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 1933
For the month of September 2006
BANCOLOMBIA S.A.
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(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
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(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 X Form 40-F
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(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 No X
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 001-32535).
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: September 12, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
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Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LOGO) CIB
LISTED
NYSE
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 368,487
MILLION DURING THE FIRST EIGHT MONTHS OF 2006*
MEDELLIN, COLOMBIA. SEPTEMBER 12, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 368,487 million
as of August 31, 2006. For the first eight months of 2006, the total net
interest income, including investment securities amounted to Ps 736,724 million.
Additionally, total net fees and income from services amounted to Ps 376,256
million.
Total assets amounted to Ps 24.98 trillion in August 2006, total deposits
totaled Ps 15.86 trillion and BANCOLOMBIA's total shareholders' equity amounted
to Ps 3.14 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.51% as of August 31, 2006, and the level of allowance for past due
loans was 134.35%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in August 2006 was
as follows: 17.6% of total deposits, 21.1% of total net loans, 18.0% of total
savings accounts, 19.9% of total checking accounts and 14.5% of total time
deposits.
*This report corresponds to the unconsolidated financial statements of
BANCOLOMBIA, giving effect to the merger. 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, is stated in nominal terms and has not been audited. All growth rates
mentioned herein are not adjusted for inflation.
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Contacts
SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO
EXECUTIVE VP FINANCIAL VP IR MANAGER
Tel.: (574) 5108668 Tel.: (574) 5108666 Tel.: (574) 5108866
(BANCOLOMBIA LOGO)
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AUGUST 2006
BANCOLOMBIA S.A. GROWTH
BALANCE SHEET AS OF MONTH ANNUAL
(Ps Millions) AGO-05 JUL-06 AGO-06 % %
------------------- ---------- ---------- ---------- ------ ------
ASSETS
Cash and due from banks 1.032.168 1.413.219 1.053.492 -25,45% 2,07%
Overnight funds sold 38.249 23.684 23.746 0,26% -37,92%
TOTAL CASH AND EQUIVALENTS 1.070.417 1.436.903 1.077.238 -25,03% 0,64%
---------- ---------- ---------- ------ ------
DEBT SECURITIES 5.688.215 5.150.105 4.556.902 -11,52% -19,89%
Trading 3.125.315 2.432.651 1.819.818 -25,19% -41,77%
Available for Sale 1.608.088 1.474.103 1.490.744 1,13% -7,30%
Held to Maturity 954.812 1.243.351 1.246.340 0,24% 30,53%
EQUITY SECURITIES 769.321 923.390 922.509 -0,10% 19,91%
Trading 16.157 2.822 2.834 0,43% -82,46%
Available for Sale 753.164 920.568 919.675 -0,10% 22,11%
Market value allowance -37.729 -39.548 -39.548 0,00% 4,82%
NET INVESTMENT SECURITIES 6.419.807 6.033.947 5.439.863 -9,85% -15,26%
---------- ---------- ---------- ------ ------
Commercial loans 9.548.035 12.067.559 12.444.342 3,12% 30,33%
Consumer loans 1.933.457 2.318.226 2.386.689 2,95% 23,44%
Small business loans 97.110 92.700 92.974 0,30% -4,26%
Mortgage loans 1.466.620 1.776.095 1.863.601 4,93% 27,07%
Allowance for loans and financial leases losses -562.980 -567.422 -562.659 -0,84% -0,06%
NET TOTAL LOANS AND FINANCIAL LEASES 12.482.242 15.687.158 16.224.947 3,43% 29,98%
---------- ---------- ---------- ------ ------
Accrued interest receivable on loans 162.539 164.734 179.105 8,72% 10,19%
Allowance for accrued interest losses -12.053 -8.316 -7.613 -8,45% -36,84%
NET TOTAL INTEREST ACCRUED 150.486 156.418 171.492 9,64% 13,96%
---------- ---------- ---------- ------ ------
Customers' acceptances and derivatives 61.649 170.812 152.612 -10,65% 147,55%
Net accounts receivable 168.523 205.880 211.884 2,92% 25,73%
Net premises and equipment 336.467 344.080 365.060 6,10% 8,50%
Foreclosed assets 44.592 21.654 19.261 -11,05% -56,81%
Prepaid expenses and deferred charges 36.907 47.352 37.731 -20,32% 2,23%
Goodwill 58.508 51.687 49.382 -4,46% -15,60%
Other 174.210 464.749 547.697 17,85% 214,39%
Reappraisal of assets 688.009 653.258 686.919 5,15% -0,16%
---------- ---------- ---------- ------ ------
TOTAL ASSETS 21.691.817 25.273.898 24.984.086 -1,15% 15,18%
---------- ---------- ---------- ------ ------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2.734.551 3.427.251 3.422.212 -0,15% 25,15%
Checking accounts 2.434.538 3.008.445 3.134.287 4,18% 28,74%
Other 300.013 418.806 287.925 -31,25% -4,03%
---------- ---------- ---------- ------ ------
INTEREST BEARING 10.452.922 12.477.946 12.438.858 -0,31% 19,00%
Checking accounts 171.957 333.029 269.778 -18,99% 56,89%
Time deposits 3.506.498 3.250.515 3.452.220 6,21% -1,55%
Savings deposits 6.774.467 8.894.402 8.716.860 -2,00% 28,67%
---------- ---------- ---------- ------ ------
TOTAL DEPOSITS 13.187.473 15.905.197 15.861.070 -0,28% 20,27%
Overnight funds 961.198 1.564.576 1.662.025 6,23% 72,91%
Bank acceptances outstanding 43.868 70.720 73.165 3,46% 66,78%
Interbank borrowings 1.173.127 1.617.375 1.284.543 -20,58% 9,50%
Borrowings from domestic development banks 881.401 851.352 800.322 -5,99% -9,20%
Accounts payable 554.716 588.171 576.447 -1,99% 3,92%
Accrued interest payable 135.953 132.133 121.572 -7,99% -10,58%
Other liabilities 203.613 255.483 226.562 -11,32% 11,27%
Bonds 1.306.355 957.251 925.311 -3,34% -29,17%
Accrued expenses 305.870 278.285 312.078 12,14% 2,03%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES 18.753.574 22.220.543 21.843.095 -1,70% 16,47%
---------- ---------- ---------- ------ ------
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 363.914 0,00% 0,00%
---------- ---------- ---------- ------ ------
RETAINED EARNINGS 1.330.746 1.550.447 1.597.430 3,03% 20,04%
Appropiated 861.300 1.228.943 1.228.943 0,00% 42,68%
Unappropiated 469.446 321.504 368.487 14,61% -21,51%
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REAPPRAISAL AND OTHERS 1.145.335 1.136.288 1.169.820 2,95% 2,14%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 98.248 2.706 9.827 263,16% -90,00%
---------- ---------- ---------- ------ ------
TOTAL SHAREHOLDER'S EQUITY 2.938.243 3.053.355 3.140.991 2,87% 6,90%
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 21.691.817 25.273.898 24.984.086 -1,15% 15,18%
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(BANCOLOMBIA LOGO)
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AUGUST 2006
BANCOLOMBIA S.A GROWTH GROWTH
INCOME STATEMENT ACCUMULATED ANNUAL MONTH MONTH
(Ps Millions) AUG-05 AUG-06 % JUL-06 AUG-06 %
---------------- --------- --------- ------ ------- ------- ------
INTEREST INCOME AND EXPENSES
Interest on loans 1.152.144 1.187.872 3,10% 160.291 164.994 2,93%
Interest on investment securities 418.802 41.506 -90,09% 36.120 51.534 42,67%
Overnight funds 13.881 18.132 30,62% 3.406 2.483 -27,10%
TOTAL INTEREST INCOME 1.584.827 1.247.510 -21,28% 199.817 219.011 9,61%
--------- --------- ------ ------- ------- ------
Interest expense
Checking accounts 3.798 5.139 35,31% 564 665 17,91%
Time deposits 191.638 140.756 -26,55% 17.595 18.184 3,35%
Savings deposits 159.758 159.654 0,56% 24.445 23.577 -3,55%
TOTAL INTEREST ON DEPOSITS 354.194 305.549 -13,73% 42.604 42.426 -0,42%
--------- --------- ------ ------- ------- ------
Interbank borrowings 30.310 72.783 140,13% 9.311 7.354 -21,02%
Borrowings from domestic development banks 50.143 38.161 -23,90% 4.548 4.610 1,36%
Overnight funds 33.898 40.667 19,97% 6.361 6.141 -3,46%
Bonds 77.869 53.626 -31,13% 6.130 5.922 -3,39%
TOTAL INTEREST EXPENSE 546.414 510.786 -6,52% 68.954 66.453 -3,63%
--------- --------- ------ ------- ------- ------
NET INTEREST INCOME 1.038.413 736.724 -29,05% 130.863 152.558 16,58%
Provision for loan and accrued interest losses, net (83.668) (115.937) 38,57% (21.728) (17.255) -20,59%
Recovery of charged-off loans 40.619 39.690 -2,29% 6.532 3.630 -44,43%
Provision for foreclosed assets and other assets (40.531) (19.946) -50,79% (3.848) (1.886) -50,99%
Recovery of provisions for foreclosed assets and other assets 28.626 60.312 110,69% 1.482 1.396 -5,80%
--------- --------- ------ ------- ------- ------
TOTAL NET PROVISIONS (54.954) (35.881) -34,71% (17.562) (14.115) -19,63%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 983.459 700.843 -28,74% 113.301 138.443 22,19%
--------- --------- ------ ------- ------- ------
Commissions from banking services and other services 39.081 53.716 37,45% 7.534 7.489 -0,60%
Electronic services and ATM's fees, net 72.277 57.371 -20,62% 7.651 7.170 -6,29%
Branch network services, net 31.307 35.529 13,49% 4.554 4.824 5,93%
Collections and payments fees, net 36.873 45.829 24,29% 5.844 6.141 5,08%
Credit card merchant fees, net 6.176 5.324 -13,80% 729 281 -61,45%
Credit and debit card fees, net 135.083 161.470 19,53% 21.483 21.736 1,18%
Checking fees, net 36.122 39.530 9,43% 5.150 5.300 2,91%
Check remittance, net 6.785 7.428 9,48% 887 952 7,33%
International operations, net 16.323 18.179 11,37% 2.822 2.668 -5,46%
TOTAL FEES AND OTHER SERVICE INCOME 380.027 424.376 11,67% 56.654 56.561 -0,16%
--------- --------- ------ ------- ------- ------
Other fees and service expenses (30.134) (48.120) 59,69% (7.994) (6.399) -19,95%
TOTAL FEES AND INCOME FROM SERVICES, NET 349.893 376.256 7,53% 48.660 50.162 3,09%
--------- --------- ------ ------- ------- ------
OTHER OPERATING INCOME
Net foreign exchange gains (54.442) 99.147 -282,11% (37.036) (570) -98,46%
Forward contracts in foreign currency 108.650 (19.500) -117,95% 35.351 7.247 -79,50%
Gains on sales of investments on equity securities -- 43.128 * -- -- 0,00%
Dividend income 99.997 128.571 28,57% 33 -- -100,00%
Communication, rent payments and others 1.119 1.061 -5,18% 131 140 6,87%
TOTAL OTHER OPERATING INCOME 155.324 252.407 62,50% (1.521) 6.817 -548,19%
--------- --------- ------ ------- ------- ------
TOTAL INCOME 1.488.676 1.329.506 -10,69% 160.440 195.422 21,80%
OPERATING EXPENSES
Salaries and employee benefits 332.045 358.233 7,89% 44.834 45.686 1,90%
Bonus plan payments 7.146 8.713 21,93% 1.465 2.692 83,75%
Compensation 5.102 2.370 -53,55% 955 159 -83,35%
Administrative and other expenses 438.919 416.485 -5,11% 51.922 56.620 9,05%
Deposit security, net 32.980 36.570 10,89% 6.330 5.947 -6,05%
Donation expenses 397 131 -67,00% 18 29 61,11%
Depreciation 42.053 48.560 15,47% 7.318 6.039 -17,48%
TOTAL OPERATING EXPENSES 858.642 871.062 1,45% 112.842 117.172 3,84%
--------- --------- ------ ------- ------- ------
NET OPERATING INCOME 630.034 458.444 -27,24% 47.598 78.250 64,40%
Merger expenses 26.705 19.322 -27,65% 1.612 5.232 224,57%
Goodwill amortization 15.099 16.596 9,91% 2.304 2.305 0,04%
NON-OPERATING INCOME (EXPENSE)
Other income 32.323 130.711 304,39% 3.456 2.417 -30,06%
Other expense (44.246) (100.983) 128,23% (12.775) (10.858) -15,01%
TOTAL NON-OPERATING INCOME (11.923) 29.728 -349,33% (9.319) (8.441) -9,42%
INCOME BEFORE INCOME TAXES 576.307 452.254 -21,53% 34.363 62.272 81,22%
Income tax expense (106.861) (83.767) -21,61% (3.792) (15.289) 303,19%
--------- --------- ------ ------- ------- ------
NET INCOME 469.446 368.487 -21,51% 30.571 46.983 53,68%
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