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 October 2005
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
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(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
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- .)
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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: October 11, 2005 By /s/ JAIME ALBERTO VELASQUEZ B.
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Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LOGO] CIB
LISTED
NYSE
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS $554,500
MILLION DURING THE FIRST NINE MONTHS OF 2005
MEDELLIN, COLOMBIA. OCTOBER 11, 2005
BANCOLOMBIA reported accumulated unconsolidated net income of Ps $554,500
million as of September 30, 2005. For the first nine months of 2005, the total
net interest, including investment securities amounted to Ps $1,254,461 million.
Additionally, total net fees and income from services amounted to Ps $393,389
million.
Total assets amounted to Ps 22.02 trillion in September 2005, total deposits
totaled Ps 13.45 trillion and BANCOLOMBIA's total shareholders' equity amounted
to Ps 3.05 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 3.84% as of September 30, 2005, and the level of allowance for past
due loans was 117.61%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in September 2005
was as follows: 17.4% of total deposits, 21.9% of total net loans, 17.4% of
total savings accounts, 17.9% of total checking accounts and 16.7% 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. Velasquez Mauricio Botero
Executive VP Financial VP IR Manager
Tel.: (574) 3120332 Tel.: (574) 5108666 Tel.: (574) 5108866
[BANCOLOMBIA LOGO]
SEPTEMBER 2005
BANCOLOMBIA S.A. GROWTH
BALANCE SHEET AS OF SEP05/AUG05
(Ps Millions) AUG-05 SEP-05 $ %
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ASSETS
Cash and due from banks 1.032.168 866.591 -165.577 -16,04%
Overnight funds sold 38.249 68.944 30.695 80,25%
TOTAL CASH AND EQUIVALENTS 1.070.417 935.535 -134.882 -12,60%
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DEBT SECURITIES 5.688.215 6.024.510 336.295 5,91%
Trading 3.125.315 3.701.030 575.715 18,42%
Available for Sale 1.608.088 1.360.557 -247.531 -15,39%
Held to Maturity 954.812 962.923 8.111 0,85%
EQUITY SECURITIES 769.321 930.966 161.645 21,01%
Trading 16.157 133.574 117.417 726,73%
Available for Sale 753.164 797.392 44.228 5,87%
Market value allowance -37.729 -37.729 0 0,00%
NET INVESTMENT SECURITIES 6.419.807 6.917.747 497.940 7,76%
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Commercial loans 9.548.035 9.492.854 -55.181 -0,58%
Consumer loans 1.933.457 1.999.904 66.447 3,44%
Small business loans 97.110 98.620 1.510 1,55%
Mortgage loans 1.466.620 1.475.421 8.801 0,60%
Allowance for loans and financial leases losses -562.980 -586.765 -23.785 4,22%
NET TOTAL LOANS AND FINANCIAL LEASES 12.482.242 12.480.034 -2.208 -0,02%
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Accrued interest receivable on loans 162.539 153.038 -9.501 -5,85%
Allowance for accrued interest losses -12.053 -11.433 620 -5,14%
NET TOTAL INTEREST ACCRUED 150.486 141.605 -8.881 -5,90%
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Customers' acceptances and derivatives 61.649 94.139 32.490 52,70%
Net accounts receivable 168.523 152.396 16.127 -9,57%
Net premises and equipment 336.467 344.639 8.172 2,43%
Foreclosed assets 44.592 36.096 -8.496 -19,05%
Prepaid expenses and deferred charges 36.907 9.345 -27.562 -74,68%
Goodwill 58.508 56.621 -1.887 -3,23%
Other 174.210 173.560 -650 -0,37%
Reappraisal of assets 688.009 678.162 -9.847 -1,43%
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TOTAL ASSETS 21.691.817 22.019.879 328.062 1,51%
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2.734.551 2.806.772 72.221 2,64%
Checking accounts 2.434.538 2.433.865 -673 -0,03%
Other 300.013 372.907 72.894 24,30%
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INTEREST BEARING 10.452.922 10.647.091 194.169 1,86%
Checking accounts 171.957 191.186 19.229 11,18%
Time deposits 3.506.498 3.179.636 -326.862 -9,32%
Savings deposits 6.774.467 7.276.269 501.802 7,41%
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TOTAL DEPOSITS 13.187.473 13.453.863 266.390 2,02%
Overnight funds 961.198 539.117 -422.081 -43,91%
Bank acceptances outstanding 43.868 56.584 12.716 28,99%
Interbank borrowings 1.173.127 1.376.618 203.491 17,35%
Borrowings from domestic development banks 881.401 874.960 -6.441 -0,73%
Accounts payable 554.716 722.305 167.589 30,21%
Accrued interest payable 135.953 133.028 -2.925 -2,15%
Other liabilities 203.613 197.676 -5.937 -2,92%
Bonds 1.306.355 1.292.140 -14.215 -1,09%
Accrued expenses 305.870 319.492 13.622 4,45%
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TOTAL LIABILITIES 18.753.574 18.965.783 212.209 1,13%
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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 1.330.746 1.415.800 85.054 6,39%
Appropriated 861.300 861.300 0 0,00%
Unappropriated 469.446 554.500 85.054 18,12%
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REAPPRAISAL AND OTHERS 1.145.335 1.180.111 34.776 3,04%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 98.248 94.271 -3.977 -4,05%
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TOTAL SHAREHOLDER'S EQUITY 2.938.243 3.054.096 115.853 3,94%
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TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 21.691.817 22.019.879 328.062 1,51%
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[BANCOLOMBIA LOGO]
SEPTEMBER 2005
BANCOLOMBIA S.A.
