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, 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):  _____ 

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 SEPTEMBER 2009

Medellín, Colombia, October 13, 2009

Bancolombia S.A. (“Bancolombia”) (NYSE:CIB) reported unconsolidated net income of COP 91.8 billion for the month ended September 30, 2009. Net income for Bancolombia on an unconsolidated basis totaled COP 775.1 billion for the first nine months of 2009, decreasing 6.0% as compared to the same period last year.

	•		Net interest income, including interest from investment securities, totaled COP 187.9 billion in September 2009. For the nine month period ended September 30, 2009, net interest income totaled COP 1,937.6 billion, increasing 3.0% as compared to the same period last year.
	•		Net fees and income from services totaled COP 71.6 billion in September 2009. For the nine month period ended September 30, 2009, net fees and income from services totaled COP 621.1 billion, which represents an increase of 6.6% as compared to the same period of 2008.
	•		Other operating income reached COP 6.1 billion in September 2009. For the nine month period ended September 30, 2009, other operating income totaled COP 234.0 billion, decreasing 46.1% as compared to the same period last year*.
	•		For the month ended September 30, 2009, net provision recoveries totaled COP 42.7 billion. Provision charges, net of recoveries, totaled COP 435.1 billion for the nine month period ended September 30, 2009, which represents an increase of 7.8% as compared to the same period of 2008.
	•		Operating expenses totaled COP 167.7 billion in September 2009. For the nine month period ended September 30, 2009, operating expenses totaled COP 1,444.7 billion, increasing 11.4% as compared to the same period of 2008.

Total assets (unconsolidated) amounted to COP 38.8 trillion, gross loans amounted to COP 26.6 trillion, deposits totaled COP 25.0 trillion and Bancolombia’s total shareholders’ equity amounted to COP 6.4 trillion.

Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.76% as of September 30, 2009, and the coverage for past due loans was 142.17% as of the same date.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian financial system in September 2009, was as follows: 21.0% of total net loans, 21.1% of total checking accounts, 19.5% of total savings accounts, 15.8% of time deposits and 18.5% 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.

* 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.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET		As of												Sep09/Aug09								Annual
(COP Millions)		Sep-08				Aug-09				Sep-09				$				%				%
ASSETS
Cash and due from banks			2,696,510				3,092,487				2,934,765				-157,722				-5.10	%			8.84	%
Overnight funds sold			460,254				1,147,768				791,120				-356,648				-31.07	%			71.89	%
Total cash and equivalents			3,156,764				4,240,255				3,725,885				-514,370				-12.13	%			18.03	%
Debt securities			4,109,883				4,606,738				4,986,667				379,929				8.25	%			21.33	%
Trading			1,566,787				1,455,155				1,873,156				418,001				28.73	%			19.55	%
Available for Sale			1,158,997				950,470				925,614				-24,856				-2.62	%			-20.14	%
Held to Maturity			1,384,099				2,201,113				2,187,897				-13,216				-0.60	%			58.07	%
Equity securities			1,178,037				1,234,796				1,225,430				-9,366				-0.76	%			4.02	%
Trading			92,078				7,462				1,373				-6,089				-81.60	%			-98.51	%
Available for Sale			1,085,959				1,227,334				1,224,057				-3,277				-0.27	%			12.72	%
Market value allowance			-18,504				-29,059				-29,056				3				-0.01	%			57.03	%
Net investment securities			5,269,416				5,812,475				6,183,041				370,566				6.38	%			17.34	%
Commercial loans			19,207,315				21,275,325				20,555,331				-719,994				-3.38	%			7.02	%
Consumer loans			3,871,034				3,535,619				3,491,026				-44,593				-1.26	%			-9.82	%
Microcredit			124,195				154,645				162,376				7,731				5.00	%			30.74	%
Mortgage loans			2,335,638				2,284,396				2,403,080				118,684				5.20	%			2.89	%
Allowance for loans and financial leases losses			-1,136,348				-1,485,293				-1,417,778				67,515				-4.55	%			24.77	%
Net total loans and financial leases			24,401,834				25,764,692				25,194,035				-570,657				-2.21	%			3.25	%
Accrued interest receivable on loans			358,584				353,966				338,480				-15,486				-4.37	%			-5.61	%
Allowance for accrued interest losses			-25,934				-28,404				-25,700				2,704				-9.52	%			-0.90	%
Net total interest accrued			332,650				325,562				312,780				-12,782				-3.93	%			-5.97	%
Customers’ acceptances and derivatives			233,929				192,077				229,580				37,503				19.52	%			-1.86	%
Net accounts receivable			503,994				325,004				340,090				15,086				4.64	%			-32.52	%
Net premises and equipment			597,477				700,339				702,547				2,208				0.32	%			17.59	%
Foreclosed assets			3,335				21,462				20,830				-632				-2.94	%			524.59	%
Prepaid expenses and deferred charges			70,430				127,379				131,182				3,803				2.99	%			86.26	%
Goodwill			3,092				—				—				—				*				*
Other			318,100				387,132				401,777				14,645				3.78	%			26.31	%
Reappraisal of assets			1,175,456				1,525,235				1,525,028				-207				-0.01	%			29.74	%
Total assets			36,066,477				39,421,612				38,766,775				-654,837				-1.66	%			7.49	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			4,039,705				4,747,394				4,618,936				-128,458				-2.71	%			14.34	%
Checking accounts			3,711,935				4,492,966				4,270,214				-222,752				-4.96	%			15.04	%
Other			327,770				254,428				348,722				94,294				37.06	%			6.39	%
Interest bearing			18,652,653				21,361,635				20,428,725				-932,910				-4.37	%			9.52	%
Checking accounts			550,080				672,280				636,795				-35,485				-5.28	%			15.76	%
Time deposits			6,785,611				8,321,534				7,335,573				-985,961				-11.85	%			8.10	%
Savings deposits			11,316,962				12,367,821				12,456,357				88,536				0.72	%			10.07	%
Total deposits			22,692,358				26,109,029				25,047,661				-1,061,368				-4.07	%			10.38	%
Overnight funds			602,982				330,097				501,771				171,674				52.01	%			-16.79	%
Bank acceptances outstanding			48,502				36,797				28,393				-8,404				-22.84	%			-41.46	%
Interbank borrowings			721,389				170,240				60,515				-109,725				-64.45	%			-91.61	%
Borrowings from domestic development banks			1,737,907				1,501,003				1,447,324				-53,679				-3.58	%			-16.72	%
Accounts payable			1,350,907				1,133,804				1,583,890				450,086				39.70	%			17.25	%
Accrued interest payable			216,579				338,813				305,351				-33,462				-9.88	%			40.99	%
Other liabilities			366,428				357,502				336,240				-21,262				-5.95	%			-8.24	%
Bonds			2,147,654				2,680,301				2,536,373				-143,928				-5.37	%			18.10	%
Accrued expenses			709,095				470,044				528,278				58,234				12.39	%			-25.50	%
Total liabilities			30,593,801				33,127,630				32,375,796				-751,834				-2.27	%			5.82	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			393,914				393,914				393,914				—				0.00	%			0.00	%
Retained earnings			3,486,856				3,897,901				3,989,737				91,836				2.36	%			14.42	%
Appropiated			2,662,531				3,214,596				3,214,596				—				0.00	%			20.73	%
Unappropiated			824,325				683,305				775,141				91,836				13.44	%			-5.97	%
Reappraisal and others			1,634,778				1,984,637				1,984,431				-206				-0.01	%			21.39	%
Gross unrealized gain or loss on debt securities			-42,872				17,530				22,897				5,367				30.62	%			-153.41	%
Total shareholder’s equity			5,472,676				6,293,982				6,390,979				96,997				1.54	%			16.78	%
Total liabilities and shareholder’s equity			36,066,477				39,421,612				38,766,775				-654,837				-1.66	%			7.49	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(COP Millions)		Sep-08				Sep-09				%				Aug-09				Sep-09				%
Interest income and expenses
Interest on loans			2,700,460				2,857,893				5.83	%			287,755				256,425				-10.89	%
Interest on investment securities			226,937				274,435				20.93	%			15,344				33,900				120.93	%
Overnight funds			38,850				31,121				-19.89	%			3,371				1,543				-54.23	%
Total interest income			2,966,247				3,163,449				6.65	%			306,470				291,868				-4.76	%
Interest expense Checking accounts			11,594				16,392				41.38	%			2,124				1,782				-16.10	%
Time deposits			394,005				541,281				37.38	%			52,107				43,525				-16.47	%
Savings deposits			408,230				364,204				-10.78	%			34,451				29,929				-13.13	%
Total interest on deposits			813,829				921,877				13.28	%			88,682				75,236				-15.16	%
Interbank borrowings			20,053				17,923				-10.62	%			525				746				42.10	%
Borrowings from domestic development banks			80,767				80,901				0.17	%			6,869				6,166				-10.23	%
Overnight funds			61,021				33,946				-44.37	%			1,665				2,486				49.31	%
Bonds			109,892				171,220				55.81	%			20,134				19,308				-4.10	%
Total interest expense			1,085,562				1,225,867				12.92	%			117,875				103,942				-11.82	%
Net interest income			1,880,685				1,937,582				3.03	%			188,595				187,926				-0.35	%
Provision for loan and accrued interest losses, net			(479,346	)			(535,642	)			11.74	%			(54,137	)			30,760				156.82	%
Recovery of charged-off loans			44,783				95,176				112.53	%			10,639				12,899				21.24	%
Provision for foreclosed assets and other assets			(13,412	)			(25,918	)			93.24	%			(995	)			(1,045	)			5.03	%
Recovery of provisions for foreclosed assets and other assets			44,124				31,238				-29.20	%			174				131				-24.71	%
Total net provisions			(403,851	)			(435,146	)			7.75	%			(44,319	)			42,745				196.45	%
Net interest income after provision for loans and accrued interest losses			1,476,834				1,502,436				1.73	%			144,276				230,671				59.88	%
Commissions from banking services and other services			87,488				86,273				-1.39	%			9,152				8,486				-7.28	%
Electronic services and ATM’s fees, net			58,209				39,082				-32.86	%			4,009				4,028				0.47	%
Branch network services, net			71,679				75,787				5.73	%			8,129				8,685				6.84	%
Collections and payments fees, net			102,623				120,999				20.12	%			11,236				16,462				46.51	%
Credit card merchant fees, net			7,727				8,632				11.71	%			1,242				844				-32.05	%
Credit and debit card fees, net			241,988				277,784				14.79	%			29,811				31,263				4.87	%
Checking fees, net			50,510				51,819				2.59	%			5,320				6,158				15.75	%
Check remittance, net			9,130				7,304				-20.00	%			758				812				7.12	%
International operations, net			25,266				30,340				20.08	%			4,154				3,203				-22.89	%
Total fees and other service income			654,620				698,020				6.98	%			73,811				79,941				8.30	%
Other fees and service expenses			(70,066	)			(76,947	)			9.82	%			(8,792	)			(8,343	)			-5.11	%
Total fees and income from services, net			584,554				621,073				6.64	%			65,019				71,598				10.12	%
Other operating income
Net foreign exchange gains			10,907				(252,374	)			-2413.87	%			16,842				(89,325	)			-630.37	%
Derivative Financial Instruments			159,933				242,339				51.53	%			(608	)			92,203				15264.97	%
Gains(Loss) on sales of investments on equity securities			35,683				—				*				—				—				*
Securitization income			31,557				41,443				31.33	%			8,328				3,114				-62.61	%
Dividend income			194,815				201,545				3.45	%			21				28				*
Communication, rent payments and others			1,015				1,054				3.84	%			100				104				4.00	%
Total other operating income			433,910				234,007				-46.07	%			24,683				6,124				-75.19	%
Total income			2,495,298				2,357,516				-5.43	%			233,978				308,393				31.80	%
Operating expenses
Salaries and employee benefits			485,400				565,403				16.48	%			61,780				65,297				5.69	%
Bonus plan payments			82,862				22,009				-73.44	%			323				5,020				1454.18	%
Compensation			18,052				12,503				-30.74	%			1,412				1,380				-2.27	%
Administrative and other expenses			623,598				730,482				17.14	%			80,791				83,368				3.19	%
Deposit security, net			30,781				46,535				51.18	%			5,125				5,124				-0.02	%
Donation expenses			3,157				559				-82.29	%			50				51				2.00	%
Depreciation			53,214				67,159				26.21	%			7,340				7,446				1.44	%
Total operating expenses			1,297,064				1,444,650				11.38	%			156,821				167,686				6.93	%
Net operating income			1,198,234				912,866				-23.63	%			77,157				140,707				82.36	%
Goodwill amortization			9,417				1,841				-80.45	%			—				—				*
Non-operating income (expense)
Other income			52,191				104,124				99.98	%			14,522				650				-95.52	%
Other expense			(97,416	)			(54,414	)			-41.55	%			(4,939	)			(570	)			-88.46	%
Total non-operating income			(45,225	)			49,710				204.89	%			9,583				80				-99.17	%
Income before income taxes			1,143,592				960,735				-15.99	%			86,740				140,787				62.31	%
Income tax expense			(319,267	)			(185,594	)			-41.87	%			(22,607	)			(48,951	)			116.53	%
Net income			824,325				775,141				-5.97	%			64,133				91,836				43.20	%

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.