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 December, 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): 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-                    .
 
 

 

 

 

(BANCOLOMBIA LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF NOVEMBER 2008*
Medellín, Colombia, December 11, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps. 86.9 billion in November 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 981.4 billion for the first eleven months of 2008, increasing 35.5% as compared to the same period of 2007.
  •  
Net interest income, including investment securities, totaled Ps. 238.3 billion in November 2008. For the eleven month period ended November 30, 2008, net interest income totaled Ps. 2,339.7 billion, increasing 35.4% as compared to the same period last year.
 
  •  
Net fees and income from services in November 2008 totaled Ps. 61.7 billion. For the eleven month period ended November 30, 2008, net fees and income from services totaled Ps. 714.8 billion, which represents an increase of 19.1% as compared to the same period of 2007.
 
  •  
Other operating income totaled Ps. 80.6 billion in November 2008. For the eleven month period ended November 30, 2008, other operating income totaled Ps. 546.2 billion increasing 92.3% 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. 132.1 billion in November 2008. Net provisions totaled Ps. 623.2 billion for the eleven month period ended November 30, 2008, which represents an increase of 148.6% as compared to the same period of 2007.
 
  •  
Operating expenses totaled Ps. 140.4 billion in November 2008. For the eleven month period ended November 30, 2008, operating expenses totaled Ps. 1,588.4 billion, increasing 12.9% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 38.5 trillion, loans amounted to Ps. 27.8 trillion, deposits totaled Ps. 24.0 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 5.8 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.36% as of November 30, 2008, and the level of allowance for past due loans amounted to 135.89% 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 November 2008, was as follows: 18.8% of total deposits, 21.6% of total net loans, 20.3% of total savings accounts, 21.4% of total checking accounts and 15.4% 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     Nov-08 / Oct-08     Annual  
(Ps. Million)   Nov-07     Oct-08     Nov-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,240,048       2,546,690       2,788,113       241,423       9.48 %     24.47 %
Overnight funds sold
     757,872       466,174       367,914       -98,260       -21.08 %     -51.45 %
Total cash and equivalents
     2,997,920       3,012,864       3,156,027       143,163       4.75 %     5.27 %
 
                                    
Debt securities
     3,606,492       3,898,265       4,029,382       131,117       3.36 %     11.73 %
Trading
     1,395,018       1,299,267       1,461,075       161,808       12.45 %     4.74 %
Available for Sale
     1,180,001       1,147,287       1,150,214       2,927       0.26 %     -2.52 %
Held to Maturity
     1,031,473       1,451,711       1,418,093       -33,618       -2.32 %     37.48 %
Equity securities
     1,173,653       1,095,868       1,115,404       19,536       1.78 %     -4.96 %
Trading
     187,949       4,866       26,078       21,212       435.92 %     -86.12 %
Available for Sale
     985,704       1,091,002       1,089,326       -1,676       -0.15 %     10.51 %
Market value allowance
     -29,868       -18,506       -18,512       -6       0.03 %     -38.02 %
Net investment securities
     4,750,277       4,975,627       5,126,274       150,647       3.03 %     7.92 %
 
                                    
Commercial loans
     17,491,797       20,239,922       21,377,101       1,137,179       5.62 %     22.21 %
Consumer loans
     3,632,241       3,893,335       3,897,701       4,366       0.11 %     7.31 %
Small business loans
     110,360       125,969       127,210       1,241       0.99 %     15.27 %
Mortgage loans
     1,997,591       2,426,333       2,407,017       -19,316       -0.80 %     20.50 %
Allowance for loans and financial leases losses
     -853,657       -1,164,849       -1,267,497       -102,648       8.81 %     48.48 %
Net total loans and financial leases
     22,378,332       25,520,710       26,541,532       1,020,822       4.00 %     18.60 %
 
                                    
Accrued interest receivable on loans
     286,348       373,115       407,621       34,506       9.25 %     42.35 %
Allowance for accrued interest losses
     -20,855       -25,364       -26,715       -1,351       5.33 %     28.10 %
Net total interest accrued
     265,493       347,751       380,906       33,155       9.53 %     43.47 %
 
                                    
Customers’ acceptances and derivatives
     143,531       286,726       364,511       77,785       27.13 %     153.96 %
Net accounts receivable
     291,017       425,943       527,873       101,930       23.93 %     81.39 %
Net premises and equipment
     439,047       616,490       635,021       18,531       3.01 %     44.64 %
Foreclosed assets
     8,016       3,227       4,302       1,075       33.31 %     -46.33 %
Prepaid expenses and deferred charges
     48,561       78,064       75,264       -2,800       -3.59 %     54.99 %
Goodwill
     14,814       2,675       2,258       -417       -15.59 %     -84.76 %
Other
     244,955       388,231       371,596       -16,635       -4.28 %     51.70 %
Reappraisal of assets
     1,050,453       1,276,161       1,308,413       32,252       2.53 %     24.56 %
 
                                    
Total assets
     32,632,416       36,934,469       38,493,977       1,559,508       4.22 %     17.96 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,473,836       4,176,051       4,483,568       307,517       7.36 %     0.22 %
Checking accounts
     4,143,122       3,955,012       4,092,641       137,629       3.48 %     -1.22 %
Other
     330,714       221,039       390,927       169,888       76.86 %     18.21 %
 
                                    
Interest bearing
     16,327,167       19,184,907       19,556,974       372,067       1.94 %     19.78 %
Checking accounts
     385,349       499,486       575,216       75,730       15.16 %     49.27 %
Time deposits
     4,454,076       6,858,824       6,664,102       -194,722       -2.84 %     49.62 %
Savings deposits
     11,487,742       11,826,597       12,317,656       491,059       4.15 %     7.22 %
 
                                    
Total deposits
     20,801,003       23,360,958       24,040,542       679,584       2.91 %     15.57 %
Overnight funds
     384,477       646,013       598,530       -47,483       -7.35 %     55.67 %
Bank acceptances outstanding
     52,694       81,902       89,008       7,106       8.68 %     68.91 %
Interbank borrowings
     725,639       913,830       1,002,218       88,388       9.67 %     38.12 %
Borrowings from domestic development banks
     1,530,773       1,771,688       1,831,651       59,963       3.38 %     19.66 %
Accounts payable
     1,641,398       973,354       1,648,116       674,762       69.32 %     0.41 %
Accrued interest payable
     143,317       239,195       205,790       -33,405       -13.97 %     43.59 %
Other liabilities
     251,168       365,795       348,165       -17,630       -4.82 %     38.62 %
Bonds
     1,653,984       2,230,593       2,200,881       -29,712       -1.33 %     33.07 %
Accrued expenses
     540,111       713,041       753,700       40,659       5.70 %     39.55 %
 
                                    
Total liabilities
     27,724,564       31,296,369       32,718,601       1,422,232       4.54 %     18.01 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     3,030,285       3,556,995       3,643,887       86,892       2.44 %     20.25 %
Appropiated
     2,305,756       2,662,531       2,662,531       —       0.00 %     15.47 %
Unappropiated
     724,529       894,464       981,356       86,892       9.71 %     35.45 %
 
                                    
Reappraisal and others
     1,509,663       1,735,384       1,767,800       32,416       1.87 %     17.10 %
Gross unrealized gain or loss on debt securities
     (26,010 )     (48,193 )     (30,225 )     17,968       -37.28 %     16.21 %
 
                                    
Total shareholder’s equity
     4,907,852       5,638,100       5,775,376       137,276       2.43 %     17.68 %
 
                                    
Total liabilities and shareholder’s equity
     32,632,416       36,934,469       38,493,977       1,559,508       4.22 %     17.96 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps. Million)   Nov-07     Nov-08     %     Oct-08     Nov-08     %  
Interest income and expenses
                                                
Interest on loans
     2,432,638       3,392,422       39.45 %     346,705       345,257       -0.42 %
Interest on investment securities
     230,187       279,534       21.44 %     16,175       36,422       125.17 %
Overnight funds
     52,450       50,481       -3.75 %     6,091       5,540       -9.05 %
Total interest income
     2,715,275       3,722,437       37.09 %     368,971       387,219       4.95 %
 
                                    
Interest expense
                                                
Checking accounts
     15,471       15,109       -2.34 %     1,620       1,895       16.98 %
Time deposits
     272,932       505,856       85.34 %     57,126       54,725       -4.20 %
Savings deposits
     415,850       515,085       23.86 %     51,857       54,998       6.06 %
Total interest on deposits
     704,253       1,036,050       47.11 %     110,603       111,618       0.92 %
 
                                    
Interbank borrowings
     58,580       29,752       -49.21 %     3,795       5,904       55.57 %
Borrowings from domestic development banks
     62,095       100,535       61.91 %     9,548       10,220       7.04 %
Overnight funds
     81,698       69,511       -14.92 %     5,712       2,778       -51.37 %
Bonds
     80,572       146,863       82.28 %     18,588       18,383       -1.10 %
Total interest expense
     987,198       1,382,711       40.06 %     148,246       148,903       0.44 %
 
