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

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 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-___.)

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 REPORTS UNCONSOLIDATED NET INCOME OF PS 123,960
MILLION DURING THE FIRST TWO MONTHS OF 2006

Medellín, COLOMBIA. March 14, 2006

BANCOLOMBIA reported accumulated unconsolidated net income of Ps 123,960 million as of February 28, 2006. For the first two months of 2006, the total net interest, including investment securities amounted to Ps 261,224 million. Additionally, total net fees and income from services amounted to Ps 84,922 million.

Total assets amounted to Ps 23.78 trillion in February 2006, total deposits totaled Ps 14.12 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 3.34 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 3.06% as of February 28, 2006, and the level of allowance for past due loans was 139.02%.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian Financial System in February 2006 was as follows: 17.2% of total deposits, 21.0% of total net loans, 17.6% of total savings accounts, 19.2% of total checking accounts and 14.9% 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.

Contacts
Sergio Restrepo		Jaime A. Velásquez		Mauricio Botero
Executive VP		Financial VP		IR Manager
Tel.: (574) 5108668		Tel.: (574) 5108666		Tel.: (574) 5108866

February 2006

BANCOLOMBIA S.A.										Growth
BALANCE SHEET		As of								Feb06/Jan06
(Ps Millions)		Jan-06				Feb-06				$				%
ASSETS
Cash and due from banks			1.464.108				979.611				-484.497				-33,09	%
Overnight funds sold			44.774				34.756				-10.018				-22,37	%
Total cash and equivalents			1.508.882				1.014.367				-494.515				-32,77	%
Debt securities			6.640.538				6.919.420				278.882				4,20	%
Trading			4.188.329				4.467.495				279.166				6,67	%
Available for Sale			1.339.522				1.338.212				-1.310				-0,10	%
Held to Maturity			1.112.687				1.113.713				1.026				0,09	%
Equity securities			876.498				884.161				7.663				0,87	%
Trading			8.303				12.323				4.020				48,42	%
Available for Sale			868.195				871.838				3.643				0,42	%
Market value allowance			-59.924				-59.783				141				-0,24	%
Net investment securities			7.457.112				7.743.798				286.686				3,84	%
Commercial loans			9.907.866				10.025.386				117.520				1,19	%
Consumer loans			2.064.461				2.082.815				18.354				0,89	%
Small business loans			113.243				112.948				-295				-0,26	%
Mortgage loans			1.467.114				1.488.424				21.310				1,45	%
Allowance for loans and financial leases losses			-567.891				-578.944				-11.053				1,95	%
Net total loans and financial leases			12.984.793				13.130.629				145.836				1,12	%
Accrued interest receivable on loans			153.232				165.125				11.893				7,76	%
Allowance for accrued interest losses			-8.375				-7.889				486				-5,80	%
Net total interest accrued			144.857				157.236				12.379				8,55	%
Customers’ acceptances and derivatives			134.206				131.608				-2.598				-1,94	%
Net accounts receivable			241.340				280.794				39.454				16,35	%
Net premises and equipment			335.999				334.042				-1.957				-0,58	%
Foreclosed assets			28.776				25.719				-3.057				-10,62	%
Prepaid expenses and deferred charges			23.498				16.427				-7.071				-30,09	%
Goodwill			49.071				47.184				-1.887				-3,85	%
Other			242.310				251.065				8.755				3,61	%
Reappraisal of assets			672.400				644.785				-27.615				-4,11	%
Total assets			23.823.244				23.777.654				-45.590				-0,19	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3.184.831				3.119.101				-65.730				-2,06	%
Checking accounts			2.867.395				2.861.167				-6.228				-0,22	%
Other			317.436				257.934				-59.502				-18,74	%
Interest bearing			11.126.369				11.003.899				-122.470				-1,10	%
Checking accounts			281.577				321.475				39.898				14,17	%
Time deposits			3.113.501				3.187.422				73.921				2,37	%
Savings deposits			7.731.291				7.495.002				-236.289				-3,06	%
Total deposits			14.311.200				14.123.000				-188.200				-1,32	%
Overnight funds			709.843				875.605				165.762				23,35	%
Bank acceptances outstanding			59.824				50.093				-9.731				-16,27	%
Interbank borrowings			2.056.058				2.124.330				68.272				3,32	%
Borrowings from domestic development banks			1.006.928				959.642				-47.286				-4,70	%
Accounts payable			578.979				487.172				-91.807				-15,86	%
Accrued interest payable			130.837				127.642				-3.195				-2,44	%
Other liabilities			334.220				338.127				3.907				1,17	%
Bonds			1.175.579				1.110.473				-65.106				-5,54	%
Accrued expenses			175.727				240.161				64.434				36,67	%
Total liabilities			20.539.195				20.436.245				-102.950				-0,50	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363.914				363.914				0				0,00	%
Retained earnings			1.647.712				1.722.639				74.927				4,55	%
Appropiated			1.598.679				1.598.679				0				0,00	%
Unappropiated			49.033				123.960				74.927				152,81	%
Reappraisal and others			1.208.972				1.183.108				-25.864				-2,14	%
Gross unrealized gain or loss on debt securities			63.451				71.748				8.297				13,08	%
Total shareholder’s equity			3.284.049				3.341.409				57.360				1,75	%
Total liabilities and shareholder’s equity			23.823.244				23.777.654				-45.590				-0,19	%

February 2006

BANCOLOMBIA S.A.
INCOME STATEMENT		Accumulated								Month								Growth
(Ps Millions)		Jan-06				Feb-06				Jan-06				Feb-06				%
Interest income and expenses
Interest on loans			139.650				279.438				139.650				139.788				0,10	%
Interest on investment securities			51.099				99.021				51.099				47.922				-6,22	%
Overnight funds			1.981				4.026				1.981				2.045				3,23	%
Total interest income			192.730				382.485				192.730				189.755				-1,54	%
Interest expense
Checking accounts			685				1.273				685				588				-14,16	%
Time deposits			16.551				34.008				16.551				17.457				5,47	%
Savings deposits			20.082				37.307				20.082				17.225				-14,23	%
Total interest on deposits			37.318				72.588				37.318				35.270				-5,49	%
Interbank borrowings			8.982				17.628				8.982				8.646				-3,74	%
Borrowings from domestic development banks			5.167				10.232				5.167				5.065				-1,97	%
Overnight funds			2.877				5.454				2.877				2.577				-10,43	%
Bonds			7.945				15.359				7.945				7.414				-6,68	%
Total interest expense			62.289				121.261				62.289				58.972				-5,33	%
Net interest income			130.441				261.224				130.441				130.783				0,26	%
Provision for loan and accrued interest losses, net			(18.258	)			(29.673	)			(18.258	)			(11.415	)			-37,48	%
Recovery of charged-off loans			7.141				9.915				7.141				2.774				-61,15	%
Provision for foreclosed assets and other assets			(1.362	)			(2.698	)			(1.362	)			(1.336	)			-1,91	%
Recovery of provisions for foreclosed assets and other assets			1.358				8.041				1.358				6.683				392,12	%
Total net provisions			(11.121	)			(14.415	)			(11.121	)			(3.294	)			-70,38	%
Net interest income after provision for loans and accrued interest losses			119.320				246.809				119.320				127.489				6,85	%
Commissions from banking services and other services			4.671				9.496				4.671				4.825				3,30	%
Electronic services and ATM’s fees, net			6.960				13.187				6.960				6.227				-10,53	%
Branch network services, net			4.099				8.181				4.099				4.082				-0,41	%
Collections and payments fees, net			5.145				10.184				5.145				5.039				-2,06	%
Credit card merchant fees, net			822				1.508				822				686				-16,55	%
Credit and debit card fees, net			19.635				38.686				19.635				19.051				-2,97	%
Checking fees, net			4.599				9.375				4.599				4.776				3,85	%
Check remittance, net			927				1.821				927				894				-3,56	%
International operations, net			1.676				3.396				1.676				1.720				2,63	%
Total fees and other service income			48.534				95.834				48.534				47.300				-2,54	%
Other fees and service expenses			(5.516	)			(10.912	)			(5.516	)			(5.396	)			-2,18	%
Total fees and income from services, net			43.018				84.922				43.018				41.904				-2,59	%
Other operating income
Net foreign exchange gains			(3.103	)			(10.538	)			(3.103	)			(7.435	)			139,61	%
Forward contracts in foreign currency			11.633				21.035				11.633				9.402				-19,18	%
Gains on sales of investments on equity securities			—				—				—				—				0,00	%
Dividend income			24				52.628				24				52.604				219083,33	%
Communication, rent payments and others			129				252				129				123				-4,65	%
Total other operating income			8.683				63.377				8.683				54.694				529,90	%
Total income			171.021				395.108				171.021				224.087				31,03	%
Operating expenses
Salaries and employee benefits			42.857				88.015				42.857				45.158				5,37	%
Bonus plan payments			2.087				6.289				2.087				4.202				101,34	%
Compensation			149				298				149				149				0,00	%
Administrative and other expenses			51.577				103.413				51.577				51.836				0,50	%
Deposit security, net			4.272				9.744				4.272				5.472				28,09	%
Donation expenses			13				26				13				13				0,00	%
Depreciation			6.916				12.321				6.916				5.405				-21,85	%
Total operating expenses			107.871				220.106				107.871				112.235				4,05	%
Net operating income			63.150				175.002				63.150				111.852				77,12	%
Merger expenses			3.103				5.104				3.103				2.001				-35,51	%
Goodwill amortization Banco de Colombia			1.887				3.774				1.887				1.887				0,00	%
Non-operating income (expense)
Other income			3.518				9.320				3.518				5.802				64,92	%
Other expense			(3.775	)			(8.696	)			(3.775	)			(4.921	)			30,36	%
Total non-operating income			(257	)			624				(257	)			881				-442,80	%
Income before income taxes			57.903				166.748				57.903				108.845				87,98	%
Income tax expense			(8.870	)			(42.788	)			(8.870	)			(33.918	)			282,39	%
Net income			49.033				123.960				49.033				74.927				52,81	%