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 2007

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-___.)

 

 

UNCONSOLIDATED NET INCOME OF PS 48,433 MILLION FOR THE MONTH OF APRIL 2007
TOTALING PS 271,399 MILLION FOR THE FIRST FOUR MONTHS OF 2007

Medellín, Colombia, May 14, 2007

BANCOLOMBIA reported unconsolidated net income of Ps 48,433 million during the past month of April.

During April, total net interest income, including investment securities amounted to Ps 156,792 million. Additionally, total net fees and income from services totaled in the month Ps 50,579 million.

Total assets amounted to Ps 29.06 trillion, total deposits totaled Ps 19.37 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 3.40 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.75% as of April 30, 2007, and the level of allowance for past due loans was 127.51%.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian Financial System in April 2007 was as follows: 18.1% of total deposits, 20.3% of total net loans, 19.2% of total savings accounts, 21.2% of total checking accounts and 12.9% 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.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET		As of												Apr07/Mar07								Annual
(Ps Millions)		Apr-06				Mar-07				Apr-06				$				%				%
ASSETS
Cash and due from banks			1,045,932				1,619,057				2,865,659				1,246,602				77.00	%			173.98	%
Overnight funds sold			63,413				1,003,168				818,915				-184,253				-18.37	%			1191.40	%
Total cash and equivalents			1,109,345				2,622,225				3,684,574				1,062,349				40.51	%			232.14	%
Debt securities			6,819,827				4,217,210				3,936,616				-280,594				-6.65	%			-42.28	%
Trading			4,672,888				1,840,863				1,696,308				-144,555				-7.85	%			-63.70	%
Available for Sale			1,086,093				1,260,883				1,139,126				-121,757				-9.66	%			4.88	%
Held to Maturity			1,060,846				1,115,464				1,101,182				-14,282				-1.28	%			3.80	%
Equity securities			908,172				1,081,727				960,204				-121,523				-11.23	%			5.73	%
Trading			3,573				120,934				578				-120,356				-99.52	%			-83.82	%
Available for Sale			904,599				960,793				959,626				-1,167				-0.12	%			6.08	%
Market value allowance			-59,819				-29,614				-29,702				-88				0.30	%			-50.35	%
Net investment securities			7,668,180				5,269,323				4,867,118				-402,205				-7.63	%			-36.53	%
Commercial loans			10,225,019				13,620,491				14,000,684				380,193				2.79	%			36.93	%
Consumer loans			2,116,746				2,824,068				2,863,927				39,859				1.41	%			35.30	%
Small business loans			111,900				123,044				121,756				-1,288				-1.05	%			8.81	%
Mortgage loans			1,562,463				1,705,501				1,797,894				92,393				5.42	%			15.07	%
Allowance for loans and financial leases losses			-532,128				-656,995				-656,957				38				-0.01	%			23.46	%
Net total loans and financial leases			13,484,000				17,616,109				18,127,304				511,195				2.90	%			34.44	%
Accrued interest receivable on loans			163,641				186,482				204,684				18,202				9.76	%			25.08	%
Allowance for accrued interest losses			-6,848				-8,948				-8,956				-8				0.09	%			30.78	%
Net total interest accrued			156,793				177,534				195,728				18,194				10.25	%			24.83	%
Customers’ acceptances and derivatives			100,509				173,456				193,835				20,379				11.75	%			92.85	%
Net accounts receivable			234,340				383,756				308,803				-74,953				-19.53	%			31.78	%
Net premises and equipment			343,126				364,712				362,925				-1,787				-0.49	%			5.77	%
Foreclosed assets			23,895				17,310				13,986				-3,324				-19.20	%			-41.47	%
Prepaid expenses and deferred charges			26,995				21,256				27,353				6,097				28.68	%			1.33	%
Goodwill			43,409				33,250				30,946				-2,304				-6.93	%			-28.71	%
Other			291,182				366,404				354,999				-11,405				-3.11	%			21.92	%
Reappraisal of assets			640,692				666,123				896,479				230,356				34.58	%			39.92	%
Total assets			24,122,466				27,711,458				29,064,050				1,352,592				4.88	%			20.49	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,249,310				4,243,345				4,124,970				-118,375				-2.79	%			26.95	%
Checking accounts			2,966,503				3,806,841				3,836,485				29,644				0.78	%			29.33	%
Other			282,807				436,504				288,485				-148,019				-33.91	%			2.01	%
Interest bearing			10,623,450				14,651,045				15,244,686				593,641				4.05	%			43.50	%
Checking accounts			286,914				340,987				358,588				17,601				5.16	%			24.98	%
Time deposits			3,219,405				3,556,292				3,548,566				-7,726				-0.22	%			10.22	%
Savings deposits			7,117,131				10,753,766				11,337,532				583,766				5.43	%			59.30	%
Total deposits			13,872,760				18,894,390				19,369,656				475,266				2.52	%			39.62	%
Overnight funds			1,066,033				546,452				686,119				139,667				25.56	%			-35.64	%
Bank acceptances outstanding			57,031				53,284				51,205				-2,079				-3.90	%			-10.22	%
Interbank borrowings			1,673,587				1,581,683				2,210,286				628,603				39.74	%			32.07	%
Borrowings from domestic development banks			1,071,513				749,447				907,071				157,624				21.03	%			-15.35	%
Accounts payable			1,636,237				1,533,197				1,176,300				-356,897				-23.28	%			-28.11	%
Accrued interest payable			133,625				114,746				125,522				10,776				9.39	%			-6.06	%
Other liabilities			264,173				258,525				268,733				10,208				3.95	%			1.73	%
Bonds			1,041,314				560,185				532,050				-28,135				-5.02	%			-48.91	%
Accrued expenses			275,761				290,666				340,517				49,851				17.15	%			23.48	%
Total liabilities			21,092,034				24,582,575				25,667,459				1,084,884				4.41	%			21.69	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				363,914				363,914				—				0.00	%			0.00	%
Retained earnings			1,509,057				1,647,070				1,695,503				48,433				2.94	%			12.36	%
Appropiated			1,228,943				1,424,104				1,424,104				—				0.00	%			15.88	%
Unappropiated			280,114				222,966				271,399				48,433				21.72	%			-3.11	%
Reappraisal and others			1,135,421				1,125,001				1,355,429				230,428				20.48	%			19.38	%
Gross unrealized gain or loss on debt securities			22,040				(7,102	)			(18,255	)			(11,153	)			157.04	%			-182.83	%
Total shareholder’s equity			3,030,432				3,128,883				3,396,591				267,708				8.56	%			12.08	%
Total liabilities and shareholder’s equity			24,122,466				27,711,458				29,064,050				1,352,592				4.88	%			20.49	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Apr-06				Apr-07				%				Mar-07				Apr-07				%
Interest income and expenses
Interest on loans			566,490				758,141				33.83	%			198,244				205,108				3.46	%
Interest on investment securities			70,530				87,484				24.04	%			26,902				29,831				10.89	%
Overnight funds			7,681				14,794				92.61	%			3,445				4,632				34.46	%
Total interest income			644,701				860,419				33.46	%			228,591				239,571				4.80	%
Interest expense Checking accounts			2,557				5,964				133.24	%			1,473				1,263				-14.26	%
Time deposits			69,685				78,822				13.11	%			19,846				20,975				5.69	%
Savings deposits			72,192				132,559				83.62	%			37,697				38,978				3.40	%
Total interest on deposits			144,434				217,345				50.48	%			59,016				61,216				3.73	%
Interbank borrowings			37,531				24,915				-33.61	%			5,165				9,970				93.03	%
Borrowings from domestic development banks			19,845				16,590				-16.40	%			4,065				4,696				15.52	%
Overnight funds			16,282				24,858				52.67	%			6,272				3,092				-50.70	%
Bonds			28,882				16,615				-42.47	%			3,945				3,805				-3.55	%
Total interest expense			246,974				300,323				21.60	%			78,463				82,779				5.50	%
Net interest income			397,727				560,096				40.82	%			150,128				156,792				4.44	%
Provision for loan and accrued interest losses, net			(60,326	)			(80,612	)			33.63	%			(17,681	)			(28,914	)			63.53	%
Recovery of charged-off loans			19,146				17,269				-9.80	%			4,030				3,934				-2.38	%
Provision for foreclosed assets and other assets			(10,384	)			(7,417	)			-28.57	%			(1,867	)			(2,895	)			55.06	%
Recovery of provisions for foreclosed assets and other assets			8,659				29,369				239.17	%			4,471				3,446				-22.93	%
Total net provisions			(42,905	)			(41,391	)			-3.53	%			(11,047	)			(24,429	)			121.14	%
Net interest income after provision for loans and accrued interest losses			354,822				518,705				46.19	%			139,081				132,363				-4.83	%
Commissions from banking services and other services			22,347				26,336				17.85	%			7,915				6,129				-22.56	%
Electronic services and ATM’s fees, net			28,028				22,180				-20.86	%			6,038				4,691				-22.31	%
Branch network services, net			16,835				31,549				87.40	%			8,534				7,462				-12.56	%
Collections and payments fees, net			21,867				33,273				52.16	%			8,963				8,346				-6.88	%
Credit card merchant fees, net			3,102				7,919				155.29	%			1,473				1,800				22.20	%
Credit and debit card fees, net			79,144				77,131				-2.54	%			16,039				20,584				28.34	%
Checking fees, net			18,981				21,467				13.10	%			5,995				5,182				-13.56	%
Check remittance, net			3,677				3,517				-4.35	%			862				819				-4.99	%
International operations, net			7,402				10,922				47.55	%			2,633				2,751				4.48	%
Total fees and other service income			201,383				234,294				16.34	%			58,452				57,764				-1.18	%
Other fees and service expenses			(22,581	)			(29,323	)			29.86	%			(7,579	)			(7,185	)			-5.20	%
Total fees and income from services, net			178,802				204,971				14.64	%			50,873				50,579				-0.58	%
Other operating income
Net foreign exchange gains			34,681				(30,464	)			-187.84	%			(8,737	)			(17,128	)			96.04	%
Forward contracts in foreign currency			(17,638	)			54,768				-410.51	%			24,038				27,472				14.29	%
Gains(Loss) on sales of investments on equity securities			42,127				(13,208	)			-131.35	%			—				111				*
Gains on sale of mortgage loan			—				—				0.00	%			—				—				0.00	%
Dividend income			128,490				121,964				-5.08	%			66,544				33				-99.95	%
Communication, rent payments and others			514				474				-7.78	%			117				112				-4.27	%
Total other operating income			188,174				133,534				-29.04	%			81,962				10,600				-87.07	%
Total income			721,798				857,210				18.76	%			271,916				193,542				-28.82	%
Operating expenses
Salaries and employee benefits			174,170				197,500				13.39	%			49,493				49,738				0.50	%
Bonus plan payments			6,600				13,734				108.09	%			2,831				3,547				25.29	%
Compensation			852				8,072				847.42	%			1,002				2,186				118.16	%
Administrative and other expenses			211,323				258,873				22.50	%			65,417				67,063				2.52	%
Deposit security, net			17,486				12,756				-27.05	%			3,527				2,175				-38.33	%
Donation expenses			53				128				141.51	%			29				29				0.00	%
Depreciation			23,108				24,061				4.12	%			5,997				6,031				0.57	%
Total operating expenses			433,592				515,124				18.80	%			128,296				130,769				1.93	%
Net operating income			288,206				342,086				18.69	%			143,620				62,773				-56.29	%
Merger expenses			6,632				—				*				—				—				0.00	%
Goodwill amortization			7,548				9,218				22.13	%			2,305				2,304				-0.04	%
Non-operating income (expense)
Other income			86,992				33,091				-61.96	%			6,008				10,855				80.68	%
Other expense			(16,502	)			(17,691	)			7.21	%			(4,841	)			(2,681	)			-44.62	%
Total non-operating income			70,490				15,400				-78.15	%			1,167				8,174				600.43	%
Income before income taxes			344,516				348,268				1.09	%			142,482				68,643				-51.82	%
Income tax expense			(64,402	)			(76,869	)			19.36	%			(31,159	)			(20,210	)			-35.14	%
Net income			280,114				271,399				-3.11	%			111,323				48,433				-56.49	%

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.