                                    
Net interest income
     1,728,077       2,339,726       35.39 %     220,725       238,316       7.97 %
Provision for loan and accrued interest losses, net
     (339,595 )     (710,583 )     109.24 %     (93,259 )     (137,978 )     47.95 %
Recovery of charged-off loans
     57,209       55,491       -3.00 %     5,656       5,052       -10.68 %
Provision for foreclosed assets and other assets
     (27,913 )     (13,870 )     -50.31 %     (176 )     (282 )     60.23 %
Recovery of provisions for foreclosed assets and other assets
     59,632       45,789       -23.21 %     550       1,115       102.73 %
 
                                    
Total net provisions
     (250,667 )     (623,173 )     148.61 %     (87,229 )     (132,093 )     51.43 %
Net interest income after provision for loans and accrued interest losses
     1,477,410       1,716,553       16.19 %     133,496       106,223       -20.43 %
 
                                    
Commissions from banking services and other services
     84,339       102,474       21.50 %     8,236       6,750       -18.04 %
Electronic services and ATM’s fees, net
     66,285       71,069       7.22 %     6,581       6,279       -4.59 %
Branch network services, net
     89,577       88,065       -1.69 %     8,714       7,672       -11.96 %
Collections and payments fees, net
     101,312       125,782       24.15 %     12,030       11,129       -7.49 %
Credit card merchant fees, net
     16,324       10,450       -35.98 %     1,312       1,411       7.55 %
Credit and debit card fees, net
     232,338       294,868       26.91 %     26,680       26,200       -1.80 %
Checking fees, net
     60,515       61,198       1.13 %     5,612       5,076       -9.55 %
Check remittance, net
     9,357       10,939       16.91 %     989       820       -17.09 %
International operations, net
     30,136       33,911       12.53 %     5,346       3,299       -38.29 %
Total fees and other service income
     690,183       798,756       15.73 %     75,500       68,636       -9.09 %
 
                                    
Other fees and service expenses
     (90,090 )     (83,951 )     -6.81 %     (6,980 )     (6,905 )     -1.07 %
Total fees and income from services, net
     600,093       714,805       19.12 %     68,520       61,731       -9.91 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     63,265       89,051       40.76 %     81,475       (3,331 )     -104.09 %
Forward contracts in foreign currency
     67,406       188,839       180.15 %     (52,740 )     81,646       -254.81 %
Gains(Loss) on sales of investments on equity securities
     (13,254 )     35,683       369.22 %     —       —       0.00 %
Securitization income
     43,140       36,512       -15.36 %     2,791       2,164       -22.47 %
Dividend income
     122,128       194,851       59.55 %     —       36       0.00 %
Communication, rent payments and others
     1,282       1,230       -4.06 %     116       99       -14.66 %
Total other operating income
     283,967       546,166       92.33 %     31,642       80,614       -154.77 %
 
                                    
Total income
     2,361,469       2,977,524       26.09 %     233,658       248,568       6.38 %
Operating expenses
                                                
Salaries and employee benefits
     551,419       595,116       7.92 %     54,329       55,387       1.95 %
Bonus plan payments
     41,456       96,987       133.95 %     8,162       5,963       -26.94 %
Compensation
     20,654       20,447       -1.00 %     1,280       1,115       -12.89 %
Administrative and other expenses
     685,975       769,366       12.16 %     76,407       69,361       -9.22 %
Deposit security, net
     37,227       37,786       1.50 %     4,512       2,493       -44.75 %
Donation expenses
     404       3,247       703.71 %     43       47       9.30 %
Depreciation
     69,917       65,446       -6.39 %     6,212       6,020       -3.09 %
Total operating expenses
     1,407,052       1,588,395       12.89 %     150,945       140,386       -7.00 %
 
                                    
Net operating income
     954,417       1,389,129       45.55 %     82,713       108,182       30.79 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     25,350       10,251       -59.56 %     417       417       0.00 %
Non-operating income (expense)
                                                
Other income
     48,501       57,475       18.50 %     2,577       2,707       5.04 %
Other expense
     (58,857 )     (110,856 )     88.35 %     (3,665 )     (9,775 )     166.71 %
Total non-operating income
     (10,356 )     (53,381 )     415.44 %     (1,088 )     (7,068 )     549.63 %
Income before income taxes
     918,711       1,325,497       44.28 %     81,208       100,697       24.00 %
Income tax expense
     (194,182 )     (344,141 )     77.23 %     (11,069 )     (13,805 )     24.72 %
 
                                    
Net income
     724,529       981,356       35.45 %     70,139       86,892       23.89 %
 
                                    

 

 

 

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: December 11, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance