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 March, 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 S.A. ANNOUNCES UNCONSOLIDATED NET INCOME OF Ps 65,257 MILLION
FOR THE MONTH OF FEBRUARY 2008
TOTALING Ps 112,305 MILLION FOR THE FIRST TWO MONTHS OF 2008*

Medellín, Colombia, March 12, 2008

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 65,257 million during the past month of February.

During February, total net interest income, including investment securities amounted to Ps 199,196 million. Additionally, total net fees and income from services totaled Ps 62,194 million.

Total assets amounted to Ps 32.94 trillion, total deposits totaled Ps 21.69 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 5.11 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.91% as of February 29, 2008, and the level of allowance for past due loans was 137.48% 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 February, 2008 was as follows: 19.0% of total deposits, 21.7% of total net loans, 20.2% of total savings accounts, 21.7% of total checking accounts and 14.8% 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.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET		As of												Feb-08 / Jan-08								Annual
(Ps Millions)		Feb-07				Jan-08				Feb-08				$				%				%
ASSETS
Cash and due from banks			1,373,879				2,209,744				2,468,874				259,130				11.73	%			79.70	%
Overnight funds sold			254,997				1,109,539				445,273				-664,266				-59.87	%			74.62	%
Total cash and equivalents			1,628,876				3,319,283				2,914,147				-405,136				-12.21	%			78.91	%
Debt securities			4,536,137				3,674,684				3,778,519				103,835				2.83	%			-16.70	%
Trading			2,134,951				1,422,004				1,567,694				145,690				10.25	%			-26.57	%
Available for Sale			1,277,563				1,231,703				1,205,217				-26,486				-2.15	%			-5.66	%
Held to Maturity			1,123,623				1,020,977				1,005,608				-15,369				-1.51	%			-10.50	%
Equity securities			871,446				982,569				975,961				-6,608				-0.67	%			11.99	%
Trading			2,500				8,921				8,458				-463				-5.19	%			238.32	%
Available for Sale			868,946				973,648				967,503				-6,145				-0.63	%			11.34	%
Market value allowance			-30,326				-29,844				-29,892				-48				0.16	%			-1.43	%
Net investment securities			5,377,257				4,627,409				4,724,588				97,179				2.10	%			-12.14	%
Commercial loans			13,508,509				17,621,710				17,595,161				-26,549				-0.15	%			30.25	%
Consumer loans			2,761,331				3,697,606				3,694,201				-3,405				-0.09	%			33.78	%
Small business loans			108,008				110,377				107,871				-2,506				-2.27	%			-0.13	%
Mortgage loans			1,599,278				2,011,694				2,100,975				89,281				4.44	%			31.37	%
Allowance for loans and financial leases losses			-641,479				-963,202				-936,957				26,245				-2.72	%			46.06	%
Net total loans and financial leases			17,335,647				22,478,185				22,561,251				83,066				0.37	%			30.14	%
Accrued interest receivable on loans			194,235				301,753				304,069				2,316				0.77	%			56.55	%
Allowance for accrued interest losses			-8,518				-24,418				-19,113				5,305				-21.73	%			124.38	%
Net total interest accrued			185,717				277,335				284,956				7,621				2.75	%			53.44	%
Customers’ acceptances and derivatives			164,355				272,284				293,525				21,241				7.80	%			78.59	%
Net accounts receivable			306,157				361,950				306,086				-55,864				-15.43	%			-0.02	%
Net premises and equipment			363,020				485,535				490,450				4,915				1.01	%			35.10	%
Foreclosed assets			14,490				7,356				7,707				351				4.77	%			-46.81	%
Prepaid expenses and deferred charges			24,830				60,445				55,706				-4,739				-7.84	%			124.35	%
Goodwill			35,555				10,204				7,900				-2,304				-22.58	%			-77.78	%
Other			374,364				170,658				208,979				38,321				22.45	%			-44.18	%
Reappraisal of assets			803,505				1,128,492				1,082,309				-46,183				-4.09	%			34.70	%
