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 June, 2015

 

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-                    .

  

 

Exhibit 99.1

 

 

BANCOLOMBIA ANNOUNCES INFORMATION REGARDING THE IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

 

Medellín, Colombia. June 15, 2015

 

Bancolombia releases a comparative report of quarterly and year-end financial information corresponding to fiscal year 2014, furnished under International Financial Reporting Standards (IFRS) and compared against Colombian general accounting principles (COLGAAP) effective before the adoption of IFRS.

 

DISCLAIMER

 

This report corresponds to the interim unaudited consolidated financial statements of Bancolombia S.A. and its subsidiaries under control (“Bancolombia” or the “Bank”). These financial statements have been prepared in accordance with International Financial Reporting Standards – IFRS, and are presented in nominal figures. Bancolombia maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”.

 

CAUTIONARY NOTE REGARDING CHANGES IN APPLICATION OF IFRS BY THE BANK: Until 2014, Bancolombia prepared its financial statements under the rules issued by the Colombian Superintendence of Finance (Colombian GAAP). Beginning on January 1, 2015, the financial statements of Bancolombia are being prepared under IFRS. Bancolombia’s first IFRS financial statements will cover the year ending on December 31, 2015 and will also include the comparative financial statements for the year ending on December 31, 2014.

 

The interim unaudited consolidated financial information for interim periods within 2015, and the comparative interim 2014 period may be further amended until Bancolombia establishes its definitive IFRS accounting policies in accordance with the IFRS 1, implements applicable IFRS rules as of December 31, 2015, and prepares the first audited annual consolidated financial statements.

 

Any future dividends to be declared in the general shareholder’s meeting of Bancolombia S.A. will be determined based on non-consolidated financial information prepared under IFRS as modified by the Colombian Superintendence of Finance, which can differ in certain material respects to that prepared under IFRS as promulgated by the International Accounting Standards Board.

 

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments.

 

  

 

CONSOLIDATED BALANCE SHEET

December 31, 2014

(COP million)

 

		COLGAAP				IFRS *				Change (COP)				Change (%)
ASSETS
Cash and balances at central bank			11,192,825.00				11,194,859				2,034				0.02	%
Investments			13,677,801				13,020,412				(657,389	)			-4.81	%
Derivative financial instruments			1,472,879				1,448,845				(24,034	)			-1.63	%
Loans and advances to customers			108,687,061				115,133,130				6,446,069				5.93	%
Allowance for loan and financial leases losses			(4,862,404	)			(4,777,170	)			85,234				-1.75	%
Goodwill			4,033,882				4,583,927				550,045				13.64	%
Deferred tax			200,853				440,735				239,882				119.43	%
Operating leases, net			3,511,304				1,169,964				(2,341,340	)			-66.68	%
Other assets			10,810,660				7,600,655				(3,210,005	)			-29.69	%
TOTAL ASSETS			148,724,861				149,815,357				1,090,496				0.73	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits			95,337,222				95,883,080				545,858				0.57	%
Derivative financial instruments			1,230,434				1,161,634				(68,800	)			-5.59	%
Borrowings from other financial institutions			13,846,543				13,918,234				71,691				0.52	%
Debt securities			13,682,855				13,825,185				142,330				1.04	%
Preferred shares			-				579,946				579,946				100.00	%
Employee benefits, pension plan			108,717				126,379				17,662				16.25	%
Deferred tax			237,896				645,101				407,205				171.17	%
Other liabilities			6,969,453				5,964,422				(1,005,031	)			-14.42	%
TOTAL LIABILITIES			131,413,120				132,103,981				690,861				0.53	%
SHAREHOLDERS’ EQUITY ATTRIBUTABLE THE OWNERS OF THE PARENT COMPANY			16,817,354				17,210,418				393,064				2.34	%
NON-CONTROLLING INTEREST			494,387				500,958				6,571				1.33	%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			148,724,861				149,815,357				1,090,496				0.73	%

* Figures under IFRS are not audited and are subject to revision

 

 

 

BALANCE SHEET VARIATIONS BETWEEN COLOMBIAN GAAP AND IFRS

December 31, 2014

(COP million)

 

CONSOLIDATED BALANCE SHEET (COP millions)		Change IFRS vs Col GAAP
ASSETS			1,090,496
Fair value of investment property and restatement of other assets			519,873
Goodwill			431,890
Deferred tax			239,882
Derivatives - Credit Value Adjustment			(24,034	)
Other			(77,115	)
LIABILITIES			196,474
Preferred shares			579,946
Non-controlling interest			(494,387	)
Deferred tax liabilities			407,205
Derivatives - Debit Value Adjustment			(68,800	)
Interests originated from trouble debt restructuring			(83,886	)
Other liabilities			(143,604	)
EQUITY			894,022
Non-controlling interest			500,958
Preferred shares			(579,946	)
Conversion adjustments			605,071
First time adoption and translation adjustment (Other Comprehensive Income)			367,939
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			1,090,496

* Figures under IFRS are not audited and are subject to revision

 

 

 

ASSETS		COLGAAP				IFRS *				Change (COP)				Change (%)				Explanation
																	↑	Increase due to mark-to-market valuation of non-compulsory fixed income securities, formerly classified as held to maturity but now classified as trading securities
Investments			13,677,801				13,020,412				(657,389	)			-4.81	%	↑	Increase due to the valuation of equity securities (less than 20% ownership)
																	↓	Investments in associates and joint ventures were reclassified as other assets
Derivative financial instruments			1,472,879				1,448,845				(24,034	)			-1.6	%	↓	Reduction due to the inclusion of Credit Value Adjustment / Debit Value Adjustment in the valuation of contracts
																	↑	Increased due to first day valuation of deferred accounts
																	↑	Increase by reclassification of operating leases into financial leases
Loans and advances to customers			108,687,061				115,133,130				6,446,069				5.93	%	↑	Financial Leasing-related advance payments reclassified into loans and leases
																	↑	Increase due to the recognition of suspended interest as part of the loan
Allowance for loan and financial leases losses			(4,862,404	)			(4,777,170	)			85,234				-1.75	%	↓	Reduction in allowances. Under Colombian GAAP, allowances are estimated based on expected losses while under IFRS, allowances are estimated based on incurred losses
Goodwill and Intangible assets			4,033,882				4,583,927				550,045				13.64	%	↑	Under IFRS, goodwill remains constant in USD at the level of the date of initial adoption. It is converted to COP each period. Under Colombian GAPP, Goodwill was amortized.
Deferred tax			200,853				440,735				239,882				119.43	%	↑	Increase in deferred tax asset due to differences between fiscal and financial accounting
Operating leases, net			3,511,304				1,169,964				(2,341,340	)			-66.68	%	↓	Reclassification of some assets from operating leases into financial leases
																	↑	Increase due to reclassification of investments in associated companies and joint ventures
																	↓	Reduction due to reclassification of investment and properties' re-appraisals as a greater value of the asset
Other assets			10,810,660				7,600,655				(3,210,005	)			-29.69	%	↑	Under IFRS, Investment properties are measured using a fair value model and it generated an increase in the recorded amount. Under Colombian GAAP, those assets are subject to depreciation charges
																	↑	Increase due to the extension of useful life of assets
																	↓	Reduction in financial leasing-related advance payments reclassified into loans and leases

* Figures under IFRS are not audited and are subject to revision

 

 

 

