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 February, 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):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)(2):o

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 S.A. ANNOUNCES UNCONSOLIDATED RESULTS
FOR THE MONTH OF JANUARY 2009

Medellín, Colombia, February 13, 2009

Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 56.1 billion for the month ended January 31 2009, increasing 19.2% as compared to the same period of 2008.

	•		Net interest income, including investment securities, totaled Ps.233 billion in January 2009, increasing 35.2% as compared to the same period of 2008.
	•		Net fees and income from services in January 2009 totaled Ps. 64.3 billion, which represents an increase of 8.4% as compared to the same period of 2008.
	•		Other operating income was negative in the amount of Ps. 3.1 billion for January 2009, representing a decrease of 121.8% as compared to the same period last year.
	•		Net provisions totaled Ps. 82.3 billion in January 2009, which represents an increase of 266.5% as compared to the same period of 2008. Bancolombia’s (unconsolidated) level of past due loans (i.e. loans overdue for more than 30 days) as a percentage of total loans amounted to 3.64% as of January 31, 2009, and the ratio of allowances to past due loans increased to 137.9% as of the same date.
	•		Operating expenses totaled Ps. 156.3. billion in January 2009, increasing 15.8% as compared to the same period of 2008.

Total assets (unconsolidated) amounted to Ps. 39.7 trillion, loans amounted to Ps. 28.1 trillion, deposits totaled Ps. 25.0 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 6.0 trillion.

Market Share

According to ASOBANCARIA (Colombia’s national banking association),Bancolombia’s market share of the Colombian financial system as of January 2009, was as follows: 19.1% of total deposits, 22% of total net loans, 20.9% of total savings accounts, 22.5% of total checking accounts and 14.9% of total time deposits.

Note: 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												Jan08/Dec08								Annual
(Ps Millions)		Jan-08				Dec-08				Jan-09				$				%				%
ASSETS
Cash and due from banks			2,209,744				2,529,017				2,843,811				314,794				12.45	%			28.69	%
Overnight funds sold			1,109,539				1,134,172				1,147,062				12,890				1.14	%			3.38	%
Total cash and equivalents			3,319,283				3,663,189				3,990,873				327,684				8.95	%			20.23	%
Debt securities			3,674,684				4,426,643				4,422,469				-4,174				-0.09	%			20.35	%
Trading			1,422,004				1,707,142				1,453,812				-253,330				-14.84	%			2.24	%
Available for Sale			1,231,703				1,157,908				1,167,906				9,998				0.86	%			-5.18	%
Held to Maturity			1,020,977				1,561,593				1,800,751				239,158				15.32	%			76.38	%
Equity securities			982,569				1,398,326				1,155,938				-242,388				-17.33	%			17.64	%
Trading			8,921				284,523				7,933				-276,590				-97.21	%			-11.07	%
Available for Sale			973,648				1,113,803				1,148,005				34,202				3.07	%			17.91	%
Market value allowance			-29,844				-18,541				-18,577				-36				0.19	%			-37.75	%
Net investment securities			4,627,409				5,806,428				5,559,830				-246,598				-4.25	%			20.15	%
Commercial loans			17,621,710				21,592,420				21,759,962				167,542				0.78	%			23.48	%
Consumer loans			3,697,606				3,863,350				3,832,141				-31,209				-0.81	%			3.64	%
Small business loans			110,377				126,372				121,262				-5,110				-4.04	%			9.86	%
Mortgage loans			2,011,694				2,327,127				2,392,171				65,044				2.80	%			18.91	%
Allowance for loans and financial leases losses			-963,202				-1,405,229				-1,408,956				-3,727				0.27	%			46.28	%
Net total loans and financial leases			22,478,185				26,504,040				26,696,580				192,540				0.73	%			18.77	%
Accrued interest receivable on loans			301,753				408,226				421,796				13,570				3.32	%			39.78	%
Allowance for accrued interest losses			-24,418				-30,464				-29,704				760				-2.49	%			21.65	%
Net total interest accrued			277,335				377,762				392,092				14,330				3.79	%			41.38	%
Customers’ acceptances and derivatives			272,284				285,069				53,282				-231,787				-81.31	%			-80.43	%
Net accounts receivable			361,950				446,815				336,288				-110,527				-24.74	%			-7.09	%
Net premises and equipment			485,535				671,587				666,047				-5,540				-0.82	%			37.18	%
Foreclosed assets			7,356				4,143				4,090				-53				-1.28	%			-44.40	%
Prepaid expenses and deferred charges			60,445				68,813				339,850				271,037				393.87	%			462.25	%
Goodwill			10,204				1,841				1,423				-418				-22.71	%			-86.05	%
Other			170,658				227,879				278,937				51,058				22.41	%			63.45	%
Reappraisal of assets			1,128,492				1,357,553				1,426,110				68,557				5.05	%			26.37	%
Total assets			33,199,136				39,415,119				39,745,402				330,283				0.84	%			19.72	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			4,223,782				5,320,992				4,688,015				-632,977				-11.90	%			10.99	%
Checking accounts			3,918,762				4,930,757				4,320,383				-610,374				-12.38	%			10.25	%
Other			305,020				390,235				367,632				-22,603				-5.79	%			20.53	%
Interest bearing			16,654,620				19,978,873				20,345,999				367,126				1.84	%			22.16	%
Checking accounts			376,123				707,816				587,767				-120,049				-16.96	%			56.27	%
Time deposits			4,819,431				6,852,631				7,828,958				976,327				14.25	%			62.45	%
Savings deposits			11,459,066				12,418,426				11,929,274				-489,152				-3.94	%			4.10	%
Total deposits			20,878,402				25,299,865				25,034,014				-265,851				-1.05	%			19.90	%
Overnight funds			620,896				1,077,180				728,566				-348,614				-32.36	%			17.34	%
Bank acceptances outstanding			72,217				55,864				40,996				-14,868				-26.61	%			-43.23	%
Interbank borrowings			584,154				1,043,014				1,006,794				-36,220				-3.47	%			72.35	%
Borrowings from domestic development banks			1,548,562				1,829,255				1,953,475				124,220				6.79	%			26.15	%
Accounts payable			2,079,093				1,327,300				1,681,106				353,806				26.66	%			-19.14	%
Accrued interest payable			156,921				211,678				238,439				26,761				12.64	%			51.95	%
Other liabilities			317,029				406,111				551,796				145,685				35.87	%			74.05	%
Bonds			1,588,198				2,148,993				2,219,661				70,668				3.29	%			39.76	%
Accrued expenses			257,434				113,711				248,956				135,245				118.94	%			-3.29	%
Total liabilities			28,102,906				33,512,971				33,703,803				190,832				0.57	%			19.93	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			393,914				393,914				393,914				—				0.00	%			0.00	%
Retained earnings			3,157,065				3,706,200				3,762,304				56,104				1.51	%			19.17	%
Appropiated			3,110,017				2,662,531				3,706,200				1,043,669				39.20	%			19.17	%
Unappropiated			47,048				1,043,669				56,104				-987,565				-94.62	%			19.25	%
Reappraisal and others			1,587,748				1,816,942				1,885,503				68,561				3.77	%			18.75	%
Gross unrealized gain or loss on debt securities			(42,497	)			(14,908	)			(122	)			14,786				-99.18	%			-99.71	%
Total shareholder’s equity			5,096,230				5,902,148				6,041,599				139,451				2.36	%			18.55	%
Total liabilities and shareholder’s equity			33,199,136				39,415,119				39,745,402				330,283				0.84	%			19.72	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Jan-08				Jan-09				%				Dec-08				Jan-09				%
Interest income and expenses
Interest on loans			273,929				351,574				28.34	%			374,819				351,574				-6.20	%
Interest on investment securities			2,118				30,820				1355.15	%			29,984				30,820				2.79	%
Overnight funds			6,054				4,756				-21.44	%			5,472				4,756				-13.08	%
Total interest income			282,101				387,150				37.24	%			410,275				387,150				-5.64	%
Interest expense
Checking accounts			1,398				1,974				41.20	%			2,454				1,974				-19.56	%
Time deposits			33,952				57,107				68.20	%			52,736				57,107				8.29	%
Savings deposits			44,744				55,850				24.82	%			57,652				55,850				-3.13	%
Total interest on deposits			80,094				114,931				43.50	%			112,842				114,931				1.85	%
Interbank borrowings			3,161				4,321				36.70	%			3,257				4,321				32.67	%
Borrowings from domestic development banks			8,616				11,231				30.35	%			10,902				11,231				3.02	%
Overnight funds			6,075				5,123				-15.67	%			5,269				5,123				-2.77	%
Bonds			11,860				18,544				56.36	%			18,521				18,544				0.12	%
Total interest expense			109,806				154,150				40.38	%			150,791				154,150				2.23	%
Net interest income			172,295				233,000				35.23	%			259,484				233,000				-10.21	%
Provision for loan and accrued interest losses, net			(33,095	)			(88,739	)			168.13	%			(141,182	)			(88,739	)			-37.15	%
Recovery of charged-off loans			6,457				7,179				11.18	%			6,885				7,179				4.27	%
Provision for foreclosed assets and other assets			(1,316	)			(1,347	)			2.36	%			(1,642	)			(1,347	)			-17.97	%
Recovery of provisions for foreclosed assets and other assets			5,495				601				-89.06	%			8,045				601				-92.53	%
Total net provisions			(22,459	)			(82,306	)			266.47	%			(127,894	)			(82,306	)			-35.65	%
Net interest income after provision for loans and accrued interest losses			149,836				150,694				0.57	%			131,590				150,694				14.52	%
Commissions from banking services and other services			7,440				8,132				9.31	%			15,464				8,132				-47.41	%
Electronic services and ATM’s fees, net			6,838				7,411				8.38	%			7,727				7,411				-4.09	%
Branch network services, net			7,639				7,782				1.87	%			9,798				7,782				-20.58	%
Collections and payments fees, net			9,992				11,840				18.49	%			13,241				11,840				-10.58	%
Credit card merchant fees, net			1,287				189				-85.31	%			4,097				189				-95.39	%
Credit and debit card fees, net			25,007				27,535				10.11	%			31,215				27,535				-11.79	%
Checking fees, net			5,016				5,188				3.43	%			6,265				5,188				-17.19	%
Check remittance, net			825				862				4.48	%			1,102				862				-21.78	%
International operations, net			2,854				3,255				14.05	%			3,519				3,255				-7.50	%
Total fees and other service income			66,898				72,194				7.92	%			92,428				72,194				-21.89	%
Other fees and service expenses			(7,551	)			(7,839	)			3.81	%			(7,279	)			(7,839	)			7.69	%
Total fees and income from services, net			59,347				64,355				8.44	%			85,149				64,355				-24.42	%
Other operating income
Net foreign exchange gains			(46,088	)			93,658				303.22	%			7,650				93,658				1124.29	%
Derivative Financial Instruments			57,299				(99,874	)			-274.30	%			(49,737	)			(99,874	)			100.80	%
Gains(Loss) on sales of investments on equity securities			—				—				*				45,145				—				*
Securitization income			3,005				2,921				-2.79	%			4,568				2,921				-36.06	%
Dividend income			31				—				*				—				—				*
Communication, rent payments and others			113				165				46.02	%			119				165				38.66	%
Total other operating income			14,360				(3,130	)			-121.80	%			7,745				(3,130	)			-140.41	%
Total income			223,542				211,919				-5.20	%			224,484				211,919				-5.60	%
Operating expenses
Salaries and employee benefits			49,227				56,001				13.76	%			93,163				56,001				-39.89	%
Bonus plan payments			2,803				5,868				109.35	%			(14,789	)			5,868				139.68	%
Compensation			3,061				1,044				-65.89	%			1,202				1,044				-13.14	%
Administrative and other expenses			70,085				82,118				17.17	%			100,640				82,118				-18.40	%
Deposit security, net			3,750				4,103				9.41	%			2,493				4,103				64.58	%
Donation expenses			35				45				28.57	%			20,931				45				-99.79	%
Depreciation			6,017				7,110				18.17	%			8,279				7,110				-14.12	%
Total operating expenses			134,978				156,289				15.79	%			211,919				156,289				-26.25	%
Net operating income			88,564				55,630				-37.19	%			12,565				55,630				342.74	%
Merger expenses			—				—				*				—				—				*
Goodwill amortization			2,305				417				-81.91	%			417				417				*
Non-operating income (expense)
Other income			4,111				16,328				297.22	%			48,055				16,328				-66.02	%
Other expense			(32,206	)			(3,427	)			89.36	%			3,346				(3,427	)			-202.42	%
Total non-operating income			(28,095	)			12,901				145.92	%			51,401				12,901				-74.90	%
Income before income taxes			58,164				68,114				17.11	%			63,549				68,114				7.18	%
Income tax expense			(11,116	)			(12,010	)			8.04	%			(1,236	)			(12,010	)			871.68	%
Net income			47,048				56,104				19.25	%			62,313				56,104				-9.96	%

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.