Edgar Filing: BANCOLOMBIA SA

Unassociated Document

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 November, 2010.

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85

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): 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)(2): 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-_________________.

CORRECTION TO INFORMATION STATEMENT: BANCOLOMBIA S.A. REPORTS CONSOLIDATED NET INCOME OF COP 375 BILLION FOR THE THIRD QUARTER OF 2010 (COP 476 PER SHARE - USD 1.06 PER ADR), WHICH REPRESENTS AN INCREASE OF 17% COMPARED TO THE SAME QUARTER LAST YEAR.

Medellin, Colombia, November 04, 2010

This Form 6-K is being furnished solely to correct inadvertent errors in two tables in the Form 6-K furnished on November 3, 2010, with respect to (i) the growth of loan portfolios in the third quarter of 2010 as compared to the second quarter of 2010 and as compared to the third quarter of 2009 and (ii) certain figures relating to growth in fees and other services expenses on the income statement in the third quarter of 2010 as compared to the second quarter of 2010.

Bancolombia notes that this adjustment does not have an impact on the figures reported on the balance sheet or statement of income included in such 6-K.

The following table contains the amended last two columns titled “3Q10/2Q10” and “3Q10/3Q09” and summarizes Bancolombia’s total loan portfolio:

LOAN PORTFOLIO				As of						Growth
(COP million)	3Q09			2Q10			3Q10			3Q10/2Q10			3Q10/3Q09
CORPORATE
Working capital loans		18,554,910			19,788,703			20,331,403			2.74	%		9.57	%
Funded by domestic development banks		681,931			395,026			324,811			-17.77	%		-52.37	%
Trade Financing		1,332,765			1,602,804			2,110,665			31.69	%		58.37	%
Overdrafts		104,263			91,362			90,155			-1.32	%		-13.53	%
Credit Cards		37,538			37,147			42,618			14.73	%		13.53	%
TOTAL CORPORATE		20,711,407			21,915,042			22,899,652			4.49	%		10.57	%
RETAIL AND SMEs
Working capital loans		4,203,293			4,424,178			4,360,456			-1.44	%		3.74	%
Personal loans		3,739,370			3,820,676			4,229,536			10.70	%		13.11	%
Loans funded by domestic development banks		816,660			762,168			727,207			-4.59	%		-10.95	%
Credit Cards		2,321,921			2,414,429			2,456,024			1.72	%		5.78	%
Overdrafts		259,565			251,938			238,226			-5.44	%		-8.22	%
Automobile loans		1,256,513			1,178,490			1,238,911			5.13	%		-1.40	%
Trade Financing		101,140			43,983			43,295			-1.56	%		-57.19	%
TOTAL RETAIL AND SMEs		12,698,462			12,895,862			13,293,655			3.08	%		4.69	%
MORTGAGE		3,279,715			3,638,968			3,672,243			0.91	%		11.97	%
FINANCIAL LEASES		5,396,877			5,435,666			5,502,055			1.22	%		1.95	%
Total loans and financial leases		42,086,461			43,885,538			45,367,605			3.38	%		7.80	%
Allowance for loan losses		(2,297,314	)		(2,449,215	)		(2,475,981	)		1.09	%		7.78	%
Total loans and financial leases, net		39,789,147			41,436,323			42,891,624			3.51	%		7.80	%

The below table contains the following amended figures for the column titled “Growth 3Q10/2Q10”: (i) growth in commissions from banking services and other services was -10.60% as compared to the -47.07% originally presented, (ii) growth in credit card merchant fees was -7.56% as compared to the -22.57% originally presented, (iii) growth in fiduciary activities was -4.09% as compared to the -4.25% originally presented and (iv) growth in international operations was 2.34% as compared to the 138.49% originally presented.

INCOME STATEMENT	As of						Growth												Growth
(Ps millions)	Sep-09			Sep-10			Sep-10/Sep-09			3Q 09			2Q 10			3Q 10			3Q 10/2Q 10			3Q 10/3Q 09
Interest income and expenses
Interest on loans		3,840,333			2,900,639			-24.47	%		1,140,070			973,108			958,171			-1.53	%		-15.96	%
Interest on investment securities		420,627			343,396			-18.36	%		128,875			126,359			140,688			11.34	%		9.17	%
Overnight funds		61,371			35,304			-42.47	%		15,794			10,389			8,168			-21.38	%		-48.28	%
Leasing		571,046			426,063			-25.39	%		165,031			140,347			139,205			-0.81	%		-15.65	%
Total interest income		4,893,377			3,705,402			-24.28	%		1,449,770			1,250,203			1,246,232			-0.32	%		-14.04	%
Interest expense														-
Checking accounts		33,895			27,642			-18.45	%		10,242			9,365			9,779			4.42	%		-4.52	%
Time deposits		1,129,215			533,826			-52.73	%		317,873			170,913			169,950			-0.56	%		-46.54	%
Savings deposits		361,550			236,146			-34.69	%		103,790			79,552			77,051			-3.14	%		-25.76	%
Total interest on deposits		1,524,660			797,614			-47.69	%		431,905			259,830			256,780			-1.17	%		-40.55	%
Interbank borrowings		42,181			13,500			-68.00	%		6,561			4,540			4,141			-8.79	%		-36.88	%
Borrowings from domestic development banks		208,042			107,442			-48.36	%		53,923			35,820			32,575			-9.06	%		-39.59	%
Overnight funds		84,255			26,750			-68.25	%		16,642			9,541			8,219			-13.86	%		-50.61	%
Bonds		273,459			234,053			-14.41	%		91,564			73,940			85,408			15.51	%		-6.72	%
Total interest expense		2,132,597			1,179,359			-44.70	%		600,595			383,671			387,123			0.90	%		-35.54	%
Net interest income		2,760,780			2,526,043			-8.50	%		849,175			866,532			859,109			-0.86	%		1.17	%
Provision for loan and accrued interest losses, net		(959,076	)		(608,874	)		-36.51	%		(190,865	)		(235,030	)		(187,855	)		-20.07	%		-1.58	%
Recovery of charged-off loans		135,365			179,508			32.61	%		53,646			62,499			61,273			-1.96	%		14.22	%
Provision for foreclosed assets and other assets		(71,430	)		(55,178	)		-22.75	%		(32,366	)		(20,452	)		(15,562	)		-23.91	%		-51.92	%
Recovery of provisions for foreclosed assets and other assets		42,504			17,621			-58.54	%		1,818			6,336			4,366			-31.09	%		140.15	%
Total net provisions		(852,637	)		(466,923	)		-45.24	%		(167,767	)		(186,647	)		(137,778	)		-26.18	%		-17.88	%
Net interest income after provision for loans and accrued interest losses		1,908,143			2,059,120			7.91	%		681,408			679,885			721,331			6.10	%		5.86	%
Commissions from banking services and other services		189,607			221,396			16.77	%		58,912			80,958			72,377			-10.60	%		22.86	%
Electronic services and ATM fees		44,168			41,020			-7.13	%		13,744			13,415			13,830			3.09	%		0.63	%
Branch network services		81,094			85,963			6.00	%		27,698			28,572			29,825			4.39	%		7.68	%
Collections and payments fees		136,888			164,231			19.97	%		48,075			52,813			56,271			6.55	%		17.05	%
Credit card merchant fees		21,066			11,304			-46.34	%		7,259			3,690			3,411			-7.56	%		-53.01	%
Credit and debit card annual fees		408,614			424,639			3.92	%		134,156			140,828			143,803			2.11	%		7.19	%
Checking fees		52,251			51,803			-0.86	%		17,816			16,892			17,504			3.62	%		-1.75	%
Fiduciary activities		124,059			125,252			0.96	%		42,426			43,463			41,684			-4.09	%		-1.75	%
Pension plan administration		72,189			66,024			-8.54	%		20,690			24,188			19,593			-19.00	%		-5.30	%
Brokerage fees		30,373			25,048			-17.53	%		12,061			8,388			9,183			9.48	%		-23.86	%
Check remittance		19,479			12,919			-33.68	%		6,581			4,420			3,860			-12.67	%		-41.35	%
International operations		43,203			42,764			-1.02	%		16,263			15,455			15,816			2.34	%		-2.75	%
Fees and other service income		1,222,991			1,272,363			4.04	%		405,681			433,082			427,157			-1.37	%		5.29	%
Fees and other service expenses		(107,625	)		(112,218	)		4.27	%		(37,081	)		(37,468	)		(37,037	)		-1.15	%		-0.12	%
Total fees and income from services, net		1,115,366			1,160,145			4.01	%		368,600			395,614			390,120			-1.39	%		5.84	%
Other operating income														-
Net foreign exchange gains		(267,535	)		21,057			107.87	%		(150,887	)		17,871			(1,912	)		-110.70	%		-98.73	%
Derivatives Financial Contracts		247,998			38,548			-84.46	%		172,270			(16,069	)		26,845			267.06	%		-84.42	%
Gains(loss) on sales of investments on equity securities		609			43,221			6997.04	%		71			(625	)		9,634			1641.44	%		13469.01	%
Securitization income		41,443			44,214			6.69	%		14,281			15,640			18,698			19.55	%		30.93	%
Dividend income		23,956			32,499			35.66	%		3,184			11,495			4,935			-57.07	%		54.99	%
Revenues from commercial subsidiaries		75,637			68,567			-9.35	%		23,762			20,347			25,072			23.22	%		5.51	%
Insurance income		10,118			4,596			-54.58	%		(2,060	)		3,041			15			-99.51	%		100.73	%
Communication, postage, rent and others		116,523			129,088			10.78	%		41,731			42,910			44,774			4.34	%		7.29	%
Total other operating income		248,749			381,790			53.48	%		102,352			94,610			128,061			35.36	%		25.12	%
Total income		3,272,258			3,601,055			10.05	%		1,152,360			1,170,109			1,239,512			5.93	%		7.56	%
Operating expenses														-
Salaries and employee benefits		777,671			836,195			7.53	%		258,027			282,903			282,878			-0.01	%		9.63	%
Bonus plan payments		53,001			86,215			62.67	%		15,065			24,504			24,289			-0.88	%		61.23	%
Compensation		14,212			23,616			66.17	%		3,988			7,498			6,229			-16.92	%		56.19	%
Administrative and other expenses		1,051,734			1,073,468			2.07	%		351,871			356,384			371,994			4.38	%		5.72	%
Deposit security, net		57,382			62,366			8.69	%		18,743			21,718			21,221			-2.29	%		13.22	%
Donation expenses		2,104			5,068			140.87	%		711			639			3,565			457.90	%		401.41	%
Depreciation		138,021			146,086			5.84	%		47,747			49,037			49,301			0.54	%		3.25	%
Total operating expenses		2,094,125			2,233,014			6.63	%		696,152			742,683			759,477			2.26	%		9.10	%
Net operating income		1,178,133			1,368,041			16.12	%		456,208			427,426			480,035			12.31	%		5.22	%
Goodwill amortization (1)		53,911			43,006			-20.23	%		15,614			15,041			12,823			-14.75	%		-17.87	%
Non-operating income (expense)														-
Other income		181,837			162,265			-10.76	%		62,663			27,303			62,786			129.96	%		0.20	%
Minority interest		(19,375	)		(11,101	)		-42.70	%		(8,632	)		(2,240	)		(6,159	)		174.96	%		-28.65	%
Other expense		(90,083	)		(85,100	)		-5.53	%		(33,753	)		(29,552	)		(24,042	)		-18.65	%		-28.77	%
Total non-operating income		72,379			66,064			-8.72	%		20,278			(4,489	)		32,585			825.89	%		60.69	%
Income before income taxes		1,196,601			1,391,099			16.25	%		460,872			407,896			499,797			22.53	%		8.45	%
Income tax expense		(311,155	)		(383,732	)		23.33	%		(139,674	)		(116,646	)		(124,664	)		6.87	%		-10.75	%
Net income		885,446			1,007,367			13.77	%		321,198			291,250			375,133			28.80	%		16.79	%

Contacts
Sergio Restrepo	Jaime A. Velásquez	Alejandro Mejía
Executive VP	Financial VP	IR Manager
Tel.: (574) 4041424	Tel.: (574) 4042199	Tel.: (574) 4041837

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: November 04, 2010	By:	/s/ JAIME ALBERTO VELÁSQUEZ B.
		Name:	Jaime Alberto Velásquez B.
		Title:	Vice President of Finance