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

CONFORMED COPY

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 May 2007

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-Fþ Form 40-Fo

(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-___.)

UNCONSOLIDATED NET INCOME OF PS 48,433 MILLION FOR THE MONTH OF APRIL 2007
TOTALING PS 271,399 MILLION FOR THE FIRST FOUR MONTHS OF 2007

Medellín, Colombia, May 14, 2007

BANCOLOMBIA reported unconsolidated net income of Ps 48,433 million during the past month of April.

During April, total net interest income, including investment securities amounted to Ps 156,792 million. Additionally, total net fees and income from services totaled in the month Ps 50,579 million.

Total assets amounted to Ps 29.06 trillion, total deposits totaled Ps 19.37 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 3.40 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.75% as of April 30, 2007, and the level of allowance for past due loans was 127.51%.

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian Financial System in April 2007 was as follows: 18.1% of total deposits, 20.3% of total net loans, 19.2% of total savings accounts, 21.2% of total checking accounts and 12.9% 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									Apr07/Mar07						Annual
(Ps Millions)	Apr-06		Mar-07				Apr-06			$			%			%
ASSETS
Cash and due from banks		1,045,932		1,619,057				2,865,659			1,246,602			77.00	%		173.98	%
Overnight funds sold		63,413		1,003,168				818,915			-184,253			-18.37	%		1191.40	%
Total cash and equivalents		1,109,345		2,622,225				3,684,574			1,062,349			40.51	%		232.14	%
Debt securities		6,819,827		4,217,210				3,936,616			-280,594			-6.65	%		-42.28	%
Trading		4,672,888		1,840,863				1,696,308			-144,555			-7.85	%		-63.70	%
Available for Sale		1,086,093		1,260,883				1,139,126			-121,757			-9.66	%		4.88	%
Held to Maturity		1,060,846		1,115,464				1,101,182			-14,282			-1.28	%		3.80	%
Equity securities		908,172		1,081,727				960,204			-121,523			-11.23	%		5.73	%
Trading		3,573		120,934				578			-120,356			-99.52	%		-83.82	%
Available for Sale		904,599		960,793				959,626			-1,167			-0.12	%		6.08	%
Market value allowance		-59,819		-29,614				-29,702			-88			0.30	%		-50.35	%
Net investment securities		7,668,180		5,269,323		��		4,867,118			-402,205			-7.63	%		-36.53	%
Commercial loans		10,225,019		13,620,491				14,000,684			380,193			2.79	%		36.93	%
Consumer loans		2,116,746		2,824,068				2,863,927			39,859			1.41	%		35.30	%
Small business loans		111,900		123,044				121,756			-1,288			-1.05	%		8.81	%
Mortgage loans		1,562,463		1,705,501				1,797,894			92,393			5.42	%		15.07	%
Allowance for loans and financial leases losses		-532,128		-656,995				-656,957			38			-0.01	%		23.46	%
Net total loans and financial leases		13,484,000		17,616,109				18,127,304			511,195			2.90	%		34.44	%
Accrued interest receivable on loans		163,641		186,482				204,684			18,202			9.76	%		25.08	%
Allowance for accrued interest losses		-6,848		-8,948				-8,956			-8			0.09	%		30.78	%
Net total interest accrued		156,793		177,534				195,728			18,194			10.25	%		24.83	%
Customers’ acceptances and derivatives		100,509		173,456				193,835			20,379			11.75	%		92.85	%
Net accounts receivable		234,340		383,756				308,803			-74,953			-19.53	%		31.78	%
Net premises and equipment		343,126		364,712				362,925			-1,787			-0.49	%		5.77	%
Foreclosed assets		23,895		17,310				13,986			-3,324			-19.20	%		-41.47	%
Prepaid expenses and deferred charges		26,995		21,256				27,353			6,097			28.68	%		1.33	%
Goodwill		43,409		33,250				30,946			-2,304			-6.93	%		-28.71	%
Other		291,182		366,404				354,999			-11,405			-3.11	%		21.92	%
Reappraisal of assets		640,692		666,123				896,479			230,356			34.58	%		39.92	%
Total assets		24,122,466		27,711,458				29,064,050			1,352,592			4.88	%		20.49	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing		3,249,310		4,243,345				4,124,970			-118,375			-2.79	%		26.95	%
Checking accounts		2,966,503		3,806,841				3,836,485			29,644			0.78	%		29.33	%
Other		282,807		436,504				288,485			-148,019			-33.91	%		2.01	%
Interest bearing		10,623,450		14,651,045				15,244,686			593,641			4.05	%		43.50	%
Checking accounts		286,914		340,987				358,588			17,601			5.16	%		24.98	%
Time deposits		3,219,405		3,556,292				3,548,566			-7,726			-0.22	%		10.22	%
Savings deposits		7,117,131		10,753,766				11,337,532			583,766			5.43	%		59.30	%
Total deposits		13,872,760		18,894,390				19,369,656			475,266			2.52	%		39.62	%
Overnight funds		1,066,033		546,452				686,119			139,667			25.56	%		-35.64	%
Bank acceptances outstanding		57,031		53,284				51,205			-2,079			-3.90	%		-10.22	%
Interbank borrowings		1,673,587		1,581,683				2,210,286			628,603			39.74	%		32.07	%
Borrowings from domestic development banks		1,071,513		749,447				907,071			157,624			21.03	%		-15.35	%
Accounts payable		1,636,237		1,533,197				1,176,300			-356,897			-23.28	%		-28.11	%
Accrued interest payable		133,625		114,746				125,522			10,776			9.39	%		-6.06	%
Other liabilities		264,173		258,525				268,733			10,208			3.95	%		1.73	%
Bonds		1,041,314		560,185				532,050			-28,135			-5.02	%		-48.91	%
Accrued expenses		275,761		290,666				340,517			49,851			17.15	%		23.48	%
Total liabilities		21,092,034		24,582,575				25,667,459			1,084,884			4.41	%		21.69	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital		363,914		363,914				363,914			—			0.00	%		0.00	%
Retained earnings		1,509,057		1,647,070				1,695,503			48,433			2.94	%		12.36	%
Appropiated		1,228,943		1,424,104				1,424,104			—			0.00	%		15.88	%
Unappropiated		280,114		222,966				271,399			48,433			21.72	%		-3.11	%
Reappraisal and others		1,135,421		1,125,001				1,355,429			230,428			20.48	%		19.38	%
Gross unrealized gain or loss on debt securities		22,040		(7,102	)			(18,255	)		(11,153	)		157.04	%		-182.83	%
Total shareholder’s equity		3,030,432		3,128,883				3,396,591			267,708			8.56	%		12.08	%
Total liabilities and shareholder’s equity		24,122,466		27,711,458				29,064,050			1,352,592			4.88	%		20.49	%

BANCOLOMBIA S.A.							Growth									Growth
INCOME STATEMENT	Accumulated						Annual			Month						Month
(Ps Millions)	Apr-06			Apr-07			%			Mar-07			Apr-07			%
Interest income and expenses
Interest on loans		566,490			758,141			33.83	%		198,244			205,108			3.46	%
Interest on investment securities		70,530			87,484			24.04	%		26,902			29,831			10.89	%
Overnight funds		7,681			14,794			92.61	%		3,445			4,632			34.46	%
Total interest income		644,701			860,419			33.46	%		228,591			239,571			4.80	%
Interest expense Checking accounts		2,557			5,964			133.24	%		1,473			1,263			-14.26	%
Time deposits		69,685			78,822			13.11	%		19,846			20,975			5.69	%
Savings deposits		72,192			132,559			83.62	%		37,697			38,978			3.40	%
Total interest on deposits		144,434			217,345			50.48	%		59,016			61,216			3.73	%
Interbank borrowings		37,531			24,915			-33.61	%		5,165			9,970			93.03	%
Borrowings from domestic development banks		19,845			16,590			-16.40	%		4,065			4,696			15.52	%
Overnight funds		16,282			24,858			52.67	%		6,272			3,092			-50.70	%
Bonds		28,882			16,615			-42.47	%		3,945			3,805			-3.55	%
Total interest expense		246,974			300,323			21.60	%		78,463			82,779			5.50	%
Net interest income		397,727			560,096			40.82	%		150,128			156,792			4.44	%
Provision for loan and accrued interest losses, net		(60,326	)		(80,612	)		33.63	%		(17,681	)		(28,914	)		63.53	%
Recovery of charged-off loans		19,146			17,269			-9.80	%		4,030			3,934			-2.38	%
Provision for foreclosed assets and other assets		(10,384	)		(7,417	)		-28.57	%		(1,867	)		(2,895	)		55.06	%
Recovery of provisions for foreclosed assets and other assets		8,659			29,369			239.17	%		4,471			3,446			-22.93	%
Total net provisions		(42,905	)		(41,391	)		-3.53	%		(11,047	)		(24,429	)		121.14	%
Net interest income after provision for loans and accrued interest losses		354,822			518,705			46.19	%		139,081			132,363			-4.83	%
Commissions from banking services and other services		22,347			26,336			17.85	%		7,915			6,129			-22.56	%
Electronic services and ATM’s fees, net		28,028			22,180			-20.86	%		6,038			4,691			-22.31	%
Branch network services, net		16,835			31,549			87.40	%		8,534			7,462			-12.56	%
Collections and payments fees, net		21,867			33,273			52.16	%		8,963			8,346			-6.88	%
Credit card merchant fees, net		3,102			7,919			155.29	%		1,473			1,800			22.20	%
Credit and debit card fees, net		79,144			77,131			-2.54	%		16,039			20,584			28.34	%
Checking fees, net		18,981			21,467			13.10	%		5,995			5,182			-13.56	%
Check remittance, net		3,677			3,517			-4.35	%		862			819			-4.99	%
International operations, net		7,402			10,922			47.55	%		2,633			2,751			4.48	%
Total fees and other service income		201,383			234,294			16.34	%		58,452			57,764			-1.18	%
Other fees and service expenses		(22,581	)		(29,323	)		29.86	%		(7,579	)		(7,185	)		-5.20	%
Total fees and income from services, net		178,802			204,971			14.64	%		50,873			50,579			-0.58	%
Other operating income
Net foreign exchange gains		34,681			(30,464	)		-187.84	%		(8,737	)		(17,128	)		96.04	%
Forward contracts in foreign currency		(17,638	)		54,768			-410.51	%		24,038			27,472			14.29	%
Gains(Loss) on sales of investments on equity securities		42,127			(13,208	)		-131.35	%		—			111			*
Gains on sale of mortgage loan		—			—			0.00	%		—			—			0.00	%
Dividend income		128,490			121,964			-5.08	%		66,544			33			-99.95	%
Communication, rent payments and others		514			474			-7.78	%		117			112			-4.27	%
Total other operating income		188,174			133,534			-29.04	%		81,962			10,600			-87.07	%
Total income		721,798			857,210			18.76	%		271,916			193,542			-28.82	%
Operating expenses
Salaries and employee benefits		174,170			197,500			13.39	%		49,493			49,738			0.50	%
Bonus plan payments		6,600			13,734			108.09	%		2,831			3,547			25.29	%
Compensation		852			8,072			847.42	%		1,002			2,186			118.16	%
Administrative and other expenses		211,323			258,873			22.50	%		65,417			67,063			2.52	%
Deposit security, net		17,486			12,756			-27.05	%		3,527			2,175			-38.33	%
Donation expenses		53			128			141.51	%		29			29			0.00	%
Depreciation		23,108			24,061			4.12	%		5,997			6,031			0.57	%
Total operating expenses		433,592			515,124			18.80	%		128,296			130,769			1.93	%
Net operating income		288,206			342,086			18.69	%		143,620			62,773			-56.29	%
Merger expenses		6,632			—			*			—			—			0.00	%
Goodwill amortization		7,548			9,218			22.13	%		2,305			2,304			-0.04	%
Non-operating income (expense)
Other income		86,992			33,091			-61.96	%		6,008			10,855			80.68	%
Other expense		(16,502	)		(17,691	)		7.21	%		(4,841	)		(2,681	)		-44.62	%
Total non-operating income		70,490			15,400			-78.15	%		1,167			8,174			600.43	%
Income before income taxes		344,516			348,268			1.09	%		142,482			68,643			-51.82	%
Income tax expense		(64,402	)		(76,869	)		19.36	%		(31,159	)		(20,210	)		-35.14	%
Net income		280,114			271,399			-3.11	%		111,323			48,433			-56.49	%

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: May 14, 2007	By:	/s/ JAIME ALBERTO VELÁSQUEZ B.
		Name:	Jaime Alberto Velásquez B.
		Title:	Vice President of Finance