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 1933
For the month of June 2006
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, 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 X Form 40-F
--- ---
(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 No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 001-32535).
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 12, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LOGO) (CIB LISTED NYSE LOGO)
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 285,811
MILLION DURING THE FIRST FIVE MONTHS OF 2006
MEDELLIN, COLOMBIA. JUNE 12, 2006
BANCOLOMBIA reported accumulated unconsolidated net income of Ps 285,811 million
as of May 31, 2006. For the first five months of 2006, the total net interest
income, including investment securities amounted to Ps 423,011 million.
Additionally, total net fees and income from services amounted to Ps 226,742
million.
Total assets amounted to Ps 24.85 trillion in May 2006, total deposits totaled
Ps 14.68 trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps
3.02 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.88% as of May 31, 2006, and the level of allowance for past due
loans was 129.94%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in May 2006 was as
follows: 17.0% of total deposits, 20.5% of total net loans, 16.6% of total
savings accounts, 20.1% of total checking accounts and 14.8% of total time
deposits.
* This report corresponds to the unconsolidated financial statements of
BANCOLOMBIA, giving effect to the merger. 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, is stated in nominal terms and has not been
audited. All growth rates mentioned herein are not adjusted for inflation.
CONTACTS
SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO
EXECUTIVE VP FINANCIAL VP IR MANAGER
TEL.: (574) 5108668 TEL.: (574) 5108666 TEL.: (574) 5108866
(BANCOLOMBIA LOGO)
MAY 2006
GROWTH
BANCOLOMBIA S.A. AS OF MAY06/ABR06
BALANCE SHEET ----------------------- -------------------
(Ps Millions) APR-06 MAY-06 $ %
------------------------------------------------ ---------- ---------- -------- --------
ASSETS
Cash and due from banks 1,045,932 1,064,137 18,205 1.74%
Overnight funds sold 63,413 119,010 55,597 87.67%
TOTAL CASH AND EQUIVALENTS 1,109,345 1,183,147 73,802 6.65%
---------- ---------- -------- -------
DEBT SECURITIES 6,819,827 6,791,029 -28,798 -0.42%
Trading 4,672,888 4,241,033 -431,855 -9.24%
Available for Sale 1,086,093 1,488,197 402,104 37.02%
Held to Maturity 1,060,846 1,061,799 953 0.09%
EQUITY SECURITIES 908,172 945,192 37,020 4.08%
Trading 3,573 2,800 -773 -21.63%
Available for Sale 904,599 942,392 37,793 4.18%
Market value allowance -59,819 -59,760 59 -0.10%
NET INVESTMENT SECURITIES 7,668,180 7,676,461 8,281 0.11%
---------- ---------- -------- -------
Commercial loans 10,225,019 10,739,180 514,161 5.03%
Consumer loans 2,116,746 2,244,762 128,016 6.05%
Small business loans 111,900 40,023 -71,877 -64.23%
Mortgage loans 1,562,463 1,640,265 77,802 4.98%
Allowance for loans and financial leases losses -532,128 -545,456 -13,328 2.50%
NET TOTAL LOANS AND FINANCIAL LEASES 13,484,000 14,118,774 634,774 4.71%
---------- ---------- ------- -------
Accrued interest receivable on loans 163,641 163,016 -625 -0.38%
Allowance for accrued interest losses -6,848 -7,084 -236 3.45%
NET TOTAL INTEREST ACCRUED 156,793 155,932 -861 -0.55%
---------- ---------- -------- -------
Customers' acceptances and derivatives 100,509 64,364 -36,145 -35.96%
Net accounts receivable 234,340 226,857 -7,483 -3.19%
Net premises and equipment 343,126 340,798 -2,328 -0.68%
Foreclosed assets 23,895 25,757 1,862 7.79%
Prepaid expenses and deferred charges 26,995 25,582 -1,413 -5.23%
Goodwill 43,409 50,109 6,700 15.43%
Other 291,182 320,194 29,012 9.96%
Reappraisal of assets 640,692 658,799 18,107 2.83%
---------- ---------- -------- -------
TOTAL ASSETS 24,122,466 24,846,774 724,308 3.00%
========== ========== ======== =======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3,249,310 3,379,969 130,659 4.02%
Checking accounts 2,966,503 3,033,207 66,704 2.25%
Other 282,807 346,762 63,955 22.61%
---------- ---------- -------- -------
INTEREST BEARING 10,623,450 11,297,909 674,459 6.35%
Checking accounts 286,914 286,202 -712 -0.25%
Time deposits 3,219,405 3,176,771 -42,634 -1.32%
Savings deposits 7,117,131 7,834,936 717,805 10.09%
---------- ---------- -------- -------
TOTAL DEPOSITS 13,872,760 14,677,878 805,118 5.80%
Overnight funds 1,066,033 1,628,265 562,232 52.74%
Bank acceptances outstanding 57,031 69,380 12,349 21.65%
Interbank borrowings 1,673,587 1,947,450 273,863 16.36%
Borrowings from domestic development banks 1,071,513 1,063,499 -8,014 -0.75%
Accounts payable 1,636,237 767,442 -868,795 -53.10%
Accrued interest payable 133,625 128,986 -4,639 -3.47%
Other liabilities 264,173 243,887 -20,286 -7.68%
Bonds 1,041,314 1,009,566 -31,748 -3.05%
Accrued expenses 275,761 295,111 19,350 7.02%
---------- ---------- -------- -------
TOTAL LIABILITIES 21,092,034 21,831,464 739,430 3.51%
========== ========== ======== =======
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,914 363,914 0 0.00%
---------- ---------- -------- -------
RETAINED EARNINGS 1,509,057 1,514,754 5,697 0.38%
Appropiated 1,228,943 1,228,943 0 0.00%
Unappropiated 280,114 285,811 5,697 2.03%
---------- ---------- -------- -------
REAPPRAISAL AND OTHERS 1,135,421 1,143,077 7,656 0.67%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 22,040 (6,435) (28,475) -129.20%
---------- ---------- -------- -------
TOTAL SHAREHOLDER'S EQUITY 3,030,432 3,015,310 (15,122) -0.50%
---------- ---------- -------- -------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 24,122,466 24,846,774 724,308 3.00%
========== ========== ======== =======
(BANCOLOMBIA LOGO)
MAY 2006
BANCOLOMBIA S.A. ACCUMULATED MONTH GROWTH
INCOME STATEMENT ----------------- ----------------- -------
(Ps Millions) APR-06 MAY-06 APR-06 MAY-06 %
-------------------------------------------------------------- ------- ------- ------- ------- -------
INTEREST INCOME AND EXPENSES
Interest on loans 566,490 711,264 141,282 144,774 2.47%
Interest on investment securities 70,530 12,598 (30,759) (57,932) 88.34%
Overnight funds 7,681 9,445 1,777 1,764 -0.73%
------- ------- ------- ------- -------
TOTAL INTEREST INCOME 644,701 733,307 112,300 88,606 -21.10%
Interest expense
Checking accounts 2,557 3,239 649 682 5.08%
Time deposits 69,685 87,169 17,570 17,484 -0.49%
Savings deposits 72,192 90,300 17,036 18,108 6.29%
TOTAL INTEREST ON DEPOSITS 144,434 180,708 35,255 36,274 2.89%
------- ------- ------- ------- -------
Interbank borrowings 37,531 46,982 9,234 9,451 2.35%
Borrowings from domestic development banks 19,845 24,474 4,746 4,629 -2.47%
Overnight funds 16,282 22,799 4,147 6,517 57.15%
Bonds 28,882 35,333 6,636 6,451 -2.79%
TOTAL INTEREST EXPENSE 246,974 310,296 60,018 63,322 5.51%
------- ------- ------- ------- -------
NET INTEREST INCOME 397,727 423,011 52,282 25,284 -51.64%
Provision for loan and accrued interest losses, net (60,326) (74,170) (18,027) (13,844) -23.20%
Recovery of charged-off loans 19,146 25,146 3,247 6,000 84.79%
Provision for foreclosed assets and other assets (10,384) (12,203) (2,579) (1,819) -29.47%
Recovery of provisions for foreclosed assets and other assets 8,659 12,100 157 3,441 2091.72%
------- ------- ------- ------- -------
TOTAL NET PROVISIONS (42,905) (49,127) (17,202) (6,222) -63.83%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 354,822 373,884 35,080 19,062 -45.66%
------- ------- ------- ------- -------
Commissions from banking services and other services 22,347 30,006 6,161 7,659 24.31%
Electronic services and ATM's fees, net 28,028 35,092 7,303 7,064 -3.27%
Branch network services, net 16,835 21,527 4,002 4,692 17.24%
Collections and payments fees, net 21,867 27,722 6,703 5,855 -12.65%
Credit card merchant fees, net 3,102 3,663 867 561 -35.29%
Credit and debit card fees, net 79,144 98,129 19,896 18,985 -4.58%
Checking fees, net 18,981 24,336 4,254 5,355 25.88%
Check remittance, net 3,677 4,659 825 982 19.03%
International operations, net 7,402 9,961 1,961 2,559 30.49%
TOTAL FEES AND OTHER SERVICE INCOME 201,383 255,095 51,972 53,712 3.35%
------- ------- ------- ------- -------
Other fees and service expenses (22,581) (28,353) (5,586) (5,772) 3.33%
TOTAL FEES AND INCOME FROM SERVICES, NET 178,802 226,742 46,386 47,940 3.35%
------- ------- ------- ------- -------
OTHER OPERATING INCOME
Net foreign exchange gains 34,681 91,323 23,980 56,642 136.21%
Forward contracts in foreign currency (17,638) (48,290) (22,368) (30,652) 37.04%
Gains on sales of investments on equity securities 42,127 43,128 7,953 1,001 -87.41%
Dividend income 128,490 128,538 (321) 48 -114.95%
Communication, rent payments and others 514 658 120 144 20.00%
TOTAL OTHER OPERATING INCOME 188,174 215,357 9,364 27,183 190.29%
------- ------- ------- ------- -------
TOTAL INCOME 721,798 815,983 90,830 94,185 3.69%
OPERATING EXPENSES
Salaries and employee benefits 174,170 219,722 44,872 45,552 1.52%
Bonus plan payments 6,600 7,339 (128) 739 -677.34%
Compensation 852 1,173 341 321 -5.87%
Administrative and other expenses 211,323 263,755 56,297 52,432 -6.87%
Deposit security, net 17,486 20,274 4,269 2,788 -34.69%
Donation expenses 53 53 14 -- -100.00%
Depreciation 23,108 28,869 6,187 5,761 -6.89%
TOTAL OPERATING EXPENSES 433,592 541,185 111,852 107,593 -3.81%
------- ------- ------- ------- -------
NET OPERATING INCOME 288,206 274,798 (21,022) (13,408) -36.22%
Merger expenses 6,632 11,028 1,968 4,396 123.37%
Goodwill amortization Banco de Colombia 7,548 9,681 1,887 2,133 13.04%
NON-OPERATING INCOME (EXPENSE)
Other income 86,992 116,777 75,175 29,785 -60.38%
Other expense (16,502) (20,603) (2,659) (4,101) 54.23%
TOTAL NON-OPERATING INCOME 70,490 96,174 72,516 25,684 -64.58%
INCOME BEFORE INCOME TAXES 344,516 350,263 47,639 5,747 -87.94%
Income tax expense (64,402) (64,452) (20,204) (50) -99.75%
------- ------- ------- ------- -------
NET INCOME 280,114 285,811 27,435 5,697 -79.23%
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