombia. The numbers contained herein are subject to review by the relevant Colombian authorities. This information has been prepared in accordance with generally accepted accounting principles in Colombia and is stated in nominal terms.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET		As of												Oct07/Sep07								Annual
(Ps Millions)		Oct-06				Sep-07				Oct-07				$				%				%
ASSETS
Cash and due from banks			1,275,187				1,701,333				1,665,391				-35,942				-2.11	%			30.60	%
Overnight funds sold			20,315				1,318,620				1,148,607				-170,013				-12.89	%			5553.98	%
Total cash and equivalents			1,295,502				3,019,953				2,813,998				-205,955				-6.82	%			117.21	%
Debt securities			4,481,634				3,503,794				3,497,446				-6,348				-0.18	%			-21.96	%
Trading			2,025,601				1,446,611				1,452,416				5,805				0.40	%			-28.30	%
Available for Sale			1,137,225				1,020,265				1,020,022				-243				-0.02	%			-10.31	%
Held to Maturity			1,318,808				1,036,918				1,025,008				-11,910				-1.15	%			-22.28	%
Equity securities			896,455				994,526				989,794				-4,732				-0.48	%			10.41	%
Trading			2,852				10,368				6,513				-3,855				-37.18	%			128.37	%
Available for Sale			893,603				984,158				983,281				-877				-0.09	%			10.04	%
Market value allowance			-39,548				-29,865				-29,866				-1				0.00	%			-24.48	%
Net investment securities			5,338,541				4,468,455				4,457,374				-11,081				-0.25	%			-16.51	%
Commercial loans			13,094,632				16,831,357				16,972,398				141,041				0.84	%			29.61	%
Consumer loans			2,495,260				3,444,270				3,533,380				89,110				2.59	%			41.60	%
Small business loans			95,136				97,819				107,528				9,709				9.93	%			13.03	%
Mortgage loans			1,493,370				2,061,183				2,165,068				103,885				5.04	%			44.98	%
Allowance for loans and financial leases losses			-602,379				-798,954				-831,787				-32,833				4.11	%			38.08	%
Net total loans and financial leases			16,576,019				21,635,675				21,946,587				310,912				1.44	%			32.40	%
Accrued interest receivable on loans			187,158				281,315				290,578				9,263				3.29	%			55.26	%
Allowance for accrued interest losses			-7,929				-21,725				-20,098				1,627				-7.49	%			153.47	%
Net total interest accrued			179,229				259,590				270,480				10,890				4.20	%			50.91	%
Customers’ acceptances and derivatives			158,802				176,935				167,943				-8,992				-5.08	%			5.76	%
Net accounts receivable			266,807				413,235				357,562				-55,673				-13.47	%			34.02	%
Net premises and equipment			363,637				408,227				421,951				13,724				3.36	%			16.04	%
Foreclosed assets			19,159				10,208				8,188				-2,020				-19.79	%			-57.26	%
Prepaid expenses and deferred charges			39,682				43,062				55,543				12,481				28.98	%			39.97	%
Goodwill			44,773				19,423				17,118				-2,305				-11.87	%			-61.77	%
Other			569,510				250,014				241,148				-8,866				-3.55	%			-57.66	%
Reappraisal of assets			745,983				1,016,183				1,022,278				6,095				0.60	%			37.04	%
Total assets			25,597,644				31,720,960				31,780,170				59,210				0.19	%			24.15	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,426,173				4,262,622				4,086,179				-176,443				-4.14	%			19.26	%
Checking accounts			3,187,943				3,809,616				3,791,158				-18,458				-0.48	%			18.92	%
Other			238,230				453,006				295,021				-157,985				-34.87	%			23.84	%
Interest bearing			13,182,220				14,714,872				15,951,060				1,236,188				8.40	%			21.00	%
Checking accounts			288,333				286,672				429,665				142,993				49.88	%			49.02	%
Time deposits			3,929,486				4,336,592				4,658,132				321,540				7.41	%			18.54	%
Savings deposits			8,964,401				10,091,608				10,863,263				771,655				7.65	%			21.18	%
Total deposits			16,608,393				18,977,494				20,037,239				1,059,745				5.58	%			20.65	%
Overnight funds			1,765,456				1,768,772				1,406,115				-362,657				-20.50	%			-20.35	%
Bank acceptances outstanding			80,522				50,974				46,576				-4,398				-8.63	%			-42.16	%
Interbank borrowings			938,620				475,720				519,830				44,110				9.27	%			-44.62	%
Borrowings from domestic development banks			768,553				1,360,640				1,458,624				97,984				7.20	%			89.79	%
Accounts payable			546,631				1,822,070				963,224				-858,846				-47.14	%			76.21	%
Accrued interest payable			129,838				149,688				161,866				12,178				8.14	%			24.67	%
Other liabilities			269,557				273,242				259,714				-13,528				-4.95	%			-3.65	%
Bonds			872,140				1,680,428				1,639,039				-41,389				-2.46	%			87.93	%
Accrued expenses			359,855				445,687				485,488				39,801				8.93	%			34.91	%
Total liabilities			22,339,565				27,004,715				26,977,715				-27,000				-0.10	%			20.76	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				0				0.00	%			8.24	%
Retained earnings			1,686,209				2,878,250				2,956,411				78,161				2.72	%			75.33	%
Appropiated			1,228,943				2,305,756				2,305,756				0				0.00	%			87.62	%
Unappropiated			457,266				572,494				650,655				78,161				13.65	%			42.29	%
Reappraisal and others			1,204,745				1,475,177				1,481,273				6,096				0.41	%			22.95	%
Gross unrealized gain or loss on debt securities			3,211				(31,096	)			(29,143	)			1,953				-6.28	%			-1007.60	%
Total shareholder’s equity			3,258,079				4,716,245				4,802,455				86,210				1.83	%			47.40	%
Total liabilities and shareholder’s equity			25,597,644				31,720,960				31,780,170				59,210				0.19	%			24.15	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Oct-06				Oct-07				%				Sep-07				Oct-07				%
Interest income and expenses
Interest on loans			1,532,156				2,172,256				41.78	%			247,083				264,078				6.88	%
Interest on investment securities			113,335				213,177				88.09	%			21,326				16,407				-23.07	%
Overnight funds			22,491				45,977				104.42	%			4,634				6,399				38.09	%
Total interest income			1,667,982				2,431,410				45.77	%			273,043				286,884				5.07	%
Interest expense Checking accounts			6,304				13,733				117.85	%			791				1,141				44.25	%
Time deposits			179,909				241,103				34.01	%			29,716				30,825				3.73	%
Savings deposits			207,146				370,896				79.05	%			39,406				42,469				7.77	%
Total interest on deposits			393,359				625,732				59.07	%			69,913				74,435				6.47	%
Interbank borrowings			86,695				55,554				-35.92	%			3,213				2,585				-19.55	%
Borrowings from domestic development banks			46,975				54,083				15.13	%			7,148				7,686				7.53	%
Overnight funds			54,045				76,700				41.92	%			9,966				11,262				13.00	%
Bonds			65,460				68,608				4.81	%			9,273				12,289				32.52	%
Total interest expense			646,534				880,677				36.22	%			99,513				108,257				8.79	%
Net interest income			1,021,448				1,550,733				51.82	%			173,530				178,627				2.94	%
Provision for loan and accrued interest losses, net			(168,646	)			(318,893	)			89.09	%			(42,116	)			(29,353	)			-30.30	%
Recovery of charged-off loans			51,160				52,254				2.14	%			3,505				5,559				58.60	%
Provision for foreclosed assets and other assets			(24,920	)			(19,784	)			-20.61	%			(3,084	)			(1,307	)			-57.62	%
Recovery of provisions for foreclosed assets and other assets			64,026				47,832				-25.29	%			4,443				3,211				-27.73	%
Total net provisions			(78,380	)			(238,591	)			204.40	%			(37,252	)			(21,890	)			-41.24	%
Net interest income after provision for loans and accrued interest losses			943,068				1,312,142				39.14	%			136,278				156,737				15.01	%
Commissions from banking services and other services			67,179				82,787				23.23	%			9,395				11,600				23.47	%
Electronic services and ATM’s fees, net			72,024				59,789				-16.99	%			6,171				6,225				0.88	%
Branch network services, net			45,156				81,128				79.66	%			7,968				8,602				7.96	%
Collections and payments fees, net			58,175				91,025				56.47	%			9,297				10,653				14.59	%
Credit card merchant fees, net			6,642				14,616				120.05	%			1,049				580				-44.71	%
Credit and debit card fees, net			201,364				208,752				3.67	%			22,416				23,467				4.69	%
Checking fees, net			49,217				55,190				12.14	%			5,156				5,959				15.57	%
Check remittance, net			9,348				8,506				-9.01	%			818				890				8.80	%
International operations, net			23,129				27,519				18.98	%			3,167				3,056				-3.50	%
Total fees and other service income			532,234				629,312				18.24	%			65,437				71,032				8.55	%
Other fees and service expenses			(62,541	)			(82,785	)			32.37	%			(9,753	)			(7,606	)			-22.01	%
Total fees and income from services, net			469,693				546,527				16.36	%			55,684				63,426				13.90	%
Other operating income
Net foreign exchange gains			79,926				5,661				-92.92	%			(106,047	)			(23,048	)			-78.27	%
Forward contracts in foreign currency			8,273				112,700				1262.26	%			127,376				46,718				-63.32	%
Gains(Loss) on sales of investments on equity securities			67,321				(13,254	)			-119.69	%			—				—				*
Gains on sale of mortgage loan			11,651				857				-92.64	%			—				—				*
Dividend income			128,602				122,128				-5.03	%			—				30				*
Communication, rent payments and others			1,335				1,168				-12.51	%			110				124				12.73	%
Total other operating income			297,108				229,260				-22.84	%			21,439				23,824				11.12	%
Total income			1,709,869				2,087,929				22.11	%			213,401				243,987				14.33	%
Operating expenses
Salaries and employee benefits			451,790				501,124				10.92	%			50,791				49,652				-2.24	%
Bonus plan payments			15,035				36,166				140.55	%			4,179				5,371				28.52	%
Compensation			3,116				18,550				495.31	%			2,558				2,374				-7.19	%
Administrative and other expenses			535,065				621,556				16.16	%			56,090				61,533				9.70	%
Deposit security, net			47,984				34,170				-28.79	%			3,427				3,368				-1.72	%
Donation expenses			183				371				102.73	%			33				33				0.00	%
Depreciation			62,900				63,077				0.28	%			6,586				6,475				-1.69	%
Total operating expenses			1,116,073				1,275,014				14.24	%			123,664				128,806				4.16	%
Net operating income			593,796				812,915				36.90	%			89,737				115,181				28.35	%
Merger expenses			31,715				—				*				—				—				0.00	%
Goodwill amortization			21,205				23,044				8.67	%			2,304				2,304				0.00	%
Non-operating income (expense)
Other income			138,091				72,780				-47.30	%			11,379				7,207				-36.66	%
Other expense			(115,859	)			(48,777	)			-57.90	%			(8,709	)			(10,819	)			24.23	%
Total non-operating income			22,232				24,003				7.97	%			2,670				(3,612	)			-235.28	%
Income before income taxes			563,108				813,874				44.53	%			90,103				109,265				21.27	%
Income tax expense			(105,842	)			(163,219	)			54.21	%			(23,006	)			(31,104	)			35.20	%
Net income			457,266				650,655				42.29	%			67,097				78,161				16.49	%

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.