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 May, 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 APRIL 2009
Medellín, Colombia, May 12, 2009
Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 51.6 billion for the month ended April 30, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 413.8 billion for the first four months of 2009, decreasing 2.6% as compared to the same period last year.
  •  
Net interest income, including interest from investment securities, totaled Ps. 249.3 billion in April 2009. For the four month period ended April 30, 2009, net interest income totaled Ps. 945.9 billion, increasing 18.5% as compared to the same period last year.
 
  •  
Net fees and income from services totaled Ps. 67.8 billion in April 2009. For the four month period ended April 30, 2009, net fees and income from services totaled Ps. 268.1 billion, which represents an increase of 7.7% as compared to the same period of 2008.
 
  •  
Other operating income registered a loss of Ps.29.0 billion in April 2009. For the four month period ended April 30, 2009, other operating income totaled Ps. 191.4 billion, decreasing 36.1% 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 21.1 billion charge in April, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator.
 
  •  
Net provisions charges totaled Ps. 77.7 billion in April 2009, decreasing 13.2% as compared to the figure presented in March 2009. Net provisions totaled Ps. 288.2 billion for the four month period ended April 30, 2009, which represents an increase of 90.8% as compared to the same period of 2008.
 
  •  
Operating expenses totaled Ps. 154.7 billion in April 2009. For the four month period ended April 30, 2009, operating expenses totaled Ps. 651.0 billion, increasing 17.7% as compared to the same period of 2008.
Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 27.9 trillion, deposits totaled Ps. 26.2 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 5.9 trillion.
Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.95% as of April 30, 2009, and the coverage for past due loans was 138.8% 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 April 2009, was as follows: 21.7% of total net loans, 21.3% of total checking accounts, 19.4% of total savings accounts, 18.3% of time deposits and 19.3% 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.
(CONTACT GRAPHIC)

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                           Growth  
BALANCE SHEET           As of             Apr09/Mar09     Annual  
(Ps Millions)   Apr-08     Mar-09     Apr-09     $     %     %  
ASSETS
                                                
Cash and due from banks
     2,306,230       2,718,680       3,251,643       532,963       19.60 %     40.99 %
Overnight funds sold
     699,514       1,403,129       1,530,614       127,485       9.09 %     118.81 %
Total cash and equivalents
     3,005,744       4,121,809       4,782,257       660,448       16.02 %     59.10 %
 
                                    
Debt securities
     3,660,916       4,808,312       4,460,455       -347,857       -7.23 %     21.84 %
Trading
     1,303,804       1,839,517       1,403,977       -435,540       -23.68 %     7.68 %
Available for Sale
     1,164,750       1,075,731       1,100,577       24,846       2.31 %     -5.51 %
Held to Maturity
     1,192,362       1,893,064       1,955,901       62,837       3.32 %     64.04 %
Equity securities
     1,122,199       1,234,387       1,233,431       -956       -0.08 %     9.91 %
Trading
     44,080       6,933       6,880       -53       -0.76 %     -84.39 %
Available for Sale
     1,078,119       1,227,454       1,226,551       -903       -0.07 %     13.77 %
Market value allowance
     -30,092       -18,672       -19,109       -437       2.34 %     -36.50 %
Net investment securities
     4,753,023       6,024,027       5,674,777       -349,250       -5.80 %     19.39 %
 
                                    
Commercial loans
     17,338,608       21,608,649       21,677,485       68,836       0.32 %     25.02 %
Consumer loans
     3,748,268       3,762,042       3,710,431       -51,611       -1.37 %     -1.01 %
Small business loans
     110,480       125,652       126,860       1,208       0.96 %     14.83 %
Mortgage loans
     2,297,203       2,325,197       2,406,761       81,564       3.51 %     4.77 %
Allowance for loans and financial leases losses
     -965,126       -1,518,879       -1,528,058       -9,179       0.60 %     58.33 %
Net total loans and financial leases
     22,529,433       26,302,661       26,393,479       90,818       0.35 %     17.15 %
 
                                    
 
                                            
Accrued interest receivable on loans
     317,758       430,666       391,264       -39,402       -9.15 %     23.13 %
Allowance for accrued interest losses
     -20,652       -31,464       -30,371       1,093       -3.47 %     47.06 %
Net total interest accrued
     297,106       399,202       360,893       -38,309       -9.60 %     21.47 %
 
                                    
Customers’ acceptances and derivatives
     299,684       98,432       233,938       135,506       137.66 %     -21.94 %
Net accounts receivable
     406,859       448,397       446,427       -1,970       -0.44 %     9.73 %
Net premises and equipment
     526,904       675,404       682,864       7,460       1.10 %     29.60 %
Foreclosed assets
     6,139       4,364       4,227       -137       -3.14 %     -31.15 %
Prepaid expenses and deferred charges
     67,117       224,072       185,871       -38,201       -17.05 %     176.94 %
Goodwill
     5,178       589       172       -417       -70.80 %     -96.68 %
Other
     265,229       302,645       293,436       -9,209       -3.04 %     10.63 %
Reappraisal of assets
     946,322       1,473,258       1,370,221       -103,037       -6.99 %     44.79 %
 
