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 August, 2009.

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):  _____ 

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 S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF JULY 2009

Medellín, Colombia, August 12, 2009

Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 64.1 billion for the month ended July 31, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 619.2 billion for the first seven months of 2009, decreasing 7.6% as compared to the same period last year.

	•		Net interest income, including interest from investment securities, totaled Ps. 199.6 billion in July 2009. For the seven month period ended July 31, 2009, net interest income totaled Ps. 1,561.1 billion, increasing 8.7% as compared to the same period last year.
	•		Net fees and income from services totaled Ps. 72.6 billion in July 2009. For the seven month period ended July 31, 2009, net fees and income from services totaled Ps. 484.5 billion, which represents an increase of 9.0% as compared to the same period of 2008.
	•		Other operating income totaled Ps. 14.0 billion in July 2009. For the seven month period ended July 31, 2009, other operating income totaled Ps. 203.2 billion, decreasing 52.9% as compared to the same period last year.
	•		Net provisions charges totaled Ps. 42.8 billion in July 2009. Net provisions totaled Ps. 433.6 billion for the seven month period ended July 31, 2009, which represents an increase of 25.8% as compared to the same period of 2008.
	•		Operating expenses totaled Ps. 156.4 billion in July 2009. For the seven month period ended July 31, 2009, operating expenses totaled Ps. 1,120.1 billion, increasing 12.1% as compared to the same period of 2008.

Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 28.3 trillion, deposits totaled Ps. 27.1 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 6.1 trillion.

Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.57% as of July 31, 2009, and the coverage for past due loans was 145.3% 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 July 2009, was as follows: 21.9% of total net loans, 21.0% of total checking accounts, 20.8% of total savings accounts, 17.8% of time deposits and 19.7% of total 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.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET						As of								Jul09/Jun09								Annual
(Ps Millions)		Jul-08				Jun-09				Jul-09				$				%				%
ASSETS
Cash and due from banks			2,454,353				3,122,909				2,636,850				-486,059				-15.56	%			7.44	%
Overnight funds sold			232,682				1,058,060				1,879,600				821,540				77.65	%			707.80	%
Total cash and equivalents			2,687,035				4,180,969				4,516,450				335,481				8.02	%			68.08	%
Debt securities			4,058,193				4,474,220				4,310,993				-163,227				-3.65	%			6.23	%
Trading			1,527,874				1,414,063				1,274,738				-139,325				-9.85	%			-16.57	%
Available for Sale			1,135,745				932,541				877,662				-54,879				-5.88	%			-22.72	%
Held to Maturity			1,394,574				2,127,616				2,158,593				30,977				1.46	%			54.79	%
Equity securities			1,094,723				1,230,581				1,244,253				13,672				1.11	%			13.66	%
Trading			4,285				6,013				7,368				1,355				22.53	%			71.95	%
Available for Sale			1,090,438				1,224,568				1,236,885				12,317				1.01	%			13.43	%
Market value allowance			-28,315				-19,162				-29,060				-9,898				51.65	%			2.63	%
Net investment securities			5,124,601				5,685,639				5,526,186				-159,453				-2.80	%			7.84	%
Commercial loans			18,252,557				22,447,533				22,255,217				-192,316				-0.86	%			21.93	%
Consumer loans			3,846,354				3,646,500				3,561,548				-84,952				-2.33	%			-7.40	%
Microcredit			119,231				136,404				146,964				10,560				7.74	%			23.26	%
Mortgage loans			2,357,480				2,279,445				2,385,080				105,635				4.63	%			1.17	%
Allowance for loans and financial leases losses			-1,103,792				-1,468,350				-1,467,516				834				-0.06	%			32.95	%
Net total loans and financial leases			23,471,830				27,041,532				26,881,293				-160,239				-0.59	%			14.53	%
Accrued interest receivable on loans			333,087				380,143				355,288				-24,855				-6.54	%			6.67	%
Allowance for accrued interest losses			-24,361				-29,784				-27,716				2,068				-6.94	%			13.77	%
Net total interest accrued			308,726				350,359				327,572				-22,787				-6.50	%			6.10	%
Customers’ acceptances and derivatives			248,974				137,495				209,203				71,708				52.15	%			-15.97	%
Net accounts receivable			383,671				394,422				316,230				-78,192				-19.82	%			-17.58	%
Net premises and equipment			562,257				694,446				699,296				4,850				0.70	%			24.37	%
Foreclosed assets			3,745				3,835				22,187				18,352				478.54	%			492.44	%
Prepaid expenses and deferred charges			80,066				88,282				105,385				17,103				19.37	%			31.62	%
Goodwill			3,927				—				—				—				*				*
Other			374,140				446,417				382,619				-63,798				-14.29	%			2.27	%
Reappraisal of assets			1,024,284				1,409,756				1,399,823				-9,933				-0.70	%			36.66	%
Total assets			34,273,256				40,433,152				40,386,244				-46,908				-0.12	%			17.84	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			4,025,008				4,737,552				4,564,297				-173,255				-3.66	%			13.40	%
Checking accounts			3,735,364				4,412,591				4,244,652				-167,939				-3.81	%			13.63	%
Other			289,644				324,961				319,645				-5,316				-1.64	%			10.36	%
Interest bearing			17,501,667				21,902,655				22,501,023				598,368				2.73	%			28.57	%
Checking accounts			391,923				528,325				677,414				149,089				28.22	%			72.84	%
Time deposits			6,221,028				9,201,605				8,925,436				-276,169				-3.00	%			43.47	%
Savings deposits			10,888,716				12,172,725				12,898,173				725,448				5.96	%			18.45	%
Total deposits			21,526,675				26,640,207				27,065,320				425,113				1.60	%			25.73	%
Overnight funds			1,574,876				1,184,992				306,672				-878,320				-74.12	%			-80.53	%
Bank acceptances outstanding			32,841				33,086				38,152				5,066				15.31	%			16.17	%
Interbank borrowings			557,546				188,196				179,050				-9,146				-4.86	%			-67.89	%
Borrowings from domestic development banks			1,612,771				1,548,833				1,496,018				-52,815				-3.41	%			-7.24	%
Accounts payable			1,261,692				1,514,854				1,414,818				-100,036				-6.60	%			12.14	%
Accrued interest payable			182,895				316,829				335,668				18,839				5.95	%			83.53	%
Other liabilities			379,876				342,164				350,556				8,392				2.45	%			-7.72	%
Bonds			1,393,982				2,215,261				2,673,557				458,296				20.69	%			91.79	%
Accrued expenses			592,993				401,423				419,937				18,514				4.61	%			-29.18	%
Total liabilities			29,116,147				34,385,845				34,279,748				-106,097				-0.31	%			17.73	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			393,914				393,914				393,914				—				0.00	%			0.00	%
Retained earnings			3,332,765				3,769,663				3,833,768				64,105				1.70	%			15.03	%
Appropiated			2,662,531				3,214,596				3,214,596				—				0.00	%			20.73	%
Unappropiated			670,234				555,067				619,172				64,105				11.55	%			-7.62	%
Reappraisal and others			1,483,600				1,869,158				1,859,226				-9,932				-0.53	%			25.32	%
Gross unrealized gain or loss on debt securities			-53,170				14,572				19,588				5,016				34.42	%			-136.84	%
Total shareholder’s equity			5,157,109				6,047,307				6,106,496				59,189				0.98	%			18.41	%
Total liabilities and shareholder’s equity			34,273,256				40,433,152				40,386,244				-46,908				-0.12	%			17.84	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Jul-08				Jul-09				%				Jun-09				Jul-09				%
Interest income and expenses
Interest on loans			2,053,995				2,313,713				12.64	%			315,216				296,232				-6.02	%
Interest on investment securities			168,165				225,191				33.91	%			19,153				27,395				43.03	%
Overnight funds			27,155				26,207				-3.49	%			2,156				3,904				81.08	%
Total interest income			2,249,315				2,565,111				14.04	%			336,525				327,531				-2.67	%
Interest expense Checking accounts			8,583				12,486				45.47	%			1,633				1,677				2.69	%
Time deposits			288,305				445,649				54.58	%			62,646				58,271				-6.98	%
Savings deposits			311,298				299,824				-3.69	%			35,327				38,254				8.29	%
Total interest on deposits			608,186				757,959				24.63	%			99,606				98,202				-1.41	%
Interbank borrowings			15,687				16,652				6.15	%			938				806				-14.07	%
Borrowings from domestic development banks			62,255				67,866				9.01	%			8,451				7,327				-13.30	%
Overnight funds			47,937				29,795				-37.85	%			3,070				1,980				-35.50	%
Bonds			78,972				131,778				66.87	%			17,508				19,574				11.80	%
Total interest expense			813,037				1,004,050				23.49	%			129,573				127,889				-1.30	%
Net interest income			1,436,278				1,561,061				8.69	%			206,952				199,642				-3.53	%
Provision for loan and accrued interest losses, net			(386,648	)			(512,265	)			32.49	%			(62,679	)			(45,791	)			-26.94	%
Recovery of charged-off loans			34,489				71,638				107.71	%			13,150				14,867				13.06	%
Provision for foreclosed assets and other assets			(13,124	)			(23,878	)			81.94	%			(1,232	)			(12,365	)			903.65	%
Recovery of provisions for foreclosed assets and other assets			20,546				30,933				50.55	%			240				533				122.08	%
Total net provisions			(344,737	)			(433,572	)			25.77	%			(50,521	)			(42,756	)			-15.37	%
Net interest income after provision for loans and accrued interest losses			1,091,541				1,127,489				3.29	%			156,431				156,886				0.29	%
Commissions from banking services and other services			67,549				68,635				1.61	%			12,303				9,828				-20.12	%
Electronic services and ATM’s fees, net			45,512				31,045				-31.79	%			4,180				4,248				1.63	%
Branch network services, net			55,354				58,973				6.54	%			8,265				9,256				11.99	%
Collections and payments fees, net			79,887				93,301				16.79	%			13,712				15,505				13.08	%
Credit card merchant fees, net			5,599				6,546				16.91	%			1,368				1,488				8.77	%
Credit and debit card fees, net			182,835				216,710				18.53	%			32,617				30,231				-7.32	%
Checking fees, net			38,728				40,341				4.16	%			5,732				6,169				7.62	%
Check remittance, net			7,180				5,734				-20.14	%			764				891				16.62	%
International operations, net			18,423				22,983				24.75	%			2,647				3,819				44.28	%
Total fees and other service income			501,067				544,268				8.62	%			81,588				81,435				-0.19	%
Other fees and service expenses			(56,678	)			(59,812	)			5.53	%			(8,856	)			(8,837	)			-0.21	%
Total fees and income from services, net			444,389				484,456				9.02	%			72,732				72,598				-0.18	%
Other operating income
Net foreign exchange gains			(118,761	)			(179,891	)			51.47	%			(4,805	)			(72,085	)			1400.21	%
Derivative Financial Instruments			288,237				150,744				-47.70	%			1,158				83,038				7070.81	%
Gains(Loss) on sales of investments on equity securities			40,727				—				*				—				—				*
Securitization income			25,294				30,001				18.61	%			2,572				2,839				10.38	%
Dividend income			194,788				201,496				3.44	%			—				68				*
Communication, rent payments and others			799				850				6.38	%			104				131				25.96	%
Total other operating income			431,084				203,200				-52.86	%			(971	)			13,991				-1540.89	%
Total income			1,967,014				1,815,145				-7.72	%			228,192				243,475				6.70	%
Operating expenses
Salaries and employee benefits			374,644				438,326				17.00	%			68,221				61,260				-10.20	%
Bonus plan payments			61,180				16,666				-72.76	%			1,948				1,983				1.80	%
Compensation			14,803				9,711				-34.40	%			1,631				991				-39.24	%
Administrative and other expenses			482,675				566,323				17.33	%			69,826				79,628				14.04	%
Deposit security, net			23,598				36,286				53.77	%			5,179				4,969				-4.05	%
Donation expenses			649				458				-29.43	%			48				50				4.17	%
Depreciation			41,290				52,373				26.84	%			7,668				7,478				-2.48	%
Total operating expenses			998,839				1,120,143				12.14	%			154,521				156,359				1.19	%
Net operating income			968,175				695,002				-28.22	%			73,671				87,116				18.25	%
Goodwill amortization			8,582				1,841				-78.55	%			—				—				*
Non-operating income (expense)
Other income			47,320				88,952				87.98	%			11,905				8,202				-31.10	%
Other expense			(83,151	)			(48,905	)			-41.19	%			(6,162	)			(9,195	)			49.22	%
Total non-operating income			(35,831	)			40,047				211.77	%			5,743				(993	)			-117.29	%
Income before income taxes			923,762				733,208				-20.63	%			79,414				86,123				8.45	%
Income tax expense			(253,528	)			(114,036	)			-55.02	%			(3,402	)			(22,018	)			547.21	%
Net income			670,234				619,172				-7.62	%			76,012				64,105				-15.66	%

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.