Bancolombia (CIB) 6-K Current report (foreign)

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 June, 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-Fþ     Form 40-Fo

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1):  _____ 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(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.

Yeso     Noþ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                    .

BANCOLOMBIA S.A. ANNOUNCES UNCONSOLIDATED RESULTS

FOR THE MONTH OF MAY 2009

Medellín, Colombia, June 12, 2009

Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 65.2 billion for the month ended May 31, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 479.1 billion for the first five months of 2009, decreasing 4.3% as compared to the same period last year.

• Net interest income, including investment securities, totaled Ps. 208.6 billion in May 2009. For the five month period ended May 31, 2009, net interest income totaled Ps. 1,154.5 billion, increasing 14.9% as compared to the same period last year.

• Net fees and income from services totaled Ps. 71.0 billion in May 2009. For the five month period ended May 31, 2009, net fees and income from services totaled Ps. 339.1 billion, which represents an increase of 10.0% as compared to the same period of 2008.

• Other operating income registered a loss of Ps.1.2 billion in May 2009. For the five month period ended May 31, 2009, other operating income totaled Ps. 190.2 billion, decreasing 42.1% 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 has been negatively impacted by a Ps 105 billion charge during the five month period ended May 31, 2009, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator. The Bank will finish amortizing the reduction in the carrying value of derivatives in June 2009.

• Net provisions charges totaled Ps. 52.1 billion in May 2009. Net provisions totaled Ps. 340.3 billion for the five month period ended May 31, 2009, which represents an increase of 66.2% as compared to the same period of 2008.

• Operating expenses totaled Ps. 158.2 billion in May 2009. For the five month period ended May 31, 2009, operating expenses totaled Ps. 809.3 billion, increasing 15.4% as compared to the same period of 2008.

Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 28.4 trillion, deposits totaled Ps. 26.7 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 3.75% as of May 31, 2009, and the coverage for past due loans was 139.9% 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 May 2009, was as follows: 21.7% of total net loans, 21.2% of total checking accounts, 19.8% of total savings accounts, 18.6% of time deposits and 19.6% 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.

Contacts
Sergio Restrepo	Jaime A. Velásquez	Juan Esteban Toro
Executive VP	Financial VP	IR Manager
Tel.: (574) 4041424	Tel.: (574) 4042199	Tel.: (574) 4041837

