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 July 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: July 12, 2004          By /s/ JAIME ALBERTO VELASQUEZ B.
                                -------------------------------------
                                    Name:  Jaime Alberto Velasquez B.
                                    Title: Vice President of Finance

(BANCOLOMBIA LOGO)                                                    (CIB LOGO)


      BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 187,906 MILLION
                       DURING THE FIRST SEMESTER OF 2004



MEDELLIN, COLOMBIA. JULY 12, 2004*


BANCOLOMBIA reported unconsolidated net income of Ps 35,8561 million for the
month ended June 30, 2004. For the six months ended June 30, 2004 the Bank
reported accumulated net income of Ps 187,906 million, 34.9% higher than for the
same period in 2003.

Total net interest income, including investment securities, amounted to Ps
76,097 million in June 2004 and Ps 425,273 million for the six-month period
ended June 30, 2004. Additionally, total net fees and income from services
amounted to Ps 28,732 million in June 2004 and Ps 153,405 million for the
six-month period ended June 30, 2004.

Total assets amounted to Ps 12.0 trillion in June 2004, 15.4% higher than the
reported in June 2003. Total deposits increased approximately 14.4% to Ps 7.1
trillion over the last twelve months. BANCOLOMBIA's total shareholders' equity
amounted to Ps 1.60 trillion in June 2004, which constitutes a 10.2% increase
over the Ps 1.45 trillion reported in June 2003.

BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 1.8% as of June 30, 2004, and the level of allowance for past due
loans was 270%.

MARKET SHARE

According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in June 2004 was as
follows: 12.2% of total deposits, 13.3% of total net loans, 11.3% of total
savings accounts, 17.1% 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 July 12, 2004: Ps 2,668.83 = US$ 1. Total outstanding shares:
    576,695,395. 1 ADR= 4 preference shares.



CONTACTS

                                                
JAIME A. VELASQUEZ        MAURICIO BOTERO             WWW.BANCOLOMBIA.COM
Financial Vice-President  Investor Relations Manager  investorrelations@bancolombia.com
Tel.: (574) 5108666       Tel.: (574) 5108866         Fax: (574) 231 7208