INCOME STATEMENT ACCUMULATED MONTH VARIATION
(Ps Millions) ---------------------- ------------------ ---------
AUG-05 SEP-05 AUG-05 SEP-05 %
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INTEREST INCOME AND EXPENSES
Interest on loans 1.152.144 1.303.544 149.322 151.400 1,39%
Interest on investment securities 418.802 544.594 46.035 125.792 173,25%
Overnight funds 13.881 15.830 2.444 1.949 -20,25%
TOTAL INTEREST INCOME 1.584.827 1.863.968 197.801 279.141 41,12%
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Interest expense
Checking accounts 3.798 4.390 513 592 15,40%
Time deposits 191.638 212.305 21.776 20.667 -5,09%
Savings deposits 158.758 178.716 20.872 19.958 -4,38%
TOTAL INTEREST ON DEPOSITS 354.194 395.411 43.161 41.217 -4,50%
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Interbank borrowings 30.310 35.021 4.724 4.711 -0,28%
Borrowings from domestic development banks 50.143 55.853 5.865 5.710 -2,64%
Overnight funds 33.898 36.358 2.786 2.460 -11,70%
Bonds 77.869 86.864 9.556 8.995 -5,87%
TOTAL INTEREST EXPENSE 546.414 609.507 66.092 63.093 -4,54%
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NET INTEREST INCOME 1.038.413 1.254.461 131.709 216.048 64,03%
Provision for loan and accrued interest losses, net (83.668) (107.430) (6.608) (23.762) 259,59%
Recovery of charged-off loans 40.619 43.927 5.238 3.308 -36,85%
Provision for foreclosed assets and other assets (40.531) (47.831) (4.945) (7.300) 47,62%
Recovery of provisions for foreclosed assets and other 28.626 30.047 4.029 1.421 -64,73%
assets
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TOTAL NET PROVISIONS (54.954) (81.287) (2.286) (26.333) 1051,92%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 983.459 1.173.174 129.423 189.715 46,59%
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Commissions from banking services and other services 39.081 44.757 4.244 5.676 33,74%
Electronic services and ATM's fees, net 72.277 78.771 7.258 6.494 -10,53%
Branch network services, net 31.307 35.643 4.432 4.336 -2,17%
Collections and payments fees, net 36.873 41.683 4.907 4.810 -1,98%
Credit card merchant fees, net 6.176 7.387 716 1.211 69,13%
Credit and debit card fees, net 135.083 152.967 17.647 17.884 1,34%
Checking fees, net 36.122 40.939 4.843 4.817 -0,54%
Check remittance, net 6.785 7.723 972 938 -3,50%
International operations, net 16.323 18.017 2.005 1.694 -15,51%
TOTAL FEES AND OTHER SERVICE INCOME 380.027 427.887 47.024 47.860 1,78%
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Other fees and service expenses (30.134) (34.498) (4.863) (4.364) -10,26%
TOTAL FEES AND INCOME FROM SERVICES, NET 349.893 393.389 42.161 43.496 3,17%
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OTHER OPERATING INCOME
Net foreign exchange gains (54.442) (63.263) (1.628) (8.821) 441,83%
Forward contracts in foreign currency 108.650 124.064 9.746 15.414 58,16%
Dividend income 99.997 99.997 24 - -100,00%
Communication, rent payments and others 1.119 1.255 144 136 -5,56%
TOTAL OTHER OPERATING INCOME 155.324 162.053 8.286 6.729 -18,79%
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TOTAL INCOME 1.488.676 1.728.616 179.870 239.940 33,40%
OPERATING EXPENSES
Salaries and employee benefits 332.045 378.088 42.655 46.043 7,94%
Bonus plan payments 7.146 12.016 2.378 4.870 104,79%
Compensation 5.102 5.849 591 747 26,40%
Administrative and other expenses 438.919 505.901 64.673 66.982 3,57%
Deposit security, net 32.980 37.695 1.990 4.715 136,93%
Donation expenses 397 410 15 13 -13,33%
Depreciation 42.053 48.870 5.344 6.817 27,56%
TOTAL OPERATING EXPENSES 858.642 988.829 117.646 130.187 10,66%
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NET OPERATING INCOME 630.034 739.787 62.224 109.753 76,38%
Merger expenses 26.705 30.576 3.766 3.871 2,79%
Goodwill amortization Banco de Colombia 15.099 16.986 1.887 1.887 0,00%
NON-OPERATING INCOME (EXPENSE)
Other income 32.323 34.605 3.638 2.282 -37,27%
Other expense (44.246) (55.089) (4.665) (10.843) 132,43%
TOTAL NON-OPERATING INCOME (11.923) (20.484) (1.027) (8.561) 733,59%
INCOME BEFORE INCOME TAXES 576.307 671.741 55.544 95.434 71,82%
Income tax expense 106.861 117.241 88 10.380 11695,45%
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NET INCOME 469.446 554.500 55.456 85.054 53,37%
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