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 November, 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 S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF OCTOBER 2008*
Medellín, Colombia, November 12, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps. 70.1 billion in October 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 894.5 billion for the first ten months of 2008, increasing 37.5% as compared to the same period of 2007.
  •  
Net interest income, including investment securities, totaled Ps. 220.7 billion in October 2008. For the ten month period ended October 31, 2008, net interest income totaled Ps. 2,101.4 billion, increasing 35.5% as compared to the same period last year.
  •  
Net fees and income from services in October 2008 totaled Ps. 68.5 billion. For the ten month period ended October 31, 2008, net fees and income from services totaled Ps. 653.1 billion, which represents an increase of 21.3% as compared to the same period of 2007.
  •  
Other operating income totaled Ps. 31.6 billion in October 2008. For the ten month period ended October 31, 2008, other operating income totaled Ps. 465.6 billion increasing 75.9% 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. 87.2 billion in October 2008. Net provisions totaled Ps. 491.1 billion for the ten month period ended October 31, 2008, which represents an increase of 105.8% as compared to the same period of 2007.
  •  
Operating expenses totaled Ps. 150.9 billion in October 2008. For the ten month period ended October 31, 2008, operating expenses totaled Ps. 1,448.0 billion, increasing 13.6% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 36.9 trillion, loans amounted to Ps. 26.7 trillion, deposits totaled Ps. 23.4 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 5.6 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.42% as of October 31, 2008, and the level of allowance for past due loans amounted to 128.13% 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 October 2008, was as follows: 18.7% of total deposits, 21.1% of total net loans, 19.8% of total savings accounts, 21.5% of total checking accounts and 15.8% 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     Oct-08 / Sep-08     Annual  
(Ps. Million)   Oct-07     Sep-08     Oct-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,665,391       2,696,510       2,546,690       -149,820       -5.56 %     52.92 %
Overnight funds sold
     1,148,607       460,254       466,174       5,920       1.29 %     -59.41 %
Total cash and equivalents
     2,813,998       3,156,764       3,012,864       -143,900       -4.56 %     7.07 %
 
                                    
Debt securities
     3,497,446       4,109,883       3,898,265       -211,618       -5.15 %     11.46 %
Trading
     1,452,416       1,566,787       1,299,267       -267,520       -17.07 %     -10.54 %
Available for Sale
     1,020,022       1,158,997       1,147,287       -11,710       -1.01 %     12.48 %
Held to Maturity
     1,025,008       1,384,099       1,451,711       67,612       4.88 %     41.63 %
Equity securities
     989,794       1,178,037       1,095,868       -82,169       -6.98 %     10.72 %
Trading
     6,513       92,078       4,866       -87,212       -94.72 %     -25.29 %
Available for Sale
     983,281       1,085,959       1,091,002       5,043       0.46 %     10.96 %
Market value allowance
     -29,866       -18,504       -18,506       -2       0.01 %     -38.04 %
Net investment securities
     4,457,374       5,269,416       4,975,627       -293,789       -5.58 %     11.63 %
 
                                    
Commercial loans
     16,972,398       19,207,315       20,239,922       1,032,607       5.38 %     19.25 %
Consumer loans
     3,533,380       3,871,034       3,893,335       22,301       0.58 %     10.19 %
Small business loans
     107,528       124,195       125,969       1,774       1.43 %     17.15 %
Mortgage loans
     2,165,068       2,335,638       2,426,333       90,695       3.88 %     12.07 %
Allowance for loans and financial leases losses
     -831,787       -1,136,348       -1,164,849       -28,501       2.51 %     40.04 %
Net total loans and financial leases
     21,946,587       24,401,834       25,520,710       1,118,876       4.59 %     16.29 %
 
                                    
Accrued interest receivable on loans
     290,578       358,584       373,115       14,531       4.05 %     28.40 %
Allowance for accrued interest losses
     -20,098       -25,934       -25,364       570       -2.20 %     26.20 %
Net total interest accrued
     270,480       332,650       347,751       15,101       4.54 %     28.57 %
 
                                    
Customers’ acceptances and derivatives
     167,943       233,929       286,726       52,797       22.57 %     70.73 %
Net accounts receivable
     357,562       503,994       425,943       -78,051       -15.49 %     19.12 %
Net premises and equipment
     421,951       597,477       616,490       19,013       3.18 %     46.10 %
Foreclosed assets
     8,188       3,335       3,227       -108       -3.24 %     -60.59 %
Prepaid expenses and deferred charges
     55,543       70,430       78,064       7,634       10.84 %     40.55 %
Goodwill
     17,118       3,092       2,675       -417       -13.49 %     -84.37 %
Other
     241,148       318,100       388,231       70,131       22.05 %     60.99 %
Reappraisal of assets
     1,022,278       1,175,456       1,276,161       100,705       8.57 %     24.84 %
 
                                    
Total assets
     31,780,170       36,066,477       36,934,469       867,992       2.41 %     16.22 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,086,179       4,039,705       4,176,051       136,346       3.38 %     2.20 %
Checking accounts
     3,791,158       3,711,935       3,955,012       243,077       6.55 %     4.32 %
Other
     295,021       327,770       221,039       -106,731       -32.56 %     -25.08 %
 
                                    
Interest bearing
     15,951,060       18,652,653       19,184,907       532,254       2.85 %     20.27 %
Checking accounts
     429,665       550,080       499,486       -50,594       -9.20 %     16.25 %
Time deposits
     4,658,132       6,785,611       6,858,824       73,213       1.08 %     47.24 %
Savings deposits
     10,863,263       11,316,962       11,826,597       509,635       4.50 %     8.87 %
 
                                    
Total deposits
     20,037,239       22,692,358       23,360,958       668,600       2.95 %     16.59 %
Overnight funds
     1,406,115       602,982       646,013       43,031       7.14 %     -54.06 %
Bank acceptances outstanding
     46,576       48,502       81,902       33,400       68.86 %     75.85 %
Interbank borrowings
     519,830       721,389       913,830       192,441       26.68 %     75.79 %
Borrowings from domestic development banks
     1,458,624       1,737,907       1,771,688       33,781       1.94 %     21.46 %
Accounts payable
     963,224       1,350,907       973,354       -377,553       -27.95 %     1.05 %
Accrued interest payable
     161,866       216,579       239,195       22,616       10.44 %     47.77 %
Other liabilities
     259,714       366,428       365,795       -633       -0.17 %     40.85 %
Bonds
     1,639,039       2,147,654       2,230,593       82,939       3.86 %     36.09 %
Accrued expenses
     485,488       709,095       713,041       3,946       0.56 %     46.87 %
 
                                    
Total liabilities
     26,977,715       30,593,801       31,296,369       702,568       2.30 %     16.01 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     2,956,411       3,486,856       3,556,995       70,139       2.01 %     20.31 %
Appropiated
     2,305,756       2,662,531       2,662,531       —       0.00 %     15.47 %
Unappropiated
     650,655       824,325       894,464       70,139       8.51 %     37.47 %
 
                                    
Reappraisal and others
     1,481,273       1,634,778       1,735,384       100,606       6.15 %     17.15 %
Gross unrealized gain or loss on debt securities
     (29,143 )     (42,872 )     (48,193 )     -5,321       12.41 %     65.37 %
 
                                    
Total shareholder’s equity
     4,802,455       5,472,676       5,638,100       165,424       3.02 %     17.40 %
 
                                    
Total liabilities and shareholder’s equity
     31,780,170       36,066,477       36,934,469       867,992       2.41 %     16.22 %
 
                                    

 

 

 

                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps. Million)   Oct-07     Oct-08     %     Sep-08     Oct-08     %  
Interest income and expenses
                                                
Interest on loans
     2,172,256       3,047,165       40.28 %     326,683       346,705       6.13 %
Interest on investment securities
     213,177       243,112       14.04 %     18,506       16,175       -12.60 %
Overnight funds
     45,977       44,941       -2.25 %     7,249       6,091       -15.97 %
Total interest income
     2,431,410       3,335,218       37.17 %     352,438       368,971       4.69 %
 
                                    
Interest expense
                                                
Checking accounts
     13,733       13,214       -3.78 %     1,452       1,620       11.57 %
Time deposits
     241,103       451,131       87.11 %     54,451       57,126       4.91 %
Savings deposits
     370,896       460,087       24.05 %     49,077       51,857       5.66 %
Total interest on deposits
     625,732       924,432       47.74 %     104,980       110,603       5.36 %
 
                                    
Interbank borrowings
     55,554       23,848       -57.07 %     2,359       3,795       60.87 %
Borrowings from domestic development banks
     54,083       90,315       66.99 %     9,357       9,548       2.04 %
Overnight funds
     76,700       66,733       -12.99 %     4,018       5,712       42.16 %
Bonds
     68,608       128,480       87.27 %     17,648       18,588       5.33 %
Total interest expense
     880,677       1,233,808       40.10 %     138,362       148,246       7.14 %
 
                                    
Net interest income
     1,550,733       2,101,410       35.51 %     214,076       220,725       3.11 %
Provision for loan and accrued interest losses, net
     (318,893 )     (572,605 )     79.56 %     (46,163 )     (93,259 )     102.02 %
Recovery of charged-off loans
     52,254       50,439       -3.47 %     4,554       5,656       24.20 %
Provision for foreclosed assets and other assets
     (19,784 )     (13,588 )     -31.32 %     978       (176 )     -118.00 %
Recovery of provisions for foreclosed assets and other assets
     47,832       44,674       -6.60 %     12,322       550       -95.54 %
 
                                    
Total net provisions
     (238,591 )     (491,080 )     105.83 %     (28,309 )     (87,229 )     208.13 %
Net interest income after provision for loans and accrued interest losses
     1,312,142       1,610,330       22.73 %     185,767       133,496       -28.14 %
 
                                    
Commissions from banking services and other services
     74,580       95,724       28.35 %     10,688       8,236       -22.94 %
Electronic services and ATM’s fees, net
     59,789       64,790       8.36 %     6,335       6,581       3.88 %
Branch network services, net
     81,128       80,393       -0.91 %     8,480       8,714       2.76 %
Collections and payments fees, net
     91,025       114,653       25.96 %     11,557       12,030       4.09 %
Credit card merchant fees, net
     14,616       9,039       -38.16 %     1,365       1,312       -3.88 %
Credit and debit card fees, net
     208,752       268,668       28.70 %     31,014       26,680       -13.97 %
Checking fees, net
     55,190       56,122       1.69 %     6,596       5,612       -14.92 %
Check remittance, net
     8,506       10,119       18.96 %     1,048       989       -5.63 %
International operations, net
     27,519       30,612       11.24 %     3,992       5,346       33.92 %
Total fees and other service income
     621,105       730,120       17.55 %     81,075       75,500       -6.88 %
 
                                    
Other fees and service expenses
     (82,785 )     (77,046 )     -6.93 %     (6,907 )     (6,980 )     1.06 %
Total fees and income from services, net
     538,320       653,074       21.32 %     74,168       68,520       -7.62 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     5,661       92,382       1531.90 %     92,834       81,475       -12.24 %
Forward contracts in foreign currency
     112,700       107,193       -4.89 %     (111,640 )     (52,740 )     -52.76 %
Gains(Loss) on sales of investments on equity securities
     (13,254 )     35,683       369.22 %     —       —       0.00 %
Securitization income
     36,307       34,348       -5.39 %     2,351       2,791       18.72 %
Dividend income
     122,128       194,815       59.52 %     —       —       0.00 %
Communication, rent payments and others
     1,168       1,131       -3.17 %     114       116       1.75 %
Total other operating income
     264,710       465,552       75.87 %     (16,341 )     31,642       293.64 %
 
                                    
Total income
     2,115,172       2,728,956       29.02 %     243,594       233,658       -4.08 %
Operating expenses
                                                
Salaries and employee benefits
     501,124       539,729       7.70 %     56,551       54,329       -3.93 %
Bonus plan payments
     36,166       91,024       151.68 %     14,506       8,162       -43.73 %
Compensation
     18,550       19,332       4.22 %     613       1,280       108.81 %
Administrative and other expenses
     621,286       700,005       12.67 %     67,605       76,407       13.02 %
Deposit security, net
     34,170       35,293       3.29 %     4,139       4,512       9.01 %
Donation expenses
     371       3,200       762.53 %     59       43       -27.12 %
Depreciation
     63,077       59,426       -5.79 %     6,055       6,212       2.59 %
Total operating expenses
     1,274,744       1,448,009       13.59 %     149,528       150,945       0.95 %
 
                                    
Net operating income
     840,428       1,280,947       52.42 %     94,066       82,713       -12.07 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     23,044       9,834       -57.33 %     417       417       0.00 %
Non-operating income (expense)
                                                
Other income
     44,967       54,768       21.80 %     3,111       2,577       -17.16 %
Other expense
     (48,477 )     (101,081 )     108.51 %     (7,695 )     (3,665 )     -52.37 %
Total non-operating income
     (3,510 )     (46,313 )     1219.46 %     (4,584 )     (1,088 )     -76.27 %
Income before income taxes
     813,874       1,224,800       50.49 %     89,065       81,208       -8.82 %
Income tax expense
     (163,219 )     (330,336 )     102.39 %     (28,797 )     (11,069 )     -61.56 %
 
                                    
Net income
     650,655       894,464       37.47 %     60,268       70,139       16.38 %
 
                                    

 

 

 

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: November 12, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance