Bancolombia S.A. Announces Unconsolidated Results for the Month of August 2009

MEDELLIN, Colombia, Sept. 11 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") (NYSE: CIB) reported unconsolidated net income of COP 64.1 billion for the month ended August 31, 2009. Net income for Bancolombia on an unconsolidated basis totaled COP 683.3 billion for the first eight months of 2009, decreasing 10.6% as compared to the same period last year.

- Net interest income, including interest from investment securities, totaled COP 188.6 billion in August 2009. For the eight-month period ended August 31, 2009, net interest income totaled COP 1,749.7 billion, increasing 5.0% as compared to the same period last year.

- Net fees and income from services totaled COP. 65.0 billion in August 2009. For the eight-month period ended August 31, 2009, net fees and income from services totaled COP 549.5 billion, which represents an increase of 7.7% as compared to the same period of 2008.

- Other operating income reached COP 24.7 billion in August 2009. For the eight-month period ended August 31, 2009, other operating income totaled COP 227.9 billion, decreasing 49.4% as compared to the same period last year. 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 COP 44.3 billion in August 2009. Net provisions totaled COP 477.9 billion for the eight-month period ended August 31, 2009, which represents an increase of 27.3% as compared to the same period of 2008.

- Operating expenses totaled COP 156.8 billion in August 2009. For the eight-month period ended August 31, 2009, operating expenses totaled COP 1,277.0 billion, increasing 11.3% as compared to the same period of 2008.

- Non-operating income was positively impacted by non-recurring income of COP 12.6 billion, related to the sale of the Bank's interest in Visa Inc.

Total assets (unconsolidated) amounted to COP 39.4 trillion, gross loans amounted to COP 27.2 trillion, deposits totaled COP 26.1 trillion and Bancolombia's total shareholders' equity amounted to COP 6.3 trillion.

Bancolombia's unconsolidated level of past due loans (overdue more than 30 days) as a percentage of total loans was 3.95% as of August 31, 2009, and the coverage for past due loans was 138.43% 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 August 2009 was as follows: 21.4% of total net loans, 21.3% of total checking accounts, 20.0% of total savings accounts, 17.2% of time deposits and 19.3% 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.

SOURCE Bancolombia S.A.