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 July, 2007.

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-                    .

 

 

UNCONSOLIDATED NET INCOME OF PS 40,522 MILLION FOR THE MONTH OF JUNE 2007
TOTALING PS 357,288 MILLION FOR THE FIRST SIX MONTHS OF 2007

Medellín, Colombia, July 11, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 40,522 million during the past month of June.

During June, total net interest income, including investment securities amounted to Ps 164,608 million. Additionally, total net fees and income from services totaled Ps 55,314 million.

Total assets amounted to Ps 29.18 trillion, total deposits totaled Ps 18.61 trillion and Bancolombia’s total shareholders’ equity amounted to Ps 3.52 trillion.

Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans was 2.49% as of June 30, 2007, and the level of allowance for past due loans was 142.41% as of the same date.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), Bancolombia’s market share of the Colombian financial system in June 2007 was as follows: 18.2% of total deposits, 20.8% of total net loans, 18.9% of total savings accounts, 21.8% of total checking accounts and 13.4% 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.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET		As of												Jun07/May07								Annual
(Ps Millions)		Jun-06				May-07				Jun-07				$				%				%
ASSETS
Cash and due from banks			936,386				1,414,014				1,894,783				480,769				34.00	%			102.35	%
Overnight funds sold			532,689				431,209				494,651				63,442				14.71	%			-7.14	%
Total cash and equivalents			1,469,075				1,845,223				2,389,434				544,211				29.49	%			62.65	%
Debt securities			6,035,334				3,995,659				3,718,886				-276,773				-6.93	%			-38.38	%
Trading			3,336,797				1,839,681				1,674,978				-164,703				-8.95	%			-49.80	%
Available for Sale			1,459,238				1,067,918				973,651				-94,267				-8.83	%			-33.28	%
Held to Maturity			1,239,299				1,088,060				1,070,257				-17,803				-1.64	%			-13.64	%
Equity securities			920,907				955,158				961,667				6,509				0.68	%			4.43	%
Trading			2,811				597				5,602				5,005				838.36	%			99.29	%
Available for Sale			918,096				954,561				956,065				1,504				0.16	%			4.14	%
Market value allowance			-40,507				-29,789				-29,833				-44				0.15	%			-26.35	%
Net investment securities			6,915,734				4,921,028				4,650,720				-270,308				-5.49	%			-32.75	%
Commercial loans			11,475,783				15,038,857				15,223,340				184,483				1.23	%			32.66	%
Consumer loans			2,280,338				2,940,779				3,068,543				127,764				4.34	%			34.57	%
Small business loans			73,968				116,163				112,840				-3,323				-2.86	%			52.55	%
Mortgage loans			1,708,818				1,924,507				2,031,531				107,024				5.56	%			18.89	%
Allowance for loans and financial leases losses			-548,244				-673,673				-720,858				-47,185				7.00	%			31.48	%
Net total loans and financial leases			14,990,663				19,346,633				19,715,396				368,763				1.91	%			31.52	%
Accrued interest receivable on loans			148,921				217,828				234,818				16,990				7.80	%			57.68	%
Allowance for accrued interest losses			-7,234				-9,437				-10,562				-1,125				11.92	%			46.00	%
Net total interest accrued			141,687				208,391				224,256				15,865				7.61	%			58.28	%
Customers’ acceptances and derivatives			56,096				242,748				237,090				-5,658				-2.33	%			322.65	%
Net accounts receivable			215,477				321,557				365,428				43,871				13.64	%			69.59	%
Net premises and equipment			341,602				374,029				375,485				1,456				0.39	%			9.92	%
Foreclosed assets			23,855				14,122				13,185				-937				-6.64	%			-44.73	%
Prepaid expenses and deferred charges			27,108				36,972				30,324				-6,648				-17.98	%			11.86	%
Goodwill			53,991				28,641				26,336				-2,305				-8.05	%			-51.22	%
Other			426,998				370,598				256,118				-114,480				-30.89	%			-40.02	%
Reappraisal of assets			668,858				853,640				896,405				42,765				5.01	%			34.02	%
Total assets			25,331,144				28,563,582				29,180,177				616,595				2.16	%			15.19	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,434,429				3,896,674				3,895,143				-1,531				-0.04	%			13.41	%
Checking accounts			3,149,113				3,606,203				3,578,721				-27,482				-0.76	%			13.64	%
Other			285,316				290,471				316,422				25,951				8.93	%			10.90	%
Interest bearing			12,288,793				14,420,880				14,715,170				294,290				2.04	%			19.74	%
Checking accounts			303,297				293,438				294,808				1,370				0.47	%			-2.80	%
Time deposits			3,286,884				3,561,845				4,096,939				535,094				15.02	%			24.65	%
Savings deposits			8,698,612				10,565,597				10,323,423				-242,174				-2.29	%			18.68	%
Total deposits			15,723,222				18,317,554				18,610,313				292,759				1.60	%			18.36	%
Overnight funds			1,348,952				439,938				1,685,057				1,245,119				283.02	%			24.92	%
Bank acceptances outstanding			60,726				50,323				56,289				5,966				11.86	%			-7.31	%
Interbank borrowings			1,892,777				1,266,191				1,018,073				-248,118				-19.60	%			-46.21	%
Borrowings from domestic development banks			864,606				918,425				976,077				57,652				6.28	%			12.89	%
Accounts payable			796,737				2,099,373				1,239,422				-859,951				-40.96	%			55.56	%
Accrued interest payable			130,942				119,431				130,618				11,187				9.37	%			-0.25	%
Other liabilities			271,014				275,230				271,966				-3,264				-1.19	%			0.35	%
Bonds			979,686				1,285,030				1,285,585				555				0.04	%			31.22	%
Accrued expenses			261,236				389,576				384,867				-4,709				-1.21	%			47.33	%
Total liabilities			22,329,898				25,161,071				25,658,267				497,196				1.98	%			14.91	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				363,914				365,375				1,461				0.40	%			0.40	%
Retained earnings			1,519,876				1,740,870				1,824,365				83,495				4.80	%			20.03	%
Appropiated			1,228,943				1,424,104				1,467,077				42,973				3.02	%			19.38	%
Unappropiated			290,933				316,766				357,288				40,522				12.79	%			22.81	%
Reappraisal and others			1,145,247				1,312,589				1,355,357				42,768				3.26	%			18.35	%
Gross unrealized gain or loss on debt securities			(27,791	)			(14,862	)			(23,187	)			(8,325	)			56.02	%			-16.57	%
Total shareholder’s equity			3,001,246				3,402,511				3,521,910				119,399				3.51	%			17.35	%
Total liabilities and shareholder’s equity			25,331,144				28,563,582				29,180,177				616,595				2.16	%			15.19	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Jun-06				Jun-07				%				May-07				Jun-07				%
Interest income and expenses
Interest on loans			862,587				1,187,729				37.69	%			210,428				219,160				4.15	%
Interest on investment securities			(46,148	)			142,815				409.47	%			24,223				31,108				28.42	%
Overnight funds			12,243				24,230				97.91	%			4,804				4,632				-3.58	%
Total interest income			828,682				1,354,774				63.49	%			239,455				254,900				6.45	%
Interest expense Checking accounts			3,910				8,398				114.78	%			995				1,439				44.62	%
Time deposits			104,977				123,740				17.87	%			21,336				23,582				10.53	%
Savings deposits			111,632				209,540				87.71	%			39,821				37,160				-6.68	%
Total interest on deposits			220,519				341,678				54.94	%			62,152				62,181				0.05	%
Interbank borrowings			56,118				41,490				-26.07	%			10,624				5,951				-43.99	%
Borrowings from domestic development banks			29,003				26,687				-7.99	%			4,914				5,183				5.47	%
Overnight funds			28,165				37,398				32.78	%			4,064				8,476				108.56	%
Bonds			41,574				29,910				-28.06	%			4,794				8,501				77.33	%
Total interest expense			375,379				477,163				27.11	%			86,548				90,292				4.33	%
Net interest income			453,303				877,611				93.60	%			152,907				164,608				7.65	%
Provision for loan and accrued interest losses, net			(76,954	)			(170,704	)			121.83	%			(41,745	)			(48,347	)			15.82	%