Total assets			26,613,773				33,199,136				32,937,604				-261,532				-0.79	%			23.76	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,970,158				4,223,782				4,188,216				-35,566				-0.84	%			5.49	%
Checking accounts			3,718,436				3,918,762				3,917,877				-885				-0.02	%			5.36	%
Other			251,722				305,020				270,339				-34,681				-11.37	%			7.40	%
Interest bearing			13,860,273				16,654,620				17,504,742				850,122				5.10	%			26.29	%
Checking accounts			317,032				376,123				376,144				21				0.01	%			18.65	%
Time deposits			3,337,017				4,819,431				5,167,372				347,941				7.22	%			54.85	%
Savings deposits			10,206,224				11,459,066				11,961,226				502,160				4.38	%			17.20	%
Total deposits			17,830,431				20,878,402				21,692,958				814,556				3.90	%			21.66	%
Overnight funds			1,734,703				620,896				659,964				39,068				6.29	%			-61.96	%
Bank acceptances outstanding			61,255				72,217				67,239				-4,978				-6.89	%			9.77	%
Interbank borrowings			967,545				584,154				579,339				-4,815				-0.82	%			-40.12	%
Borrowings from domestic development banks			679,980				1,548,562				1,543,226				-5,336				-0.34	%			126.95	%
Accounts payable			607,421				2,079,093				908,614				-1,170,479				-56.30	%			49.59	%
Accrued interest payable			107,064				156,921				163,343				6,422				4.09	%			52.57	%
Other liabilities			268,006				317,029				308,981				-8,048				-2.54	%			15.29	%
Bonds			567,403				1,588,198				1,545,046				-43,152				-2.72	%			172.30	%
Accrued expenses			243,965				257,434				355,334				97,900				38.03	%			45.65	%
Total liabilities			23,067,773				28,102,906				27,824,044				-278,862				-0.99	%			20.62	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				—				0.00	%			8.24	%
Retained earnings			1,922,951				3,157,065				3,222,322				65,257				2.07	%			67.57	%
Appropiated			1,811,308				3,110,017				3,110,017				—				0.00	%			71.70	%
Unappropiated			111,643				47,048				112,305				65,257				138.70	%			0.59	%
Reappraisal and others			1,262,382				1,587,748				1,541,567				-46,181				-2.91	%			22.12	%
Gross unrealized gain or loss on debt securities			(3,247	)			(42,497	)			(44,243	)			-1,746				4.11	%			1262.58	%
Total shareholder’s equity			3,546,000				5,096,230				5,113,560				17,330				0.34	%			44.21	%
Total liabilities and shareholder’s equity			26,613,773				33,199,136				32,937,604				-261,532				-0.79	%			23.76	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Feb-07				Feb-08				%				Jan-08				Feb-08				%
Interest income and expenses
Interest on loans			354,789				556,478				56.85	%			273,929				282,549				3.15	%
Interest on investment securities			30,751				23,764				-22.72	%			2,118				21,646				922.00	%
Overnight funds			6,717				11,745				74.85	%			6,054				5,691				-6.00	%
Total interest income			392,257				591,987				50.92	%			282,101				309,886				9.85	%
Interest expense
Checking accounts			3,228				2,466				-23.61	%			1,398				1,068				-23.61	%
Time deposits			38,001				69,643				83.27	%			33,952				35,691				5.12	%
Savings deposits			55,884				90,362				61.70	%			44,744				45,618				1.95	%
Total interest on deposits			97,113				162,471				67.30	%			80,094				82,377				2.85	%
Interbank borrowings			9,780				5,516				-43.60	%			3,161				2,355				-25.50	%
Borrowings from domestic development banks			7,829				17,111				118.56	%			8,616				8,495				-1.40	%
Overnight funds			15,494				12,212				-21.18	%			6,075				6,137				1.02	%
Bonds			8,865				23,186				161.55	%			11,860				11,326				-4.50	%
Total interest expense			139,081				220,496				58.54	%			109,806				110,690				0.81	%
Net interest income			253,176				371,491				46.73	%			172,295				199,196				15.61	%
Provision for loan and accrued interest losses, net			(34,017	)			(57,821	)			69.98	%			(33,095	)			(24,726	)			-25.29	%
