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 February 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: February 14, 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 49,033 MILLION
DURING THE FIRST MONTH OF 2006
MEDELLIN, COLOMBIA. FEBRUARY 14, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 49,033 million
as of January 31, 2006. For the first month of 2006, the total net interest,
including investment securities amounted to Ps 130,441 million. Additionally,
total net fees and income from services amounted to Ps 43,018 million.
Total assets amounted to Ps 23.82 trillion in January 2006, total deposits
totaled Ps 14.31 trillion and BANCOLOMBIA's total shareholders' equity amounted
to Ps 3.28 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 3.22% as of January 31, 2006, and the level of allowance for past due
loans was 130.97%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in January 2006 was
as follows: 17.5% of total deposits, 20.9% of total net loans, 17.9% of total
savings accounts, 19.9% of total checking accounts and 14.4% 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) 5108971 Tel.: (574) 5108666 Tel.: (574) 5108866
(BANCOLOMBIA LOGO)
JANUARY 2006
GROWTH
BANCOLOMBIA S.A. AS OF JAN06/DIC05
BALANCE SHEET ----------------------- -----------------
(Ps Millions) DIC-05 JAN-06 $ %
---------------- ---------- ---------- -------- ------
ASSETS
Cash and due from banks 1.111.260 1.464.108 352.848 31,75%
Overnight funds sold 211.907 44.774 -167.133 -78,87%
TOTAL CASH AND EQUIVALENTS 1.323.167 1.508.882 185.715 14,04%
DEBT SECURITIES 7.267.866 6.640.538 -627.328 -8,63%
Trading 4.796.533 4.188.329 -608.204 -12,68%
Available for Sale 1.361.992 1.339.522 -22.470 -1,65%
Held to Maturity 1.109.341 1.112.687 3.346 0,30%
EQUITY SECURITIES 843.875 876.498 32.623 3,87%
Trading 3.630 8.303 4.673 128,73%
Available for Sale 840.245 868.195 27.950 3,33%
Market value allowance -59.924 -59.924 0 0,00%
NET INVESTMENT SECURITIES 8.051.817 7.457.112 -594.705 -7,39%
Commercial loans 9.527.651 9.907.866 380.215 3,99%
Consumer loans 2.059.243 2.064.461 5.218 0,25%
Small business loans 115.029 113.243 -1.786 -1,55%
Mortgage loans 1.453.686 1.467.114 13.428 0,92%
Allowance for loans and financial leases losses -550.304 -567.891 -17.587 3,20%
NET TOTAL LOANS AND FINANCIAL LEASES 12.605.305 12.984.793 379.488 3,01%
Accrued interest receivable on loans 151.407 153.232 1.825 1,21%
Allowance for accrued interest losses -7.390 -8.375 -985 13,33%
NET TOTAL INTEREST ACCRUED 144.017 144.857 840 0,58%
Customers' acceptances and derivatives 134.963 134.206 -757 -0,56%
Net accounts receivable 383.278 241.340 -141.938 -37,03%
Net premises and equipment 336.781 335.999 -782 -0,23%
Foreclosed assets 29.478 28.776 -702 -2,38%
Prepaid expenses and deferred charges 13.606 23.498 9.892 72,70%
Goodwill 50.959 49.071 -1.888 -3,70%
Other 159.187 242.310 83.123 52,22%
Reappraisal of assets 673.943 672.400 -1.543 -0,23%
TOTAL ASSETS 23.906.501 23.823.244 -83.257 -0,35%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3.647.560 3.184.831 -462.729 -12,69%
Checking accounts 3.292.768 2.867.395 -425.373 -12,92%
Other 354.792 317.436 -37.356 -10,53%
INTEREST BEARING 10.578.919 11.126.369 547.450 5,17%
Checking accounts 278.139 281.577 3.438 1,24%
Time deposits 2.840.184 3.113.501 273.317 9,62%
Savings deposits 7.460.596 7.731.291 270.695 3,63%
TOTAL DEPOSITS 14.226.479 14.311.200 84.721 0,60%
Overnight funds 1.012.348 709.843 -302.505 -29,88%
Bank acceptances outstanding 62.502 59.824 -2.678 -4,28%
Interbank borrowings 1.706.611 2.056.058 349.447 20,48%
Borrowings from domestic development banks 978.705 1.006.928 28.223 2,88%
Accounts payable 952.592 578.979 -373.613 -39,22%
Accrued interest payable 124.904 130.837 5.933 4,75%
Other liabilities 342.130 334.220 -7.910 -2,31%
Bonds 1.195.719 1.175.579 -20.140 -1,68%
Accrued expenses 88.619 175.727 87.108 98,29%
TOTAL LIABILITIES 20.690.609 20.539.195 -151.414 -0,73%
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 0 0,00%
RETAINED EARNINGS 1.598.679 1.647.712 49.033 3,07%
Appropiated 861.290 1.598.679 737.389 85,61%
Unappropiated 737.389 49.033 -688.356 -93,35%
REAPPRAISAL AND OTHERS 1.195.934 1.208.972 13.038 1,09%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 57.365 63.451 6.086 10,61%
TOTAL SHAREHOLDER'S EQUITY 3.215.892 3.284.049 68.157 2,12%
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 23.906.501 23.823.244 -83.257 -0,35%
(BANCOLOMBIA LOGO)
JANUARY 2006
BANCOLOMBIA S.A. ACCUMULATED MONTH GROWTH
INCOME STATEMENT ------------------- ----------------- -------
(Ps Millions) DIC-05 ENE-06 DIC-05 ENE-06 %
---------------- --------- ------- ------- ------- -------
INTEREST INCOME AND EXPENSES
Interest on loans 1.750.753 139.650 153.176 139.650 -8,83%
Interest on investment securities 678.350 51.099 55.953 51.099 -8,68%
Overnight funds 22.990 1.981 1.970 1.981 0,56%
TOTAL INTEREST INCOME 2.452.093 192.730 211.099 192.730 -8,70%
Interest expense
Checking accounts 5.991 685 583 685 17,50%
Time deposits 267.166 16.551 17.322 16.551 -4,45%
Savings deposits 241.245 20.082 20.454 20.082 -1,82%
TOTAL INTEREST ON DEPOSITS 514.402 37.318 38.359 37.318 -2,71%
Interbank borrowings 52.148 8.982 6.356 8.982 41,32%
Borrowings from domestic development banks 72.007 5.167 5.189 5.167 -0,42%
Overnight funds 46.699 2.877 4.139 2.877 -30,49%
Bonds 112.779 7.945 8.281 7.945 -4,06%
TOTAL INTEREST EXPENSE 798.035 62.289 62.324 62.289 -0,06%
NET INTEREST INCOME 1.654.058 130.441 148.775 130.441 -12,32%
Provision for loan and accrued interest losses, net (134.378) (18.258) 4.475 (18.258) -508,00%
Recovery of charged-off loans 58.160 7.141 (9.039) 7.141 -179,00%
Provision for foreclosed assets and other assets (82.492) (1.362) (7.805) (1.362) -82,55%
Recovery of provisions for foreclosed assets and other assets 55.663 1.358 20.533 1.358 -93,39%
TOTAL NET PROVISIONS (103.047) (11.121) 8.164 (11.121) -236,22%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 1.551.011 119.320 156.939 119.320 -23,97%
Commissions from banking services and other services 67.438 4.671 11.229 4.671 -58,40%
Electronic services and ATM's fees, net 101.299 6.960 8.894 6.960 -21,74%
Branch network services, net 48.984 4.099 4.904 4.099 -16,42%
Collections and payments fees, net 56.670 5.145 5.453 5.145 -5,65%
Credit card merchant fees, net 10.076 822 1.255 822 -34,50%
Credit and debit card fees, net 205.606 19.635 18.149 19.635 8,19%
Checking fees, net 54.958 4.599 5.114 4.599 -10,07%
Check remittance, net 10.579 927 1.022 927 -9,30%
International operations, net 23.141 1.676 1.857 1.676 -9,75%
TOTAL FEES AND OTHER SERVICE INCOME 578.751 48.534 57.877 48.534 -16,14%
Other fees and service expenses (55.055) (5.516) (10.354) (5.516) -46,73%
TOTAL FEES AND INCOME FROM SERVICES, NET 523.696 43.018 47.523 43.018 -9,48%
OTHER OPERATING INCOME
Net foreign exchange gains (51.287) (3.103) 8.457 (3.103) -136,69%
Gains on sales of investments on equity securities 7.859 -- -- -- 0,00%
Forward contracts in foreign currency 140.833 11.633 5.290 11.633 119,91%
Dividend income 100.066 24 -- 24 0,00%
Communication, rent payments and others 1.668 129 142 129 -9,15%
TOTAL OTHER OPERATING INCOME 199.139 8.683 13.889 8.683 -37,48%
TOTAL INCOME 2.273.846 171.021 218.351 171.021 -21,68%
OPERATING EXPENSES
Salaries and employee benefits 502.604 42.857 35.855 42.857 19,53%
Bonus plan payments 19.126 2.087 2.143 2.087 -2,61%
Compensation 7.189 149 158 149 -5,70%
Administrative and other expenses 643.934 51.577 61.289 51.577 -15,85%
Deposit security, net 48.574 4.272 4.326 4.272 -1,25%
Donation expenses 448 13 13 13 0,00%
Depreciation 65.494 6.916 5.187 6.916 33,33%
TOTAL OPERATING EXPENSES 1.287.369 107.871 108.971 107.871 -1,01%
NET OPERATING INCOME 986.477 63.150 109.380 63.150 -42,27%
Merger expenses 37.148 3.103 1.294 3.103 139,80%
Goodwill amortization Banco de Colombia 22.648 1.887 1.887 1.887 0,00%
NON-OPERATING INCOME (EXPENSE)
Other income 89.826 3.518 51.520 3.518 -93,17%
Other expense (87.447) (3.775) (22.497) (3.775) -83,22%
TOTAL NON-OPERATING INCOME 2.379 (257) 29.023 (257) -100,89%
INCOME BEFORE INCOME TAXES 929.060 57.903 135.222 57.903 -57,18%
Income tax expense (191.671) (8.870) (50.627) (8.870) -82,48%
NET INCOME 737.389 49.033 84.595 49.033 -42,04%