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 July 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: July 12, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
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Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LOGO] [CIB LOGO]
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 290,933
MILLION DURING THE FIRST SIX MONTHS OF 2006
MEDELLIN, COLOMBIA. JULY 12, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 290,933 million
as of June 30, 2006. For the first six months of 2006, the total net interest
income, including investment securities amounted to Ps 453,303 million.
Additionally, total net fees and income from services amounted to Ps 277,434
million.
Total assets amounted to Ps 25.33 trillion in June 2006, total deposits totaled
Ps 15.72 trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps
3.00 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.79% as of June 30, 2006, and the level of allowance for past due
loans was 127.12%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in June 2006 was as
follows: 17.7% of total deposits, 20.4% of total net loans, 18.0% of total
savings accounts, 20.3% 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)5108668 TEL.: (574)5108666 TEL.: (574)5108866
[BANCOLOMBIA LOGO]
JUNE 2006
BANCOLOMBIA S.A.
BALANCE SHEET
GROWTH
AS OF JUN06/MAY06
(Ps Millions) MAY-06 JUN-06 $ %
------------------------------------------------ ---------- ---------- --------- ------
ASSETS
Cash and due from banks 1,064,137 936,386 -127,751 -12.01%
Overnight funds sold 119,010 532,689 413,679 347.60%
TOTAL CASH AND EQUIVALENTS 1,183,147 1,469,075 285,928 24.17%
---------- ---------- --------- ------
DEBT SECURITIES 6,791,029 6,035,334 -755,695 -11.13%
Trading 4,241,033 3,336,797 -904,236 -21.32%
Available for Sale 1,488,197 1,459,238 -28,959 -1.95%
Held to Maturity 1,061,799 1,239,299 177,500 16.72%
EQUITY SECURITIES 945,192 920,907 -24,285 -2.57%
Trading 2,800 2,811 11 0.39%
Available for Sale 942,392 918,096 -24,296 -2.58%
Market value allowance -59,760 -40,507 19,253 -32.22%
NET INVESTMENT SECURITIES 7,676,461 6,915,734 -760,727 -9.91%
---------- ---------- --------- ------
Commercial loans 10,739,180 11,475,783 736,603 6.86%
Consumer loans 2,244,762 2,280,338 35,576 1.58%
Small business loans 40,023 73,968 33,945 84.81%
Mortgage loans 1,640,265 1,708,818 68,553 4.18%
Allowance for loans and financial leases losses -545,456 -548,244 -2,788 0.51%
NET TOTAL LOANS AND FINANCIAL LEASES 14,118,774 14,990,663 871,889 6.18%
---------- ---------- --------- ------
Accrued interest receivable on loans 163,016 148,921 -14,095 -8.65%
Allowance for accrued interest losses -7,084 -7,234 -150 2.12%
NET TOTAL INTEREST ACCRUED 155,932 141,687 -14,245 -9.14%
---------- ---------- --------- ------
Customers' acceptances and derivatives 64,364 56,096 -8,268 -12.85%
Net accounts receivable 226,857 215,477 -11,380 -5.02%
Net premises and equipment 340,798 341,602 804 0.24%
Foreclosed assets 25,757 23,855 -1,902 -7.38%
Prepaid expenses and deferred charges 25,582 27,108 1,526 5.97%
Goodwill 50,109 53,991 3,882 7.75%
Other 320,194 426,998 106,804 33.36%
Reappraisal of assets 658,799 668,858 10,059 1.53%
---------- ---------- --------- ------
TOTAL ASSETS 24,846,774 25,331,144 484,370 1.95%
---------- ---------- --------- ------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3,379,969 3,434,429 54,460 1.61%
Checking accounts 3,033,207 3,149,113 115,906 3.82%
Other 346,762 285,316 -61,446 -17.72%
---------- ---------- --------- ------
INTEREST BEARING 11,297,909 12,288,793 990,884 8.77%
Checking accounts 286,202 303,297 17,095 5.97%
Time deposits 3,176,771 3,286,884 110,113 3.47%
Savings deposits 7,834,936 8,698,612 863,676 11.02%
---------- ---------- --------- ------
TOTAL DEPOSITS 14,677,878 15,723,222 1,045,344 7.12%
Overnight funds 1,628,265 1,348,952 -279,313 -17.15%
Bank acceptances outstanding 69,380 60,726 -8,654 -12.47%
Interbank borrowings 1,947,450 1,892,777 -54,673 -2.81%
Borrowings from domestic development banks 1,063,499 864,606 -198,893 -18.70%
Accounts payable 767,442 796,737 29,295 3.82%
Accrued interest payable 128,986 130,942 1,956 1.52%
Other liabilities 243,887 271,014 27,127 11.12%
Bonds 1,009,566 979,686 -29,880 -2.96%
Accrued expenses 295,111 261,236 -33,875 -11.48%
---------- ---------- --------- ------
TOTAL LIABILITIES 21,831,464 22,329,898 498,434 2.28%
---------- ---------- --------- ------
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,914 363,914 0 0.00%
---------- ---------- --------- ------
RETAINED EARNINGS 1,514,754 1,519,876 5,122 0.34%
Appropiated 1,228,943 1,228,943 0 0.00%
Unappropiated 285,811 290,933 5,122 1.79%
---------- ---------- --------- ------
REAPPRAISAL AND OTHERS 1,143,077 1,145,247 2,170 0.19%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES (6,435) (27,791) (21,356) 331.87%
---------- ---------- --------- ------
TOTAL SHAREHOLDER'S EQUITY 3,015,310 3,001,246 (14,064) -0.47%
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 24,846,774 25,331,144 484,370 1.95%
---------- ---------- --------- ------
[BANCOLOMBIA LOGO]
JUNE 2006
BANCOLOMBIA S.A.
INCOME STATEMENT
ACCUMULATED MONTH GROWTH
(Ps Millions) MAY-06 JUN-06 MAY-06 JUN-06 %
------------------------------------------------------------- ------- ------- ------- ------- -------
INTEREST INCOME AND EXPENSES
Interest on loans 711,264 862,587 144,774 151,323 4.52%
Interest on investment securities 12,598 (46,148) (57,932) (58,746) 1.41%
Overnight funds 9,445 12,243 1,764 2,798 58.62%
TOTAL INTEREST INCOME 733,307 828,682 88,606 95,375 7.64%
------- ------- ------- ------- -------
Interest expense
Checking accounts 3,239 3,910 682 671 -1.61%
Time deposits 87,169 104,977 17,484 17,808 1.85%
Savings deposits 90,300 111,632 18,108 21,332 17.80%
TOTAL INTEREST ON DEPOSITS 180,708 220,519 36,274 39,811 9.75%
------- ------- ------- ------- -------
Interbank borrowings 46,982 56,118 9,451 9,136 -3.33%
Borrowings from domestic development banks 24,474 29,003 4,629 4,529 -2.16%
Overnight funds 22,799 28,165 6,517 5,366 -17.66%
Bonds 35,333 41,574 6,451 6,241 -3.26%
TOTAL INTEREST EXPENSE 310,296 375,379 63,322 65,083 2.78%
------- ------- ------- ------- -------
NET INTEREST INCOME 423,011 453,303 25,284 30,292 19.81%
Provision for loan and accrued interest losses, net (74,170) (76,954) (13,844) (2,784) -79.89%
Recovery of charged-off loans 25,146 29,528 6,000 4,382 -26.97%
Provision for foreclosed assets and other assets (12,203) (14,212) (1,819) (2,009) 10.45%
Recovery of provisions for foreclosed assets and other assets 12,100 57,434 3,441 45,334 1217.47%
------- ------- ------- ------- -------
TOTAL NET PROVISIONS (49,127) (4,204) (6,222) 44,923 -822.00%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 373,884 449,099 19,062 75,215 294.58%
------- ------- ------- ------- -------
Commissions from banking services and other services 30,006 38,693 7,659 8,687 13.42%
Electronic services and ATM's fees, net 35,092 42,550 7,064 7,458 5.58%
Branch network services, net 21,527 26,151 4,692 4,624 -1.45%
Collections and payments fees, net 27,722 33,844 5,855 6,122 4.56%
Credit card merchant fees, net 3,663 4,314 561 651 16.04%
Credit and debit card fees, net 98,129 118,251 18,985 20,122 5.99%
Checking fees, net 24,336 29,080 5,355 4,744 -11.41%
Check remittance, net 4,659 5,589 982 930 -5.30%
International operations, net 9,961 12,689 2,559 2,728 6.60%
TOTAL FEES AND OTHER SERVICE INCOME 255,095 311,161 53,712 56,066 4.38%
------- ------- ------- ------- -------
Other fees and service expenses (28,353) (33,727) (5,772) (5,374) -6.90%
TOTAL FEES AND INCOME FROM SERVICES, NET 226,742 277,434 47,940 50,692 5.74%
------- ------- ------- ------- -------
OTHER OPERATING INCOME
Net foreign exchange gains 91,323 136,753 56,642 45,430 -19.79%
Forward contracts in foreign currency (48,290) (62,098) (30,652) (13,808) -54.95%
Gains on sales of investments on equity securities 43,128 43,128 1,001 - -100.00%
Dividend income 128,538 128,538 48 - -100.00%
Communication, rent payments and others 658 790 144 132 -8.33%
TOTAL OTHER OPERATING INCOME 215,357 247,111 27,183 31,754 16.82%
------- ------- ------- ------- -------
TOTAL INCOME 815,983 973,644 94,185 157,661 67.40%
OPERATING EXPENSES
Salaries and employee benefits 219,722 267,713 45,552 47,991 5.35%
Bonus plan payments 7,339 4,556 739 (2,783) -476.59%
Compensation 1,173 1,256 321 83 -74.14%
Administrative and other expenses 263,755 307,943 52,432 44,188 -15.72%
Deposit security, net 20,274 24,293 2,788 4,019 44.15%
Donation expenses 53 84 - 31 0.00%
Depreciation 28,869 35,203 5,761 6,334 9.95%
TOTAL OPERATING EXPENSES 541,185 641,048 107,593 99,863 -7.18%
------- ------- ------- ------- -------
NET OPERATING INCOME 274,798 332,596 (13,408) 57,798 -531.07%
Merger expenses 11,028 12,478 4,396 1,450 -67.02%
Goodwill amortization Banco de Colombia 9,681 11,987 2,133 2,306 8.11%
NON-OPERATING INCOME (EXPENSE)
Other income 116,777 124,838 29,785 8,061 -72.94%
Other expense (20,603) (77,350) (4,101) (56,747) 1283.74%
TOTAL NON-OPERATING INCOME 96,174 47,488 25,684 (48,686) -289.56%
INCOME BEFORE INCOME TAXES 350,263 355,619 5,747 5,356 -6.80%
Income tax expense (64,452) (64,686) (50) (234) 368.00%
------- ------- ------- ------- -------
NET INCOME 285,811 290,933 5,697 5,122 -10.09%
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