                                    
Total assets
     33,108,738       40,074,860       40,428,562       353,702       0.88 %     22.11 %
 
                                    
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                                
LIABILITIES
                                                
DEPOSITS
                                                
Non-interest bearing
     4,007,455       4,698,161       4,680,783       -17,378       -0.37 %     16.80 %
Checking accounts
     3,715,699       4,330,392       4,389,419       59,027       1.36 %     18.13 %
Other
     291,756       367,769       291,364       -76,405       -20.78 %     -0.13 %
 
                                    
Interest bearing
     16,785,565       21,430,938       21,549,208       118,270       0.55 %     28.38 %
Checking accounts
     419,790       567,441       570,947       3,506       0.62 %     36.01 %
Time deposits
     5,811,871       9,344,844       9,865,517       520,673       5.57 %     69.75 %
Savings deposits
     10,553,904       11,518,653       11,112,744       -405,909       -3.52 %     5.30 %
 
                                    
Total deposits
     20,793,020       26,129,099       26,229,991       100,892       0.39 %     26.15 %
Overnight funds
     1,000,949       215,662       762,862       547,200       253.73 %     -23.79 %
Bank acceptances outstanding
     61,047       41,211       34,128       -7,083       -17.19 %     -44.10 %
Interbank borrowings
     623,054       602,694       400,708       -201,986       -33.51 %     -35.69 %
Borrowings from domestic development banks
     1,685,801       1,949,446       1,629,773       -319,673       -16.40 %     -3.32 %
Accounts payable
     1,660,351       1,747,106       2,097,304       350,198       20.04 %     26.32 %
Accrued interest payable
     172,441       258,802       284,409       25,607       9.89 %     64.93 %
Other liabilities
     323,940       465,370       435,251       -30,119       -6.47 %     34.36 %
Bonds
     1,493,395       2,380,650       2,278,410       -102,240       -4.29 %     52.57 %
Accrued expenses
     447,424       368,709       397,423       28,714       7.79 %     -11.18 %
 
                                    
Total liabilities
     28,261,422       34,158,749       34,550,259       391,510       1.15 %     22.25 %
 
                                    
SHAREHOLDER’S EQUITY
                                                
Subscribed and paid in capital
     393,914       393,914       393,914       —       0.00 %     0.00 %
 
                                    
Retained earnings
     3,087,548       3,576,805       3,628,441       51,636       1.44 %     17.52 %
Appropiated
     2,662,531       3,214,596       3,214,596       —       0.00 %     20.73 %
Unappropiated
     425,017       362,209       413,845       51,636       14.26 %     -2.63 %
 
                                    
Reappraisal and others
     1,405,633       1,932,655       1,829,619       -103,036       -5.33 %     30.16 %
Gross unrealized gain or loss on debt securities
     (39,779 )     12,737       26,329       13,592       106.71 %     -166.19 %
 
                                    
Total shareholder’s equity
     4,847,316       5,916,111       5,878,303       -37,808       -0.64 %     21.27 %
 
                                    
Total liabilities and shareholder’s equity
     33,108,738       40,074,860       40,428,562       353,702       0.88 %     22.11 %
 
                                    

 

 

 

(BANCOLOMBIA LOGO)
                                                 
BANCOLOMBIA S.A.                   Growth                     Growth  
INCOME STATEMENT   Accumulated     Annual     Month     Month  
(Ps Millions)   Apr-08     Apr-09     %     Mar-09     Apr-09     %  
Interest income and expenses
                                                
Interest on loans
     1,144,314       1,381,118       20.69 %     345,477       339,378       -1.77 %
Interest on investment securities
     89,345       153,430       71.73 %     39,939       53,260       33.35 %
Overnight funds
     18,604       18,184       -2.26 %     6,604       2,368       -64.14 %
Total interest income
     1,252,263       1,552,732       23.99 %     392,020       395,006       0.76 %
 
                                    
Interest expense Checking accounts
     4,870       7,465       53.29 %     1,856       2,013       8.46 %
Time deposits
     148,796       258,556       73.77 %     67,944       68,157       0.31 %
Savings deposits
     180,728       188,075       4.07 %     46,024       40,186       -12.68 %
Total interest on deposits
     334,394       454,096       35.80 %     115,824       110,356       -4.72 %
 
                                    
Interbank borrowings
     10,127       13,460       32.91 %     3,553       2,166       -39.04 %
Borrowings from domestic development banks
     34,905       43,087       23.44 %     11,068       9,537       -13.83 %
Overnight funds
     28,701       20,544       -28.42 %     2,490       4,408       77.03 %
Bonds
     46,014       75,692       64.50 %     20,944       19,247       -8.10 %
Total interest expense
     454,141       606,879       33.63 %     153,879       145,714       -5.31 %
 
