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 August 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: August 14, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 321,504
MILLION DURING THE FIRST SEVEN MONTHS OF 2006 *
MEDELLIN, COLOMBIA. AUGUST 14, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 321,504 million
as of July 31, 2006. For the first seven months of 2006, the total net interest
income, including investment securities amounted to Ps 584,166 million.
Additionally, total net fees and income from services amounted to Ps 326,094
million.
Total assets amounted to Ps 25.27 trillion in July 2006, total deposits totaled
Ps 15.91 trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps
3.05 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.91% as of July 31, 2006, and the level of allowance for past due
loans was 120.59%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in July 2006 was as
follows: 17.9% of total deposits, 20.7% of total net loans, 18.5% of total
savings accounts, 20.2% of total checking accounts and 14.5% 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)
JULY 2006
GROWTH
BANCOLOMBIA S.A. ----------------
BALANCE SHEET AS OF MONTH ANNUAL
(Ps Millions) JUL-05 JUN-06 JUL-06 % %
---------- ---------- ---------- ------- ------
ASSETS
Cash and due from banks 808.928 936.386 1.413.219 50,92% 74,70%
Overnight funds sold 392.041 532.689 23.684 -95,55% -93,96%
TOTAL CASH AND EQUIVALENTS 1.200.969 1.469.075 1.436.903 -2,19% 19,65%
---------- ---------- ---------- ------- ------
DEBT SECURITIES 6.136.279 6.035.334 5.150.105 -14,67% -16,07%
Trading 3.439.317 3.336.797 2.432.651 -27,10% -29,27%
Available for Sale 1.752.542 1.459.238 1.474.103 1,02% -15,89%
Held to Maturity 944.420 1.239.299 1.243.351 0,33% 31,65%
EQUITY SECURITIES 809.326 920.907 923.390 0,27% 14,09%
Trading 1.037 2.811 2.822 0,39% 172,13%
Available for Sale 808.289 918.096 920.568 0,27% 13,89%
Market value allowance -37.800 -40.507 -39.548 -2,37% 4,62%
NET INVESTMENT SECURITIES 6.907.805 6.915.734 6.033.947 -12,75% -12,65%
---------- ---------- ---------- ------- ------
Commercial loans 9.765.538 11.475.783 12.067.559 5,16% 23,57%
Consumer loans 1.908.197 2.280.338 2.318.226 1,66% 21,49%
Small business loans 97.021 73.968 92.700 25,32% -4,45%
Mortgage loans 1.456.791 1.708.818 1.776.095 3,94% 21,92%
Allowance for loans and financial leases losses -562.187 -548.244 -567.422 3,50% 0,93%
NET TOTAL LOANS AND FINANCIAL LEASES 12.665.360 14.990.663 15.687.158 4,65% 23,86%
---------- ---------- ---------- ------- ------
Accrued interest receivable on loans 172.695 148.921 164.734 10,62% -4,61%
Allowance for accrued interest losses -11.894 -7.234 -8.316 14,96% -30,08%
NET TOTAL INTEREST ACCRUED 160.801 141.687 156.418 10,40% -2,73%
---------- ---------- ---------- ------- ------
Customers' acceptances and derivatives 76.652 56.096 170.812 204,50% 122,84%
Net accounts receivable 160.000 215.477 205.880 -4,45% 28,68%
Net premises and equipment 338.347 341.602 344.080 0,73% 1,69%
Foreclosed assets 49.751 23.855 21.654 -9,23% -56,48%
Prepaid expenses and deferred charges 37.397 27.108 47.352 74,68% 26,62%
Goodwill 60.396 53.991 51.687 -4,27% -14,42%
Other 187.618 426.998 464.749 8,84% 147,71%
Reappraisal of assets 622.902 668.858 653.258 -2,33% 4,87%
---------- ---------- ---------- ------- ------
TOTAL ASSETS 22.467.998 25.331.144 25.273.898 -0,23% 12,49%
========== ========== ========== ======= ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2.666.541 3.434.429 3.427.251 -0,21% 28,53%
Checking accounts 2.347.695 3.149.113 3.008.445 -4,47% 28,14%
Other 318.846 285.316 418.806 46,79% 31,35%
---------- ---------- ---------- ------- ------
INTEREST BEARING 10.581.028 12.288.793 12.477.946 1,54% 17,93%
Checking accounts 181.353 303.297 333.029 9,80% 83,64%
Time deposits 3.709.128 3.286.884 3.250.515 -1,11% -12,36%
Savings deposits 6.690.547 8.698.612 8.894.402 2,25% 32,94%
---------- ---------- ---------- ------- ------
TOTAL DEPOSITS 13.247.569 15.723.222 15.905.197 1,16% 20,06%
Overnight funds 1.036.935 1.348.952 1.564.576 15,98% 50,88%
Bank acceptances outstanding 46.845 60.726 70.720 16,46% 50,97%
Interbank borrowings 1.312.543 1.892.777 1.617.375 -14,55% 23,22%
Borrowings from domestic development banks 954.008 864.606 851.352 -1,53% -10,76%
Accounts payable 890.837 796.737 588.171 -26,18% -33,98%
Accrued interest payable 147.902 130.942 132.133 0,91% -10,66%
Other liabilities 210.499 271.014 255.483 -5,73% 21,37%
Bonds 1.462.815 979.686 957.251 -2,29% -34,56%
Accrued expenses 283.476 261.236 278.285 6,53% -1,83%
---------- ---------- ---------- ------- ------
TOTAL LIABILITIES 19.593.429 22.329.898 22.220.543 -0,49% 13,41%
========== ========== ========== ======= ======
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 363.914 0,00% 0,00%
---------- ---------- ---------- ------- ------
RETAINED EARNINGS 1.275.290 1.519.876 1.550.447 2,01% 21,58%
Appropiated 861.300 1.228.943 1.228.943 0,00% 42,68%
Unappropiated 413.990 290.933 321.504 10,51% -22,34%
---------- ---------- ---------- ------- ------
REAPPRAISAL AND OTHERS 1.130.744 1.145.247 1.136.288 -0,78% 0,49%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 104.621 -27.791 2.706 -109,74% -97,41%
---------- ---------- ---------- ------- ------
TOTAL SHAREHOLDER'S EQUITY 2.874.569 3.001.246 3.053.355 1,74% 6,22%
========== ========== ========== ======= ======
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 22.467.998 25.331.144 25.273.898 -0,23% 12,49%
========== ========== ========== ======= ======
(BANCOLOMBIA LOGO)
July 2006
BANCOLOMBIA S.A. ACCUMULATED GROWTH MONTH GROWTH
INCOME STATEMENT --------------------- ANNUAL ----------------- MONTH
(Ps Millions) JUL-05 JUL-06 % JUN-06 JUL-06 %
--------- --------- ------- ------- ------- -------
INTEREST INCOME AND EXPENSES
Interest on loans 1.002.822 1.022.878 2,00% 151.323 160.291 5,93%
Interest on investment securities 372.767 (10.028) -102,69% (58.746) 36.120 -161,49%
Overnight funds 11.437 15.649 36,83% 2.798 3.406 21,73%
TOTAL INTEREST INCOME 1.387.026 1.028.499 -25,85% 95.375 199.817 109,51%
--------- --------- ------- ------- ------- -------
Interest expense
Checking accounts 3.285 4.474 36,19% 671 564 -15,95%
Time deposits 169.862 122.572 -27,84% 17.808 17.595 -1,20%
Savings deposits 137.886 136.077 -1,31% 21.332 24.445 14,59%
TOTAL INTEREST ON DEPOSITS 311.033 263.123 -15,40% 39.811 42.604 7,02%
--------- --------- ------- ------- ------- -------
Interbank borrowings 25.586 65.429 155,72% 9.136 9.311 1,92%
Borrowings from domestic development banks 44.278 33.551 -24,23% 4.529 4.548 0,42%
Overnight funds 31.112 34.526 10,97% 5.366 6.361 18,54%
Bonds 68.313 47.704 -30,17% 6.241 6.130 -1,78%
TOTAL INTEREST EXPENSE 480.322 444.333 -7,49% 65.083 68.954 5,95%
--------- --------- ------- ------- ------- -------
NET INTEREST INCOME 906.704 584.166 -35,57% 30.292 130.863 332,01%
Provision for loan and accrued interest losses, net (77.060) (98.682) 28,06% (2.784) (21.728) 680,46%
Recovery of charged-off loans 35.381 36.060 1,92% 4.382 6.532 49,06%
Provision for foreclosed assets and other assets (35.586) (18.060) -49,25% (2.009) (3.848) 91,54%
Recovery of provisions for foreclosed assets and
other assets 24.597 58.916 139,53% 45.334 1.482 -96,73%
--------- --------- ------- ------- ------- -------
TOTAL NET PROVISIONS (52.668) (21.766) -58,67% 44.923 (17.562) -139,09%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 854.036 562.400 -34,15% 75.215 113.301 50,64%
--------- --------- ------- ------- ------- -------
Commissions from banking services and other services 34.837 46.227 32,70% 8.687 7.534 -13,27%
Electronic services and ATM's fees, net 75.921 50.201 -33,88% 7.458 7.651 2,59%
Branch network services, net 26.895 30.705 14,17% 4.624 4.554 -1,51%
Collections and payments fees, net 31.966 39.688 24,16% 6.122 5.844 -4,54%
Credit card merchant fees, net 5.460 5.043 -7,64% 651 729 11,98%
Credit and debit card fees, net 104.687 139.734 33,48% 20.122 21.483 6,76%
Checking fees, net 32.298 34.230 5,98% 4.744 5.150 8,56%
Check remittance, net 5.813 6.476 11,41% 930 887 -4,62%
International operations, net 12.856 15.511 20,65% 2.728 2.822 3,45%
TOTAL FEES AND OTHER SERVICE INCOME 330.733 367.815 11,21% 56.066 56.654 1,05%
--------- --------- ------- ------- ------- -------
Other fees and service expenses (23.808) (41.721) 75,24% (5.374) (7.994) 48,75%
TOTAL FEES AND INCOME FROM SERVICES, NET 306.925 326.094 6,25% 50.692 48.660 -4,01%
--------- --------- ------- ------- ------- -------
OTHER OPERATING INCOME
Net foreign exchange gains (52.814) 99.717 -288,81% 45.430 (37.036) -181,52%
Forward contracts in foreign currency 98.904 (26.747) -127,04% (13.808) 35.351 -356,02%
Gains on sales of investments on equity securities -- 43.128 100,00% -- -- 0,00%
Dividend income 99.973 128.571 28,61% -- 33 0,00%
Communication, rent payments and others 975 921 -5,54% 132 131 -0,76%
TOTAL OTHER OPERATING INCOME 147.038 245.590 67,02% 31.754 (1.521) -104,79%
--------- --------- ------- ------- ------- -------
TOTAL INCOME 1.307.999 1.134.084 -13,30% 157.661 160.440 1,76%
OPERATING EXPENSES
Salaries and employee benefits 289.390 312.547 8,00% 47.991 44.834 -6,58%
Bonus plan payments 4.768 6.021 26,28% (2.783) 1.465 -152,64%
Compensation 4.511 2.211 -50,99% 83 955 1050,60%
Administrative and other expenses 373.437 359.865 -3,63% 44.188 51.922 17,50%
Deposit security, net 30.990 30.623 -1,18% 4.019 6.330 57,50%
Donation expenses 382 102 -73,30% 31 18 -41,94%
Depreciation 36.709 42.521 15,83% 6.334 7.318 15,54%
TOTAL OPERATING EXPENSES 740.187 753.890 1,85% 99.863 112.842 13,00%
--------- --------- ------- ------- ------- -------
NET OPERATING INCOME 567.812 380.194 -33,04% 57.798 47.598 -17,65%
Merger expenses 22.939 14.090 -38,58% 1.450 1.612 11,17%
Goodwill amortization 13.212 14.291 8,17% 2.306 2.304 -0,09%
NON-OPERATING INCOME (EXPENSE)
Other income 28.683 128.294 347,28% 8.061 3.456 -57,13%
Other expense (39.581) (90.125) 127,70% (56.747) (12.775) -77,49%
TOTAL NON-OPERATING INCOME (10.898) 38.169 -450,24% (48.686) (9.319) -80,86%
INCOME BEFORE INCOME TAXES 520.763 389.982 -25,11% 5.356 34.363 541,58%
Income tax expense (106.773) (68.478) -35,87% (234) (3.792) 1520,51%
--------- --------- ------- ------- ------- -------
NET INCOME 413.990 321.504 -22,34% 5.122 30.571 496,86%
========= ========= ======= ======= ======= =======