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 April 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: April 12, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LETTER HEAD]
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 252,679
MILLION DURING THE FIRST THREE MONTHS OF 2006
MEDELLIN, COLOMBIA. APRIL 12, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 252,679 million
as of March 31, 2006. For the first three months of 2006, the total net
interest, including investment securities amounted to Ps 345,445 million.
Additionally, total net fees and income from services amounted to Ps 132,416
million.
Total assets amounted to Ps 24.18 trillion in March 2006, total deposits totaled
Ps 14.20 trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps
2.98 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 3.24% as of March 31, 2006, and the level of allowance for past due
loans was 127.56%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in March 2006 was
as follows: 16.9% of total deposits, 20.6% of total net loans, 16.6% of total
savings accounts, 19.6% of total checking accounts and 15.1% 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.
[BANCOLOMBIA LETTER HEAD]
MARCH 2006
BANCOLOMBIA S.A. GROWTH
BALANCE SHEET AS OF MAR06/FEB06
(Ps Millions) FEB-06 MAR-06 $ %
ASSETS
Cash and due from banks 979.611 1.273.902 294.291 30,04%
Overnight funds sold 34.756 103.913 69.157 198,98%
TOTAL CASH AND EQUIVALENTS 1.014.367 1.377.815 363.448 35,83%
--------------------------------------------------
DEBT SECURITIES 6.919.420 6.980.440 61.020 0,88%
Trading 4.467.495 4.721.343 253.848 5,68%
Available for Sale 1.338.212 1.180.035 -158.177 -11,82%
Held to Maturity 1.113.713 1.079.062 -34.651 -3,11%
EQUITY SECURITIES 884.161 879.28 -4.874 -0,55%
Trading 12.323 3.566 -8.757 -71,06%
Available for Sale 871.838 875.721 3.883 0,45%
Market value allowance -59.783 -59.738 45 -0,08%
NET INVESTMENT SECURITIES 7.743.798 7.799.989 56.191 0,73%
--------------------------------------------------
Commercial loans 10.025.386 10.048.067 22.681 0,23%
Consumer loans 2.082.815 2.076.406 -6.409 -0,31%
Small business loans 112.948 113.980 1.032 0,91%
Mortgage loans 1.488.424 1.520.284 31.860 2,14%
Allowance for loans and financial leases losses -578.944 -565.063 13.881 -2,40%
NET TOTAL LOANS AND FINANCIAL LEASES 13.130.629 13.193.674 63.045 0,48%
--------------------------------------------------
Accrued interest receivable on loans 165.125 146.306 -18.819 -11,40%
Allowance for accrued interest losses -7.889 -8.159 -270 3,42%
NET TOTAL INTEREST ACCRUED 157.236 138.147 -19.089 -12,14%
--------------------------------------------------
Customers' acceptances and derivatives 131.608 104.018 -27.590 -20,96%
Net accounts receivable 280.794 274.535 -6.259 -2,23%
Net premises and equipment 334.042 336.655 2.613 0,78%
Foreclosed assets 25.719 25.158 -561 -2,18%
Prepaid expenses and deferred charges 16.427 18.347 1.920 11,69%
Goodwill 47.184 45.297 -1.887 -4,00%
Other 251.065 268.809 17.744 7,07%
Reappraisal of assets 644.785 596.771 -48.014 -7,45%
--------------------------------------------------
TOTAL ASSETS 23.777.654 24.179.215 401.561 1,69%
==================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3.119.101 3.211.363 92.262 2,96%
Checking accounts 2.861.167 2.870.752 9.585 0,34%
Other 257.934 340.611 82.677 32,05%
--------------------------------------------------
INTEREST BEARING 11.003.899 10.989.172 -14.727 -0,13%
Checking accounts 321.475 272.441 -49.034 -15,25%
Time deposits 3.187.422 3.567.443 380.021 11,92%
Savings deposits 7.495.002 7.149.288 -345.714 -4,61%
--------------------------------------------------
TOTAL DEPOSITS 14.123.000 14.200.535 77.535 0,55%
Overnight funds 875.605 1.516.665 641.060 73,21%
Bank acceptances outstanding 50.093 39.443 -10.650 -21,26%
Interbank borrowings 2.124.330 1.815.768 -308.562 -14,53%
Borrowings from domestic development banks 959.642 1.066.620 106.978 11,15%
Accounts payable 487.172 804.192 317.020 65,07%
Accrued interest payable 127.642 126.224 -1.418 -1,11%
Other liabilities 338.127 338.340 213 0,06%
Bonds 1.110.473 1.050.778 -59.695 -5,38%
Accrued expenses 240.161 239.883 -278 -0,12%
--------------------------------------------------
TOTAL LIABILITIES 20.436.245 21.198.448 762.203 3,73%
==================================================
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 0 0,00%
--------------------------------------------------
RETAINED EARNINGS 1.722.639 1.481.622 -241.017 -13,99%
Appropiated 1.598.679 1.228.943 -369.736 -23,13%
Unappropiated 123.960 252.679 128.719 103,84%
--------------------------------------------------
REAPPRAISAL AND OTHERS 1.183.108 1.082.237 -100.871 -8,53%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 71.748 52.994 -18.754 -26,14%
--------------------------------------------------
TOTAL SHAREHOLDER'S EQUITY 3.341.409 2.980.767 -360.642 -10,79%
==================================================
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 23.777.654 24.179.215 401.561 1,69%
==================================================
[BANCOLOMBIA LETTERHEAD]
MARCH 2006
BANCOLOMBIA S.A.
INCOME STATEMENT ACCUMULATED MONTH GROWTH
(Ps Millions) FEB-06 MAR-06 FEB-06 MAR-06 %
INTEREST INCOME AND EXPENSES
Interest on loans 278.754 425.208 139.448 146.454 5,02%
Interest on investment securities 99.705 101.289 48.262 1.584 -96,72%
Overnight funds 4.026 5.904 2.045 1.878 -8,17%
TOTAL INTEREST INCOME 382.485 532.401 189.755 149.916 -20,99%
----------------------------------------------------------
Interest expense
Checking accounts 1.273 1.908 588 635 7,99%
Time deposits 34.008 52.115 17.457 18.107 3,72%
Savings deposits 37.307 55.156 17.225 17.849 3,62%
TOTAL INTEREST ON DEPOSITS 72.588 109.179 35.270 36.591 3,75%
----------------------------------------------------------
Interbank borrowings 17.628 28.297 8.646 10.669 23,40%
Borrowings from domestic development banks 10.232 15.099 5.065 4.867 -3,91%
Overnight funds 5.454 12.135 2.577 6.681 159,25%
Bonds 15.359 22.246 7.414 6.887 -7,11%
TOTAL INTEREST EXPENSE 121.261 186.956 58.972 65.695 11,40%
----------------------------------------------------------
NET INTEREST INCOME 261.224 345.445 130.783 84.221 -35,60%
Provision for loan and accrued interest losses, net (29.673) (42.299) (11.415) (12.626) 10,61%
Recovery of charged-off loans 9.915 15.899 2.774 5.984 115,72%
Provision for foreclosed assets and other assets (2.698) (7.805) (1.336) (5.107) 282,26%
Recovery of provisions for foreclosed assets and other assets 8.041 8.502 6.683 461 -93,10%
----------------------------------------------------------
TOTAL NET PROVISIONS (14.415) (25.703) (3.294) (11.288) 242,68%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 246.809 319.742 127.489 72.933 -42,79%
----------------------------------------------------------
Commissions from banking services and other services 9.496 16.186 4.825 6.690 38,65%
Electronic services and ATM's fees, net 13.187 20.725 6.227 7.538 21,05%
Branch network services, net 8.181 12.833 4.082 4.652 13,96%
Collections and payments fees, net 10.184 15.164 5.039 4.980 -1,17%
Credit card merchant fees, net 1.508 2.235 686 727 5,98%
Credit and debit card fees, net 38.686 59.248 19.051 20.562 7,93%
Checking fees, net 9.375 14.727 4.776 5.352 12,06%
Check remittance, net 1.821 2.852 894 1.031 15,32%
International operations, net 3.396 5.441 1.720 2.045 18,90%
TOTAL FEES AND OTHER SERVICE INCOME 95.834 149.411 47.300 53.577 13,27%
----------------------------------------------------------
Other fees and service expenses (10.912) (16.995) (5.396) (6.083) 12,73%
TOTAL FEES AND INCOME FROM SERVICES, NET 84.922 132.416 41.904 47.494 13,34%
----------------------------------------------------------
OTHER OPERATING INCOME
Net foreign exchange gains (10.538) 10.701 (7.435) 21.239 -385,66%
Forward contracts in foreign currency 21.035 4.730 9.402 (16.305) -177,51%
Gains on sales of investments on equity securities - 34.174 - 34.174 -393,77%
Dividend income 52.628 128.811 52.604 76.183 44,82%
Communication, rent payments and others 252 394 123 142 15,45%
TOTAL OTHER OPERATING INCOME 63.377 178.810 54.694 115.433 111,05%
----------------------------------------------------------
TOTAL INCOME 395.108 630.968 224.087 235.860 5,25%
OPERATING EXPENSES
Salaries and employee benefits 88.015 129.298 45.158 41.283 -8,58%
Bonus plan payments 6.289 6.728 4.202 439 -89,55%
Compensation 298 511 149 213 42,95%
Administrative and other expenses 103.413 155.026 51.836 51.613 -0,43%
Deposit security, net 9.744 13.217 5.472 3.473 -36,53%
Donation expenses 26 39 13 13 0,00%
Depreciation 12.321 16.921 5.405 4.600 -14,89%
TOTAL OPERATING EXPENSES 220.106 321.740 112.235 101.634 -9,45%
----------------------------------------------------------
NET OPERATING INCOME 175.002 309.228 111.852 134.226 20,00%
Merger expenses 5.104 4.664 2.001 (440) -121,99%
Goodwill amortization Banco de Colombia 3.774 5.661 1.887 1.887 0,00%
NON-OPERATING INCOME (EXPENSE)
Other income 9.320 11.817 5.802 2.497 -56,96%
Other expense (8.696) (13.843) (4.921) (5.147) 4,59%
TOTAL NON-OPERATING INCOME 624 (2.026) 881 (2.650) -400,79%
INCOME BEFORE INCOME TAXES 166.748 296.877 108.845 130.129 19,55%
Income tax expense (42.788) (44.198) (33.918) (1.410) -95,84%
----------------------------------------------------------
NET INCOME 123.960 252.679 74.927 128.719 71,79%
==========================================================