BANCOLOMBIA S.A.								Growth
BALANCE SHEET	As of							May 09/Apr 09					Annual
(Ps Millions)	May-08			Apr-09		May-09		$		%			%
ASSETS
Cash and due from banks		1,893,850			3,251,643		2,777,275		-474,368		-14.59	%		46.65	%
Overnight funds sold		619,699			1,530,614		1,147,132		-383,482		-25.05	%		85.11	%
Total cash and equivalents		2,513,549			4,782,257		3,924,407		-857,850		-17.94	%		56.13	%
Debt securities		3,808,693			4,460,455		4,699,784		239,329		5.37	%		23.40	%
Trading		1,277,322			1,403,977		1,607,765		203,788		14.52	%		25.87	%
Available for Sale		1,181,741			1,100,577		953,675		-146,902		-13.35	%		-19.30	%
Held to Maturity		1,349,630			1,955,901		2,138,344		182,443		9.33	%		58.44	%
Equity securities		1,124,781			1,233,431		1,231,034		-2,397		-0.19	%		9.45	%
Trading		15,282			6,880		6,603		-277		-4.03	%		-56.79	%
Available for Sale		1,109,499			1,226,551		1,224,431		-2,120		-0.17	%		10.36	%
Market value allowance		-30,159			-19,109		-19,150		-41		0.21	%		-36.50	%
Net investment securities		4,903,315			5,674,777		5,911,668		236,891		4.17	%		20.56	%
Commercial loans		17,554,299			21,677,485		22,409,207		731,722		3.38	%		27.66	%
Consumer loans		3,809,788			3,710,431		3,649,345		-61,086		-1.65	%		-4.21	%
Small business loans		113,467			126,860		126,484		-376		-0.30	%		11.47	%
Mortgage loans		2,134,970			2,406,761		2,230,508		-176,253		-7.32	%		4.47	%
Allowance for loans and financial leases losses		-1,019,810			-1,528,058		-1,487,443		40,615		-2.66	%		45.85	%
Net total loans and financial leases		22,592,714			26,393,479		26,928,101		534,622		2.03	%		19.19	%
Accrued interest receivable on loans		311,587			391,264		392,362		1,098		0.28	%		25.92	%
Allowance for accrued interest losses		-21,363			-30,371		-28,998		1,373		-4.52	%		35.74	%
Net total interest accrued		290,224			360,893		363,364		2,471		0.68	%		25.20	%
Customers’ acceptances and derivatives		273,509			233,938		270,521		36,583		15.64	%		-1.09	%
Net accounts receivable		376,161			446,427		363,447		-82,980		-18.59	%		-3.38	%
Net premises and equipment		544,351			682,864		691,565		8,701		1.27	%		27.04	%
Foreclosed assets		5,088			4,227		3,886		-341		-8.07	%		-23.62	%
Prepaid expenses and deferred charges		68,360			185,871		131,468		-54,403		-29.27	%		92.32	%
Goodwill		4,761			172		—		-172			*			*
Other		291,235			293,436		397,276		103,840		35.39	%		36.41	%
Reappraisal of assets		957,171			1,370,221		1,366,436		-3,785		-0.28	%		42.76	%
Total assets		32,820,438			40,428,562		40,352,139		-76,423		-0.19	%		22.95	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing		3,952,024			4,680,783		4,602,862		-77,921		-1.66	%		16.47	%
Checking accounts		3,592,453			4,389,419		4,178,023		-211,396		-4.82	%		16.30	%
Other		359,571			291,364		424,839		133,475		45.81	%		18.15	%
Interest bearing		16,563,719			21,549,208		22,135,384		586,176		2.72	%		33.64	%
Checking accounts		418,429			570,947		573,206		2,259		0.40	%		36.99	%
Time deposits		5,812,786			9,865,517		9,762,294		-103,223		-1.05	%		67.95	%
Savings deposits		10,332,504			11,112,744		11,799,884		687,140		6.18	%		14.20	%
Total deposits		20,515,743			26,229,991		26,738,246		508,255		1.94	%		30.33	%
Overnight funds		707,578			762,862		572,336		-190,526		-24.98	%		-19.11	%
Bank acceptances outstanding		33,703			34,128		28,490		-5,638		-16.52	%		-15.47	%
Interbank borrowings		561,610			400,708		338,408		-62,300		-15.55	%		-39.74	%
Borrowings from domestic development banks		1,673,880			1,629,773		1,574,897		-54,876		-3.37	%		-5.91	%
Accounts payable		1,966,111			2,097,304		1,829,947		-267,357		-12.75	%		-6.93	%
Accrued interest payable		154,525			284,409		288,425		4,016		1.41	%		86.65	%
Other liabilities		336,711			435,251		405,085		-30,166		-6.93	%		20.31	%
Bonds		1,419,032			2,278,410		2,214,666		-63,744		-2.80	%		56.07	%
Accrued expenses		523,280			397,423		424,947		27,524		6.93	%		-18.79	%
Total liabilities		27,892,173			34,550,259		34,415,447		-134,812		-0.39	%		23.39	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital		393,914			393,914		393,914		—		0.00	%		0.00	%
Retained earnings		3,163,007			3,628,441		3,693,651		65,210		1.80	%		16.78	%
Appropiated		2,662,531			3,214,596		3,214,596		—		0.00	%		20.73	%
Unappropiated		500,476			413,845		479,055		65,210		15.76	%		-4.28	%
Reappraisal and others		1,416,484			1,829,619		1,825,836		-3,783		-0.21	%		28.90	%
Gross unrealized gain or loss on debt securities		(45,140	)		26,329		23,291		-3,038		-11.54% -			151.60	%
Total shareholder’s equity		4,928,265			5,878,303		5,936,692		58,389		0.99	%		20.46	%
Total liabilities and shareholder’s equity		32,820,438			40,428,562		40,352,139		-76,423		-0.19	%		22.95	%

BANCOLOMBIA S.A.							Growth									Growth
INCOME STATEMENT	Accumulated						Annual			Month						Month
(Ps Millions)	May-08			May-09			%			Apr-09			May-09			%
Interest income and expenses
Interest on loans		1,440,904			1,702,265			18.14	%		339,378			321,147			-5.37	%
Interest on investment securities		118,670			178,643			50.54	%		53,260			25,213			-52.66	%
Overnight funds		18,830			20,147			6.99	%		2,368			1,963			-17.10	%
Leasing		—			—			0.00	%		—			—			0.00	%
Total interest income		1,578,404			1,901,055			20.44	%		395,006			348,323			-11.82	%
Interest expense
Checking accounts		6,069			9,176			51.19	%		2,013			1,711			-15.00	%
Time deposits		193,746			324,732			67.61	%		68,157			66,176			-2.91	%
Savings deposits		224,712			226,243			0.68	%		40,186			38,168			-5.02	%
Total interest on deposits		424,527			560,151			31.95	%		110,356			106,055			-3.90	%
Interbank borrowings		11,997			14,908			24.26	%		2,166			1,448			-33.15	%
Borrowings from domestic development banks		44,179			52,088			17.90	%		9,537			9,001			-5.62	%
Overnight funds		35,325			24,745			-29.95	%		4,408			4,201			-4.70	%
Bonds		57,497			94,696			64.70	%		19,247			19,004			-1.26	%
Total interest expense		573,525			746,588			30.18	%		145,714			139,709			-4.12	%
Net interest income		1,004,879			1,154,467			14.89	%		249,292			208,614			-16.32	%
Provision for loan and accrued interest losses, net		(226,868	)		(403,795	)		77.99	%		(87,951	)		(63,867	)		27.38	%
Recovery of charged-off loans		21,554			43,621			102.38	%		9,361			11,272			20.41	%
Provision for foreclosed assets and other assets		(10,665	)		(10,281	)		-3.60	%		(2,891	)		(383	)		86.75	%
Recovery of provisions for foreclosed assets and other asset		s 11,281			30,160			167.35	%		3,752			887			-76.36	%
Total net provisions		(204,698	)		(340,295	)		66.24	%		(77,729	)		(52,091	)		32.98	%
Net interest income after provision for loans and accrued interest losses		800,181			814,172			1.75	%		171,563			156,523			-8.77	%
Commissions from banking services and other services		44,389			46,504			4.76	%		8,350			13,542			62.18	%
Electronic services and ATM’s fees, net		32,375			22,617			-30.14	%		4,983			4,101			-17.70	%
Branch network services, net		38,841			41,452			6.72	%		7,400			9,333			26.12	%
Collections and payments fees, net		56,070			64,084			14.29	%		13,953			13,008			-6.77	%
Credit card merchant fees, net		4,455			3,690			-17.17	%		664			429			-35.39	%
Credit and debit card fees, net		128,345			153,862			19.88	%		30,068			30,986			3.05	%
Checking fees, net		27,459			28,440			3.57	%		7,028			4,591			-34.68	%
Warehouse services		—			—			0.00	%		—			—			0.00	%
Commissions-fees from fiduciary activities		—			—			0.00	%		—			—			0.00	%
Check remittance, net		5,134			4,079			-20.55	%		821			746			-9.14	%
International operations, net		12,666			16,517			30.40	%		3,493			2,559			-26.74	%
Total fees and other service income		349,734			381,245			9.01	%		76,760			79,295			3.30	%
Other fees and service expenses		(41,523	)		(42,119	)		1.44	%		(8,964	)		(8,303	)		7.37	%
Total fees and income from services, net		308,211			339,126			10.03	%		67,796			70,992			4.71	%
Other operating income
Net foreign exchange gains		(171,480	)		(103,001	)		-39.93	%		(179,299	)		(117,445	)		34.50	%
Derivative Financial Instruments		281,090			66,548			-76.33	%		145,486			107,542			-26.08	%
Gains(Loss) on sales of investments on equity securities		4,757			—				*		—			—				*
Securitization income		18,518			24,590			32.79	%		2,339			8,583			266.95	%
Dividend income		194,788			201,428			3.41	%		2,369			24			-98.99	%
Revenues from commercial subsidiaries		—			—			0.00	%		—			—			0.00	%
Communication, rent payments and others		566			615			8.66	%		112			102			-8.93	%
Total other operating income		328,239			190,180			-42.06	%		(28,993	)		(1,194	)		95.88	%
Total income		1,436,631			1,343,478			-6.48	%		210,366			226,321			7.58	%
Operating expenses
Salaries and employee benefits		266,827			308,845			15.75	%		61,465			62,747			2.09	%
Bonus plan payments		39,051			12,735			-67.39	%		(4,030	)		1,876			146.55	%
Compensation		11,425			7,089			-37.95	%		1,573			1,217			-22.63	%
Administrative and other expenses		336,575			416,869			23.86	%		83,725			79,349			-5.23	%
Deposit security, net		17,759			26,138			47.18	%		4,769			5,318			11.51	%
Donation expenses		448			360			-19.64	%		46			46			0.00	%
Depreciation		29,263			37,227			27.22	%		7,138			7,667			7.41	%
Total operating expenses		701,348			809,263			15.39	%		154,686			158,220			2.28	%
Net operating income		735,283			534,215			-27.35	%		55,680			68,101			22.31	%
Merger expenses		—			—				*		—			—				*
Goodwill amortization		7,748			1,841			-76.24	%		417			172			-58.75	%
Non-operating income (expense)
Other income		41,197			68,845			67.11	%		21,368			3,961			-81.46	%
Minority interest		—			—			0.00	%		—			—			0.00	%
Other expense		(72,167	)		(33,548	)		-53.51	%		(6,578	)		(5,236	)		20.40	%
Total non-operating income		(30,970	)		35,297			213.97	%		14,790			(1,275	)		-108.62	%
Income before income taxes		696,565			567,671			-18.50	%		70,053			66,654			-4.85	%
Income tax expense		(196,089	)		(88,616	)		-54.81	%		(18,417	)		(1,444	)		92.16	%
Net income		500,476			479,055			-4.28	%		51,636			65,210			26.29	%

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, 2009	By:	/s/ JAIME ALBERTO VELÁSQUEZ B.
		Name:	Jaime Alberto Velásquez B.
		Title:	Vice President of Finance