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 August, 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 85.4 BILLION
FOR THE MONTH OF JULY 2008
TOTALING Ps 670.2 BILLION FOR THE FIRST SEVEN MONTHS OF 2008*
Medellín, Colombia, August 15, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps. 85.4 billion in July 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 670.2 billion for the first seven months of 2008, increasing 57.2% as compared to the same period of 2007.
  •  
Net interest income, including investment securities, totaled Ps. 226.9 billion in July 2008. For the seven month period ended July 31, 2008, net interest income totaled Ps. 1,436.3 billion, increasing 39.0% as compared to the same period last year.
 
  •  
Net fees and income from services in July 2008 totaled Ps. 70.4 billion. For the seven month period ended July 31, 2008, net fees and income from services totaled Ps. 444.4 billion, which represents an increase of 19.8% as compared to the same period of 2007.
 
  •  
Other operating income totaled Ps. 43.6 billion in July 2008. For the seven month period ended July 31, 2008, other operating income totaled Ps. 431.1 billion increasing 150.0% 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 81.1 billion in July 2008. Net provisions totaled Ps 344.7 for the seven month period ended July 31, 2008, which represents an increase of 122.0% as compared to the same period of 2007.
 
  •  
Operating expenses totaled Ps. 149.1 billion in July 2008. For the seven month period ended July 31, 2008, operating expenses totaled Ps. 998.8 billion, increasing 11.4% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps 34.3 trillion, loans amounted to Ps 24.6 trillion, deposits totaled Ps 21.5 trillion and Bancolombia’s total shareholders’ equity amounted to Ps 5.2 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.30% as of July 31, 2008, and the level of allowance for past due loans amounted to 136.50% 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 July, 2008 was as follows: 18.4% of total deposits, 20.8% of total net loans, 19.4% of total savings accounts, 20.7% of total checking accounts and 15.6% 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.
(CONTACT GRAPHIC)

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET     As of     Jul08 / Jun08     Annual  
(Ps. Millions)   Jul-07     Jun-08     Jul-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,547,506       2,938,279       2,454,353       -483,926       -16.47 %     58.60 %
Overnight funds sold
     570,413       511,510       232,682       -278,828       -54.51 %     -59.21 %
Total cash and equivalents
     2,117,919       3,449,789       2,687,035       -762,754       -22.11 %     26.87 %
 
                                    
Debt securities
     4,220,900       3,877,645       4,058,193       180,548       4.66 %     -3.85 %
Trading
     2,060,990       1,366,837       1,527,874       161,037       11.78 %     -25.87 %
Available for Sale
     1,088,385       1,166,200       1,135,745       -30,455       -2.61 %     4.35 %
Held to Maturity
     1,071,525       1,344,608       1,394,574       49,966       3.72 %     30.15 %
Equity securities
     1,023,736       1,102,699       1,094,723       -7,976       -0.72 %     6.93 %
Trading
     65,684       9,956       4,285       -5,671       -56.96 %     -93.48 %
Available for Sale
     958,052       1,092,743       1,090,438       -2,305       -0.21 %     13.82 %
Market value allowance
     -29,851       -30,224       -28,315       1,909       -6.32 %     -5.15 %
Net investment securities
     5,214,785       4,950,120       5,124,601       174,481       3.52 %     -1.73 %
 
                                    
Commercial loans
     15,786,275       18,139,452       18,252,557       113,105       0.62 %     15.62 %
Consumer loans
     3,288,415       3,787,185       3,846,354       59,169       1.56 %     16.97 %
Small business loans
     110,069       116,391       119,231       2,840       2.44 %     8.32 %
Mortgage loans
     1,857,966       2,228,130       2,357,480       129,350       5.81 %     26.88 %
Allowance for loans and financial leases losses
     -764,192       -1,017,627       -1,103,792       -86,165       8.47 %     44.44 %
Net total loans and financial leases
     20,278,533       23,253,531       23,471,830       218,299       0.94 %     15.75 %
 
                                    
Accrued interest receivable on loans
     246,801       345,271       333,087       -12,184       -3.53 %     34.96 %
Allowance for accrued interest losses
     -14,966       -23,394       -24,361       -967       4.13 %     62.78 %
Net total interest accrued
     231,835       321,877       308,726       -13,151       -4.09 %     33.17 %
 
                                    
Customers’ acceptances and derivatives
     273,863       102,004       248,974       146,970       144.08 %     -9.09 %
Net accounts receivable
     380,353       548,273       383,671       -164,602       -30.02 %     0.87 %
Net premises and equipment
     388,117       558,468       562,257       3,789       0.68 %     44.87 %
Foreclosed assets
     14,284       4,272       3,745       -527       -12.34 %     -73.78 %
Prepaid expenses and deferred charges
     39,768       64,174       80,066       15,892       24.76 %     101.33 %
Goodwill
     24,032       4,344       3,927       -417       -9.60 %     -83.66 %
Other
     260,038       302,373       374,140       71,767       23.73 %     43.88 %
Reappraisal of assets
     916,541       1,016,572       1,024,284       7,712       0.76 %     11.76 %
 
                                    
Total assets
     30,140,068       34,575,797       34,273,256       -302,541       -0.88 %     13.71 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     3,957,638       4,295,556       4,025,008       -270,548       -6.30 %     1.70 %
Checking accounts
     3,639,092       3,942,212       3,735,364       -206,848       -5.25 %     2.65 %
Other
     318,546       353,344       289,644       -63,700       -18.03 %     -9.07 %
 
                                    
Interest bearing
     15,107,140       16,954,341       17,501,667       547,326       3.23 %     15.85 %
Checking accounts
     382,347       434,101       391,923       -42,178       -9.72 %     2.50 %
Time deposits
     4,074,363       6,094,573       6,221,028       126,455       2.07 %     52.69 %
Savings deposits
     10,650,430       10,425,667       10,888,716       463,049       4.44 %     2.24 %
 
                                    
Total deposits
     19,064,778       21,249,897       21,526,675       276,778       1.30 %     12.91 %
Overnight funds
     820,153       1,597,834       1,574,876       -22,958       -1.44 %     92.02 %
Bank acceptances outstanding
     66,137       33,539       32,841       -698       -2.08 %     -50.34 %
Interbank borrowings
     742,986       596,553       557,546       -39,007       -6.54 %     -24.96 %
Borrowings from domestic development banks
     1,215,190       1,744,255       1,612,771       -131,484       -7.54 %     32.72 %
Accounts payable
     1,663,221       1,766,911       1,261,692       -505,219       -28.59 %     -24.14 %
Accrued interest payable
     142,110       167,954       182,895       14,941       8.90 %     28.70 %
Other liabilities
     274,945       359,418       379,876       20,458       5.69 %     38.16 %
Bonds
     1,262,278       1,455,778       1,393,982       -61,796       -4.24 %     10.43 %
Accrued expenses
     397,422       543,035       592,993       49,958       9.20 %     49.21 %
 
                                    
Total liabilities
     25,649,220       29,515,174       29,116,147       -399,027       -1.35 %     13.52 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     2,748,153       3,247,404       3,332,765       85,361       2.63 %     21.27 %
Appropiated
     2,321,716       2,662,531       2,662,531       —       0.00 %     14.68 %
Unappropiated
     426,437       584,873       670,234       85,361       14.59 %     57.17 %
 
                                    
Reappraisal and others
     1,375,533       1,475,888       1,483,600       7,712       0.52 %     7.86 %
Gross unrealized gain or loss on debt securities
     (26,752 )     (56,583 )     (53,170 )     3,413       -6.03 %     98.75 %
 
                                    
Total shareholder’s equity
     4,490,848       5,060,623       5,157,109       96,486       1.91 %     14.84 %
 
                                    
Total liabilities and shareholder’s equity
     30,140,068       34,575,797       34,273,256       -302,541       -0.88 %     13.71 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps. Millions)   Jul-07     Jul-08     %     Jun-08     Jul-08     %  
Interest income and expenses
                                                
Interest on loans
     1,418,637       2,053,995       44.79 %     300,830       312,261       3.80 %
Interest on investment securities
     157,776       168,165       6.58 %     16,368       33,127       102.39 %
Overnight funds
     28,458       27,155       -4.58 %     4,849       3,476       -28.32 %
Total interest income
     1,604,871       2,249,315       40.16 %     322,047       348,864       8.33 %
 
                                    
Interest expense Checking accounts
     9,717       8,583       -11.67 %     1,223       1,291       5.56 %
Time deposits
     150,554       288,305       91.50 %     47,053       47,506       0.96 %
Savings deposits
     249,676       311,298       24.68 %     42,809       43,777       2.26 %
Total interest on deposits
     409,947       608,186       48.36 %     91,085       92,574       1.63 %
 
                                    
Interbank borrowings
     46,174       15,687       -66.03 %     1,904       1,786       -6.20 %
Borrowings from domestic development banks
     32,584       62,255       91.06 %     9,082       8,994       -0.97 %
Overnight funds
     44,246       47,937       8.34 %     4,825       7,787       61.39 %
Bonds
     38,413       78,972       105.59 %     10,641       10,834       1.81 %
Total interest expense
     571,364       813,037       42.30 %     117,537       121,975       3.78 %
 
                                    
Net interest income
     1,033,507       1,436,278       38.97 %     204,510       226,889       10.94 %
Provision for loan and accrued interest losses, net
     (221,412 )     (386,648 )     74.63 %     (63,513 )     (96,267 )     51.57 %
Recovery of charged-off loans
     38,905       34,489       -11.35 %     3,741       9,194       145.76 %
Provision for foreclosed assets and other assets
     (12,179 )     (13,124 )     7.76 %     (1,438 )     (1,021 )     -29.00 %
Recovery of provisions for foreclosed assets and other assets
     39,394       20,546       -47.84 %     2,291       6,974       204.41 %
 
                                    
Total net provisions
     (155,292 )     (344,737 )     121.99 %     (58,919 )     (81,120 )     37.68 %
Net interest income after provision for loans and accrued interest losses
     878,215       1,091,541       24.29 %     145,591       145,769       0.12 %
 
                                    
Commissions from banking services and other services
     52,165       67,549       29.49 %     10,948       12,212       11.55 %
Electronic services and ATM’s fees, net
     40,798       45,512       11.55 %     6,838       6,299       -7.88 %
Branch network services, net
     56,147       55,354       -1.41 %     7,624       8,889       16.59 %
Collections and payments fees, net
     61,318       79,887       30.28 %     11,219       12,598       12.29 %
Credit card merchant fees, net
     11,965       5,599       -53.21 %     997       147       -85.26 %
Credit and debit card fees, net
     141,638       182,835       29.09 %     27,410       27,080       -1.20 %
Checking fees, net
     38,162       38,728       1.48 %     5,385       5,884       9.27 %
Check remittance, net
     5,888       7,180       21.94 %     931       1,115       19.76 %
International operations, net
     18,623       18,423       -1.07 %     2,905       2,852       -1.82 %
Total fees and other service income
     426,704       501,067       17.43 %     74,257       77,076       3.80 %
 
                                    
Other fees and service expenses
     (55,772 )     (56,678 )     1.62 %     (8,481 )     (6,674 )     -21.31 %
Total fees and income from services, net
     370,932       444,389       19.80 %     65,776       70,402       7.03 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (61,254 )     (118,761 )     93.88 %     117,998       (65,279 )     -155.32 %
Forward contracts in foreign currency
     123,116       288,237       134.12 %     (98,147 )     105,294       207.28 %
Gains(Loss) on sales of investments on equity securities
     (13,208 )     40,727       408.35 %     35,970       —       *  
Gains on sale of mortgage loan
     857       25,294       *       3,326       3,450       3.73 %
Dividend income
     122,098       194,788       59.53 %     —       —       *  
Communication, rent payments and others
     819       799       -2.44 %     108       125       15.74 %
Total other operating income
     172,428       431,084       150.01 %     59,255       43,590       -26.44 %
 
                                    
Total income
     1,421,575       1,967,014       38.37 %     270,622       259,761       -4.01 %
Operating expenses
                                                
Salaries and employee benefits
     350,430       374,644       6.91 %     54,795       53,022       -3.24 %
Bonus plan payments
     23,099       61,180       164.86 %     10,493       11,636       10.89 %
Compensation
     11,497       14,803       28.76 %     1,483       1,895       27.78 %
Administrative and other expenses
     444,046       482,675       8.70 %     72,346       73,754       1.95 %
Deposit security, net
     23,948       23,598       -1.46 %     3,103       2,736       -11.83 %
Donation expenses
     257       649       152.53 %     37       164       343.24 %
Depreciation
     43,497       41,290       -5.07 %     6,155       5,872       -4.60 %
Total operating expenses
     896,774       998,839       11.38 %     148,412       149,079       0.45 %
 
                                    
Net operating income
     524,801       968,175       84.48 %     122,210       110,682       -9.43 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     16,131       8,582       -46.80 %     417       417       0.00 %
Non-operating income (expense)
                                                
Other income
     52,005       47,320       -9.01 %     1,220       4,903       301.89 %
Other expense
     (25,406 )     (83,151 )     227.29 %     (4,966 )     (6,018 )     21.18 %
Total non-operating income
     26,599       (35,831 )     -234.71 %     (3,746 )     (1,115 )     -70.23 %
Income before income taxes
     535,269       923,762       72.58 %     118,047       109,150       -7.54 %
Income tax expense
     (108,832 )     (253,528 )     132.95 %     (33,650 )     (23,789 )     -29.30 %
 
                                    
Net income
     426,437       670,234       57.17 %     84,397       85,361       1.14 %
 
                                    

 

 

 

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: August 15, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance