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                       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 November 2004



                                BANCOLOMBIA S.A.
                (Translation of Registrant's name into English)



                               Calle 50 No. 51-66
                               Medellin, Colombia
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                    (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
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(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-______________.)

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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: November 11, 2004                By /s/ JAIME ALBERTO VELASQUEZ B.
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                                       Name:  Jaime Alberto Velasquez B.
                                       Title: Vice President of Finance



                             (BANCOLOMBIA GRAPHIC)

          BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 354,634
                  MILLION DURING THE FIRST TEN MONTHS OF 2004

MEDELLIN, COLOMBIA. NOVEMBER 11, 2004*


BANCOLOMBIA reported unconsolidated net income of Ps 35,248 million for the
month ended October 31, 2004. For the ten months ended October 31, 2004 the Bank
reported accumulated net income of Ps 354,634 million, 39.1% higher than for the
same period in 2003.

Total net interest income, including investment securities, amounted to Ps
82,693 million in October 2004 and Ps 781,290 million for the ten-month period
ended October 31, 2004. Additionally, total net fees and income from services
amounted to Ps 26,203 million in October 2004 and Ps 260,641 million for the
ten-month period ended October 31, 2004.

Total assets amounted to Ps 13.0 trillion in October 2004, 21.9% higher than the
reported in October 2003. Total deposits increased approximately 14.1% to Ps 7.5
trillion over the last twelve months. BANCOLOMBIA's total shareholders' equity
amounted to Ps 1.84 trillion in October 2004, which constitutes a 15.1% increase
over the Ps 1.6 trillion reported in October 2003.

BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 1.57% as of October 31, 2004, and the level of allowance for past due
loans was 274%.

MARKET SHARE

According to ASOBANCARIA (Colombia's national banking association),
BANCOLOMBIA's market share of the Colombian Financial System in October 2004 was
as follows: 11.8% of total deposits, 13.6% of total net loans, 9.7% of total
savings accounts, 17.6% of total checking accounts and 11.6% of total time
deposits.















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* 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.

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