Recovery of charged-off loans			29,528				29,041				-1.65	%			6,990				4,782				-31.59	%
Provision for foreclosed assets and other assets			(14,212	)			(10,886	)			-23.40	%			(1,508	)			(1,961	)			30.04	%
Recovery of provisions for foreclosed assets and other assets			57,434				36,439				-36.56	%			7,047				23				-99.67	%
Total net provisions			(4,204	)			(116,110	)			2661.89	%			(29,216	)			(45,503	)			55.75	%
Net interest income after provision for loans and accrued interest losses			449,099				761,501				69.56	%			123,691				119,105				-3.71	%
Commissions from banking services and other services			38,693				42,125				8.87	%			7,702				8,087				5.00	%
Electronic services and ATM’s fees, net			42,550				34,423				-19.10	%			5,839				6,404				9.68	%
Branch network services, net			26,151				48,016				83.61	%			8,449				8,018				-5.10	%
Collections and payments fees, net			33,844				51,909				53.38	%			9,232				9,404				1.86	%
Credit card merchant fees, net			4,314				10,229				137.11	%			1,598				712				-55.44	%
Credit and debit card fees, net			118,251				119,696				1.22	%			19,917				22,648				13.71	%
Checking fees, net			29,080				32,811				12.83	%			5,930				5,414				-8.70	%
Check remittance, net			5,589				5,024				-10.11	%			665				842				26.62	%
International operations, net			12,689				16,302				28.47	%			2,651				2,729				2.94	%
Total fees and other service income			311,161				360,535				15.87	%			61,983				64,258				3.67	%
Other fees and service expenses			(33,727	)			(45,524	)			34.98	%			(7,257	)			(8,944	)			23.25	%
Total fees and income from services, net			277,434				315,011				13.54	%			54,726				55,314				1.07	%
Other operating income
Net foreign exchange gains			136,753				(56,570	)			-141.37	%			(54,135	)			28,029				-151.78	%
Forward contracts in foreign currency			(62,098	)			106,890				272.13	%			72,015				(19,893	)			-127.62	%
Gains(Loss) on sales of investments on equity securities			43,128				(13,208	)			-130.63	%			—				—				0.00	%
Gains on sale of mortgage loan			—				—				0.00	%			—				—				0.00	%
Dividend income			128,538				122,067				-5.03	%			103				—				*
Communication, rent payments and others			790				702				-11.14	%			120				108				-10.00	%
Total other operating income			247,111				159,881				-35.30	%			18,103				8,244				-54.46	%
Total income			973,644				1,236,393				26.99	%			196,520				182,663				-7.05	%
Operating expenses
Salaries and employee benefits			267,713				301,342				12.56	%			50,789				53,053				4.46	%
Bonus plan payments			4,556				20,384				347.41	%			4,342				2,308				-46.84	%
Compensation			1,256				9,672				670.06	%			763				837				9.70	%
Administrative and other expenses			307,943				384,788				24.95	%			63,334				62,581				-1.19	%
Deposit security, net			24,293				20,494				-15.64	%			4,276				3,462				-19.04	%
Donation expenses			84				225				167.86	%			64				33				-48.44	%
Depreciation			35,203				39,933				13.44	%			7,361				8,511				15.62	%
Total operating expenses			641,048				776,838				21.18	%			130,929				130,785				-0.11	%
Net operating income			332,596				459,555				38.17	%			65,591				51,878				-20.91	%
Merger expenses			12,478				—				*				—				—				0.00	%
Goodwill amortization			11,987				13,827				15.35	%			2,305				2,304				-0.04	%
Non-operating income (expense)
Other income			124,838				44,277				-64.53	%			5,963				5,223				-12.41	%
Other expense			(77,350	)			(23,243	)			-69.95	%			(3,683	)			(1,869	)			-49.25	%
Total non-operating income			47,488				21,034				-55.71	%			2,280				3,354				47.11	%
Income before income taxes			355,619				466,762				31.25	%			65,566				52,928				-19.28	%
Income tax expense			(64,686	)			(109,474	)			69.24	%			(20,199	)			(12,406	)			-38.58	%
Net income			290,933				357,288				22.81	%			45,367				40,522				-10.68	%

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.