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 October, 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 67,097 MILLION FOR THE MONTH OF SEPTEMBER 2007
TOTALING PS 575,494 MILLION FOR THE FIRST NINE MONTHS OF 2007*

Medellín, Colombia, October 11, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 67,097 million during the past month of September.

During September, total net interest income, including investment securities amounted to Ps 173,530 million. Additionally, total net fees and income from services totaled Ps 55,684 million.

Total assets amounted to Ps 31,72 trillion, total deposits totaled Ps 18,98 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4,72 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.55% as of September 30, 2007, and the level of allowance for past due loans was 140.17% 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 September, 2007 was as follows: 18.2% of total deposits, 21.5% of total net loans, 18.9% of total savings accounts, 21.8% of total checking accounts and 14.2% 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												Sep07/Aug07								Annual
(Ps Millions)		Sep-06				Aug-07				Sep-07				$				%				%
ASSETS
Cash and due from banks			1,417,398				1,818,226				1,701,333				-116,893				-6.43	%			20.03	%
Overnight funds sold			39,554				497,174				1,318,620				821,446				165.22	%			3233.72	%
Total cash and equivalents			1,456,952				2,315,400				3,019,953				704,553				30.43	%			107.28	%
Debt securities			4,002,437				3,984,761				3,503,794				-480,967				-12.07	%			-12.46	%
Trading			2,008,523				1,878,621				1,446,611				-432,010				-23.00	%			-27.98	%
Available for Sale			1,166,161				1,052,785				1,020,265				-32,520				-3.09	%			-12.51	%
Held to Maturity			827,753				1,053,355				1,036,918				-16,437				-1.56	%			25.27	%
Equity securities			922,094				970,166				994,526				24,360				2.51	%			7.86	%
Trading			2,845				6,318				10,368				4,050				64.10	%			264.43	%
Available for Sale			919,249				963,848				984,158				20,310				2.11	%			7.06	%
Market value allowance			-39,548				-29,866				-29,865				1				0.00	%			-24.48	%
Net investment securities			4,884,983				4,925,061				4,468,455				-456,606				-9.27	%			-8.53	%
Commercial loans			12,636,451				16,385,808				16,831,357				445,549				2.72	%			33.20	%
Consumer loans			2,466,936				3,376,285				3,444,270				67,985				2.01	%			39.62	%
Small business loans			94,532				100,986				97,819				-3,167				-3.14	%			3.48	%
Mortgage loans			1,970,598				1,965,423				2,061,183				95,760				4.87	%			4.60	%
Allowance for loans and financial leases losses			-584,401				-787,983				-798,954				-10,971				1.39	%			36.71	%
Net total loans and financial leases			16,584,116				21,040,519				21,635,675				595,156				2.83	%			30.46	%
Accrued interest receivable on loans			176,424				260,110				281,315				21,205				8.15	%			59.45	%
Allowance for accrued interest losses			-7,505				-15,946				-21,725				-5,779				36.24	%			189.47	%
Net total interest accrued			168,919				244,164				259,590				15,426				6.32	%			53.68	%
Customers’ acceptances and derivatives			128,997				105,313				176,935				71,622				68.01	%			37.16	%
Net accounts receivable			218,702				412,011				413,235				1,224				0.30	%			88.95	%
Net premises and equipment			364,470				393,418				408,227				14,809				3.76	%			12.01	%
Foreclosed assets			23,185				12,055				10,208				-1,847				-15.32	%			-55.97	%
Prepaid expenses and deferred charges			29,551				38,327				43,062				4,735				12.35	%			45.72	%
Goodwill			47,077				21,727				19,423				-2,304				-10.60	%			-58.74	%
Other			578,341				257,541				250,014				-7,527				-2.92	%			-56.77	%
Reappraisal of assets			726,297				1,019,259				1,016,183				-3,076				-0.30	%			39.91	%
Total assets			25,211,590				30,784,795				31,720,960				936,165				3.04	%			25.82	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3,461,152				4,071,583				4,262,622				191,039				4.69	%			23.16	%
Checking accounts			3,135,895				3,849,449				3,809,616				-39,833				-1.03	%			21.48	%
Other			325,257				222,134				453,006				230,872				103.93	%			39.28	%
Interest bearing			12,620,917				15,090,559				14,714,872				-375,687				-2.49	%			16.59	%
Checking accounts			240,404				262,015				286,672				24,657				9.41	%			19.25	%
Time deposits			3,680,652				4,502,849				4,336,592				-166,257				-3.69	%			17.82	%
Savings deposits			8,699,861				10,325,695				10,091,608				-234,087				-2.27	%			16.00	%
Total deposits			16,082,069				19,162,142				18,977,494				-184,648				-0.96	%			18.00	%
Overnight funds			1,484,188				1,628,849				1,768,772				139,923				8.59	%			19.17	%
Bank acceptances outstanding			77,527				67,365				50,974				-16,391				-24.33	%			-34.25	%
Interbank borrowings			1,260,197				700,928				475,720				-225,208				-32.13	%			-62.25	%
Borrowings from domestic development banks			787,393				1,330,385				1,360,640				30,255				2.27	%			72.80	%
Accounts payable			722,420				1,073,878				1,822,070				748,192				69.67	%			152.22	%
Accrued interest payable			122,387				145,266				149,688				4,422				3.04	%			22.31	%
Other liabilities			247,884				278,828				273,242				-5,586				-2.00	%			10.23	%
Bonds			891,868				1,341,154				1,680,428				339,274				25.30	%			88.42	%
Accrued expenses			339,764				407,534				445,687				38,153				9.36	%			31.18	%
Total liabilities			22,015,697				26,136,329				27,004,715				868,386				3.32	%			22.66	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363,914				393,914				393,914				0				0.00	%			8.24	%
Retained earnings			1,622,829				2,811,153				2,878,250				67,097				2.39	%			77.36	%
Appropiated			1,228,943				2,305,756				2,305,756				0				0.00	%			87.62	%
Unappropiated			393,886				505,397				572,494				67,097				13.28	%			45.35	%
Reappraisal and others			1,208,358				1,478,252				1,475,177				-3,075				-0.21	%			22.08	%
Gross unrealized gain or loss on debt securities			792				(34,853	)			(31,096	)			3,757				-10.78	%			-4026.26	%
Total shareholder’s equity			3,195,893				4,648,466				4,716,245				67,779				1.46	%			47.57	%
Total liabilities and shareholder’s equity			25,211,590				30,784,795				31,720,960				936,165				3.04	%			25.82	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Sep-06				Sep-07				%				Aug-07				Sep-07				%
Interest income and expenses
Interest on loans			1,357,502				1,908,178				40.57	%			242,458				247,083				1.91	%
Interest on investment securities			80,588				196,770				144.17	%			17,668				21,326				20.70	%
Overnight funds			20,157				39,578				96.35	%			6,486				4,634				-28.55	%
Total interest income			1,458,247				2,144,526				47.06	%			266,612				273,043				2.41	%
Interest expense Checking accounts			5,752				12,592				118.92	%			2,084				791				-62.04	%
Time deposits			160,220				210,278				31.24	%			30,008				29,716				-0.97	%
Savings deposits			183,717				328,427				78.77	%			39,345				39,406				0.16	%
Total interest on deposits			349,689				551,297				57.65	%			71,437				69,913				-2.13	%
Interbank borrowings			80,244				52,969				-33.99	%			3,582				3,213				-10.30	%
Borrowings from domestic development banks			42,521				46,397				9.12	%			6,665				7,148				7.25	%
Overnight funds			46,046				65,438				42.11	%			11,226				9,966				-11.22	%
Bonds			59,498				56,319				-5.34	%			8,633				9,273				7.41	%
Total interest expense			577,998				772,420				33.64	%			101,543				99,513				-2.00	%
Net interest income			880,249				1,372,106				55.88	%			165,069				173,530				5.13	%
Provision for loan and accrued interest losses, net			(141,713	)			(289,540	)			104.31	%			(26,012	)			(42,116	)			61.91	%
Recovery of charged-off loans			46,028				46,695				1.45	%			4,285				3,505				-18.20	%
Provision for foreclosed assets and other assets			(19,824	)			(18,477	)			-6.79	%			(3,214	)			(3,084	)			-4.04	%
Recovery of provisions for foreclosed assets and other assets			61,066				44,621				-26.93	%			784				4,443				466.71	%
Total net provisions			(54,443	)			(216,701	)			298.03	%			(24,157	)			(37,252	)			54.21	%
Net interest income after provision for loans and accrued interest losses			825,806				1,155,405				39.91	%			140,912				136,278				-3.29	%
Commissions from banking services and other services			60,010				71,187				18.63	%			9,627				9,395				-2.41	%
Electronic services and ATM’s fees, net			64,839				53,564				-17.39	%			6,595				6,171				-6.43	%
Branch network services, net			40,296				72,526				79.98	%			8,411				7,968				-5.27	%
Collections and payments fees, net			51,566				80,372				55.86	%			9,757				9,297				-4.71	%
Credit card merchant fees, net			5,994				14,036				134.17	%			1,022				1,049				2.64	%
Credit and debit card fees, net			180,184				185,285				2.83	%			21,231				22,416				5.58	%
Checking fees, net			44,511				49,231				10.60	%			5,913				5,156				-12.80	%
Check remittance, net			8,337				7,616				-8.65	%			910				818				-10.11	%
International operations, net			20,483				24,463				19.43	%			2,673				3,167				18.48	%
Total fees and other service income			476,220				558,280				17.23	%			66,139				65,437				-1.06	%
Other fees and service expenses			(55,542	)			(75,179	)			35.36	%			(9,654	)			(9,753	)			1.03	%
Total fees and income from services, net			420,678				483,101				14.84	%			56,485				55,684				-1.42	%
Other operating income
Net foreign exchange gains			103,040				28,709				-72.14	%			196,010				(106,047	)			-154.10	%
Forward contracts in foreign currency			(26,367	)			65,982				-350.24	%			(184,510	)			127,376				-169.03	%
Gains(Loss) on sales of investments on equity securities			43,128				(13,254	)			-130.73	%			(46	)			—				*
Gains on sale of mortgage loan			—				857				*				—				—				*
Dividend income			128,571				122,098				-5.03	%			—				—				0.00	%
Communication, rent payments and others			1,189				1,044				-12.20	%			115				110				-4.35	%
Total other operating income			249,561				205,436				-17.68	%			11,569				21,439				85.31	%
Total income			1,496,045				1,843,942				23.25	%			208,966				213,401				2.12	%
Operating expenses
Salaries and employee benefits			404,571				451,472				11.59	%			50,251				50,791				1.07	%
Bonus plan payments			12,076				30,795				155.01	%			3,517				4,179				18.82	%
Compensation			2,683				16,176				502.91	%			2,121				2,558				20.60	%
Administrative and other expenses			474,024				560,023				18.14	%			59,887				56,090				-6.34	%
Deposit security, net			41,638				30,802				-26.02	%			3,427				3,427				0.00	%
Donation expenses			156				338				116.67	%			48				33				-31.25	%
Depreciation			56,258				56,602				0.61	%			6,519				6,586				1.03	%
Total operating expenses			991,406				1,146,208				15.61	%			125,770				123,664				-1.67	%
Net operating income			504,639				697,734				38.26	%			83,196				89,737				7.86	%
Merger expenses			26,303				—				*				—				—				0.00	%
Goodwill amortization			18,900				20,740				9.74	%			2,304				2,304				0.00	%
Non-operating income (expense)
Other income			133,866				65,573				-51.02	%			2,188				11,379				420.06	%
Other expense			(110,614	)			(37,958	)			-65.68	%			(3,843	)			(8,709	)			126.62	%
Total non-operating income			23,252				27,615				18.76	%			(1,655	)			2,670				-261.33	%
Income before income taxes			482,688				704,609				45.98	%			79,237				90,103				13.71	%
Income tax expense			(88,802	)			(132,115	)			48.77	%			(277	)			(23,006	)			8205.42	%
Net income			393,886				572,494				45.35	%			78,960				67,097				-15.02	%

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.