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 1934

                         For the month of September 2003

                                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. 333-12658).

                                    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: September 15, 2003                  By /s/ JAIME ALBERTO VELASQUEZ B.
                                            Name: Jaime Alberto Velasquez B.
                                           Title: Vice President of Finance

[BANCOLOMBIA LETTERHEAD]

BANCOLOMBIA REPORTS ACCUMULATED UNCONSOLIDATED NET INCOME OF PS 206,308 MILLION
DURING THE FIRST EIGHT MONTHS OF 2003

Medellin, COLOMBIA. September 12, 2003. BANCOLOMBIA (NYSE:CIB)*

BANCOLOMBIA reported unconsolidated net income of Ps 37,266 million for the
month ended August 31, 2003. For the eight months ended August 31, 2003, the
Bank reported accumulated net income of Ps 206,308 million, which is 125% higher
than for the same period in 2002.

Total interest income, including investment securities, amounted to Ps 59,660
million in August 2003 and Ps 510,328 million for the eight-month period ended
August 31, 2003. Total fees and income from services amounted to Ps 20,903
million in August 2003 and Ps 168,212 million for the eight-month period ended
August 31, 2003.

Total assets amounted to Ps 10.2 trillion in August 2003, increasing 13.6% over
the last twelve months. Total deposits increased approximately 7.2% to Ps 6.3
trillion over the last twelve months. BANCOLOMBIA's total shareholders' equity
totaled Ps 1.55 trillion in August 2003, which constitutes a 48.2% increase over
the Ps 1.05 trillion reported in August 2002.

BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 1.7% as of August 31, 2003, and the level of allowance for past due
loans was 269%.

MARKET SHARE

According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in August 2003 was
as follows: 12.2% of total deposits, 13.4% of total net loans, 10.1% of total
savings accounts, 17.5% of total checking accounts and 11.9% of total time
deposits.


* This report corresponds to the intermediate financial statements of
BANCOLOMBIA, which are subject to review by the Superintendency of Banking. The
information contained herein has been prepared in accordance with generally
accepted accounting principles (GAAP) in Colombia, and is expressed in nominal
terms and has not been audited.

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 that could cause actual results to differ
materially from those indicated in such statements.