Form 6-K
 
 
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 September, 2009.
Comission File Number 001-32535
Bancolombia S.A.
(Translation of registrant’s name into English)
Cra. 48 # 26-85
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-                    .
 
 

 

 

 

(LETTERHEAD)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF AUGUST 2009
Medellín, Colombia, September 11, 2009
Bancolombia S.A. (“Bancolombia”) (NYSE:CIB) reported unconsolidated net income of COP 64.1 billion for the month ended August 31, 2009. Net income for Bancolombia on an unconsolidated basis totaled COP 683.3 billion for the first eight months of 2009, decreasing 10.6% as compared to the same period last year.
  •  
Net interest income, including interest from investment securities, totaled COP 188.6 billion in August 2009. For the eight month period ended August 31, 2009, net interest income totaled COP 1,749.7 billion, increasing 5.0% as compared to the same period last year.
 
  •  
Net fees and income from services totaled COP 65.0 billion in August 2009. For the eight month period ended August 31, 2009, net fees and income from services totaled COP 549.5 billion, which represents an increase of 7.7% as compared to the same period of 2008.
 
  •  
Other operating income reached COP 24.7 billion in August 2009. For the eight month period ended August 31, 2009, other operating income totaled COP 227.9 billion, decreasing 49.4% as compared to the same period last year. Bancolombia notes that a considerable part of other operating income 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 charges totaled COP 44.3 billion in August 2009. Net provisions totaled COP 477.9 billion for the eight month period ended August 31, 2009, which represents an increase of 27.3% as compared to the same period of 2008.
 
  •  
Operating expenses totaled COP 156.8 billion in August 2009. For the eight month period ended August 31, 2009, operating expenses totaled COP 1,277.0 billion, increasing 11.3% as compared to the same period of 2008.
 
  •  
Non-operating income was positively impacted by non-recurring income of COP 12.6 billion, related to the sale of the Bank’s interest in Visa Inc.
Total assets (unconsolidated) amounted to COP 39.4 trillion, gross loans amounted to COP 27.2 trillion, deposits totaled COP 26.1 trillion and Bancolombia’s total shareholders’ equity amounted to COP 6.3 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.95% as of August 31, 2009, and the coverage for past due loans was 138.43% 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 August 2009, was as follows: 21.4% of total net loans, 21.3% of total checking accounts, 20.0% of total savings accounts, 17.2% of time deposits and 19.3% of total 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.
(LETTERHEAD)

 

 

 

(LETTERHEAD)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET   As of     Aug09/Jul09     Annual  
(COP Millions)   Aug-08     Jul-09     Aug-09     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,522,361       2,636,850       3,092,487       455,637       17.28 %     22.60 %
Overnight funds sold
     540,030       1,879,600       1,147,768       -731,832       -38.94 %     112.54 %
Total cash and equivalents
     3,062,391       4,516,450       4,240,255       -276,195       -6.12 %     38.46 %
 
                                    
Debt securities
     4,042,678       4,310,993       4,606,738       295,745       6.86 %     13.95 %
Trading
     1,467,851       1,274,738       1,455,155       180,417       14.15 %     -0.86 %
Available for Sale
     1,182,561       877,662       950,470       72,808       8.30 %     -19.63 %
Held to Maturity
     1,392,266       2,158,593       2,201,113       42,520       1.97 %     58.10 %
Equity securities
     1,124,493       1,244,253       1,234,796       -9,457       -0.76 %     9.81 %
Trading
     44,793       7,368       7,462       94       1.28 %     -83.34 %
Available for Sale
     1,079,700       1,236,885       1,227,334       -9,551       -0.77 %     13.67 %
Market value allowance
     -18,478       -29,060       -29,059       1       0.00 %     57.26 %
Net investment securities
     5,148,693       5,526,186       5,812,475       286,289       5.18 %     12.89 %
 
                                    
Commercial loans
     18,446,451       22,255,217       21,275,325       -979,892       -4.40 %     15.34 %
Consumer loans
     3,879,804       3,561,548       3,535,619       -25,929       -0.73 %     -8.87 %
Microcredit
     122,723       146,964       154,645       7,681       5.23 %     26.01 %
Mortgage loans
     2,245,087       2,385,080       2,284,396       -100,684       -4.22 %     1.75 %
Allowance for loans and financial leases losses
     -1,156,494       -1,467,516       -1,485,293       -17,777       1.21 %     28.43 %
Net total loans and financial leases
     23,537,571       26,881,293       25,764,692       -1,116,601       -4.15 %     9.46 %
 
                                    
Accrued interest receivable on loans
     358,451       355,288       353,966       -1,322       -0.37 %     -1.25 %
Allowance for accrued interest losses
     -25,622       -27,716       -28,404       -688       2.48 %     10.86 %
Net total interest accrued
     332,829       327,572       325,562       -2,010       -0.61 %     -2.18 %
 
                                    
Customers’ acceptances and derivatives
     272,396       209,203       192,077       -17,126       -8.19 %     -29.49 %
Net accounts receivable
     412,947       316,230       325,004       8,774       2.77 %     -21.30 %
Net premises and equipment
     576,859       699,296       700,339       1,043       0.15 %     21.41 %
Foreclosed assets
     3,659       22,187       21,462       -725       -3.27 %     486.55 %
Prepaid expenses and deferred charges
     76,428       105,385       127,379       21,994       20.87 %     66.67 %
Goodwill
     3,509       —       —       —       *       *  
Other
     436,458       382,619       387,132       4,513       1.18 %     -11.30 %
Reappraisal of assets
     1,064,252       1,399,823       1,525,235       125,412       8.96 %     43.32 %
 
                                    
Total assets
     34,927,992       40,386,244       39,421,612       -964,632       -2.39 %     12.87 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     3,974,829       4,564,297       4,747,394       183,097       4.01 %     19.44 %
Checking accounts
     3,799,981       4,244,652       4,492,966       248,314       5.85 %     18.24 %
Other
     174,848       319,645       254,428       -65,217       -20.40 %     45.51 %
 
                                    
Interest bearing
     17,923,058       22,501,023       21,361,635       -1,139,388       -5.06 %     19.19 %
Checking accounts
     427,142       677,414       672,280       -5,134       -0.76 %     57.39 %
Time deposits
     6,425,137       8,925,436       8,321,534       -603,902       -6.77 %     29.52 %
Savings deposits
     11,070,779       12,898,173       12,367,821       -530,352       -4.11 %     11.72 %
 
                                    
Total deposits
     21,897,887       27,065,320       26,109,029       -956,291       -3.53 %     19.23 %
Overnight funds
     958,477       306,672       330,097       23,425       7.64 %     -65.56 %
Bank acceptances outstanding
     37,484       38,152       36,797       -1,355       -3.55 %     -1.83 %
Interbank borrowings
     641,597       179,050       170,240       -8,810       -4.92 %     -73.47 %
Borrowings from domestic development banks
     1,666,866       1,496,018       1,501,003       4,985       0.33 %     -9.95 %
Accounts payable
     1,101,875       1,414,818       1,133,804       -281,014       -19.86 %     2.90 %
Accrued interest payable
     199,985       335,668       338,813       3,145       0.94 %     69.42 %
Other liabilities
     422,490       350,556       357,502       6,946       1.98 %     -15.38 %
Bonds
     2,046,646       2,673,557       2,680,301       6,744       0.25 %     30.96 %
Accrued expenses
     646,928       419,937       470,044       50,107       11.93 %     -27.34 %
 
                                    
Total liabilities
     29,620,235       34,279,748       33,127,630       -1,152,118       -3.36 %     11.84 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     3,426,588       3,833,768       3,897,901       64,133       1.67 %     13.75 %
Appropiated
     2,662,531       3,214,596       3,214,596       —       0.00 %     20.73 %
Unappropiated
     764,057       619,172       683,305       64,133       10.36 %     -10.57 %
 
                                    
Reappraisal and others
     1,523,570       1,859,226       1,984,637       125,411       6.75 %     30.26 %
Gross unrealized gain or loss on debt securities
     -36,315       19,588       17,530       -2,058       -10.51 %     -148.27 %
 
                                    
Total shareholder’s equity
     5,307,757       6,106,496       6,293,982       187,486       3.07 %     18.58 %
 
                                    
Total liabilities and shareholder’s equity
     34,927,992       40,386,244       39,421,612       -964,632       -2.39 %     12.87 %
 
                                    

 

 

 

(LETTERHEAD)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(COP Millions)   Aug-08     Aug-09     %     Jul-09     Aug-09     %  
Interest income and expenses
                                                
Interest on loans
     2,373,777       2,601,468       9.59 %     296,232       287,755       -2.86 %
Interest on investment securities
     208,431       240,535       15.40 %     27,395       15,344       -43.99 %
Overnight funds
     31,601       29,578       -6.40 %     3,904       3,371       -13.65 %
Total interest income
     2,613,809       2,871,581       9.86 %     327,531       306,470       -6.43 %
 
                                    
Interest expense Checking accounts
     10,142       14,610       44.05 %     1,677       2,124       26.65 %
Time deposits
     339,554       497,756       46.59 %     58,271       52,107       -10.58 %
Savings deposits
     359,153       334,275       -6.93 %     38,254       34,451       -9.94 %
Total interest on deposits
     708,849       846,641       19.44 %     98,202       88,682       -9.69 %
 
                                    
Interbank borrowings
     17,694       17,177       -2.92 %     806       525       -34.86 %
Borrowings from domestic development banks
     71,410       74,735       4.66 %     7,327       6,869       -6.25 %
Overnight funds
     57,003       31,460       -44.81 %     1,980       1,665       -15.91 %
Bonds
     92,244       151,912       64.68 %     19,574       20,134       2.86 %
Total interest expense
     947,200       1,121,925       18.45 %     127,889       117,875       -7.83 %
 
                                    
Net interest income
     1,666,609       1,749,656       4.98 %     199,642       188,595       -5.53 %
Provision for loan and accrued interest losses, net
     (433,183 )     (566,402 )     30.75 %     (45,791 )     (54,137 )     18.23 %
Recovery of charged-off loans
     40,229       82,277       104.52 %     14,867       10,639       -28.44 %
Provision for foreclosed assets and other assets
     (14,390 )     (24,873 )     72.85 %     (12,365 )     (995 )     -91.95 %
Recovery of provisions for foreclosed assets and other assets
     31,802       31,107       -2.19 %     533       174       -67.35 %
 
                                    
Total net provisions
     (375,542 )     (477,891 )     27.25 %     (42,756 )     (44,319 )     3.66 %
Net interest income after provision for loans and accrued interest losses
     1,291,067       1,271,765       -1.50 %     156,886       144,276       -8.04 %
 
                                    
Commissions from banking services and other services
     76,800       77,787       1.29 %     9,828       9,152       -6.88 %
Electronic services and ATM’s fees, net
     51,874       35,054       -32.42 %     4,248       4,009       -5.63 %
Branch network services, net
     63,199       67,102       6.18 %     9,256       8,129       -12.18 %
Collections and payments fees, net
     91,066       104,537       14.79 %     15,505       11,236       -27.53 %
Credit card merchant fees, net
     6,362       7,788       22.41 %     1,488       1,242       -16.53 %
Credit and debit card fees, net
     210,974       246,521       16.85 %     30,231       29,811       -1.39 %
Checking fees, net
     43,914       45,661       3.98 %     6,169       5,320       -13.76 %
Check remittance, net
     8,082       6,492       -19.67 %     891       758       -14.93 %
International operations, net
     21,274       27,137       27.56 %     3,819       4,154       8.77 %
Total fees and other service income
     573,545       618,079       7.76 %     81,435       73,811       -9.36 %
 
                                    
Other fees and service expenses
     (63,159 )     (68,604 )     8.62 %     (8,837 )     (8,792 )     -0.51 %
Total fees and income from services, net
     510,386       549,475       7.66 %     72,598       65,019       -10.44 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (81,927 )     (163,049 )     99.02 %     (72,085 )     16,842       123.36 %
Derivative Financial Instruments
     271,573       150,136       -44.72 %     83,038       (608 )     -100.73 %
Gains(Loss) on sales of investments on equity securities
     35,683       —       *       —       —       *  
Securitization income
     29,206       38,329       31.24 %     2,839       8,328       193.34 %
Dividend income
     194,815       201,517       3.44 %     68       21       *  
Communication, rent payments and others
     901       950       5.44 %     131       100       -23.66 %
Total other operating income
     450,251       227,883       -49.39 %     13,991       24,683       76.42 %
 
                                    
Total income
     2,251,704       2,049,123       -9.00 %     243,475       233,978       -3.90 %
Operating expenses
                                                
Salaries and employee benefits
     428,849       500,106       16.62 %     61,260       61,780       0.85 %
Bonus plan payments
     68,356       16,989       -75.15 %     1,983       323       -83.71 %
Compensation
     17,439       11,123       -36.22 %     991       1,412       42.48 %
Administrative and other expenses
     555,993       647,114       16.39 %     79,628       80,791       1.46 %
Deposit security, net
     26,642       41,411       55.44 %     4,969       5,125       3.14 %
Donation expenses
     3,098       508       -83.60 %     50       50       0.00 %
Depreciation
     47,159       59,713       26.62 %     7,478       7,340       -1.85 %
Total operating expenses
     1,147,536       1,276,964       11.28 %     156,359       156,821       0.30 %
 
                                    
Net operating income
     1,104,168       772,159       -30.07 %     87,116       77,157       -11.43 %
Goodwill amortization
     9,000       1,841       -79.54 %     —       —       *  
Non-operating income (expense)
                                                
Other income
     49,080       103,474       110.83 %     8,202       14,522       77.05 %
Other expense
     (89,721 )     (53,844 )     -39.99 %     (9,195 )     (4,939 )     -46.29 %
Total non-operating income
     (40,641 )     49,630       222.12 %     (993 )     9,583       -1065.06 %
Income before income taxes
     1,054,527       819,948       -22.24 %     86,123       86,740       0.72 %
Income tax expense
     (290,470 )     (136,643 )     -52.96 %     (22,018 )     (22,607 )     2.68 %
 
                                    
Net income
     764,057       683,305       -10.57 %     64,105       64,133       0.04 %
 
                                    

 

 

 

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 11, 2009  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance