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 January 2006
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, 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 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: January 30, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LOGO) CIB
LISTED
NYSE
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS $737,389
MILLION DURING 2005
MEDELLIN, COLOMBIA. JANUARY 30, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps $737,389
million as of December 31, 2005. For the first twelve months of 2005, the total
net interest, including investment securities amounted to Ps$1,654,058 million.
Additionally, total net fees and income from services amounted to Ps $523,696
million.
Total assets amounted to Ps 23.91 trillion in December 2005, total deposits
totaled Ps 14.23 trillion and BANCOLOMBIA's total shareholders' equity amounted
to Ps 3.22 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.94% as of December 31, 2005, and the level of allowance for past due
loans was 143.40%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in December 2005
was as follows: 17.7% of total deposits, 20.8% of total net loans, 18.4% of
total savings accounts, 19.0% of total checking accounts and 14.6% 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)
DECEMBER 2005
GROWTH
BANCOLOMBIA S.A. AS OF DIC05/NOV05
BALANCE SHEET ----------------------- -----------------
(Ps Millions) NOV-05 DIC-05 $ %
---------------- ---------- ---------- -------- ------
ASSETS
Cash and due from banks 1.215.011 1.111.260 -103.751 -8,54%
Overnight funds sold 41.322 211.907 170.585 412,82%
TOTAL CASH AND EQUIVALENTS 1.256.333 1.323.167 66.834 5,32%
---------- ---------- -------- ------
DEBT SECURITIES 6.722.466 7.267.866 545.400 8,11%
Trading 4.186.203 4.796.533 610.330 14,58%
Available for Sale 1.446.062 1.361.992 -84.070 -5,81%
Held to Maturity 1.090.201 1.109.341 19.140 1,76%
EQUITY SECURITIES 931.500 843.875 -87.625 -9,41%
Trading 121.014 3.630 -117.384 -97,00%
Available for Sale 810.486 840.245 29.759 3,67%
Market value allowance -44.359 -59.924 -15.565 35,09%
NET INVESTMENT SECURITIES 7.609.607 8.051.817 442.210 5,81%
---------- ---------- -------- ------
Commercial loans 9.451.869 9.527.651 75.782 0,80%
Consumer loans 2.012.972 2.059.243 46.271 2,30%
Small business loans 116.461 115.029 -1.432 -1,23%
Mortgage loans 1.486.687 1.453.686 -33.001 -2,22%
Allowance for loans and financial leases losses -559.571 -550.304 9.267 -1,66%
NET TOTAL LOANS AND FINANCIAL LEASES 12.508.418 12.605.305 96.887 0,77%
---------- ---------- -------- ------
Accrued interest receivable on loans 162.938 151.407 -11.531 -7,08%
Allowance for accrued interest losses -10.160 -7.390 2.770 -27,26%
NET TOTAL INTEREST ACCRUED 152.778 144.017 -8.761 -5,73%
---------- ---------- -------- ------
Customers' acceptances and derivatives 142.711 134.963 -7.748 -5,43%
Net accounts receivable 179.964 383.278 203.314 112,97%
Net premises and equipment 344.225 336.781 -7.444 -2,16%
Foreclosed assets 31.329 29.478 -1.851 -5,91%
Prepaid expenses and deferred charges 10.841 13.606 2.765 25,51%
Goodwill 52.847 50.959 -1.888 -3,57%
Other 296.761 159.187 -137.574 -46,36%
Reappraisal of assets 723.388 673.943 -49.445 -6,84%
========== ========== ======== ======
TOTAL ASSETS 23.309.202 23.906.501 597.299 2,56%
========== ========== ======== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2.975.346 3.647.560 672.214 22,59%
Checking accounts 2.620.324 3.292.768 672.444 25,66%
Other 355.022 354.792 -230 -0,06%
---------- ---------- -------- ------
INTEREST BEARING 11.015.698 10.578.919 -436.779 -3,97%
Checking accounts 185.656 278.139 92.483 49,81%
Time deposits 3.000.195 2.840.184 -160.011 -5,33%
Savings deposits 7.829.847 7.460.596 -369.251 -4,72%
---------- ---------- -------- ------
TOTAL DEPOSITS 13.991.044 14.226.479 235.435 1,68%
Overnight funds 649.841 1.012.348 362.507 55,78%
Bank acceptances outstanding 61.362 62.502 1.140 1,86%
Interbank borrowings 1.710.635 1.706.611 -4.024 -0,24%
Borrowings from domestic development banks 865.345 978.705 113.360 13,10%
Accounts payable 843.602 952.592 108.990 12,92%
Accrued interest payable 126.460 124.904 -1.556 -1,23%
Other liabilities 256.821 342.130 85.309 33,22%
Bonds 1.267.040 1.195.719 -71.321 -5,63%
Accrued expenses 357.776 88.619 -269.157 -75,23%
========== ========== ======== ======
TOTAL LIABILITIES 20.129.926 20.690.609 560.683 2,79%
========== ========== ======== ======
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 0 0,00%
---------- ---------- -------- ------
RETAINED EARNINGS 1.514.084 1.598.679 84.595 5,59%
Appropiated 861.290 861.290 0 0,00%
Unappropiated 652.794 737.389 84.595 12,96%
---------- ---------- -------- ------
REAPPRAISAL AND OTHERS 1.239.231 1.195.934 -43.297 -3,49%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 62.047 57.365 -4.682 -7,55%
========== ========== ======== ======
TOTAL SHAREHOLDER'S EQUITY 3.179.276 3.215.892 36.616 1,15%
========== ========== ======== ======
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 23.309.202 23.906.501 597.299 2,56%
========== ========== ======== ======
(BANCOLOMBIA LOGO)
December 2005
BANCOLOMBIA S.A. ACCUMULATED MONTH
INCOME STATEMENT --------------------- GROWTH ----------------- GROWTH
(Ps Millions) NOV-05 DIC-05 % NOV-05 DIC-05 %
---------------- --------- --------- ------- ------- ------- --------
INTEREST INCOME AND EXPENSES
Interest on loans 1.597.577 1.750.753 9,59% 142.212 153.176 7,71%
Interest on investment securities 622.397 678.350 8,99% 65.696 55.953 -14,83%
Overnight funds 21.020 22.990 9,37% 3.268 1.970 -39,72%
TOTAL INTEREST INCOME 2.240.994 2.452.093 9,42% 211.176 211.099 -0,04%
--------- --------- ------- ------- ------- --------
Interest expense
Checking accounts 5.408 5.991 10,78% 438 583 33,11%
Time deposits 249.844 267.166 6,93% 18.326 17.322 -5,48%
Savings deposits 220.791 241.245 9,26% 20.758 20.454 -1,46%
TOTAL INTEREST ON DEPOSITS 476.043 514.402 8,06% 39.522 38.359 -2,94%
--------- --------- ------- ------- ------- --------
Interbank borrowings 45.792 52.148 13,88% 5.657 6.356 12,36%
Borrowings from domestic development banks 66.818 72.007 7,77% 5.380 5.189 -3,55%
Overnight funds 42.560 46.699 9,73% 2.857 4.139 44,87%
Bonds 104.498 112.779 7,92% 8.676 8.281 -4,55%
TOTAL INTEREST EXPENSE 735.711 798.035 8,47% 62.092 62.324 0,37%
--------- --------- ------- ------- ------- --------
NET INTEREST INCOME 1.505.283 1.654.058 9,88% 149.084 148.775 -0,21%
Provision for loan and accrued interest losses, net (138.853) (134.378) -3,22% (16.107) 4.475 -127,78%
Recovery of charged-off loans 67.199 58.160 -13,45% 4.343 (9.039) -308,13%
Provision for foreclosed assets and other assets (74.687) (82.492) 10,45% (12.708) (7.805) -38,58%
Recovery of provisions for foreclosed assets
and other assets 35.130 55.663 58,45% 2.657 20.533 672,79%
--------- --------- ------- ------- ------- --------
TOTAL NET PROVISIONS (111.211) (103.047) -7,34% (21.815) 8.164 -137,42%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 1.394.072 1.551.011 11,26% 127.269 156.939 23,31%
--------- --------- ------- ------- ------- --------
Commissions from banking services and other services 56.209 67.438 19,98% 6.366 11.229 76,39%
Electronic services and ATM's fees, net 92.405 101.299 9,63% 6.639 8.894 33,97%
Branch network services, net 44.080 48.984 11,13% 4.252 4.904 15,33%
Collections and payments fees, net 51.217 56.670 10,65% 4.921 5.453 10,81%
Credit card merchant fees, net 8.821 10.076 14,23% 373 1.255 236,46%
Credit and debit card fees, net 187.457 205.606 9,68% 15.642 18.149 16,03%
Checking fees, net 49.844 54.958 10,26% 4.487 5.114 13,97%
Check remittance, net 9.557 10.579 10,69% 972 1.022 5,14%
International operations, net 21.284 23.141 8,72% 1.553 1.857 19,58%
TOTAL FEES AND OTHER SERVICE INCOME 520.874 578.751 11,11% 45.205 57.877 28,03%
--------- --------- ------- ------- ------- --------
Other fees and service expenses (44.701) (55.055) 23,16% (4.718) (10.354) 119,46%
TOTAL FEES AND INCOME FROM SERVICES, NET 476.173 523.696 9,98% 40.487 47.523 17,38%
--------- --------- ------- ------- ------- --------
OTHER OPERATING INCOME
Net foreign exchange gains (59.744) (51.287) -14,16% (1.045) 8.457 -909,28%
Gains on sales of investments on equity securities 7.859 7.859 0,00% (436) -- -100,00%
Forward contracts in foreign currency 135.543 140.833 3,90% 3.084 5.290 71,53%
Dividend income 100.066 100.066 0,00% 69 -- -100,00%
Communication, rent payments and others 1.526 1.668 9,31% 136 142 4,41%
TOTAL OTHER OPERATING INCOME 185.250 199.139 7,50% 1.808 13.889 668,20%
--------- --------- ------- ------- ------- --------
TOTAL INCOME 2.055.495 2.273.846 10,62% 169.564 218.351 28,77%
OPERATING EXPENSES
Salaries and employee benefits 466.749 502.604 7,68% 44.940 35.855 -20,22%
Bonus plan payments 16.983 19.126 12,62% 3.101 2.143 -30,89%
Compensation 7.031 7.189 2,25% (15) 158 -1153,33%
Administrative and other expenses 582.645 643.934 10,52% 33.193 61.289 84,64%
Deposit security, net 44.248 48.574 9,78% 4.326 4.326 0,00%
Donation expenses 435 448 2,99% 13 13 0,00%
Depreciation 60.307 65.494 8,60% 6.200 5.187 -16,34%
TOTAL OPERATING EXPENSES 1.178.398 1.287.369 9,25% 91.758 108.971 18,76%
--------- --------- ------- ------- ------- --------
NET OPERATING INCOME 877.097 986.477 12,47% 77.806 109.380 40,58%
Merger expenses 35.854 37.148 3,61% 872 1.294 48,39%
Goodwill amortization Banco de Colombia 20.761 22.648 9,09% 1.887 1.887 0,00%
NON-OPERATING INCOME (EXPENSE)
Other income 38.306 89.826 134,50% 2.631 51.520 1858,19%
Other expense (64.950) (87.447) 34,64% (7.264) (22.497) 209,71%
TOTAL NON-OPERATING INCOME (26.644) 2.379 -108,93% (4.633) 29.023 -726,44%
INCOME BEFORE INCOME TAXES 793.838 929.060 17,03% 70.414 135.222 92,04%
Income tax expense (141.044) (191.671) 35,89% (17.630) (50.627) 187,16%
--------- --------- ------- ------- ------- --------
NET INCOME 652.794 737.389 12,96% 52.784 84.595 60,27%
========= ========= ======= ======= ======= ========