CONFORMED COPY
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 1933
For the month of February 2007
BANCOLOMBIA S.A.
----------------
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, 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 X Form 40-F
-----
(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 No X
----- -----
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 001-32535).
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: February 13, 2007 By /s/ JAIME ALBERTO VELASQUEZ B.
------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
[BANCOLOMBIA LOGO] NYSE
--------------------------------------------------------------------------------
UNCONSOLIDATED NET INCOME OF PS 31,638 MILLION FOR THE
MONTH OF JANUARY 2007*
MEDELLIN, COLOMBIA, FEBRUARY 13, 2007
BANCOLOMBIA reported unconsolidated net income of Ps 31,638 million during the
past month of January.
During January, total net interest income, including investment securities
amounted to Ps 124,067 million. Additionally, total net fees and income from
services totaled in the month Ps 53,272 million.
Total assets amounted to Ps 26.30 trillion, total deposits totaled Ps 17.37
trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps 3.45
trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.61% as of January 31, 2007, and the level of allowance for past due
loans was 135.65%.
The income tax provision increased because the Tax Reform approved during 2006
became effective and because the fiscal credits that the Bank had until such
year are no longer available.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in January 2007 was
as follows: 21.1% of total deposits, 20.2% of total net loans, 19% of total
savings accounts, 21.7% of total checking accounts and 13.2% 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.
--------------------------------------------------------------------------------
CONTACTS
SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO
EXECUTIVE VP FINANCIAL VP IR MANAGER
TEL.: (574) 5108668 TEL.: (574) 5108666 TEL.: (574) 5108866
CIB
(BANCOLOMBIA LOGO) LISTED
NYSE
BANCOLOMBIA S.A. Growth
BALANCE SHEET As of Jan07/Dec06
(Ps Millions) Jan-06 Dec-06 Jan-07 $ %
---------- ---------- ---------- -------- -------
ASSETS
Cash and due from banks 1.464.108 1.378.410 1.379.329 919 0,07%
Overnight funds sold 44.774 552.522 225.111 -327.411 -59,26%
TOTAL CASH AND EQUIVALENTS 1.508.882 1.930.932 1.604.440 -326.492 -16,91%
---------- ---------- ---------- -------- -------
DEBT SECURITIES 6.640.538 4.514.991 4.545.663 30.672 0,68%
Trading 4.188.329 2.112.434 2.175.646 63.212 2,99%
Available for Sale 1.339.522 1.249.498 1.237.926 -11.572 -0,93%
Held to Maturity 1.112.687 1.153.059 1.132.091 -20.968 -1,82%
EQUITY SECURITIES 876.498 876.283 894.940 18.657 2,13%
Trading 8.303 2.478 2.490 12 0,48%
Available for Sale 868.195 873.805 892.450 18.645 2,13%
Market value allowance -59.924 -44.437 -44.458 -21 0,05%
NET INVESTMENT SECURITIES 7.457.112 5.346.837 5.396.145 49.308 0,92%
---------- ---------- ---------- -------- -------
Commercial loans 9.907.866 13.511.829 13.302.274 -209.555 -1,55%
Consumer loans 2.064.461 2.669.962 2.702.960 32.998 1,24%
Small business loans 113.243 91.078 112.106 21.028 23,09%
Mortgage loans 1.467.114 1.376.436 1.491.166 114.730 8,34%
Allowance for loans and financial leases losses -567.891 -606.810 -620.701 -13.891 2,29%
NET TOTAL LOANS AND FINANCIAL LEASES 12.984.793 17.042.495 16.987.805 -54.690 -0,32%
---------- ---------- ---------- -------- -------
Accrued interest receivable on loans 153.232 197.655 191.017 -6.638 -3,36%
Allowance for accrued interest losses -8.375 -8.288 -8.654 -366 4,42%
NET TOTAL INTEREST ACCRUED 144.857 189.367 182.363 -7.004 -3,70%
---------- ---------- ---------- -------- -------
Customers' acceptances and derivatives 134.206 166.438 157.695 -8.743 -5,25%
Net accounts receivable 241.340 355.054 266.119 -88.935 -25,05%
Net premises and equipment 335.999 370.070 367.036 -3.034 -0,82%
Foreclosed assets 28.776 16.567 14.681 -1.886 -11,38%
Prepaid expenses and deferred charges 23.498 26.261 32.147 5.886 22,41%
Goodwill 49.071 40.164 37.859 -2.305 -5,74%
Other 242.310 464.118 475.378 11.260 2,43%
Reappraisal of assets 672.400 735.445 780.444 44.999 6,12%
---------- ---------- ---------- -------- -------
TOTAL ASSETS 23.823.244 26.683.748 26.302.112 -381.636 -1,43%
---------- ---------- ---------- -------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3.184.831 4.937.964 4.137.238 -800.726 -16,22%
Checking accounts 2.867.395 4.475.036 3.761.672 -713.364 -15,94%
Other 317.436 462.928 375.566 -87.362 -18,87%
---------- ---------- ---------- -------- -------
INTEREST BEARING 11.126.369 13.806.018 13.235.170 -570.848 -4,13%
Checking accounts 281.577 352.211 307.216 -44.995 -12,78%
Time deposits 3.113.501 3.481.386 3.428.377 -53.009 -1,52%
Savings deposits 7.731.291 9.972.421 9.499.577 -472.844 -4,74%
---------- ---------- ---------- -------- -------
TOTAL DEPOSITS 14.311.200 18.743.982 17.372.408 -1.371.574 -7,32%
Overnight funds 709.843 837.663 2.027.843 1.190.180 142,08%
Bank acceptances outstanding 59.824 62.168 57.385 -4.783 -7,69%
Interbank borrowings 2.056.058 1.010.340 967.049 -43.291 -4,28%
Borrowings from domestic development banks 1.006.928 717.669 681.491 -36.178 -5,04%
Accounts payable 578.979 746.176 488.188 -257.988 -34,57%
Accrued interest payable 130.837 118.838 121.087 2.249 1,89%
Other liabilities 334.220 268.124 257.492 -10.632 -3,97%
Bonds 1.175.579 702.256 678.379 -23.877 -3,40%
Accrued expenses 175.727 99.267 205.589 106.322 107,11%
---------- ---------- ---------- -------- -------
TOTAL LIABILITIES 20.539.195 23.306.483 22.856.911 -449.572 -1,93%
---------- ---------- ---------- -------- -------
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 363.914 0 0,00%
---------- ---------- ---------- -------- -------
RETAINED EARNINGS 1.647.712 1.811.308 1.842.946 31.638 1,75%
Appropiated 1.598.679 1.228.943 1.811.308 582.365 47,39%
Unappropiated 49.033 582.365 31.638 -550.727 -94,57%
---------- ---------- ---------- -------- -------
REAPPRAISAL AND OTHERS 1.208.972 1.194.210 1.239.320 45.110 3,78%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 63.451 7.833 -979 -8.812 -112,50%
---------- ---------- ---------- -------- -------
Total shareholder's equity 3.284.049 3.377.265 3.445.201 67.936 2,01%
Total liabilities and shareholder's equity 23.823.244 26.683.748 26.302.112 -381.636 -1,43%
[BANCOLOMBIA LOGO] CIB
LISTED
NYSE
BANCOLOMBIA S.A. GROWTH GROWTH
INCOME STATEMENT ACCUMULATED ANNUAL MONTH ANNUAL
(Ps Millions) JAN-06 JAN-07 % DEC-06 JAN-07 %
----------------------------------------------------------------------------------------------------------------------------
INTEREST INCOME AND EXPENSES
Interest on loans 139.306 175.750 26,16% 189.775 175.750 -7,39%
Interest on investment securities 51.443 14.612 -71,60% 31.886 14.612 -54,17%
Overnight funds 1.981 3.836 93,64% 4.162 3.836 -7,83%
TOTAL INTEREST INCOME 192.730 194.198 0,76% 225.823 194.198 -14,00%
----------------------------------------------------------------------------------------------------------------------------
Interest expense
Checking accounts 685 1.752 155,77% 939 1.752 86,58%
Time deposits 16.551 19.201 16,01% 16.747 19.201 14,65%
Savings deposits 20.082 28.708 42,95% 30.956 28.708 -7,26%
TOTAL INTEREST ON DEPOSITS 37.318 49.661 33,08% 48.642 49.661 2,09%
----------------------------------------------------------------------------------------------------------------------------
Interbank borrowings 8.982 5.151 -42,65% 5.512 5.151 -6,55%
Borrowings from domestic development banks 5.167 3.914 -24,25% 4.047 3.914 -3,29%
Overnight funds 2.877 6.629 130,41% 4.516 6.629 46,79%
Bonds 7.945 4.776 -39,89% 4.933 4.776 -3,18%
TOTAL INTEREST EXPENSE 62.289 70.131 12,59% 67.650 70.131 3,67%
----------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME 130.441 124.067 -4,89% 158.173 124.067 -21,56%
Provision for loan and accrued interest losses, net (18.258) (13.049) -28,53% 1.700 (13.049) -867,59%
Recovery of charged-off loans 7.141 4.999 -30,00% 5.049 4.999 -0,99%
Provision for foreclosed assets and other assets (1.362) (1.225) -10,06% 2.407 (1.225) -150,89%
Recovery of provisions for foreclosed assets and
other assets 1.358 5.077 273,86% 12.996 5.077 -60,93%
----------------------------------------------------------------------------------------------------------------------------
TOTAL NET PROVISIONS (11.121) (4.198) -62,25% 22.152 (4.198) -118,95%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 119.320 119.869 0,46% 180.325 119.869 -33,53%
----------------------------------------------------------------------------------------------------------------------------
Commissions from banking services and other services 4.671 6.182 32,35% 9.726 6.182 -36,44%
Electronic services and ATM's fees, net 6.960 5.894 -15,32% 7.271 5.894 -18,94%
Branch network services, net 4.099 7.961 94,22% 9.184 7.961 -13,32%
Collections and payments fees, net 5.145 7.967 54,85% 8.507 7.967 -6,35%
Credit card merchant fees, net 822 2.665 224,21% 977 2.665 172,77%
Credit and debit card fees, net 19.635 20.442 4,11% 16.425 20.442 24,46%
Checking fees, net 4.599 5.352 16,37% 5.914 5.352 -9,50%
Check remittance, net 927 866 -6,58% 837 866 3,46%
International operations, net 1.676 2.788 66,35% 2.575 2.788 8,27%
TOTAL FEES AND OTHER SERVICE INCOME 48.534 60.117 23,87% 61.416 60.117 -2,12%
----------------------------------------------------------------------------------------------------------------------------
Other fees and service expenses (5.516) (6.845) 24,09% (13.322) (6.845) -48,62%
TOTAL FEES AND INCOME FROM SERVICES, NET 43.018 53.272 23,84% 48.094 53.272 10,77%
----------------------------------------------------------------------------------------------------------------------------
OTHER OPERATING INCOME
Net foreign exchange gains (3.103) 5.889 -289,78% (20.474) 5.889 -128,76%
Forward contracts in foreign currency 11.633 (5.449) -146,84% 29.518 (5.449) -118,46%
Gains on sales of investments on equity securities -- 856 * (3.408) 856 -125,12%
Gains on sale of mortgage loan -- -- * 2.720 -- *
Dividend income 24 29 20,83% -- 29 *
Communication, rent payments and others 129 132 2,33% 115 132 14,78%
TOTAL OTHER OPERATING INCOME 8.683 1.457 -83,22% 8.471 1.457 -82,80%
----------------------------------------------------------------------------------------------------------------------------
TOTAL INCOME 171.021 174.598 2,09% 236.890 174.598 -26,30%
OPERATING EXPENSES
Salaries and employee benefits 42.857 47.339 10,46% 53.086 47.339 -10,83%
Bonus plan payments 2.087 2.270 8,77% 1.885 2.270 20,42%
Compensation 149 2.917 1857,72% 2.022 2.917 44,26%
Administrative and other expenses 51.577 56.975 10,47% 75.699 56.975 -24,73%
Deposit security, net 4.272 3.527 -17,44% 4.113 3.527 -14,25%
Donation expenses 13 42 223,08% 20.968 42 -99,80%
Depreciation 6.916 5.958 -13,85% 9.584 5.958 -37,83%
TOTAL OPERATING EXPENSES 107.871 119.028 10,34% 167.357 119.028 -28,88%
----------------------------------------------------------------------------------------------------------------------------
NET OPERATING INCOME 63.150 55.570 -12,00% 69.533 55.570 -20,08%
Merger expenses 3.103 5.602 80,53% 889 5.602 530,15%
Goodwill amortization 1.887 2.305 22,15% 2.304 2.305 0,04%
NON-OPERATING INCOME (EXPENSE)
Other income 3.518 6.976 98,29% 21.093 6.976 -66,93%
Other expense (3.775) (6.657) 76,34% (12.618) (6.657) -47,24%
TOTAL NON-OPERATING INCOME (257) 319 -224,12% 8.475 319 -96,24%
INCOME BEFORE INCOME TAXES 57.903 47.982 -17,13% 74.815 47.982 -35,87%
Income tax expense (8.870) (16.344) 84,26% 6.435 (16.344) -353,99%
----------------------------------------------------------------------------------------------------------------------------
NET INCOME 49.033 31.638 -35,48% 81.250 31.638 -61,06%
----------------------------------------------------------------------------------------------------------------------------