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 October, 2014

 

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-F þ                    Form 40-F o

 

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.

Yes o                    No þ

 

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 SEPTEMBER 2014

 

Medellín, Colombia, October 15, 2014

 

BANCOLOMBIA S.A.              Growth 
BALANCE SHEET  As of   Sep/Aug   Annual 
(COP Millions)  Sep-13   Aug-14   Sep-14   $   %   % 
ASSETS                        
Cash and due from banks   5,755,911    6,300,670    5,721,495    -579,175    -9.19%   -0.60%
Overnight funds sold   3,237,594    1,882,640    1,518,346    -364,294    -19.35%   -53.10%
Total cash and equivalents   8,993,505    8,183,310    7,239,841    -943,469    -11.53%   -19.50%
Debt securities   11,113,087    7,431,856    8,678,032    1,246,176    16.77%   -21.91%
Trading   7,980,250    4,962,929    6,068,183    1,105,254    22.27%   -23.96%
Available for Sale   362,116    214,891    195,800    -19,091    -8.88%   -45.93%
Held to Maturity   2,770,721    2,254,036    2,414,049    160,013    7.10%   -12.87%
Equity securities   2,181,915    3,512,334    3,581,510    69,176    1.97%   64.15%
Trading   290,971    370,868    368,978    -1,890    -0.51%   26.81%
Available for Sale   1,890,944    3,141,466    3,212,532    71,066    2.26%   69.89%
Market value allowance   -3,153    -3,677    -3,675    2    -0.05%   16.56%
Net investment securities   13,291,849    10,940,513    12,255,867    1,315,354    12.02%   -7.79%
Commercial loans   42,770,557    45,106,500    45,026,578    -79,922    -0.18%   5.27%
Consumer loans   10,548,456    10,950,639    10,975,372    24,733    0.23%   4.05%
Small  business loans   366,534    459,533    465,353    5,820    1.27%   26.96%
Mortgage loans   6,254,215    7,148,507    7,231,912    83,405    1.17%   15.63%
Finance lease   133,024    139,030    147,962    8,932    6.42%   11.23%
Allowance for loans and financial leases losses   -2,765,528    -3,049,896    -3,038,547    11,349    -0.37%   9.87%
Net total loans and financial leases   57,307,258    60,754,313    60,808,630    54,317    0.09%   6.11%
Accrued interest receivable on loans   508,761    550,389    531,586    -18,803    -3.42%   4.49%
Allowance for accrued interest losses   -47,215    -48,777    -48,587    190    -0.39%   2.91%
Net total interest accrued   461,546    501,612    482,999    -18,613    -3.71%   4.65%
Customers' acceptances and derivatives   591,151    589,908    667,192    77,284    13.10%   12.86%
Net accounts receivable   482,711    775,754    636,676    -139,078    -17.93%   31.90%
Net premises and equipment   568,476    522,500    517,420    -5,080    -0.97%   -8.98%
Foreclosed assets   59,069    38,215    42,275    4,060    10.62%   -28.43%
Prepaid expenses and deferred charges   468,762    321,455    318,588    -2,867    -0.89%   -32.04%
Goodwill   -    2,881,332    3,023,383    142,051    4.93%   100.00%
Other   1,245,632    1,488,455    1,423,597    -64,858    -4.36%   14.29%
Reappraisal of assets   3,192,672    3,427,841    3,467,673    39,832    1.16%   8.61%
Total assets   86,662,631    90,425,208    90,884,141    458,933    0.51%   4.87%
LIABILITIES AND SHAREHOLDERS' EQUITY                              
LIABILITIES                              
DEPOSITS                              
Non-interest bearing   8,424,533    9,579,759    9,329,472    -250,287    -2.61%   10.74%
Checking accounts   7,749,792    8,951,703    8,653,990    -297,713    -3.33%   11.67%
Other   674,741    628,056    675,482    47,426    7.55%   0.11%
Interest bearing   42,871,600    43,587,514    42,600,746    -986,768    -2.26%   -0.63%
Checking accounts   1,415,862    1,648,862    1,479,592    -169,270    -10.27%   4.50%
Time deposits   14,068,261    13,378,438    13,103,952    -274,486    -2.05%   -6.85%
Savings deposits   27,387,477    28,560,214    28,017,202    -543,012    -1.90%   2.30%
Total deposits   51,296,133    53,167,273    51,930,218    -1,237,055    -2.33%   1.24%
Overnight funds   2,067,506    1,591,965    2,701,711    1,109,746    69.71%   30.67%
Bank acceptances outstanding   448,778    456,683    562,551    105,869    23.18%   25.35%
Interbank borrowings   6,965,297    5,691,097    6,193,353    502,256    8.83%   -11.08%
Borrowings from domestic development banks   1,462,448    1,512,344    1,450,747    -61,597    -4.07%   -0.80%
Accounts payable   1,325,545    1,507,077    1,325,852    -181,225    -12.02%   0.02%
Accrued interest payable   374,959    309,171    286,137    -23,034    -7.45%   -23.69%
Other liabilities   524,032    730,785    517,079    -213,706    -29.24%   -1.33%
Bonds   9,484,057    9,147,882    9,474,123    326,241    3.57%   -0.10%
Accrued expenses   755,676    765,697    774,393    8,696    1.14%   2.48%
Total liabilities   74,704,432    74,879,973    75,216,163    336,190    0.45%   0.69%
SHAREHOLDER'S EQUITY                              
Subscribed and paid in capital   425,914    469,276    480,869    11,593    2.47%   12.90%
Retained earnings   8,226,889    11,540,990    11,613,163    72,173    0.63%   41.16%
Appropiated   7,215,594    10,493,222    10,491,126    -2,096    -0.02%   45.40%
Unappropiated   1,011,295    1,047,768    1,122,037    74,269    7.09%   10.95%
Reappraisal and others   3,288,236    3,523,513    3,563,345    39,832    1.13%   8.37%
Gross unrealized gain or loss on debt securities   17,160    11,456    10,601    -855    -7.46%   -38.22%
Total shareholder's equity   11,958,199    15,545,235    15,667,978    122,743    0.79%   31.02%
Total liabilities and shareholder's equity   86,662,631    90,425,208    90,884,141    458,933    0.51%   4.87%

 

 
 

 

   

 

 

 

BANCOLOMBIA S.A.          Growth           Growth 
INCOME STATEMENT  Accumulated   Annual   Month   Month 
(COP Millions)  Sep-13   Sep-14   %   Aug-14   Sep-14   % 
Interest income and expenses                        
Interest on loans   4,151,448    4,417,230    6.40%   510,241    519,090    1.73%
Interest on investment securities   326,870    260,126    -20.42%   25,141    2,678    -89.35%
Overnight funds   13,751    23,240    69.01%   2,695    1,723    -36.07%
Leasing   74,466    72,902    -2.10%   8,149    8,342    2.37%
Total interest income   4,566,535    4,773,498    4.53%   546,226    531,833    -2.63%
Checking accounts   15,253    15,084    -1.11%   1,686    1,618    -4.03%
Time deposits   523,947    474,674    -9.40%   56,188    56,986    1.42%
Savings deposits   523,890    362,737    -30.76%   41,664    40,009    -3.97%
Total interest on deposits   1,063,090    852,495    -19.81%   99,538    98,613    -0.93%
Interbank borrowings   54,329    81,938    50.82%   8,865    9,811    10.67%
Borrowings from domestic development banks   51,373    60,815    18.38%   6,059    4,790    -20.94%
Overnight funds   31,776    51,150    60.97%   2,561    27,102    958.26%
Bonds   427,890    428,285    0.09%   46,552    48,630    4.46%
Total interest expense   1,628,458    1,474,683    -9.44%   163,575    188,946    15.51%
Net interest income   2,938,077    3,298,815    12.28%   382,651    342,887    -10.39%
Provision for loan and accrued interest losses, net   (774,377)   (731,867)   -5.49%   (89,665)   (64,571)   -27.99%
Recovery of charged-off loans   103,892    79,831    -23.16%   6,693    8,049    20.26%
Provision for foreclosed assets and other assets   (32,789)   (38,116)   16.25%   (4,106)   (3,767)   -8.26%
Recovery of provisions for foreclosed assets and other assets   12,842    19,921    55.12%   527    1,872    255.22%
Total net provisions   (690,432)   (670,231)   -2.93%   (86,551)   (58,417)   -32.51%
Net interest income after provision for loans                              
and accrued interest losses   2,247,645    2,628,584    16.95%   296,100    284,470    -3.93%
Commissions from banking services and other services   161,388    221,516    37.26%   26,471    29,927    13.06%
Electronic services and ATM's fees, net   54,057    63,341    17.17%   6,945    7,475    7.63%
Branch network services, net   82,858    92,841    12.05%   9,868    11,837    19.95%
Collections and payments fees, net   187,310    226,096    20.71%   24,925    26,970    8.20%
Credit card merchant fees, net   5,617    8,935    59.07%   3,471    1,736    -49.99%
Credit and debit card fees, net   342,669    386,785    12.87%   40,766    42,256    3.66%
Checking fees, net   52,089    50,404    -3.23%   4,554    5,105    12.10%
Check remittance, net   4,202    4,569    8.73%   474    474    0.00%
International operations, net   24,989    39,226    56.97%   4,100    4,806    17.22%
Total fees and other service income   915,179    1,093,713    19.51%   121,574    130,586    7.41%
Other fees and service expenses   (140,936)   (155,349)   10.23%   (19,826)   (20,096)   1.36%
Total fees and income from services, net   774,243    938,364    21.20%   101,748    110,490    8.59%
Other operating income                              
Net foreign exchange gains   32,841    197,943    502.73%   31,146    63,694    104.50%
Derivative Financial Instruments   19,607    (41,187)   -310.06%   (14,249)   (38,760)   172.02%
Gains(Loss) on sales of investments on equity securities   -    -    0.00%   -    -    0.00%
Securitization income   25,835    14,447    -44.08%   1,749    1,413    -19.21%
Dividend income   399,326    247,773    -37.95%   5,125    22    -99.57%
Communication, rent payments and others   7,278    8,064    10.80%   18    34    88.89%
Total other operating income   484,887    427,040    -11.93%   23,789    26,403    10.99%
Total income   3,506,775    3,993,988    13.89%   421,637    421,363    -0.06%
Operating expenses                              
Salaries and employee benefits   846,853    838,308    -1.01%   92,254    92,979    0.79%
Bonus plan payments   88,636    73,112    -17.51%   17,532    (11,192)   -163.84%
Compensation   20,742    32,737    57.83%   3,018    4,413    46.22%
Administrative and other expenses   1,260,658    1,208,446    -4.14%   145,262    137,795    -5.14%
Deposit security, net   84,323    83,533    -0.94%   10,616    (4,511)   -142.49%
Donation expenses   8,479    8,637    1.86%   54    7,557    13894.44%
Depreciation   50,570    43,909    -13.17%   4,681    5,658    20.87%
Total operating expenses   2,360,261    2,288,682    -3.03%   273,417    232,699    -14.89%
Net operating income   1,146,514    1,705,306    48.74%   148,220    188,664    27.29%
Goodwill amortization   -    114,699    100.00%   12,635    13,215    4.59%
Non-operating income (expense)   -    114,699    100.00%   12,635    13,215    4.59%
Other income   87,709    54,962    -37.34%   2,583    10,488    306.04%
Other expense   (76,905)   (83,688)   8.82%   (5,558)   (7,815)   40.61%
Previous periods (*)   -    (89,075)   100.00%   -    (89,075)   100.00%
Total non-operating income   10,804    (117,801)   -1190.35%   (2,975)   (86,402)   2804.27%
Income before income taxes   1,157,318    1,472,806    27.26%   132,610    89,047    -32.85%
Income tax expense   (146,023)   (350,769)   140.21%   (43,441)   (14,778)   -65.98%
Net income   1,011,295    1,122,037    10.95%   89,169    74,269    -16.71%

 

(*) Correction of non-material mistakes for the periods 2012 and 2013, for a total amount of COP 89,075 million, resulting from the double recording of certain securities provided as guarantee by the Bank´s proprietary trading desk. This operational risk was caused by a design flaw in a software created for the purpose of managing the Bank´s securities portfolio. The flaw was duly corrected by the Bank. 

 

 

Contacts    
Jaime A. Velásquez Jose Humberto Acosta Alejandro Mejía
Strategy and Finance VP Financial VP IR Manager
Tel.: (574) 4042199 Tel: (571) 4885934 Tel.: (574) 4041837

 

 
 

 

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:  October 15, 2014  By:   /s/  JAIME ALBERTO VELÁSQUEZ B.
    Name:   Jaime Alberto Velásquez B.
    Title:   Vice President of Strategy and Finance