Filed by Bowne Pure Compliance
 
 
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 June, 2008.
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):     
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):     
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-                    .
 
 

 

 

 

(BANCOLOMBIA LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED NET INCOME OF Ps 75.5 BILLION
FOR THE MONTH OF MAY 2008
TOTALING Ps 500.5 BILLION FOR THE FIRST FIVE MONTHS OF 2008*
Medellín, Colombia, June 11, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 75.5 billion in May 2008. As of May 31, 2008, net income for Bancolombia on an unconsolidated basis totaled Ps. 500.5 billion for the first five months of 2008 increasing 58.0% as compared to the same period of 2007.
  •  
Net interest income, including investment securities totaled Ps. 206.8 billion in May 2008. For the five month period ended May 31, 2008, net interest income totaled Ps. 1,004.9 billion increasing 40.9% as compared to the same period last year.
 
  •  
Net fees and income from services in May 2008 totaled Ps. 59.2 billion. For the five month period ended May 31, 2008, net fees and income from services totaled Ps. 308.2 billion, which represents an increase of 18.7% as compared to the same period of 2007.
 
  •  
Other operating income totaled Ps. 28.8 billion in May 2008. For the five month period ended May 31, 2008, other operating income totaled Ps. 328.2 billion increasing 116.5% as compared to the same period last year. Bancolombia notes that a considerable part of this revenue comes from dividend income received from subsidiaries, which is eliminated in the consolidated results as it is an intercompany transaction. As a result, this dividend income is only recorded in Bancolombia’s unconsolidated results.
 
  •  
Net provisions totaled Ps 53.7 billion in May 2008. Net provisions totaled Ps 204.7 for the five month period ended May 31, 2008, which represents an increase of 189.9% as compared to the same period of 2007.
 
  •  
Operating expenses totaled Ps. 148.4 billion in May 2008. For the five month period ended May 31, 2008, operating expenses totaled Ps. 701.3 billion increasing 8.6% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps 32.8 trillion, loans amounted to Ps 23.6 trillion, deposits totaled Ps 20.5 trillion and Bancolombia’s total shareholders’ equity amounted to Ps 4.93 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.55% as of May 31, 2008, and the level of allowance for past due loans amounted to 121.90% as of the same date.
Market Share
According to Asobancaria (Colombia’s national banking association), Bancolombia’s market share in the Colombian financial system as of May 2008 was as follows: 21.1% of total net loans, 21.0% of total checking accounts, 18.7% of total savings accounts, 15.7% of total time deposits and 18.2% of total 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.
(CONTACT GRAPHIC)

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET           As of             May08/Apr08     Annual  
(Ps Millions)   May-07     Apr-08     May-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,414,014       2,306,230       1,893,850       -412,380       -17.88 %     33.93 %
Overnight funds sold
     431,209       699,514       619,699       -79,815       -11.41 %     43.71 %
Total cash and equivalents
     1,845,223       3,005,744       2,513,549       -492,195       -16.38 %     36.22 %
 
                                    
Debt securities
     3,995,659       3,660,916       3,808,693       147,777       4.04 %     -4.68 %
Trading
     1,839,681       1,303,804       1,277,322       -26,482       -2.03 %     -30.57 %
Available for Sale
     1,067,918       1,164,750       1,181,741       16,991       1.46 %     10.66 %
Held to Maturity
     1,088,060       1,192,362       1,349,630       157,268       13.19 %     24.04 %
Equity securities
     955,158       1,122,199       1,124,781       2,582       0.23 %     17.76 %
Trading
     597       44,080       15,282       -28,798       -65.33 %     2459.80 %
Available for Sale
     954,561       1,078,119       1,109,499       31,380       2.91 %     16.23 %
Market value allowance
     -29,789       -30,092       -30,159       -67       0.22 %     1.24 %
Net investment securities
     4,921,028       4,753,023       4,903,315       150,292       3.16 %     -0.36 %
 
                                    
Commercial loans
     15,038,857       17,338,608       17,554,299       215,691       1.24 %     16.73 %
Consumer loans
     2,940,779       3,748,268       3,809,788       61,520       1.64 %     29.55 %
Small business loans
     116,163       110,480       113,467       2,987       2.70 %     -2.32 %
Mortgage loans
     1,924,507       2,297,203       2,134,970       -162,233       -7.06 %     10.94 %
Allowance for loans and financial leases losses
     -673,673       -965,126       -1,019,810       -54,684       5.67 %     51.38 %
Net total loans and financial leases
     19,346,633       22,529,433       22,592,714       63,281       0.28 %     16.78 %
 
                                    
Accrued interest receivable on loans
     217,828       317,758       311,587       -6,171       -1.94 %     43.04 %
Allowance for accrued interest losses
     -9,437       -20,652       -21,363       -711       3.44 %     126.37 %
Net total interest accrued
     208,391       297,106       290,224       -6,882       -2.32 %     39.27 %
 
                                    
Customers’ acceptances and derivatives
     242,748       299,684       273,509       -26,175       -8.73 %     12.67 %
Net accounts receivable
     321,557       406,859       376,161       -30,698       -7.55 %     16.98 %
Net premises and equipment
     374,029       526,904       544,351       17,447       3.31 %     45.54 %
Foreclosed assets
     14,122       6,139       5,088       -1,051       -17.12 %     -63.97 %
Prepaid expenses and deferred charges
     36,972       67,117       68,360       1,243       1.85 %     84.90 %
Goodwill
     28,641       5,178       4,761       -417       -8.05 %     -83.38 %
Other
     370,598       265,229       291,235       26,006       9.81 %     -21.41 %
Reappraisal of assets
     853,640       946,322       957,171       10,849       1.15 %     12.13 %
 
                                    
Total assets
     28,563,582       33,108,738       32,820,438       -288,300       -0.87 %     14.90 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     3,896,674       4,007,455       3,952,024       -55,431       -1.38 %     1.42 %
Checking accounts
     3,606,203       3,715,699       3,592,453       -123,246       -3.32 %     -0.38 %
Other
     290,471       291,756       359,571       67,815       23.24 %     23.79 %
 
                                    
Interest bearing
     14,420,880       16,785,565       16,563,719       -221,846       -1.32 %     14.86 %
Checking accounts
     293,438       419,790       418,429       -1,361       -0.32 %     42.60 %
Time deposits
     3,561,845       5,811,871       5,812,786       915       0.02 %     63.20 %
Savings deposits
     10,565,597       10,553,904       10,332,504       -221,400       -2.10 %     -2.21 %
 
                                    
Total deposits
     18,317,554       20,793,020       20,515,743       -277,277       -1.33 %     12.00 %
Overnight funds
     439,938       1,000,949       707,578       -293,371       -29.31 %     60.84 %
Bank acceptances outstanding
     50,323       61,047       33,703       -27,344       -44.79 %     -33.03 %
Interbank borrowings
     1,266,191       623,054       561,610       -61,444       -9.86 %     -55.65 %
Borrowings from domestic development banks
     918,425       1,685,801       1,673,880       -11,921       -0.71 %     82.26 %
Accounts payable
     2,099,373       1,660,351       1,966,111       305,760       18.42 %     -6.35 %
Accrued interest payable
     119,431       172,441       154,525       -17,916       -10.39 %     29.38 %
Other liabilities
     275,230       323,940       336,711       12,771       3.94 %     22.34 %
Bonds
     1,285,030       1,493,395       1,419,032       -74,363       -4.98 %     10.43 %
Accrued expenses
     389,576       447,424       523,280       75,856       16.95 %     34.32 %
 
                                    
Total liabilities
     25,161,071       28,261,422       27,892,173       -369,249       -1.31 %     10.85 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     363,914       393,914       393,914       —       0.00 %     8.24 %
 
                                    
Retained earnings
     1,740,870       3,087,548       3,163,007       75,459       2.44 %     81.69 %
Appropiated
     1,424,104       2,662,531       2,662,531       —       0.00 %     86.96 %
Unappropiated
     316,766       425,017       500,476       75,459       17.75 %     58.00 %
 
                                    
Reappraisal and others
     1,312,589       1,405,633       1,416,484       10,851       0.77 %     7.92 %
Gross unrealized gain or loss on debt securities
     (14,862 )     (39,779 )     (45,140 )     -5,361       13.48 %     203.73 %
 
                                    
Total shareholder’s equity
     3,402,511       4,847,316       4,928,265       80,949       1.67 %     44.84 %
 
                                    
Total liabilities and shareholder’s equity
     28,563,582       33,108,738       32,820,438       -288,300       -0.87 %     14.90 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   May-07     May-08     %     Apr-08     May-08     %  
Interest income and expenses
                                                
Interest on loans
     968,569       1,440,904       48.77 %     295,246       296,590       0.46 %
Interest on investment securities
     111,707       118,670       6.23 %     34,468       29,325       -14.92 %
Overnight funds
     19,598       18,830       -3.92 %     3,155       226       -92.84 %
Total interest income
     1,099,874       1,578,404       43.51 %     332,869       326,141       -2.02 %
 
                                    
Interest expense Checking accounts
     6,959       6,069       -12.79 %     1,218       1,199       -1.56 %
Time deposits
     100,158       193,746       93.44 %     41,410       44,950       8.55 %
Savings deposits
     172,380       224,712       30.36 %     44,232       43,984       -0.56 %
Total interest on deposits
     279,497       424,527       51.89 %     86,860       90,133       3.77 %
 
                                    
Interbank borrowings
     35,539       11,997       -66.24 %     1,987       1,870       -5.89 %
Borrowings from domestic development banks
     21,504       44,179       105.45 %     9,054       9,274       2.43 %
Overnight funds
     28,922       35,325       22.14 %     7,161       6,624       -7.50 %
Bonds
     21,409       57,497       168.56 %     11,406       11,483       0.68 %
Total interest expense
     386,871       573,525       48.25 %     116,468       119,384       2.50 %
 
                                    
Net interest income
     713,003       1,004,879       40.94 %     216,401       206,757       -4.46 %
Provision for loan and accrued interest losses, net
     (122,357 )     (226,868 )     85.41 %     (50,551 )     (56,724 )     12.21 %
Recovery of charged-off loans
     24,259       21,554       -11.15 %     4,386       3,521       -19.72 %
Provision for foreclosed assets and other assets
     (8,925 )     (10,665 )     19.50 %     (3,968 )     (1,704 )     -57.06 %
Recovery of provisions for foreclosed assets and other assets
     36,416       11,281       -69.02 %     2,398       1,251       -47.83 %
 
                                    
Total net provisions
     (70,607 )     (204,698 )     189.91 %     (47,735 )     (53,656 )     12.40 %
Net interest income after provision for loans and accrued interest losses
     642,396       800,181       24.56 %     168,666       153,101       -9.23 %
 
                                    
Commissions from banking services and other services
     34,038       44,389       30.41 %     10,703       9,165       -14.37 %
Electronic services and ATM’s fees, net
     28,019       32,375       15.55 %     6,242       6,511       4.31 %
Branch network services, net
     39,998       38,841       -2.89 %     8,393       7,928       -5.54 %
Collections and payments fees, net
     42,505       56,070       31.91 %     12,109       11,338       -6.37 %
Credit card merchant fees, net
     9,517       4,455       -53.19 %     700       404       -42.29 %
Credit and debit card fees, net
     97,048       128,345       32.25 %     26,191       24,884       -4.99 %
Checking fees, net
     27,397       27,459       0.23 %     6,299       4,926       -21.80 %
Check remittance, net
     4,182       5,134       22.76 %     1,142       1,063       -6.92 %
International operations, net
     13,573       12,666       -6.68 %     2,254       2,466       9.41 %
Total fees and other service income
     296,277       349,734       18.04 %     74,033       68,685       -7.22 %
 
                                    
Other fees and service expenses
     (36,580 )     (41,523 )     13.51 %     (8,002 )     (9,436 )     17.92 %
Total fees and income from services, net
     259,697       308,211       18.68 %     66,031       59,249       -10.27 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (84,599 )     (171,480 )     102.70 %     (47,272 )     (15,228 )     -67.79 %
Forward contracts in foreign currency
     126,783       281,090       121.71 %     84,164       29,596       -64.84 %
Gains(Loss) on sales of investments on equity securities
     (13,208 )     4,757       136.02 %     —       —       *  
Gains on sale of mortgage loan
     —       18,518       *       3,010       6,440       113.95 %
Dividend income
     122,067       194,788       59.57 %     28       7,920       28185.71 %
Communication, rent payments and others
     594       566       -4.71 %     123       111       -9.76 %
Total other operating income
     151,637       328,239       116.46 %     40,053       28,839       -28.00 %
 
                                    
Total income
     1,053,730       1,436,631       36.34 %     274,750       241,189       -12.22 %
Operating expenses
                                                
Salaries and employee benefits
     248,289       266,827       7.47 %     53,484       53,696       0.40 %
Bonus plan payments
     18,076       39,051       116.04 %     12,396       15,674       26.44 %
Compensation
     8,835       11,425       29.32 %     2,305       2,186       -5.16 %
Administrative and other expenses
     322,207       336,575       4.46 %     67,087       67,845       1.13 %
Deposit security, net
     17,032       17,759       4.27 %     3,139       3,164       0.80 %
Donation expenses
     192       448       133.33 %     35       36       2.86 %
Depreciation
     31,422       29,263       -6.87 %     5,536       5,759       4.03 %
Total operating expenses
     646,053       701,348       8.56 %     143,982       148,360       3.04 %
 
                                    
Net operating income
     407,677       735,283       80.36 %     130,768       92,829       -29.01 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     11,523       7,748       -32.76 %     417       417       0.00 %
Non-operating income (expense)
                                                
Other income
     39,054       41,197       5.49 %     6,427       21,600       236.08 %
Other expense
     (21,374 )     (72,167 )     237.64 %     (4,324 )     (2,562 )     -40.75 %
Total non-operating income
     17,680       (30,970 )     -275.17 %     2,103       19,038       805.28 %
Income before income taxes
     413,834       696,565       68.32 %     132,454       111,450       -15.86 %
Income tax expense
     (97,068 )     (196,089 )     102.01 %     (39,363 )     (35,991 )     -8.57 %
 
                                    
Net income
     316,766       500,476       58.00 %     93,091       75,459       -18.94 %
 
                                    

 

 

 

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.
         
  BANCOLOMBIA S.A.
(Registrant)
 		  
Date: June 11, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance