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 July, 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 LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED NET INCOME OF Ps 84.4 BILLION
FOR THE MONTH OF JUNE 2008
TOTALING Ps 584.9 BILLION FOR THE FIRST SIX MONTHS OF 2008*
Medellín, Colombia, July 11, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps. 84.4 billion in June 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 584.9 billion for the first six months of 2008, increasing 63.7% as compared to the same period of 2007.
  •  
Net interest income, including investment securities, totaled Ps. 204.5 billion in June 2008. For the six month period ended June 30, 2008, net interest income totaled Ps. 1,209.4 billion, increasing 37.8% as compared to the same period last year.
 
  •  
Net fees and income from services in June 2008 totaled Ps. 65.8 billion. For the six month period ended June 30, 2008, net fees and income from services totaled Ps. 374.0 billion, which represents an increase of 18.7% as compared to the same period of 2007.
 
  •  
Other operating income totaled Ps. 59.3 billion in June 2008. For the six month period ended June 30, 2008, other operating income totaled Ps. 387.5 billion increasing 142.4% 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.
 
  •  
Net provisions totaled Ps 58.9 billion in June 2008. Net provisions totaled Ps 263.6 for the six month period ended June 30, 2008, which represents an increase of 127.0% as compared to the same period of 2007.
 
  •  
Operating expenses totaled Ps. 148.4 billion in June 2008. For the six month period ended June 30, 2008, operating expenses totaled Ps. 849.8 billion, increasing 9.4% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps 34.6 trillion, loans amounted to Ps 24.3 trillion, deposits totaled Ps 21.2 trillion and Bancolombia’s total shareholders’ equity amounted to Ps 5.06 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.18% as of June 30, 2008, and the level of allowance for past due loans amounted to 132.14% 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, 2008 was as follows: 18.5% of total deposits, 20.9% of total net loans, 19.2% of total savings accounts, 21.1% of total checking accounts and 15.6% 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 LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET   As of     Jun08 / May08     Annual  
(Ps Millions)   Jun-07     May-08     Jun-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,894,783       1,893,850       2,938,279       1,044,429       55.15 %     55.07 %
Overnight funds sold
     494,651       619,699       511,510       -108,189       -17.46 %     3.41 %
Total cash and equivalents
     2,389,434       2,513,549       3,449,789       936,240       37.25 %     44.38 %
Debt securities
     3,718,886       3,808,693       3,877,645       68,952       1.81 %     4.27 %
Trading
     1,674,978       1,277,322       1,366,837       89,515       7.01 %     -18.40 %
Available for Sale
     973,651       1,181,741       1,166,200       -15,541       -1.32 %     19.78 %
Held to Maturity
     1,070,257       1,349,630       1,344,608       -5,022       -0.37 %     25.63 %
Equity securities
     961,667       1,124,781       1,102,699       -22,082       -1.96 %     14.67 %
Trading
     5,602       15,282       9,956       -5,326       -34.85 %     77.72 %
Available for Sale
     956,065       1,109,499       1,092,743       -16,756       -1.51 %     14.30 %
Market value allowance
     -29,833       -30,159       -30,224       -65       0.22 %     1.31 %
Net investment securities
     4,650,720       4,903,315       4,950,120       46,805       0.95 %     6.44 %
Commercial loans
     15,223,340       17,554,299       18,139,452       585,153       3.33 %     19.16 %
Consumer loans
     3,068,543       3,809,788       3,787,185       -22,603       -0.59 %     23.42 %
Small business loans
     112,840       113,467       116,391       2,924       2.58 %     3.15 %
Mortgage loans
     2,031,531       2,134,970       2,228,130       93,160       4.36 %     9.68 %
Allowance for loans and financial leases losses
     -720,858       -1,019,810       -1,017,627       2,183       -0.21 %     41.17 %
Net total loans and financial leases
     19,715,396       22,592,714       23,253,531       660,817       2.92 %     17.95 %
Accrued interest receivable on loans
     234,818       311,587       345,271       33,684       10.81 %     47.04 %
Allowance for accrued interest losses
     -10,562       -21,363       -23,394       -2,031       9.51 %     121.49 %
Net total interest accrued
     224,256       290,224       321,877       31,653       10.91 %     43.53 %
Customers’ acceptances and derivatives
     237,090       273,509       102,004       -171,505       -62.71 %     -56.98 %
Net accounts receivable
     365,428       376,161       548,273       172,112       45.75 %     50.04 %
Net premises and equipment
     375,485       544,351       558,468       14,117       2.59 %     48.73 %
Foreclosed assets
     13,185       5,088       4,272       -816       -16.04 %     -67.60 %
Prepaid expenses and deferred charges
     30,324       68,360       64,174       -4,186       -6.12 %     111.63 %
Goodwill
     26,336       4,761       4,344       -417       -8.76 %     -83.51 %
Other
     256,118       291,235       302,373       11,138       3.82 %     18.06 %
Reappraisal of assets
     896,405       957,171       1,016,572       59,401       6.21 %     13.41 %
 
                                    
Total assets
     29,180,177       32,820,438       34,575,797       1,755,359       5.35 %     18.49 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     3,895,143       3,952,024       4,295,556       343,532       8.69 %     10.28 %
Checking accounts
     3,578,721       3,592,453       3,942,212       349,759       9.74 %     10.16 %
Other
     316,422       359,571       353,344       -6,227       -1.73 %     11.67 %
Interest bearing
     14,715,170       16,563,719       16,954,341       390,622       2.36 %     15.22 %
Checking accounts
     294,808       418,429       434,101       15,672       3.75 %     47.25 %
Time deposits
     4,096,939       5,812,786       6,094,573       281,787       4.85 %     48.76 %
Savings deposits
     10,323,423       10,332,504       10,425,667       93,163       0.90 %     0.99 %
Total deposits
     18,610,313       20,515,743       21,249,897       734,154       3.58 %     14.18 %
Overnight funds
     1,685,057       707,578       1,597,834       890,256       125.82 %     -5.18 %
Bank acceptances outstanding
     56,289       33,703       33,539       -164       -0.49 %     -40.42 %
Interbank borrowings
     1,018,073       561,610       596,553       34,943       6.22 %     -41.40 %
Borrowings from domestic development banks
     976,077       1,673,880       1,744,255       70,375       4.20 %     78.70 %
Accounts payable
     1,239,422       1,966,111       1,766,911       -199,200       -10.13 %     42.56 %
Accrued interest payable
     130,618       154,525       167,954       13,429       8.69 %     28.58 %
Other liabilities
     271,966       336,711       359,418       22,707       6.74 %     32.16 %
Bonds
     1,285,585       1,419,032       1,455,778       36,746       2.59 %     13.24 %
Accrued expenses
     384,867       523,280       543,035       19,755       3.78 %     41.10 %
 
                                    
Total liabilities
     25,658,267       27,892,173       29,515,174       1,623,001       5.82 %     15.03 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     365,375       393,914       393,914       —       0.00 %     7.81 %
Retained earnings
     1,824,365       3,163,007       3,247,404       84,397       2.67 %     78.00 %
Appropiated
     1,467,077       2,662,531       2,662,531       —       0.00 %     81.49 %
Unappropiated
     357,288       500,476       584,873       84,397       16.86 %     63.70 %
Reappraisal and others
     1,355,357       1,416,484       1,475,888       59,404       4.19 %     8.89 %
Gross unrealized gain or loss on debt securities
     (23,187 )     (45,140 )     (56,583 )     -11,443       25.35 %     144.03 %
 
                                    
Total shareholder’s equity
     3,521,910       4,928,265       5,060,623       132,358       2.69 %     43.69 %
 
                                    
Total liabilities and shareholder’s equity
     29,180,177       32,820,438       34,575,797       1,755,359       5.35 %     18.49 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   Jun-07     Jun-08     %     May-08     Jun-08     %  
Interest income and expenses
                                                
Interest on loans
     1,187,729       1,741,734       46.64 %     296,590       300,830       1.43 %
Interest on investment securities
     142,815       135,038       -5.45 %     29,325       16,368       -44.18 %
Overnight funds
     24,230       23,679       -2.27 %     226       4,849       2045.58 %
Total interest income
     1,354,774       1,900,451       40.28 %     326,141       322,047       -1.26 %
Interest expense Checking accounts
     8,398       7,292       -13.17 %     1,199       1,223       2.00 %
Time deposits
     123,740       240,799       94.60 %     44,950       47,053       4.68 %
Savings deposits
     209,540       267,521       27.67 %     43,984       42,809       -2.67 %
Total interest on deposits
     341,678       515,612       50.91 %     90,133       91,085       1.06 %
Interbank borrowings
     41,490       13,901       -66.50 %     1,870       1,904       1.82 %
Borrowings from domestic development banks
     26,687       53,261       99.58 %     9,274       9,082       -2.07 %
Overnight funds
     37,398       40,150       7.36 %     6,624       4,825       -27.16 %
Bonds
     29,910       68,138       127.81 %     11,483       10,641       -7.33 %
Total interest expense
     477,163       691,062       44.83 %     119,384       117,537       -1.55 %
Net interest income
     877,611       1,209,389       37.80 %     206,757       204,510       -1.09 %
Provision for loan and accrued interest losses, net
     (170,704 )     (290,381 )     70.11 %     (56,724 )     (63,513 )     11.97 %
Recovery of charged-off loans
     29,041       25,295       -12.90 %     3,521       3,741       6.25 %
Provision for foreclosed assets and other assets
     (10,886 )     (12,103 )     11.18 %     (1,704 )     (1,438 )     -15.61 %
Recovery of provisions for foreclosed assets and other assets
     36,439       13,572       -62.75 %     1,251       2,291       83.13 %
Total net provisions
     (116,110 )     (263,617 )     127.04 %     (53,656 )     (58,919 )     9.81 %
Net interest income after provision for loans and accrued interest losses
     761,501       945,772       24.20 %     153,101       145,591       -4.91 %
Commissions from banking services and other services
     42,125       55,337       31.36 %     9,165       10,948       19.45 %
Electronic services and ATM’s fees, net
     34,423       39,213       13.92 %     6,511       6,838       5.02 %
Branch network services, net
     48,016       46,465       -3.23 %     7,928       7,624       -3.83 %
Collections and payments fees, net
     51,909       67,289       29.63 %     11,338       11,219       -1.05 %
Credit card merchant fees, net
     10,229       5,452       -46.70 %     404       997       146.78 %
Credit and debit card fees, net
     119,696       155,755       30.13 %     24,884       27,410       10.15 %
Checking fees, net
     32,811       32,844       0.10 %     4,926       5,385       9.32 %
Check remittance, net
     5,024       6,065       20.72 %     1,063       931       -12.42 %
International operations, net
     16,302       15,571       -4.48 %     2,466       2,905       17.80 %
Total fees and other service income
     360,535       423,991       17.60 %     68,685       74,257       8.11 %
Other fees and service expenses
     (45,524 )     (50,004 )     9.84 %     (9,436 )     (8,481 )     -10.12 %
Total fees and income from services, net
     315,011       373,987       18.72 %     59,249       65,776       11.02 %
Other operating income
                                                
Net foreign exchange gains
     (56,570 )     (53,482 )     -5.46 %     (15,228 )     117,998       -874.88 %
Forward contracts in foreign currency
     106,890       182,943       71.15 %     29,596       (98,147 )     -431.62 %
Gains(Loss) on sales of investments on equity securities
     (13,208 )     40,727       408.35 %     —       35,970       *  
Gains on sale of mortgage loan
     —       21,844       *       6,440       3,326       -48.35 %
Dividend income
     122,067       194,788       59.57 %     7,920       —       *  
Communication, rent payments and others
     702       674       -3.99 %     111       108       -2.70 %
Total other operating income
     159,881       387,494       142.36 %     28,839       59,255       105.47 %
Total income
     1,236,393       1,707,253       38.08 %     241,189       270,622       12.20 %
Operating expenses
                                                
Salaries and employee benefits
     301,342       321,622       6.73 %     53,696       54,795       2.05 %
Bonus plan payments
     20,384       49,544       143.05 %     15,674       10,493       -33.05 %
Compensation
     9,672       12,908       33.46 %     2,186       1,483       -32.16 %
Administrative and other expenses
     384,788       408,921       6.27 %     67,845       72,346       6.63 %
Deposit security, net
     20,494       20,862       1.80 %     3,164       3,103       -1.93 %
Donation expenses
     225       485       115.56 %     36       37       2.78 %
Depreciation
     39,933       35,418       -11.31 %     5,759       6,155       6.88 %
Total operating expenses
     776,838       849,760       9.39 %     148,360       148,412       0.04 %
Net operating income
     459,555       857,493       86.59 %     92,829       122,210       31.65 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     13,827       8,165       -40.95 %     417       417       0.00 %
Non-operating income (expense)
                                                
Other income
     44,277       42,417       -4.20 %     21,600       1,220       -94.35 %
Other expense
     (23,243 )     (77,133 )     231.85 %     (2,562 )     (4,966 )     93.83 %
Total non-operating income
     21,034       (34,716 )     -265.05 %     19,038       (3,746 )     -119.68 %
Income before income taxes
     466,762       814,612       74.52 %     111,450       118,047       5.92 %
Income tax expense
     (109,474 )     (229,739 )     109.86 %     (35,991 )     (33,650 )     -6.50 %
 
                                    
Net income
     357,288       584,873       63.70 %     75,459       84,397       11.84 %
 
                                    

 

 

 

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 11, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance