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 September, 2007.

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 78,960 MILLION FOR THE MONTH OF AUGUST 2007
TOTALING PS 505,397 MILLION FOR THE FIRST EIGHT MONTHS OF 2007*

Medellín, Colombia, September 11, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 78,960 million during the past month of August.

During August, total net interest income, including investment securities amounted to Ps 165,069 million. Additionally, total net fees and income from services totaled Ps 56,485 million.

Total assets amounted to Ps 30.78 trillion, total deposits totaled Ps 19.16 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4.64 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.64% as of August 31, 2007, and the level of allowance for past due loans was 137.01% 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 August, 2007 was as follows: 18.1% of total deposits, 21.7% of total net loans, 18.7% of total savings accounts, 21.2% of total checking accounts and 14.7% 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												Aug07/Jul07								Annual
(Ps Millions)		Aug-06				Jul-07				Aug-07				$				%				%
ASSETS
Cash and due from banks			1,053,492				1,547,506				1,818,226				270,720				17.49	%			72.59	%
Overnight funds sold			23,746				570,413				497,174				-73,239				-12.84	%			1993.72	%
Total cash and equivalents			1,077,238				2,117,919				2,315,400				197,481				9.32	%			114.94	%
Debt securities			4,556,902				4,220,900				3,984,761				-236,139				-5.59	%			-12.56	%
Trading			1,819,818				2,060,990				1,878,621				-182,369				-8.85	%			3.23	%
Available for Sale			1,490,744				1,088,385				1,052,785				-35,600				-3.27	%			-29.38	%
Held to Maturity			1,246,340				1,071,525				1,053,355				-18,170				-1.70	%			-15.48	%
Equity securities			922,509				1,023,736				970,166				-53,570				-5.23	%			5.17	%
Trading			2,834				65,684				6,318				-59,366				-90.38	%			122.94	%
Available for Sale			919,675				958,052				963,848				5,796				0.60	%			4.80	%
Market value allowance			-39,548				-29,851				-29,866				-15				0.05	%			-24.48	%
Net investment securities			5,439,863				5,214,785				4,925,061				-289,724				-5.56	%			-9.46	%
Commercial loans			12,444,342				15,786,275				16,385,808				599,533				3.80	%			31.67	%
Consumer loans			2,386,689				3,288,415				3,376,285				87,870				2.67	%			41.46	%
Small business loans			92,974				110,069				100,986				-9,083				-8.25	%			8.62	%
Mortgage loans			1,863,601				1,857,966				1,965,423				107,457				5.78	%			5.46	%
Allowance for loans and financial leases losses			-562,659				-764,192				-787,983				-23,791				3.11	%			40.05	%
Net total loans and financial leases			16,224,947				20,278,533				21,040,519				761,986				3.76	%			29.68	%
Accrued interest receivable on loans			179,105				246,801				260,110				13,309				5.39	%			45.23	%
Allowance for accrued interest losses			-7,613				-14,966				-15,946				-980				6.55	%			109.46	%
Net total interest accrued			171,492				231,835				244,164				12,329				5.32	%			42.38	%
Customers’ acceptances and derivatives			152,612				273,863				105,313				-168,550				-61.55	%			-30.99	%
Net accounts receivable			211,884				380,353				412,011				31,658				8.32	%			94.45	%
Net premises and equipment			365,060				388,117				393,418				5,301				1.37	%			7.77	%
Foreclosed assets			19,261				14,284				12,055				-2,229				-15.60	%			-37.41	%
Prepaid expenses and deferred charges			37,731				39,768				38,327				-1,441				-3.62	%			1.58	%
Goodwill			49,382				24,032				21,727				-2,305				-9.59	%			-56.00	%
Other			547,697				260,038				257,541				-2,497				-0.96	%			-52.98	%
Reappraisal of assets			686,919				916,541				1,019,259				102,718				11.21	%			48.38	%