LIABILITIES		COLGAAP				IFRS *				Change (COP)				Change (%)				Explanation
																	↑	Increase due to reclassification of interbank funds into deposits, according to some features of those funds
Deposits			95,337,222				95,883,080				545,858				0.57	%	↑	Increase due to the addition of interest payable to the balance of the obligations
Derivative financial instruments			1,230,434				1,161,634				(68,800	)			-5.59	%	↓	Reduction due to the inclusion of Credit Value Adjustment / Debit Value Adjustment in the valuation of contracts
Borrowings from other financial institutions			13,846,543				13,918,234				71,691				0.52	%	↑	Reclassification of interest and fees payable to the balance of financial obligations
Debt securities			13,682,855				13,825,185				142,330				1.04	%	↑	Increase due to the addition of interest payable to the balance of the obligations
																	↓	Costs associated to the issuance of securities are recorded as a lower value of the obligation and recognized through the income statement during the term of the securities using the amortized cost method
Preferred shares			-				579,946				579,946				100.00	%	↑	Under IFRS, the present value of the minimum dividend on preferred shares is recognized as a liability
Employee benefit - pension plan			108,717				126,379				17,662				16.25	%	↑	Under IFRS, employee benefits (including pensions) are recognized using actuarial calculations
Deferred tax liabilities			237,896				645,101				407,205				171.17	%	↑	Increase in deferred tax liability due to differences between fiscal and financial accounting
																	↓	Reclassification of interest payable on deposits, bonds and financial obligations
Other liabilities			6,969,453				5,964,422				(1,005,031	)			-14.42	%	↑	Under IFRS, greater liabilities are recorded due to provisions on contingent liabilities related to transactions such as financial guarantees and credit cards

* Figures under IFRS are not audited and are subject to revision

 

 

 

CONSOLIDATED INCOME STATEMENT

December 31, 2014

(COP million)

 

		COLGAAP				IFRS *				Change (COP)				Change (%)
Interest income			9,345,608				9,451,353				105,745				1.13	%
Interest expenses			3,240,787				3,253,669				12,882				0.40	%
Net interest income			6,104,821				6,197,684				92,863				1.52	%
Net provisions			(1,405,054	)			(1,052,770	)			352,284				-25.07	%
Fees and income from services, net			2,236,895				2,226,695				(10,200	)			-0.46	%
Other operating income			1,152,355				853,463				(298,892	)			-25.94	%
Operating expenses			(5,164,655	)			(5,075,509	)			89,146				-1.73	%
Goodwill amortization			(397,798	)			-				397,798				-100.00	%
Non-operating income			(58,768	)			-				58,768				-100.00	%
Income tax			(589,075	)			(650,502	)			(61,427	)			10.43	%
NET INCOME			1,878,721				2,499,061				620,340				33.02	%

* Figures under IFRS are not audited and are subject to revision

 

MAIN VARIATIONS OF THE INCOME STATEMENT

December 31, 2014

(COP million)

 

ITEM		COLGAAP				IFRS *				Change (COP)				Change (%)				Explanation
																	↑	Reclassification of operating leasing revenues that under IFRS are considered financial leases
Interest income			9,345,608				9,451,353				105,745				1.13	%	↑	Adjustment on valuation of investments and derivatives
																	↑	Under IFRS, interest on loans are affected by the effective interest rate, including origination fees, etc
Net provisions			(1,405,054	)			(1,052,770	)			352,284				-25.07	%	↓	Reduction in the provision expenses. Under Colombian GAAP, allowances are estimated with expected losses while under IFRS, allowances are estimated with incurred losses
Other Operating Income			1,152,355				853,463				(298,892	)			-25.94	%	↓	Reclassification of operating leasing revenues into interest income on leases that under IFRS are considered financial leases
																	↓	Reduction of depreciation expenses related to operating leases. Additionally, lower depreciation charges as a result of increased useful lives
Operating expenses			(5,164,655	)			(5,075,509	)			89,146				-1.73	%	↑	Increase in employee benefits expenses due to actuarial estimation of pension and long term benefit plan liabilities
Goodwill amortization			(397,798	)			-				397,798				-100.00	%	↓	Under IFRS, goodwill is not amortized
Non-operating income			(58,768	)			-				58,768				-100.00	%	↓	Under IFRS, the concept of non-operating activities does not exist, all these transactions have been re-classified into other accounts
Income tax			(589,075	)			(650,502	)			(61,427	)			10.43	%	↑	Increase in deferred taxes due to differences between fiscal and financial accounting

