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UNITED STATES

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 February, 2022

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85

Medellín, 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 þ                    Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___

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 þ

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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BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER OF 2021

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February 22, 2022. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the fourth quarter of 2021¹.

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BANCOLOMBIA: Summary of consolidated financial quarterly results

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This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended December 31, 2021 is not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.

. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. 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, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate, January 1, 2022 $3,981.16 = US$ 1

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1.BALANCE SHEET

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1.1.Assets

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As of December 31, 2021, Bancolombia's assets totaled COP 289,955 billion, which represents a growth of 7.5% compared to 3Q21 and 13.4% compared to 4Q20.

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During the quarter, the peso depreciated 4.4% against the US dollar and 16.0% in the last 12 months. The average exchange rate was 1.2% higher in 4Q21 versus 3Q21, and 1.5% higher in the last 12 months.

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The increase in total assets during the first quarter is largely explained by the growth in the loan book.

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1.2.Loan Portfolio

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The following table shows the composition of Bancolombia’s loans by type and currency:

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In 4Q21, gross loans grew 4.8% compared to 3Q21 and 15.1% compared to 4Q20. During the last 12 months peso-denominated loans grew 10.6% and the dollar-denominated loans (expressed in USD) grew 7.5%.

At the end of 4Q21, Banco Agricola operations in El Salvador, Banistmo in Panama and BAM in Guatemala represented 28% of total gross loans.

Gross loans denominated in currencies other than COP, generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the USD denominated loans in Colombia, accounted for 35.0% of the portfolio, and grew 6.8% in the quarter (when expressed in COP).

Total reserves (provisions in the balance sheet) for loan losses decreased 5.0% during the quarter and totaled COP 15,864 billion equivalents to 7.2% of the gross loans at the end of the quarter.

The fourth quarter reflected the most accelerated performance in disbursements for the consolidated book. Colombia was the most dynamic market in terms of growth, up 3.9% in the loan balance during the quarter, mainly driven by home lending (+4.8%) and retail (+6.7%), particularly, personal loans and mortgages stand out with the highest growth. To a lesser extent, payrolls and credit cards also contribute to growth. On the commercial side, it was a strong quarter for originations, however, higher prepayments from specific clients impacted the final balance. The portfolio expanded 2.8%, revealing the gradual reactivation across different sectors of the economy in the country. BAM in Guatemala reported a growth in its portfolio of 3.2% (calculated in USD) largely attributed to the performance on the retail side. Banistmo reported an increase of 0.2% (calculated in USD), with a positive performance in the commercial portfolio with originations growing during 4Q21. Lastly, Banco

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Agricola reported a contraction of 0.9% during the quarter (calculated in USD), basically because of prepayments on the commercial side greater than disbursements.

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

The following table summarizes Bancolombia’s total loan portfolio:

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1.3.Investment Portfolio

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As of December 31, 2021, Bancolombia's net investment portfolio totaled COP 29.289 billion, increasing 9.1% from the end of 3Q21 and decreasing 0.9% from the end of 4Q20.

At the end of 4Q21, the debt securities portfolio had a duration of 17.6 months and a weighted average yield to maturity of 5.5%.

1.4.Goodwill and intangibles

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At the end of 4Q21, Bancolombia's goodwill and intangibles totaled COP 8,629 billion, up 4.5% compared to 3Q21. This quarterly variation is mainly explained by the depreciation of the COP against the USD.

1.5.Funding

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As of December 31, 2021, Bancolombia's liabilities totaled COP 255,930 billion, growing 7.6% from the end of 3Q21, and 12.5% compared to 4Q20.

Customer deposits totaled COP 210,391 billion (82.2% of liabilities) at the end of 4Q21, up 10.9% compared to 3Q21 and 16.4% over the last 12 months. The net loans to deposits ratio was 97.2% at the end of 4Q21 decreasing compared to 102.1% in 3Q21, explained by a significant increase in all deposits that represent the main source of funding for the bank.

Checking and saving accounts presented the highest variation in volume during the quarter, in line with the trend experienced during the last 2 years. This performance has contributed to sustaining a low funding cost in 2021 and a sound liquidity position.

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1.6.Shareholders’ Equity and Regulatory Capital

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Shareholders’ equity at the end of 4Q21 was COP 32,234 billion, increasing by 6.5% compared to 3Q21 and by 21.4% when compared to 4Q20.

Bancolombia's consolidated solvency ratio under Basel III was 15.49% in 4Q21, while the basic capital ratio (Tier 1) was 11.92%. basic solvency ratio and total solvency have both revealed a sustained growth in previous quarters, primarily after the adoption of Basel III regulation in 2020. The group is prepared to fully comply with the minimum regulatory requirements, considering the gradual adoption.

The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 8.2% at the end of 4Q21.

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2.INCOME STATEMENT

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Net income was COP 1,445 billion in 4Q21, or COP 1,502.08 per share (USD $ 1.51 per ADR). This profit represents an increase of 53.3% compared to 3Q21 totaling 4,087 billion for the full year. Bancolombia's annualized return on equity (“ROE”) was 18.5% for 4Q21 and 14.0% for the last 12 months.

2.1.Net Interest Income

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Net interest income totaled COP 3,208 billion in 4Q21, 10.4% greater than the value reported in 3Q21, and 43.0% above 4Q20. The growth in net interest income is a result of originations remaining at high levels during the year and the cost of funding improvement. During 4Q21, the investment, interest rate derivatives and repos portfolio generated COP 199 billion, 34.4% higher when compared to 3Q21.

Net Interest Margin

The annualized net interest margin increased to 5.3% during 4Q21. The annualized net interest margin for investments in 4Q21 was 1.3%. A slight devaluation of the Colombian peso during the fourth quarter of 2021 favored the bank's position in treasury bills, explaining the increase in the interest margin. Such position proceeds partially from the resources generated by the derivatives portfolio, that are in fact used as liquid assets.

The annualized net interest margin of the loan portfolio was 5.9%, up 25 basis points compared to 3Q21. This inflection point in the margin is due to the originations dynamics during the second half of the year, coupled with the beginning of the rates hike cycle by the central bank in Colombia. The higher proportional growth of interest income compared to interest expenses contributes to a better net margin, amid an efficient liability cost management.

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The total cost of financing stands out as one of the most positive variables during 2021. The increase in demand deposits together with the decrease in time deposits have contributed to materializing a strategy to improve the funding cost with evident efficiencies.

Savings accounts and checking accounts increased their share within the financing structure during the quarter and over the last 12 months. Savings accounts represented 40% in 4Q20, increasing to 44% of total funding by 4Q21. On the other hand, checking accounts represented 15% in 4Q20, rising to 17% of total funding in 4Q21. The annualized average weighted cost of deposits was 1.42% in 4Q21, up 1 basis points compared to 3Q21 and down 40 basis points compared to 4Q20.

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2.2.Fees and Income from Services

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During 4Q21, net fees and income from services totaled COP 947 billion, growing 7.6% compared to 3Q21, and 19.4% compared to 4Q20.

The quarterly increase is largely explained by the operation in Colombia. Seasonal effects of the last months of the year showed a high volume of transactions, leading to better results in the acquiring business. Higher revenues are evidenced in transaction flows completed in commercial establishments both in debit cards and credit cards through POS and electronic payments, as well as domestic and international purchases through our affiliated networks.

The bancassurance business had a significant contribution during 4Q21 thanks to continued growth on distributed products. In the annual analysis, 2020 presented a lower claims ratio because of the pandemic, which explains a decrease during 2021 in the net result.

Payments and collections performed very well, growing 9.0% in 4Q21 when compared to 3Q21. This positive evolution is due to higher revenues from cash collection services, an increase in fees from banking services, and greater transaction activity in the month of December, which boosted the income from payments in the commercial.

2.3.Other Operating Income

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Total other operating income was COP 598 billion in 4Q21, up by 7.9% compared to 3Q21 and down by 24.0% compared to 4Q20.

The quarterly growth is mainly explained by the operating leases division and by profits on the sale of assets. Revenues in the operating leases segment totaled COP 277 billion in 4Q21, presenting an increase of 15.3% compared to 3Q21 and 45.9% compared to 4Q20. The better results are predominantly based on higher fees

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obtained by vehicle purchases intermediation, the higher income in maintenance and services from the operating leases payments, as well as a dynamic evolution in the renting business segment.

2.4.Asset Quality, Provision Charges and Balance Sheet Strength

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The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 8,675 billion at the end of 4Q21 and represents 4.0% of total gross loans, decreasing when compared to 3Q21, when past due loans represented 4.4% of total gross loans. During the quarter, charge-offs totaled COP 1.140 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 166.3% at the end of 4Q21, decreasing compared to 167.2% at the end of 3Q21. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 743 billion.

During 4Q21, there was a reversal in provisions charges (net of recoveries), amounting to COP 1,440 million. In line with the trend observed in the previous quarter, the decrease in this item is associated with a more favorable outlook than initially considered. For 2021, the main events that support the results in provisions are related to macroeconomic improvement, the provision models finetuning, the evolution to better ratings for the high risk portfolio, and the lower reported deterioration.

Provisions as a percentage of the average gross loans were 0.0% annualized for 4Q21 and 1.2% for the last 12 months. Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 14,426 billion, or 6.7% of total loans at the end of 4Q21, decreasing when compared to 3Q21.

The following tables present key metrics related to asset quality:

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Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).

Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).

Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).

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2.5.Operating Expenses

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During 4Q21, operating expenses totaled COP 2,713 billion, increasing by 14.1% compared to 3Q21 and by 30.6% compared to 4Q20.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 1,134 billion in 4Q21, which represents an increase of 15.7% from 3Q21 and 54.6% from 4Q20.

Accumulated operating expenses for the year increased by 14.6% compared to 2020. The greatest contribution to this growth is linked to labor expenses, which grew by 24.2% as a result mainly of the reactivation of bonuses during 2021, when excluding this item from the calculation, the increase in salaries was 4.7%. for the full year, general expenses grew by 8.7%, highlighting in the first place, the operating leases and renting business due to an accelerated growth and consequently a higher operating burden associated with assets depreciation; and, secondly, the contribution of the digital transformation mainly related to technology costs, given the fast development in 2021.

As of December 31, 2021, Bancolombia had 31.245 employees, owned 910 branches, 6,054 ATMs, 24,884 banking agents and served more than 25 million customers.

2.6.Taxes

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In 4Q21, Grupo Bancolombia's income tax was COP $649 billion, impacted mainly by the operation in Colombia. Tax benefits were obtained that led to a lower tax burden. For Colombia, those benefits related to investments in real productive fixed assets, exempt income from low-income home lending portfolio and untaxed dividends. For the remaining operations, tax benefits were associated with the exempt income from returns on securities issued by the Governments of Guatemala, El Salvador, and Panama.

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3.BREAK DOWN OF OPERATIONS

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The following table summarizes the financial statements of our operations in each country.

BANCOLOMBIA S.A. (STAND ALONE) – COLOMBIA

Loans in Bancolombia S.A. show an interesting dynamism in the last quarter, growing 3.9% and 11.7% in an annual basis, clearly determined by the second half, as an effect of the economic reactivation in the country. In balance, the commercial portfolio show an increase of COP 9.1 trillion, highlighting the good performance of peso-denominated loans and the foreign currency portfolio, which is also impacted by the 16.0% depreciation of the Colombian peso during the year. On the retail side, the balance increased by COP 7.7 trillion. Personal loans stand out with disbursements reaching pre-pandemic levels. Mortgage loans come up with over 31% of growth for the retail segment, reporting an increase of COP 2.4 trillion, driven by a better dynamic in the real estate business that was reflected in the higher levels of originations during the year.

Net result for Bancolombia S.A. in 4Q21 was a profit of COP 2.6 trillion, which represents a significant increase vs 3Q21 compared to the previous year when the net result was negative, thus denoting the quarter with the best operating results in the year. In line with the good performance of the loan portfolio, net interest income had a positive evolution in the quarter, while provisions reversal was made for Bancolombia S.A. because of asset quality and better macro scenarios

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estimated in the risk models. Operating income was further favored by a good performance in net fees, driven by the line of credit and debit cards and commercial establishments, following a period of the year with high transaction flows.

For the full year, Bancolombia S.A. net income was COP 4.1 trillion, by moving from an ROE of 1.0% in 2020 to 22.2% in the last 12 months. The benefit on provision stands out in the variation of the net result at the end of 2021. In other net operating income (growing 220.1% in 2021 vs. 2020), it is worth noting the great contribution from the operating leases  business line, as well as the renting division.

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BANISTMO- PANAMA

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Loans in Banistmo closed 4Q21 with a slight growth against the previous quarter (0.2% calculated in USD), affected by the increase in charge-offs. Over the year, it is worth noting the dynamics in mortgages with the highest growth in the portfolio, the reactivation of retail stimulating growth on loans to individuals and outpacing the commercial segment, in line with the market.

Net result for Banistmo in 4Q21 was a loss of COP 59.4 billion, largely due to the increase in provisions (mainly on the corporate side) and the increase in operating expenses, due to seasonal effects in labor and administrative expenses. Net interest margin increased compared to the previous quarter, driven by a lower interest expense, which is mainly derived from a reduction on time deposits interests.

For the full year, Banistmo's net income was COP 202 billion, which represents a significant improvement compared to the loss generated in 2020, by moving from an ROE of -4.3% in 2020 to 5.2% in 2021. The reduction in provisions charges

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is relevant due to the positive performance of loans previously covered under reliefs, macroeconomic improvement, as well as a lower-than-expected level of write-offs.

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BANCO AGRÍCOLA- EL SALVADOR

Loans in Banco Agricola fell 0.9% in the total balance (calculated in USD), with a mixed performance by segment. On the commercial side, a high volume of prepayments outpaced originations, which explains the reduction when compared to 3Q21. A similar trend takes place in retail loans decreasing in the closing balance, attributed mostly to payroll products. On the other hand, home lending shows a quarterly growth, shifting a stable trend seen in most of the year. Compared to the previous year, the portfolio with the best dynamics is the commercial one.

Net result for Banco Agricola in 4Q21 was a profit of COP 25.6 billion. Operating expenses increased, primarily caused by an increase in employee bonuses. Net fees decreased due to higher expenses related to credit and debit card associations given the higher transactional flows experienced in the last months of the year. Net interest income rose during the quarter, influenced by a positive performance on investments. Similarly, net provision benefits contributed to the bottom line in the same way as in 3Q21.

For the full year, Banco Agricola net profit was COP 419 billion, increasing the result of 2020, by moving from an ROE of 10.4% to 19.1% in 2021. In the balance of operating income, we must highlight: an efficient cost of funding management, driven by lower deposit expenses, mainly in time deposits; the good performance of net fees and provisions reversal during the year, offsetting the increase in expenses derived mainly from employees’ bonuses.

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