Form 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 March, 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 LOGO)
BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF FEBRUARY 2009
Medellín, Colombia, March 12, 2009
Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 177.1 billion for the month ended February 28, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 233.2 billion for the first two months of 2009.
  •  
Net interest income, including investment securities, totaled Ps. 225.4 billion in February 2009. For the two month period ended February 28, 2009, net interest income totaled Ps. 458.4 billion, increasing 23.4% as compared to the same period last year.
 
  •  
Net fees and income from services in February 2009 totaled Ps. 64.2 billion. For the two month period ended February 28, 2009, net fees and income from services totaled Ps. 128.6 billion, which represents an increase of 4.7% as compared to the same period of 2008.
 
  •  
Other operating income totaled Ps. 116.0 billion in February 2009. For the two month period ended February 28, 2009, other operating income totaled Ps. 112.9 billion increasing 141.8% 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. The Bank also notes that the item line of income from derivative financial instruments was negatively impacted by a Ps 21.5 billion charge in February, related to rule changes concerning valuation methodologies for derivative instruments established by Colombian regulator.
 
  •  
Net provisions charges totaled Ps. 38.7 billion in February 2009, decreasing 53.0% as compared to the figure presented in January 2009. Net provisions totaled Ps. 121.0 billion for the two month period ended February 28, 2009, which represents an increase of 172.2% as compared to the same period of 2008.
 
  •  
Operating expenses totaled Ps. 165.4 billion in February 2009. For the two month period ended February 28, 2009, operating expenses totaled Ps. 321.6 billion, increasing 17.3% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.2 trillion, gross loans amounted to Ps. 28.1 trillion, deposits totaled Ps. 26.4 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 6.3 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans amounted to 3.60% as of February 28, 2009, and the coverage for past due loans was 141.18% 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 February 2009, was as follows: 22.0% of total net loans, 22.0% of total checking accounts, 20.2% of total savings accounts, 16.2% 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.
         
Contacts
        
Sergio Restrepo
  Jaime A. Velásquez   Juan Esteban Toro
Executive VP
  Financial VP   IR Manager
Tel.: (574) 4041424
  Tel.: (574) 4042199   Tel.: (574) 4041837

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET           As of             Feb09/Jan09     Annual  
(Ps Millions)   Feb-08     Jan-09     Feb-09     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,468,874       2,843,811       2,849,982       6,171       0.22 %     15.44 %
Overnight funds sold
     445,273       1,147,062       1,183,092       36,030       3.14 %     165.70 %
Total cash and equivalents
     2,914,147       3,990,873       4,033,074       42,201       1.06 %     38.40 %
 
                                    
Debt securities
     3,778,519       4,422,469       4,408,661       -13,808       -0.31 %     16.68 %
Trading
     1,567,694       1,453,812       1,442,206       -11,606       -0.80 %     -8.00 %
Available for Sale
     1,205,217       1,167,906       1,142,235       -25,671       -2.20 %     -5.23 %
Held to Maturity
     1,005,608       1,800,751       1,824,220       23,469       1.30 %     81.40 %
Equity securities
     975,961       1,155,938       1,369,054       213,116       18.44 %     40.28 %
Trading
     8,458       7,933       194,324       186,391       2349.57 %     2197.52 %
Available for Sale
     967,503       1,148,005       1,174,730       26,725       2.33 %     21.42 %
Market value allowance
     -29,892       -18,577       -28,502       -9,925       53.43 %     -4.65 %
Net investment securities
     4,724,588       5,559,830       5,749,213       189,383       3.41 %     21.69 %
 
                                    
Commercial loans
     17,595,161       21,759,962       21,734,828       -25,134       -0.12 %     23.53 %
Consumer loans
     3,694,201       3,832,141       3,795,866       -36,275       -0.95 %     2.75 %
Small business loans
     107,871       121,262       124,225       2,963       2.44 %     15.16 %
Mortgage loans
     2,100,975       2,392,171       2,465,320       73,149       3.06 %     17.34 %
Allowance for loans and financial leases losses
     -936,957       -1,408,956       -1,427,306       -18,350       1.30 %     52.33 %
Net total loans and financial leases
     22,561,251       26,696,580       26,692,933       -3,647       -0.01 %     18.31 %
 
                                    
Accrued interest receivable on loans
     304,069       421,796       447,078       25,282       5.99 %     47.03 %
Allowance for accrued interest losses
     -19,113       -29,704       -29,495       209       -0.70 %     54.32 %
Net total interest accrued
     284,956       392,092       417,583       25,491       6.50 %     46.54 %
 
                                    
Customers’ acceptances and derivatives
     293,525       53,282       102,039       48,757       91.51 %     -65.24 %
Net accounts receivable
     306,086       336,288       457,754       121,466       36.12 %     49.55 %
Net premises and equipment
     490,450       666,047       670,224       4,177       0.63 %     36.65 %
Foreclosed assets
     7,707       4,090       3,806       -284       -6.94 %     -50.62 %
Prepaid expenses and deferred charges
     55,706       339,850       280,661       -59,189       -17.42 %     403.83 %
Goodwill
     7,900       1,423       1,006       -417       -29.30 %     -87.27 %
Other
     208,979       278,937       309,926       30,989       11.11 %     48.30 %
Reappraisal of assets
     1,082,309       1,426,110       1,521,455       95,345       6.69 %     40.57 %
 
                                    
Total assets
     32,937,604       39,745,402       40,239,674       494,272       1.24 %     22.17 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,188,216       4,688,015       4,654,417       -33,598       -0.72 %     11.13 %
Checking accounts
     3,917,877       4,320,383       4,403,721       83,338       1.93 %     12.40 %
Other
     270,339       367,632       250,696       -116,936       -31.81 %     -7.27 %
 
                                    
Interest bearing
     17,504,742       20,345,999       21,716,079       1,370,080       6.73 %     24.06 %
Checking accounts
     376,144       587,767       608,404       20,637       3.51 %     61.75 %
Time deposits
     5,167,372       7,828,958       8,810,082       981,124       12.53 %     70.49 %
Savings deposits
     11,961,226       11,929,274       12,297,593       368,319       3.09 %     2.81 %
 
                                    
Total deposits
     21,692,958       25,034,014       26,370,496       1,336,482       5.34 %     21.56 %
Overnight funds
     659,964       728,566       271,538       -457,028       -62.73 %     -58.86 %
Bank acceptances outstanding
     67,239       40,996       39,415       -1,581       -3.86 %     -41.38 %
Interbank borrowings
     579,339       1,006,794       820,660       -186,134       -18.49 %     41.65 %
Borrowings from domestic development banks
     1,543,226       1,953,475       1,986,254       32,779       1.68 %     28.71 %
Accounts payable
     908,614       1,681,106       1,189,857       -491,249       -29.22 %     30.95 %
Accrued interest payable
     163,343       238,439       249,828       11,389       4.78 %     52.95 %
Other liabilities
     308,981       551,796       545,890       -5,906       -1.07 %     76.67 %
Bonds
     1,545,046       2,219,661       2,125,173       -94,488       -4.26 %     37.55 %
Accrued expenses
     355,334       248,956       324,343       75,387       30.28 %     -8.72 %
 
                                    
Total liabilities
     27,824,044       33,703,803       33,923,454       219,651       0.65 %     21.92 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     3,222,322       3,762,304       3,939,432       177,128       4.71 %     22.25 %
Appropiated
     3,110,017       3,706,200       3,706,200       —       0.00 %     19.17 %
Unappropiated
     112,305       56,104       233,232       177,128       315.71 %     107.68 %
 
                                    
Reappraisal and others
     1,541,567       1,885,503       1,980,848       95,345       5.06 %     28.50 %
Gross unrealized gain or loss on debt securities
     (44,243 )     (122 )     2,026       2,148       -1760.66 %     -104.58 %
 
                                    
Total shareholder’s equity
     5,113,560       6,041,599       6,316,220       274,621       4.55 %     23.52 %
 
                                    
Total liabilities and shareholder’s equity
     32,937,604       39,745,402       40,239,674       494,272       1.24 %     22.17 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   Feb-08     Feb-09     %     Jan-09     Feb-09     %  
Interest income and expenses
                                                
Interest on loans
     556,478       696,263       25.12 %     351,574       344,689       -1.96 %
Interest on investment securities
     23,764       60,231       153.45 %     30,820       29,411       -4.57 %
Overnight funds
     11,745       9,212       -21.57 %     4,756       4,456       -6.31 %
Total interest income
     591,987       765,706       29.35 %     387,150       378,556       -2.22 %
 
                                    
Interest expense
                                                
Checking accounts
     2,466       3,596       45.82 %     1,974       1,622       -17.83 %
Time deposits
     69,643       122,455       75.83 %     57,107       65,348       14.43 %
Savings deposits
     90,362       101,865       12.73 %     55,850       46,015       -17.61 %
Total interest on deposits
     162,471       227,916       40.28 %     114,931       112,985       -1.69 %
 
                                    
Interbank borrowings
     5,516       7,741       40.34 %     4,321       3,420       -20.85 %
Borrowings from domestic development banks
     17,111       22,482       31.39 %     11,231       11,251       0.18 %
Overnight funds
     12,212       13,646       11.74 %     5,123       8,523       66.37 %
Bonds
     23,186       35,501       53.11 %     18,544       16,957       -8.56 %
Total interest expense
     220,496       307,286       39.36 %     154,150       153,136       -0.66 %
 
                                    
Net interest income
     371,491       458,420       23.40 %     233,000       225,420       -3.25 %
Provision for loan and accrued interest losses, net
     (57,821 )     (145,642 )     151.88 %     (88,739 )     (56,903 )     -35.88 %
Recovery of charged-off loans
     9,934       14,528       46.25 %     7,179       7,349       2.37 %
Provision for foreclosed assets and other assets
     (3,046 )     (13,727 )     350.66 %     (1,347 )     (12,380 )     819.08 %
Recovery of provisions for foreclosed assets and other assets
     6,495       23,879       267.65 %     601       23,278       3773.21 %
 
                                    
Total net provisions
     (44,438 )     (120,962 )     172.20 %     (82,306 )     (38,656 )     -53.03 %
Net interest income after provision for loans and accrued interest losses
     327,053       337,458       3.18 %     150,694       186,764       23.94 %
 
                                    
Commissions from banking services and other services
     16,857       15,338       -9.01 %     8,132       7,206       -11.39 %
Electronic services and ATM’s fees, net
     13,031       8,801       -32.46 %     7,411       1,390       -81.24 %
Branch network services, net
     15,362       15,853       3.20 %     7,782       8,071       3.71 %
Collections and payments fees, net
     22,317       24,534       9.93 %     11,840       12,694       7.21 %
Credit card merchant fees, net
     2,677       1,205       -54.99 %     189       1,016       437.57 %
Credit and debit card fees, net
     51,342       60,678       18.18 %     27,535       33,143       20.37 %
Checking fees, net
     9,601       10,800       12.49 %     5,188       5,612       8.17 %
Check remittance, net
     1,874       1,694       -9.61 %     862       832       -3.48 %
International operations, net
     5,405       6,306       16.67 %     3,255       3,051       -6.27 %
Total fees and other service income
     138,466       145,209       4.87 %     72,194       73,015       1.14 %
 
                                    
Other fees and service expenses
     (15,630 )     (16,651 )     6.53 %     (7,839 )     (8,812 )     12.41 %
Total fees and income from services, net
     122,836       128,558       4.66 %     64,355       64,203       -0.24 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (101,902 )     208,878       304.98 %     93,658       115,220       23.02 %
Derivative Financial Instruments
     125,148       (225,348 )     -280.07 %     (99,874 )     (125,474 )     25.63 %
Gains (Loss) on sales of investments on equity securities
     4,757       —       *       —       —       *  
Securitization income
     5,363       5,520       2.93 %     2,921       2,599       -11.02 %
Dividend income
     13,097       123,545       843.31 %     —       123,545       *  
Communication, rent payments and others
     222       282       27.03 %     165       117       -29.09 %
Total other operating income
     46,685       112,877       141.78 %     (3,130 )     116,007       -3806.29 %
 
                                    
Total income
     496,574       578,893       16.58 %     211,919       366,974       73.17 %
Operating expenses
                                                
Salaries and employee benefits
     104,717       120,569       15.14 %     56,001       64,568       15.30 %
Bonus plan payments
     7,991       9,018       12.85 %     5,868       3,150       -46.32 %
Compensation
     4,577       3,231       -29.41 %     1,044       2,187       109.48 %
Administrative and other expenses
     136,455       163,983       20.17 %     82,118       81,865       -0.31 %
Deposit security, net
     8,076       10,305       27.60 %     4,103       6,202       51.16 %
Donation expenses
     200       90       -55.00 %     45       45       0.00 %
Depreciation
     12,273       14,443       17.68 %     7,110       7,333       3.14 %
Total operating expenses
     274,289       321,639       17.26 %     156,289       165,350       5.80 %
 
                                    
Net operating income
     222,285       257,254       15.73 %     55,630       201,624       262.44 %
Merger expenses
     —       —       *       —       —       *  
Goodwill amortization
     4,610       834       -81.91 %     417       417       0.00 %
Non-operating income (expense)
                                                
Other income
     10,463       38,936       272.13 %     16,328       22,608       38.46 %
Other expense
     (54,472 )     (20,130 )     -63.05 %     (3,427 )     (16,703 )     387.39 %
Total non-operating income
     (44,009 )     18,806       142.73 %     12,901       5,905       -54.23 %
Income before income taxes
     173,666       275,226       58.48 %     68,114       207,112       204.07 %
Income tax expense
     (61,361 )     (41,994 )     -31.56 %     (12,010 )     (29,984 )     149.66 %
 
                                    
Net income
     112,305       233,232       107.68 %     56,104       177,128       215.71 %
 
                                    

 

 

 

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: March 12, 2009  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance