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 August, 2015

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-                    .

2Q15

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS SOLID RESULTS WITH A CONSOLIDATED NET INCOME OF COP 695 BILLION FOR THE SECOND QUARTER OF 2015

· Net operating income increased 11.0% compared to the first quarter of 2015 and 11.8% compared to the second quarter of 2014.This result is a combination of higher net interest income and higher financial efficiency.

· Net interest income increased 18.6% during the second quarter of 2015.It increased 19.2% in the first half of 2015 in comparison with the same period of 2014. This result is the combination of higher loan volumes in the past twelve months and stable loan net interest margins.

· Efficiency improves to 47.8% for the first six months of 2015, in comparison with 50.1% for the same period of 2014.Operating income for the first six months of 2015 grew 15.1% while operating expenses grew 11.1%.

· Net loan portfolio increased 2.4% during the second quarter of 2015 and 23.1% during the last twelve months.This loan portfolio growth was driven by commercial and mortgage loans. Also, annual growth was positively affected by the depreciation of the COP versus the USD.

· The balance sheet remains solid.90-day past due loans represented 1.8% of gross loans at the end of 2Q15 (3.1% when using the 30 day standard) and allowances represented 215% of those day past due loans (119% when using the 30-day standard). The total capital ratio was 13.7% and the Tier 1 ratio was 8.2%.

· ROE was 15.8% for the second quarter and 15% for the first six months of the 2015.

August 13, 2015. Medellín, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the second quarter of 2015¹.

For the quarter ended on June 30, 2015 (“1Q15”), Bancolombia reported consolidated net income of COP 695 billion (COP 685 billion before discontinued operations)), or COP 712 per share - USD 1.10 per ADR. This net income represents an 11% increase compared to the quarter ended on March 31, 2015 (“1Q15”) and an 11.8% increase compared to the quarter ended on June 30, 2014 “2Q15”).

All data, results, and analyses shown in this report, treat Tuya S.A. as a discontinued operation. For this reason, Bancolombia does not consolidate this operation in its consolidated financial statements and makes reference to it through a separate line on its Balance Sheet and Income Statement. For more information, See “item 3 – Recent Relevant Events” and Appendix.

1. This report corresponds to the interim unaudited consolidated financial statements of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. These financial statements have been prepared in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The statements of income for the quarter ended June 30, 2015 are not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov. CAUTIONARY NOTE REGARDING CHANGES IN THE BANK’S ACCOUNTING POLICIES: Until 2014, BANCOLOMBIA prepared its financial statements under the rules issued by Superintendencia Financiera de Colombia (Colombian GAAP). Beginning on January 1, 2015, the financial statements of BANCOLOMBIA are being prepared under IFRS. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015 and will also include the comparative financial statements for the year ending in 2014.Until Bancolombia prepares the first annual consolidated financial statements under IFRS and definitively establishes its IFRS accounting policies in accordance with the IFRS 1, the interim unaudited consolidated financial information for interim periods within 2015, and the comparative 2014 period, may be further amended.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate July 1, 2015 $2,598.68 = US$ 1

1 

2Q15

BANCOLOMBIA: Summary of consolidated financial quarterly results²

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT	Quarter									Growth
(COP millions)	2Q14			1Q15			2Q15			2Q15/1Q15			2Q15/2Q14
ASSETS
Loans		99,059,413			118,480,197			121,202,514			2.30	%		22.35	%
Investments		11,286,975			13,324,194			12,774,812			-4.12	%		13.18	%
Other assets		19,165,014			24,677,441			24,286,002			-1.59	%		26.72	%
Total assets		129,511,402			156,481,832			158,263,328			1.14	%		22.20	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		83,033,038			97,637,134			97,540,528			-0.10	%		17.47	%
Other liabilities		30,747,043			40,933,018			42,121,701			2.90	%		36.99	%
Total liabilities		113,780,081			138,570,152			139,662,229			0.79	%		22.75	%
Non-controlling interest		485,440			475,160			515,767			8.55	%		6.25	%
Shareholders' equity		15,245,881			17,436,520			18,085,332			3.72	%		18.62	%
Total liabilities and shareholders' equity		129,511,402			156,481,832			158,263,328			1.14	%		22.20	%
Interest income		2,247,217			2,654,505			2,712,365			2.18	%		20.70	%
Interest expense		(752,977	)		(892,664	)		(941,016	)		5.42	%		24.97	%
Net interest income		1,494,240			1,761,841			1,771,349			0.54	%		18.55	%
Net provisions		(250,279	)		(311,293	)		(415,926	)		33.61	%		66.18	%
Fees and income from service, net		514,225			522,698			554,100			6.01	%		7.75	%
Other operating income		175,934			213,831			174,405			-18.44	%		-0.87	%
Total Dividends received and equity method		38,211			53,897			75,779			40.60	%		98.32	%
Total operating expense		(1,114,504	)		(1,201,205	)		(1,251,358	)		4.18	%		12.28	%
Total other income (expenses)		7,590			25,788			(10,429	)		-140.44	%		-237.40	%
Profit before tax		865,417			1,065,557			897,920			-15.73	%		3.76	%
Income tax		(226,140	)		(264,556	)		(203,336	)		-23.14	%		-10.08	%
Tax on wealth		-			(162,302	)		-			-100.00	%		0.00	%
Net income before non-controlling interest		639,277			638,699			694,584			8.75	%		8.65	%
Non-controlling interest		(22,282	)		(23,772	)		(9,187	)		-61.35	%		-58.77	%
Net income before Descontinued Operations		616,995			614,927			685,397			11.46	%		11.09	%
Discontinued Operations Net Income		4,539			11,315			9,585			-40.11	%		49.28	%
Net income		621,534			626,242			694,982			10.98	%		11.82	%

PRINCIPAL RATIOS	Quarter									As of
	2Q14			1Q15			2Q15			2Q14			2Q15
PROFITABILITY
Net interest margin (1)		5.51	%		5.53	%		5.40	%		5.47	%		5.48	%
Return on average total assets (2)		1.92	%		1.63	%		1.77	%		1.88	%		1.70	%
Return on average shareholders´ equity (3)		16.56	%		14.28	%		15.78	%		16.43	%		15.02	%
EFFICIENCY
Operating expenses to net operating income		50.14	%		47.06	%		48.58	%		50.43	%		47.83	%
Operating expenses to average total assets		3.47	%		3.18	%		3.24	%		3.44	%		3.21	%
CAPITAL ADEQUACY
Shareholders' equity to total assets		11.77	%		11.14	%		11.43	%
Technical capital to risk weighted assets					14.21	%		13.66	%
KEY FINANCIAL HIGHLIGHTS
Net income per ADS (USD)		1.36			0.98			1.10
Net income per share (COP)		641.48			639.33			712.60
P/BV ADS (4)		1.71			1.41			1.49
P/BV Local (5) (6)		1.67			1.35			1.42
P/E (7)		10.46			9.77			9.57
ADR price		57.80			39.33			43.00
Common share price (8)		26,540			24,500			26,700
Weighted average of Preferred Shares outstanding (9)		961,827,000			961,827,000			961,827,000
USD exchange rate (quarter end)		1,881.19			2,598.36			2,598.68

(1) Defined as net interest income divided by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders' equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange; (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter. (9) Common and preferred.

2 

2Q15

1. BALANCE SHEET

1.1. Assets

As of June 30, 2015, Bancolombia’s assets totaled COP 158,263 billion, which represents an increase of 1.1% compared to 1Q15 and of 22.2% compared to 2Q14.The annual growth was explained, 11% by the depreciation of the peso against the dollar.

The increase in assets in the quarter and in the year was explained by the organic growth of the loan portfolio as well as by a depreciation of the COP versus the USD (remaining stable between the last days of 1Q15 and 2Q15 and 38.1% during the last 12 months).

1.2. Loan Portfolio

The following table shows the composition of Bancolombia’s investments and loans by type and currency:

(COP Million)	Amounts in COP						Amounts in USD converted to COP						Amounts in USD (thousands)						Total
(1 USD =2598,68 COP)				2Q15/1Q15						2Q15/1Q15						2Q15/1Q15						2Q15/1Q15
Commercial loans		56,216,081			3.93	%		30,313,891			-1.44	%		11,665,111			-1.45	%		86,529,972			1.98	%
Consumer loans		11,984,291			2.20	%		6,323,483			1.62	%		2,433,344			1.60	%		18,307,774			2.00	%
Mortgage loans		9,891,247			5.03	%		5,742,874			2.89	%		2,209,920			2.88	%		15,634,121			4.23	%
Small  business loans		560,505			6.22	%		192,670			9.44	%		74,141			9.43	%		753,175			7.03	%
Interests paid in advance		(19,711	)		0.03	%		(2,817	)		-11.42	%		(1,084	)		-11.43	%		(22,528	)		-1.56	%
Gross loans		78,632,413			3.81	%		42,570,101			-0.39	%		16,381,432			-0.40	%		121,202,514			2.30	%
Total assets		98,187,091			3.54	%		60,076,237			-2.56	%		23,117,982			-2.57	%		158,263,328			1.14	%

The most relevant aspects regarding the evolution of the loan portfolio during 2Q15 were:

·             The growth of commercial and mortgage loans during 2Q15 shows a sustained credit demand. Consumer loans grew over the quarter due to a recovery of demand in this segment, in line with seasonal factors.

·             COP showed no depreciation against the USD between the last days of 1Q15 and 2Q15, although it depreciated 38.1% in the last 12 months. This annual depreciation caused both the assets and liabilities denominated in USD to represent more COP when the conversion was made.

·             Mortgage loans denominated in COP presented a dynamic performance, growing 5% quarter on quarter. The dynamism of mortgage lending in Colombia is explained by lower long-term interest rates, as well as by the Colombian government’s interest rate subsidy programs. On the other hand, the mortgage balance denominated in USD from our operation in El Salvador and Panama accounted for 36% of the mortgage loans at the end of 2Q15.

·             Net loans grew 6.9% as compared to December 2014, with indicates a deceleration in the pace of growth in 2015.

Total reserves (allowances in the balance sheet) for loan losses increased by 0.75% during 2Q15 and totaled COP 4,631 billion, equivalent to 3.8% of gross loans at the end of the quarter. For further explanation regarding coverage of the loan portfolio and credit quality trends, see section “2.4. Asset Quality, Provision Charges and Balance Sheet Strength”.

3 

2Q15

The following table summarizes Bancolombia’s total loan portfolio:

LOAN PORTFOLIO
(COP million)	Jun-14			Mar-15			Jun-15			2Q15/1Q15			2Q15/2Q14			% of total loans
Commercial		70,859,548			84,850,457			86,529,972			1.98	%		22.11	%		71.4	%
Consumer		15,538,310			17,949,406			18,307,774			2.00	%		17.82	%		15.1	%
Mortgage		12,100,204			14,999,488			15,634,121			4.23	%		29.21	%		12.9	%
Microcredit		577,449			703,731			753,175			7.03	%		30.43	%		0.6	%
Interests received in advance		(16,098	)		(22,885	)		(22,528	)		-1.56	%		39.94	%		0.0	%
Total loan portfolio		99,059,413			118,480,197			121,202,514			2.30	%		22.35	%		100.0	%
Allowance for loan losses		(4,337,735	)		(4,597,073	)		(4,631,361	)		0.75	%		6.77	%
Total loans, net		94,721,678			113,883,124			116,571,153			2.36	%		23.07	%

1.3. Investment Portfolio

As of June 30, 2015, Bancolombia’s net investment portfolio totaled COP 12,775 billion, decreasing 4.1% compared to the figure reported in 1Q15 and growing 13.2% compared to 2Q14. This quarterly decrease is explained by the bank's strategy to reduce its securities portfolio. The investment portfolio consists primarily of debt securities, which represent 90.5% of Bancolombia’s total investments and 7.3% of assets at the end of 2Q15.

At the end of 2Q15, the investments in debt securities had a duration of 24.2 months and a yield to maturity of 5.43%.

1.4. Goodwill and intangibles

As of 2Q15, Bancolombia’s goodwill and intangibles totaled COP 4,934 billion, increasing 31.9% compared to 2Q14. This annual variation is explained by the depreciation of the COP against the USD during the year.

1.5. Funding

As of June 30, 2015, Bancolombia’s liabilities totaled COP 139,662 billion, increasing 0.8% compared to 1Q15 and 22.8% compared to 2Q14.

Deposits by customers totaled COP 97,208 billion (or 69.6% of liabilities) at the end of 2Q15, increasing 0.4% during the quarter and 17.6% over the last 12 months. The net loans to deposits ratio (including borrowings from domestic development banks) was 114% at the end of 2Q15, increasing compared to the 112% reported in 1Q15, and the 108% reported in 2Q14.

Bancolombia´s funding strategy during the quarter was to limit the rapid increase of the cost of deposits while maintaining the liquidity position. This strategy allowed the bank to keep the cost of deposits low during the quarter. The ultimate goal is to defend the net interest margin.

Funding mix COP Million	2Q14				1Q15				2Q15
Checking accounts		15,548,232	15	%		17,649,725	14	%		17,852,471	14	%
Saving accounts		33,657,609	32	%		38,667,767	30	%		39,136,638	30	%
Time deposits		32,602,779	31	%		38,427,656	30	%		39,165,003	30	%
Other deposits		1,286,281	1	%		5,099,439	4	%		4,135,788	3	%
Long term debt		11,754,099	11	%		14,458,397	11	%		15,124,313	12	%
Loans with banks		11,422,454	11	%		15,518,811	12	%		15,164,032	12	%
Total Funds		106,271,454	100	%		129,821,795	100	%		130,578,245	100	%

4 

2Q15

1.6. Shareholders’ Equity and Regulatory Capital

Shareholders’ equity at the end of 2Q15 was COP 18,085 billion, increasing 3.7% or COP 649 billion, with respect to the COP 17,436 billion reported at the end of 1Q15.

Bancolombia’s capital adequacy ratio was 13.7%. This figure highlights the company’s solid capital position.

Bancolombia’s capital adequacy ratio was 466 basis points above the minimum 9% required by Colombia’s regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 8.2%, 366 basis points above the regulatory minimum of 4.5%. The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 8.4% at the end of 2Q15.

TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions)	1Q15		%			2Q15		%
Basic capital (Tier I)		11,367,295		8.57	%		11,020,242		8.16	%
Additional capital (Tier II)		7,487,984		5.64	%		7,425,582		5.50	%
Technical capital (1)		18,855,278					18,445,824
Risk weighted assets included market risk		132,687,996					135,079,386
CAPITAL ADEQUACY(2)				14.21	%				13.66	%

(1) Technical capital is the sum of basic and additional capital.

(2) Capital adequacy is technical capital divided by risk weighted assets.

5 

2Q15

2. INCOME STATEMENT

Net income totaled COP 695 billion in 2Q15, or COP 712.6 per share - USD 1.10 per ADR (excluding discontinued operations). This net income represents an increase of 11.8% compared to 2Q14 and of 11% compared to 1Q15. Bancolombia’s annualized ROE for 2Q15 was 15.8%.

2.1. Net Interest Income

Net interest income totaled COP 1,771 billion in 2Q15, 0.5% greater than that reported in 1Q15, and 18.6% higher than the figure for 2Q14. The annual performance of this line was driven by higher loan volumes and the depreciation of the COP versus the USD.

During 2Q15, the investment, interest rate derivatives and repos portfolio generated COP 67.6 billion.

Net Interest Margin

The annualized net interest margin decreased to 5.4% in 2Q15, explained by the reduction of the value of debt securities in Colombia..

The annualized net interest margin for investments was -0.5%, lower than the 1.0% of 1Q15 and the annualized net interest margin of the loan portfolio was 6.0%, which is the same as in 1Q15.

Annualized Interest
Margin	2Q14			1Q15			2Q15
Loans' Interest margin		6.1	%		6.0	%		6.0	%
Debt investments' margin		0.5	%		1.0	%		-0.5	%
Net interest margin		5.5	%		5.5	%		5.4	%

The funding cost increased during 2Q15 and increased slightly due to the gradual reduction of liquidity in the Colombian economy. Savings and checking accounts represented the same proportion of the total deposits as presented last quarter (“1Q15”), and the annualized average weighted cost of deposits was 2.3% in 2Q15, increasing 0.14% compared to 1Q15.

Average weighted
funding cost	2Q14			1Q15			2Q15
Checking accounts		0.00	%		0.00	%		0.00	%
Saving accounts		1.37	%		1.34	%		1.35	%
Time deposits		3.97	%		4.11	%		4.38	%
Total deposits		2.14	%		2.19	%		2.33	%
Long term debt		6.10	%		6.56	%		6.52	%
Loans with banks		2.94	%		2.60	%		2.40	%
Total funding cost		2.69	%		2.71	%		2.79	%

2.2. Fees and Income from Services

In the 2Q15, certain accounts were reclassified as Fees, since they were previously included in the “Other Income” and “Other Expenses” lines.

6 

2Q15

During 2Q15, net fees and income from services totaled COP 554 billion, increasing 6.0% with respect to 1Q15 and increasing 7.8% with respect to 2Q14. Fees from credit and debit cards increased 4.4% compared to 1Q15 due to an increase in the volume of transactions. Fees from asset management and trust services increased 0.4% in 1Q15 and 31.4% compared to 2Q14. Fees from insurance distribution increased 28.5% with respect to 1Q15 and 29.2% with respect to 1Q14.

The following table summarizes Bancolombia’s participation in the credit card business in Colombia:

ACCUMULATED CREDIT CARD BILLING					%			2015
(COP millions)	May-14		May-15		Growth			Market Share
Bancolombia VISA		1,218,992		1,450,041		18.95	%		7.97	%
Bancolombia Mastercard		1,507,056		1,684,889		11.80	%		9.26	%
Bancolombia American Express		1,625,872		1,651,998		1.61	%		9.08	%
Total Bancolombia		4,351,920		4,786,928		10.00	%		26.31	%
Colombian Credit Card Market		16,342,132		18,192,153		11.32	%

CREDIT CARD MARKET SHARE					%			2015
(Outstanding credit cards)	May-14		May-15		Growth			Market Share
Bancolombia VISA		466,165		530,166		13.73	%		5.20	%
Bancolombia Mastercard		612,902		684,295		11.65	%		6.71	%
Bancolombia American Express		691,392		692,764		0.20	%		6.79	%
Total Bancolombia		1,770,459		1,907,225		7.72	%		18.69	%
Colombian Credit Card Market		9,337,422		10,202,533		9.26	%

2.3. Other Operating Income

Total other operating income was COP 174 billion in 2Q15, decreasing 18.4% compared to 2Q15, and decreasing 0.9% with respect to 2Q14.

Revenues aggregated in the operating leases line totaled COP 93 billion in 2Q15, and decreased 9% compared to 1Q15 and decreased 11% compared to 2Q14.

2.4. Asset Quality, Provision Charges and Balance Sheet Strength

Past due loans (those that are overdue for more than 30 days) totaled COP 3,604 billion at the end of 2Q15 and represented 3.1% of total gross loans, increasing compared to the 3.0% reported in 1Q15. Charge-offs totaled COP 265 billion in 2Q15.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 118,7% at the end of 2Q15, decreasing with respect to the 120,1% in 1Q15. Likewise, the coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 99% at the end of 2Q15, decreasing with respect to the 101% reported in 1Q15.

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 446 billion in 2Q15, which represented 0.4% of the loan portfolio at the beginning of the quarter.

Provision charges (net of recoveries) totaled COP 416 billion in 2Q15. Provisions as a percentage of the average gross loans were 1.4% for 2Q15.

Bancolombia maintains a strong balance sheet supported on an adequate level of loan loss reserves. Allowances for loan losses totaled COP 4,278 billion, or 3.7% of total loans at the end of 2Q15. This proportion increased with respect to the 3.6% presented at the end of 1Q15.

7 

2Q15

The following tables present key metrics related to asset quality:

ASSET QUALITY	As of
( COP millions)	Mar-15			Jun-15
Total past due loans		3,424,230			3,604,672
Allowance for loan losses		4,132,971			4,278,441
Past due loans to total loans		3.02	%		3.11	%
“C”, “D” and “E” loans as a percentage of total loans		3.60	%		3.74	%
Allowances to past due loans (2)		120.70	%		118.69	%
Allowance for loan  losses as a percentage of “C”, “D” and “E” loans (2)		101.06	%		98.61	%
Allowance for loan losses as a percentage of total loans		3.64	%		3.69	%

(1) Allowances are reserves for the principal of loans.

(2) Under Colombian Bank regulations, a loan is past due when it is at least 31 days past the actual due date.

PDL Per Category				30 days
	% Of loan Portfolio			1Q15			2Q15
Commercial loans		71.4	%		1.90	%		1.90	%
Consumer loans		15.1	%		4.40	%		4.50	%
Microcredit		0.6	%		8.33	%		8.57	%
Mortgage loans		12.9	%		6.60	%		6.70	%
PDL TOTAL					3.00	%		3.10	%

PDL Per Category				90 days
	% Of loan Portfolio			1Q15			2Q15
Commercial loans		71.4	%		1.40	%		1.40	%
Consumer loans		15.1	%		2.00	%		2.30	%
Microcredit		0.6	%		5.12	%		5.55	%
Mortgage loans		12.9	%		3.00	%		3.20	%
PDL TOTAL					1.70	%		1.80	%

LOANS AND FINANCIAL LEASES CLASSIFICATION ( COP millions)	Mar-15					Jun-15
¨A¨ Normal		107,445,075		90.67	%		109,931,388		90.68	%
¨B¨ Subnormal		6,581,199		5.55	%		6,648,655		5.48	%
¨C¨ Deficient		2,023,385		1.71	%		1,943,792		1.60	%
¨D¨ Doubtful recovery		1,325,902		1.12	%		1,737,578		1.43	%
¨E¨ Unrecoverable		1,127,520		0.95	%		963,629		0.81	%
Total		118,503,081		100.00	%		121,225,041		100.00	%
Loans and financial leases classified as C, D and E as a percentage of total loans and financial leases		3.90	%				3.96	%

2.5. Operating Expenses

During 2Q15, operating expenses totaled COP 1,251 billion, increasing 4.2% with respect to 1Q15 and increasing 12.3% with respect to 2Q14.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 547 billion in 2Q15, increasing 5.8% compared to 1Q15 and increasing 22.5% compared to 2Q14.

During 2Q15, administrative expenses totaled COP 481 billion, increasing 1.9% compared to 1Q15 and increasing 8.4% as compared to 2Q14.

Amortization and depreciation expenses totaled COP 105 billion in 2Q15, decreasing 0.1% compared to 1Q15 and increasing decreasing 4.3% compared to 2Q14.

As of June 30, 2015, Bancolombia had more than 30,514 employees, and owned 1,069 branches and 4,696 ATMs.

8 

2Q15

3. RECENT DEVELOPMENTS

On June 30, 2015 Bancolombia S.A (“Bancolombia”), Fondo de Empleados of Grupo Bancolombia- FEBANC and Fundacion Bancolombia, (“the sellers”), and Almacenes Éxito S.A (Almacenes Exito) and Almacenes Éxito Inversiones S.A.S (“the buyers”) entered into a purchase and sale agreement whereby the sellers will transfer 50% of the shares of Compañia de Financiamiento Tuya S.A (“Tuya”), a financial institution located in Colombia through which sellers and buyers have developed a commercial alliance for financing business growth and the strengthening of consumer credit.

The purchase price will be determined at the closing and will equal the sum of:

(i) Fifty percent (50%) of the sum of the following accounts of Tuya according to the most recent financial statements before the closing (a) equity (b) capital stock (c) additional paid in capital (ii) One thousand five hundred million Colombian pesos (COP1,500,000,000) The sale is subject to certain conditions, including, among others, receipt of the required regulatory approvals by the Colombian Superintendence of Finance.

This transaction will not produce a material impact on Grupo Bancolombia’s income and dividends from Tuya, due to subsisting commercial and business conditions in which the commercial alliance with Almacenes Exito has developed.

9 

2Q15

4. BANCOLOMBIA Company Description (NYSE: CIB)

GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 9 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional network comprised of: Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate (Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Cayman and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.

Contact Information

Bancolombia’s Investor Relations

Phone:(574) 4041837 / (574) 4041838

E-mail:investorrelations@bancolombia.com.co

Alejandro Mejia (IR Manager) / Camilo Arbelaez (Analyst)

Website:http://www.grupobancolombia.com/investorRelations/

10 

2Q15

BALANCE SHEET										Growth
(COP million)	Jun-14			Mar-15			Jun-15			Jun-15 / Mar-15			Jun-15 / Jun-14			% of Assets			% of Liabilities
ASSETS
Cash and balances at central bank		8,254,171			10,946,384			10,771,960			-1.59	%		30.50	%		6.81	%
Interbank borrowings		1,838,477			1,524,439			1,087,203			-28.68	%		-40.86	%		0.69	%
Reverse repurchase agreements and other similar secured lend		845,646			942,245			1,236,053			31.18	%		46.17	%		0.78	%
Investments		11,286,975			13,324,194			12,774,812			-4.12	%		13.18	%		8.07	%
Derivative financial instruments - Assets		553,659			1,618,568			1,354,933			-16.29	%		144.72	%		0.86	%
Loans and advances to customers		99,059,413			118,480,197			121,202,514			2.30	%		22.35	%		76.58	%
Allowance for loan and lease losses		(4,337,735	)		(4,597,073	)		(4,631,361	)		0.75	%		6.77	%		-2.93	%
Investment in associates and joint ventures		897,570			1,209,209			1,300,574			7.56	%		44.90	%		0.82	%
Goodwill and Intangible assets		3,741,326			4,943,569			4,933,573			-0.20	%		31.87	%		3.12	%
Premises and equipment		2,265,534			2,495,262			2,585,540			3.62	%		14.12	%		1.63	%
Investment property		1,044,113			1,138,332			1,261,018			10.78	%		20.77	%		0.80	%
Prepayments		159,759			218,148			228,115			4.57	%		42.79	%		0.14	%
Tax receivables		148,014			367,274			727,901			98.19	%		391.78	%		0.46	%
Deferred tax		368,416			540,450			459,257			-15.02	%		24.66	%		0.29	%
Assets held for sale		226,759			197,196			202,062			2.47	%		-10.89	%		0.13	%
Other assets		1,397,549			1,481,817			1,137,768			-23.22	%		-18.59	%		0.72	%
Discontinued operations (Assets)		1,761,756			1,651,621			1,631,406			-1.22	%		-7.40	%
Total assets		129,511,402			156,481,832			158,263,328			1.14	%		22.20	%		100.00	%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposit by customers		82,672,388			96,829,029			97,208,199			0.39	%		17.58	%		61.42	%		69.60	%
Interbank Deposits		360,650			808,105			332,329			-58.88	%		-7.85	%		0.21	%		0.24	%
Derivative financial instrument - Liabilities		384,366			1,279,915			1,106,328			-13.56	%		187.83	%		0.70	%		0.79	%
Borrowings from other financial institutions		11,061,804			14,710,706			14,831,703			0.82	%		34.08	%		9.37	%		10.62	%
Debt securities in issue		11,754,099			14,458,397			15,124,313			4.61	%		28.67	%		9.56	%		10.83	%
Preferred shares		550,504			537,335			551,401			2.62	%		0.16	%		0.35	%		0.39	%
Repurchase agreements and other similar secured borrowing		422,513			3,015,558			3,081,701			2.19	%		629.37	%		1.95	%		2.21	%
Tax liabilities		78,663			245,678			324,900			32.25	%		313.03	%		0.21	%		0.23	%
Deferred tax liabilities		569,849			696,700			776,156			11.40	%		36.20	%		0.49	%		0.56	%
Employee pension plan		120,574			128,323			135,828			5.85	%		12.65	%		0.09	%		0.10	%
Other liabilities		4,241,289			4,414,572			4,772,197			8.10	%		12.52	%		3.02	%		3.42	%
Discontinued operations (Liabilities)		1,563,382			1,445,834			1,417,174			-1.98	%		-9.35	%
Total liabilities		113,780,081			138,570,152			139,662,229			0.79	%		22.75	%		88.25	%		100.00	%
SHAREHOLDERS' EQUITY
Capital		464,495			480,914			480,914			0.00	%		3.53	%		0.30	%
Additional paid-in-capital		4,857,914			4,857,454			4,857,454			0.00	%		-0.01	%		3.07	%
Appropriate reserves		5,180,046			6,005,783			6,006,764			0.02	%		15.96	%		3.80	%
Retained earnings		4,790,592			5,280,049			5,969,300			13.05	%		24.60	%		3.77	%
Cumulative other comprehensive income		(47,166	)		812,320			770,900			-5.10	%		1734.44	%		0.49	%
Stockholders’ equity attributable the owners of the parent company		15,245,881			17,436,520			18,085,332			3.72	%		18.62	%		11.43	%
Non-controlling interest		485,440			475,160			515,767			8.55	%		6.25	%		0.33	%
Total liabilities and stockholders' equity		129,511,402			156,481,832			158,263,328			1.14	%		22.20	%		100.00	%

11 

2Q15

INCOME STATEMENT	As of					Growth									Growth
(COP million)		Jun-14		Jun-15			Jun-15/Jun-14		2Q14		1Q15		2Q15			2Q15/1Q15		2Q15/2Q14
Interest income and expenses
Interest on loans
Commercial		2,019,201		2,575,491			27.55	%	1,055,126		1,263,173		1,312,318			3.89	%	24.38	%
Consumer		971,543		1,084,818			11.66	%	483,098		539,909		544,909			0.93	%	12.79	%
Small business loans		64,828		88,360			36.30	%	33,108		42,826		45,534			6.32	%	37.53	%
Mortgage		606,153		677,838			11.83	%	308,512		323,203		354,635			9.73	%	14.95	%
Leasing		557,290		760,415			36.45	%	276,090		376,458		383,957			1.99	%	39.07	%
Total Interest on loans		4,219,015		5,186,922			22.94	%	2,155,934		2,545,569		2,641,353			3.76	%	22.52	%
Overnight and market funds		6,283		6,192			-1.45	%	2,966		2,803		3,389			20.91	%	14.26	%
Investment
Debt investments, net		15,978		24,645			54.24	%	8,429		12,479		12,166			-2.51	%	44.34	%
Net gains from investment activities at fair value through income statement
Debt investments		245,241		220,185			-10.22	%	61,130		138,877		81,308			-41.45	%	33.01	%
Derivatives		(61,392	)	(14,626	)		-76.18	%	(16,526	)	(19,288	)	4,662			124.17	%	128.21	%
Repos		90,727		(46,462	)		-151.21	%	42,341		(22,575	)	(23,887	)		5.81	%	-156.42	%
Others		(10,147	)	(9,986	)		-1.59	%	(7,057	)	(3,360	)	(6,626	)		97.20	%	-6.11	%
Net gains from investment activities at fair value through income statement		264,429		149,111			-43.61	%	79,888		93,654		55,457			-40.79	%	-30.58	%
Total interest on investment securities		280,407		173,756			-38.03	%	88,317		106,133		67,623			-36.28	%	-23.43	%
Total interest income		4,505,705		5,366,870			19.11	%	2,247,217		2,654,505		2,712,365			2.18	%	20.70	%
Interest expense
Borrowing costs		(194,667	)	(196,460	)		0.92	%	(97,617	)	(101,794	)	(94,666	)		-7.00	%	-3.02	%
Overnight funds		(944	)	(3,860	)		308.90	%	(147	)	(2,130	)	(1,730	)		-18.78	%	1076.87	%
Debt securities in issue		(371,132	)	(473,176	)		27.50	%	(184,689	)	(231,997	)	(241,179	)		3.96	%	30.59	%
Deposits		(919,103	)	(1,089,796	)		18.57	%	(445,914	)	(524,681	)	(565,115	)		7.71	%	26.73	%
Other interest (expense)		(55,419	)	(70,388	)		27.01	%	(24,610	)	(32,062	)	(38,326	)		19.54	%	55.73	%
Total interest expense		(1,541,265	)	(1,833,680	)		18.97	%	(752,977	)	(892,664	)	(941,016	)		5.42	%	24.97	%
Net interest income		2,964,440		3,533,190			19.19	%	1,494,240		1,761,841		1,771,349			0.54	%	18.55	%
Loan loss provisions		(592,902	)	(768,940	)		29.69	%	(276,590	)	(328,927	)	(440,013	)		33.77	%	59.08	%
Recovery of charged-off loans		72,492		99,888			37.79	%	37,405		29,108		70,780			143.16	%	89.23	%
Other assets impairment		(32,359	)	(58,167	)		79.76	%	(11,094	)	(11,474	)	(46,693	)		306.95	%	320.89	%
Total net provisions		(552,769	)	(727,219	)		31.56	%	(250,279	)	(311,293	)	(415,926	)		33.61	%	66.18	%
Net interest income after provision, net		2,411,671		2,805,971			16.35	%	1,243,961		1,450,548		1,355,423			-6.56	%	8.96	%
Fees and other service income
Banking services		322,650		343,944			6.60	%	165,836		172,990		170,954			-1.18	%	3.09	%
Credit and debit card fees		336,138		415,754			23.69	%	167,573		203,424		212,330			4.38	%	26.71	%
Electronic services and ATM fees		162,301		185,288			14.16	%	82,877		91,094		94,194			3.40	%	13.66	%
Brokerage		11,377		11,541			1.44	%	6,264		4,736		6,805			43.69	%	8.64	%
Acceptances, Guarantees and Standby letters of credits		25,211		21,950			-12.93	%	9,927		11,291		10,659			-5.60	%	7.37	%
Trust		100,579		130,823			30.07	%	49,868		65,296		65,527			0.35	%	31.40	%
Bancassurance		99,673		122,298			22.70	%	53,244		53,516		68,782			28.53	%	29.18	%
Payments and Collections		85,680		96,202			12.28	%	44,723		46,428		49,774			7.21	%	11.29	%
Others		178,002		147,103			-17.36	%	101,847		67,917		79,186			16.59	%	-22.25	%
Fees and other service income		1,321,611		1,474,903			11.60	%	682,159		716,692		758,211			5.79	%	11.15	%
Fees and other service expenses
Banking services		(105,797	)	(119,841	)		13.27	%	(55,277	)	(60,433	)	(59,408	)		-1.70	%	7.47	%
Others		(212,245	)	(278,264	)		31.11	%	(112,657	)	(133,561	)	(144,703	)		8.34	%	28.45	%
Fees and other service expenses		(318,042	)	(398,105	)		25.17	%	(167,934	)	(193,994	)	(204,111	)		5.22	%	21.54	%
Total fees and income from services, net		1,003,569		1,076,798			7.30	%	514,225		522,698		554,100			6.01	%	7.75	%
Other operating income
Derivatives FX contracts		39,267		100,724			156.51	%	18,740		49,389		51,335			3.94	%	173.93	%
Net foreign exchange		77,321		90,010			16.41	%	45,721		54,209		35,801			-33.96	%	-21.70	%
Hedging		(13,761	)	(6,382	)		-53.62	%	(6,906	)	(7,887	)	1,505			-119.08	%	-121.79	%
Operating leases		185,156		195,900			5.80	%	104,571		102,551		93,349			-8.97	%	-10.73	%
Gains (or losses) on sale of assets		(1,520	)	6,248			511.05	%	7,242		14,503		(8,255	)		-156.92	%	-213.99	%
Other reversals		7,947		1,736			-78.16	%	6,566		1,066		670			-37.15	%	-89.80	%
Total other operating income		294,410		388,236			31.87	%	175,934		213,831		174,405			-18.44	%	-0.87	%
Dividends received and equity method
Dividends		35,416		20,209			-42.94	%	8,588		9,967		10,242			2.76	%	19.26	%
Equity investments		10,851		57,528			430.16	%	5,847		10,203		47,325			363.83	%	709.39	%
Equity method		67,159		51,939			-22.66	%	23,776		33,727		18,212			-46.00	%	-23.40	%
Total Dividends received and equity method		113,426		129,676			14.33	%	38,211		53,897		75,779			40.60	%	98.32	%
Total income		3,823,076		4,400,681			15.11	%	1,972,331		2,240,974		2,159,707			-3.63	%	9.50	%

12 

2Q15

INCOME STATEMENT	As of					Growth									Growth
(COP million)		Jun-14		Jun-15			Jun-15/Jun-14		2Q14		1Q15		2Q15			2Q15/1Q15		2Q15/2Q14
Operating expenses
Salaries and employee benefits		(800,678	)	(928,726	)		15.99	%	(396,895	)	(464,024	)	(464,702	)		0.15	%	17.08	%
Bonuses		(100,826	)	(134,724	)		33.62	%	(49,611	)	(52,672	)	(82,052	)		55.78	%	65.39	%
Administration and general expenses		(886,157	)	(953,783	)		7.63	%	(444,010	)	(472,433	)	(481,350	)		1.89	%	8.41	%
Contributions and other tax burden		(216,597	)	(225,895	)		4.29	%	(114,627	)	(107,291	)	(118,604	)		10.54	%	3.47	%
Depreciation and amortization		(202,436	)	(209,435	)		3.46	%	(109,361	)	(104,785	)	(104,650	)		-0.13	%	-4.31	%
Total operating expenses		(2,206,694	)	(2,452,563	)		11.14	%	(1,114,504	)	(1,201,205	)	(1,251,358	)		4.18	%	12.28	%
Net operating income		1,616,382		1,948,118			20.52	%	857,827		1,039,769		908,349			-12.64	%	5.89	%
Other income (expenses)
Other income		170,103		131,828			-22.50	%	84,390		68,089		63,739			-6.39	%	-24.47	%
Other expenses		(129,232	)	(116,469	)		-9.88	%	(76,800	)	(42,301	)	(74,168	)		75.33	%	-3.43	%
Total other income (expenses)		40,871		15,359			-62.42	%	7,590		25,788		(10,429	)		-140.44	%	-237.40	%
Profit before tax		1,657,253		1,963,477			18.48	%	865,417		1,065,557		897,920			-15.73	%	3.76	%
Income tax		(423,181	)	(467,892	)		10.57	%	(226,140	)	(264,556	)	(203,336	)		-23.14	%	-10.08	%
Tax on wealth		-		(162,302	)		0.00	%	-		(162,302	)	-			-100.00	%	0.00	%
Net income before non-controlling interest		1,234,072		1,333,283			8.04	%	639,277		638,699		694,584			8.75	%	8.65	%
Non-controlling interest		(26,327	)	(32,959	)		25.19	%	(22,282	)	(23,772	)	(9,187	)		-61.35	%	-58.77	%
Net income before Descontinued Operations		1,207,745		1,300,324			7.67	%	616,995		614,927		685,397			11.46	%	11.09	%
Discontinued Operations Net Income		25,509		20,900			-18.07	%	4,539		11,315		9,585			-15.29	%	111.17	%
Net income		1,233,254		1,321,224			7.13	%	621,534		626,242		694,982			10.98	%	11.82	%

13 

2Q15

APPENDIX

The following table summarizes the consolidated Balance Sheet and Income Statements including Tuya S.A. as an ongoing operation.

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP millions)	2Q14			1Q15			2Q15			2Q15/1Q15			2Q15/2Q14
ASSETS
Loans		100,745,428			120,155,760			122,908,243			2.29	%		22.00	%
Investments		11,339,303			13,368,676			12,824,160			-4.07	%		13.09	%
Other assets		17,426,671			22,957,396			22,481,021			-2.08	%		29.00	%
Total assets		129,511,402			156,481,832			158,263,328			1.14	%		22.20	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		84,242,990			98,688,452			98,606,641			-0.08	%		17.05	%
Other liabilities		29,537,091			39,881,700			41,055,588			2.94	%		39.00	%
Total liabilities		113,780,081			138,570,152			139,662,229			0.79	%		22.75	%
Shareholders' equity		15,731,321			17,911,680			18,601,099			3.85	%		18.24	%
Total liabilities and shareholders' equity		129,511,402			156,481,832			158,263,328			1.14	%		22.20	%
Interest income		2,344,354			2,749,212			2,807,471			2.12	%		19.75	%
Interest expense		(770,456	)		(910,639	)		(958,659	)		5.27	%		24.43	%
Net interest income		1,573,898			1,838,573			1,848,812			0.56	%		17.47	%
Net provisions		(322,616	)		(373,357	)		(496,547	)		33.00	%		53.91	%
Fees and income from service, net		531,582			540,857			573,199			5.98	%		7.83	%
Other operating income		175,981			213,841			174,418			-18.44	%		-0.89	%
Total Dividends received and equity method		38,289			53,996			75,866			40.50	%		98.14	%
Total operating expense		(1,198,434	)		(1,290,249	)		(1,334,615	)		3.44	%		11.36	%
Total other income (expenses)		73,909			102,515			65,020			-36.58	%		-12.03	%
Profit before tax		872,609			1,086,176			906,153			-16.57	%		3.84	%
Income tax		(228,793	)		(273,860	)		(201,984	)		-26.25	%		-11.72	%
Tax on wealth		-			(162,302	)		-			-100.00	%		0.00	%
Net income		643,816			650,014			704,169			8.33	%		9.37	%
Non-controlling interest		(22,282	)		(23,772	)		(9,187	)		-61.35	%		-58.77	%
Net income attributable to the owners of the parent company		621,534			626,242			694,982			10.98	%		11.82	%

14 

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:  August 13, 2015	By:	/s/  JAIME ALBERTO VELÁSQUEZ B.
		Name:	Jaime Alberto Velásquez B.
		Title:	Vice President of Strategy and Finance