6-K
 
 
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 April, 2009.
Comission File Number 001-32535
Bancolombia S.A.
(Translation of registrant’s name into English)
Cra. 48 # 26-85
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):  _____ 
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):  _____ 
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- _____ .
 
 

 

 

 

BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF MARCH 2009
Medellín, Colombia, April 14, 2009
Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 129.0 billion for the month ended March 31, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 362.2 billion for the first three months of 2009, increasing 9.1% as compared to the same period last year.
  •  
Net interest income, including investment securities, totaled Ps. 238.1 billion in March 2009. For the three month period ended March 31, 2009, net interest income totaled Ps. 696.6 billion, increasing 19.7% as compared to the same period last year.
  •  
Net fees and income from services totaled Ps. 71.8 billion in March 2009. For the three month period ended March 31, 2009, net fees and income from services totaled Ps. 200.3 billion, which represents an increase of 9.5% as compared to the same period of 2008.
  •  
Other operating income totaled Ps. 107.5 billion in March 2009. For the three month period ended March 31, 2009, other operating income totaled Ps. 220.4 billion, decreasing 15.0% as compared to the same period last year. Bancolombia notes that a considerable part of this revenue comes from dividend income received from subsidiaries, which is eliminated in the consolidated results as it is an intercompany transaction. As a result, this dividend income is only recorded in Bancolombia’s unconsolidated results (Ps. 64.4 billion corresponding to dividend income from subsidiaries for the month of March will be eliminated in the consolidated results). The Bank also notes that the item line of income from derivative financial instruments was negatively impacted by a Ps 20.1 billion charge in March, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator.
  •  
Net provisions charges totaled Ps. 89.5 billion in March 2009, increasing 131.6% as compared to the figure presented in February 2009. Net provisions totaled Ps. 210.5 billion for the three month period ended March 31, 2009, which represents an increase of 103.7% as compared to the same period of 2008.
  •  
Operating expenses totaled Ps. 174.7 billion in March 2009. For the three month period ended March 31, 2009, operating expenses totaled Ps. 496.4 billion, increasing 21.4% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.1 trillion, gross loans amounted to Ps. 27.8 trillion, deposits totaled Ps. 26.1 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 5.9 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.90% as of March 31, 2009, and the coverage for past due loans was 140.4% as of the same date.
Market Share
According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian financial system as of March 2009, was as follows: 21.6% of total net loans, 21.4% of total checking accounts, 19.7% of total savings accounts, 17.0% of time deposits and 19.0% of total 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             Mar09/Feb09     Annual  
(Ps Millions)   Mar-08     Feb-09     Mar-09     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,056,748       2,849,982       2,718,680       -131,302       -4.61 %     32.18 %
Overnight funds sold
     715,029       1,183,092       1,403,129       220,037       18.60 %     96.23 %
Total cash and equivalents
     2,771,777       4,033,074       4,121,809       88,735       2.20 %     48.71 %
 
                                    
Debt securities
     3,655,174       4,408,661       4,808,312       399,651       9.07 %     31.55 %
Trading
     1,459,485       1,442,206       1,839,517       397,311       27.55 %     26.04 %
Available for Sale
     1,199,091       1,142,235       1,075,731       -66,504       -5.82 %     -10.29 %
Held to Maturity
     996,598       1,824,220       1,893,064       68,844       3.77 %     89.95 %
Equity securities
     1,147,992       1,369,054       1,234,387       -134,667       -9.84 %     7.53 %
Trading
     68,608       194,324       6,933       -187,391       -96.43 %     -89.89 %
Available for Sale
     1,079,384       1,174,730       1,227,454       52,724       4.49 %     13.72 %
Market value allowance
     -30,002       -28,502       -18,672       9,830       -34.49 %     -37.76 %
Net investment securities
     4,773,164       5,749,213       6,024,027       274,814       4.78 %     26.21 %
 
                                    
Commercial loans
     17,652,014       21,734,828       21,608,649       -126,179       -0.58 %     22.41 %
Consumer loans
     3,727,004       3,795,866       3,762,042       -33,824       -0.89 %     0.94 %
Small business loans
     108,010       124,225       125,652       1,427       1.15 %     16.33 %
Mortgage loans
     2,185,157       2,465,320       2,325,197       -140,123       -5.68 %     6.41 %
Allowance for loans and financial leases losses
     -915,438       -1,427,306       -1,518,879       -91,573       6.42 %     65.92 %
Net total loans and financial leases
     22,756,747       26,692,933       26,302,661       -390,272       -1.46 %     15.58 %
 
                                    
Accrued interest receivable on loans
     309,433       447,078       430,666       -16,412       -3.67 %     39.18 %
Allowance for accrued interest losses
     -19,352       -29,495       -31,464       -1,969       6.68 %     62.59 %
Net total interest accrued
     290,081       417,583       399,202       -18,381       -4.40 %     37.62 %
 
                                    
Customers’ acceptances and derivatives
     271,925       102,039       98,432       -3,607       -3.53 %     -63.80 %
Net accounts receivable
     436,782       457,754       448,397       -9,357       -2.04 %     2.66 %
Net premises and equipment
     505,212       670,224       675,404       5,180       0.77 %     33.69 %
Foreclosed assets
     7,284       3,806       4,364       558       14.66 %     -40.09 %
Prepaid expenses and deferred charges
     51,441       280,661       224,072       -56,589       -20.16 %     335.59 %
Goodwill
     5,595       1,006       589       -417       -41.45 %     -89.47 %
Other
     240,235       309,926       302,645       -7,281       -2.35 %     25.98 %
Reappraisal of assets
     917,431       1,521,455       1,473,258       -48,197       -3.17 %     60.59 %
Total assets
     33,027,674       40,239,674       40,074,860       -164,814       -0.41 %     21.34 %
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,143,128       4,654,417       4,698,161       43,744       0.94 %     13.40 %
Checking accounts
     3,762,618       4,403,721       4,330,392       -73,329       -1.67 %     15.09 %
Other
     380,510       250,696       367,769       117,073       46.70 %     -3.35 %
 
                                    
Interest bearing
     16,649,687       21,716,079       21,430,938       -285,141       -1.31 %     28.72 %
Checking accounts
     382,590       608,404       567,441       -40,963       -6.73 %     48.32 %
Time deposits
     5,138,163       8,810,082       9,344,844       534,762       6.07 %     81.87 %
Savings deposits
     11,128,934       12,297,593       11,518,653       -778,940       -6.33 %     3.50 %
 
                                    
Total deposits
     20,792,815       26,370,496       26,129,099       -241,397       -0.92 %     25.66 %
Overnight funds
     1,179,123       271,538       215,662       -55,876       -20.58 %     -81.71 %
Bank acceptances outstanding
     59,194       39,415       41,211       1,796       4.56 %     -30.38 %
Interbank borrowings
     576,306       820,660       602,694       -217,966       -26.56 %     4.58 %
Borrowings from domestic development banks
     1,562,893       1,986,254       1,949,446       -36,808       -1.85 %     24.73 %
Accounts payable
     1,748,326       1,189,857       1,747,106       557,249       46.83 %     -0.07 %
Accrued interest payable
     161,467       249,828       258,802       8,974       3.59 %     60.28 %
Other liabilities
     314,794       545,890       465,370       -80,520       -14.75 %     47.83 %
Bonds
     1,530,912       2,125,173       2,380,650       255,477       12.02 %     55.51 %
Accrued expenses
     384,379       324,343       368,709       44,366       13.68 %     -4.08 %
Total liabilities
     28,310,209       33,923,454       34,158,749       235,295       0.69 %     20.66 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     2,994,457       3,939,432       3,576,805       -362,627       -9.21 %     19.45 %
Appropiated
     2,662,531       3,706,200       3,214,596       -491,604       -13.26 %     20.73 %
Unappropiated
     331,926       233,232       362,209       128,977       55.30 %     9.12 %
 
                                    
Reappraisal and others
     1,376,689       1,980,848       1,932,655       -48,193       -2.43 %     40.38 %
Gross unrealized gain or loss on debt securities
     (47,595 )     2,026       12,737       10,711       528.68 %     -126.76 %
Total shareholder’s equity
     4,717,465       6,316,220       5,916,111       -400,109       -6.33 %     25.41 %
 
                                    
Total liabilities and shareholder’s equity
     33,027,674       40,239,674       40,074,860       -164,814       -0.41 %     21.34 %
 
                                    

 

 

                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   Mar-08     Mar-09     %     Feb-09     Mar-09     %  
Interest income and expenses
                                                
Interest on loans
     849,068       1,041,740       22.69 %     344,689       345,477       0.23 %
Interest on investment securities
     54,877       100,170       82.54 %     29,411       39,939       35.80 %
Overnight funds
     15,449       15,816       2.38 %     4,456       6,604       48.20 %
Total interest income
     919,394       1,157,726       25.92 %     378,556       392,020       3.56 %
 
                                    
Interest expense
                                                
Checking accounts
     3,652       5,452       49.29 %     1,622       1,856       14.43 %
Time deposits
     107,386       190,399       77.30 %     65,348       67,944       3.97 %
Savings deposits
     136,496       147,889       8.35 %     46,015       46,024       0.02 %
Total interest on deposits
     247,534       343,740       38.87 %     112,985       115,824       2.51 %
 
                                    
Interbank borrowings
     8,140       11,294       38.75 %     3,420       3,553       3.89 %
Borrowings from domestic development banks
     25,851       33,550       29.78 %     11,251       11,068       -1.63 %
Overnight funds
     21,540       16,136       -25.09 %     8,523       2,490       -70.78 %
Bonds
     34,608       56,445       63.10 %     16,957       20,944       23.51 %
Total interest expense
     337,673       461,165       36.57 %     153,136       153,879       0.49 %
 
                                    
Net interest income
     581,721       696,561       19.74 %     225,420       238,141       5.64 %
Provision for loan and accrued interest losses, net
     (119,593 )     (251,977 )     110.70 %     (56,903 )     (106,335 )     86.87 %
Recovery of charged-off loans
     13,647       22,988       68.45 %     7,349       8,460       15.12 %
Provision for foreclosed assets and other assets
     (4,993 )     (7,007 )     40.34 %     (12,380 )     6,720       154.28 %
Recovery of provisions for foreclosed assets and other assets
     7,632       25,521       234.39 %     23,278       1,642       -92.95 %
 
                                    
Total net provisions
     (103,307 )     (210,475 )     103.74 %     (38,656 )     (89,513 )     131.56 %
Net interest income after provision for loans and accrued interest losses
     478,414       486,086       1.60 %     186,764       148,628       -20.42 %
 
                                    
Commissions from banking services and other services
     24,521       24,612       0.37 %     7,206       9,274       28.70 %
Electronic services and ATM’s fees, net
     19,622       13,533       -31.03 %     1,390       4,732       240.43 %
Branch network services, net
     22,520       24,719       9.76 %     8,071       8,866       9.85 %
Collections and payments fees, net
     32,623       37,123       13.79 %     12,694       12,589       -0.83 %
Credit card merchant fees, net
     3,351       2,597       -22.50 %     1,016       1,392       37.01 %
Credit and debit card fees, net
     77,270       92,808       20.11 %     33,143       32,130       -3.06 %
Checking fees, net
     16,234       16,821       3.62 %     5,612       6,021       7.29 %
Check remittance, net
     2,929       2,512       -14.24 %     832       818       -1.68 %
International operations, net
     7,946       10,465       31.70 %     3,051       4,159       36.32 %
Total fees and other service income
     207,016       225,190       8.78 %     73,015       79,981       9.54 %
 
                                    
Other fees and service expenses
     (24,085 )     (24,852 )     3.18 %     (8,812 )     (8,201 )     -6.93 %
Total fees and income from services, net
     182,931       200,338       9.52 %     64,203       71,780       11.80 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (108,980 )     193,743       277.78 %     115,220       (15,135 )     -113.14 %
Derivative Financial Instruments
     167,330       (186,480 )     -211.44 %     (125,474 )     38,868       -130.98 %
Gains(Loss) on sales of investments on equity securities
     4,757       —       *       —       —       *  
Securitization income
     9,068       13,668       50.73 %     2,599       8,148       213.51 %
Dividend income
     186,840       199,035       6.53 %     123,545       75,490       -38.90 %
Communication, rent payments and others
     332       401       20.78 %     117       119       1.71 %
Total other operating income
     259,347       220,367       -15.03 %     116,007       107,490       -7.34 %
 
                                    
Total income
     920,692       906,791       -1.51 %     366,974       327,898       -10.65 %
Operating expenses
                                                
Salaries and employee benefits
     159,647       184,633       15.65 %     64,568       64,064       -0.78 %
Bonus plan payments
     10,981       14,889       35.59 %     3,150       5,871       86.38 %
Compensation
     6,934       4,299       -38.00 %     2,187       1,068       -51.17 %
Administrative and other expenses
     201,643       253,795       25.86 %     81,865       89,812       9.71 %
Deposit security, net
     11,456       16,051       40.11 %     6,202       5,746       -7.35 %
Donation expenses
     377       268       -28.91 %     45       178       295.56 %
Depreciation
     17,968       22,422       24.79 %     7,333       7,979       8.81 %
Total operating expenses
     409,006       496,357       21.36 %     165,350       174,718       5.67 %
 
                                    
Net operating income
     511,686       410,434       -19.79 %     201,624       153,180       -24.03 %
Merger expenses
     —       —       *       —       —       *  
Goodwill amortization
     6,914       1,252       -81.89 %     417       418       0.24 %
Non-operating income (expense)
                                                
Other income
     13,170       43,516       230.42 %     22,608       4,580       -79.74 %
Other expense
     (65,281 )     (21,734 )     -66.71 %     (16,703 )     (1,604 )     -90.40 %
Total non-operating income
     (52,111 )     21,782       141.80 %     5,905       2,976       -49.60 %
Income before income taxes
     452,661       430,964       -4.79 %     207,112       155,738       -24.80 %
Income tax expense
     (120,735 )     (68,755 )     -43.05 %     (29,984 )     (26,761 )     -10.75 %
Net income
     331,926       362,209       9.12 %     177,128       128,977       -27.18 %
 
                                    

 

 

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: April 14, 2009  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance