UNITED STATES
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 1934

For the month of June, 2007.

Comission File Number 001-32535

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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2): 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 45,367 MILLION FOR THE MONTH OF MAY 2007
TOTALING PS 316,766 MILLION FOR THE FIRST FIVE MONTHS OF 2007

Medellín, Colombia, June 12, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 45,367 million during the past month of May.

During May, total net interest income, including investment securities amounted to Ps 152,907 million. Additionally, total net fees and income from services totaled Ps 54,726 million.

Total assets amounted to Ps 28.56 trillion, total deposits totaled Ps 18.32 trillion and Bancolombia’s total shareholders’ equity amounted to Ps 3.40 trillion.

Bancolombia’s total loan portfolio increased 6.7% during May from Ps 18.13 trillion to Ps 19.35 trillion. The increase was mainly due to an acquisition of a loan portfolio amounting to approximately Ps 0.50 trillion loan portfolio from Bancolombia’s subsidiary Bancolombia Panama. Moreover, the positive dynamic of the loan portfolio explains the growth of net provisions.

Bonds increased from Ps 0.53 trillion to Ps 1.29 trillion during the month of May, as a result of Bancolombia’s issuance of USD 400 million (equivalent to Ps 0.76 trillion) aggregate principal amount of 6.875% Subordinated Notes due 2017.

Bancolombia’s (unconsolidated) level of past due loans as a percentage of total loans was 2.50% as of May 31, 2007, and the level of allowance for past due loans was 135.10% as of the same date.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), Bancolombia’s market share of the Colombian financial system in May 2007 was as follows: 19.3% of total deposits, 20.3% of total net loans, 20.3% of total savings accounts, 22.9% of total checking accounts and 13.8% 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												May07/Apr07								Annual
(Ps Millions)		May-06				Apr-07				May-07				$				%				%
ASSETS
Cash and due from banks			1,064,137				2,865,659				1,414,014				-1,451,645				-50.66	%			32.88	%
Overnight funds sold			119,010				818,915				431,209				-387,706				-47.34	%			262.33	%
Total cash and equivalents			1,183,147				3,684,574				1,845,223				-1,839,351				-49.92	%			55.96	%
Debt securities			6,791,029				3,936,616				3,995,659				59,043				1.50	%			-41.16	%
Trading			4,241,033				1,696,308				1,839,681				143,373				8.45	%			-56.62	%
Available for Sale			1,488,197				1,139,126				1,067,918				-71,208				-6.25	%			-28.24	%
Held to Maturity			1,061,799				1,101,182				1,088,060				-13,122				-1.19	%			2.47	%
Equity securities			945,192				960,204				955,158				-5,046				-0.53	%			1.05	%
Trading			2,800				578				597				19				3.29	%			-78.68	%
Available for Sale			942,392				959,626				954,561				-5,065				-0.53	%			1.29	%
Market value allowance			-59,760				-29,702				-29,789				-87				0.29	%			-50.15	%
Net investment securities			7,676,461				4,867,118				4,921,028				53,910				1.11	%			-35.89	%
Commercial loans			10,739,180				14,000,684				15,038,857				1,038,173				7.42	%			40.04	%
Consumer loans			2,244,762				2,863,927				2,940,779				76,852				2.68	%			31.01	%
Small business loans			40,023				121,756				116,163				-5,593				-4.59	%			190.24	%
Mortgage loans			1,640,265				1,797,894				1,924,507				126,613				7.04	%			17.33	%
Allowance for loans and financial leases losses			-545,456				-656,957				-673,673				-16,716				2.54	%			23.51	%
Net total loans and financial leases			14,118,774				18,127,304				19,346,633				1,219,329				6.73	%			37.03	%
Accrued interest receivable on loans			163,016				204,684				217,828				13,144				6.42	%			33.62	%
Allowance for accrued interest losses			-7,084				-8,956				-9,437				-481				5.37	%			33.22	%
Net total interest accrued			155,932				195,728				208,391				12,663				6.47	%			33.64	%
Customers’ acceptances and derivatives			64,364				193,835				242,748				48,913				25.23	%			277.15	%
Net accounts receivable			226,857				308,803				321,557				12,754				4.13	%			41.74	%
Net premises and equipment			340,798				362,925				374,029				11,104				3.06	%			9.75	%
Foreclosed assets			25,757				13,986				14,122				136				0.97	%			-45.17	%
Prepaid expenses and deferred charges			25,582				27,353				36,972				9,619				35.17	%			44.52	%
Goodwill			50,109				30,946				28,641				-2,305				-7.45	%			-42.84	%
Other			320,194				354,999				370,598				15,599				4.39	%			15.74	%
Reappraisal of assets			658,799				896,479				853,640				-42,839				-4.78	%			29.58	%
Total assets			24,846,774				29,064,050				28,563,582				-500,468				-1.72	%			14.96	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,379,969				4,124,970				3,896,674				-228,296				-5.53	%			15.29	%
Checking accounts			3,033,207				3,836,485				3,606,203				-230,282				-6.00	%			18.89	%
Other			346,762				288,485				290,471				1,986				0.69	%			-16.23	%
Interest bearing			11,297,909				15,244,686				14,420,880				-823,806				-5.40	%			27.64	%
Checking accounts			286,202				358,588				293,438				-65,150				-18.17	%			2.53	%
Time deposits			3,176,771				3,548,566				3,561,845				13,279				0.37	%			12.12	%
Savings deposits			7,834,936				11,337,532				10,565,597				-771,935				-6.81	%			34.85	%
Total deposits			14,677,878				19,369,656				18,317,554				-1,052,102				-5.43	%			24.80	%
Overnight funds			1,628,265				686,119				439,938				-246,181				-35.88	%			-72.98	%
Bank acceptances outstanding			69,380				51,205				50,323				-882				-1.72	%			-27.47	%
Interbank borrowings			1,947,450				2,210,286				1,266,191				-944,095				-42.71	%			-34.98	%
Borrowings from domestic development banks			1,063,499				907,071				918,425				11,354				1.25	%			-13.64	%
Accounts payable			767,442				1,176,300				2,099,373				923,073				78.47	%			173.55	%
Accrued interest payable			128,986				125,522				119,431				-6,091				-4.85	%			-7.41	%
Other liabilities			243,887				268,733				275,230				6,497				2.42	%			12.85	%
Bonds			1,009,566				532,050				1,285,030				752,980				141.52	%			27.29	%
Accrued expenses			295,111				340,517				389,576				49,059				14.41	%			32.01	%
Total liabilities			21,831,464				25,667,459				25,161,071				-506,388				-1.97	%			15.25	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				363,914				363,914				—				0.00	%			0.00	%
Retained earnings			1,514,754				1,695,503				1,740,870				45,367				2.68	%			14.93	%
Appropiated			1,228,943				1,424,104				1,424,104				—				0.00	%			15.88	%
Unappropiated			285,811				271,399				316,766				45,367				16.72	%			10.83	%
Reappraisal and others			1,143,077				1,355,429				1,312,589				(42,840	)			-3.16	%			14.83	%
Gross unrealized gain or loss on debt securities			(6,435	)			(18,255	)			(14,862	)			3,393				-18.59	%			130.96	%
Total shareholder’s equity			3,015,310				3,396,591				3,402,511				5,920				0.17	%			12.84	%
Total liabilities and shareholder’s equity			24,846,774				29,064,050				28,563,582				(500,468	)			-1.72	%			14.96	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		May-06				May-07				%				Apr-07				May-07				%
Interest income and expenses
Interest on loans			711,264				968,569				36.18	%			205,108				210,428				2.59	%
Interest on investment securities			12,598				111,707				786.70	%			29,831				24,223				-18.80	%
Overnight funds			9,445				19,598				107.50	%			4,632				4,804				3.71	%
Total interest income			733,307				1,099,874				49.99	%			239,571				239,455				-0.05	%
Interest expense
Checking accounts			3,239				6,959				114.85	%			1,263				995				-21.22	%
Time deposits			87,169				100,158				14.90	%			20,975				21,336				1.72	%
Savings deposits			90,300				172,380				90.90	%			38,978				39,821				2.16	%
Total interest on deposits			180,708				279,497				54.67	%			61,216				62,152				1.53	%
Interbank borrowings			46,982				35,539				-24.36	%			9,970				10,624				6.56	%
Borrowings from domestic development banks			24,474				21,504				-12.14	%			4,696				4,914				4.64	%
Overnight funds			22,799				28,922				26.86	%			3,092				4,064				31.44	%
Bonds			35,333				21,409				-39.41	%			3,805				4,794				25.99	%
Total interest expense			310,296				386,871				24.68	%			82,779				86,548				4.55	%
Net interest income			423,011				713,003				68.55	%			156,792				152,907				-2.48	%
Provision for loan and accrued interest losses, net			(74,170	)			(122,357	)			64.97	%			(28,914	)			(41,745	)			44.38	%
Recovery of charged-off loans			25,146				24,259				-3.53	%			3,934				6,990				77.68	%
Provision for foreclosed assets and other assets			(12,203	)			(8,925	)			-26.86	%			(2,895	)			(1,508	)			-47.91	%
Recovery of provisions for foreclosed assets and other assets			12,100				36,416				200.96	%			3,446				7,047				104.50	%
Total net provisions			(49,127	)			(70,607	)			43.72	%			(24,429	)			(29,216	)			19.60	%
Net interest income after provision for loans and accrued interest losses			373,884				642,396				71.82	%			132,363				123,691				-6.55	%
Commissions from banking services and other services			30,006				34,038				13.44	%			6,129				7,702				25.66	%
Electronic services and ATM’s fees, net			35,092				28,019				-20.16	%			4,691				5,839				24.47	%
Branch network services, net			21,527				39,998				85.80	%			7,462				8,449				13.23	%
Collections and payments fees, net			27,722				42,505				53.33	%			8,346				9,232				10.62	%
Credit card merchant fees, net			3,663				9,517				159.81	%			1,800				1,598				-11.22	%
Credit and debit card fees, net			98,129				97,048				-1.10	%			20,584				19,917				-3.24	%
Checking fees, net			24,336				27,397				12.58	%			5,182				5,930				14.43	%
Check remittance, net			4,659				4,182				-10.24	%			819				665				-18.80	%
International operations, net			9,961				13,573				36.26	%			2,751				2,651				-3.64	%
Total fees and other service income			255,095				296,277				16.14	%			57,764				61,983				7.30	%
Other fees and service expenses			(28,353	)			(36,580	)			29.02	%			(7,185	)			(7,257	)			1.00	%
Total fees and income from services, net			226,742				259,697				14.53	%			50,579				54,726				8.20	%
Other operating income
Net foreign exchange gains			91,323				(84,599	)			-192.64	%			(17,128	)			(54,135	)			216.06	%
Forward contracts in foreign currency			(48,290	)			126,783				-362.55	%			27,472				72,015				162.14	%
Gains(Loss) on sales of investments on equity securities			43,128				(13,208	)			-130.63	%			111				—				*
Gains on sale of mortgage loan							—				0.00	%			—				—				0.00	%
Dividend income			128,538				122,067				-5.03	%			33				103				212.12	%
Communication, rent payments and others			658				594				-9.73	%			112				120				7.14	%
Total other operating income			215,357				151,637				-29.59	%			10,600				18,103				70.78	%
Total income			815,983				1,053,730				29.14	%			193,542				196,520				1.54	%
Operating expenses
Salaries and employee benefits			219,722				248,289				13.00	%			49,738				50,789				2.11	%
Bonus plan payments			7,339				18,076				146.30	%			3,547				4,342				22.41	%
Compensation			1,173				8,835				653.20	%			2,186				763				-65.10	%
Administrative and other expenses			263,755				322,207				22.16	%			67,063				63,334				-5.56	%
Deposit security, net			20,274				17,032				-15.99	%			2,175				4,276				96.60	%
Donation expenses			53				192				262.26	%			29				64				120.69	%
Depreciation			28,869				31,422				8.84	%			6,031				7,361				22.05	%
Total operating expenses			541,185				646,053				19.38	%			130,769				130,929				0.12	%
Net operating income			274,798				407,677				48.36	%			62,773				65,591				4.49	%
Merger expenses			11,028				—				*				—				—				0.00	%
Goodwill amortization			9,681				11,523				19.03	%			2,304				2,305				0.04	%
Non-operating income (expense)
Other income			116,777				39,054				-66.56	%			10,855				5,963				-45.07	%
Other expense			(20,603	)			(21,374	)			3.74	%			(2,681	)			(3,683	)			37.37	%
Total non-operating income			96,174				17,680				-81.62	%			8,174				2,280				-72.11	%
Income before income taxes			350,263				413,834				18.15	%			68,643				65,566				-4.48	%
Income tax expense			(64,452	)			(97,068	)			50.61	%			(20,210	)			(20,199	)			-0.05	%
Net income			285,811				316,766				10.83	%			48,433				45,367				-6.33	%

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.