Bancolombia S.A. Announces Unconsolidated Net Income Of Ps 93.1 Billion for the Month of April 2008 Totaling Ps 425.0 Billion for the First Four Months of 2008*

MEDELLIN, Colombia, May 9 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") reported unconsolidated net income of Ps 93.1 billion during the past month of April. As of April 30, 2008, net income for Bancolombia unconsolidated totaled Ps. 425.0 billion for the first four months increasing 56.6% as compared to the same period of 2007.

-- Net interest income, including investment securities totaled Ps. 216.4
billion for the month of April. As of April 30, 2008, net interest
income totaled Ps. 798.1 billion increasing 42.5% as compared to the
same period last year.

-- Net fees and income from services totaled Ps. 66.0 billion for the
month ended April 30, 2008. As of April 30, 2008, net fees and income
from services totaled Ps. 249.0 billion increasing 21.5% as compared
to the same period last year.

-- Other operating income totaled Ps. 40.1 billion for the month ended
April 30, 2008. As of April 30, 2008, other operating income totaled
Ps. 299.4 billion increasing 124.2% as compared to the same period
last year driven by the dividend income received from the Bank's
subsidiaries. It is important to notice that these dividends are not
included in the consolidated results because of the application of
Colombian generally accepted accounting principles ("COL GAAP") when
consolidating. As a result, this dividend income is only recorded in
Bancolombia's unconsolidated results.

-- Operating expenses totaled Ps. 144.0 billion for the month ended April
30, 2008. As of April 30, 2008, Operating expenses totaled Ps. 553.0
billion increasing 7.3% as compared to the same period last year.

Total assets amounted to Ps 33.11 trillion, net loans amounted to Ps 22.5 trillion, deposits totaled Ps 20.79 trillion and BANCOLOMBIA's total shareholders' equity amounted to Ps 4.85 trillion.

BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total loans was 3.20% as of April 30, 2008, and the level of allowance for past due loans was 128.90% 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 April, 2008 was as follows: 18.1% of total deposits, 21.4% of total net loans, 18.7% of total savings accounts, 20.6% of total checking accounts and 15.4% 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.

FCMN Contact: jmosquer@bancolombia.com.co

Source: Bancolombia S.A.

CONTACT: Sergio Restrepo, Executive VP, +011-574-5108668, or Jaime A.
Velasquez, Financial VP, +011-574-5108666, or Juan Esteban Toro, IR Manager,
+011-574-5108866, all of Bancolombia

Web site: http://www.bancolombia.com.co/

2008-05-09 19:50:49 0358101 PRNEWSWIRE