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 February, 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): 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-                    .

 

 

BANCOLOMBIA ANNOUNCES UNCONSOLIDATED NET INCOME OF PS 47,048 MILLION
FOR THE MONTH OF JANUARY 2008*

Medellín, Colombia, February 13, 2008

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 47,048 million during the past month of January.

During January, total net interest income, including investment securities amounted to Ps 172,295 million. Additionally, total net fees and income from services totaled Ps 60,642 million.

Total assets amounted to Ps 33.20 trillion, total deposits totaled Ps 20.88 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 5.10 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 3.02% as of January 31, 2008, and the level of allowance for past due loans was 136.47% 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 January, 2008 was as follows: 19.0% of total deposits, 21.5% of total net loans, 19.8% of total savings accounts, 22.3% of total checking accounts and 14.6% 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												Jan08/Dec07								Annual
(Ps Millions)		Jan-07				Dec-07				Jan-08				$				%				%
ASSETS
Cash and due from banks			1,379,329				2,181,250				2,209,744				28,494				1.31	%			60.20	%
Overnight funds sold			225,111				1,300,330				1,109,539				-190,791				-14.67	%			392.89	%
Total cash and equivalents			1,604,440				3,481,580				3,319,283				-162,297				-4.66	%			106.88	%
Debt securities			4,545,663				3,852,076				3,674,684				-177,392				-4.61	%			-19.16	%
Trading			2,175,646				1,551,223				1,422,004				-129,219				-8.33	%			-34.64	%
Available for Sale			1,237,926				1,274,563				1,231,703				-42,860				-3.36	%			-0.50	%
Held to Maturity			1,132,091				1,026,290				1,020,977				-5,313				-0.52	%			-9.81	%
Equity securities			894,940				983,796				982,569				-1,227				-0.12	%			9.79	%
Trading			2,490				8,335				8,921				586				7.03	%			258.27	%
Available for Sale			892,450				975,461				973,648				-1,813				-0.19	%			9.10	%
Market value allowance			-44,458				-29,802				-29,844				-42				0.14	%			-32.87	%
Net investment securities			5,396,145				4,806,070				4,627,409				-178,661				-3.72	%			-14.25	%
Commercial loans			13,302,274				17,411,943				17,621,710				209,767				1.20	%			32.47	%
Consumer loans			2,702,960				3,654,977				3,697,606				42,629				1.17	%			36.80	%
Small business loans			112,106				111,382				110,377				-1,005				-0.90	%			-1.54	%
Mortgage loans			1,491,166				1,923,883				2,011,694				87,811				4.56	%			34.91	%
Allowance for loans and financial leases losses			-620,701				-933,933				-963,202				-29,269				3.13	%			55.18	%
Net total loans and financial leases			16,987,805				22,168,252				22,478,185				309,933				1.40	%			32.32	%
Accrued interest receivable on loans			191,017				305,561				301,753				-3,808				-1.25	%			57.97	%
Allowance for accrued interest losses			-8,654				-23,144				-24,418				-1,274				5.50	%			182.16	%
Net total interest accrued			182,363				282,417				277,335				-5,082				-1.80	%			52.08	%
Customers’ acceptances and derivatives			157,695				196,565				272,284				75,719				38.52	%			72.66	%
Net accounts receivable			266,119				403,158				361,950				-41,208				-10.22	%			36.01	%
Net premises and equipment			367,036				484,625				485,535				910				0.19	%			32.29	%
Foreclosed assets			14,681				7,656				7,356				-300				-3.92	%			-49.89	%
Prepaid expenses and deferred charges			32,147				52,271				60,445				8,174				15.64	%			88.03	%
Goodwill			37,859				12,509				10,204				-2,305				-18.43	%			-73.05	%
Other			475,378				167,811				170,658				2,847				1.70	%			-64.10	%
Reappraisal of assets			780,444				1,132,917				1,128,492				-4,425				-0.39	%			44.60	%
Total assets			26,302,112				33,195,831				33,199,136				3,305				0.01	%			26.22	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			4,137,238				5,296,429				4,223,782				-1,072,647				-20.25	%			2.09	%
Checking accounts			3,761,672				4,816,714				3,918,762				-897,952				-18.64	%			4.18	%
Other			375,566				479,715				305,020				-174,695				-36.42	%			-18.78	%
Interest bearing			13,235,170				15,832,665				16,654,620				821,955				5.19	%			25.84	%
Checking accounts			307,216				515,370				376,123				-139,247				-27.02	%			22.43	%
Time deposits			3,428,377				4,590,843				4,819,431				228,588				4.98	%			40.57	%
Savings deposits			9,499,577				10,726,452				11,459,066				732,614				6.83	%			20.63	%
Total deposits			17,372,408				21,129,094				20,878,402				-250,692				-1.19	%			20.18	%
Overnight funds			2,027,843				1,164,019				620,896				-543,123				-46.66	%			-69.38	%
Bank acceptances outstanding			57,385				53,724				72,217				18,493				34.42	%			25.85	%
Interbank borrowings			967,049				733,986				584,154				-149,832				-20.41	%			-39.59	%
Borrowings from domestic development banks			681,491				1,551,102				1,548,562				-2,540				-0.16	%			127.23	%
Accounts payable			488,188				1,287,010				2,079,093				792,083				61.54	%			325.88	%
Accrued interest payable			121,087				146,134				156,921				10,787				7.38	%			29.59	%
Other liabilities			257,492				326,911				317,029				-9,882				-3.02	%			23.12	%
Bonds			678,379				1,625,704				1,588,198				-37,506				-2.31	%			134.12	%
Accrued expenses			205,589				111,749				257,434				145,685				130.37	%			25.22	%
Total liabilities			22,856,911				28,129,433				28,102,906				-26,527				-0.09	%			22.95	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				0				0.00	%			8.24	%
Retained earnings			1,842,946				3,110,017				3,157,065				47,048				1.51	%			71.31	%
Appropiated			1,811,308				2,305,756				3,110,017				804,261				34.88	%			71.70	%
Unappropiated			31,638				804,261				47,048				-757,213				-94.15	%			48.71	%
Reappraisal and others			1,239,320				1,592,129				1,587,748				-4,381				-0.28	%			28.11	%
Gross unrealized gain or loss on debt securities			(979	)			(29,662	)			(42,497	)			-12,835				43.27	%			4240.86	%
Total shareholder’s equity			3,445,201				5,066,398				5,096,230				29,832				0.59	%			47.92	%
Total liabilities and shareholder’s equity			26,302,112				33,195,831				33,199,136				3,305				0.01	%			26.22	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Jan-07				Jan-08				%				Dec-07				Jan-08				%
Interest income and expenses
Interest on loans			175,750				273,929				55.86	%			270,974				273,929				1.09	%
Interest on investment securities			14,612				2,118				-85.51	%			20,437				2,118				-89.64	%
Overnight funds			3,836				6,054				57.82	%			5,650				6,054				7.15	%
Total interest income			194,198				282,101				45.26	%			297,061				282,101				-5.04	%
Interest expense Checking accounts			1,752				1,398				-20.21	%			1,409				1,398				-0.78	%
Time deposits			19,201				33,952				76.82	%			32,016				33,952				6.05	%
Savings deposits			28,708				44,744				55.86	%			41,853				44,744				6.91	%
Total interest on deposits			49,661				80,094				61.28	%			75,278				80,094				6.40	%
Interbank borrowings			5,151				3,161				-38.63	%			3,523				3,161				-10.28	%
Borrowings from domestic development banks			3,914				8,616				120.13	%			8,344				8,616				3.26	%
Overnight funds			6,629				6,075				-8.36	%			7,133				6,075				-14.83	%
Bonds			4,776				11,860				148.32	%			11,887				11,860				-0.23	%
Total interest expense			70,131				109,806				56.57	%			106,165				109,806				3.43	%
Net interest income			124,067				172,295				38.87	%			190,896				172,295				-9.74	%
Provision for loan and accrued interest losses, net			(13,049	)			(33,095	)			153.62	%			(84,767	)			(33,095	)			-60.96	%
Recovery of charged-off loans			4,999				6,457				29.17	%			6,281				6,457				2.80	%
Provision for foreclosed assets and other assets			(1,225	)			(1,316	)			7.43	%			357				(1,316	)			-468.63	%
Recovery of provisions for foreclosed assets and other assets			5,077				5,495				8.23	%			10,830				5,495				-49.26	%
Total net provisions			(4,198	)			(22,459	)			434.99	%			(67,299	)			(22,459	)			-66.63	%
Net interest income after provision for loans and accrued interest losses			119,869				149,836				25.00	%			123,597				149,836				21.23	%
Commissions from banking services and other services			6,182				8,735				41.30	%			18,817				8,735				-53.58	%
Electronic services and ATM’s fees, net			5,894				6,838				16.02	%			7,687				6,838				-11.04	%
Branch network services, net			7,961				7,639				-4.04	%			9,234				7,639				-17.27	%
Collections and payments fees, net			7,967				9,992				25.42	%			11,305				9,992				-11.61	%
Credit card merchant fees, net			2,665				1,287				-51.71	%			3,248				1,287				-60.38	%
Credit and debit card fees, net			20,442				25,007				22.33	%			24,793				25,007				0.86	%
Checking fees, net			5,352				5,016				-6.28	%			6,370				5,016				-21.26	%
Check remittance, net			866				825				-4.73	%			959				825				-13.97	%
International operations, net			2,788				2,854				2.37	%			2,955				2,854				-3.42	%
Total fees and other service income			60,117				68,193				13.43	%			85,368				68,193				-20.12	%
Other fees and service expenses			(6,845	)			(7,551	)			10.31	%			(6,362	)			(7,551	)			18.69	%
Total fees and income from services, net			53,272				60,642				13.83	%			79,006				60,642				-23.24	%
Other operating income
Net foreign exchange gains			5,889				(46,088	)			-882.61	%			(24,969	)			(46,088	)			84.58	%
Forward contracts in foreign currency			(5,449	)			57,299				-1151.55	%			72,294				57,299				-20.74	%
Gains(Loss) on sales of investments on equity securities			856				—				*				—				—				0.00	%
Gains on sale of mortgage loan			—				—				0.00	%			3,464				—				*
Dividend income			29				31				6.90	%			(1	)			31				-3200.00	%
Communication, rent payments and others			132				113				-14.39	%			116				113				-2.59	%
Total other operating income			1,457				11,355				679.34	%			50,904				11,355				-77.69	%
Total income			174,598				221,833				27.05	%			253,507				221,833				-12.49	%
Operating expenses
Salaries and employee benefits			47,339				49,227				3.99	%			56,594				49,227				-13.02	%
Bonus plan payments			2,270				2,803				23.48	%			13,158				2,803				-78.70	%
Compensation			2,917				3,061				4.94	%			1,590				3,061				92.52	%
Administrative and other expenses			56,975				70,097				23.03	%			48,295				70,097				45.14	%
Deposit security, net			3,527				3,750				6.32	%			3,446				3,750				8.82	%
Donation expenses			42				35				-16.67	%			10,725				35				-99.67	%
Depreciation			5,958				6,017				0.99	%			6,944				6,017				-13.35	%
Total operating expenses			119,028				134,990				13.41	%			140,752				134,990				-4.09	%
Net operating income			55,570				86,843				56.28	%			112,755				86,843				-22.98	%
Merger expenses			5,602				—				0.00	%			—				—				0.00	%
Goodwill amortization			2,305				2,305				0.00	%			2,305				2,305				0.00	%
Non-operating income (expense)
Other income			6,976				5,844				-16.23	%			16,290				5,844				-64.13	%
Other expense			(6,657	)			(32,218	)			383.97	%			(5,940	)			(32,218	)			442.39	%
Total non-operating income			319				(26,374	)			-8367.71	%			10,350				(26,374	)			-354.82	%
Income before income taxes			47,982				58,164				21.22	%			120,800				58,164				-51.85	%
Income tax expense			(16,344	)			(11,116	)			-31.99	%			(41,068	)			(11,116	)			-72.93	%
Net income			31,638				47,048				48.71	%			79,732				47,048				-40.99	%

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.