                                    
Net interest income
     798,122       945,853       18.51 %     238,141       249,292       4.68 %
Provision for loan and accrued interest losses, net
     (170,144 )     (339,928 )     99.79 %     (106,335 )     (87,951 )     -17.29 %
Recovery of charged-off loans
     18,033       32,349       79.39 %     8,460       9,361       10.65 %
Provision for foreclosed assets and other assets
     (8,961 )     (9,898 )     10.46 %     6,720       (2,891 )     -143.02 %
Recovery of provisions for foreclosed assets and other assets
     10,030       29,273       191.85 %     1,642       3,752       128.50 %
 
                                    
Total net provisions
     (151,042 )     (288,204 )     90.81 %     (89,513 )     (77,729 )     -13.16 %
Net interest income after provision for loans and accrued interest losses
     647,080       657,649       1.63 %     148,628       171,563       15.43 %
 
                                    
Commissions from banking services and other services
     35,224       32,962       -6.42 %     9,274       8,350       -9.96 %
Electronic services and ATM’s fees, net
     25,864       18,516       -28.41 %     4,732       4,983       5.30 %
Branch network services, net
     30,913       32,119       3.90 %     8,866       7,400       -16.54 %
Collections and payments fees, net
     44,732       51,076       14.18 %     12,589       13,953       10.83 %
Credit card merchant fees, net
     4,051       3,261       -19.50 %     1,392       664       -52.30 %
Credit and debit card fees, net
     103,461       122,876       18.77 %     32,130       30,068       -6.42 %
Checking fees, net
     22,533       23,849       5.84 %     6,021       7,028       16.72 %
Check remittance, net
     4,071       3,333       -18.13 %     818       821       0.37 %
International operations, net
     10,200       13,958       36.84 %     4,159       3,493       -16.01 %
Total fees and other service income
     281,049       301,950       7.44 %     79,981       76,760       -4.03 %
 
                                    
Other fees and service expenses
     (32,087 )     (33,816 )     5.39 %     (8,201 )     (8,964 )     9.30 %
Total fees and income from services, net
     248,962       268,134       7.70 %     71,780       67,796       -5.55 %
 
                                    
Other operating income
                                                
Net foreign exchange gains
     (156,252 )     14,444       109.24 %     (15,135 )     (179,299 )     1084.66 %
Derivative Financial Instruments
     251,494       (40,994 )     -116.30 %     38,868       145,486       274.31 %
Gains(Loss) on sales of investments on equity securities
     4,757       —       *       —       —       *  
Securitization income
     12,078       16,007       32.53 %     8,148       2,339       -71.29 %
Dividend income
     186,868       201,404       7.78 %     75,490       2,369       -96.86 %
Communication, rent payments and others
     455       513       12.75 %     119       112       -5.88 %
Total other operating income
     299,400       191,374       -36.08 %     107,490       (28,993 )     -126.97 %
 
                                    
Total income
     1,195,442       1,117,157       -6.55 %     327,898       210,366       -35.84 %
Operating expenses
                                                
Salaries and employee benefits
     213,131       246,098       15.47 %     64,064       61,465       -4.06 %
Bonus plan payments
     23,377       10,859       -53.55 %     5,871       (4,030 )     -168.64 %
Compensation
     9,239       5,872       -36.44 %     1,068       1,573       47.28 %
Administrative and other expenses
     268,730       337,520       25.60 %     89,812       83,725       -6.78 %
Deposit security, net
     14,595       20,820       42.65 %     5,746       4,769       -17.00 %
Donation expenses
     412       314       -23.79 %     178       46       -74.16 %
Depreciation
     23,504       29,560       25.77 %     7,979       7,138       -10.54 %
Total operating expenses
     552,988       651,043       17.73 %     174,718       154,686       -11.47 %
 
                                    
Net operating income
     642,454       466,114       -27.45 %     153,180       55,680       -63.65 %
Merger expenses
     —       —       *       —       —       *  
Goodwill amortization
     7,331       1,669       -77.23 %     418       417       -0.24 %
Non-operating income (expense)
                                                
Other income
     19,597       64,884       231.09 %     4,580       21,368       366.55 %
Other expense
     (69,605 )     (28,312 )     -59.32 %     (1,604 )     (6,578 )     310.10 %
Total non-operating income
     (50,008 )     36,572       173.13 %     2,976       14,790       396.98 %
Income before income taxes
     585,115       501,017       -14.37 %     155,738       70,053       -55.02 %
Income tax expense
     (160,098 )     (87,172 )     -45.55 %     (26,761 )     (18,417 )     -31.18 %
 
                                    
Net income
     425,017       413,845       -2.63 %     128,977       51,636       -59.96 %
 
                                    

 

 

 

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.
         
  BANCOLOMBIA S.A.
(Registrant)
 		  
Date: May 12, 2009  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.    
    Name:   Jaime Alberto Velásquez B.   
    Title:   Vice President of Finance