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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 2024

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 2023.

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February 20, 2024. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the fourth quarter of 2023¹.

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1 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, 2023, 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, 2024, $3,822.05 = US$ 1

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BANCOLOMBIA: Summary of consolidated financial quarterly results

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1.BALANCE SHEET

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1.1.Assets

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As of December 31, 2023, Bancolombia’ s assets on a consolidated basis totaled COP 342,929 billion, increasing 1.4% compared to 3Q23. Cash and balances grew by loan prepayments during the last few months of the year.

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The Colombian peso appreciated 5.7% against the dollar during the fourth quarter of 2023, and 20.5% in the last 12 months. The average exchange rate was 1.9% lower in 4Q23 versus 3Q23, and in the last 12 months higher by 1.7%.

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1.2.Loan Portfolio

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The following table shows the composition of Bancolombia loans on a consolidated basis by type and currency:

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In 4Q23, gross loans declined 1.5% compared to 3Q23 (grew 0.3% when excluding the FX effect) and 5.9% compared to 4Q22. During the last 12 months peso-denominated loans increased 4.2% and dollar-denominated loans (expressed in USD) decreased 3.0%.

As of December 31, 2023, Banco Agricola operations in El Salvador, Banistmo in Panama and BAM in Guatemala represented 24.8% 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 30.5% of the portfolio, and decreased 1.3% in the quarter (when expressed in USD).

Allowances for loan losses decreased 0.8% during the quarter and totaled COP 16,223 billion or 6.4% of the gross loans at the end of the quarter.

The loan book on a consolidated basis posted a sustained decrease during all quarters of the year. For 4Q23 particularly, the lower portfolio balance in foreign currency and the revaluation of the Colombian peso against the dollar explained such variation by the restatement of foreign subsidiaries balances.

The Retail portfolio denotes the largest quarterly reduction on a consolidated basis, mainly because of Bancolombia S.A., personal loans present the largest decrease in 4Q23. Commercial loans contracted to a greater extent, due to the operation in Bancolombia Panama and the slowdown in foreign currency originations from corporate clients. The mortgage portfolio maintains a steady growth and is the only segment that reflects an increasing volume in all geographies.

Banco Agromercantil maintained an almost flat balance calculated in USD during 4Q23. The greatest change took place in commercial loans with a quarterly contraction due to prepayments from corporate clients, as well as the consumer

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portfolio, which has continued a decreasing path since June following the bank's lower risk appetite. Mortgage loans offset this contraction with a very good performance growing constantly month by month in 2023.

Banco Agricola resumed a growing path, up 1.7% calculated in USD. All segments revealed good dynamics in the quarter, with a changing trend on commercial loans, with an incremental demand during 4Q23. Lastly, personal loans contributed to the largest balance in the retail portfolio.

The portfolio in Banistmo decreased 1.0% calculated in USD during 4Q23. Commercial loans largely kept a decreasing trend in the last year as the bank has prioritized the improvement of its margins, deeming the best risk profile segments.

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 total loan portfolio on a consolidated basis:

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1.3.Investment Portfolio

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As of December 31, 2023, Bancolombia net investment portfolio on a consolidated basis totaled COP 25,674 billion, decreasing 5.2% from the end of 3Q23 and 8.1% from the end of 4Q22. By adding interbank borrowings, repurchase agreements and financial assets investments, the higher resulting balance in the quarter is explained by the ample liquidity of the bank, with a significant increase in simultaneous purchases operations. At the end of 4Q23, the investment portfolio in debt securities had a duration of 17.2 months and a weighted average yield to maturity of 9.3%.

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1.4.Goodwill and intangibles

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At the end of 4Q23, Bancolombia’ s goodwill and intangibles on a consolidated basis totaled COP 8,490 billion, down 4.5% compared to 3Q23. This quarterly variation is mainly explained by the revaluation of the COP against the USD and the restatement of foreign subsidiaries balances.

1.5.Funding

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As of December 31, 2023, Bancolombia’ s liabilities at the consolidated level totaled COP 303,879 billion, increasing 1.4% from the end of 3Q23, and decreasing 2.9% compared to 4Q22.

Customer deposits totaled COP 247,941 billion (81.6% of liabilities) at the end of 4Q23, up 1.5% compared to 3Q23 and down 1.2% over the last 12 months. On a quarterly basis, the 5.7% currency revaluation drove deposits up by the restatement of foreign subsidiaries balances. Net loans to deposits ratios was 95.9% at the end of 4Q23 lower than the 98.9% ratio from 3Q23, basically because of the greater variation of the loan balance.

The deposit mix illustrated a changing trend in 4Q23. For the first time during the year, demand deposits grew quarterly whereas time deposits decreased. Amid a better liquidity position and a slow dynamic in loan growth, the bank has reduced its appetite for higher-cost sources of deposits. Savings accounts remained as the main source of funding, increasing their

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share to 39% of the total amount. On the other hand, checking accounts went from 12% in 3Q23 to 13% as of December 2023.

Loans with banks fell slightly in the quarter, mainly in foreign currency, on the back of a better liquidity position. Debt securities decreased mainly due to the maturity of two bonds reaching their term to maturity, one of them issued in 2011 and the second one issued in 2016.

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1.6.Shareholders’ Equity and Regulatory Capital

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Shareholders’ equity attributable to the owners of the parent company at the end of 4Q23 was COP 38,090 billion, increasing by 1.5% compared to 3Q23 and decreasing 2.6% when compared to 4Q22. Despite the peso appreciation during the quarter and the effect on balances of foreign subsidiaries, equity grew on the back of net income generation.

Bancolombia solvency ratio on a consolidated basis under Basel III was 13.40% in 4Q23 standing 253 basis points above the minimum level required by the regulator in Colombia, while the basic capital ratio (Tier 1) stood at 11.42%, 392 basis points above the minimum regulatory capital level (value to fully comply with the new capital requirements in the third year of the Basel III phase-in period). The increase in solvency levels is mainly due to the earnings accrual during the quarter. The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 8.66% at the end of 4Q23.

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2.INCOME STATEMENT

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Net interest income totaled COP 5,235 billion in 4Q23, 7.9% higher than 3Q23. The investment portfolio contributed largely to this result. Interest income and valuation of financial instruments was COP 704 billion, representing a growth of 67.0% in the quarter. The bank continued in 4Q23 with a significant liquidity surplus that were mainly allocated to active simultaneous operations, while the position in local public debt securities had a marginal increase.

2.1.Net Interest Income

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Net interest income totaled COP 4,851 billion in 3Q23, 1.7% lower than 2Q23. The investment portfolio had a better performance during the quarter, interest income and valuation of financial instruments was COP 421 billion in 3Q23. This

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is explained by a higher volume of repos trading operations. Additionally, revenues from debt securities grew, especially from securities held to maturity and hedging with corporate and institutional clients.

Net Interest Margin

The annualized net interest margin on investments in 4Q23 stood at 4.5%, contributing to a total NIM increase of 48 bps on a consolidated basis and reaching 7.3%.

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The annualized net interest margin of the loan portfolio was 7.7%, 11 basis points above 3Q23 and 8 basis points below 4Q22. The better performance of the lending business is a result of a higher yield and stable interest expenses on a consolidated basis, with an important contribution from BAM's operation, due to normalized revenues after the reversals carried out in 3Q23 by anticipated income accrual during the first half of the year associated with changes in interest rates.

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(1) Net interest margin and valuation income on financial instruments.

Saving accounts grew 4.6% compared to 3Q23 and checking accounts 4.5%. The annualized weighted average cost of deposits was 5.66% in 4Q23, decreasing 4 basis points compared to 3Q23 and increasing 264 basis points compared to 4Q22.

The board of directors of the Central Bank in Colombia decided in December to cut the reference rate for the first time since 2020. A monetary policy change by the Central Bank implied a stabilization in rates during the second half of the year. In addition, the bank's deposit taking activity changed during the last quarter. Due to lower liquidity needs, time deposits balances decreased, reducing pressure on the total cost of funding on a consolidated basis, and contracting sequentially for the first time in 2 years.

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2.2.Fees and Income from Services

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During 4Q23, total fees and commissions, net totaled COP 1,026 billion, up 7.1% compared to 3Q23, and up 0.5% compared to 4Q22.

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Credit and debit card fees and commercial establishments increased 10.9% and 5.8% during the year. This increase is largely explained by the operation in Colombia and the greater volume of transactions in channels as a seasonal effect of the last months of the year with outstanding results in the acquiring business. Higher revenues resulted from merchant discount rate by the different card issuers, a greater number of transactions with merchants both on debit cards and credit cards both through electronic and POS, domestic and international purchases with the different affiliated networks.

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Bancassurance and banking services also added to the positive results in the quarter figures and broadly, in 2023. The first one due to the good performance in insurance policy renewals, the second one mainly due to the incremental use of electronic and digital banking services by retail customers.

The higher fee expenses in the quarter were driven by a higher volume of processed data in connection with banking services and higher royalties paid to credit-debit card franchises due to the higher amount of transactions.

2.3.Other Operating Income

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Total other operating income was COP 937 billion in 4Q23, up 0.5% compared to 3Q23. Income from operating leases was COP 471 billion in 4Q23, an increase of 4.4% compared to 3Q23 and 21.4% compared to 4Q22. The better performance was driven by an improvement in customer financial lease agreements at Bancolombia S.A. and customer rental contracts of vehicles at Renting Colombia and higher income in property rentals.

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2.4. Dividends received, and share of profits

Total dividends received and other net income from equity method investees was COP -91 billion in 4Q23, with a balance reduction mainly by impairment charges in associates and joint businesses corresponding to TUYA S.A., following the market valuation carried out during the quarter.

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2.5.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 12,357 billion at the end of 4Q23 and represented 5.0% of total gross loans, whereas 90-day past-due loans totaled 8,082 billion and represented 3.3%, both ratios increased quarterly largely due to a greater amount of retail clients becoming delinquent. During the quarter, charge-offs totaled COP 1,690 billion, mostly by the impact of consumer loan vintages.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 120.0% at the end of 4Q23, decreasing compared to 122.5% at the end of 3Q23. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 1,832 billion, decreasing for the first time in the year.

Provision charges (net of recoveries) totaled COP 1,724 billion in 4Q23, increasing 7.1% compared to 3Q23.

When broken down by category, SME and mid-sized segments represented a decrease in the quarter due to provision releases tied to the reduction in the portfolio following credit prepayments and new settlements with clients to honor overdue obligations. Provision for loan losses on the large exposures´ segment is explained by deterioration of some clients from construction and retail sectors. Finally, in the consumer segment there was no significant growth provided that past due loan formation is properly being contained. In the annual analysis, it is worth highlighting a higher provision expense in connection with consumer and the deterioration of unsecured loans year over year, mainly in Colombia and Guatemala.

Provisions as a percentage of average gross loans were 2.7% annualized for 4Q23 and 2.8% 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 14,833 billion, or 6.0% of total loans at the end of 4Q23, stable when compared to 3Q23.

The following tables present key metrics related to asset quality:

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*Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

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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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2.6.Operating Expenses

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During 4Q23, operating expenses totaled COP 3,457 billion, increasing 6.6% compared to 3Q23 and 7.4% compared to 4Q22.

The efficiency ratio was 48.6% and 45.3% in the last twelve months. Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 1,339 billion in 4Q23, up 0.3% from 3Q23 and up 13.0% from 4Q22. General expenses grew 11.0% in the quarter and 4.1% compared to 4Q22.

Such growth is due to a seasonal effect of the last quarter in some expenses such as service fees, maintenance of assets, as well as data processing charges. In the annual analysis, it is worth noting the higher amount of corporate municipality fee collections other than income tax, growth in expenses associated with vehicle deterioration due to rental business (Renting Colombia) and finally technology renewal charges as well as business transformation projects.

As of December 31, 2023, Bancolombia had 34,756 employees, owned 831 branches, 6,080 ATMs, 35,431 banking agents and served more than 30 million customers.

2.7.Taxes

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Bancolombia consolidated income tax for 4Q23 was COP 471 billion. On a consolidated basis, lower tax rates on earnings from foreign subsidiaries imply a lower effective tax rate than the Colombian statutory tax rate. Additionally, due to the tax benefits in Guatemala, El Salvador, and Panama, corresponding to exempt yields on government-issued securities. On the other hand, it is worth noting the application of tax benefits in Colombia such as the exempt income for the mortgage portfolio for social housing and investments in productive fixed assets also contribute to a lower income tax.

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3.BREAK DOWN OF OPERATIONS

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The following tables summarize the financial statements of our operations in each country.

BANCOLOMBIA S.A. (STAND ALONE) – COLOMBIA

The portfolio of Bancolombia S.A. increased by 0.7% in 4Q23 and 1.9% over the last 12 months. The commercial portfolio reactivated during the quarter, coupled with the good performance of mortgage loans throughout 2023. Conversely, consumer loans maintained a decreasing trend in all quarters of the year, decreasing by 1.5% in 4Q23, with a deeper effect on unsecured personal loans and credit cards. In the funding structure, there is a turning point in time deposits taking with a quarterly decrease that was favorably offset by an increase in sight deposits; both savings and checking accounts reflect a significant increase in balances during 4Q23, the latter mainly in the corporate segment.

Net result for Bancolombia S.A. was COP 1.4 trillion, representing a decrease of 2.1% compared to the result of 3Q23. Net interest income grew by 6.8% with a significant contribution from investments due to valuation of debt securities and higher liquidity operations income. Growth in loan-losses provisions is mainly explained by a base effect of the previous quarter when significant releases were made on a corporate client. Operating expenses reflect a seasonal effect as the last quarter is more intensive in general expenses, mainly due to providers´ fees and the operation of Renting related to its vehicle fleet. Net interest margin for Bancolombia S.A. in 4Q23 was 8.3%, and the annualized quarterly ROE was 15.2%.

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BANISTMO- PANAMA

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Loans in Banistmo decreased 1.0% (calculated in USD) in 4Q23. The commercial portfolio has experienced the greatest decline, as the competitive environment in the banking industry in Panama has exerted pressure on originations, with a focus on margins defense and the selection of better risk profiles. Consumer loans remained stable during the quarter, while home lending reflects a growing trend throughout 2023. Amid an environment of still-high interest rates in Panama and a strong appetite in the system for interest-bearing deposits, there is a significant growth in Banistmo´ s funding structure, mainly in time deposits and checking accounts, offsetting the reduction in savings account balances.

The net result for Banistmo in 4Q23 was a net income of COP 68.1 billion, representing a decrease of 32.8% on a quarterly basis. Net interest income from the loan portfolio closed with a similar balance to the previous quarter, highlighting the increase in interest expenses due to the higher weight of deposits. It is worth noting the difference in provision expenses in the period, with a significant reduction due to reserve releases mainly in consumer and the updating of macro parameters. Net fees increased due to better dynamics in investment banking services. The result in 4Q23 is largely explained by the variation in tax expenses and operating expenses, mainly due to adjustments in variable bonuses compared to previous quarters, as well as expenses related to transformation projects and technology services. Banistmo net interest margin for 4Q23 was 3.6%, and the annualized quarterly ROE was 5.9%.

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BANAGRICOLA- EL SALVADOR

Loans in Banco Agricola decreased 0.6% (calculated in USD). This variation is mainly based on commercial, whereas Loans in Banco Agricola increased 1.7% (calculated in USD) in 4Q23. Banco Agricola is the only subsidiary reporting sustained growth in consumer during 2023. The strategy of offering pre-approved small loans based on analytics has resulted successful with risk adjusted returns. The commercial portfolio also had a notable performance in the quarter with incremental originations, whereas mortgages remained stable. There are no significant changes in the funding structure; the reduction in checking accounts was offset by growth in savings accounts, which continued to be the main source of funding, representing nearly half of the liabilities.

Net result for Banco Agricola in 4Q23 was a net income of COP 145.2 billion, representing a 45.5% increase compared to 3Q23. There is a slight decrease in net interest income generation attributed to the higher increase in interest expenses. This effect is due to loans with banks and adjustments in the calculation of amortized cost. The greatest contribution to net income was related to the provision releases, mainly due to improvements in risk classifications of consumer loan balances, as well as improvements in previously deteriorated corporate clients. Operating expenses increase during the quarter mainly due to intangibles amortization associated with projects such as the credit card information system change. Banco Agricola’s net interest margin for 4Q23 was 6.3%, and the annualized quarterly ROE was 24.1%.