CONFORMED COPY
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 April 2007
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, 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 X Form 40-F
--- ---
(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
--- ---
(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: April 12, 2007 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
UNCONSOLIDATED NET INCOME OF PS 111,323 MILLION FOR THE MONTH OF MARCH 2007
TOTALING PS 222,966 MILLION FOR THE FIRST THREE MONTHS OF 2007
MEDELLIN, COLOMBIA, APRIL 12, 2007
BANCOLOMBIA reported unconsolidated net income of Ps 111,323 million during the
past month of March.
During March, total net interest income, including investment securities
amounted to Ps 150,128 million. Additionally, total net fees and income from
services totaled in the month Ps 50,873 million.
Total assets amounted to Ps 27.71 trillion, total deposits totaled Ps 18.89
trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps 3.13
trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.86% as of March 31, 2007, and the level of allowance for past due
loans was 126.39%.
Dividend income amounted to Ps 66,544 for the month of March.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in January 2007 was
as follows: 18.4% of total deposits, 19.9% of total net loans, 19.5% of total
savings accounts, 21.0% of total checking accounts and 13.2% 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.
CONTACTS
SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO
EXECUTIVE VP FINANCIAL VP IR MANAGER
TEL.: (574)5108668 TEL.: (574)5108666 TEL.: (574)5108866
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
Growth
BANCOLOMBIA S.A. Mar07/Feb07 Growth
BALANCE SHEET AS OF --------------------- Annual
(PS Millions) MAR-06 FEB-07 MAR-07 $ % %
---------------- ---------- ---------- ---------- ----------- ------- -------
ASSETS
Cash and due from banks 1,273,902 1,373,879 1,619,057 245,178 17.85% 27.09%
Overnight funds sold 103,913 254,997 1,003,168 748,171 293.40% 865.39%
TOTAL CASH AND EQUIVALENTS 1,377,815 1,628,876 2,622,225 993,349 60.98% 90.32%
---------- ---------- ---------- ---------- ------- -------
DEBT SECURITIES 6,980,440 4,536,137 4,217,210 -318,927 -7.03% -39.59%
Trading 4,721,343 2,134,951 1,840,863 -294,088 -13.77% -61.01%
Available for Sale 1,180,035 1,277,563 1,260,883 -16,680 -1.31% 6.85%
Held to Maturity 1,079,062 1,123,623 1,115,464 -8,159 -0.73% 3.37%
EQUITY SECURITIES 879,287 871,446 1,081,727 210,281 24.13% 23.02%
Trading 3,566 2,500 120,934 118,434 4737.36% 3291.31%
Available for Sale 875,721 868,946 960,793 91,847 10.57% 9.71%
Market value allowance -59,738 -30,326 -29,614 712 -2.35% -50.43%
NET INVESTMENT SECURITIES 7,799,989 5,377,257 5,269,323 -107,934 -2.01% -32.44%
---------- ---------- ---------- ---------- ------- -------
Commercial loans 10,048,067 13,508,509 13,620,491 111,982 0.83% 35.55%
Consumer loans 2,076,406 2,761,331 2,824,068 62,737 2.27% 36.01%
Small business loans 113,980 108,008 123,044 15,036 13.92% 7.95%
Mortgage loans 1,520,284 1,599,278 1,705,501 106,223 6.64% 12.18%
Allowance for loans and financial leases losses -565,063 -641,479 -656,995 -15,516 2.42% 16.27%
NET TOTAL LOANS AND FINANCIAL LEASES 13,193,674 17,335,647 17,616,109 280,462 1.62% 33.52%
---------- ---------- ---------- ---------- ------- -------
Accrued interest receivable on loans 146,306 194,235 186,482 -7,753 -3.99% 27.46%
Allowance for accrued interest losses -8,159 -8,518 -8,948 -430 5.05% 9.67%
NET TOTAL INTEREST ACCRUED 138,147 185,717 177,534 -8,183 -4.41% 28.51%
---------- ---------- ---------- ---------- ------- -------
Customers' acceptances and derivatives 104,018 164,355 173,456 9,101 5.54% 66.76%
Net accounts receivable 274,535 306,157 383,756 77,599 25.35% 39.78%
Net premises and equipment 336,655 363,020 364,712 1,692 0.47% 8.33%
Foreclosed assets 25,158 14,490 17,310 2,820 19.46% -31.19%
Prepaid expenses and deferred charges 18,347 24,830 21,256 -3,574 -14.39% 15.86%
Goodwill 45,297 35,555 33,250 -2,305 -6.48% -26.60%
Other 268,809 374,364 366,404 -7,960 -2.13% 36.31%
Reappraisal of assets 596,771 803,505 666,123 -137,382 -17.10% 11.62%
---------- ---------- ---------- ---------- ------- -------
TOTAL ASSETS 24,179,215 26,613,773 27,711,458 1,097,685 4.12% 14.61%
---------- ---------- ---------- ---------- ------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3,211,363 3,970,158 4,243,345 273,187 6.88% 32.14%
Checking accounts 2,870,752 3,718,436 3,806,841 88,405 2.38% 32.61%
Other 340,611 251,722 436,504 184,782 73.41% 28.15%
---------- ---------- ---------- ---------- ------- -------
INTEREST BEARING 10,989,172 13,860,273 14,651,045 790,772 5.71% 33.32%
Checking accounts 272,441 317,032 340,987 23,955 7.56% 25.16%
Time deposits 3,567,443 3,337,017 3,556,292 219,275 6.57% -0.31%
Savings deposits 7,149,288 10,206,224 10,753,766 547,542 5.36% 50.42%
---------- ---------- ---------- ---------- ------- -------
TOTAL DEPOSITS 14,200,535 17,830,431 18,894,390 1,063,959 5.97% 33.05%
Overnight funds 1,516,665 1,734,703 546,452 -1,188,251 -68.50% -63.97%
Bank acceptances outstanding 39,443 61,255 53,284 -7,971 -13.01% 35.09%
Interbank borrowings 1,815,768 967,545 1,581,683 614,138 63.47% -12.89%
Borrowings from domestic development banks 1,066,620 679,980 749,447 69,467 10.22% -29.74%
Accounts payable 804,192 607,421 1,533,197 925,776 152.41% 90.65%
Accrued interest payable 126,224 107,064 114,746 7,682 7.18% -9.09%
Other liabilities 338,340 268,006 268,525 -9,481 -3.54% -23.59%
Bonds 1,050,778 567,403 560,185 -7,218 -1.27% -46.69%
Accrued expenses 239,883 243,965 290,666 46,701 19.14% 21.17%
---------- ---------- ---------- ---------- ------- -------
TOTAL LIABILITIES 21,198,448 23,067,773 24,582,575 1,514,802 6.57% 15.96%
---------- ---------- ---------- ---------- ------- -------
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,914 363,914 363,914 -- 0.00% 0.00%
---------- ---------- ---------- ---------- ------- -------
RETAINED EARNINGS 1,481,622 1,922,951 1,647,070 (275,881) -14.35% 11.17%
Appropiated 1,228,943 1,811,308 1,424,104 -- -21.38% 15.88%
Unappropiated 252,679 111,643 222,966 111,323 99.71% -11.76%
---------- ---------- ---------- ---------- ------- -------
REAPPRAISAL AND OTHERS 1,082,237 1,262,382 1,125,001 (137,381) -10.88% 3.95%
GROSS UNREALIZED PAIN OR LOSS ON DEBT SECURITIES 52,994 (3,247) (7,102) (3,855) 118.72% -113.40%
---------- ---------- ---------- ---------- ------- -------
TOTAL SHAREHOLDER'S EQUITY 2,980,767 3,546,000 3,128,883 (417,117) -11.76% 4.97%
---------- ---------- ---------- ---------- ------- -------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 24,179,215 26,613,773 27,711,458 1,097,685 4.12% 14.61%
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CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
BANCOLOMBIA S.A. Accumulated Growth Month Growth
INCOME STATEMENT ----------------- Annual ----------------- Month
(Ps Millions) Mar-06 Mar-07 % Feb-07 Mar-07 %
---------------- ------- ------- ------- ------- ------- -------
INTEREST INCOME AND EXPENSES
Interest on loans 425,208 553,033 30.06% 179,039 198,244 10.73%
Interest on investment securities 101,289 57,653 -43.08% 16,139 26,902 66.69%
Overnight funds 5,904 10,162 72.12% 2,881 3,445 19.58%
TOTAL INTEREST INCOME 532,401 620,848 16.61% 198,059 228,591 15.42%
------- ------- ------- ------- ------- ------
Interest expense
Checking accounts 1,908 4,701 146.38% 1,476 1,473 -0.20%
Time deposits 52,115 57,847 11.00% 18,800 19,846 5.56%
Savings deposits 55,156 93,581 69.67% 27,176 37,697 38.71%
TOTAL INTEREST ON DEPOSITS 109,179 156,129 43.00% 47,452 59,016 24.37%
------- ------- ------- ------- ------- ------
Interbank borrowings 28,297 14,945 -47.19% 4,629 5,165 11.58%
Borrowings from domestic development banks 15,099 11,894 -21.23% 3,915 4,065 3.83%
Overnight funds 12,135 21,766 79.37% 8,865 6,272 -29.25%
Bonds 22,246 12,810 -42.42% 4,089 3,945 -3.52%
TOTAL INTEREST EXPENSE 186,956 217,544 16.36% 68,950 78,463 13.80%
------- ------- ------- ------- ------- ------
NET INTEREST INCOME 345,445 403,304 16.75% 129,109 150,128 16.28%
Provision for loan and accrued interest losses, net (42,299) (51,698) 22.22% (20,968) (17,681) -15.68%
Recovery of charged-off loans 15,899 13,335 -16.13% 4,306 4,030 -6.41%
Provision for foreclosed assets and other assets (7,805) (4,522) -42.06% (1,430) (1,867) 30.56%
Recovery of provisions for foreclosed assets and
other assets 8,502 25,923 204.90% 16,375 4,471 -72.70%
------- ------- ------- ------- ------- ------
TOTAL NET PROVISIONS (25,703) (16,962) -34.01% (1,717) (11,047) 543.39%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 319,742 386,342 20.83% 127,392 139,081 9.18%
------- ------- ------- ------- ------- ------
Commissions from banking services and other services 16,186 20,207 24.84% 6,110 7,915 29.54%
Electronic services and ATM's fees, net 20,725 17,489 -15.61% 5,557 6,038 8.66%
Branch network services, net 12,833 24,087 87.70% 7,592 8,534 12.41%
Collections and payments fees, net 15,164 24,927 64.38% 7,997 8,963 12.08%
Credit card merchant fees, net 2,235 6,119 173.78% 1,981 1,473 -25.64%
Credit and debit card fees, net 59,248 56,547 -4.56% 20,066 16,039 -20.07%
Checking fees, net 14,727 16,285 10.58% 4,938 5,995 21.41%
Check remittance, net 2,852 2,698 -5.40% 970 862 -11.13%
International operations, net 5,441 8,171 50.17% 2,750 2,633 -4.25%
TOTAL FEES AND OTHER SERVICE INCOME 149,411 176,530 18.15% 57,961 58,452 0.85%
------- ------- ------- ------- ------- ------
Other fees and service expenses (16,995) (22,138) 30.26% (7,714) (7,579) -1.75%
TOTAL FEES AND INCOME FROM SERVICES, NET 132,416 154,392 16.60% 50,247 50,873 1.25%
------- ------- ------- ------- ------- ------
OTHER OPERATING INCOME
Net foreign exchange gains 10,701 (13,336) -224.62% (10,488) (8,737) -16.70%
Forward contracts in foreign currency 4,730 27,296 477.08% 8,707 24,038 176.08%
Gains(Loss) on sales of investments on equity
securities 34,174 (13,319) -138.97% (14,175) -- *
Gains on sale of mortgage loan -- -- 0.00% -- -- 0.00%
Dividend income 128,811 121,931 -5.34% 55,358 66,544 20.21%
Communication, rent payments and others 394 362 -8.12% 113 117 3.54%
TOTAL OTHER OPERATING INCOME 178,810 122,934 -31.25% 39,515 81,962 107.42%
------- ------- ------- ------- ------- ------
TOTAL INCOME 630,968 663,668 5.18% 217,154 271,916 25.22%
OPERATING EXPENSES
Salaries and employee benefits 129,298 147,762 14.28% 50,930 49,493 -2.82%
Bonus plan payments 6,728 10,187 51.41% 4,277 2,831 -33.81%
Compensation 511 5,886 1051.86% 1,967 1,002 -49.06%
Administrative and other expenses 155,026 191,810 23.73% 64,625 65,417 1.23%
Deposit security, net 13,217 10,581 -19.94% 3,527 3,527 0.00%
Donation expenses 39 99 153.85% 28 29 3.57%
Depreciation 16,921 18,030 6.55% 6,075 5,997 -1.28%
TOTAL OPERATING EXPENSES 321,740 384,355 19.46% 131,429 128,296 -2.38%
------- ------- ------- ------- ------- ------
NET OPERATING INCOME 309,228 279,313 -9.67% 85,725 143,620 67.54%
Merger expenses 4,664 -- * -- -- 0.00%
Goodwill amortization 5,661 6,914 22.13% 2,305 2,305 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 11,817 22,236 88.17% 9,252 6,008 -35.06%
Other expense (13,843) (15,010) 8.43% (3,511) (4,841) 37.88%
TOTAL NON-OPERATING INCOME (2,026) 7,226 -456.66% 5,741 1,167 -79.67%
INCOME BEFORE INCOME TAXES 296,877 279,625 -5.81% 89,161 142,482 59.80%
Income tax expense (44,198) (56,659) 28.19% (9,156) (31,159) 240.31%
------- ------- ------- ------- ------- ------
NET INCOME 252,679 222,966 -11.76% 80,005 111,323 39.15%
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