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 October, 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 LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF SEPTEMBER 2008*
Medellín, Colombia, October 10, 2008
Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps. 60.3 billion in September 2008. Net income for Bancolombia on an unconsolidated basis totaled Ps. 824.3 billion for the first nine months of 2008, increasing 44.0% as compared to the same period of 2007.
  •  
Net interest income, including investment securities, totaled Ps. 214.1 billion in September 2008. For the nine month period ended September 30, 2008, net interest income totaled Ps. 1,880.7 billion, increasing 37.1% as compared to the same period last year.
 
  •  
Net fees and income from services in September 2008 totaled Ps. 74.2 billion. For the nine month period ended September 30, 2008, net fees and income from services totaled Ps. 584.6 billion, which represents an increase of 22.9% as compared to the same period of 2007.
 
  •  
Other operating income had a total loss of Ps. 16.3 billion in September 2008. For the nine month period ended September 30, 2008, other operating income totaled Ps. 433.9 billion increasing 83.1% 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. 28.3 billion in September 2008. Net provisions totaled Ps. 403.9 billion for the nine month period ended September 30, 2008, which represents an increase of 86.4% as compared to the same period of 2007.
 
  •  
Operating expenses totaled Ps. 149.5 billion in September 2008. For the nine month period ended September 30, 2008, operating expenses totaled Ps. 1,297.1 billion, increasing 13.2% as compared to the same period of 2007.
Total assets (unconsolidated) amounted to Ps. 36.1 trillion, loans amounted to Ps. 25.5 trillion, deposits totaled Ps. 22.7 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 5.5 trillion.
Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans amounted to 3.48% as of September 30, 2008, and the level of allowance for past due loans amounted to 128.15% 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 September 2008, was as follows: 18.7% of total deposits, 20.8% of total net loans, 20.0% of total savings accounts, 21.6% of total checking accounts and 15.5% 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.
 
(CONTACT GRAPHIC)

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET   As of     Sep-08 / Aug-08     Annual  
(Ps. Millions)   Sep-07     Aug-08     Sep-08     $     %     %  
ASSETS
                                                
Cash and due from banks
     1,701,333       2,522,361       2,696,510       174,149       6.90 %     58.49 %
Overnight funds sold
     1,318,620       540,030       460,254       -79,776       -14.77 %     -65.10 %
Total cash and equivalents
     3,019,953       3,062,391       3,156,764       94,373       3.08 %     4.53 %
 
                                    
Debt securities
     3,503,794       4,042,678       4,109,883       67,205       1.66 %     17.30 %
Trading
     1,446,611       1,467,851       1,566,787       98,936       6.74 %     8.31 %
Available for Sale
     1,020,265       1,182,561       1,158,997       -23,564       -1.99 %     13.60 %
Held to Maturity
     1,036,918       1,392,266       1,384,099       -8,167       -0.59 %     33.48 %
Equity securities
     994,526       1,124,493       1,178,037       53,544       4.76 %     18.45 %
Trading
     10,368       44,793       92,078       47,285       105.56 %     788.10 %
Available for Sale
     984,158       1,079,700       1,085,959       6,259       0.58 %     10.34 %
Market value allowance
     -29,865       -18,478       -18,504       -26       0.14 %     -38.04 %
Net investment securities
     4,468,455       5,148,693       5,269,416       120,723       2.34 %     17.92 %
 
                                    
Commercial loans
     16,831,357       18,446,451       19,207,315       760,864       4.12 %     14.12 %
Consumer loans
     3,444,270       3,879,804       3,871,034       -8,770       -0.23 %     12.39 %
Small business loans
     97,819       122,723       124,195       1,472       1.20 %     26.96 %
Mortgage loans
     2,061,183       2,245,087       2,335,638       90,551       4.03 %     13.32 %
Allowance for loans and financial leases losses
     -798,954       -1,156,494       -1,136,348       20,146       -1.74 %     42.23 %
Net total loans and financial leases
     21,635,675       23,537,571       24,401,834       864,263       3.67 %     12.79 %
 
                                    
Accrued interest receivable on loans
     281,315       358,451       358,584       133       0.04 %     27.47 %
Allowance for accrued interest losses
     -21,725       -25,622       -25,934       -312       1.22 %     19.37 %
Net total interest accrued
     259,590       332,829       332,650       -179       -0.05 %     28.14 %
 
