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 November 2005
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 [ ]
(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]
(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: November 15, 2005 By /s/ JAIME ALBERTO VELASQUEZ B.
----------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LETTERHEAD]
BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS $600,010 MILLION
DURING THE FIRST TEN MONTHS OF 2005
MEDELLIN, COLOMBIA. NOVEMBER 15, 2005
BANCOLOMBIA reported accumulated unconsolidated net income of Ps $600,010
million as of October 31, 2005. For the first ten months of 2005, the total net
interest, including investment securities amounted to Ps$1,364,494 million.
Additionally, total net fees and income from services amounted to Ps $435,686
million.
Total assets amounted to Ps 22.69 trillion in October 2005, total deposits
totaled Ps 13.61 trillion and BANCOLOMBIA's total shareholders' equity amounted
to Ps 3.10 trillion.
BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 3.75% as of October 31, 2005, and the level of allowance for past due
loans was 113.54%.
MARKET SHARE
According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in October 2005 was
as follows: 17.6% of total deposits, 21.4% of total net loans, 18.2% of total
savings accounts, 18.4% of total checking accounts and 15.4% of total time
deposits.
*This report corresponds to the unconsolidated financial statements of
BANCOLOMBIA, giving effect to the merger. 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. All growth rates
mentioned herein are not adjusted for inflation.
[BANCOLOMBIA LOGO]
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OCTOBER 2005
BANCOLOMBIA S.A. GROWTH
BALANCE SHEET AS OF OCT05/SEP05
--------------------------- ---------------------------
(Ps Millions) SEP-05 OCT-05 $ %
---------- ---------- ---------- ----------
ASSETS
Cash and due from banks 866.591 968.642 102.051 11,78%
Overnight funds sold 68.944 79.811 10.867 15,76%
TOTAL CASH AND EQUIVALENTS 935.535 1.048.453 112.918 12,07%
---------- ---------- ---------- ----------
DEBT SECURITIES 6.024.510 6.644.420 619.910 10,29%
Trading 3.701.030 3.613.165 -87.865 -2,37%
Available for Sale 1.360.557 1.730.391 369.834 27,18%
Held to Maturity 962.923 1.300.864 337.941 35,10%
EQUITY SECURITIES 930.966 801.047 -129.919 -13,96%
Trading 133.574 425 -133.149 -99,68%
Available for Sale 797.392 800.622 3.230 0,41%
Market value allowance -37.729 -37.954 -225 0,60%
NET INVESTMENT SECURITIES 6.917.747 7.407.513 489.766 7,08%
---------- ---------- ---------- ----------
Commercial loans 9.492.854 9.319.804 -173.050 -1,82%
Consumer loans 1.999.904 2.010.039 10.135 0,51%
Small business loans 98.620 97.080 -1.540 -1,56%
Mortgage loans 1.475.421 1.467.369 -8.052 -0,55%
Allowance for loans and financial leases losses -586.765 -545.113 41.652 -7,10%
NET TOTAL LOANS AND FINANCIAL LEASES 12.480.034 12.349.179 -130.855 -1,05%
---------- ---------- ---------- ----------
Accrued interest receivable on loans 153.038 158.442 5.404 3,53%
Allowance for accrued interest losses -11.433 -9.524 1.909 -16,70%
NET TOTAL INTEREST ACCRUED 141.605 148.918 7.313 5,16%
---------- ---------- ---------- ----------
Customers' acceptances and derivatives 94.139 152.797 58.658 62,31%
Net accounts receivable 152.396 155.173 2.777 1,82%
Net premises and equipment 344.639 343.507 -1.132 -0,33%
Foreclosed assets 36.096 36.771 675 1,87%
Prepaid expenses and deferred charges 9.345 18.253 8.908 95,32%
Goodwill 56.621 54.734 -1.887 -3,33%
Other 173.560 266.910 93.350 53,79%
Reappraisal of assets 678.162 705.713 27.551 4,06%
---------- ---------- ---------- ----------
TOTAL ASSETS 22.019.879 22.687.921 668.042 3,03%
========== ========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2.806.772 2.766.967 -39.805 -1,42%
Checking accounts 2.433.865 2.497.776 63.911 2,63%
Other 372.907 269.191 -103.716 -27,81%
---------- ---------- ---------- ----------
INTEREST BEARING 10.647.091 10.842.586 195.495 1,84%
Checking accounts 191.186 171.517 -19.669 -10,29%
Time deposits 3.179.636 3.135.097 -44.539 -1,40%
Savings deposits 7.276.269 7.535.972 259.703 3,57%
---------- ---------- ---------- ----------
TOTAL DEPOSITS 13.453.863 13.609.553 155.690 1,16%
Overnight funds 539.117 983.386 444.269 82,41%
Bank acceptances outstanding 56.584 69.872 13.288 23,48%
Interbank borrowings 1.376.618 1.478.910 102.292 7,43%
Borrowings from domestic development banks 874.960 880.531 5.571 0,64%
Accounts payable 722.305 549.971 -172.334 -23,86%
Accrued interest payable 133.028 137.345 4.317 3,25%
Other liabilities 197.676 256.642 58.966 29,83%
Bonds 1.292.140 1.284.149 -7.991 -0,62%
Accrued expenses 319.492 338.996 19.504 6,10%
---------- ---------- ---------- ----------
TOTAL LIABILITIES 18.965.783 19.589.355 623.572 3,29%
========== ========== ========== ==========
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 0 0,00%
---------- ---------- ---------- ----------
RETAINED EARNINGS 1.415.800 1.461.310 45.510 3,21%
Appropiated 861.300 861.300 0 0,00%
Unappropiated 554.500 600.010 45.510 8,21%
---------- ---------- ---------- ----------
REAPPRAISAL AND OTHERS 1.180.111 1.211.343 31.232 2,65%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 94.271 61.999 -32.272 -34,23%
---------- ---------- ---------- ----------
TOTAL SHAREHOLDER'S EQUITY 3.054.096 3.098.566 44.470 1,46%
========== ========== ========== ==========
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 22.019.879 22.687.921 668.042 3,03%
========== ========== ========== ==========
[BANCOLOMBIA LOGO]
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OCTOBER 2005
BANCOLOMBIA S.A. VARIATION
INCOME STATEMENT ACCUMULATED MONTH SEP-OCT05
(Ps Millions) SEP-05 OCT-05 AUG-05 SEP-05 OCT-05 %
--------- --------- -------- -------- -------- --------
INTEREST INCOME AND EXPENSES
Interest on loans 1.303.544 1.455.365 149.322 151.400 151.821 0,28%
Interest on investment securities 544.594 564.996 46.035 125.792 20.402 -83,78%
Overnight funds 15.830 17.752 2.444 1.949 1.922 -1,39%
TOTAL INTEREST INCOME 1.863.968 2.038.113 197.801 279.141 174.145 -37,61%
--------- --------- -------- -------- -------- --------
Interest expense
Checking accounts 4.390 4.970 513 592 580 -2,03%
Time deposits 212.305 231.518 21.776 20.667 19.213 -7,04%
Savings deposits 178.716 200.033 20.872 19.958 21.317 6,81%
TOTAL INTEREST ON DEPOSITS 395.411 436.521 43.161 41.217 41.110 -0,26%
--------- --------- -------- -------- -------- --------
Interbank borrowings 35.021 40.135 4.724 4.711 5.114 8,55%
Borrowings from domestic development banks 55.853 61.438 5.865 5.710 5.585 -2,19%
Overnight funds 36.358 39.703 2.786 2.460 3.345 35,98%
Bonds 86.864 95.822 9.556 8.995 8.958 -0,41%
TOTAL INTEREST EXPENSE 609.507 673.619 66.092 63.093 64.112 1,62%
--------- --------- -------- -------- -------- --------
NET INTEREST INCOME 1.254.461 1.364.494 131.709 216.048 110.033 -49,07%
Provision for loan and accrued interest losses, net (107.430) (122.746) (6.608) (23.762) (15.316) -35,54%
Recovery of charged-off loans 43.927 62.856 5.238 3.308 18.929 472,22%
Provision for foreclosed assets and other assets (47.831) (61.979) (4.945) (7.300) (14.148) 93,81%
Recovery of provisions for foreclosed assets and other 30.047 32.473 4.029 1.421 2.426 70,72%
--------- --------- -------- -------- -------- --------
assets
TOTAL NET PROVISIONS (81.287) (89.396) (2.286) (26.333) (8.109) -69,21%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 1.173.174 1.275.098 129.423 189.715 101.924 -46,28%
--------- --------- -------- -------- -------- --------
Commissions from banking services and other services 44.757 49.843 4.244 5.676 5.086 -10,39%
Electronic services and ATM's fees, net 78.771 85.766 7.258 6.494 6.995 7,71%
Branch network services, net 35.643 39.828 4.432 4.336 4.185 -3,48%
Collections and payments fees, net 41.683 46.296 4.907 4.810 4.613 -4,10%
Credit card merchant fees, net 7.387 8.448 716 1.211 1.061 -12,39%
Credit and debit card fees, net 152.967 171.815 17.647 17.884 18.848 5,39%
Checking fees, net 40.939 45.357 4.843 4.817 4.418 -8,28%
Check remittance, net 7.723 8.585 972 938 862 -8,10%
International operations, net 18.017 19.731 2.005 1.694 1.714 1,18%
TOTAL FEES AND OTHER SERVICE INCOME 427.887 475.669 47.024 47.860 47.782 -0,16%
--------- --------- -------- -------- -------- --------
Other fees and service expenses (34.498) (39.983) (4.863) (4.364) (5.485) 25,69%
TOTAL FEES AND INCOME FROM SERVICES, NET 393.389 435.686 42.161 43.496 42.297 -2,76%
--------- --------- -------- -------- -------- --------
OTHER OPERATING INCOME
Net foreign exchange gains (63.263) (58.699) (1.628) (8.821) 4.564 -151,74%
Forward contracts in foreign currency 124.064 132.459 9.746 15.414 8.395 -45,54%
Dividend income 99.997 99.997 24 - - 0,00%
Communication, rent payments and others 1.255 1.390 144 136 135 -0,74%
TOTAL OTHER OPERATING INCOME 162.053 175.147 8.286 6.729 13.094 94,59%
--------- --------- -------- -------- -------- --------
TOTAL INCOME 1.728.616 1.885.931 179.870 239.940 157.315 -34,44%
OPERATING EXPENSES
Salaries and employee benefits 378.088 421.809 42.655 46.043 43.721 -5,04%
Bonus plan payments 12.016 13.882 2.378 4.870 1.866 -61,68%
Compensation 5.849 7.046 591 747 1.197 60,24%
Administrative and other expenses 505.901 549.452 64.673 66.982 43.551 -34,98%
Deposit security, net 37.695 39.922 1.990 4.715 2.227 -52,77%
Donation expenses 410 422 15 13 12 -7,69%
Depreciation 48.870 54.107 5.344 6.817 5.237 -23,18%
TOTAL OPERATING EXPENSES 988.829 1.086.640 117.646 130.187 97.811 -24,87%
--------- --------- -------- -------- -------- --------
NET OPERATING INCOME 739.787 799.291 62.224 109.753 59.504 -45,78%
Merger expenses 30.576 34.982 3.766 3.871 4.406 13,82%
Goodwill amortization Banco de Colombia 16.986 18.874 1.887 1.887 1.888 0,05%
NON-OPERATING INCOME (EXPENSE)
Other income 34.605 35.675 3.638 2.282 1.070 -53,11%
Other expense (55.089) (57.686) (4.665) (10.843) (2.597) -76,05%
TOTAL NON-OPERATING INCOME (20.484) (22.011) (1.027) (8.561) (1.527) -82,16%
INCOME BEFORE INCOME TAXES 671.741 723.424 55.544 95.434 51.683 -45,84%
Income tax expense (117.241) (123.414) (88) (10.380) (6.173) -40,53%
--------- --------- -------- -------- -------- --------
NET INCOME 554.500 600.010 55.456 85.054 45.510 -46,49%
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