Total assets			24,984,086				30,140,068				30,784,795				644,727				2.14	%			23.22	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,422,212				3,957,638				4,071,583				113,945				2.88	%			18.98	%
Checking accounts			3,134,287				3,639,092				3,849,449				210,357				5.78	%			22.82	%
Other			287,925				318,546				222,134				-96,412				-30.27	%			-22.85	%
Interest bearing			12,438,858				15,107,140				15,090,559				-16,581				-0.11	%			21.32	%
Checking accounts			269,778				382,347				262,015				-120,332				-31.47	%			-2.88	%
Time deposits			3,452,220				4,074,363				4,502,849				428,486				10.52	%			30.43	%
Savings deposits			8,716,860				10,650,430				10,325,695				-324,735				-3.05	%			18.46	%
Total deposits			15,861,070				19,064,778				19,162,142				97,364				0.51	%			20.81	%
Overnight funds			1,662,025				820,153				1,628,849				808,696				98.60	%			-2.00	%
Bank acceptances outstanding			73,165				66,137				67,365				1,228				1.86	%			-7.93	%
Interbank borrowings			1,284,543				742,986				700,928				-42,058				-5.66	%			-45.43	%
Borrowings from domestic development banks			800,322				1,215,190				1,330,385				115,195				9.48	%			66.23	%
Accounts payable			576,447				1,663,221				1,073,878				-589,343				-35.43	%			86.29	%
Accrued interest payable			121,572				142,110				145,266				3,156				2.22	%			19.49	%
Other liabilities			226,562				274,945				278,828				3,883				1.41	%			23.07	%
Bonds			925,311				1,262,278				1,341,154				78,876				6.25	%			44.94	%
Accrued expenses			312,078				397,422				407,534				10,112				2.54	%			30.59	%
Total liabilities			21,843,095				25,649,220				26,136,329				487,109				1.90	%			19.65	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				0				0.00	%			8.24	%
Retained earnings			1,597,430				2,748,153				2,811,153				63,000				2.29	%			75.98	%
Appropiated			1,228,943				2,321,716				2,305,756				-15,960				-0.69	%			87.62	%
Unappropiated			368,487				426,437				505,397				78,960				18.52	%			37.15	%
Reappraisal and others			1,169,820				1,375,533				1,478,252				102,719				7.47	%			26.37	%
Gross unrealized gain or loss on debt securities			9,827				(26,752	)			(34,853	)			-8,101				30.28	%			-454.67	%
Total shareholder’s equity			3,140,991				4,490,848				4,648,466				157,618				3.51	%			47.99	%
Total liabilities and shareholder’s equity			24,984,086				30,140,068				30,784,795				644,727				2.14	%			23.22	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Aug-06				Aug-07				%				Jul-07				Aug-07				%
Interest income and expenses
Interest on loans			1,187,872				1,661,095				39.84	%			230,908				242,458				5.00	%
Interest on investment securities			41,506				175,444				322.70	%			14,961				17,668				18.09	%
Overnight funds			18,132				34,944				92.72	%			4,228				6,486				53.41	%
Total interest income			1,247,510				1,871,483				50.02	%			250,097				266,612				6.60	%
Interest expense Checking accounts			5,139				11,801				129.64	%			1,319				2,084				58.00	%
Time deposits			140,756				180,562				28.28	%			26,814				30,008				11.91	%
Savings deposits			159,654				289,021				81.03	%			40,136				39,345				-1.97	%
Total interest on deposits			305,549				481,384				57.55	%			68,269				71,437				4.64	%
Interbank borrowings			72,783				49,756				-31.64	%			4,684				3,582				-23.53	%
Borrowings from domestic development banks			38,161				39,249				2.85	%			5,897				6,665				13.02	%
Overnight funds			40,667				55,472				36.41	%			6,848				11,226				63.93	%
Bonds			53,626				47,046				-12.27	%			8,503				8,633				1.53	%
Total interest expense			510,786				672,907				31.74	%			94,201				101,543				7.79	%
Net interest income			736,724				1,198,576				62.69	%			155,896				165,069				5.88	%
Provision for loan and accrued interest losses, net			(115,937	)			(247,424	)			113.41	%			(50,708	)			(26,012	)			-48.70	%
Recovery of charged-off loans			39,690				43,190				8.82	%			9,864				4,285				-56.56	%
Provision for foreclosed assets and other assets			(19,946	)			(15,393	)			-22.83	%			(1,293	)			(3,214	)			148.57	%
Recovery of provisions for foreclosed assets and other assets			60,312				40,178				-33.38	%			2,955				784				-73.47	%
Total net provisions			(35,881	)			(179,449	)			400.12	%			(39,182	)			(24,157	)			-38.35	%
Net interest income after provision for loans and accrued interest losses			700,843				1,019,127				45.41	%			116,714				140,912				20.73	%
Commissions from banking services and other services			53,716				61,792				15.03	%			10,040				9,627				-4.11	%
Electronic services and ATM’s fees, net			57,371				47,393				-17.39	%			6,375				6,595				3.45	%
Branch network services, net			35,529				64,558				81.71	%			8,131				8,411				3.44	%
Collections and payments fees, net			45,829				71,075				55.09	%			9,409				9,757				3.70	%
Credit card merchant fees, net			5,324				12,987				143.93	%			1,736				1,022				-41.13	%
Credit and debit card fees, net			161,470				162,869				0.87	%			21,942				21,231				-3.24	%
Checking fees, net			39,530				44,075				11.50	%			5,351				5,913				10.50	%
Check remittance, net			7,428				6,798				-8.48	%			864				910				5.32	%
International operations, net			18,179				21,296				17.15	%			2,321				2,673				15.17	%
Total fees and other service income			424,376				492,843				16.13	%			66,169				66,139				-0.05	%
Other fees and service expenses			(48,120	)			(65,426	)			35.96	%			(10,248	)			(9,654	)			-5.80	%
Total fees and income from services, net			376,256				427,417				13.60	%			55,921				56,485				1.01	%
Other operating income
Net foreign exchange gains			99,147				134,756				35.92	%			(4,684	)			196,010				-4284.67	%
Forward contracts in foreign currency			(19,500	)			(61,394	)			214.84	%			16,226				(184,510	)			-1237.13	%
Gains(Loss) on sales of investments on equity securities			43,128				(13,254	)			-130.73	%			—				(46	)			*
Gains on sale of mortgage loan			—				857				*				857				—				*
Dividend income			128,571				122,098				-5.03	%			31				—				*
Communication, rent payments and others			1,061				934				-11.97	%			117				115				-1.71	%
Total other operating income			252,407				183,997				-27.10	%			12,547				11,569				-7.79	%
Total income			1,329,506				1,630,541				22.64	%			185,182				208,966				12.84	%
Operating expenses
Salaries and employee benefits			358,233				400,681				11.85	%			49,088				50,251				2.37	%
Bonus plan payments			8,713				26,616				205.47	%			2,715				3,517				29.54	%
Compensation			2,370				13,618				474.60	%			1,825				2,121				16.22	%
Administrative and other expenses			416,485				503,933				21.00	%			59,258				59,887				1.06	%
Deposit security, net			36,570				27,375				-25.14	%			3,454				3,427				-0.78	%
Donation expenses			131				305				132.82	%			32				48				50.00	%
Depreciation			48,560				50,016				3.00	%			3,564				6,519				82.91	%
Total operating expenses			871,062				1,022,544				17.39	%			119,936				125,770				4.86	%
Net operating income			458,444				607,997				32.62	%			65,246				83,196				27.51	%
Merger expenses			19,322				—				*				—				—				0.00	%
Goodwill amortization			16,596				18,435				11.08	%			2,304				2,304				0.00	%
Non-operating income (expense)
Other income			130,711				54,193				-58.54	%			7,728				2,188				-71.69	%
Other expense			(100,983	)			(29,249	)			-71.04	%			(2,163	)			(3,843	)			77.67	%
Total non-operating income			29,728				24,944				-16.09	%			5,565				(1,655	)			-129.74	%
Income before income taxes			452,254				614,506				35.88	%			68,507				79,237				15.66	%
Income tax expense			(83,767	)			(109,109	)			30.25	%			642				(277	)			-143.15	%
Net income			368,487				505,397				37.15	%			69,149				78,960				14.19	%

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.