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 September, 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 RESULTS
FOR THE MONTH OF AUGUST 2008*
Medellín, Colombia, September 10, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps. 93.8 billion in August 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 764.1 billion for the first eight months of 2008, increasing 51.2% as compared to the same period of 2007.
  •  
Net interest income, including investment securities, totaled Ps. 230.3 billion in August 2008. For the eight month period ended August 31, 2008, net interest income totaled Ps. 1,666.6 billion, increasing 39.1% as compared to the same period last year.
 
  •  
Net fees and income from services in August 2008 totaled Ps. 66.0 billion. For the eight month period ended August 31, 2008, net fees and income from services totaled Ps. 510.4 billion, which represents an increase of 19.4% as compared to the same period of 2007.
 
  •  
Other operating income totaled Ps. 19.2 billion in August 2008. For the eight month period ended August 31, 2008, other operating income totaled Ps. 450.3 billion increasing 144.7% 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 30.8 billion in August 2008. Net provisions totaled Ps 375.5 for the eight month period ended August 31, 2008, which represents an increase of 109.3% as compared to the same period of 2007.
 
  •  
Operating expenses totaled Ps. 148.7 billion in August 2008. For the eight month period ended August 31, 2008, operating expenses totaled Ps. 1,147.5 billion, increasing 12.2% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps 34.9 trillion, loans amounted to Ps 24.7 trillion, deposits totaled Ps 21.9 trillion and Bancolombia’s total shareholders’ equity amounted to Ps 5.3 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.57% as of August 31, 2008, and the level of allowance for past due loans amounted to 131.49% 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 August, 2008 was as follows: 18.7% of total deposits, 20.8% of total net loans, 19.4% of total savings accounts, 20.8% of total checking accounts and 15.7% 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     Aug08 / Jul08     Annual  
(Ps. Millions)   Aug-07     Jul-08     Aug-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,818,226       2,454,353       2,522,361       68,008       2.77 %     38.73 %
Overnight funds sold
     497,174       232,682       540,030       307,348       132.09 %     8.62 %
Total cash and equivalents
     2,315,400       2,687,035       3,062,391       375,356       13.97 %     32.26 %
 
                                    
Debt securities
     3,984,761       4,058,193       4,042,678       -15,515       -0.38 %     1.45 %
Trading
     1,878,621       1,527,874       1,467,851       -60,023       -3.93 %     -21.87 %
Available for Sale
     1,052,785       1,135,745       1,182,561       46,816       4.12 %     12.33 %
Held to Maturity
     1,053,355       1,394,574       1,392,266       -2,308       -0.17 %     32.17 %
Equity securities
     970,166       1,094,723       1,124,493       29,770       2.72 %     15.91 %
Trading
     6,318       4,285       44,793       40,508       945.34 %     608.97 %
Available for Sale
     963,848       1,090,438       1,079,700       -10,738       -0.98 %     12.02 %
Market value allowance
     -29,866       -28,315       -18,478       9,837       -34.74 %     -38.13 %
Net investment securities
     4,925,061       5,124,601       5,148,693       24,092       0.47 %     4.54 %
 
                                    
Commercial loans
     16,385,808       18,252,557       18,446,451       193,894       1.06 %     12.58 %
Consumer loans
     3,376,285       3,846,354       3,879,804       33,450       0.87 %     14.91 %
Small business loans
     100,986       119,231       122,723       3,492       2.93 %     21.52 %
Mortgage loans
     1,965,423       2,357,480       2,245,087       -112,393       -4.77 %     14.23 %
Allowance for loans and financial leases losses
     -787,983       -1,103,792       -1,156,494       -52,702       4.77 %     46.77 %
Net total loans and financial leases
     21,040,519       23,471,830       23,537,571       65,741       0.28 %     11.87 %
 
                                    
Accrued interest receivable on loans
     260,110       333,087       358,451       25,364       7.61 %     37.81 %
Allowance for accrued interest losses
     -15,946       -24,361       -25,622       -1,261       5.18 %     60.68 %
Net total interest accrued
     244,164       308,726       332,829       24,103       7.81 %     36.31 %
 
                                    
Customers’ acceptances and derivatives
     105,313       248,974       272,396       23,422       9.41 %     158.65 %
Net accounts receivable
     412,011       383,671       412,947       29,276       7.63 %     0.23 %
Net premises and equipment
     393,418       562,257       576,859       14,602       2.60 %     46.63 %
Foreclosed assets
     12,055       3,745       3,659       -86       -2.30 %     -69.65 %
Prepaid expenses and deferred charges
     38,327       80,066       76,428       -3,638       -4.54 %     99.41 %
Goodwill
     21,727       3,927       3,509       -418       -10.64 %     -83.85 %
Other
     257,541       374,140       436,458       62,318       16.66 %     69.47 %
Reappraisal of assets
     1,019,259       1,024,284       1,064,252       39,968       3.90 %     4.41 %
 
                                    
Total assets
     30,784,795       34,273,256       34,927,992       654,736       1.91 %     13.46 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,071,583       4,025,008       3,974,829       -50,179       -1.25 %     -2.38 %
Checking accounts
     3,849,449       3,735,364       3,799,981       64,617       1.73 %     -1.29 %
Other
     222,134       289,644       174,848       -114,796       -39.63 %     -21.29 %
 
                                    
Interest bearing
     15,090,559       17,501,667       17,923,058       421,391       2.41 %     18.77 %
Checking accounts
     262,015       391,923       427,142       35,219       8.99 %     63.02 %
Time deposits
     4,502,849       6,221,028       6,425,137       204,109       3.28 %     42.69 %
Savings deposits
     10,325,695       10,888,716       11,070,779       182,063       1.67 %     7.22 %
 
                                    
Total deposits
     19,162,142       21,526,675       21,897,887       371,212       1.72 %     14.28 %
Overnight funds
     1,628,849       1,574,876       958,477       -616,399       -39.14 %     -41.16 %
Bank acceptances outstanding
     67,365       32,841       37,484       4,643       14.14 %     -44.36 %
Interbank borrowings
     700,928       557,546       641,597       84,051       15.08 %     -8.46 %
Borrowings from domestic development banks
     1,330,385       1,612,771       1,666,866       54,095       3.35 %     25.29 %
Accounts payable
     1,073,878       1,261,692       1,101,875       -159,817       -12.67 %     2.61 %
Accrued interest payable
     145,266       182,895       199,985       17,090       9.34 %     37.67 %
Other liabilities
     278,828       379,876       422,490       42,614       11.22 %     51.52 %
Bonds
     1,341,154       1,393,982       2,046,646       652,664       46.82 %     52.60 %
Accrued expenses
     407,534       592,993       646,928       53,935       9.10 %     58.74 %
 
                                    
Total liabilities
     26,136,329       29,116,147       29,620,235       504,088       1.73 %     13.33 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     2,811,153       3,332,765       3,426,588       93,823       2.82 %     21.89 %
Appropiated
     2,305,756       2,662,531       2,662,531       —       0.00 %     15.47 %
Unappropiated
     505,397       670,234       764,057       93,823       14.00 %     51.18 %
 
                                    
Reappraisal and others
     1,478,252       1,483,600       1,523,570       39,970       2.69 %     3.07 %
Gross unrealized gain or loss on debt securities
     (34,853 )     (53,170 )     (36,315 )     16,855       -31.70 %     4.19 %
 
                                    
Total shareholder’s equity
     4,648,466       5,157,109       5,307,757       150,648       2.92 %     14.18 %
 
                                    
Total liabilities and shareholder’s equity
     30,784,795       34,273,256       34,927,992       654,736       1.91 %     13.46 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps. Millions)   Aug-07     Aug-08     %     Jul-08     Aug-08     %  
Interest income and expenses
                                                
Interest on loans
     1,661,095       2,373,777       42.90 %     312,261       319,782       2.41 %
Interest on investment securities
     175,444       208,431       18.80 %     33,127       40,266       21.55 %
Overnight funds
     34,944       31,601       -9.57 %     3,476       4,446       27.91 %
Total interest income
     1,871,483       2,613,809       39.67 %     348,864       364,494       4.48 %
 
                                    
Interest expense Checking accounts
     11,801       10,142       -14.06 %     1,291       1,559       20.76 %
Time deposits
     180,562       339,554       88.05 %     47,506       51,249       7.88 %
Savings deposits
     289,021       359,153       24.27 %     43,777       47,855       9.32 %
Total interest on deposits
     481,384       708,849       47.25 %     92,574       100,663       8.74 %
 
                                    
Interbank borrowings
     49,756       17,694       -64.44 %     1,786       2,007       12.37 %
Borrowings from domestic development banks
     39,249       71,410       81.94 %     8,994       9,155       1.79 %
Overnight funds
     55,472       57,003       2.76 %     7,787       9,066       16.42 %
Bonds
     47,046       92,244       96.07 %     10,834       13,272       22.50 %
Total interest expense
     672,907       947,200       40.76 %     121,975       134,163       9.99 %
 
                                    
Net interest income
     1,198,576       1,666,609       39.05 %     226,889       230,331       1.52 %
Provision for loan and accrued interest losses, net
     (247,424 )     (433,183 )     75.08 %     (96,267 )     (46,535 )     -51.66 %
Recovery of charged-off loans
     43,190       40,229       -6.86 %     9,194       5,740       -37.57 %
Provision for foreclosed assets and other assets
     (15,393 )     (14,390 )     -6.52 %     (1,021 )     (1,266 )     24.00 %
Recovery of provisions for foreclosed assets and other assets
     40,178       31,802       -20.85 %     6,974       11,256       61.40 %
 
                                    
Total net provisions
     (179,449 )     (375,542 )     109.28 %     (81,120 )     (30,805 )     -62.03 %
Net interest income after provision for loans and accrued interest losses
     1,019,127       1,291,067       26.68 %     145,769       199,526       36.88 %
 
                                    
Commissions from banking services and other services
     61,792       76,800       24.29 %     12,212       9,251       -24.25 %
Electronic services and ATM’s fees, net
     47,393       51,874       9.45 %     6,299       6,362       1.00 %
Branch network services, net
     64,558       63,199       -2.11 %     8,889       7,845       -11.74 %
Collections and payments fees, net
     71,075       91,066       28.13 %     12,598       11,179       -11.26 %
Credit card merchant fees, net
     12,987       6,362       -51.01 %     147       763       419.05 %
Credit and debit card fees, net
     162,869       210,974       29.54 %     27,080       28,139       3.91 %
Checking fees, net
     44,075       43,914       -0.37 %     5,884       5,186       -11.86 %
Check remittance, net
     6,798       8,082       18.89 %     1,115       902       -19.10 %
International operations, net
     21,296       21,274       -0.10 %     2,852       2,851       -0.04 %
Total fees and other service income
     492,843       573,545       16.37 %     77,076       72,478       -5.97 %
 
                                    
Other fees and service expenses
     (65,426 )     (63,159 )     -3.46 %     (6,674 )     (6,481 )     -2.89 %
Total fees and income from services, net
     427,417       510,386       19.41 %     70,402       65,997       -6.26 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     134,756       (81,927 )     -160.80 %     (65,279 )     36,834       156.43 %
Forward contracts in foreign currency
     (61,394 )     271,573       542.34 %     105,294       (16,664 )     -115.83 %
Gains(Loss) on sales of investments on equity securities
     (13,254 )     35,683       369.22 %     —       (5,044 )     *  
Gains on sale of mortgage loan
     857       29,206       *       3,450       3,912       13.39 %
Dividend income
     122,098       194,815       59.56 %     —       27       *  
Communication, rent payments and others
     934       901       -3.53 %     125       102       -18.40 %
Total other operating income
     183,997       450,251       144.71 %     43,590       19,167       -56.03 %
 
                                    
Total income
     1,630,541       2,251,704       38.10 %     259,761       284,690       9.60 %
Operating expenses
                                                
Salaries and employee benefits
     400,681       428,849       7.03 %     53,022       54,205       2.23 %
Bonus plan payments
     26,616       68,356       156.82 %     11,636       7,176       -38.33 %
Compensation
     13,618       17,439       28.06 %     1,895       2,636       39.10 %
Administrative and other expenses
     503,933       555,993       10.33 %     73,754       73,318       -0.59 %
Deposit security, net
     27,375       26,642       -2.68 %     2,736       3,044       11.26 %
Donation expenses
     305       3,098       915.74 %     164       2,449       1393.29 %
Depreciation
     50,016       47,159       -5.71 %     5,872       5,869       -0.05 %
Total operating expenses
     1,022,544       1,147,536       12.22 %     149,079       148,697       -0.26 %
 
                                    
Net operating income
     607,997       1,104,168       81.61 %     110,682       135,993       22.87 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     18,435       9,000       -51.18 %     417       418       0.24 %
Non-operating income (expense)
                                                
Other income
     54,193       49,080       -9.43 %     4,903       1,760       -64.10 %
Other expense
     (29,249 )     (89,721 )     206.75 %     (6,018 )     (6,570 )     9.17 %
Total non-operating income
     24,944       (40,641 )     -262.93 %     (1,115 )     (4,810 )     331.39 %
Income before income taxes
     614,506       1,054,527       71.61 %     109,150       130,765       19.80 %
Income tax expense
     (109,109 )     (290,470 )     166.22 %     (23,789 )     (36,942 )     55.29 %
 
                                    
Net income
     505,397       764,057       51.18 %     85,361       93,823       9.91 %
 
                                    

 

 

 

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: September 10, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance