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 July, 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 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.

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 JUNE 2009

Medellín, Colombia, July 14, 2009

Bancolombia S.A. (“Bancolombia”) (CIB) reported unconsolidated net income of Ps. 76.0 billion for the month ended June 30, 2009. Net income for Bancolombia on an unconsolidated basis totaled Ps. 555.1 billion for the first six months of 2009, decreasing 5.1% as compared to the same period last year.

• Net interest income, including interest from investment securities, totaled Ps. 207.0 billion in June 2009. For the six month period ended June 30, 2009, net interest income totaled Ps. 1,361.4 billion, increasing 12.6% as compared to the same period last year.

• Net fees and income from services totaled Ps. 72.7 billion in June 2009. For the six month period ended June 30, 2009, net fees and income from services totaled Ps. 411.9 billion, which represents an increase of 10.1% as compared to the same period of 2008.

• Other operating income registered a loss of Ps. 971 million in June 2009. For the six month period ended June 30, 2009, other operating income totaled Ps. 189.2 billion, decreasing 51.2% as compared to the same period last year, driven by the negative impact in the item line of income from derivative financial instruments caused by a Ps 122.8 billion charge during the six month period ended June 30, 2009, related to rule changes concerning valuation methodologies for derivative instruments established by the Colombian regulator. The Bank finished amortizing the reduction in the carrying value of derivatives in June 2009. In addition, other operating income for the six month period ended June 30, 2008 was positively impacted by sales of equity securities, as the Bank recorded gains on sales of investment securities of Ps 40.7 billion related to the sale of interest in Multienlace S.A. Bancolombia notes that a considerable part of other operating income 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.

• Net provisions charges totaled Ps. 50.5 billion in June 2009. Net provisions totaled Ps. 390.8 billion for the six month period ended June 30, 2009, which represents an increase of 48.3% as compared to the same period of 2008.

• Operating expenses totaled Ps. 154.5 billion in June 2009. For the six month period ended June 30, 2009, operating expenses totaled Ps. 963.8 billion, increasing 13.4% as compared to the same period of 2008.

Total assets (unconsolidated) amounted to Ps. 40.4 trillion, gross loans amounted to Ps. 28.5 trillion, deposits totaled Ps. 26.6 trillion and Bancolombia’s total shareholders’ equity amounted to Ps. 6.0 trillion.

Bancolombia’s unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.58% as of June 30, 2009, and the coverage for past due loans was 144.1% 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 June 2009, was as follows: 21.8% of total net loans, 20.8% of total checking accounts, 20.1% of total savings accounts, 18.1% of time deposits and 19.5% 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.

BANCOLOMBIA S.A.								Growth
BALANCE SHEET	As of							Jun09/May09					Annual
(Ps Millions)	Jun-08			May-09		Jun-09		$		%			%
ASSETS
Cash and due from banks		2,938,279			2,777,275		3,122,909		345,634		12.45	%		6.28	%
Overnight funds sold		511,510			1,147,132		1,058,060		-89,072		-7.76	%		106.85	%
Total cash and equivalents		3,449,789			3,924,407		4,180,969		256,562		6.54	%		21.19	%
Debt securities		3,877,645			4,699,784		4,474,220		-225,564		-4.80	%		15.38	%
Trading		1,366,837			1,607,765		1,414,063		-193,702		-12.05	%		3.46	%
Available for Sale		1,166,200			953,675		932,541		-21,134		-2.22	%		-20.04	%
Held to Maturity		1,344,608			2,138,344		2,127,616		-10,728		-0.50	%		58.23	%
Equity securities		1,102,699			1,231,034		1,230,581		-453		-0.04	%		11.60	%
Trading		9,956			6,603		6,013		-590		-8.94	%		-39.60	%
Available for Sale		1,092,743			1,224,431		1,224,568		137		0.01	%		12.06	%
Market value allowance		-30,224			-19,150		-19,162		-12		0.06	%		-36.60	%
Net investment securities		4,950,120			5,911,668		5,685,639		-226,029		-3.82	%		14.86	%
Commercial loans		18,139,452			22,409,207		22,447,533		38,326		0.17	%		23.75	%
Consumer loans		3,787,185			3,649,345		3,646,500		-2,845		-0.08	%		-3.71	%
Small business loans		116,391			126,484		136,404		9,920		7.84	%		17.19	%
Mortgage loans		2,228,130			2,230,508		2,279,445		48,937		2.19	%		2.30	%
Allowance for loans and financial leases losses		-1,017,627			-1,487,443		-1,468,350		19,093		-1.28	%		44.29	%
Net total loans and financial leases		23,253,531			26,928,101		27,041,532		113,431		0.42	%		16.29	%
Accrued interest receivable on loans		345,271			392,362		380,143		-12,219		-3.11	%		10.10	%
Allowance for accrued interest losses		-23,394			-28,998		-29,784		-786		2.71	%		27.31	%
Net total interest accrued		321,877			363,364		350,359		-13,005		-3.58	%		8.85	%
Customers’ acceptances and derivatives		102,004			270,521		137,495		-133,026		-49.17	%		34.79	%
Net accounts receivable		548,273			363,447		394,422		30,975		8.52	%		-28.06	%
Net premises and equipment		558,468			691,565		694,446		2,881		0.42	%		24.35	%
Foreclosed assets		4,272			3,886		3,835		-51		-1.31	%		-10.23	%
Prepaid expenses and deferred charges		64,174			131,468		88,282		-43,186		-32.85	%		37.57	%
Goodwill		4,344			0		0		0		*			*
Other		302,373			397,276		446,417		49,141		12.37	%		47.64	%
Reappraisal of assets		1,016,572			1,366,436		1,409,756		43,320		3.17	%		38.68	%
Total assets		34,575,797			40,352,139		40,433,152		81,013		0.20	%		16.94	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing		4,295,556			4,602,862		4,737,552		134,690		2.93	%		10.29	%
Checking accounts		3,942,212			4,178,023		4,412,591		234,568		5.61	%		11.93	%
Other		353,344			424,839		324,961		-99,878		-23.51	%		-8.03	%
Interest bearing		16,954,341			22,135,384		21,902,655		-232,729		-1.05	%		29.19	%
Checking accounts		434,101			573,206		528,325		-44,881		-7.83	%		21.71	%
Time deposits		6,094,573			9,762,294		9,201,605		-560,689		-5.74	%		50.98	%
Savings deposits		10,425,667			11,799,884		12,172,725		372,841		3.16	%		16.76	%
Total deposits		21,249,897			26,738,246		26,640,207		-98,039		-0.37	%		25.37	%
Overnight funds		1,597,834			572,336		1,184,992		612,656		107.04	%		-25.84	%
Bank acceptances outstanding		33,539			28,490		33,086		4,596		16.13	%		-1.35	%
Interbank borrowings		596,553			338,408		188,196		-150,212		-44.39	%		-68.45	%
Borrowings from domestic development banks		1,744,255			1,574,897		1,548,833		-26,064		-1.65	%		-11.20	%
Accounts payable		1,766,911			1,829,947		1,514,854		-315,093		-17.22	%		-14.27	%
Accrued interest payable		167,954			288,425		316,829		28,404		9.85	%		88.64	%
Other liabilities		359,418			405,085		342,164		-62,921		-15.53	%		-4.80	%
Bonds		1,455,778			2,214,666		2,215,261		595		0.03	%		52.17	%
Accrued expenses		543,035			424,947		401,423		-23,524		-5.54	%		-26.08	%
Total liabilities		29,515,174			34,415,447		34,385,845		-29,602		-0.09	%		16.50	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital		393,914			393,914		393,914		—		0.00	%		0.00	%
Retained earnings		3,247,404			3,693,651		3,769,663		76,012		2.06	%		16.08	%
Appropiated		2,662,531			3,214,596		3,214,596		—		0.00	%		20.73	%
Unappropiated		584,873			479,055		555,067		76,012		15.87	%		-5.10	%
Reappraisal and others		1,475,888			1,825,836		1,869,158		43,322		2.37	%		26.65	%
Gross unrealized gain or loss on debt securities		(56,583	)		23,291		14,572		-8,719		-37.44	%		-125.75	%
Total shareholder’s equity		5,060,623			5,936,692		6,047,307		110,615		1.86	%		19.50	%
Total liabilities and shareholder’s equity		34,575,797			40,352,139		40,433,152		81,013		0.20	%		16.94	%

