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 March 2007
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: March 12, 2007 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
UNCONSOLIDATED NET INCOME OF PS 80,005 MILLION FOR THE MONTH OF FEBRUARY 2007
TOTALING PS 111,643 MILLION FOR THE FIRST TWO MONTHS OF 2007
MEDELLIN, COLOMBIA, MARCH 12, 2007
BANCOLOMBIA reported unconsolidated net income of Ps 80,005 million during the
past month of February.
During February, total net interest income, including investment securities
amounted to Ps 129,109 million. Additionally, total net fees and income from
services totaled in the month Ps 50,247 million.
Total assets amounted to Ps 26.61 trillion, total deposits totaled Ps 17.83
trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps 3.55
trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.54% as of February 28, 2007, and the level of allowance for past due
loans was 140.99%.
The sale of BANCOLOMBIA's participation in ALMACENAR generated a loss on sale of
investments on equity securities. However, this loss was fully provisioned
explaining the increase of provision recoveries during the month. As a result,
such events had no effect on the net income for the month of February.
Dividend income amounted to Ps 55,358 for the month of February.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in January 2007 was
as follows: 17.8% of total deposits, 19.9% of total net loans, 18.5% of total
savings accounts, 20.9% of total checking accounts and 13.2% 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.
CONTACTS
Sergio Restrepo Jaime A. Velasquez Mauricio Botero
Executive VP Financial VP IR Manager
Tel.: (574) 5108668 Tel.: (574) 5108666 Tel.: (574) 5108866
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
GROWTH
BANCOLOMBIA S.A. FEB07/JAN07
BALANCE SHEET AS OF ----------------
(Ps Millions) FEB-06 JAN-07 FEB-07 $ %
---------------- ---------- ---------- ---------- -------- ------
ASSETS
Cash and due from banks 979,611 1,379,329 1,373,879 -5,450 -0.40%
Overnight funds sold 34,756 225,111 254,997 29,886 13.28%
TOTAL CASH AND EQUIVALENTS 1,014,367 1,604,440 1,628,876 24,436 1.52%
---------- ---------- ---------- -------- ------
DEBT SECURITIES 6,919,420 4,545,663 4,536,137 -9,526 -0.21%
Trading 4,467,495 2,175,646 2,134,951 -40,695 -1.87%
Available for Sale 1,338,212 1,237,926 1,277,563 39,637 3.20%
Held to Maturity 1,113,713 1,132,091 1,123,623 -8,468 -0.75%
EQUITY SECURITIES 884,161 894,940 871,446 -23,494 -2.63%
Trading 12,323 2,490 2,500 10 0.40%
Available for Sale 871,838 892,450 868,946 -23,504 -2.63%
Market value allowance -59,783 -44,458 -30,326 14,132 -31.79%
NET INVESTMENT SECURITIES 7,743,798 5,396,145 5,377,257 -18,888 -0.35%
---------- ---------- ---------- -------- ------
Commercial loans 10,025,386 13,302,274 13,508,509 206,235 1.55%
Consumer loans 2,082,815 2,702,960 2,761,331 58,371 2.16%
Small business loans 112,948 112,106 108,008 -4,098 -3.66%
Mortgage loans 1,488,424 1,491,166 1,599,278 108,112 7.25%
Allowance for loans and financial leases losses -578,944 -620,701 -641,479 -20,778 3.35%
NET TOTAL LOANS AND FINANCIAL LEASES 13,130,629 16,987,805 17,335,647 347,842 2.05%
---------- ---------- ---------- -------- ------
Accrued interest receivable on loans 165,125 191,017 194,235 3,218 1.68%
Allowance for accrued interest losses -7,889 -8,654 -8,518 136 -1.57%
NET TOTAL INTEREST ACCRUED 157,236 182,363 185,717 3,354 1.84%
---------- ---------- ---------- -------- ------
Customers' acceptances and derivatives 131,608 157,695 164,355 6,660 4.22%
Net accounts receivable 280,794 266,119 306,157 40,038 15.05%
Net premises and equipment 334,042 367,036 363,020 -4,016 -1.09%
Foreclosed assets 25,719 14,681 14,490 -191 -1.30%
Prepaid expenses and deferred charges 16,427 32,147 24,830 -7,317 -22.76%
Goodwill 47,184 37,859 35,555 -2,304 -6.09%
Other 251,065 475,378 374,364 -101,014 -21.25%
Reappraisal of assets 644,785 780,444 803,505 23,061 2.95%
---------- ---------- ---------- -------- ------
TOTAL ASSETS 23,777,654 26,302,112 26,613,773 311,661 1.18%
========== ========== ========== ======== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3,119,101 4,137,238 3,970,158 -167,080 -4.04%
Checking accounts 2,861,167 3,761,672 3,718,436 -43,236 -1.15%
Other 257,934 375,566 251,722 -123,844 -32.98%
---------- ---------- ---------- -------- ------
INTEREST BEARING 11,003,899 13,235,170 13,860,273 625,103 4.72%
Checking accounts 321,475 307,216 317,032 9,816 3.20%
Time deposits 3,187,422 3,428,377 3,337,017 -91,360 -2.66%
Savings deposits 7,495,002 9,499,577 10,206,224 706,647 7.44%
---------- ---------- ---------- -------- ------
TOTAL DEPOSITS 14,123,000 17,372,408 17,830,431 458,023 2.64%
Overnight funds 875,605 2,027,843 1,734,703 -293,140 -14.46%
Bank acceptances outstanding 50,093 57,385 61,255 3,870 6.74%
Interbank borrowings 2,124,330 967,049 967,545 496 0.05%
Borrowings from domestic development banks 959,642 681,491 679,980 -1,511 -0.22%
Accounts payable 487,172 488,188 607,421 119,233 24.42%
Accrued interest payable 127,642 121,087 107,064 -14,023 -11.58%
Other liabilities 338,127 257,492 268,006 10,514 4.08%
Bonds 1,110,473 678,379 567,403 -110,976 -16.36%
Accrued expenses 240,161 205,589 243,965 38,376 18.67%
---------- ---------- ---------- -------- ------
TOTAL LIABILITIES 20,436,245 22,856,911 23,067,773 210,862 0.92%
========== ========== ========== ======== ======
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,914 363,914 363,914 -- 0.00%
---------- ---------- ---------- -------- ------
RETAINED EARNINGS 1,722,639 1,842,946 1,922,951 80,005 4.34%
Appropiated 1,598,679 1,811,308 1,811,308 -- 0.00%
Unappropiated 123,960 31,638 111,643 80,005 252.88%
---------- ---------- ---------- -------- ------
REAPPRAISAL AND OTHERS 1,183,108 1,239,320 1,262,382 23,062 1.86%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 71,748 (979) (3,247) (2,268) 231.66%
---------- ---------- ---------- -------- ------
TOTAL SHAREHOLDER'S EQUITY 3,341,409 3,445,201 3,546,000 100,799 2.93%
========== ========== ========== ======== ======
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 23,777,654 26,302,112 26,613,773 311,661 1.18%
========== ========== ========== ======== ======
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
BANCOLOMBIA S.A. ACCUMULATED GROWTH MONTH GROWTH
INCOME STATEMENT ---------------------- ANNUAL ----------------- MONTH
(Ps Millions) FEB-06 FEB-07 % JAN-07 FEB-07 %
---------------- ---------- ---------- --------- -------- ------- --------
INTEREST INCOME AND EXPENSES
Interest on loans 278,754 354,789 27.28% 175,750 179,039 1.87%
Interest on investment securities 99,705 30,751 -69.16% 14,612 16,139 10.45%
Overnight funds 4,026 6,717 66.84% 3,836 2,881 -24.90%
TOTAL INTEREST INCOME 382,485 392,257 2.55% 194,198 198,059 1.99%
---------- ---------- --------- -------- ------- --------
Interest expense
Checking accounts 1,273 3,228 153.57% 1,752 1,476 -15.75%
Time deposits 34,008 38,001 11.74% 19,201 18,800 -2.09%
Savings deposits 37,307 55,884 49.79% 28,708 27,176 -5.34%
TOTAL INTEREST ON DEPOSITS 72,588 97,113 33.79% 49,661 47,452 -4.45%
---------- ---------- --------- -------- ------- --------
Interbank borrowings 17,628 9,780 -44.52% 5,151 4,629 -10.13%
Borrowings from domestic development banks 10,232 7,829 -23.49% 3,914 3,915 0.03%
Overnight funds 5,454 15,494 184.09% 6,629 8,865 33.73%
Bonds 15,359 8,865 -42.28% 4,776 4,089 -14.38%
