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 October 2006

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 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-                    .)

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.

UNCONSOLIDATED NET INCOME OF PS 25,399 MILLION IN SEPTEMBER
TOTALING PS 393,886 MILLION FOR THE FIRST NINE MONTHS OF 2006 *

Medellín, COLOMBIA. October 11, 2006

BANCOLOMBIA reported unconsolidated net income of Ps 25,399 million during the past month of September, accumulating Ps 393,886 million for the first nine months of 2006.

During September, total net interest income, including investment securities amounted to Ps 143,525 million. Additionally, total net fees and income from services totaled in the month Ps 44,422 million.

Total assets amounted to Ps 25.21 trillion in September 2006, total deposits totaled Ps 16.08 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 3.20 trillion.

This month the Bank sold government securities (TES) to the National Treasury (Dirección General del Tesoro Nacional) amounting to approximately Ps. 586,000 million. In addition, as permitted by law, debt securities amounting to Ps. 177,000 million were reclassified from “Available for Sale” to “Trading”.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.34% as of September 30, 2006, and the level of allowance for past due loans was 146.00%.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian Financial System in September 2006 was as follows: 17.9% of total deposits, 22.4% of total net loans, 18.4% of total savings accounts, 20.4% of total checking accounts and 17.9% of total time deposits.

Contacts
Sergio Restrepo		Jaime A. Velásquez		Mauricio Botero
Executive VP		Financial VP		IR Manager
Tel.: (574) 5108668		Tel.: (574) 5108666		Tel.: (574) 5108866

September 2006

BANCOLOMBIA S.A.														Growth
BALANCE SHEET						As of								Month				Annual
(Ps Millions)		Sep-05				Aug-06				Sep-06				%				%
ASSETS
Cash and due from banks			866,591				1,053,492				1,417,398				34.54	%			63.56	%
Overnight funds sold			68,944				23,746				39,554				66.57	%			-42.63	%
Total cash and equivalents			935,535				1,077,238				1,456,952				35.25	%			55.73	%
Debt securities			6,024,510				4,556,902				4,002,437				-12.17	%			-33.56	%
Trading			3,701,030				1,819,818				2,008,523				10.37	%			-45.73	%
Available for Sale			1,360,557				1,490,744				1,166,161				-21.77	%			-14.29	%
Held to Maturity			962,923				1,246,340				827,753				-33.59	%			-14.04	%
Equity securities			930,966				922,509				922,094				-0.04	%			-0.95	%
Trading			133,574				2,834				2,845				0.39	%			-97.87	%
Available for Sale			797,392				919,675				919,249				-0.05	%			15.28	%
Market value allowance			-37,729				-39,548				-39,548				0.00	%			4.82	%
Net investment securities			6,917,747				5,439,863				4,884,983				-10.20	%			-29.38	%
Commercial loans			9,492,854				12,444,342				12,636,451				1.54	%			33.12	%
Consumer loans			1,999,904				2,386,689				2,466,936				3.36	%			23.35	%
Small business loans			98,620				92,974				94,532				1.68	%			-4.15	%
Mortgage loans			1,475,421				1,863,601				1,970,598				5.74	%			33.56	%
Allowance for loans and financial leases losses			-586,765				-562,659				-584,401				3.86	%			-0.40	%
Net total loans and financial leases			12,480,034				16,224,947				16,584,116				2.21	%			32.89	%
Accrued interest receivable on loans			153,038				179,105				176,424				-1.50	%			15.28	%
Allowance for accrued interest losses			-11,433				-7,613				-7,505				-1.42	%			-34.36	%
Net total interest accrued			141,605				171,492				168,919				-1.50	%			19.29	%
Customers’ acceptances and derivatives			94,139				152,612				128,997				-15.47	%			37.03	%
Net accounts receivable			152,396				211,884				218,702				3.22	%			43.51	%
Net premises and equipment			344,639				365,060				364,470				-0.16	%			5.75	%
Foreclosed assets			36,096				19,261				23,185				20.37	%			-35.77	%
Prepaid expenses and deferred charges			9,345				37,731				29,551				-21.68	%			216.22	%
Goodwill			56,621				49,382				47,077				-4.67	%			-16.86	%
Other			173,560				547,697				578,341				5.60	%			233.22	%
Reappraisal of assets			678,162				686,919				726,297				5.73	%			7.10	%
Total assets			22,019,879				24,984,086				25,211,590				0.91	%			14.49	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			2,806,772				3,422,212				3,461,152				1.14	%			23.31	%
Checking accounts			2,433,865				3,134,287				3,135,895				0.05	%			28.84	%
Other			372,907				287,925				325,257				12.97	%			-12.78	%
Interest bearing			10,647,091				12,438,858				12,620,917				1.46	%			18.54	%
Checking accounts			191,186				269,778				240,404				-10.89	%			25.74	%
Time deposits			3,179,636				3,452,220				3,680,652				6.62	%			15.76	%
Savings deposits			7,276,269				8,716,860				8,699,861				-0.20	%			19.56	%
Total deposits			13,453,863				15,861,070				16,082,069				1.39	%			19.53	%
Overnight funds			539,117				1,662,025				1,484,188				-10.70	%			175.30	%
Bank acceptances outstanding			56,584				73,165				77,527				5.96	%			37.01	%
Interbank borrowings			1,376,618				1,284,543				1,260,197				-1.90	%			-8.46	%
Borrowings from domestic development banks			874,960				800,322				787,393				-1.62	%			-10.01	%
Accounts payable			722,305				576,447				722,420				25.32	%			0.02	%
Accrued interest payable			133,028				121,572				122,387				0.67	%			-8.00	%
Other liabilities			197,676				226,562				247,884				9.41	%			25.40	%
Bonds			1,292,140				925,311				891,868				-3.61	%			-30.98	%
Accrued expenses			319,492				312,078				339,764				8.87	%			6.35	%
Total liabilities			18,965,783				21,843,095				22,015,697				0.79	%			16.08	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				363,914				363,914				0.00	%			0.00	%
Retained earnings			1,415,800				1,597,430				1,622,829				1.59	%			14.62	%
Appropiated			861,300				1,228,943				1,228,943				0.00	%			42.68	%
Unappropiated			554,500				368,487				393,886				6.89	%			-28.97	%
Reappraisal and others			1,180,111				1,169,820				1,208,358				3.29	%			2.39	%
Gross unrealized gain or loss on debt securities			94,271				9,827				792				-91.94	%			-99.16	%
Total shareholder’s equity			3,054,096				3,140,991				3,195,893				1.75	%			4.64	%
Total liabilities and shareholder’s equity			22,019,879				24,984,086				25,211,590				0.91	%			14.49	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Sep-05				Sep-06				%				Aug-06				Sep-06				%
Interest income and expenses
Interest on loans			1,303,544				1,357,502				4.14	%			164,994				169,630				2.81	%
Interest on investment securities			544,594				80,588				-85.20	%			51,534				39,082				-24.16	%
Overnight funds			15,830				20,157				27.33	%			2,483				2,025				-18.45	%
Total interest income			1,863,968				1,458,247				-21.77	%			219,011				210,737				-3.78	%
Interest expense
Checking accounts			4,390				5,752				31.03	%			665				613				-7.82	%
Time deposits			212,305				160,220				-24.53	%			18,184				19,464				7.04	%
Savings deposits			178,716				183,717				2.80	%			23,577				24,063				2.06	%
Total interest on deposits			395,411				349,689				-11.56	%			42,426				44,140				4.04	%
Interbank borrowings			35,021				80,244				129.13	%			7,354				7,461				1.45	%
Borrowings from domestic development banks			55,853				42,521				-23.87	%			4,610				4,360				-5.42	%
Overnight funds			36,358				46,046				26.65	%			6,141				5,379				-12.41	%
Bonds			86,864				59,498				-31.50	%			5,922				5,872				-0.84	%
Total interest expense			609,507				577,998				-5.17	%			66,453				67,212				1.14	%
Net interest income			1,254,461				880,249				-29.83	%			152,558				143,525				-5.92	%
Provision for loan and accrued interest losses, net			(107,430	)			(141,713	)			31.91	%			(17,255	)			(25,776	)			49.38	%
Recovery of charged-off loans			43,927				46,028				4.78	%			3,630				6,338				74.60	%
Provision for foreclosed assets and other assets			(47,831	)			(19,824	)			-58.55	%			(1,886	)			122				-106.47	%
Recovery of provisions for foreclosed assets and other assets			30,047				61,066				103.23	%			1,396				754				-45.99	%
Total net provisions			(81,287	)			(54,443	)			-33.02	%			(14,115	)			(18,562	)			31.51	%
Net interest income after provision for loans and accrued interest losses			1,173,174				825,806				-29.61	%			138,443				124,963				-9.74	%
Commissions from banking services and other services			44,757				60,010				34.08	%			7,489				6,294				-15.96	%
Electronic services and ATM’s fees, net			78,771				64,839				-17.69	%			7,170				7,468				4.16	%
Branch network services, net			35,643				40,296				13.05	%			4,824				4,767				-1.18	%
Collections and payments fees, net			41,683				51,566				23.71	%			6,141				5,737				-6.58	%
Credit card merchant fees, net			7,387				5,994				-18.86	%			281				670				138.43	%
Credit and debit card fees, net			152,967				180,184				17.79	%			21,736				18,714				-13.90	%
Checking fees, net			40,939				44,511				8.73	%			5,300				4,981				-6.02	%
Check remittance, net			7,723				8,337				7.95	%			952				909				-4.52	%
International operations, net			18,017				20,483				13.69	%			2,668				2,304				-13.64	%
Total fees and other service income			427,887				476,220				11.30	%			56,561				51,844				-8.34	%
Other fees and service expenses			(34,498	)			(55,542	)			61.00	%			(6,399	)			(7,422	)			15.99	%
Total fees and income from services, net			393,389				420,678				6.94	%			50,162				44,422				-11.44	%
Other operating income
Net foreign exchange gains			(63,263	)			103,040				-262.88	%			(570	)			3,893				-782.98	%
Forward contracts in foreign currency			124,064				(26,367	)			-121.25	%			7,247				(6,867	)			-194.76	%
Gains on sales of investments on equity securities			—				43,128				*				—				—				0.00	%
Dividend income			99,997				128,571				28.57	%			—				—				0.00	%
Communication, rent payments and others			1,255				1,189				-5.26	%			140				128				-8.57	%
Total other operating income			162,053				249,561				54.00	%			6,817				(2,846	)			-141.75	%
Total income			1,728,616				1,496,045				-13.45	%			195,422				166,539				-14.78	%
Operating expenses
Salaries and employee benefits			378,088				404,571				7.00	%			45,686				46,338				1.43	%
Bonus plan payments			12,016				12,076				0.50	%			2,692				3,363				24.93	%
Compensation			5,849				2,683				-54.13	%			159				313				96.86	%
Administrative and other expenses			505,901				474,024				-6.30	%			56,620				57,539				1.62	%
Deposit security, net			37,695				41,638				10.46	%			5,947				5,068				-14.78	%
Donation expenses			410				156				-61.95	%			29				25				-13.79	%
Depreciation			48,870				56,258				15.12	%			6,039				7,698				27.47	%
Total operating expenses			988,829				991,406				0.26	%			117,172				120,344				2.71	%
Net operating income			739,787				504,639				-31.79	%			78,250				46,195				-40.96	%
Merger expenses			30,576				26,303				-13.98	%			5,232				6,981				33.43	%
Goodwill amortization			16,986				18,900				11.27	%			2,305				2,304				-0.04	%
Non-operating income (expense)
Other income			34,605				133,866				286.84	%			2,417				3,155				30.53	%
Other expense			(55,089	)			(110,614	)			100.79	%			(10,858	)			(9,631	)			-11.30	%
Total non-operating income			(20,484	)			23,252				-213.51	%			(8,441	)			(6,476	)			-23.28	%
Income before income taxes			671,741				482,688				-28.14	%			62,272				30,434				-51.13	%
Income tax expense			(117,241	)			(88,802	)			-24.26	%			(15,289	)			(5,035	)			-67.07	%
Net income			554,500				393,886				-28.97	%			46,983				25,399				-45.94	%