* Figures under IFRS are not audited and are subject to revision

 

 

 

CONDENSED QUARTERLY BALANCE SHEET (IFRS) - 2014

(COP million)

 

CONSOLIDATED BALANCE SHEET (IFRS)
(COP million)		December 2014 *				September 2014 *				June 2014 *				March 2014 *
ASSETS
Cash and balances at central bank			11,194,859				10,001,915				8,436,446				8,409,611
Investments			13,020,412				12,483,969				11,339,303				14,850,272
Derivative financial instrument			1,448,845				609,010				553,659				565,566
Loans and advances to customers			115,133,130				104,175,428				100,745,428				98,566,176
Allowance for loan and financial leases losses			(4,777,170	)			(4,762,062	)			(4,605,425	)			(4,538,403	)
Goodwill			4,583,927				3,971,230				3,742,022				3,966,051
Deferred tax			440,735				563,991				397,948				502,432
Operating leases, net			1,169,964				1,097,272				1,046,713				843,660
Other assets			7,600,655				7,683,025				7,855,308				7,508,223
TOTAL ASSETS			149,815,357				135,823,778				129,511,402				130,673,588
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits			95,883,080				86,636,495				84,242,990				83,520,819
Derivative financial instrument			1,161,634				493,078				384,366				460,057
Borrowings from other financial institutions			13,918,234				11,474,946				11,062,008				12,259,156
Debt securities			13,825,185				12,641,255				11,906,963				12,478,608
Preferred shares			579,946				565,076				550,504				536,445
Employee benefits, pension plan			126,379				120,325				120,574				120,839
Deferred tax			645,101				628,705				603,154				587,969
Other liabilities			5,964,422				6,898,207				4,909,522				5,473,781
TOTAL LIABILITIES			132,103,981				119,458,087				113,780,081				115,437,674
SHAREHOLDERS’ EQUITY ATTRIBUTABLE THE OWNERS OF THE PARENT COMPANY			17,210,418				15,887,924				15,245,881				14,776,478
NON-CONTROLLING INTEREST			500,958				477,767				485,440				459,436
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			149,815,357				135,823,778				129,511,402				130,673,588

* Figures under IFRS are not audited and are subject to revision

 

CONDENSED QUARTERLY INCOME STATEMENT (IFRS) - 2014

(COP million)

 

		4Q 2014 *				3Q 2014 *				2Q 2014 *				1Q 2014 *
Interest income			2,539,512				2,223,203				2,341,313				2,347,325
Interest expense			858,518				819,145				770,456				805,550
Net interest income			1,680,994				1,404,058				1,570,857				1,541,775
Net provisions			(2,451	)			(369,888	)			(322,616	)			(357,815	)
Fees and income from services, net			601,089				551,687				559,426				514,493
Other operating income			52,992				273,687				243,260				283,524
Operating expenses			(1,519,015	)			(1,188,222	)			(1,200,600	)			(1,167,672	)
Income tax			(103,691	)			(115,433	)			(228,793	)			(202,585	)
NET INCOME			709,918				555,889				621,534				611,720

 * Figures under IFRS are not audited and are subject to revision

 

 

 

		QUARTER																				AS OF
PRINCIPAL RATIOS		1Q 14				2Q 14				3Q 14				4Q 14				1Q 15				1Q 14				2Q 14				3Q 14				4Q 14				1Q 15
PROFITABILITY
Return on average total assets			1.87	%			1.91	%			1.68	%			1.99	%			1.64	%			1.87	%			1.90	%			1.81	%			1.83	%			1.64	%
Return on average shareholders´ equity			16.56	%			16.56	%			14.28	%			17.16	%			14.28	%			16.56	%			16.43	%			15.59	%			15.84	%			14.28	%
EFFICIENCY
Operating expenses to  operating income			51.90	%			51.21	%			55.51	%			64.57	%			48.38	%			51.90	%			51.55	%			52.81	%			55.85	%			48.38	%
Operating expenses to  total assets			3.57	%			3.69	%			3.58	%			4.25	%			3.35	%			3.57	%			3.64	%			3.59	%			3.72	%			3.35	%

* Figures under IFRS are not audited and are subject to revision

 

 

 

BANCOLOMBIA S.A.
CONSOLIDATED BALANCE SHEET (IFRS*)										As of
(COP millions)		Mar-14				Jun-14				Sep-14				Dec-14				Mar-15
ASSETS
Cash and balances at central bank			8,409,611				8,436,446				10,001,915				11,194,859				11,082,550
Interbank borrowings			1,407,401				1,838,477				2,048,988				969,657				1,524,439
Reverse repurchase agreements and other similar secured lend			1,079,674				845,646				742,845				1,302,267				942,245
Investments			14,850,272				11,339,303				12,483,969				13,020,412				13,368,676
Derivative financial instruments - Assets			565,566				553,659				609,010				1,448,845				1,618,568
Loans and advances to customers			98,566,176				100,745,428				104,175,428				115,133,130				120,155,760
Allowance for loan and financial leases losses			(4,538,403	)			(4,605,425	)			(4,762,062	)			(4,777,170	)			(4,883,739	)
Investment in associates and joint ventures			903,003				897,570				969,730				1,053,779				1,209,209
Goodwill and Intangible assets			3,966,051				3,742,022				3,971,230				4,583,927				4,944,627
Premises and equipment			2,213,647				2,270,882				2,305,474				2,397,220				2,500,456
Investment property			1,015,339				1,044,113				1,042,828				1,114,180				1,138,332
Prepayments			136,395				160,600				156,496				181,909				219,062
Tax receivables			59,453				151,746				151,431				279,202				374,387
Deferred tax			502,432				397,948				563,991				440,735				562,081
Assets held for sale			244,420				226,794				253,695				282,464				197,212
Other assets			1,292,551				1,466,193				1,108,810				1,189,941				1,527,967
Total assets			130,673,588				129,511,402				135,823,778				149,815,357				156,481,832
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposit by customers			83,106,102				83,882,340				86,206,328				95,502,437				97,880,347
Deposit by banks			414,717				360,650				430,167				380,643				808,105
Derivative financial instruments - Liabilities			460,057				384,366				493,078				1,161,634				1,279,915
Borrowings from other financial institutions			12,259,156				11,062,008				11,474,946				13,918,234				14,712,690
Debt securities in issue			12,478,608				11,906,963				12,641,255				13,825,185				14,608,393
Preferred shares			536,445				550,504				565,076				579,946				537,335
Repurchase agreements and other similar secured borrowing			1,016,822				422,513				2,799,023				1,891,959				3,015,558
Tax liabilities			113,256				78,663				192,251				119,654				256,052
Deferred tax liabilities			587,969				603,154				628,705				645,101				737,404
Employee benefit pension plan			120,839				120,574				120,325				126,379				128,323
Other liabilities			4,343,703				4,408,346				3,906,933				3,952,809				4,606,030
Total liabilities			115,437,674				113,780,081				119,458,087				132,103,981				138,570,152
SHAREHOLDERS' EQUITY
Capital			460,827				464,495				480,869				480,914				480,914
Additional paid-in-capital			4,862,370				4,857,914				4,855,804				4,857,454				4,857,454
Appropriated reserves			5,180,130				5,180,046				5,213,608				5,167,971				6,073,613
Retained earnings			4,257,991				4,790,592				5,176,858				6,094,037				5,212,219
Cumulative other comprehensive income			15,160				(47,166	)			160,785				618,243				812,061
Surplus			-				-				-				(8,201	)			259
Shareholders’ equity attributable to the owners of the parent company			14,776,478				15,245,881				15,887,924				17,210,418				17,436,520
Non-controlling interest			459,436				485,440				477,767				500,958				475,160
Total liabilities and shareholders' equity			130,673,588				129,511,402				135,823,778				149,815,357				156,481,832

* Figures under IFRS are not audited and are subject to revision

 

 

 

BANCOLOMBIA S.A.
CONSOLIDATED INCOME STATEMENT (IFRS*)		As of																				Quarters
(COP millions)		Mar-14				Jun-14				Sep-14				Dec-14				Mar-15				1Q14				2Q14				3Q14				4Q14				1Q15
Interest income and expenses
Interest on loans
Commercial loans			959,211				2,011,296				2,999,404				4,072,103				1,241,135				959,211				1,052,085				988,108				1,072,699				1,241,135
Consumer			581,137				1,160,068				1,733,907				2,325,923				624,650				581,137				578,931				573,839				592,016				624,650
Small business loans			31,720				64,828				96,937				135,654				42,026				31,720				33,108				32,109				38,717				42,026
Mortgage			297,648				606,166				882,983				1,164,706				323,091				297,648				308,518				276,817				281,723				323,091
Leasing			281,200				557,290				853,947				1,150,147				376,458				281,200				276,090				296,657				296,200				376,458
Total Interest on loans			2,150,916				4,399,648				6,567,178				8,848,533				2,607,360				2,150,916				2,248,732				2,167,530				2,281,355				2,607,360
Overnight and market funds			3,318				6,285				9,601				11,129				2,831				3,318				2,967				3,316				1,528				2,831
Interest on investment securities
Debt investments, net			7,489				16,027				22,583				28,839				12,712				7,489				8,538				6,556				6,256				12,712
Net gains from investment activities at fair value through income statement
Debt investments			184,300				245,456				267,931				435,843				138,788				184,300				61,156				22,475				167,912				138,788
Derivatives			(44,866	)			(61,392	)			(90,719	)			(78,091	)			(19,288	)			(44,866	)			(16,526	)			(29,327	)			12,628				(19,288	)
Repos			48,414				90,802				136,816				164,463				(22,575	)			48,414				42,388				46,014				27,647				(22,575	)
Others			(2,246	)			(8,188	)			(1,549	)			40,637				(2,355	)			(2,246	)			(5,942	)			6,639				42,186				(2,355	)
Total Net gains from investment activities at fair value through profit and loss			185,602				266,678				312,479				562,852				94,570				185,602				81,076				45,801				250,373				94,570
Total interest on investment securities			193,091				282,705				335,062				591,691				107,282				193,091				89,614				52,357				256,629				107,282
Total interest income			2,347,325				4,688,638				6,911,841				9,451,353				2,717,473				2,347,325				2,341,313				2,223,203				2,539,512				2,717,473
Interest expense
Borrowing costs			(97,050	)			(194,667	)			(272,322	)			(382,997	)			(101,794	)			(97,050	)			(97,617	)			(77,655	)			(110,675	)			(101,794	)
Overnight funds			(797	)			(944	)			(1,371	)			(3,824	)			(2,130	)			(797	)			(147	)			(427	)			(2,453	)			(2,130	)
Debt securities in issue			(190,278	)			(378,757	)			(572,503	)			(787,994	)			(236,239	)			(190,278	)			(188,479	)			(193,746	)			(215,491	)			(236,239	)
Deposits			(486,277	)			(945,657	)			(1,438,989	)			(1,942,810	)			(538,104	)			(486,277	)			(459,380	)			(493,332	)			(503,821	)			(538,104	)
Other interest (expense)			(31,148	)			(55,981	)			(109,966	)			(136,044	)			(32,372	)			(31,148	)			(24,833	)			(53,985	)			(26,078	)			(32,372	)
Total interest expense			(805,550	)			(1,576,006	)			(2,395,151	)			(3,253,669	)			(910,639	)			(805,550	)			(770,456	)			(819,145	)			(858,518	)			(910,639	)
Net interest income			1,541,775				3,112,632				4,516,690				6,197,684				1,806,834				1,541,775				1,570,857				1,404,058				1,680,994				1,806,834
Credit impairment charges, net			(334,060	)			(639,635	)			(956,095	)			(986,432	)			(340,917	)			(334,060	)			(305,575	)			(316,460	)			(30,337	)			(340,917	)
Goodwill and other assets impairment			(23,755	)			(40,796	)			(94,224	)			(66,338	)			(13,013	)			(23,755	)			(17,041	)			(53,428	)			27,886				(13,013	)
Total net provisions			(357,815	)			(680,431	)			(1,050,319	)			(1,052,770	)			(353,930	)			(357,815	)			(322,616	)			(369,888	)			(2,451	)			(353,930	)
Net interest income after provision, net			1,183,960				2,432,201				3,466,371				5,144,914				1,452,904				1,183,960				1,248,241				1,034,170				1,678,543				1,452,904
Fees and other service income
Banking services			125,140				254,315				381,052				516,139				125,808				125,140				129,175				126,737				135,087				125,808
Credit and debit card fees			64,432				128,860				191,454				255,754				76,726				64,432				64,428				62,594				64,300				76,726
Electronic services and ATM fees			79,424				162,301				250,370				352,060				91,094				79,424				82,877				88,069				101,690				91,094
Brokerage			5,113				11,377				18,474				23,784				4,736				5,113				6,264				7,097				5,310				4,736
Acceptances, Guarantees and Standby letters of credits			15,284				25,211				39,821				51,923				11,291				15,284				9,927				14,610				12,102				11,291
Trust			50,711				100,579				151,473				203,608				65,296				50,711				49,868				50,894				52,135				65,296
Insurance banking			46,429				99,673				150,318				212,223				53,516				46,429				53,244				50,645				61,905				53,516
Proceeds			40,957				85,680				132,756				182,669				46,428				40,957				44,723				47,076				49,913				46,428
Others			233,451				514,016				784,111				1,110,966				286,547				233,451				280,565				270,095				326,855				286,547
Fees and other service income			660,941				1,382,012				2,099,829				2,909,126				761,442				660,941				721,071				717,817				809,297				761,442
Fees and other service expenses
Banking services			(51,591	)			(107,838	)			(162,171	)			(221,500	)			(61,653	)			(51,591	)			(56,247	)			(54,333	)			(59,329	)			(61,653	)
Others			(94,857	)			(200,255	)			(312,052	)			(460,931	)			(128,953	)			(94,857	)			(105,398	)			(111,797	)			(148,879	)			(128,953	)
Fees and other service expenses			(146,448	)			(308,093	)			(474,223	)			(682,431	)			(190,606	)			(146,448	)			(161,645	)			(166,130	)			(208,208	)			(190,606	)
Total fees and income from services, net			514,493				1,073,919				1,625,606				2,226,695				570,836				514,493				559,426				551,687				601,089				570,836
Other operating income
Derivatives FX contracts			20,527				39,267				(26,897	)			(140,584	)			49,389				20,527				18,740				(66,164	)			(113,687	)			49,389
Net foreign exchange			31,600				77,321				189,414				321,896				54,209				31,600				45,721				112,093				132,482				54,209
Hedging expenses			(6,855	)			(13,761	)			(15,699	)			(22,923	)			(7,887	)			(6,855	)			(6,906	)			(1,938	)			(7,224	)			(7,887	)
Services			-				-				-				-				1,243																				1,243
Operating leases			80,585				185,156				260,797				361,500				102,551				80,585				104,571				75,641				100,703				102,551
Gains (or losses) on sale of assets			(8,813	)			(1,534	)			(1,319	)			(69	)			13,259				(8,813	)			7,279				215				1,250				13,259
Other reversals			1,392				7,968				8,079				10,797				1,077				1,392				6,576				111				2,718				1,077
Total other operating income			118,436				294,417				414,375				530,617				213,841				118,436				175,981				119,958				116,242				213,841
Dividends received and equity method
Dividends			26,828				35,416				38,372				44,353				9,967				26,828				8,588				2,956				5,981				9,967
Equity investments			5,093				11,018				36,822				17,918				10,302				5,093				5,925				25,804				(18,904	)			10,302
Equity method			43,383				67,159				103,128				70,199				33,727				43,383				23,776				35,969				(32,929	)			33,727
Total dividends received and equity method			75,304				113,593				178,322				132,470				53,996				75,304				38,289				64,729				(45,852	)			53,996
Total income			1,892,193				3,914,130				5,684,674				8,034,696				2,291,577				1,892,193				2,021,937				1,770,544				2,350,022				2,291,577

* Figures under IFRS are not audited and are subject to revision

 

 

 

CONSOLIDATED INCOME STATEMENT (IFRS)		As of																				Quarters
(Ps millions)		Mar-14				Jun-14				Sep-14				Dec-14				Mar-15				1Q14				2Q14				3Q14				4Q14				1Q15
Operating expenses
Salaries and employee benefits			(418,694	)			(830,981	)			(1,237,447	)			(1,762,246	)			(483,679	)			(418,694	)			(412,287	)			(406,466	)			(524,799	)			(483,679	)
Bonuses			(52,039	)			(103,143	)			(146,689	)			(260,059	)			(54,913	)			(52,039	)			(51,104	)			(43,546	)			(113,370	)			(54,913	)
Administration and general expenses			(495,608	)			(1,001,787	)			(1,532,913	)			(2,157,626	)			(520,904	)			(495,608	)			(506,179	)			(531,126	)			(624,713	)			(520,904	)
Contributions and other tax burden			(107,537	)			(228,440	)			(323,579	)			(462,690	)			(114,745	)			(107,537	)			(120,903	)			(95,139	)			(139,111	)			(114,745	)
Depreciation and amortization			(93,794	)			(203,921	)			(315,866	)			(432,888	)			(105,631	)			(93,794	)			(110,127	)			(111,945	)			(117,022	)			(105,631	)
Total operating expenses			(1,167,672	)			(2,368,272	)			(3,556,494	)			(5,075,509	)			(1,279,872	)			(1,167,672	)			(1,200,600	)			(1,188,222	)			(1,519,015	)			(1,279,872	)
Net operating income			724,521				1,545,858				2,128,180				2,959,187				1,011,705				724,521				821,337				582,322				831,007				1,011,705
Other income (expenses)
Other income			152,395				288,453				455,906				569,033				134,634				152,395				136,058				167,453				113,127				134,634
Other expenses			(58,566	)			(143,352	)			(225,770	)			(332,044	)			(60,163	)			(58,566	)			(84,786	)			(82,418	)			(106,274	)			(60,163	)
Total other income (expenses)			93,829				145,101				230,136				236,989				74,471				93,829				51,272				85,035				6,853				74,471
Profit before tax			818,350				1,690,959				2,358,316				3,196,176				1,086,176				818,350				872,609				667,357				837,860				1,086,176
Income tax			(202,585	)			(431,378	)			(546,811	)			(650,502	)			(273,860	)			(202,585	)			(228,793	)			(115,433	)			(103,691	)			(273,860	)
Impuesto a la riqueza			-				-				-				-				(162,302	)																			(162,302	)
Net income			615,765				1,259,581				1,811,505				2,545,674				650,014				615,765				643,816				551,924				734,169				650,014
Non-controlling interest			(4,045	)			(26,327	)			(22,362	)			(46,613	)			(23,772	)			(4,045	)			(22,282	)			3,965				(24,251	)			(23,772	)
Net income attributable to the owners of the parent company			611,720				1,233,254				1,789,143				2,499,061				626,242				611,720				621,534				555,889				709,918				626,242

* Figures under IFRS are not audited and are subject to revision

 

 

 

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:  June 15, 2015	By:	/s/  JAIME ALBERTO VELÁSQUEZ B.
		Name:	Jaime Alberto Velásquez B.
		Title:	Vice President of Strategy and Finance