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 May, 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 SA LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED NET INCOME OF Ps 93.1 BILLION
FOR THE MONTH OF APRIL 2008
TOTALING Ps 425.0 BILLION FOR THE FIRST FOUR MONTHS OF 2008*
Medellín, Colombia, May 9, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 93.1 billion during the past month of April. As of April 30, 2008, net income for Bancolombia unconsolidated totaled Ps. 425.0 billion for the first four months increasing 56.6% as compared to the same period of 2007.
  •  
Net interest income, including investment securities totaled Ps. 216.4 billion for the month of April. As of April 30, 2008, net interest income totaled Ps. 798.1 billion increasing 42.5% as compared to the same period last year.
 
  •  
Net fees and income from services totaled Ps. 66.0 billion for the month ended April 30, 2008. As of April 30, 2008, net fees and income from services totaled Ps. 249.0 billion increasing 21.5% as compared to the same period last year.
 
  •  
Other operating income totaled Ps. 40.1 billion for the month ended April 30, 2008. As of April 30, 2008, other operating income totaled Ps. 299.4 billion increasing 124.2% as compared to the same period last year driven by the dividend income received from the Bank’s subsidiaries. It is important to notice that these dividends are not included in the consolidated results because of the application of Colombian generally accepted accounting principles (“COL GAAP”) when consolidating. As a result, this dividend income is only recorded in Bancolombia’s unconsolidated results.
 
  •  
Operating expenses totaled Ps. 144.0 billion for the month ended April 30, 2008. As of April 30, 2008, Operating expenses totaled Ps. 553.0 billion increasing 7.3% as compared to the same period last year.
Total assets amounted to Ps 33.11 trillion, net loans amounted to Ps 22.5 trillion, deposits totaled Ps 20.79 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4.85 trillion.
BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 3.20% as of April 30, 2008, and the level of allowance for past due loans was 128.90% 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 April, 2008 was as follows: 18.1% of total deposits, 21.4% of total net loans, 18.7% of total savings accounts, 20.6% 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 SA LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET   As of     Apr08 / Mar08     Annual  
(Ps Millions)   Apr-07     Mar-08     Apr-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,865,659       2,056,748       2,306,230       249,482       12.13 %     -19.52 %
Overnight funds sold
     818,915       715,029       699,514       -15,515       -2.17 %     -14.58 %
Total cash and equivalents
     3,684,574       2,771,777       3,005,744       233,967       8.44 %     -18.42 %
 
                                    
Debt securities
     3,936,616       3,655,174       3,660,916       5,742       0.16 %     -7.00 %
Trading
     1,696,308       1,459,485       1,303,804       -155,681       -10.67 %     -23.14 %
Available for Sale
     1,139,126       1,199,091       1,164,750       -34,341       -2.86 %     2.25 %
Held to Maturity
     1,101,182       996,598       1,192,362       195,764       19.64 %     8.28 %
Equity securities
     960,204       1,147,992       1,122,199       -25,793       -2.25 %     16.87 %
Trading
     578       68,608       44,080       -24,528       -35.75 %     7526.30 %
Available for Sale
     959,626       1,079,384       1,078,119       -1,265       -0.12 %     12.35 %
Market value allowance
     -29,702       -30,002       -30,092       -90       0.30 %     1.31 %
Net investment securities
     4,867,118       4,773,164       4,753,023       -20,141       -0.42 %     -2.34 %
 
                                    
Commercial loans
     14,000,684       17,652,014       17,338,608       -313,406       -1.78 %     23.84 %
Consumer loans
     2,863,927       3,727,004       3,748,268       21,264       0.57 %     30.88 %
Small business loans
     121,756       108,010       110,480       2,470       2.29 %     -9.26 %
Mortgage loans
     1,797,894       2,185,157       2,297,203       112,046       5.13 %     27.77 %
Allowance for loans and financial leases losses
     -656,957       -915,438       -965,126       -49,688       5.43 %     46.91 %
Net total loans and financial leases
     18,127,304       22,756,747       22,529,433       -227,314       -1.00 %     24.28 %
 
                                    
Accrued interest receivable on loans
     204,684       309,433       317,758       8,325       2.69 %     55.24 %
Allowance for accrued interest losses
     -8,956       -19,352       -20,652       -1,300       6.72 %     130.59 %
Net total interest accrued
     195,728       290,081       297,106       7,025       2.42 %     51.80 %
 
                                    
Customers’ acceptances and derivatives
     193,835       271,925       299,684       27,759       10.21 %     54.61 %
Net accounts receivable
     308,803       436,782       406,859       -29,923       -6.85 %     31.75 %
Net premises and equipment
     362,925       505,212       526,904       21,692       4.29 %     45.18 %
Foreclosed assets
     13,986       7,284       6,139       -1,145       -15.72 %     -56.11 %
Prepaid expenses and deferred charges
     27,353       51,441       67,117       15,676       30.47 %     145.37 %
Goodwill
     30,946       5,595       5,178       -417       -7.45 %     -83.27 %
Other
     354,999       240,235       265,229       24,994       10.40 %     -25.29 %
Reappraisal of assets
     896,479       917,431       946,322       28,891       3.15 %     5.56 %
 
                                    
Total assets
     29,064,050       33,027,674       33,108,738       81,064       0.25 %     13.92 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,124,970       4,143,128       4,007,455       -135,673       -3.27 %     -2.85 %
Checking accounts
     3,836,485       3,762,618       3,715,699       -46,919       -1.25 %     -3.15 %
Other
     288,485       380,510       291,756       -88,754       -23.33 %     1.13 %
 
                                    
Interest bearing
     15,244,686       16,649,687       16,785,565       135,878       0.82 %     10.11 %
Checking accounts
     358,588       382,590       419,790       37,200       9.72 %     17.07 %
Time deposits
     3,548,566       5,138,163       5,811,871       673,708       13.11 %     63.78 %
Savings deposits
     11,337,532       11,128,934       10,553,904       -575,030       -5.17 %     -6.91 %
 
                                    
Total deposits
     19,369,656       20,792,815       20,793,020       205       0.00 %     7.35 %
Overnight funds
     686,119       1,179,123       1,000,949       -178,174       -15.11 %     45.89 %
Bank acceptances outstanding
     51,205       59,194       61,047       1,853       3.13 %     19.22 %
Interbank borrowings
     2,210,286       576,306       623,054       46,748       8.11 %     -71.81 %
Borrowings from domestic development banks
     907,071       1,562,893       1,685,801       122,908       7.86 %     85.85 %
Accounts payable
     1,176,300       1,748,326       1,660,351       -87,975       -5.03 %     41.15 %
Accrued interest payable
     125,522       161,467       172,441       10,974       6.80 %     37.38 %
Other liabilities
     268,733       314,794       323,940       9,146       2.91 %     20.54 %
Bonds
     532,050       1,530,912       1,493,395       -37,517       -2.45 %     180.69 %
Accrued expenses
     340,517       384,379       447,424       63,045       16.40 %     31.40 %
 
                                    
Total liabilities
     25,667,459       28,310,209       28,261,422       -48,787       -0.17 %     10.11 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     363,914       393,914       393,914       —       0.00 %     8.24 %
 
                                    
Retained earnings
     1,695,503       2,994,457       3,087,548       93,091       3.11 %     82.10 %
Appropiated
     1,424,104       2,662,531       2,662,531       —       0.00 %     86.96 %
Unappropiated
     271,399       331,926       425,017       93,091       28.05 %     56.60 %
 
                                    
Reappraisal and others
     1,355,429       1,376,689       1,405,633       28,944       2.10 %     3.70 %
Gross unrealized gain or loss on debt securities
     (18,255 )     (47,595 )     (39,779 )     7,816       -16.42 %     117.91 %
 
                                    
Total shareholder’s equity
     3,396,591       4,717,465       4,847,316       129,851       2.75 %     42.71 %
 
                                    
Total liabilities and shareholder’s equity
     29,064,050       33,027,674       33,108,738       81,064       0.25 %     13.92 %
 
                                    

 

 

 

(BANCOLOMBIA SA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   Apr-07     Apr-08     %     Mar-08     Apr-08     %  
Interest income and expenses
                                                
Interest on loans
     758,141       1,144,314       50.94 %     292,590       295,246       0.91 %
Interest on investment securities
     87,484       89,345       2.13 %     31,113       34,468       10.78 %
Overnight funds
     14,794       18,604       25.75 %     3,704       3,155       -14.82 %
Total interest income
     860,419       1,252,263       45.54 %     327,407       332,869       1.67 %
 
                                    
Interest expense Checking accounts
     5,964       4,870       -18.34 %     1,186       1,218       2.70 %
Time deposits
     78,822       148,796       88.77 %     37,743       41,410       9.72 %
Savings deposits
     132,559       180,728       36.34 %     46,134       44,232       -4.12 %
Total interest on deposits
     217,345       334,394       53.85 %     85,063       86,860       2.11 %
 
                                    
Interbank borrowings
     24,915       10,127       -59.35 %     2,624       1,987       -24.28 %
Borrowings from domestic development banks
     16,590       34,905       110.40 %     8,740       9,054       3.59 %
Overnight funds
     24,858       28,701       15.46 %     9,328       7,161       -23.23 %
Bonds
     16,615       46,014       176.94 %     11,422       11,406       -0.14 %
Total interest expense
     300,323       454,141       51.22 %     117,177       116,468       -0.61 %
 
                                    
Net interest income
     560,096       798,122       42.50 %     210,230       216,401       2.94 %
Provision for loan and accrued interest losses, net
     (80,612 )     (170,144 )     111.07 %     (61,772 )     (50,551 )     -18.17 %
Recovery of charged-off loans
     17,269       18,033       4.42 %     3,713       4,386       18.13 %
Provision for foreclosed assets and other assets
     (7,417 )     (8,961 )     20.82 %     (1,947 )     (3,968 )     103.80 %
Recovery of provisions for foreclosed assets and other assets
     29,369       10,030       -65.85 %     1,137       2,398       110.91 %
 
                                    
Total net provisions
     (41,391 )     (151,042 )     264.92 %     (58,869 )     (47,735 )     -18.91 %
Net interest income after provision for loans and accrued interest losses
     518,705       647,080       24.75 %     151,361       168,666       11.43 %
 
                                    
Commissions from banking services and other services
     26,336       35,224       33.75 %     7,664       10,703       39.65 %
Electronic services and ATM’s fees, net
     22,180       25,864       16.61 %     6,591       6,242       -5.30 %
Branch network services, net
     31,549       30,913       -2.02 %     7,158       8,393       17.25 %
Collections and payments fees, net
     33,273       44,732       34.44 %     10,306       12,109       17.49 %
Credit card merchant fees, net
     7,919       4,051       -48.84 %     674       700       3.86 %
Credit and debit card fees, net
     77,131       103,461       34.14 %     25,928       26,191       1.01 %
Checking fees, net
     21,467       22,533       4.97 %     6,633       6,299       -5.04 %
Check remittance, net
     3,517       4,071       15.75 %     1,055       1,142       8.25 %
International operations, net
     10,922       10,200       -6.61 %     2,541       2,254       -11.29 %
Total fees and other service income
     234,294       281,049       19.96 %     68,550       74,033       8.00 %
 
                                    
Other fees and service expenses
     (29,323 )     (32,087 )     9.43 %     (8,455 )     (8,002 )     -5.36 %
Total fees and income from services, net
     204,971       248,962       21.46 %     60,095       66,031       9.88 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (30,464 )     (156,252 )     412.91 %     (7,078 )     (47,272 )     567.87 %
Forward contracts in foreign currency
     54,768       251,494       359.20 %     42,182       84,164       99.53 %
Gains(Loss) on sales of investments on equity securities
     (13,208 )     4,757       136.02 %     —       —       *  
Gains on sale of mortgage loan
     —       12,078       *       3,705       3,010       -18.76 %
Dividend income
     121,964       186,868       53.22 %     173,743       28       -99.98 %
Communication, rent payments and others
     474       455       -4.01 %     110       123       11.82 %
Total other operating income
     133,534       299,400       124.21 %     212,662       40,053       -81.17 %
 
                                    
Total income
     857,210       1,195,442       39.46 %     424,118       274,750       -35.22 %
Operating expenses
                                                
Salaries and employee benefits
     197,500       213,131       7.91 %     54,930       53,484       -2.63 %
Bonus plan payments
     13,734       23,377       70.21 %     2,990       12,396       314.58 %
Compensation
     8,072       9,239       14.46 %     2,357       2,305       -2.21 %
Administrative and other expenses
     258,873       268,730       3.81 %     65,188       67,087       2.91 %
Deposit security, net
     12,756       14,595       14.42 %     3,380       3,139       -7.13 %
Donation expenses
     128       412       221.88 %     177       35       -80.23 %
Depreciation
     24,061       23,504       -2.31 %     5,695       5,536       -2.79 %
Total operating expenses
     515,124       552,988       7.35 %     134,717       143,982       6.88 %
 
                                    
Net operating income
     342,086       642,454       87.80 %     289,401       130,768       -54.81 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     9,218       7,331       -20.47 %     2,305       417       -81.91 %
Non-operating income (expense)
                                                
Other income
     33,091       19,597       -40.78 %     2,708       6,427       137.33 %
Other expense
     (17,691 )     (69,605 )     293.45 %     (10,809 )     (4,324 )     -60.00 %
Total non-operating income
     15,400       (50,008 )     -424.73 %     (8,101 )     2,103       -125.96 %
Income before income taxes
     348,268       585,115       68.01 %     278,995       132,454       -52.52 %
Income tax expense
     (76,869 )     (160,098 )     108.27 %     (59,374 )     (39,363 )     -33.70 %
 
                                    
Net income
     271,399       425,017       56.60 %     219,621       93,091       -57.61 %
 
                                    

 

 

 

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: May 9, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance