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 December 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
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(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
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(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: December 13, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LOGO) (CIB LISTED NYSE LOGO)
UNCONSOLIDATED NET INCOME OF PS 43,849 MILLION IN NOVEMBER
TOTALING PS 501,115 MILLION FOR THE FIRST ELEVEN MONTHS OF 2006 *
MEDELLIN, COLOMBIA, DECEMBER 13, 2006
BANCOLOMBIA reported unconsolidated net income of Ps 43,849 million during the
past month of November, accumulating Ps 501,115 million for the first eleven
months of 2006.
During November, total net interest income, including investment securities
amounted to Ps 129,230 million. Additionally, total net fees and income from
services totaled in the month Ps 50,633 million.
Total assets amounted to Ps 25.84 trillion in November 2006, total deposits
totaled Ps 16.37 trillion and BANCOLOMBIA's total shareholders' equity amounted
to Ps 3.29 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 2.57% as of November 30, 2006, and the level of allowance for past due
loans was 135.33%.
In November, there were no provisions for income taxes, due to adjustments to
the calculation of total income taxes for the fiscal year 2006.
On the other hand, the increase in bonus plan payment provisions is explained by
the increased growth in the number of employees included in the bank's system of
variable compensation, the purpose of which is to align the objectives of the
bank's management with the shareholders' interests.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in November 2006
was as follows: 17.8% of total deposits, 20.6% of total net loans, 18.2% of
total savings accounts, 20.7% of total checking accounts and 14.4% of total time
deposits.
* This report corresponds to the unconsolidated interim 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, is
stated in nominal terms and has not been audited.
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) (CIB LISTED NYSE LOGO)
GROWTH
BANCOLOMBIA S.A. ----------------
BALANCE SHEET AS OF MONTH ANNUAL
(Ps Millions) NOV-05 OCT-06 NOV-06 % %
---------------- ---------- ---------- ---------- ------- ------
ASSETS
Cash and due from banks 1,215,011 1,275,187 1,051,474 -17.54% -13.46%
Overnight funds sold 41,322 20,315 231,186 1038.01% 459.47%
TOTAL CASH AND EQUIVALENTS 1,256,333 1,295,502 1,282,660 -0.99% 2.10%
---------- ---------- ---------- ------- ------
DEBT SECURITIES 6,722,466 4,481,634 4,226,693 -5.69% -37.13%
Trading 4,186,203 2,025,601 1,989,971 -1.76% -52.46%
Available for Sale 1,446,062 1,137,225 1,059,056 -6.87% -26.76%
Held to Maturity 1,090,201 1,318,808 1,177,666 -10.70% 8.02%
EQUITY SECURITIES 931,500 896,455 895,807 -0.07% -3.83%
Trading 121,014 2,852 2,466 -13.53% -97.96%
Available for Sale 810,486 893,603 893,341 -0.03% 10.22%
Market value allowance -44,359 -39,548 -39,548 0.00% -10.85%
NET INVESTMENT SECURITIES 7,609,607 5,338,541 5,082,952 -4.79% -33.20%
---------- ---------- ---------- ------- ------
Commercial loans 9,451,869 13,094,632 13,421,696 2.50% 42.00%
Consumer loans 2,012,972 2,495,260 2,592,230 3.89% 28.78%
Small business loans 116,461 95,136 94,760 -0.40% -18.63%
Mortgage loans 1,486,687 1,493,370 1,592,664 6.65% 7.13%
Allowance for loans and financial leases losses -559,571 -602,379 -611,937 1.59% 9.36%
NET TOTAL LOANS AND FINANCIAL LEASES 12,508,418 16,576,019 17,089,413 3.10% 36.62%
---------- ---------- ---------- ------- ------
Accrued interest receivable on loans 162,938 187,158 198,639 6.13% 21.91%
Allowance for accrued interest losses -10,160 -7,929 -8,145 2.72% -19.83%
NET TOTAL INTEREST ACCRUED 152,778 179,229 190,494 6.29% 24.69%
---------- ---------- ---------- ------- ------
Customers' acceptances and derivatives 142,711 158,802 193,931 22.12% 35.89%
Net accounts receivable 179,964 266,807 284,726 6.72% 58.21%
Net premises and equipment 344,225 363,637 362,322 -0.36% 5.26%
Foreclosed assets 31,329 19,159 16,952 -11.52% -45.89%
Prepaid expenses and deferred charges 10,841 39,682 28,326 -28.62% 161.29%
Goodwill 52,847 44,773 42,468 -5.15% -19.64%
Other 296,761 569,510 530,041 -6.93% 78.61%
Reappraisal of assets 723,388 745,983 739,942 -0.81% 2.29%
---------- ---------- ---------- ------- ------
TOTAL ASSETS 23,309,202 25,597,644 25,844,227 0.96% 10.88%
========== ========== ========== ======= ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2,975,346 3,426,173 3,781,653 10.38% 27.10%
Checking accounts 2,620,324 3,187,943 3,465,836 8.72% 32.27%
Other 355,022 238,230 315,817 32.57% -11.04%
---------- ---------- ---------- ------- ------
INTEREST BEARING 11,015,698 13,182,220 13,586,348 3.07% 23.34%
Checking accounts 185,656 288,333 309,010 7.17% 66.44%
Time deposits 3,000,195 3,929,486 3,590,911 -8.62% 19.69%
Savings deposits 7,829,847 8,964,401 9,686,427 8.05% 23.71%
---------- ---------- ---------- ------- ------
TOTAL DEPOSITS 13,991,044 16,608,393 17,368,001 4.57% 24.14%
Overnight funds 649,841 1,765,456 752,069 -57.40% 15.73%
Bank acceptances outstanding 61,362 80,522 98,948 22.88% 61.25%
Interbank borrowings 1,710,635 938,620 1,083,073 15.39% -36.69%
Borrowings from domestic development banks 865,345 768,553 723,525 -5.86% -16.39%
Accounts payable 843,602 546,631 1,062,255 94.33% 25.92%
Accrued interest payable 126,460 129,838 122,451 -5.69% -3.17%
Other liabilities 256,821 269,557 203,437 -24.53% -20.79%
Bonds 1,267,040 872,140 750,854 -13.91% -40.74%
Accrued expenses 357,776 359,855 386,090 7.29% 7.91%
---------- ---------- ---------- ------- ------
TOTAL LIABILITIES 20,129,926 22,339,565 22,550,703 0.95% 12.03%
========== ========== ========== ======= ======
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,914 363,914 363,914 0.00% 0.00%
---------- ---------- ---------- ------- ------
RETAINED EARNINGS 1,514,084 1,686,209 1,730,058 2.60% 14.26%
Appropiated 861,290 1,228,943 1,228,943 0.00% 42.69%
Unappropiated 652,794 457,266 501,115 9.59% -23.24%
---------- ---------- ---------- ------- ------
REAPPRAISAL AND OTHERS 1,239,231 1,204,745 1,198,704 -0.50% -3.27%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 62,047 3,211 848 -73.59% -98.63%
---------- ---------- ---------- ------- ------
TOTAL SHAREHOLDER'S EQUITY 3,179,276 3,258,079 3,293,524 1.09% 3.59%
========== ========== ========== ======= ======
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 23,309,202 25,597,644 25,844,227 0.96% 10.88%
========== ========== ========== ======= ======
(BANCOLOMBIA LOGO) (CIB LISTED NYSE LOGO)
BANCOLOMBIA S.A. ACCUMULATED GROWTH MONTH GROWTH
INCOME STATEMENT --------------------- ANNUAL ----------------- MONTH
(Ps Millions) NOV-05 NOV-06 % OCT-06 NOV-06 %
---------------- --------- --------- ------- ------- ------- --------
INTEREST INCOME AND EXPENSES
Interest on loans 1,597,577 1,706,692 6.83% 174,654 174,536 -0.07%
Interest on investment securities 622,397 134,867 -78.33% 32,747 21,532 -34.25%
Overnight funds 21,020 24,887 18.40% 2,334 2,396 2.66%
TOTAL INTEREST INCOME 2,240,994 1,866,446 -16.71% 209,735 198,464 -5.37%
--------- --------- ------- ------- ------- --------
Interest expense
Checking accounts 5,408 6,858 26.81% 552 554 0.36%
Time deposits 249,844 203,013 -18.74% 19,689 23,104 17.34%
Savings deposits 220,791 233,131 5.59% 23,429 25,985 10.91%
TOTAL INTEREST ON DEPOSITS 476,043 443,002 -6.94% 43,670 49,643 13.68%
--------- --------- ------- ------- ------- --------
Interbank borrowings 45,792 90,024 96.59% 6,451 3,329 -48.40%
Borrowings from domestic development banks 66,818 51,146 -23.45% 4,454 4,171 -6.35%
Overnight funds 42,560 60,663 42.54% 7,999 6,618 -17.26%
Bonds 104,498 70,933 -32.12% 5,962 5,473 -8.20%
TOTAL INTEREST EXPENSE 735,711 715,768 -2.71% 68,536 69,234 1.02%
--------- --------- ------- ------- ------- --------
NET INTEREST INCOME 1,505,283 1,150,678 -23.56% 141,199 129,230 -8.48%
Provision for loan and accrued interest losses, net (138,853) (175,590) 26.46% (26,933) (6,944) -74.22%
Recovery of charged-off loans 67,199 59,830 -10.97% 5,132 8,670 68.94%
Provision for foreclosed assets and other assets (74,687) (36,539) -51.08% (5,096) (11,619) 128.00%
Recovery of provisions for foreclosed assets and other
assets 35,130 68,515 95.03% 2,960 4,489 51.66%
--------- --------- ------- ------- ------- --------
TOTAL NET PROVISIONS (111,211) (83,784) -24.66% (23,937) (5,404) -77.42%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 1,394,072 1,066,894 -23.47% 117,262 123,826 5.60%
--------- --------- ------- ------- ------- --------
Commissions from banking services and other services 56,209 73,441 30.66% 7,169 6,262 -12.65%
Electronic services and ATM's fees, net 92,405 77,778 -15.83% 7,185 5,754 -19.92%
Branch network services, net 44,080 53,219 20.73% 4,860 8,063 65.91%
Collections and payments fees, net 51,217 66,201 29.26% 6,609 8,026 21.44%
Credit card merchant fees, net 8,821 7,173 -18.68% 648 531 -18.06%
Credit and debit card fees, net 187,457 222,473 18.68% 21,180 21,109 -0.34%
Checking fees, net 49,844 54,347 9.03% 4,706 5,130 9.01%
Check remittance, net 9,557 10,203 6.76% 1,011 855 -15.43%
International operations, net 21,284 25,514 19.87% 2,646 2,385 -9.86%
TOTAL FEES AND OTHER SERVICE INCOME 520,874 590,349 13.34% 56,014 58,115 3.75%
--------- --------- ------- ------- ------- --------
Other fees and service expenses (44,701) (70,023) 56.65% (6,999) (7,482) 6.90%
TOTAL FEES AND INCOME FROM SERVICES, NET 476,173 520,326 9.27% 49,015 50,633 3.30%
--------- --------- ------- ------- ------- --------
OTHER OPERATING INCOME
Net foreign exchange gains (59,744) 85,857 -243.71% (23,114) 5,931 -125.66%
Forward contracts in foreign currency 135,543 19,269 -85.78% 34,640 10,996 -68.26%
Gains on sales of investments on equity securities 7,859 67,321 756.61% 24,193 -- -100.00%
Gains on sale of mortgage loan 11,651 0.00% 11,651 -- -100.00%
Dividend income 100,066 128,188 28.10% 31 (414) -1435.48%
Communication, rent payments and others 1,526 1,450 -4.98% 146 115 -21.23%
TOTAL OTHER OPERATING INCOME 185,250 313,736 69.36% 47,547 16,628 -65.03%
--------- --------- ------- ------- ------- --------
TOTAL INCOME 2,055,495 1,900,956 -7.52% 213,824 191,087 -10.63%
OPERATING EXPENSES
Salaries and employee benefits 466,749 501,989 7.55% 47,219 50,199 6.31%
Bonus plan payments 16,983 26,973 58.82% 2,959 11,938 303.45%
Compensation 7,031 3,658 -47.97% 433 542 25.17%
Administrative and other expenses 582,645 596,514 2.38% 61,041 61,449 0.67%
Deposit security, net 44,248 53,218 20.27% 6,346 5,234 -17.52%
Donation expenses 435 1,511 247.36% 27 1,328 4818.52%
Depreciation 60,307 70,458 16.83% 6,642 7,558 13.79%
TOTAL OPERATING EXPENSES 1,178,398 1,254,321 6.44% 124,667 138,248 10.89%
--------- --------- ------- ------- ------- --------
NET OPERATING INCOME 877,097 646,635 -26.28% 89,157 52,839 -40.73%
Merger expenses 35,854 34,890 -2.69% 5,412 3,175 -41.33%
Goodwill amortization 20,761 23,510 13.24% 2,305 2,305 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 38,306 139,702 264.70% 4,225 1,611 -61.87%
Other expense (64,950) (120,983) 86.27% (5,245) (5,124) -2.31%
TOTAL NON-OPERATING INCOME (26,644) 18,719 -170.26% (1,020) (3,513) 244.41%
INCOME BEFORE INCOME TAXES 793,838 606,954 -23.54% 80,420 43,846 -45.48%
Income tax expense (141,044) (105,839) -24.96% (17,040) 3 -100.02%
--------- --------- ------- ------- ------- --------
NET INCOME 652,794 501,115 -23.24% 63,380 43,849 -30.82%
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