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 April, 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 219,621 MILLION
FOR THE MONTH OF MARCH 2008
TOTALING Ps 331,926 MILLION FOR THE FIRST THREE MONTHS OF 2008*

Medellín, Colombia, April 11, 2008

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 219,621 million during the past month of March.

During March, total net interest income, including investment securities amounted to Ps 210,230 million. Additionally, total net fees and income from services totaled Ps 60,095 million.

Total assets amounted to Ps 33.03 trillion, total deposits totaled Ps 20.79 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4.72 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 3.04% as of March 31, 2008, and the level of allowance for past due loans was 127.69% 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 March, 2008 was as follows: 18.3% of total deposits, 21.5% of total net loans, 18.8% of total savings accounts, 21.4% of total checking accounts and 15.1% 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												Mar08/Feb08								Annual
(Ps Millions)		Mar-07				Feb-08				Mar-08				$				%				%
ASSETS
Cash and due from banks			1,619,057				2,468,874				2,056,748				-412,126				-16.69	%			27.03	%
Overnight funds sold			1,003,168				445,273				715,029				269,756				60.58	%			-28.72	%
Total cash and equivalents			2,622,225				2,914,147				2,771,777				-142,370				-4.89	%			5.70	%
Debt securities			4,217,210				3,778,519				3,655,174				-123,345				-3.26	%			-13.33	%
Trading			1,840,863				1,567,694				1,459,485				-108,209				-6.90	%			-20.72	%
Available for Sale			1,260,883				1,205,217				1,199,091				-6,126				-0.51	%			-4.90	%
Held to Maturity			1,115,464				1,005,608				996,598				-9,010				-0.90	%			-10.66	%
Equity securities			1,081,727				975,961				1,147,992				172,031				17.63	%			6.13	%
Trading			120,934				8,458				68,608				60,150				711.16	%			-43.27	%
Available for Sale			960,793				967,503				1,079,384				111,881				11.56	%			12.34	%
Market value allowance			-29,614				-29,892				-30,002				-110				0.37	%			1.31	%
Net investment securities			5,269,323				4,724,588				4,773,164				48,576				1.03	%			-9.42	%
Commercial loans			13,620,491				17,595,161				17,652,014				56,853				0.32	%			29.60	%
Consumer loans			2,824,068				3,694,201				3,727,004				32,803				0.89	%			31.97	%
Small business loans			123,044				107,871				108,010				139				0.13	%			-12.22	%
Mortgage loans			1,705,501				2,100,975				2,185,157				84,182				4.01	%			28.12	%
Allowance for loans and financial leases losses			-656,995				-936,957				-915,438				21,519				-2.30	%			39.34	%
Net total loans and financial leases			17,616,109				22,561,251				22,756,747				195,496				0.87	%			29.18	%
Accrued interest receivable on loans			186,482				304,069				309,433				5,364				1.76	%			65.93	%
Allowance for accrued interest losses			-8,948				-19,113				-19,352				-239				1.25	%			116.27	%
Net total interest accrued			177,534				284,956				290,081				5,125				1.80	%			63.39	%
Customers’ acceptances and derivatives			173,456				293,525				271,925				-21,600				-7.36	%			56.77	%
Net accounts receivable			383,756				306,086				436,782				130,696				42.70	%			13.82	%
Net premises and equipment			364,712				490,450				505,212				14,762				3.01	%			38.52	%
Foreclosed assets			17,310				7,707				7,284				-423				-5.49	%			-57.92	%
Prepaid expenses and deferred charges			21,256				55,706				51,441				-4,265				-7.66	%			142.01	%
Goodwill			33,250				7,900				5,595				-2,305				-29.18	%			-83.17	%
Other			366,404				208,979				240,235				31,256				14.96	%			-34.43	%
Reappraisal of assets			666,123				1,082,309				917,431				-164,878				-15.23	%			37.73	%
Total assets			27,711,458				32,937,604				33,027,674				90,070				0.27	%			19.18	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			4,243,345				4,188,216				4,143,128				-45,088				-1.08	%			-2.36	%
Checking accounts			3,806,841				3,917,877				3,762,618				-155,259				-3.96	%			-1.16	%
Other			436,504				270,339				380,510				110,171				40.75	%			-12.83	%
Interest bearing			14,651,045				17,504,742				16,649,687				-855,055				-4.88	%			13.64	%
Checking accounts			340,987				376,144				382,590				6,446				1.71	%			12.20	%
Time deposits			3,556,292				5,167,372				5,138,163				-29,209				-0.57	%			44.48	%
Savings deposits			10,753,766				11,961,226				11,128,934				-832,292				-6.96	%			3.49	%
Total deposits			18,894,390				21,692,958				20,792,815				-900,143				-4.15	%			10.05	%
Overnight funds			546,452				659,964				1,179,123				519,159				78.66	%			115.78	%
Bank acceptances outstanding			53,284				67,239				59,194				-8,045				-11.96	%			11.09	%
Interbank borrowings			1,581,683				579,339				576,306				-3,033				-0.52	%			-63.56	%
Borrowings from domestic development banks			749,447				1,543,226				1,562,893				19,667				1.27	%			108.54	%
Accounts payable			1,533,197				908,614				1,748,326				839,712				92.42	%			14.03	%
Accrued interest payable			114,746				163,343				161,467				-1,876				-1.15	%			40.72	%
Other liabilities			258,525				308,981				314,794				5,813				1.88	%			21.77	%
Bonds			560,185				1,545,046				1,530,912				-14,134				-0.91	%			173.29	%
Accrued expenses			290,666				355,334				384,379				29,045				8.17	%			32.24	%
Total liabilities			24,582,575				27,824,044				28,310,209				486,165				1.75	%			15.16	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				—				0.00	%			8.24	%
Retained earnings			1,647,070				3,222,322				2,994,457				-227,865				-7.07	%			81.81	%
Appropiated			1,424,104				3,110,017				2,662,531				-447,486				-14.39	%			86.96	%
Unappropiated			222,966				112,305				331,926				219,621				195.56	%			48.87	%
Reappraisal and others			1,125,001				1,541,567				1,376,689				-164,878				-10.70	%			22.37	%
Gross unrealized gain or loss on debt securities			(7,102	)			(44,243	)			(47,595	)			-3,352				7.58	%			570.16	%
Total shareholder’s equity			3,128,883				5,113,560				4,717,465				-396,095				-7.75	%			50.77	%
Total liabilities and shareholder’s equity			27,711,458				32,937,604				33,027,674				90,070				0.27	%			19.18	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Mar-07				Mar-08				%				Feb-08				Mar-08				%
Interest income and expenses
Interest on loans			553,033				849,068				53.53	%			282,549				292,590				3.55	%
Interest on investment securities			57,653				54,877				-4.82	%			21,646				31,113				43.74	%
Overnight funds			10,162				15,449				52.03	%			5,691				3,704				-34.91	%
Total interest income			620,848				919,394				48.09	%			309,886				327,407				5.65	%
Interest expense
Checking accounts			4,701				3,652				-22.31	%			1,068				1,186				11.05	%
Time deposits			57,847				107,386				85.64	%			35,691				37,743				5.75	%
Savings deposits			93,581				136,496				45.86	%			45,618				46,134				1.13	%
Total interest on deposits			156,129				247,534				58.54	%			82,377				85,063				3.26	%
Interbank borrowings			14,945				8,140				-45.53	%			2,355				2,624				11.42	%
Borrowings from domestic development banks			11,894				25,851				117.34	%			8,495				8,740				2.88	%
Overnight funds			21,766				21,540				-1.04	%			6,137				9,328				52.00	%
Bonds			12,810				34,608				170.16	%			11,326				11,422				0.85	%
Total interest expense			217,544				337,673				55.22	%			110,690				117,177				5.86	%
Net interest income			403,304				581,721				44.24	%			199,196				210,230				5.54	%
Provision for loan and accrued interest losses, net			(51,698	)			(119,593	)			131.33	%			(24,726	)			(61,772	)			149.83	%
Recovery of charged-off loans			13,335				13,647				2.34	%			3,477				3,713				6.79	%
Provision for foreclosed assets and other assets			(4,522	)			(4,993	)			10.42	%			(1,730	)			(1,947	)			12.54	%
Recovery of provisions for foreclosed assets and other assets			25,923				7,632				-70.56	%			1,000				1,137				13.70	%
Total net provisions			(16,962	)			(103,307	)			509.05	%			(21,979	)			(58,869	)			167.84	%
Net interest income after provision for loans and accrued interest losses			386,342				478,414				23.83	%			177,217				151,361				-14.59	%
Commissions from banking services and other services			20,207				24,521				21.35	%			8,122				7,664				-5.64	%
Electronic services and ATM’s fees, net			17,489				19,622				12.20	%			6,193				6,591				6.43	%
Branch network services, net			24,087				22,520				-6.51	%			7,723				7,158				-7.32	%
Collections and payments fees, net			24,927				32,623				30.87	%			12,325				10,306				-16.38	%
Credit card merchant fees, net			6,119				3,351				-45.24	%			1,390				674				-51.51	%
Credit and debit card fees, net			56,547				77,270				36.65	%			26,335				25,928				-1.55	%
Checking fees, net			16,285				16,234				-0.31	%			4,585				6,633				44.67	%
Check remittance, net			2,698				2,929				8.56	%			1,049				1,055				0.57	%
International operations, net			8,171				7,946				-2.75	%			2,551				2,541				-0.39	%
Total fees and other service income			176,530				207,016				17.27	%			70,273				68,550				-2.45	%
Other fees and service expenses			(22,138	)			(24,085	)			8.79	%			(8,079	)			(8,455	)			4.65	%
Total fees and income from services, net			154,392				182,931				18.48	%			62,194				60,095				-3.37	%
Other operating income
Net foreign exchange gains			(13,336	)			(108,980	)			717.19	%			(55,814	)			(7,078	)			-87.32	%
Forward contracts in foreign currency			27,296				167,330				513.02	%			67,849				42,182				-37.83	%
Gains(Loss) on sales of investments on equity securities			(13,319	)			4,757				-135.72	%			4,757				—				*
Gains on sale of mortgage loan			—				9,068				*				5,363				3,705				-30.92	%
Dividend income			121,931				186,840				53.23	%			13,066				173,743				1229.73	%
Communication, rent payments and others			362				332				-8.29	%			109				110				0.92	%
Total other operating income			122,934				259,347				110.96	%			35,330				212,662				501.93	%
Total income			663,668				920,692				38.73	%			274,741				424,118				54.37	%
Operating expenses
Salaries and employee benefits			147,762				159,647				8.04	%			55,490				54,930				-1.01	%
Bonus plan payments			10,187				10,981				7.79	%			5,188				2,990				-42.37	%
Compensation			5,886				6,934				17.80	%			1,516				2,357				55.47	%
Administrative and other expenses			191,810				201,643				5.13	%			66,358				65,188				-1.76	%
Deposit security, net			10,581				11,456				8.27	%			4,326				3,380				-21.87	%
Donation expenses			99				377				280.81	%			165				177				7.27	%
Depreciation			18,030				17,968				-0.34	%			6,256				5,695				-8.97	%
Total operating expenses			384,355				409,006				6.41	%			139,299				134,717				-3.29	%
Net operating income			279,313				511,686				83.19	%			135,442				289,401				113.67	%
Merger expenses			—				—				0.00	%			—				—				0.00	%
Goodwill amortization			6,914				6,914				0.00	%			2,305				2,305				0.00	%
Non-operating income (expense)
Other income			22,236				13,170				-40.77	%			4,619				2,708				-41.37	%
Other expense			(15,010	)			(65,281	)			334.92	%			(22,254	)			(10,809	)			-51.43	%
Total non-operating income			7,226				(52,111	)			-821.16	%			(17,635	)			(8,101	)			-54.06	%
Income before income taxes			279,625				452,661				61.88	%			115,502				278,995				141.55	%
Income tax expense			(56,659	)			(120,735	)			113.09	%			(50,245	)			(59,374	)			18.17	%
Net income			222,966				331,926				48.87	%			65,257				219,621				236.55	%

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.