Form 6-K
 
 
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, 2009.
Comission File Number 001-32535
Bancolombia S.A.
(Translation of registrant’s name into English)
Cra. 48 # 26-85
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)   (CIB LISTED NYSE LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF MAY 2009
Medellín, Colombia, June 12, 2009
Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 65.2 billion for the month ended May 31, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 479.1 billion for the first five months of 2009, decreasing 4.3% as compared to the same period last year.
  •  
Net interest income, including investment securities, totaled Ps. 208.6 billion in May 2009. For the five month period ended May 31, 2009, net interest income totaled Ps. 1,154.5 billion, increasing 14.9% as compared to the same period last year.
  •  
Net fees and income from services totaled Ps. 71.0 billion in May 2009. For the five month period ended May 31, 2009, net fees and income from services totaled Ps. 339.1 billion, which represents an increase of 10.0% as compared to the same period of 2008.
  •  
Other operating income registered a loss of Ps.1.2 billion in May 2009. For the five month period ended May 31, 2009, other operating income totaled Ps. 190.2 billion, decreasing 42.1% 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. The Bank also notes that the item line of income from derivative financial instruments has been negatively impacted by a Ps 105 billion charge during the five month period ended May 31, 2009, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator. The Bank will finish amortizing the reduction in the carrying value of derivatives in June 2009.
  •  
Net provisions charges totaled Ps. 52.1 billion in May 2009. Net provisions totaled Ps. 340.3 billion for the five month period ended May 31, 2009, which represents an increase of 66.2% as compared to the same period of 2008.
  •  
Operating expenses totaled Ps. 158.2 billion in May 2009. For the five month period ended May 31, 2009, operating expenses totaled Ps. 809.3 billion, increasing 15.4% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 28.4 trillion, deposits totaled Ps. 26.7 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 5.9 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.75% as of May 31, 2009, and the coverage for past due loans was 139.9% 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 May 2009, was as follows: 21.7% of total net loans, 21.2% of total checking accounts, 19.8% of total savings accounts, 18.6% of time deposits and 19.6% 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.
         
Contacts
        
Sergio Restrepo
  Jaime A. Velásquez   Juan Esteban Toro
Executive VP
  Financial VP   IR Manager
Tel.: (574) 4041424
  Tel.: (574) 4042199   Tel.: (574) 4041837

 

 

 

     
(BANCOLOMBIA LOGO)   (CIB LISTED NYSE LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET   As of     May 09/Apr 09     Annual  
(Ps Millions)   May-08     Apr-09     May-09     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,893,850       3,251,643       2,777,275       -474,368       -14.59 %     46.65 %
Overnight funds sold
     619,699       1,530,614       1,147,132       -383,482       -25.05 %     85.11 %
Total cash and equivalents
     2,513,549       4,782,257       3,924,407       -857,850       -17.94 %     56.13 %
 
                                    
Debt securities
     3,808,693       4,460,455       4,699,784       239,329       5.37 %     23.40 %
Trading
     1,277,322       1,403,977       1,607,765       203,788       14.52 %     25.87 %
Available for Sale
     1,181,741       1,100,577       953,675       -146,902       -13.35 %     -19.30 %
Held to Maturity
     1,349,630       1,955,901       2,138,344       182,443       9.33 %     58.44 %
Equity securities
     1,124,781       1,233,431       1,231,034       -2,397       -0.19 %     9.45 %
Trading
     15,282       6,880       6,603       -277       -4.03 %     -56.79 %
Available for Sale
     1,109,499       1,226,551       1,224,431       -2,120       -0.17 %     10.36 %
Market value allowance
     -30,159       -19,109       -19,150       -41       0.21 %     -36.50 %
Net investment securities
     4,903,315       5,674,777       5,911,668       236,891       4.17 %     20.56 %
 
                                    
Commercial loans
     17,554,299       21,677,485       22,409,207       731,722       3.38 %     27.66 %
Consumer loans
     3,809,788       3,710,431       3,649,345       -61,086       -1.65 %     -4.21 %
Small business loans
     113,467       126,860       126,484       -376       -0.30 %     11.47 %
Mortgage loans
     2,134,970       2,406,761       2,230,508       -176,253       -7.32 %     4.47 %
Allowance for loans and financial leases losses
     -1,019,810       -1,528,058       -1,487,443       40,615       -2.66 %     45.85 %
Net total loans and financial leases
     22,592,714       26,393,479       26,928,101       534,622       2.03 %     19.19 %
 
                                    
Accrued interest receivable on loans
     311,587       391,264       392,362       1,098       0.28 %     25.92 %
Allowance for accrued interest losses
     -21,363       -30,371       -28,998       1,373       -4.52 %     35.74 %
Net total interest accrued
     290,224       360,893       363,364       2,471       0.68 %     25.20 %
 
                                    
Customers’ acceptances and derivatives
     273,509       233,938       270,521       36,583       15.64 %     -1.09 %
Net accounts receivable
     376,161       446,427       363,447       -82,980       -18.59 %     -3.38 %
Net premises and equipment
     544,351       682,864       691,565       8,701       1.27 %     27.04 %
Foreclosed assets
     5,088       4,227       3,886       -341       -8.07 %     -23.62 %
Prepaid expenses and deferred charges
     68,360       185,871       131,468       -54,403       -29.27 %     92.32 %
Goodwill
     4,761       172       —       -172         *       *
Other
     291,235       293,436       397,276       103,840       35.39 %     36.41 %
Reappraisal of assets
     957,171       1,370,221       1,366,436       -3,785       -0.28 %     42.76 %
 
                                    
Total assets
     32,820,438       40,428,562       40,352,139       -76,423       -0.19 %     22.95 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     3,952,024       4,680,783       4,602,862       -77,921       -1.66 %     16.47 %
Checking accounts
     3,592,453       4,389,419       4,178,023       -211,396       -4.82 %     16.30 %
Other
     359,571       291,364       424,839       133,475       45.81 %     18.15 %
 
                                    
Interest bearing
     16,563,719       21,549,208       22,135,384       586,176       2.72 %     33.64 %
Checking accounts
     418,429       570,947       573,206       2,259       0.40 %     36.99 %
Time deposits
     5,812,786       9,865,517       9,762,294       -103,223       -1.05 %     67.95 %
Savings deposits
     10,332,504       11,112,744       11,799,884       687,140       6.18 %     14.20 %
 
                                    
Total deposits
     20,515,743       26,229,991       26,738,246       508,255       1.94 %     30.33 %
Overnight funds
     707,578       762,862       572,336       -190,526       -24.98 %     -19.11 %
Bank acceptances outstanding
     33,703       34,128       28,490       -5,638       -16.52 %     -15.47 %
Interbank borrowings
     561,610       400,708       338,408       -62,300       -15.55 %     -39.74 %
Borrowings from domestic development banks
     1,673,880       1,629,773       1,574,897       -54,876       -3.37 %     -5.91 %
Accounts payable
     1,966,111       2,097,304       1,829,947       -267,357       -12.75 %     -6.93 %
Accrued interest payable
     154,525       284,409       288,425       4,016       1.41 %     86.65 %
Other liabilities
     336,711       435,251       405,085       -30,166       -6.93 %     20.31 %
Bonds
     1,419,032       2,278,410       2,214,666       -63,744       -2.80 %     56.07 %
Accrued expenses
     523,280       397,423       424,947       27,524       6.93 %     -18.79 %
 
                                    
Total liabilities
     27,892,173       34,550,259       34,415,447       -134,812       -0.39 %     23.39 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     3,163,007       3,628,441       3,693,651       65,210       1.80 %     16.78 %
Appropiated
     2,662,531       3,214,596       3,214,596       —       0.00 %     20.73 %
Unappropiated
     500,476       413,845       479,055       65,210       15.76 %     -4.28 %
 
                                    
Reappraisal and others
     1,416,484       1,829,619       1,825,836       -3,783       -0.21 %     28.90 %
Gross unrealized gain or loss on debt securities
     (45,140 )     26,329       23,291       -3,038       -11.54% -       151.60 %
 
                                    
Total shareholder’s equity
     4,928,265       5,878,303       5,936,692       58,389       0.99 %     20.46 %
 
                                    
Total liabilities and shareholder’s equity
     32,820,438       40,428,562       40,352,139       -76,423       -0.19 %     22.95 %
 
                                    

 

 

 

     
(BANCOLOMBIA LOGO)   (CIB LISTED NYSE LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   May-08     May-09     %     Apr-09     May-09     %  
Interest income and expenses
                                                
Interest on loans
     1,440,904       1,702,265       18.14 %     339,378       321,147       -5.37 %
Interest on investment securities
     118,670       178,643       50.54 %     53,260       25,213       -52.66 %
Overnight funds
     18,830       20,147       6.99 %     2,368       1,963       -17.10 %
Leasing
     —       —       0.00 %     —       —       0.00 %
Total interest income
     1,578,404       1,901,055       20.44 %     395,006       348,323       -11.82 %
 
                                    
Interest expense
                                                
Checking accounts
     6,069       9,176       51.19 %     2,013       1,711       -15.00 %
Time deposits
     193,746       324,732       67.61 %     68,157       66,176       -2.91 %
Savings deposits
     224,712       226,243       0.68 %     40,186       38,168       -5.02 %
Total interest on deposits
     424,527       560,151       31.95 %     110,356       106,055       -3.90 %
 
                                    
Interbank borrowings
     11,997       14,908       24.26 %     2,166       1,448       -33.15 %
Borrowings from domestic development banks
     44,179       52,088       17.90 %     9,537       9,001       -5.62 %
Overnight funds
     35,325       24,745       -29.95 %     4,408       4,201       -4.70 %
Bonds
     57,497       94,696       64.70 %     19,247       19,004       -1.26 %
Total interest expense
     573,525       746,588       30.18 %     145,714       139,709       -4.12 %
 
                                    
Net interest income
     1,004,879       1,154,467       14.89 %     249,292       208,614       -16.32 %
Provision for loan and accrued interest losses, net
     (226,868 )     (403,795 )     77.99 %     (87,951 )     (63,867 )     27.38 %
Recovery of charged-off loans
     21,554       43,621       102.38 %     9,361       11,272       20.41 %
Provision for foreclosed assets and other assets
     (10,665 )     (10,281 )     -3.60 %     (2,891 )     (383 )     86.75 %
Recovery of provisions for foreclosed assets and other asset
     s 11,281       30,160       167.35 %     3,752       887       -76.36 %
 
                                    
Total net provisions
     (204,698 )     (340,295 )     66.24 %     (77,729 )     (52,091 )     32.98 %
Net interest income after provision for loans and accrued interest losses
     800,181       814,172       1.75 %     171,563       156,523       -8.77 %
 
                                    
Commissions from banking services and other services
     44,389       46,504       4.76 %     8,350       13,542       62.18 %
Electronic services and ATM’s fees, net
     32,375       22,617       -30.14 %     4,983       4,101       -17.70 %
Branch network services, net
     38,841       41,452       6.72 %     7,400       9,333       26.12 %
Collections and payments fees, net
     56,070       64,084       14.29 %     13,953       13,008       -6.77 %
Credit card merchant fees, net
     4,455       3,690       -17.17 %     664       429       -35.39 %
Credit and debit card fees, net
     128,345       153,862       19.88 %     30,068       30,986       3.05 %
Checking fees, net
     27,459       28,440       3.57 %     7,028       4,591       -34.68 %
Warehouse services
     —       —       0.00 %     —       —       0.00 %
Commissions-fees from fiduciary activities
     —       —       0.00 %     —       —       0.00 %
Check remittance, net
     5,134       4,079       -20.55 %     821       746       -9.14 %
International operations, net
     12,666       16,517       30.40 %     3,493       2,559       -26.74 %
Total fees and other service income
     349,734       381,245       9.01 %     76,760       79,295       3.30 %
 
                                    
Other fees and service expenses
     (41,523 )     (42,119 )     1.44 %     (8,964 )     (8,303 )     7.37 %
Total fees and income from services, net
     308,211       339,126       10.03 %     67,796       70,992       4.71 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (171,480 )     (103,001 )     -39.93 %     (179,299 )     (117,445 )     34.50 %
Derivative Financial Instruments
     281,090       66,548       -76.33 %     145,486       107,542       -26.08 %
Gains(Loss) on sales of investments on equity securities
     4,757       —         *     —       —         *
Securitization income
     18,518       24,590       32.79 %     2,339       8,583       266.95 %
Dividend income
     194,788       201,428       3.41 %     2,369       24       -98.99 %
Revenues from commercial subsidiaries
     —       —       0.00 %     —       —       0.00 %
Communication, rent payments and others
     566       615       8.66 %     112       102       -8.93 %
Total other operating income
     328,239       190,180       -42.06 %     (28,993 )     (1,194 )     95.88 %
 
                                    
Total income
     1,436,631       1,343,478       -6.48 %     210,366       226,321       7.58 %
Operating expenses
                                                
Salaries and employee benefits
     266,827       308,845       15.75 %     61,465       62,747       2.09 %
Bonus plan payments
     39,051       12,735       -67.39 %     (4,030 )     1,876       146.55 %
Compensation
     11,425       7,089       -37.95 %     1,573       1,217       -22.63 %
Administrative and other expenses
     336,575       416,869       23.86 %     83,725       79,349       -5.23 %
Deposit security, net
     17,759       26,138       47.18 %     4,769       5,318       11.51 %
Donation expenses
     448       360       -19.64 %     46       46       0.00 %
Depreciation
     29,263       37,227       27.22 %     7,138       7,667       7.41 %
Total operating expenses
     701,348       809,263       15.39 %     154,686       158,220       2.28 %
 
                                    
Net operating income
     735,283       534,215       -27.35 %     55,680       68,101       22.31 %
Merger expenses
     —       —         *     —       —         *
Goodwill amortization
     7,748       1,841       -76.24 %     417       172       -58.75 %
Non-operating income (expense)
                                                
Other income
     41,197       68,845       67.11 %     21,368       3,961       -81.46 %
Minority interest
     —       —       0.00 %     —       —       0.00 %
Other expense
     (72,167 )     (33,548 )     -53.51 %     (6,578 )     (5,236 )     20.40 %
Total non-operating income
     (30,970 )     35,297       213.97 %     14,790       (1,275 )     -108.62 %
Income before income taxes
     696,565       567,671       -18.50 %     70,053       66,654       -4.85 %
Income tax expense
     (196,089 )     (88,616 )     -54.81 %     (18,417 )     (1,444 )     92.16 %
 
                                    
Net income
     500,476       479,055       -4.28 %     51,636       65,210       26.29 %
 
                                    

 

 

 

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 12, 2009  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance