Report of foreign issuer [Rules 13a-16 and 15d-16]


STYLE="font: 10pt Times New Roman, Times, Serif">

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 May, 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 ¨

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- .

1Q14

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 508 BILLION FOR THE FIRST QUARTER OF 2014 (COP 580 PER SHARE - USD 1.18 PER ADR). NET INCOME REPRESENTS AN INCREASE OF 4% COMPARED TO THE LAST QUARTER.

· The bank showed a solid and healthy growth in the loan portfolio during 1Q14. Bancolombia’s loan portfolio grew 2.3% during the quarter and 26.9% during the last twelve months. The annual growth was explained, 16.5% by the contribution of Banistmo (formerly HSBC Panama) and 10.4% by the organic growth of the existing operation before the consolidation of Banistmo.

· Net interest income increased 8% and fees increased by 3% during 1Q14. Net interest income increased due to higher yields on assets and lower cost of funding. Fees increased due to higher volume of banking transactions.

· The bank reduced its funding cost and maintained its liquidity position. The annualized average weighted cost of deposits was 2.3% in 1Q14, lower than the 2.6% for 4Q13 and the 3.2% for 1Q13. Deposits decreased 4% during the quarter and increased 24% compared to 1Q13, and the ratio of net loans to deposits ended at 99%. This annual growth was explained, 17.5% by the contribution of Banistmo (formerly HSBC Panama) and 6.5% by the organic growth of the existing operation before the acquisition of Banistmo.

· Past due loans as a percentage of total loans remain low in 1Q14. 30 days (or more) past due loans as a percentage of total gross loans were 3.2%. Net provision charges for past due loans and foreclosed assets totaled COP 308 billion, which represents 1.36% of gross loans when annualized.

· Loan portfolio coverage remains at high levels. At the end of 1Q14, the ratio between allowances for loans losses and 30-days past due loans was 142%, indicating that Bancolombia has sufficient reserves to maintain its business operation and has a strong and healthy balance sheet.

May 5, 2014. Medellín, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the first quarter of 2014.

For the quarter ended on March 31, 2014 (“1Q14”), Bancolombia reported consolidated net income of COP 508 billion, or COP 580 per share - USD 1.18 per ADR. Net income represents an increase of 4% as compared to the results for the quarter ended on December 31, 2013 (“4Q13”) and an increase of 3.2% as compared to the results for the quarter ended on March 31, 2013 (“1Q13”).

Bancolombia ended 1Q14 with COP 130,443 billion in assets, 0.3% lower than those at the end of 4Q13 and 26.5% greater than those at the end of 1Q13. At the same time, liabilities totaled COP 115,481 billion, decreasing 2.4% as compared to the figure presented in 4Q13 and increasing 25.9% as compared to 1Q13 1 .

1 This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. and its affiliates (“BANCOLOMBIA” or “The Bank”) of which it owns, directly or indirectly more than 50% of the voting capital stock. These financial statements have been prepared in accordance with generally accepted accounting principles in Colombia and the regulations of Superintendencia Financiera de Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. There have been no changes to the Bank's principal accounting policies in the quarter ended March 31, 2014. The statements of income for the quarter ended March 31, 2014 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 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 April 1, 2014 $1.969,45 = US$ 1

1

1Q14

BANCOLOMBIA: Summary of consolidated financial quarterly results 2

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT Quarter Growth
(COP millions) 1Q13 4Q13 1Q14 1Q14/4Q13 1Q14/1Q13
ASSETS
Loans and financial leases, net 68,817,162 85,394,012 87,334,646 2.27 % 26.91 %
Investment securities, net 14,233,292 13,805,790 15,384,799 11.44 % 8.09 %
Other assets 20,097,854 31,616,439 27,723,651 -12.31 % 37.94 %
Total assets 103,148,308 130,816,241 130,443,096 -0.29 % 26.46 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 67,146,387 86,556,579 83,043,278 -4.06 % 23.67 %
Non-interest bearing 8,584,903 14,680,487 13,904,799 -5.28 % 61.97 %
Interest bearing 58,561,484 71,876,092 69,138,479 -3.81 % 18.06 %
Other liabilities 24,564,684 31,766,816 32,437,333 2.11 % 32.05 %
Total liabilities 91,711,071 118,323,395 115,480,611 -2.40 % 25.92 %
Shareholders' equity 11,437,237 12,492,846 14,962,485 19.77 % 30.82 %
Total liabilities and shareholders' equity 103,148,308 130,816,241 130,443,096 -0.29 % 26.46 %
Interest income 2,196,919 2,151,683 2,252,750 4.70 % 2.54 %
Interest expense 792,676 803,137 798,189 -0.62 % 0.70 %
Net interest income 1,404,243 1,348,546 1,454,561 7.86 % 3.58 %
Net provisions (302,868 ) (272,919 ) (307,523 ) 12.68 % 1.54 %
Fees and income from service, net 436,328 525,018 542,322 3.30 % 24.29 %
Other operating income 228,514 257,790 260,651 1.11 % 14.06 %
Total operating expense (1,091,382 ) (1,207,369 ) (1,171,770 ) -2.95 % 7.37 %
Goodwill amortization (15,348 ) (38,335 ) (53,375 ) 39.23 % 247.77 %
Non-operating income, net 19,859 20,061 (11,558 ) -157.61 % -158.20 %
Income tax expense (186,610 ) (144,052 ) (204,957 ) 42.28 % 9.83 %
Net income 492,736 488,740 508,351 4.01 % 3.17 %

PRINCIPAL RATIOS Quarter As of
1Q13 4Q13 1Q14 Mar-13 Mar-14
PROFITABILITY
Net interest margin (1) 6.78 % 5.33 % 5.54 % 6.78 % 5.54 %
Return on average total assets (2) 1.99 % 1.56 % 1.56 % 1.99 % 1.56 %
Return on average shareholders´ equity (3) 16.83 % 15.97 % 15.31 % 16.83 % 15.31 %
EFFICIENCY
Operating expenses to net operating income 53.49 % 58.45 % 54.27 % 53.49 % 54.27 %
Operating expenses to average total assets 4.47 % 3.99 % 3.76 % 4.47 % 3.76 %
CAPITAL ADEQUACY
Shareholders' equity to total assets 11.09 % 9.55 % 11.47 % 11.09 % 11.47 %
Technical capital to risk weighted assets 16.96 % 10.61 % 13.66 % 16.96 % 13.66 %
KEY FINANCIAL HIGHLIGHTS
Net income per ADS (USD) 1.26 1.19 1.18
Net income per share $COP 578.45 573.75 580.13
P/BV ADS (4) 2.16 1.61 1.63
P/BV Local (5) (6) 2.14 1.62 1.58
P/E (7) 12.48 10.34 11.77
ADR price (8) 63.25 49.02 56.48
Common share price (8) 28,800 23,820 26,940
Weighted average shares outstanding (9) 851,827,000 851,827,000 876,271,445
USD exchange rate (quarter end) 1,832.20 1,926.83 1,969.45

(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

1Q14

1. BALANCE SHEET

1.1. Assets

· As of March, 2014, Bancolombia’s assets totaled COP 130,443 billion, which represents a decrease of 0.3% compared to 4Q13 and an increase of 26.5% compared to 1Q13. The annual growth was explained 16.5% by the contribution of Banistmo (formerly HSBC Panama) and 10.4% by the organic growth of the existing operation before the consolidation of Banistmo.

The decrease in assets in the quarter was explained by the reduction of cash that was used to reduce the most expensive liabilities. The annual growth of the assets was mainly explained by the consolidation of Banistmo’s assets in 4Q13 and the organic growth of loans and finance leases, which represented 67% of the assets at the end of 1Q14

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 = 1969.45 COP) 1Q14/4Q13 1Q14/1Q13 1Q14/4Q13 1Q14/1Q13 1Q14/4Q13 1Q14/1Q13 1Q14/4Q13 1Q14/1Q13
Net investment securities 11,158,126 10.91 % -6.21 % 4,226,673 12.85 % 80.87 % 2,146,118 10.41 % 68.26 % 15,384,799 11.44 % 8.09 %
Gross Loans 62,662,801 1.84 % 13.80 % 28,807,439 3.14 % 68.21 % 14,627,149 0.90 % 56.49 % 91,470,240 2.25 % 26.71 %
Commercial loans 34,552,274 2.26 % 13.75 % 19,194,378 3.34 % 44.66 % 9,746,060 1.10 % 34.58 % 53,746,652 2.64 % 23.15 %
Consumer loans 12,100,575 0.21 % 10.87 % 4,620,267 2.06 % 114.31 % 2,345,968 -0.14 % 99.37 % 16,720,842 0.72 % 27.93 %
Small  business loans 406,301 3.83 % 23.04 % 127,579 1.69 % 316.24 % 64,779 -0.51 % 287.24 % 533,880 3.31 % 47.95 %
Mortgage loans 6,818,058 3.05 % 22.55 % 3,854,942 4.76 % 387.38 % 1,957,370 2.50 % 353.41 % 10,673,000 3.66 % 67.96 %
Finance lease 8,785,593 1.49 % 11.49 % 1,010,273 -1.43 % 14.90 % 512,972 -3.56 % 6.89 % 9,795,866 1.2 % 11.8 %
Allowance for loan losses (3,448,566 ) 1.65 % 13.40 % (687,028 ) 2.09 % 108.28 % (348,843 ) -0.12 % 93.77 % (4,135,594 ) 1.72 % 22.68 %
Net total loans and fin. leases 59,214,235 1.86 % 13.83 % 28,120,411 3.16 % 67.42 % 14,278,307 0.93 % 55.76 % 87,334,646 2.27 % 26.91 %
Operating leases, net 2,969,701 5.11 % 30.11 % 95,123 1.26 % -5.56 % 48,299 -0.93 % -12.14 % 3,064,824 4.99 % 28.60 %
Total assets 87,092,406 -1.99 % 10.33 % 43,350,690 3.33 % 79.04 % 22,011,572 1.09 % 66.56 % 130,443,096 -0.29 % 26.46 %
Total deposits 58,497,718 -7.30 % 5.83 % 24,545,560 4.65 % 106.77 % 12,463,155 2.38 % 92.36 % 83,043,278 -4.06 % 23.67 %
Total liabilities 73,575,451 -5.13 % 6.94 % 41,905,160 2.79 % 82.91 % 21,277,595 0.57 % 70.16 % 115,480,611 -2.40 % 25.92 %

The most relevant aspects regarding the evolution of the loan portfolio during 1Q14 were:

· The growth of commercial, mortgage loans and financial leases in Colombia during 1Q14 indicate a sustained credit demand.

· Net loans in USD correspond to loans originated in Colombia (USD 4,123 million, 29%), El Salvador (USD 2,644 million, 19%), Panamá (USD 7,098 million, 50%), and other countries (USD 412 million, 3%). USD denominated loans represented 31% of total loans as of 1Q14.

· COP depreciated 2.2% versus USD during 1Q14 and 7.5% in the last 12 months.

· Mortgage loans denominated in COP presented a dynamic performance, growing 22.5% year on year. The dynamism of mortgage lending in Colombia is explained by the 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 represented 36% of the mortgage loans at the end of 1Q14.

· Financial leases, of which 90% are denominated in COP, increased 1.2% during the quarter and 11.8% as compared to 1Q13. Operating leases, net of depreciation, increased 5.0% during 1Q14 and 28.6% in the last 12 months. These two products are mainly used by enterprises in order to finance equipment, commercial real estate and commercial vehicles.

3

1Q14

When analyzing the loan portfolio according to the customer categories established by Bancolombia in order to manage its commercial strategy (see table below), it becomes clear that commercial loans led the growth during 1Q14, as they increased 2.9% with respect to 4Q13. The growth is explained by the credit demand for business investment. This is the segment that contributes the most to the nominal growth of the total loan book. Consumer and SMEs loans increased by 1.1% when compared with 4Q13, which indicates a moderate credit demand versus the growth of previous quarters.

Total reserves (allowances in balance sheet) for loan losses increased by 1.7% during 1Q14 and totaled COP 4,136 billion, or 4.5% 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”.

The following table summarizes Bancolombia’s total loan portfolio:

LOAN PORTFOLIO As of Growth % of Total % of
(COP million) Mar-13 Dec-13 Mar-14 1Q14/4Q13 1Q14/1Q13 loans Category
CORPORATE
Working capital loans 31,538,526 33,992,771 34,856,205 2.54 % 10.52 % 38.11 % 81.97 %
Funded by domestic development banks 355,406 489,798 607,384 24.01 % 70.90 % 0.66 % 1.43 %
Trade Financing 2,204,646 6,706,315 6,861,583 2.32 % 211.23 % 7.50 % 16.14 %
Overdrafts 140,418 80,023 141,472 76.79 % 0.75 % 0.15 % 0.33 %
Credit Cards 49,174 42,406 57,723 36.12 % 17.39 % 0.06 % 0.14 %
TOTAL CORPORATE 34,288,170 41,311,313 42,524,367 2.94 % 24.02 % 46.49 % 100.00 %
RETAIL AND SMEs
Working capital loans 8,427,869 9,666,234 9,795,981 1.34 % 16.23 % 10.71 % 34.40 %
Personal loans 7,111,898 9,573,141 9,545,276 -0.29 % 34.22 % 10.44 % 33.52 %
Loans funded by   domestic development banks 858,872 1,319,245 1,326,432 0.54 % 54.44 % 1.45 % 4.66 %
Credit Cards 3,791,335 4,548,670 4,638,627 1.98 % 22.35 % 5.07 % 16.29 %
Overdrafts 307,704 251,724 332,406 32.05 % 8.03 % 0.36 % 1.17 %
Automobile loans 2,187,397 2,577,704 2,606,755 1.13 % 19.17 % 2.85 % 9.15 %
Trade Financing 100,879 234,145 231,529 -1.12 % 129.51 % 0.25 % 0.81 %
TOTAL RETAIL AND SMEs 22,785,954 28,170,863 28,477,006 1.09 % 24.98 % 31.13 % 100.00 %
MORTGAGE 6,354,650 10,295,930 10,673,001 3.66 % 67.96 % 11.67 % 100.00 %
FINANCIAL LEASES 8,759,368 9,681,436 9,795,866 1.18 % 11.83 % 10.71 % 100.00 %
Total loans and financial leases 72,188,142 89,459,542 91,470,240 2.25 % 26.71 % 100.00 % 100.00 %
Allowance for loan losses (3,370,980 ) (4,065,530 ) (4,135,594 ) 1.72 % 22.68 %
Total loans and financial leases, net 68,817,162 85,394,012 87,334,646 2.27 % 26.91 %

1.3. Investment Portfolio

As of March 31, 2014, Bancolombia’s net investment portfolio totaled COP 15,385 billion, 11.4% higher than that reported in 4Q13 and 8.1% higher when compared to that reported in 1Q13. This growth resulted from the investment of the proceeds of the issuance of shares in March 2014, which totaled COP 2,656 billion. The investment portfolio consisted primarily of debt securities, which represented 88% of Bancolombia’s total investments and 10% of assets at the end of 1Q14. Investments denominated in USD totaled USD 2,146 million and represented 27% of the investment portfolio.

Additionally, the Bank had COP 863 billion in net mortgage backed securities, which represented 5.6% of the investment portfolio.

At the end of 1Q14, the portfolio of investments in debt securities had a duration of 15.8 months and a yield to maturity of 4.01%.

4

1Q14

1.4. Goodwill

As of 1Q14, Bancolombia’s goodwill totaled COP 3,616 billion, increasing 0.7% compared to the amount reported in 4Q13 and 527.5% compared to 1Q13. This annual variation is explained by the acquisition of Banistmo which generated goodwill of approximately 1.500 million USD and the quarterly increase is explained by the depreciation of the peso against the dollar during the quarter. U nder Colombian GAAP, goodwill is amortized within a maximum period of 20 years.

1.5. Funding

As of March 31, 2014, Bancolombia’s liabilities totaled COP 115,481 billion, decreasing 2.4% compared to 4Q13 and increasing 25.9% compared to 1Q13. The annual growth was explained, 17.5% by the contribution of Banistmo and 6.5% by the organic growth of the existing operation before the consolidation of Banistmo.

Deposits totaled COP 83,043 billion (or 72% of liabilities) at the end of 1Q14, decreasing 4.1% during the quarter and increasing 23.7% over the last 12 months. The net loans to deposits ratio (including borrowings from domestic development banks) was 99% at the end of 1Q14, increasing compared to the 94% reported in 4Q13, and the 98% reported in 1Q13.

Bancolombia´s funding strategy during the quarter was to reduce the most expensive deposits and liabilities while maintaining the liquidity position. This strategy allowed the bank to reduce the cost on deposits during the quarter. The ultimate goal is to defend the net interest margin.

Funding mix 1Q13 4Q13 1Q14
COP Million
Checking accounts 10,699,810 12 % 16,784,933 15 % 16,161,651 15 %
Saving accounts 29,476,333 34 % 34,649,764 31 % 33,307,739 31 %
Time deposits 26,235,282 31 % 34,058,452 30 % 32,321,287 30 %
Other deposits 734,962 1 % 1,063,430 1 % 1,252,601 1 %
Long term debt 12,489,392 15 % 12,328,275 11 % 12,434,851 11 %
Loans with banks 6,267,337 7 % 13,632,894 12 % 13,513,804 12 %
Total Funds 85,903,116 100 % 112,517,748 100 % 108,991,933 100 %

At the end of 1Q14, Bancolombia had outstanding bonds for USD 3,972 million in international markets and for COP 4,612 billion in local markets. The maturities of these bonds range from 2 to 10 years.

1.6. Shareholders’ Equity and Regulatory Capital

Shareholders’ equity at the end of 1Q14 was COP 14,962 billion, increasing 30.8% or COP 3,525 billion, with respect to the 11,437 billion reported at the end of 1Q13 as a result of the proceeds of the issuance of 110 million shares in March 2014, which totaled COP 2,656 billion, and the appropriation of 2013 earnings.

Bancolombia’s capital adequacy ratio was 13.66%, 305 basis points above the 10.61% for 4Q13 and 330 basis points below the 16.96% at the end of 1Q13. The quarterly increase in the capital adequacy was due to the new capital, proceeds from the issuance of shares and retained earnings of the previous year, as defined in the general shareholders' meeting of March 17, 2014; while the annual decrease was due to the implementation in Colombia of a new capital regulation for banks, which increased deductions from the tier 1 calculation and the incorporation of Banistmo’s risk weighted assets.

5

1Q14

Bancolombia’s capital adequacy ratio was 466 basis points above the minimum level required by Colombia’s regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 8.88%, 438 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 8.5% at the end of 1Q14.

TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions) 1Q13³ % 4Q13 % 1Q14 %
Basic capital (Tier I) 10,425,945 11.55 % 6,207,050 5.81 % 9,681,500 8.88 %
Additional capital (Tier II) 4,876,112 5.41 % 5,124,564 4.80 % 5,206,580 4.78 %
Technical capital (1) 15,302,057 11,331,614 14,888,080
Risk weighted assets included market risk 90,206,549 106,826,579 108,970,764
CAPITAL ADEQUACY (2) 16.96 % 10.61 % 13.66 %

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

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

(3) Capital adequacy ratio for 1Q13 is calculated according to the capital rules existing until August 2013

6

1Q14

2. INCOME STATEMENT

Net income totaled COP 508 billion in 1Q14, or COP 580 per share - USD 1.18 per ADR. This net income represents an increase of 4.0% compared to 4Q13 and 3.2% compared to 1Q13. Bancolombia’s annualized ROE was 15.3% for 1Q14.

2.1. Net Interest Income

Net interest income totaled COP 1,455 billion in 1Q14, 7.9% higher than that reported in 4Q13, and 3.6% higher than the figure for 1Q13. The performance of this line was driven by higher loan volumes, the expansion of the loans interest margin, and the performance of the securities portfolio, that even though 55% lower compared to the same period last year, show an improvement against 4Q13.

During 1Q14, the investment portfolio generated COP 155 billion, product of the good performance of the Colombian government debt securities. The strategy for the last quarters has been maintaining low the volatility and duration of the portfolio.

Net Interest Margin

The annualized net interest margin expanded in 1Q14 to 5.5% for the quarter.

The annualized net interest margin for investments was 1.8%, higher than the 0.1% of 4Q13 due to the better performance on debt securities of the Colombian government. The annualized net interest margin of the loan portfolio, financial leases, overnight funds and interbank loans was 6.1%, higher than the 6.0% of 4Q13, due to higher interest rates and the reduction in the funding cost.

Annualized Interest
Margin 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Loans' Interest margin 6.8 % 7.0 % 7.1 % 6.9 % 6.6 % 6.4 % 6.2 % 6.0 % 6.1 %
Debt investments' margin 4.1 % 4.1 % 4.0 % 2.9 % 8.0 % -5.1 % -0.4 % 0.1 % 1.8 %
Net interest margin 6.5 % 6.6 % 6.6 % 6.3 % 6.8 % 4.7 % 5.3 % 5.3 % 5.5 %

The funding cost decreased during 1Q14 due to the low interest rates, greater liquidity and management of the liabilities structure, which reduced the most expensive funding sources. Savings and checking accounts kept their share during the quarter, and the annualized average weighted cost of deposits was 2.3% in 1Q14, decreasing compared to the 2.6% for 4Q13 and the 3.2% for 1Q13.

Average weighted
funding cost 1Q13 4Q13 1Q14
Checking accounts 0.24 % 0.19 % 0.17 %
Time deposits 5.25 % 4.44 % 4.27 %
Saving accounts 2.59 % 1.77 % 1.49 %
Total deposits 3.20 % 2.55 % 2.30 %
Long term debt 6.06 % 6.09 % 6.15 %
Loans with banks 5.63 % 3.34 % 3.53 %
Total funding cost 3.79 % 3.07 % 2.88 %

7

1Q14

2.2. Fees and Income from Services

During 1Q14, net fees and income from services totaled COP 542 billion, increasing 3.3% with respect to 4Q13 and 24.3% with respect to 1Q13. Fees from credit and debit cards increased 3.3% compared to 4Q13 due to a greater volume of transactions and the contribution of three months of Banistmo, against only two in 4Q13. Fees from banking services decreased 3.7% compared to 4Q13 but increased 53.8% compared to 1Q13; this line includes fees from insurance distribution throughout the distribution networks in Colombia and in El Salvador. Fees from asset management and trust services increased 6% in 1Q14 as a result of the growth of assets under management.

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

ACCUMULATED CREDIT CARD BILLING % 2014
(COP millions) Feb-13 Feb-14 Growth Market Share
Bancolombia VISA 418,791 456,597 9.03 % 7.41 %
Bancolombia Mastercard 493,246 569,712 15.50 % 9.24 %
Bancolombia American Express 609,849 620,739 1.79 % 10.07 %
Total Bancolombia 1,521,886 1,647,048 8.22 % 26.73 %
Colombian Credit Card Market 5,657,861 6,162,577 8.92 %

CREDIT CARD MARKET SHARE % 2014
(Outstanding credit cards) Feb-13 Feb-14 Growth Market Share
Bancolombia VISA 434,525 453,309 4.32 % 4.94 %
Bancolombia Mastercard 483,438 602,902 24.71 % 6.57 %
Bancolombia American Express 649,015 682,902 5.22 % 7.44 %
Total Bancolombia 1,566,978 1,739,113 10.99 % 18.94 %
Colombian Credit Card Market 8,527,246 9,182,402 7.68 %
Source: Superintendencia Financiera de Colombia

2.3. Other Operating Income

Total other operating income was COP 261 billion in 1Q14, 1.1% higher than that in 4Q13, and 14.1% higher than in 1Q13. Income from foreign exchange gains and derivatives denominated in foreign currencies increased in the quarter due to the net effect of the active and passive positions the bank had in foreign currency.

During 1Q14 the bank received COP 45.9 billion in dividends from companies in which Bancolombia and its subsidiaries have interests, especially from Protección S.A. (COP 14.4 billion), Odinsa S.A. (COP 9.7 billion), EPSA S.A. E.S.P (COP 4.2 billion) and Titularizadora Colombiana S.A. (COP 3.7 billion).

Revenues aggregated in the communication, rent and others line totaled COP 139 billion in 1Q14, which is 14.3% higher as compared to 4Q13 and 30.7% higher as compared to those in 1Q13. This line includes revenues from commercial discounts and operating leases payments, which have increased as this product grows.

8

1Q14

2.4. Asset Quality, Provision Charges and Balance Sheet Strength

The quality of the loan portfolio showed a slight deterioration in 1Q14 due to the incorporation of Banistmo’s assets in 4Q13 that under Colombian rule resulted in an increase in the past due loans and the formation of nonperforming loans by a seasonal effect of the first quarter. Colombian standards consider those loans overdue more than 30 days as delinquent while Panamanian standard considers them past due after 90 days or more. Thus, past due loans (those that are overdue for more than 30 days) totaled COP 2.913 billion at the end of 1Q14, representing 3.2% of total gross loans for 1Q14, and increasing compared to the 2.9% reported in 4Q13 and the 3.0% reported in 1Q13. Charge-offs totaled COP 261 billion in 1Q14.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 142% at the end of 1Q14, decreasing with respect to the 157% of 4Q13 and the 156% of 1Q13. Likewise, the coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 111% at the end of 1Q14, remaining stable with respect to the 111% reported in 4Q13 and decreasing with respect to the 117% reported in 1Q13. These reductions are explained by seasonality effects in Colombia and Panama where delinquencies in the first months of the year tend to be higher.

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 577 billion in 1Q14, which represented 1.0% of the loan portfolio at the beginning of the quarter, increasing with respect to the COP 524 billion in 1Q13.

Provision charges (net of recoveries) totaled COP 308 billion in 1Q14. Provisions as a percentage of the average gross loans were 1.36% for 1Q14.

Bancolombia maintains a strong balance sheet supported on an adequate level of loan loss reserves. Allowances for loan losses totaled COP 4,136 billion, or 4.52% of total loans at the end of 1Q14. This proportion decreased with respect to the 4.54% presented at the end of 4Q13, and with respect to the 4.67% for 1Q13.

The following tables present key metrics related to asset quality:

ASSET QUALITY As of Growth
( COP millions) Mar-13 Dec-13 Mar-14 1Q14/4Q13 1Q14/1Q13
Total performing past due loans (1) 844,165 967,194 1,250,478 29.29 % 48.13 %
Total non-performing past due loans 1,319,536 1,630,027 1,662,715 2.01 % 26.01 %
Total past due loans 2,163,701 2,597,221 2,913,193 12.17 % 34.64 %
Allowance for loans interest losses 3,370,980 4,065,530 4,135,594 1.72 % 22.68 %
Past due loans to total loans 3.00 % 2.90 % 3.18 %
Non-performing loans as a percentage of total loans 1.83 % 1.82 % 1.82 %
“C”, “D” and “E” loans as a percentage of total loans 3.98 % 4.11 % 4.08 %
Allowances to past due loans (2) 155.80 % 156.53 % 141.96 %
Allowance for loan  losses as a percentage of “C”, “D” and “E” loans (2) 117.45 % 110.54 % 110.69 %
Allowance for loan losses as a percentage of non-performing loans (2) 255.47 % 249.41 % 248.73 %
Allowance for loan losses as a percentage of total loans 4.67 % 4.54 % 4.52 %
Percentage of performing loans to total loans 98.17 % 98.18 % 98.18 %

(1) " Performing" past due loans are loans upon which Bancolombia continues to recognize income although interest in respect of such loans has not been received. Mortgage loans cease to accumulate interest on the statement of operations when they are more than 60 days past due. For all other loans and financial leasing operations of any type, interest is no longer accumulated after they are more than 30 days past due.

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

9

1Q14

PDL Per Category (30 days) % Of loan Portfolio 1Q13 4Q13 1Q14
Commercial loans 58.76 % 1.72 % 1.75 % 1.89 %
Consumer loans 18.28 % 5.40 % 4.73 % 5.08 %
Microcredit 0.58 % 10.55 % 9.89 % 9.18 %
Mortgage loans 11.67 % 7.29 % 6.22 % 7.20 %
Finance lease 10.71 % 2.34 % 2.09 % 2.34 %
PDL TOTAL 100.00 % 3.00 % 2.90 % 3.18 %

PDL Per Category (90 days) % Of loan Portfolio 1Q13 4Q13 1Q14
Commercial loans 58.76 % 1.08 % 1.13 % 1.12 %
Consumer loans 18.28 % 2.35 % 2.30 % 2.23 %
Microcredit 0.58 % 6.44 % 6.52 % 5.93 %
Mortgage loans 11.67 % 2.95 % 2.39 % 2.36 %
Finance lease 10.71 % 1.19 % 1.28 % 1.38 %
TOTAL LOAN PORTFOLIO 100.00 % 1.51 % 1.54 % 1.53 %

LOANS AND FINANCIAL LEASES CLASSIFICATION Mar-13 Dec-13 Mar-14
( COP millions)
¨A¨ Normal 67,282,593 93.20 % 82,576,481 92.31 % 84,575,447 92.46 %
¨B¨ Subnormal 2,035,475 2.82 % 3,205,115 3.58 % 3,158,452 3.45 %
¨C¨ Deficient 1,201,500 1.67 % 1,590,505 1.77 % 1,670,319 1.82 %
¨D¨ Doubtful recovery 933,184 1.29 % 1,213,257 1.36 % 1,139,806 1.25 %
¨E¨ Unrecoverable 735,390 1.02 % 874,184 0.98 % 926,216 1.01 %
Total 72,188,142 100.00 % 89,459,542 100.00 % 91,470,240 99.99 %
62249473 1 72188142 1 75933288 100.01 %
Loans and financial leases classified as C, D and E as a percentage of total loans and financial leases 3.98 % 4.11 % 4.08 %

2.5. Operating Expenses

During 1Q14, operating expenses totaled COP 1,172 billion, decreasing 2.9% with respect to 4Q13 and increasing 7.4% with respect to 1Q13.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 467 billion in 1Q14, increasing 18.9% as compared to 4Q13 and 9.7% as compared to 1Q13. This increase was explained by higher salaries expenses due to the higher number of employees as well as by the 2014 wage increases. In addition, in 1Q14 are reflected 3 months of Banistmo’s expenses versus just the two that were reflected in 4Q13.

During 1Q14, administrative expenses totaled COP 535 billion, decreasing 18.9% as compared to 4Q13 and increasing 0.2% as compared to 1Q13.

Depreciation expenses totaled COP 127 billion in 1Q14, increasing 7.1% as compared to 4Q13 and 33.0% as compared to 1Q13. The increase in this type of expense is explained by the increase of operating leases from Leasing Bancolombia whose assets given on lease are depreciated.

At the end of 1Q14, Bancolombia had 28,798 employees, 1,086 branches and 4,332 ATMs.

10

1Q14

3. 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) / Simon Botero (Analyst)

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

11

1Q14

BALANCE SHEET
(COP million) Mar-13 Dec-13 Mar-14 Last
Quarter
Annual % of
Assets
% of
Liabilities
ASSETS
Cash and due from banks 7,365,762 11,427,441 8,409,335 -26.41 % 14.17 % 6.45 %
Overnight funds and interbank loans 2,044,687 3,981,205 2,471,036 -37.93 % 20.85 % 1.89 %
Total cash and equivalents 9,410,449 15,408,646 10,880,371 -29.39 % 15.62 % 8.34 %
Debt securities 13,066,955 12,136,179 13,616,544 12.20 % 4.21 % 10.44 %
Trading 8,237,060 6,537,697 7,962,392 21.79 % -3.33 % 6.10 %
Available for Sale 1,395,419 1,803,144 1,914,140 6.16 % 37.17 % 1.47 %
Held to Maturity 3,434,476 3,795,338 3,740,012 -1.46 % 8.90 % 2.87 %
Equity securities 1,177,893 1,680,237 1,778,746 5.86 % 51.01 % 1.36 %
Trading 360,786 411,987 404,789 -1.75 % 12.20 % 0.31 %
Available for Sale 817,107 1,268,250 1,373,957 8.33 % 68.15 % 1.05 %
Allowance for impairment -11,556 -10,626 -10,491 -1.27 % -9.22 % -0.01 %
Net investment securities 14,233,292 13,805,790 15,384,799 11.44 % 8.09 % 11.79 %
Commercial loans 43,643,362 52,363,519 53,746,652 2.64 % 23.15 % 41.20 %
Consumer loans 13,069,900 16,601,890 16,720,842 0.72 % 27.93 % 12.82 %
Small business loans 360,862 516,767 533,880 3.31 % 47.95 % 0.41 %
Mortgage loans 6,354,650 10,295,930 10,673,000 3.66 % 67.96 % 8.18 %
Financial leases 8,759,368 9,681,436 9,795,866 1.18 % 11.83 % 7.51 %
Allowance for loan and financial lease losses -3,370,980 -4,065,530 -4,135,594 1.72 % 22.68 % -3.17 %
Net total loans and financial leases 68,817,162 85,394,012 87,334,646 2.27 % 26.91 % 66.95 %
Accrued interest receivable on loans and financial leases 669,373 624,317 675,460 8.19 % 0.91 % 0.52 %
Allowance for accrued interest losses -62,165 -63,745 -64,810 1.67 % 4.25 % -0.05 %
Net total interest accrued 607,208 560,572 610,650 8.93 % 0.57 % 0.47 %
Customers' acceptances and derivatives 665,813 602,409 633,600 5.18 % -4.84 % 0.49 %
Accounts receivable, net 1,182,277 1,537,218 1,782,703 15.97 % 50.79 % 1.37 %
Premises and equipment, net 1,424,313 2,191,677 2,211,579 0.91 % 55.27 % 1.70 %
Foreclosed assets, net 88,505 103,565 91,968 -11.20 % 3.91 % 0.07 %
Prepaid expenses and deferred charges, net 575,434 690,932 646,592 -6.42 % 12.37 % 0.50 %
Goodwill 576,239 3,589,203 3,615,655 0.74 % 527.46 % 2.77 %
Premises and equipment under operating leases, net 2,383,135 2,919,181 3,064,824 4.99 % 28.60 % 2.35 %
Other assets 2,220,954 2,590,110 2,683,638 3.61 % 20.83 % 2.06 %
Reappraisal of assets 963,527 1,422,926 1,502,071 5.56 % 55.89 % 1.15 %
Total assets 103,148,308 130,816,241 130,443,096 -0.29 % 26.46 % 100.00 %
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing 8,584,903 14,680,487 13,904,799 -5.28 % 61.97 % 10.66 % 12.04 %
Checking accounts 7,849,941 13,617,057 12,652,198 -7.09 % 61.18 % 9.70 % 10.96 %
Other 734,962 1,063,430 1,252,601 17.79 % 70.43 % 0.96 % 1.08 %
Interest bearing 58,561,484 71,876,092 69,138,479 -3.81 % 18.06 % 53.00 % 59.87 %
Checking accounts 2,849,869 3,167,876 3,509,453 10.78 % 23.14 % 2.69 % 3.04 %
Time deposits 26,235,282 34,058,452 32,321,287 -5.10 % 23.20 % 24.78 % 27.99 %
Savings deposits 29,476,333 34,649,764 33,307,739 -3.87 % 13.00 % 25.53 % 28.84 %
Total deposits 67,146,387 86,556,579 83,043,278 -4.06 % 23.67 % 63.66 % 71.91 %
Overnight funds and interbank borrowings 631,092 1,124,802 1,254,163 11.50 % 98.73 % 0.96 % 1.09 %
Bank acceptances outstanding and derivatives 521,919 464,514 521,114 12.18 % -0.15 % 0.40 % 0.45 %
Other interbank borrowings 2,206,315 7,876,792 7,478,659 -5.05 % 238.97 % 5.73 % 6.48 %
Borrowings from development and other domestic banks 3,429,930 4,631,300 4,780,982 3.23 % 39.39 % 3.67 % 4.14 %
Accounts payable 3,084,310 2,611,114 2,959,148 13.33 % -4.06 % 2.27 % 2.56 %
Accrued interest payable 483,213 610,511 541,282 -11.34 % 12.02 % 0.41 % 0.47 %
Other liabilities 741,411 1,250,757 1,146,069 -8.37 % 54.58 % 0.88 % 0.99 %
Long-term debt 12,489,392 12,328,275 12,434,851 0.86 % -0.44 % 9.53 % 10.77 %
Accrued expenses 902,588 423,303 839,722 98.37 % -6.97 % 0.64 % 0.73 %
Minority interest 74,514 445,448 481,343 8.06 % 545.98 % 0.37 % 0.42 %
Total liabilities 91,711,071 118,323,395 115,480,611 -2.40 % 25.92 % 88.53 % 100.00 %
SHAREHOLDERS' EQUITY
Subscribed and paid in capital 425,914 425,914 460,827 8.20 % 8.20 % 0.35 %
Retained earnings 10,151,937 11,253,148 13,634,314 21.16 % 34.30 % 10.45 %
Appropiated 9,659,201 9,802,509 13,125,963 33.90 % 35.89 % 10.06 %
Unappropiated 492,736 1,450,639 508,351 -64.96 % 3.17 % 0.39 %
Reappraisal of assets 826,161 853,454 892,505 4.58 % 8.03 % 0.68 %
Gross unrealized net gain on investments 33,225 -39,670 -25,161 -36.57 % -175.73 % -0.02 %
Total shareholder's equity 11,437,237 12,492,846 14,962,485 19.77 % 30.82 % 11.47 %

12

1Q14

INCOME STATEMENT Growth
(COP million) 1Q13 4Q13 1Q14 1Q14/4Q13 1Q14/1Q13
Interest income and expenses
Interest on loans 1,616,159 1,821,119 1,858,728 2.07 % 15.01 %
Interest on investment securities 347,817 99,396 155,478 56.42 % -55.30 %
Overnight funds and interbank loans 7,180 8,970 11,113 23.89 % 54.78 %
Financial leases 225,763 222,198 227,431 2.36 % 0.74 %
Total interest income 2,196,919 2,151,683 2,252,750 4.70 % 2.54 %
Interest expense
Checking accounts 7,058 7,119 7,625 7.11 % 8.03 %
Time deposits 334,900 357,034 354,144 -0.81 % 5.75 %
Savings deposits 183,291 142,083 126,225 -11.16 % -31.13 %
Total interest on deposits 525,249 506,236 487,994 -3.60 % -7.09 %
Interbank borrowings 9,950 31,494 35,261 11.96 % 254.38 %
Borrowings from development and other domestic banks 57,630 58,437 64,686 10.69 % 12.24 %
Overnight funds 13,928 19,113 19,878 4.00 % 42.72 %
Long-term debt 185,919 187,857 190,370 1.34 % 2.39 %
Total interest expense 792,676 803,137 798,189 -0.62 % 0.70 %
Net interest income 1,404,243 1,348,546 1,454,561 7.86 % 3.58 %
Provisions for loans and accrued interest losses and other receivables , net (337,033 ) (327,858 ) (337,047 ) 2.80 % 0.00 %
Recovery of charged-off loans 52,322 69,412 44,936 -35.26 % -14.12 %
Provision for foreclosed assets and other assets (46,547 ) (37,347 ) (40,886 ) 9.48 % -12.16 %
Recovery of provisions for foreclosed assets and other assets 28,390 22,874 25,474 11.37 % -10.27 %
Total net provisions (302,868 ) (272,919 ) (307,523 ) 12.68 % 1.54 %
Net interest income after provision for loans
and accrued interest losses 1,101,375 1,075,627 1,147,038 6.64 % 4.15 %
Commissions from banking services 107,772 172,050 165,723 -3.68 % 53.77 %
Electronic services and ATM fees 19,557 22,828 25,637 12.31 % 31.09 %
Branch network services 29,288 38,628 34,982 -9.44 % 19.44 %
Collections and payments fees 62,177 77,756 75,875 -2.42 % 22.03 %
Credit card merchant fees (112 ) 2,697 2,950 9.38 % 2733.93 %
Credit and debit card fees 165,354 184,737 195,547 5.85 % 18.26 %
Checking fees 16,804 17,653 17,917 1.50 % 6.62 %
Trust activities 56,397 49,046 51,973 5.97 % -7.84 %
Brokerage fees 15,567 12,878 11,780 -8.53 % -24.33 %
Check remittances 4,980 9,055 8,832 -2.46 % 77.35 %
International wire transfers 14,842 17,253 20,579 19.28 % 38.65 %
Fees and other service income 492,626 604,581 611,794 1.19 % 24.19 %
Fees and other service expenses (56,298 ) (79,563 ) (69,472 ) -12.68 % 23.40 %
Total fees and income from services, net 436,328 525,018 542,322 3.30 % 24.29 %
Other operating income
Foreign exchange gain (loss), net 45,446 62,889 32,745 -47.93 % -27.95 %
Gains on forward contracts in foreign currency (1,769 ) 7,613 13,957 83.33 % 888.98 %
Gains on sales of investments in equity securities 75 4,916 (576 ) -111.72 % -868.00 %
Gains on sales of mortgage loans 8,018 5,758 5,105 -11.34 % -36.33 %
Dividend income 32,118 8,402 45,880 446.06 % 42.85 %
Income from non-financial subsidiaries 38,456 36,605 33,423 -8.69 % -13.09 %
Insurance income - 10,164 (8,690 ) -185.50 % 0.00 %
Communication, postage, rent and others 106,170 121,443 138,807 14.30 % 30.74 %
Total other operating income 228,514 257,790 260,651 1.11 % 14.06 %
Total income 1,766,217 1,858,435 1,950,011 4.93 % 10.41 %
Operating expenses
Salaries and employee benefits 359,392 367,606 404,227 9.96 % 12.48 %
Bonus plan payments 57,299 16,730 51,062 205.21 % -10.89 %
Indemnities benefits 8,743 8,395 11,550 37.58 % 32.11 %
Administrative and other expenses 534,072 659,745 535,019 -18.91 % 0.18 %
Insurance on deposits, net 34,117 34,462 41,570 20.63 % 21.85 %
Donation expenses 1,948 1,545 961 -37.80 % -50.67 %
Depreciation 95,811 118,886 127,381 7.15 % 32.95 %
Total operating expenses 1,091,382 1,207,369 1,171,770 -2.95 % 7.37 %
Net operating income 674,835 651,066 778,241 19.53 % 15.32 %
Goodwill amortization (1) 15,348 38,335 53,375 39.23 % 247.77 %
Non-operating income (expense)
Other income 51,141 99,878 38,973 -60.98 % -23.79 %
Minority interest (1,216 ) (9,981 ) (1,666 ) -83.31 % 37.01 %
Other expense (30,066 ) (69,836 ) (48,865 ) -30.03 % 62.53 %
Total non-operating income 19,859 20,061 (11,558 ) -157.61 % -158.20 %
Income before income taxes 679,346 632,792 713,308 12.72 % 5.00 %
Income tax expense (186,610 ) (144,052 ) (204,957 ) 42.28 % 9.83 %
Net income 492,736 488,740 508,351 4.01 % 3.17 %

13

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 5, 2014 By: /s/  JAIME ALBERTO VELÁSQUEZ B.
Name: Jaime Alberto Velásquez B.
Title: Vice President of Strategy and Finance

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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Other recent filings from the company include the following:

Bancolombia Announces The End Of Senior Notes Advanced Redemption Process - Sept. 11, 2014

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