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 January, 2008.

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Calle 50 No. 51-66
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-                    .

 

 

UNCONSOLIDATED NET INCOME OF PS 79,732 MILLION FOR THE MONTH OF DECEMBER 2007
TOTALING PS 804,261 MILLION FOR THE TWELVE MONTHS OF 2007*

Medellín, Colombia, January 22, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 79,732 million during the past month of December.

During December, total net interest income, including investment securities amounted to Ps 190,896 million. Additionally, total net fees and income from services totaled Ps 79,006 million.

Total assets amounted to Ps 33.20 trillion, total deposits totaled Ps 21.13 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 5.07 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.81% as of December 31, 2007, and the level of allowance for past due loans was 144.52% 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 December, 2007 was as follows: 18.7% of total deposits, 21.5% of total net loans, 19.4% of total savings accounts, 22.3% of total checking accounts and 14.3% of total time 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.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET		As of												Dec07/Nov07								Annual
(Ps Millions)		Dec-06				Nov-07				Dec-07				$				%				%
ASSETS
Cash and due from banks			1,378,410				2,240,048				2,181,250				-58,798				-2.62	%			58.24	%
Overnight funds sold			552,522				757,872				1,300,330				542,458				71.58	%			135.34	%
Total cash and equivalents			1,930,932				2,997,920				3,481,580				483,660				16.13	%			80.31	%
Debt securities			4,514,991				3,606,492				3,852,076				245,584				6.81	%			-14.68	%
Trading			2,112,434				1,395,018				1,551,223				156,205				11.20	%			-26.57	%
Available for Sale			1,249,498				1,180,001				1,274,563				94,562				8.01	%			2.01	%
Held to Maturity			1,153,059				1,031,473				1,026,290				-5,183				-0.50	%			-10.99	%
Equity securities			876,283				1,173,653				983,796				-189,857				-16.18	%			12.27	%
Trading			2,478				187,949				8,335				-179,614				-95.57	%			236.36	%
Available for Sale			873,805				985,704				975,461				-10,243				-1.04	%			11.63	%
Market value allowance			-44,437				-29,868				-29,802				66				-0.22	%			-32.93	%
Net investment securities			5,346,837				4,750,277				4,806,070				55,793				1.17	%			-10.11	%
Commercial loans			13,511,829				17,491,797				17,411,943				-79,854				-0.46	%			28.86	%
Consumer loans			2,669,962				3,632,241				3,654,977				22,736				0.63	%			36.89	%
Small business loans			91,078				110,360				111,382				1,022				0.93	%			22.29	%
Mortgage loans			1,376,436				1,997,591				1,923,883				-73,708				-3.69	%			39.77	%
Allowance for loans and financial leases losses			-606,810				-853,657				-933,933				-80,276				9.40	%			53.91	%
Net total loans and financial leases			17,042,495				22,378,332				22,168,252				-210,080				-0.94	%			30.08	%
Accrued interest receivable on loans			197,655				286,348				305,561				19,213				6.71	%			54.59	%
Allowance for accrued interest losses			-8,288				-20,855				-23,144				-2,289				10.98	%			179.25	%
Net total interest accrued			189,367				265,493				282,417				16,924				6.37	%			49.14	%
Customers’ acceptances and derivatives			166,438				143,531				196,565				53,034				36.95	%			18.10	%
Net accounts receivable			355,054				291,017				403,158				112,141				38.53	%			13.55	%
Net premises and equipment			370,070				439,047				484,625				45,578				10.38	%			30.95	%
Foreclosed assets			16,567				8,016				7,656				-360				-4.49	%			-53.79	%
Prepaid expenses and deferred charges			26,261				48,561				52,271				3,710				7.64	%			99.04	%
Goodwill			40,164				14,814				12,509				-2,305				-15.56	%			-68.86	%
Other			464,118				244,955				167,811				-77,144				-31.49	%			-63.84	%
Reappraisal of assets			735,445				1,050,453				1,132,917				82,464				7.85	%			54.05	%
Total assets			26,683,748				32,632,416				33,195,831				563,415				1.73	%			24.40	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			4,937,964				4,473,836				5,296,429				822,593				18.39	%			7.26	%
Checking accounts			4,475,036				4,143,122				4,816,714				673,592				16.26	%			7.64	%
Other			462,928				330,714				479,715				149,001				45.05	%			3.63	%
Interest bearing			13,806,018				16,327,167				15,832,665				-494,502				-3.03	%			14.68	%
Checking accounts			352,211				385,349				515,370				130,021				33.74	%			46.32	%
Time deposits			3,481,386				4,454,076				4,590,843				136,767				3.07	%			31.87	%
Savings deposits			9,972,421				11,487,742				10,726,452				-761,290				-6.63	%			7.56	%
Total deposits			18,743,982				20,801,003				21,129,094				328,091				1.58	%			12.72	%
Overnight funds			837,663				384,477				1,164,019				779,542				202.75	%			38.96	%
Bank acceptances outstanding			62,168				52,694				53,724				1,030				1.95	%			-13.58	%
Interbank borrowings			1,010,340				725,639				733,986				8,347				1.15	%			-27.35	%
Borrowings from domestic development banks			717,669				1,530,773				1,551,102				20,329				1.33	%			116.13	%
Accounts payable			746,176				1,641,398				1,287,010				-354,388				-21.59	%			72.48	%
Accrued interest payable			118,838				143,317				146,134				2,817				1.97	%			22.97	%
Other liabilities			268,124				251,168				326,911				75,743				30.16	%			21.93	%
Bonds			702,256				1,653,984				1,625,704				-28,280				-1.71	%			131.50	%
Accrued expenses			99,267				540,111				111,749				-428,362				-79.31	%			12.57	%
Total liabilities			23,306,483				27,724,564				28,129,433				404,869				1.46	%			20.69	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				0				0.00	%			8.24	%
Retained earnings			1,811,308				3,030,285				3,110,017				79,732				2.63	%			71.70	%
Appropiated			1,228,943				2,305,756				2,305,756				0				0.00	%			87.62	%
Unappropiated			582,365				724,529				804,261				79,732				11.00	%			38.10	%
Reappraisal and others			1,194,210				1,509,663				1,592,129				82,466				5.46	%			33.32	%
Gross unrealized gain or loss on debt securities			7,833				(26,010	)			(29,662	)			-3,652				14.04	%			-478.68	%
Total shareholder’s equity			3,377,265				4,907,852				5,066,398				158,546				3.23	%			50.01	%
Total liabilities and shareholder’s equity			26,683,748				32,632,416				33,195,831				563,415				1.73	%			24.40	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Dec-06				Dec-07				%				Nov-07				Dec-07				%
Interest income and expenses
Interest on loans			1,896,467				2,703,612				42.56	%			260,382				270,974				4.07	%
Interest on investment securities			166,753				250,624				50.30	%			17,010				20,437				20.15	%
Overnight funds			29,049				58,100				100.01	%			6,473				5,650				-12.71	%
Total interest income			2,092,269				3,012,336				43.97	%			283,865				297,061				4.65	%
Interest expense
Checking accounts			7,797				16,880				116.49	%			1,738				1,409				-18.93	%
Time deposits			219,760				304,948				38.76	%			31,829				32,016				0.59	%
Savings deposits			264,087				457,703				73.32	%			44,954				41,853				-6.90	%
Total interest on deposits			491,644				779,531				58.56	%			78,521				75,278				-4.13	%
Interbank borrowings			95,536				62,103				-35.00	%			3,026				3,523				16.42	%
Borrowings from domestic development banks			55,193				70,439				27.62	%			8,012				8,344				4.14	%
Overnight funds			65,179				88,831				36.29	%			4,998				7,133				42.72	%
Bonds			75,866				92,459				21.87	%			11,964				11,887				-0.64	%
Total interest expense			783,418				1,093,363				39.56	%			106,521				106,165				-0.33	%
Net interest income			1,308,851				1,918,973				46.62	%			177,344				190,896				7.64	%
Provision for loan and accrued interest losses, net			(173,890	)			(424,362	)			144.04	%			(20,702	)			(84,767	)			309.46	%
Recovery of charged-off loans			64,879				63,490				-2.14	%			4,955				6,281				26.76	%
Provision for foreclosed assets and other assets			(34,132	)			(27,556	)			-19.27	%			(8,129	)			357				-104.39	%
Recovery of provisions for foreclosed assets and other assets			81,511				70,462				-13.56	%			11,800				10,830				-8.22	%
Total net provisions			(61,632	)			(317,966	)			415.91	%			(12,076	)			(67,299	)			457.30	%
Net interest income after provision for loans and accrued interest losses			1,247,219				1,601,007				28.37	%			165,268				123,597				-25.21	%
Commissions from banking services and other services			83,167				112,252				34.97	%			10,648				18,817				76.72	%
Electronic services and ATM’s fees, net			85,049				73,972				-13.02	%			6,496				7,687				18.33	%
Branch network services, net			62,403				98,811				58.34	%			8,449				9,234				9.29	%
Collections and payments fees, net			74,708				112,617				50.74	%			10,287				11,305				9.90	%
Credit card merchant fees, net			8,150				19,572				140.15	%			1,708				3,248				90.16	%
Credit and debit card fees, net			238,898				257,131				7.63	%			23,586				24,793				5.12	%
Checking fees, net			60,261				66,885				10.99	%			5,325				6,370				19.62	%
Check remittance, net			11,040				10,316				-6.56	%			851				959				12.69	%
International operations, net			28,089				33,091				17.81	%			2,617				2,955				12.92	%
Total fees and other service income			651,765				784,647				20.39	%			69,967				85,368				22.01	%
Other fees and service expenses			(83,345	)			(96,452	)			15.73	%			(7,305	)			(6,362	)			-12.91	%
Total fees and income from services, net			568,420				688,195				21.07	%			62,662				79,006				26.08	%
Other operating income
Net foreign exchange gains			65,383				38,296				-41.43	%			57,604				(24,969	)			-143.35	%
Forward contracts in foreign currency			48,787				139,700				186.35	%			(45,294	)			72,294				-259.61	%
Gains(Loss) on sales of investments on equity securities			63,913				(13,254	)			-120.74	%			—				—				0.00	%
Gains on sale of mortgage loan			14,371				7,304				-49.18	%			2,983				3,464				16.12	%
Dividend income			128,188				122,127				-4.73	%			—				(1	)			0.00	%
Communication, rent payments and others			1,565				1,398				-10.67	%			114				116				1.75	%
Total other operating income			322,207				295,571				-8.27	%			15,407				50,904				230.40	%
Total income			2,137,846				2,584,773				20.91	%			243,337				253,507				4.18	%
Operating expenses
Salaries and employee benefits			555,075				608,013				9.54	%			50,295				56,594				12.52	%
Bonus plan payments			28,858				54,614				89.25	%			5,290				13,158				148.73	%
Compensation			5,680				22,244				291.62	%			2,104				1,590				-24.43	%
Administrative and other expenses			672,213				734,553				9.27	%			64,702				48,295				-25.36	%
Deposit security, net			57,331				40,673				-29.06	%			3,057				3,446				12.72	%
Donation expenses			22,479				11,129				-50.49	%			33				10,725				32400.00	%
Depreciation			80,042				76,861				-3.97	%			6,840				6,944				1.52	%
Total operating expenses			1,421,678				1,548,087				8.89	%			132,321				140,752				6.37	%
Net operating income			716,168				1,036,686				44.75	%			111,016				112,755				1.57	%
Merger expenses			35,779				—				0.00	%			—				—				0.00	%
Goodwill amortization			25,814				27,655				7.13	%			2,305				2,305				0.00	%
Non-operating income (expense)
Other income			160,795				95,582				-40.56	%			6,513				16,290				150.12	%
Other expense			(133,601	)			(65,102	)			-51.27	%			(10,385	)			(5,940	)			-42.80	%
Total non-operating income			27,194				30,480				12.08	%			(3,872	)			10,350				-367.30	%
Income before income taxes			681,769				1,039,511				52.47	%			104,837				120,800				15.23	%
Income tax expense			(99,404	)			(235,250	)			136.66	%			(30,963	)			(41,068	)			32.64	%
Net income			582,365				804,261				38.10	%			73,874				79,732				7.93	%

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.