Recovery of charged-off loans			9,305				9,934				6.76	%			6,457				3,477				-46.15	%
Provision for foreclosed assets and other assets			(2,655	)			(3,046	)			14.73	%			(1,316	)			(1,730	)			31.46	%
Recovery of provisions for foreclosed assets and other assets			21,452				6,495				-69.72	%			5,495				1,000				-81.80	%
Total net provisions			(5,915	)			(44,438	)			651.28	%			(22,459	)			(21,979	)			-2.14	%
Net interest income after provision for loans and accrued interest losses			247,261				327,053				32.27	%			149,836				177,217				18.27	%
Commissions from banking services and other services			12,292				16,857				37.14	%			8,735				8,122				-7.02	%
Electronic services and ATM’s fees, net			11,451				13,031				13.80	%			6,838				6,193				-9.43	%
Branch network services, net			15,553				15,362				-1.23	%			7,639				7,723				1.10	%
Collections and payments fees, net			15,964				22,317				39.80	%			9,992				12,325				23.35	%
Credit card merchant fees, net			4,646				2,677				-42.38	%			1,287				1,390				8.00	%
Credit and debit card fees, net			40,508				51,342				26.75	%			25,007				26,335				5.31	%
Checking fees, net			10,290				9,601				-6.70	%			5,016				4,585				-8.59	%
Check remittance, net			1,836				1,874				2.07	%			825				1,049				27.15	%
International operations, net			5,538				5,405				-2.40	%			2,854				2,551				-10.62	%
Total fees and other service income			118,078				138,466				17.27	%			68,193				70,273				3.05	%
Other fees and service expenses			(14,559	)			(15,630	)			7.36	%			(7,551	)			(8,079	)			6.99	%
Total fees and income from services, net			103,519				122,836				18.66	%			60,642				62,194				2.56	%
Other operating income
Net foreign exchange gains			(4,599	)			(101,902	)			2115.74	%			(46,088	)			(55,814	)			21.10	%
Forward contracts in foreign currency			3,258				125,148				3741.25	%			57,299				67,849				18.41	%
Gains(Loss) on sales of investments on equity securities			(13,319	)			4,757				-135.72	%			—				4,757				*
Gains on sale of mortgage loan			—				5,363				*				—				5,363				*
Dividend income			55,387				13,097				-76.35	%			31				13,066				42048.39	%
Communication, rent payments and others			245				222				-9.39	%			113				109				-3.54	%
Total other operating income			40,972				46,685				13.94	%			11,355				35,330				211.14	%
Total income			391,752				496,574				26.76	%			221,833				274,741				23.85	%
Operating expenses
Salaries and employee benefits			98,269				104,717				6.56	%			49,227				55,490				12.72	%
Bonus plan payments			7,356				7,991				8.63	%			2,803				5,188				85.09	%
Compensation			4,884				4,577				-6.29	%			3,061				1,516				-50.47	%
Administrative and other expenses			126,393				136,455				7.96	%			70,097				66,358				-5.33	%
Deposit security, net			7,054				8,076				14.49	%			3,750				4,326				15.36	%
Donation expenses			70				200				185.71	%			35				165				371.43	%
Depreciation			12,033				12,273				1.99	%			6,017				6,256				3.97	%
Total operating expenses			256,059				274,289				7.12	%			134,990				139,299				3.19	%
Net operating income			135,693				222,285				63.81	%			86,843				135,442				55.96	%
Merger expenses			—				—				0.00	%			—				—				0.00	%
Goodwill amortization			4,610				4,610				0.00	%			2,305				2,305				0.00	%
Non-operating income (expense)
Other income			16,228				10,463				-35.53	%			5,844				4,619				-20.96	%
Other expense			(10,168	)			(54,472	)			435.72	%			(32,218	)			(22,254	)			-30.93	%
Total non-operating income			6,060				(44,009	)			-826.22	%			(26,374	)			(17,635	)			-33.13	%
Income before income taxes			137,143				173,666				26.63	%			58,164				115,502				98.58	%
Income tax expense			(25,500	)			(61,361	)			140.63	%			(11,116	)			(50,245	)			352.01	%
Net income			111,643				112,305				0.59	%			47,048				65,257				38.70	%

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.