BANCOLOMBIA S.A.							Growth									Growth
INCOME STATEMENT	Accumulated						Annual			Month						Month
(Ps Millions)	Jun-08			Jun-09			%			May-09			Jun-09			%
Interest income and expenses
Interest on loans		1,741,734			2,017,481			15.83	%		321,147			315,216			-1.85	%
Interest on investment securities		135,038			197,796			46.47	%		25,213			19,153			-24.04	%
Overnight funds		23,679			22,303			-5.81	%		1,963			2,156			9.83	%
Total interest income		1,900,451			2,237,580			17.74	%		348,323			336,525			-3.39	%
Interest expense
Checking accounts		7,292			10,809			48.23	%		1,711			1,633			-4.56	%
Time deposits		240,799			387,378			60.87	%		66,176			62,646			-5.33	%
Savings deposits		267,521			261,570			-2.22	%		38,168			35,327			-7.44	%
Total interest on deposits		515,612			659,757			27.96	%		106,055			99,606			-6.08	%
Interbank borrowings		13,901			15,846			13.99	%		1,448			938			-35.22	%
Borrowings from domestic development banks		53,261			60,539			13.66	%		9,001			8,451			-6.11	%
Overnight funds		40,150			27,815			-30.72	%		4,201			3,070			-26.92	%
Bonds		68,138			112,204			64.67	%		19,004			17,508			-7.87	%
Total interest expense		691,062			876,161			26.78	%		139,709			129,573			-7.26	%
Net interest income		1,209,389			1,361,419			12.57	%		208,614			206,952			-0.80	%
Provision for loan and accrued interest losses, net		(290,381	)		(466,474	)		60.64	%		(63,867	)		(62,679	)		-1.86	%
Recovery of charged-off loans		25,295			56,771			124.44	%		11,272			13,150			16.66	%
Provision for foreclosed assets and other assets		(12,103	)		(11,513	)		-4.87	%		(383	)		(1,232	)		221.67	%
Recovery of provisions for foreclosed assets and other assets		13,572			30,400			123.99	%		887			240			-72.94	%
Total net provisions		(263,617	)		(390,816	)		48.25	%		(52,091	)		(50,521	)		-3.01	%
Net interest income after provision for loans and accrued interest losses		945,772			970,603			2.63	%		156,523			156,431			-0.06	%
Commissions from banking services and other services		55,337			58,807			6.27	%		13,542			12,303			-9.15	%
Electronic services and ATM’s fees, net		39,213			26,797			-31.66	%		4,101			4,180			1.93	%
Branch network services, net		46,465			49,717			7.00	%		9,333			8,265			-11.44	%
Collections and payments fees, net		67,289			77,796			15.61	%		13,008			13,712			5.41	%
Credit card merchant fees, net		5,452			5,058			-7.23	%		429			1,368			218.88	%
Credit and debit card fees, net		155,755			186,479			19.73	%		30,986			32,617			5.26	%
Checking fees, net		32,844			34,172			4.04	%		4,591			5,732			24.85	%
Check remittance, net		6,065			4,843			-20.15	%		746			764			2.41	%
International operations, net		15,571			19,164		��	23.07	%		2,559			2,647			3.44	%
Total fees and other service income		423,991			462,833			9.16	%		79,295			81,588			2.89	%
Other fees and service expenses		(50,004	)		(50,975	)		1.94	%		(8,303	)		(8,856	)		6.66	%
Total fees and income from services, net		373,987			411,858			10.13	%		70,992			72,732			2.45	%
Other operating income
Net foreign exchange gains		(53,482	)		(107,806	)		101.57	%		(117,445	)		(4,805	)		-95.91	%
Derivative Financial Instruments		182,943			67,706			-62.99	%		107,542			1,158			-98.92	%
Gains(Loss) on sales of investments on equity securities		40,727			—			*			—			—			*
Securitization income		21,844			27,162			24.35	%		8,583			2,572			-70.03	%
Dividend income		194,788			201,428			3.41	%		24			—			*
Communication, rent payments and others		674			719			6.68	%		102			104			1.96	%
Total other operating income		387,494			189,209			-51.17	%		(1,194	)		(971	)		-18.68	%
Total income		1,707,253			1,571,670			-7.94	%		226,321			228,192			0.83	%
Operating expenses
Salaries and employee benefits		321,622			377,066			17.24	%		62,747			68,221			8.72	%
Bonus plan payments		49,544			14,683			-70.36	%		1,876			1,948			3.84	%
Compensation		12,908			8,720			-32.44	%		1,217			1,631			34.02	%
Administrative and other expenses		408,921			486,695			19.02	%		79,349			69,826			-12.00	%
Deposit security, net		20,862			31,317			50.12	%		5,318			5,179			-2.61	%
Donation expenses		485			408			-15.88	%		46			48			4.35	%
Depreciation		35,418			44,895			26.76	%		7,667			7,668			0.01	%
Total operating expenses		849,760			963,784			13.42	%		158,220			154,521			-2.34	%
Net operating income		857,493			607,886			-29.11	%		68,101			73,671			8.18	%
Goodwill amortization		8,165			1,841			-77.45	%		172			—			*
Non-operating income (expense)
Other income		42,417			80,750			90.37	%		3,961			11,905			200.56	%
Other expense		(77,133	)		(39,710	)		-48.52	%		(5,236	)		(6,162	)		17.69	%
Total non-operating income		(34,716	)		41,040			218.22	%		(1,275	)		5,743			-550.43	%
Income before income taxes		814,612			647,085			-20.57	%		66,654			79,414			19.14	%
Income tax expense		(229,739	)		(92,018	)		-59.95	%		(1,444	)		(3,402	)		135.60	%
Net income		584,873			555,067			-5.10	%		65,210			76,012			16.56	%

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: July 14, 2009	By:	/s/ JAIME ALBERTO VELÁSQUEZ B.
		Name:	Jaime Alberto Velásquez B.
		Title:	Vice President of Finance