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 July, 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 S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF JUNE 2009
Medellín, Colombia, July 14, 2009
Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 76.0 billion for the month ended June 30, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 555.1 billion for the first six months of 2009, decreasing 5.1% as compared to the same period last year.
  •  
Net interest income, including interest from investment securities, totaled Ps. 207.0 billion in June 2009. For the six month period ended June 30, 2009, net interest income totaled Ps. 1,361.4 billion, increasing 12.6% as compared to the same period last year.
  •  
Net fees and income from services totaled Ps. 72.7 billion in June 2009. For the six month period ended June 30, 2009, net fees and income from services totaled Ps. 411.9 billion, which represents an increase of 10.1% as compared to the same period of 2008.
  •  
Other operating income registered a loss of Ps. 971 million in June 2009. For the six month period ended June 30, 2009, other operating income totaled Ps. 189.2 billion, decreasing 51.2% as compared to the same period last year, driven by the negative impact in the item line of income from derivative financial instruments caused by a Ps 122.8 billion charge during the six month period ended June 30, 2009, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator. The Bank finished amortizing the reduction in the carrying value of derivatives in June 2009. In addition, other operating income for the six month period ended June 30, 2008 was positively impacted by sales of equity securities, as the Bank recorded gains on sales of investment securities of Ps 40.7 billion related to the sale of interest in Multienlace S.A. Bancolombia notes that a considerable part of other operating income 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 charges totaled Ps. 50.5 billion in June 2009. Net provisions totaled Ps. 390.8 billion for the six month period ended June 30, 2009, which represents an increase of 48.3% as compared to the same period of 2008.
  •  
Operating expenses totaled Ps. 154.5 billion in June 2009. For the six month period ended June 30, 2009, operating expenses totaled Ps. 963.8 billion, increasing 13.4% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 28.5 trillion, deposits totaled Ps. 26.6 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 6.0 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.58% as of June 30, 2009, and the coverage for past due loans was 144.1% 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 June 2009, was as follows: 21.8% of total net loans, 20.8% of total checking accounts, 20.1% of total savings accounts, 18.1% of time deposits and 19.5% 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.

 

 

 

                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET   As of     Jun09/May09     Annual  
(Ps Millions)   Jun-08     May-09     Jun-09     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,938,279       2,777,275       3,122,909       345,634       12.45 %     6.28 %
Overnight funds sold
     511,510       1,147,132       1,058,060       -89,072       -7.76 %     106.85 %
Total cash and equivalents
     3,449,789       3,924,407       4,180,969       256,562       6.54 %     21.19 %
 
                                    
Debt securities
     3,877,645       4,699,784       4,474,220       -225,564       -4.80 %     15.38 %
Trading
     1,366,837       1,607,765       1,414,063       -193,702       -12.05 %     3.46 %
Available for Sale
     1,166,200       953,675       932,541       -21,134       -2.22 %     -20.04 %
Held to Maturity
     1,344,608       2,138,344       2,127,616       -10,728       -0.50 %     58.23 %
Equity securities
     1,102,699       1,231,034       1,230,581       -453       -0.04 %     11.60 %
Trading
     9,956       6,603       6,013       -590       -8.94 %     -39.60 %
Available for Sale
     1,092,743       1,224,431       1,224,568       137       0.01 %     12.06 %
Market value allowance
     -30,224       -19,150       -19,162       -12       0.06 %     -36.60 %
Net investment securities
     4,950,120       5,911,668       5,685,639       -226,029       -3.82 %     14.86 %
 
                                    
Commercial loans
     18,139,452       22,409,207       22,447,533       38,326       0.17 %     23.75 %
Consumer loans
     3,787,185       3,649,345       3,646,500       -2,845       -0.08 %     -3.71 %
Small business loans
     116,391       126,484       136,404       9,920       7.84 %     17.19 %
Mortgage loans
     2,228,130       2,230,508       2,279,445       48,937       2.19 %     2.30 %
Allowance for loans and financial leases losses
     -1,017,627       -1,487,443       -1,468,350       19,093       -1.28 %     44.29 %
Net total loans and financial leases
     23,253,531       26,928,101       27,041,532       113,431       0.42 %     16.29 %
 
                                    
Accrued interest receivable on loans
     345,271       392,362       380,143       -12,219       -3.11 %     10.10 %
Allowance for accrued interest losses
     -23,394       -28,998       -29,784       -786       2.71 %     27.31 %
Net total interest accrued
     321,877       363,364       350,359       -13,005       -3.58 %     8.85 %
 
                                    
Customers’ acceptances and derivatives
     102,004       270,521       137,495       -133,026       -49.17 %     34.79 %
Net accounts receivable
     548,273       363,447       394,422       30,975       8.52 %     -28.06 %
Net premises and equipment
     558,468       691,565       694,446       2,881       0.42 %     24.35 %
Foreclosed assets
     4,272       3,886       3,835       -51       -1.31 %     -10.23 %
Prepaid expenses and deferred charges
     64,174       131,468       88,282       -43,186       -32.85 %     37.57 %
Goodwill
     4,344       0       0       0       *       *  
Other
     302,373       397,276       446,417       49,141       12.37 %     47.64 %
Reappraisal of assets
     1,016,572       1,366,436       1,409,756       43,320       3.17 %     38.68 %
 
                                    
Total assets
     34,575,797       40,352,139       40,433,152       81,013       0.20 %     16.94 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,295,556       4,602,862       4,737,552       134,690       2.93 %     10.29 %
Checking accounts
     3,942,212       4,178,023       4,412,591       234,568       5.61 %     11.93 %
Other
     353,344       424,839       324,961       -99,878       -23.51 %     -8.03 %
 
                                    
Interest bearing
     16,954,341       22,135,384       21,902,655       -232,729       -1.05 %     29.19 %
Checking accounts
     434,101       573,206       528,325       -44,881       -7.83 %     21.71 %
Time deposits
     6,094,573       9,762,294       9,201,605       -560,689       -5.74 %     50.98 %
Savings deposits
     10,425,667       11,799,884       12,172,725       372,841       3.16 %     16.76 %
 
                                    
Total deposits
     21,249,897       26,738,246       26,640,207       -98,039       -0.37 %     25.37 %
Overnight funds
     1,597,834       572,336       1,184,992       612,656       107.04 %     -25.84 %
Bank acceptances outstanding
     33,539       28,490       33,086       4,596       16.13 %     -1.35 %
Interbank borrowings
     596,553       338,408       188,196       -150,212       -44.39 %     -68.45 %
Borrowings from domestic development banks
     1,744,255       1,574,897       1,548,833       -26,064       -1.65 %     -11.20 %
Accounts payable
     1,766,911       1,829,947       1,514,854       -315,093       -17.22 %     -14.27 %
Accrued interest payable
     167,954       288,425       316,829       28,404       9.85 %     88.64 %
Other liabilities
     359,418       405,085       342,164       -62,921       -15.53 %     -4.80 %
Bonds
     1,455,778       2,214,666       2,215,261       595       0.03 %     52.17 %
Accrued expenses
     543,035       424,947       401,423       -23,524       -5.54 %     -26.08 %
 
                                    
Total liabilities
     29,515,174       34,415,447       34,385,845       -29,602       -0.09 %     16.50 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     3,247,404       3,693,651       3,769,663       76,012       2.06 %     16.08 %
Appropiated
     2,662,531       3,214,596       3,214,596       —       0.00 %     20.73 %
Unappropiated
     584,873       479,055       555,067       76,012       15.87 %     -5.10 %
 
                                    
Reappraisal and others
     1,475,888       1,825,836       1,869,158       43,322       2.37 %     26.65 %
Gross unrealized gain or loss on debt securities
     (56,583 )     23,291       14,572       -8,719       -37.44 %     -125.75 %
 
                                    
Total shareholder’s equity
     5,060,623       5,936,692       6,047,307       110,615       1.86 %     19.50 %
 
                                    
Total liabilities and shareholder’s equity
     34,575,797       40,352,139       40,433,152       81,013       0.20 %     16.94 %
 
                                    

 

 

 

                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   Jun-08     Jun-09     %     May-09     Jun-09     %  
Interest income and expenses
                                                
Interest on loans
     1,741,734       2,017,481       15.83 %     321,147       315,216       -1.85 %
Interest on investment securities
     135,038       197,796       46.47 %     25,213       19,153       -24.04 %
Overnight funds
     23,679       22,303       -5.81 %     1,963       2,156       9.83 %
Total interest income
     1,900,451       2,237,580       17.74 %     348,323       336,525       -3.39 %
 
                                    
Interest expense
                                                
Checking accounts
     7,292       10,809       48.23 %     1,711       1,633       -4.56 %
Time deposits
     240,799       387,378       60.87 %     66,176       62,646       -5.33 %
Savings deposits
     267,521       261,570       -2.22 %     38,168       35,327       -7.44 %
Total interest on deposits
     515,612       659,757       27.96 %     106,055       99,606       -6.08 %
 
                                    
Interbank borrowings
     13,901       15,846       13.99 %     1,448       938       -35.22 %
Borrowings from domestic development banks
     53,261       60,539       13.66 %     9,001       8,451       -6.11 %
Overnight funds
     40,150       27,815       -30.72 %     4,201       3,070       -26.92 %
Bonds
     68,138       112,204       64.67 %     19,004       17,508       -7.87 %
Total interest expense
     691,062       876,161       26.78 %     139,709       129,573       -7.26 %
 
                                    
Net interest income
     1,209,389       1,361,419       12.57 %     208,614       206,952       -0.80 %
Provision for loan and accrued interest losses, net
     (290,381 )     (466,474 )     60.64 %     (63,867 )     (62,679 )     -1.86 %
Recovery of charged-off loans
     25,295       56,771       124.44 %     11,272       13,150       16.66 %
Provision for foreclosed assets and other assets
     (12,103 )     (11,513 )     -4.87 %     (383 )     (1,232 )     221.67 %
Recovery of provisions for foreclosed assets and other assets
     13,572       30,400       123.99 %     887       240       -72.94 %
 
                                    
Total net provisions
     (263,617 )     (390,816 )     48.25 %     (52,091 )     (50,521 )     -3.01 %
Net interest income after provision for loans and accrued interest losses
     945,772       970,603       2.63 %     156,523       156,431       -0.06 %
 
                                    
Commissions from banking services and other services
     55,337       58,807       6.27 %     13,542       12,303       -9.15 %
Electronic services and ATM’s fees, net
     39,213       26,797       -31.66 %     4,101       4,180       1.93 %
Branch network services, net
     46,465       49,717       7.00 %     9,333       8,265       -11.44 %
Collections and payments fees, net
     67,289       77,796       15.61 %     13,008       13,712       5.41 %
Credit card merchant fees, net
     5,452       5,058       -7.23 %     429       1,368       218.88 %
Credit and debit card fees, net
     155,755       186,479       19.73 %     30,986       32,617       5.26 %
Checking fees, net
     32,844       34,172       4.04 %     4,591       5,732       24.85 %
Check remittance, net
     6,065       4,843       -20.15 %     746       764       2.41 %
International operations, net
     15,571       19,164       23.07 %     2,559       2,647       3.44 %
Total fees and other service income
     423,991       462,833       9.16 %     79,295       81,588       2.89 %
 
                                    
Other fees and service expenses
     (50,004 )     (50,975 )     1.94 %     (8,303 )     (8,856 )     6.66 %
Total fees and income from services, net
     373,987       411,858       10.13 %     70,992       72,732       2.45 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (53,482 )     (107,806 )     101.57 %     (117,445 )     (4,805 )     -95.91 %
Derivative Financial Instruments
     182,943       67,706       -62.99 %     107,542       1,158       -98.92 %
Gains(Loss) on sales of investments on equity securities
     40,727       —       *       —       —       *  
Securitization income
     21,844       27,162       24.35 %     8,583       2,572       -70.03 %
Dividend income
     194,788       201,428       3.41 %     24       —       *  
Communication, rent payments and others
     674       719       6.68 %     102       104       1.96 %
Total other operating income
     387,494       189,209       -51.17 %     (1,194 )     (971 )     -18.68 %
 
                                    
Total income
     1,707,253       1,571,670       -7.94 %     226,321       228,192       0.83 %
Operating expenses
                                                
Salaries and employee benefits
     321,622       377,066       17.24 %     62,747       68,221       8.72 %
Bonus plan payments
     49,544       14,683       -70.36 %     1,876       1,948       3.84 %
Compensation
     12,908       8,720       -32.44 %     1,217       1,631       34.02 %
Administrative and other expenses
     408,921       486,695       19.02 %     79,349       69,826       -12.00 %
Deposit security, net
     20,862       31,317       50.12 %     5,318       5,179       -2.61 %
Donation expenses
     485       408       -15.88 %     46       48       4.35 %
Depreciation
     35,418       44,895       26.76 %     7,667       7,668       0.01 %
Total operating expenses
     849,760       963,784       13.42 %     158,220       154,521       -2.34 %
 
                                    
Net operating income
     857,493       607,886       -29.11 %     68,101       73,671       8.18 %
Goodwill amortization
     8,165       1,841       -77.45 %     172       —       *  
Non-operating income (expense)
                                                
Other income
     42,417       80,750       90.37 %     3,961       11,905       200.56 %
Other expense
     (77,133 )     (39,710 )     -48.52 %     (5,236 )     (6,162 )     17.69 %
Total non-operating income
     (34,716 )     41,040       218.22 %     (1,275 )     5,743       -550.43 %
Income before income taxes
     814,612       647,085       -20.57 %     66,654       79,414       19.14 %
Income tax expense
     (229,739 )     (92,018 )     -59.95 %     (1,444 )     (3,402 )     135.60 %
 
                                    
Net income
     584,873       555,067       -5.10 %     65,210       76,012       16.56 %
 
                                    

 

 

 

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: July 14, 2009  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance