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 February 2005




                                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: February 16, 2005             By  /s/  JAIME ALBERTO VELASQUEZ B.
                                        ----------------------------------------
                                    Name:  Jaime Alberto Velasquez B.
                                    Title: Vice President of Finance




[BANCOLOMBIA LOGO]                                        [CIB LISTED NYSE LOGO]


       BANCOLOMBIA REPORTS UNCONSOLIDATED NET INCOME OF PS 31,115 MILLION
                      FOR THE MONTH ENDED JANUARY 31, 2005


MEDELLIN, COLOMBIA. FEBRUARY 16, 2005*


BANCOLOMBIA reported unconsolidated net income of Ps 31,115 million for the
month ended January 31, 2005, which is 24.2% higher than Ps 25,055 million, for
the same period in 2004.

Total net interest income, including investment securities, amounted to Ps
89,756 million in January 2005. Additionally, total net fees and income from
services amounted to Ps 27,445 million during the same period.

Total assets amounted to Ps 14.01 trillion in January 2005, 27.0% higher than
the reported in January 2004. Total deposits increased approximately 28.6% to Ps
8.6 trillion over the last twelve months. BANCOLOMBIA's total shareholders'
equity amounted to Ps 1.99 trillion in January 2005, which constitutes a 25.5%
increase over the Ps 1.58 trillion reported in January 2004.

BANCOLOMBIA's (unconsolidated) level of past due loans as a percentage of total
loans was 1.66% as of January 31, 2005, 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 January 2005 was
as follows: 12.4% of total deposits, 14.6% of total net loans, 10.4% of total
savings accounts, 18.3% of total checking accounts and 11.2% 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.

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