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 December, 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 73,874 MILLION FOR THE MONTH OF NOVEMBER 2007
TOTALING PS 724,529 MILLION FOR THE FIRST ELEVEN MONTHS OF 2007*

Medellín, Colombia, December 11, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 73,874 million during the past month of November.

During November, total net interest income, including investment securities amounted to Ps 177,344 million. Additionally, total net fees and income from services totaled Ps 62,662 million.

Total assets amounted to Ps 32.63 trillion, total deposits totaled Ps 20.80 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4.91 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.91% as of November 30, 2007, and the level of allowance for past due loans was 126.78% 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 November, 2007 was as follows: 18.4% of total deposits, 21.6% of total net loans, 19.3% of total savings accounts, 22.0% of total checking accounts and 14.1% 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												Nov07/Oct07								Annual
(Ps Millions)		Nov-06				Oct-07				Nov-07				$				%				%
ASSETS
Cash and due from banks			1,051,474				1,665,391				2,240,048				574,657				34.51	%			113.04	%
Overnight funds sold			231,186				1,148,607				757,872				-390,735				-34.02	%			227.82	%
Total cash and equivalents			1,282,660				2,813,998				2,997,920				183,922				6.54	%			133.73	%
Debt securities			4,226,693				3,497,446				3,606,492				109,046				3.12	%			-14.67	%
Trading			1,989,971				1,452,416				1,395,018				-57,398				-3.95	%			-29.90	%
Available for Sale			1,059,056				1,020,022				1,180,001				159,979				15.68	%			11.42	%
Held to Maturity			1,177,666				1,025,008				1,031,473				6,465				0.63	%			-12.41	%
Equity securities			895,807				989,794				1,173,653				183,859				18.58	%			31.02	%
Trading			2,466				6,513				187,949				181,436				2785.75	%			7521.61	%
Available for Sale			893,341				983,281				985,704				2,423				0.25	%			10.34	%
Market value allowance			-39,548				-29,866				-29,868				-2				0.01	%			-24.48	%
Net investment securities			5,082,952				4,457,374				4,750,277				292,903				6.57	%			-6.54	%
Commercial loans			13,421,696				16,972,398				17,491,797				519,399				3.06	%			30.32	%
Consumer loans			2,592,230				3,533,380				3,632,241				98,861				2.80	%			40.12	%
Small business loans			94,760				107,528				110,360				2,832				2.63	%			16.46	%
Mortgage loans			1,592,664				2,165,068				1,997,591				-167,477				-7.74	%			25.42	%
Allowance for loans and financial leases losses			-611,937				-831,787				-853,657				-21,870				2.63	%			39.50	%
Net total loans and financial leases			17,089,413				21,946,587				22,378,332				431,745				1.97	%			30.95	%
Accrued interest receivable on loans			198,639				290,578				286,348				-4,230				-1.46	%			44.15	%
Allowance for accrued interest losses			-8,145				-20,098				-20,855				-757				3.77	%			156.05	%
Net total interest accrued			190,494				270,480				265,493				-4,987				-1.84	%			39.37	%
Customers’ acceptances and derivatives			193,931				167,943				143,531				-24,412				-14.54	%			-25.99	%
Net accounts receivable			284,726				357,562				291,017				-66,545				-18.61	%			2.21	%
Net premises and equipment			362,322				421,951				439,047				17,096				4.05	%			21.18	%
Foreclosed assets			16,952				8,188				8,016				-172				-2.10	%			-52.71	%
Prepaid expenses and deferred charges			28,326				55,543				48,561				-6,982				-12.57	%			71.44	%
Goodwill			42,468				17,118				14,814				-2,304				-13.46	%			-65.12	%
Other			530,041				241,148				244,955				3,807				1.58	%			-53.79	%
Reappraisal of assets			739,942				1,022,278				1,050,453				28,175				2.76	%			41.96	%
Total assets			25,844,227				31,780,170				32,632,416				852,246				2.68	%			26.27	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,781,653				4,086,179				4,473,836				387,657				9.49	%			18.30	%
Checking accounts			3,465,836				3,791,158				4,143,122				351,964				9.28	%			19.54	%
Other			315,817				295,021				330,714				35,693				12.10	%			4.72	%
Interest bearing			13,586,348				15,951,060				16,327,167				376,107				2.36	%			20.17	%
Checking accounts			309,010				429,665				385,349				-44,316				-10.31	%			24.70	%
Time deposits			3,590,911				4,658,132				4,454,076				-204,056				-4.38	%			24.04	%
Savings deposits			9,686,427				10,863,263				11,487,742				624,479				5.75	%			18.60	%
Total deposits			17,368,001				20,037,239				20,801,003				763,764				3.81	%			19.77	%
Overnight funds			752,069				1,406,115				384,477				-1,021,638				-72.66	%			-48.88	%
Bank acceptances outstanding			98,948				46,576				52,694				6,118				13.14	%			-46.75	%
Interbank borrowings			1,083,073				519,830				725,639				205,809				39.59	%			-33.00	%
Borrowings from domestic development banks			723,525				1,458,624				1,530,773				72,149				4.95	%			111.57	%
Accounts payable			1,062,255				963,224				1,641,398				678,174				70.41	%			54.52	%
Accrued interest payable			122,451				161,866				143,317				-18,549				-11.46	%			17.04	%
Other liabilities			203,437				259,714				251,168				-8,546				-3.29	%			23.46	%
Bonds			750,854				1,639,039				1,653,984				14,945				0.91	%			120.28	%
Accrued expenses			386,090				485,488				540,111				54,623				11.25	%			39.89	%
Total liabilities			22,550,703				26,977,715				27,724,564				746,849				2.77	%			22.94	%
SHAREHOLDER’S EQUITY																			0.00	%			0.00	%
Subscribed and paid in capital			363,914				393,914				393,914				0				0.00	%			8.24	%
Retained earnings			1,730,058				2,956,411				3,030,285				73,874				2.50	%			75.16	%
Appropiated			1,228,943				2,305,756				2,305,756				0				0.00	%			87.62	%
Unappropiated			501,115				650,655				724,529				73,874				11.35	%			44.58	%
Reappraisal and others			1,198,704				1,481,273				1,509,663				28,390				1.92	%			25.94	%
Gross unrealized gain or loss on debt securities			848				(29,143	)			(26,010	)			3,133				-10.75	%			-3167.22	%
Total shareholder’s equity			3,293,524				4,802,455				4,907,852				105,397				2.19	%			49.02	%
Total liabilities and shareholder’s equity			25,844,227				31,780,170				32,632,416				852,246				2.68	%			26.27	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Oct-06				Oct-07				%				Sep-07				Oct-07				%
Interest income and expenses
Interest on loans			1,706,692				2,432,638				42.54	%			264,078				260,382				-1.40	%
Interest on investment securities			134,867				230,187				70.68	%			16,407				17,010				3.68	%
Overnight funds			24,887				52,450				110.75	%			6,399				6,473				1.16	%
Total interest income			1,866,446				2,715,275				45.48	%			286,884				283,865				-1.05	%
Interest expense											0.00	%							—				0.00	%
Checking accounts			6,858				15,471				125.59	%			1,141				1,738				52.32	%
Time deposits			203,013				272,932				34.44	%			30,825				31,829				3.26	%
Savings deposits			233,131				415,850				78.38	%			42,469				44,954				5.85	%
Total interest on deposits			443,002				704,253				58.97	%			74,435				78,521				5.49	%
Interbank borrowings			90,024				58,580				-34.93	%			2,585				3,026				17.06	%
Borrowings from domestic development banks			51,146				62,095				21.41	%			7,686				8,012				4.24	%
Overnight funds			60,663				81,698				34.68	%			11,262				4,998				-55.62	%
Bonds			70,933				80,572				13.59	%			12,289				11,964				-2.64	%
Total interest expense			715,768				987,198				37.92	%			108,257				106,521				-1.60	%
Net interest income			1,150,678				1,728,077				50.18	%			178,627				177,344				-0.72	%
Provision for loan and accrued interest losses, net			(175,590	)			(339,595	)			93.40	%			(29,353	)			(20,702	)			-29.47	%
Recovery of charged-off loans			59,830				57,209				-4.38	%			5,559				4,955				-10.87	%
Provision for foreclosed assets and other assets			(36,539	)			(27,913	)			-23.61	%			(1,307	)			(8,129	)			521.96	%
Recovery of provisions for foreclosed assets and other assets			68,515				59,632				-12.97	%			3,211				11,800				267.49	%
Total net provisions			(83,784	)			(250,667	)			199.18	%			(21,890	)			(12,076	)			-44.83	%
Net interest income after provision for loans											0.00	%							—				0.00	%
and accrued interest losses			1,066,894				1,477,410				38.48	%			156,737				165,268				5.44	%
Commissions from banking services and other services			73,441				93,435				27.22	%			11,600				10,648				-8.21	%
Electronic services and ATM’s fees, net			77,778				66,285				-14.78	%			6,225				6,496				4.35	%
Branch network services, net			53,219				89,577				68.32	%			8,602				8,449				-1.78	%
Collections and payments fees, net			66,201				101,312				53.04	%			10,653				10,287				-3.44	%
Credit card merchant fees, net			7,173				16,324				127.58	%			580				1,708				194.48	%
Credit and debit card fees, net			222,473				232,338				4.43	%			23,467				23,586				0.51	%
Checking fees, net			54,347				60,515				11.35	%			5,959				5,325				-10.64	%
Check remittance, net			10,203				9,357				-8.29	%			890				851				-4.38	%
International operations, net			25,514				30,136				18.12	%			3,056				2,617				-14.37	%
Total fees and other service income			590,349				699,279				18.45	%			71,032				69,967				-1.50	%
Other fees and service expenses			(70,023	)			(90,090	)			28.66	%			(7,606	)			(7,305	)			-3.96	%
Total fees and income from services, net			520,326				609,189				17.08	%			63,426				62,662				-1.20	%
Other operating income											0.00	%							—				0.00	%
Net foreign exchange gains			85,857				63,265				-26.31	%			(23,048	)			57,604				-349.93	%
Forward contracts in foreign currency			19,269				67,406				249.82	%			46,718				(45,294	)			-196.95	%
Gains(Loss) on sales of investments on equity securities			67,321				(13,254	)			-119.69	%			—				—				0.00	%
Gains on sale of mortgage loan			11,651				3,840				-67.04	%			—				2,983				0.00	%
Dividend income			128,188				122,128				-4.73	%			30				—				-100.00	%
Communication, rent payments and others			1,450				1,282				-11.59	%			124				114				-8.06	%
Total other operating income			313,736				244,667				-22.02	%			23,824				15,407				-35.33	%
Total income			1,900,956				2,331,266				22.64	%			243,987				243,337				-0.27	%
Operating expenses											0.00	%							—				0.00	%
Salaries and employee benefits			501,989				551,419				9.85	%			49,652				50,295				1.30	%
Bonus plan payments			26,973				41,456				53.69	%			5,371				5,290				-1.51	%
Compensation			3,658				20,654				464.63	%			2,374				2,104				-11.37	%
Administrative and other expenses			596,514				686,258				15.04	%			61,533				64,702				5.15	%
Deposit security, net			53,218				37,227				-30.05	%			3,368				3,057				-9.23	%
Donation expenses			1,511				404				-73.26	%			33				33				0.00	%
Depreciation			70,458				69,917				-0.77	%			6,475				6,840				5.64	%
Total operating expenses			1,254,321				1,407,335				12.20	%			128,806				132,321				2.73	%
Net operating income			646,635				923,931				42.88	%			115,181				111,016				-3.62	%
Merger expenses			34,890				—				-100.00	%			—				—				0.00	%
Goodwill amortization			23,510				25,350				7.83	%			2,304				2,306				0.09	%
Non-operating income (expense)											0.00	%							—				0.00	%
Other income			139,702				79,292				-43.24	%			7,207				6,512				-9.64	%
Other expense			(120,983	)			(59,162	)			-51.10	%			(10,819	)			(10,385	)			-4.01	%
Total non-operating income			18,719				20,130				7.54	%			(3,612	)			(3,873	)			7.23	%
Income before income taxes			606,954				918,711				51.36	%			109,265				104,837				-4.05	%
Income tax expense			(105,839	)			(194,182	)			83.47	%			(31,104	)			(30,963	)			-0.45	%
Net income			501,115				724,529				44.58	%			78,161				73,874				-5.48	%

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.