                                    
Customers’ acceptances and derivatives
     176,935       272,396       233,929       -38,467       -14.12 %     32.21 %
Net accounts receivable
     413,235       412,947       503,994       91,047       22.05 %     21.96 %
Net premises and equipment
     408,227       576,859       597,477       20,618       3.57 %     46.36 %
Foreclosed assets
     10,208       3,659       3,335       -324       -8.85 %     -67.33 %
Prepaid expenses and deferred charges
     43,062       76,428       70,430       -5,998       -7.85 %     63.55 %
Goodwill
     19,423       3,509       3,092       -417       -11.88 %     -84.08 %
Other
     250,014       436,458       318,100       -118,358       -27.12 %     27.23 %
Reappraisal of assets
     1,016,183       1,064,252       1,175,456       111,204       10.45 %     15.67 %
 
                                    
Total assets
     31,720,960       34,927,992       36,066,477       1,138,485       3.26 %     13.70 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,262,622       3,974,829       4,039,705       64,876       1.63 %     -5.23 %
Checking accounts
     3,809,616       3,799,981       3,711,935       -88,046       -2.32 %     -2.56 %
Other
     453,006       174,848       327,770       152,922       87.46 %     -27.65 %
 
                                    
Interest bearing
     14,714,872       17,923,058       18,652,653       729,595       4.07 %     26.76 %
Checking accounts
     286,672       427,142       550,080       122,938       28.78 %     91.88 %
Time deposits
     4,336,592       6,425,137       6,785,611       360,474       5.61 %     56.47 %
Savings deposits
     10,091,608       11,070,779       11,316,962       246,183       2.22 %     12.14 %
 
                                    
Total deposits
     18,977,494       21,897,887       22,692,358       794,471       3.63 %     19.58 %
Overnight funds
     1,768,772       958,477       602,982       -355,495       -37.09 %     -65.91 %
Bank acceptances outstanding
     50,974       37,484       48,502       11,018       29.39 %     -4.85 %
Interbank borrowings
     475,720       641,597       721,389       79,792       12.44 %     51.64 %
Borrowings from domestic development banks
     1,360,640       1,666,866       1,737,907       71,041       4.26 %     27.73 %
Accounts payable
     1,822,070       1,101,875       1,350,907       249,032       22.60 %     -25.86 %
Accrued interest payable
     149,688       199,985       216,579       16,594       8.30 %     44.69 %
Other liabilities
     273,242       422,490       366,428       -56,062       -13.27 %     34.10 %
Bonds
     1,680,428       2,046,646       2,147,654       101,008       4.94 %     27.80 %
Accrued expenses
     445,687       646,928       709,095       62,167       9.61 %     59.10 %
 
                                    
Total liabilities
     27,004,715       29,620,235       30,593,801       973,566       3.29 %     13.29 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     2,878,250       3,426,588       3,486,856       60,268       1.76 %     21.15 %
Appropiated
     2,305,756       2,662,531       2,662,531       —       0.00 %     15.47 %
Unappropiated
     572,494       764,057       824,325       60,268       7.89 %     43.99 %
 
                                    
Reappraisal and others
     1,475,177       1,523,570       1,634,778       111,208       7.30 %     10.82 %
Gross unrealized gain or loss on debt securities
     (31,096 )     (36,315 )     (42,872 )     -6,557       18.06 %     37.87 %
 
                                    
Total shareholder’s equity
     4,716,245       5,307,757       5,472,676       164,919       3.11 %     16.04 %
 
                                    
Total liabilities and shareholder’s equity
     31,720,960       34,927,992       36,066,477       1,138,485       3.26 %     13.70 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps. Millions)   Sep-07     Sep-08     %     Aug-08     Sep-08     %  
Interest income and expenses
                                                
Interest on loans
     1,908,178       2,700,460       41.52 %     319,782       326,683       2.16 %
Interest on investment securities
     196,770       226,937       15.33 %     40,266       18,506       -54.04 %
Overnight funds
     39,578       38,850       -1.84 %     4,446       7,249       63.05 %
Total interest income
     2,144,526       2,966,247       38.32 %     364,494       352,438       -3.31 %
 
                                    
Interest expense Checking accounts
     12,592       11,594       -7.93 %     1,559       1,452       -6.86 %
Time deposits
     210,278       394,005       87.37 %     51,249       54,451       6.25 %
Savings deposits
     328,427       408,230       24.30 %     47,855       49,077       2.55 %
Total interest on deposits
     551,297       813,829       47.62 %     100,663       104,980       4.29 %
 
                                    
Interbank borrowings
     52,969       20,053       -62.14 %     2,007       2,359       17.54 %
Borrowings from domestic development banks
     46,397       80,767       74.08 %     9,155       9,357       2.21 %
Overnight funds
     65,438       61,021       -6.75 %     9,066       4,018       -55.68 %
Bonds
     56,319       109,892       95.12 %     13,272       17,648       32.97 %
Total interest expense
     772,420       1,085,562       40.54 %     134,163       138,362       3.13 %
 
                                    
Net interest income
     1,372,106       1,880,685       37.07 %     230,331       214,076       -7.06 %
Provision for loan and accrued interest losses, net
     (289,540 )     (479,346 )     65.55 %     (46,535 )     (46,163 )     -0.80 %
Recovery of charged-off loans
     46,695       44,783       -4.09 %     5,740       4,554       -20.66 %
Provision for foreclosed assets and other assets
     (18,477 )     (13,412 )     -27.41 %     (1,266 )     978       -177.25 %
Recovery of provisions for foreclosed assets and other assets
     44,621       44,124       -1.11 %     11,256       12,322       9.47 %
 
                                    
Total net provisions
     (216,701 )     (403,851 )     86.36 %     (30,805 )     (28,309 )     -8.10 %
Net interest income after provision for loans and accrued interest losses
     1,155,405       1,476,834       27.82 %     199,526       185,767       -6.90 %
 
                                    
Commissions from banking services and other services
     63,897       87,488       36.92 %     9,251       10,688       15.53 %
Electronic services and ATM’s fees, net
     53,564       58,209       8.67 %     6,362       6,335       -0.42 %
Branch network services, net
     72,526       71,679       -1.17 %     7,845       8,480       8.09 %
Collections and payments fees, net
     80,372       102,623       27.69 %     11,179       11,557       3.38 %
Credit card merchant fees, net
     14,036       7,727       -44.95 %     763       1,365       78.90 %
Credit and debit card fees, net
     185,285       241,988       30.60 %     28,139       31,014       10.22 %
Checking fees, net
     49,231       50,510       2.60 %     5,186       6,596       27.19 %
Check remittance, net
     7,616       9,130       19.88 %     902       1,048       16.19 %
International operations, net
     24,463       25,266       3.28 %     2,851       3,992       40.02 %
Total fees and other service income
     550,990       654,620       18.81 %     72,478       81,075       11.86 %
 
                                    
Other fees and service expenses
     (75,179 )     (70,066 )     -6.80 %     (6,481 )     (6,907 )     6.57 %
Total fees and income from services, net
     475,811       584,554       22.85 %     65,997       74,168       12.38 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     28,709       10,907       -62.01 %     36,834       92,834       152.03 %
Forward contracts in foreign currency
     65,982       159,933       142.39 %     (16,664 )     (111,640 )     569.95 %
Gains(Loss) on sales of investments on equity securities
     (13,254 )     35,683       369.22 %     (5,044 )     —       *  
Securitization income
     32,427       31,557       -2.68 %     3,912       2,351       -39.90 %
Dividend income
     122,098       194,815       59.56 %     27       —       *  
Communication, rent payments and others
     1,044       1,015       -2.78 %     102       114       11.76 %
Total other operating income
     237,006       433,910       83.08 %     19,167       (16,341 )     -185.26 %
 
                                    
Total income
     1,868,222       2,495,298       33.57 %     284,690       243,594       -14.44 %
Operating expenses
                                                
Salaries and employee benefits
     451,472       485,400       7.51 %     54,205       56,551       4.33 %
Bonus plan payments
     30,795       82,862       169.08 %     7,176       14,506       102.15 %
Compensation
     16,176       18,052       11.60 %     2,636       613       -76.75 %
Administrative and other expenses
     559,767       623,598       11.40 %     73,318       67,605       -7.79 %
Deposit security, net
     30,802       30,781       -0.07 %     3,044       4,139       35.97 %
Donation expenses
     338       3,157       834.02 %     2,449       59       -97.59 %
Depreciation
     56,602       53,214       -5.99 %     5,869       6,055       3.17 %
Total operating expenses
     1,145,952       1,297,064       13.19 %     148,697       149,528       0.56 %
 
                                    
Net operating income
     722,270       1,198,234       65.90 %     135,993       94,066       -30.83 %
Merger expenses
     —       —       0.00 %     —       —       0.00 %
Goodwill amortization
     20,740       9,417       -54.59 %     418       417       -0.24 %
Non-operating income (expense)
                                                
Other income
     40,767       52,191       28.02 %     1,760       3,111       76.76 %
Other expense
     (37,687 )     (97,416 )     158.48 %     (6,570 )     (7,695 )     17.12 %
Total non-operating income
     3,079       (45,225 )     -1568.77 %     (4,810 )     (4,584 )     -4.70 %
Income before income taxes
     704,609       1,143,592       62.30 %     130,765       89,065       -31.89 %
Income tax expense
     (132,115 )     (319,267 )     141.66 %     (36,942 )     (28,797 )     -22.05 %
 
                                    
Net income
     572,494       824,325       43.99 %     93,823       60,268       -35.76 %
 
                                    

 

 

 

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: October 10, 2008  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance