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 May 2006
BANCOLOMBIA S.A.
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(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
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(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: May 12, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
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Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LETTERHEAD)
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 280,114
MILLION DURING THE FIRST FOUR MONTHS OF 2006
MEDELLIN, COLOMBIA. MAY 12, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 280,114 million
as of April 30, 2006. For the first four months of 2006, the total net interest
income, including investment securities amounted to Ps 397,727 million.
Additionally, total net fees and income from services amounted to Ps 178,802
million.
Total assets amounted to Ps 24.12 trillion in April 2006, total deposits totaled
Ps 13.87 trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps
3.03 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.75% as of April 30, 2006, and the level of allowance for past due
loans was 138.82%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in April 2006 was
as follows: 17.0% of total deposits, 20.4% of total net loans, 16.3% of total
savings accounts, 20.7% of total checking accounts and 15.0% 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.
(BANCOLOMBIA LOGO)
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APRIL 2006
BANCOLOMBIA S.A. GROWTH
BALANCE SHEET AS OF MAR06/FEB06
(Ps Millions) MAR-06 APR-06 $ %
ASSETS
Cash and due from banks 1,273,902 1,045,932 -227,970 -17.90%
Overnight funds sold 103,913 63,413 -40,500 -38.97%
TOTAL CASH AND EQUIVALENTS 1,377,815 1,109,345 -268,470 -19.49%
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DEBT SECURITIES 6,980,440 6,819,827 -160,613 -2.30%
Trading 4,721,343 4,672,888 -48,455 -1.03%
Available for Sale 1,180,035 1,086,093 -93,942 -7.96%
Held to Maturity 1,079,062 1,060,846 -18,216 -1.69%
EQUITY SECURITIES 879,287 908,172 28,885 3.29%
Trading 3,566 3,573 7 0.20%
Available for Sale 875,721 904,599 28,878 3.30%
Market value allowance -59,738 -59,819 -81 0.14%
NET INVESTMENT SECURITIES 7,799,989 7,668,180 -131,809 -1.69%
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Commercial loans 10,048,067 10,225,019 176,952 1.76%
Consumer loans 2,076,406 2,116,746 40,340 1.94%
Small business loans 113,980 111,900 -2,080 -1.82%
Mortgage loans 1,520,284 1,562,463 42,179 2.77%
Allowance for loans and financial leases losses -565,063 -532,128 32,935 -5.83%
NET TOTAL LOANS AND FINANCIAL LEASES 13,193,674 13,484,000 290,326 2.20%
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Accrued interest receivable on loans 146,306 163,641 17,335 11.85%
Allowance for accrued interest losses -8,159 -6,848 1,311 -16.07%
NET TOTAL INTEREST ACCRUED 138,147 156,793 18,646 13.50%
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Customers' acceptances and derivatives 104,018 100,509 -3,509 -3.37%
Net accounts receivable 274,535 234,340 -40,195 -14.64%
Net premises and equipment 336,655 343,126 6,471 1.92%
Foreclosed assets 25,158 23,895 -1,263 -5.02%
Prepaid expenses and deferred charges 18,347 26,995 8,648 47.14%
Goodwill 45,297 43,409 -1,888 -4.17%
Other 268,809 291,182 22,373 8.32%
Reappraisal of assets 596,771 640,692 43,921 7.36%
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TOTAL ASSETS 24,179,215 24,122,466 -56,749 -0.23%
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3,211,363 3,249,310 37,947 1.18%
Checking accounts 2,870,752 2,966,503 95,751 3.34%
Other 340,611 282,807 -57,804 -16.97%
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INTEREST BEARING 10,989,172 10,623,450 -365,722 -3.33%
Checking accounts 272,441 286,914 14,473 5.31%
Time deposits 3,567,443 3,219,405 -348,038 -9.76%
Savings deposits 7,149,288 7,117,131 -32,157 -0.45%
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TOTAL DEPOSITS 14,200,535 13,872,760 -327,775 -2.31%
Overnight funds 1,516,665 1,066,033 -450,632 -29.71%
Bank acceptances outstanding 39,443 57,031 17,588 44.59%
Interbank borrowings 1,815,768 1,673,587 -142,181 -7.83%
Borrowings from domestic development banks 1,066,620 1,071,513 4,893 0.46%
Accounts payable 804,192 1,636,237 832,045 103.46%
Accrued interest payable 126,224 133,625 7,401 5.86%
Other liabilities 338,340 264,173 -74,167 -21.92%
Bonds 1,050,778 1,041,314 -9,464 -0.90%
Accrued expenses 239,883 275,761 35,878 14.96%
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TOTAL LIABILITIES 21,198,448 21,092,034 -106,414 -0.50%
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SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,914 363,914 0 0.00%
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RETAINED EARNINGS 1,481,622 1,509,057 27,435 1.85%
Appropiated 1,228,943 1,228,943 0 0.00%
Unappropiated 252,679 280,114 27,435 10.86%
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REAPPRAISAL AND OTHERS 1,082,237 1,135,421 53,184 4.91%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 52,994 22,040 (30,954) -58.41%
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TOTAL SHAREHOLDER'S EQUITY 2,980,767 3,030,432 49,665 1.67%
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 24,179,215 24,122,466 (56,749) -0.23%
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(BANCOLOMBIA LOGO)
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APRIL 2006
BANCOLOMBIA S.A.
INCOME STATEMENT ACCUMULATED MONTH GROWTH
(Ps Millions) MAR-06 APR-06 MAR-06 APR-06 %
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INTEREST INCOME AND EXPENSES
Interest on loans 425,208 566,490 146,454 141,282 -3.53%
Interest on investment securities 101,289 70,530 1,584 (30,759) -2041.86%
Overnight funds 5,904 7,681 1,878 1,777 -5.38%
TOTAL INTEREST INCOME 532,401 644,701 149,916 112,300 -25.09%
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Interest expense
Checking accounts 1,908 2,557 635 649 2.20%
Time deposits 52,115 69,685 18,107 17,570 -2.97%
Savings deposits 55,156 72,192 17,849 17,036 -4.55%
TOTAL INTEREST ON DEPOSITS 109,179 144,434 36,591 35,255 -3.65%
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Interbank borrowings 28,297 37,531 10,669 9,234 -13.45%
Borrowings from domestic development banks 15,099 19,845 4,867 4,746 -2.49%
Overnight funds 12,135 16,282 6,681 4,147 -37.93%
Bonds 22,246 28,882 6,887 6,636 -3.64%
TOTAL INTEREST EXPENSE 186,956 246,974 65,695 60,018 -8.64%
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NET INTEREST INCOME 345,445 397,727 84,221 52,282 -37.92%
Provision for loan and accrued interest losses, net (42,299) (60,326) (12,626) (18,027) 42.78%
Recovery of charged-off loans 15,899 19,146 5,984 3,247 -45.74%
Provision for foreclosed assets and other assets (7,805) (10,384) (5,107) (2,579) -49.50%
Recovery of provisions for foreclosed assets and other assets 8,502 8,659 461 157 -65.94%
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TOTAL NET PROVISIONS (25,703) (42,905) (11,288) (17,202) 52.39%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 319,742 354,822 72,933 35,080 -51.90%
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Commissions from banking services and other services 16,186 22,347 6,690 6,161 -7.91%
Electronic services and ATM's fees, net 20,725 28,028 7,538 7,303 -3.12%
Branch network services, net 12,833 16,835 4,652 4,002 -13.97%
Collections and payments fees, net 15,164 21,867 4,980 6,703 34.60%
Credit card merchant fees, net 2,235 3,102 727 867 19.26%
Credit and debit card fees, net 59,248 79,144 20,562 19,896 -3.24%
Checking fees, net 14,727 18,981 5,352 4,254 -20.52%
Check remittance, net 2,852 3,677 1,031 825 -19.98%
International operations, net 5,441 7,402 2,045 1,961 -4.11%
TOTAL FEES AND OTHER SERVICE INCOME 149,411 201,383 53,577 51,972 -3.00%
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Other fees and service expenses (16,995) (22,581) (6,083) (5,586) -8.17%
TOTAL FEES AND INCOME FROM SERVICES, NET 132,416 178,802 47,494 46,386 -2.33%
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OTHER OPERATING INCOME
Net foreign exchange gains 10,701 34,681 21,239 23,980 12.91%
Forward contracts in foreign currency 4,730 (17,638) (16,305) (22,368) 37.18%
Gains on sales of investments on equity securities 34,174 42,127 34,174 7,953 -76.73%
Dividend income 128,811 128,490 76,183 (321) -100.42%
Communication, rent payments and others 394 514 142 120 -15.49%
TOTAL OTHER OPERATING INCOME 178,810 188,174 115,433 9,364 -91.89%
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TOTAL INCOME 630,968 721,798 235,860 90,830 -61.49%
OPERATING EXPENSES
Salaries and employee benefits 129,298 174,170 41,283 44,872 8.69%
Bonus plan payments 6,728 6,600 439 (128) -129.16%
Compensation 511 852 213 341 60.09%
Administrative and other expenses 155,026 211,323 51,613 56,297 9.08%
Deposit security, net 13,217 17,486 3,473 4,269 22.92%
Donation expenses 39 53 13 14 7.69%
Depreciation 16,921 23,108 4,600 6,187 34.50%
TOTAL OPERATING EXPENSES 321,740 433,592 101,634 111,852 10.05%
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NET OPERATING INCOME 309,228 288,206 134,226 (21,022) -115.66%
Merger expenses 4,664 6,632 (440) 1,968 -547.27%
Goodwill amortization Banco de Colombia 5,661 7,548 1,887 1,887 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 11,817 86,992 2,497 75,175 2910.61%
Other expense (13,843) (16,502) (5,147) (2,659) -48.34%
TOTAL NON-OPERATING INCOME (2,026) 70,490 (2,650) 72,516 -2836.45%
INCOME BEFORE INCOME TAXES 296,877 344,516 130,129 47,639 -63.39%
Income tax expense (44,198) (64,402) (1,410) (20,204) 1332.91%
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NET INCOME 252,679 280,114 128,719 27,435 -78.69%
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