TOTAL INTEREST EXPENSE 121,261 139,081 14.70% 70,131 68,950 -1.68%
---------- ---------- --------- -------- ------- --------
NET INTEREST INCOME 261,224 253,176 -3.08% 124,067 129,109 4.06%
Provision for loan and accrued interest losses, net (29,673) (34,017) 14.64% (13,049) (20,968) 60.69%
Recovery of charged-off loans 9,915 9,305 -6.15% 4,999 4,306 -13.86%
Provision for foreclosed assets and other assets (2,698) (2,655) -1.59% (1,225) (1,430) 16.73%
Recovery of provisions for foreclosed assets and other
assets 8,041 21,452 166.78% 5,077 16,375 222.53%
---------- ---------- --------- -------- ------- --------
TOTAL NET PROVISIONS (14,415) (5,915) -58.97% (4,198) (1,717) -59.10%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 246,809 247,261 0.18% 119,869 127,392 6.28%
---------- ---------- --------- -------- ------- --------
Commissions from banking services and other services 9,496 12,292 29.44% 6,182 6,110 -1.16%
Electronic services and ATM's fees, net 13,187 11,451 -13.16% 5,894 5,557 -5.72%
Branch network services, net 8,181 15,553 90.11% 7,961 7,592 -4.64%
Collections and payments fees, net 10,184 15,964 56.76% 7,967 7,997 0.38%
Credit card merchant fees, net 1,508 4,646 208.09% 2,665 1,981 -25.67%
Credit and debit card fees, net 38,686 40,508 4.71% 20,442 20,066 -1.84%
Checking fees, net 9,375 10,290 9.76% 5,352 4,938 -7.74%
Check remittance, net 1,821 1,836 0.82% 866 970 12.01%
International operations, net 3,396 5,538 63.07% 2,788 2,750 -1.36%
TOTAL FEES AND OTHER SERVICE INCOME 95,834 118,078 23.21% 60,117 57,961 -3.59%
---------- ---------- --------- -------- ------- --------
Other fees and service expenses (10,912) (14,559) 33.42% (6,845) (7,714) 12.70%
TOTAL FEES AND INCOME FROM SERVICES, NET 84,922 103,519 21.90% 53,272 50,247 -5.68%
---------- ---------- --------- -------- ------- --------
OTHER OPERATING INCOME
Net foreign exchange gains (10,538) (4,599) -56.36% 5,889 (10,488) -278.09%
Forward contracts in foreign currency 21,035 3,258 -84.51% (5,449) 8,707 -259.79%
Gains(Loss) on sales of investments on equity
securities -- (13,319) 0.00% 856 (14,175) -1755.96%
Gains on sale of mortgage loan -- 0.00% -- -- 0.00%
Dividend income 52,628 55,387 5.24% 29 55,358 *
Communication, rent payments and others 252 245 -2.78% 132 113 -14.39%
TOTAL OTHER OPERATING INCOME 63,377 40,972 -35.35% 1,457 39,515 2612.08%
---------- ---------- --------- -------- ------- --------
TOTAL INCOME 395,108 391,752 -0.85% 174,598 217,154 24.37%
OPERATING EXPENSES
Salaries and employee benefits 88,015 98,269 11.65% 47,339 50,930 7.59%
Bonus plan payments 6,289 7,356 16.97% 3,079 4,277 38.91%
Compensation 298 4,884 1538.93% 2,917 1,967 -32.57%
Administrative and other expenses 103,413 126,393 22.22% 61,768 64,625 4.63%
Deposit security, net 9,744 7,054 -27.61% 3,527 3,527 0.00%
Donation expenses 26 70 169.23% 42 28 -33.33%
Depreciation 12,321 12,033 -2.34% 5,958 6,075 1.96%
TOTAL OPERATING EXPENSES 220,106 256,059 16.33% 124,630 131,429 5.46%
---------- ---------- --------- -------- ------- --------
NET OPERATING INCOME 175,002 135,693 -22.46% 49,968 85,725 71.56%
Merger expenses 5,104 -- * -- -- 0.00%
Goodwill amortization 3,774 4,610 22.15% 2,305 2,305 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 9,320 16,228 74.12% 6,976 9,252 32.63%
Other expense (8,696) (10,168) 16.93% (6,657) (3,511) -47.26%
TOTAL NON-OPERATING INCOME 624 6,060 871.15% 319 5,741 1699.69%
INCOME BEFORE INCOME TAXES 166,748 137,143 -17.75% 47,982 89,161 85.82%
Income tax expense (42,788) (25,500) -40.40% (16,344) (9,156) -43.98%
---------- ---------- --------- -------- ------- --------
NET INCOME 123,960 111,643 -9.94% 31,638 80,005 152.88%
========== ========== ========= ======== ======= ========