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 1933

                           For the month of June 2004




                                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: June 15, 2004                 By    /s/ JAIME ALBERTO VELASQUEZ B.
                                       ---------------------------------
                                            Name:    Jaime Alberto Velasquez B.
                                            Title:   Vice President of Finance

(BANCOLOMBIA LOGO)

 BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 152,050 MILLION DURING THE
                           FIRST FIVE MONTHS OF 2004



Medellin, COLOMBIA. June 15, 2004. BANCOLOMBIA (NYSE:CIB)*


BANCOLOMBIA reported unconsolidated net income of Ps 16,999(1) million for the
month ended May 31, 2004. For the five months ended May 31, 2004 the Bank
reported accumulated net income of Ps 152,050 million, 34.0% higher than for the
same period in 2003.

Total net interest income, including investment securities, amounted to Ps
51,470 million in May 2004 and Ps 349,176 million for the five-month period
ended May 31, 2004. Additionally, total net fees and income from services
amounted to Ps 26,786 million in May 2004 and Ps 124,673 million for the
five-month period ended May 31, 2004.

Total assets amounted to Ps 11.8 trillion in May 2004, 14.1% higher than the
reported in May 2003. Total deposits increased approximately 13.1% to Ps 7.4
trillion over the last twelve months. BANCOLOMBIA's total shareholders' equity
amounted to Ps 1.57 trillion in May 2004, which constitutes a 14.1% increase
over the Ps 1.38 trillion reported in May 2003.

BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 1.8% as of May 31, 2004, and the level of allowance for past due loans
was 266%.

MARKET SHARE

According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in May 2004 was as
follows: 12.6% of total deposits, 13.2% of total net loans, 11.6% of total
savings accounts, 17.9% of total checking accounts and 10.6% of total time
deposits.

- ----------
* This report corresponds to the interim 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.

(1)   Exchange Rate June 15, 2004: Ps 2,734.94 = US$ 1. Total outstanding
      shares: 576,695,395. 1 ADR= 4 preference shares.


CONTACTS

JAIME A. VELASQUEZ           MAURICIO BOTERO                WWW.BANCOLOMBIA.COM
FINANCIAL VP                 IR MANAGER                     FAX: (574) 2317208
TEL.: (574) 5108666          TEL.: (574) 5108866