Business Park Torre V, Ave. La Rotonda,
Costa del Este
P.O. Box 0819-08730
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or 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)(7):
SIGNATURES
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.
Date: July 22, 2019
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FOREIGN TRADE BANK OF LATIN AMERICA, INC.
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(Registrant)
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By:
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/s/ Ana Graciela de Méndez
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Name: Ana Graciela de Méndez
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Title: CFO
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BLADEX ANNOUNCES PROFIT FOR THE SECOND
QUARTER 2019 OF $22.3 MILLION, OR $0.56 PER SHARE;
HALF-YEAR 2019 PROFIT OF $43.5 MILLION,
OR $1.10 PER SHARE
PANAMA CITY, REPUBLIC OF PANAMA, July
19, 2019
Banco Latinoamericano de Comercio Exterior,
S.A.
(NYSE: BLX, “Bladex”, or “the Bank”), a Panama-based multinational bank originally established
by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the region,
today announced its results for the second quarter (“2Q19”) and six months (“6M19”) ended June 30, 2019.
The consolidated financial information
in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board (“IASB”).
FINANCIAL SNAPSHOT
(US$ million, except percentages and per share
amounts)
|
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6M19
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|
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6M18
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|
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2Q19
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|
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1Q19
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2Q18
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Key Income Statement Highlights
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|
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|
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Net Interest Income ("NII")
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$
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56.0
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|
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$
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54.5
|
|
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$
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27.9
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|
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$
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28.0
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|
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$
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27.9
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Fees and commissions, net
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$
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7.5
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|
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$
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8.1
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|
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$
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5.1
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$
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2.4
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|
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$
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5.0
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Total revenues
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$
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65.7
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|
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$
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63.4
|
|
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$
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33.6
|
|
|
$
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32.1
|
|
|
$
|
32.7
|
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Impairment loss on financial instruments
|
|
$
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(1.8
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)
|
|
$
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(3.7
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)
|
|
$
|
(0.8
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)
|
|
$
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(0.9
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)
|
|
$
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(1.8
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)
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Impairment loss on non-financial assets
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$
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0.0
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|
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$
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(2.9
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)
|
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$
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0.0
|
|
|
$
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0.0
|
|
|
$
|
(2.9
|
)
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Operating expenses
|
|
$
|
(20.4
|
)
|
|
$
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(25.7
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)
|
|
$
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(10.6
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)
|
|
$
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(9.9
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)
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|
$
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(11.4
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)
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Profit for the period
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$
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43.5
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|
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$
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31.1
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|
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$
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22.3
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|
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$
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21.2
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|
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$
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16.6
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Profitability Ratios
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|
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Earnings per Share ("EPS")
(1)
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$
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1.10
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$
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0.79
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|
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$
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0.56
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|
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$
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0.54
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|
|
$
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0.42
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Return on Average Equity (“ROAE”)
(2)
|
|
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8.8
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%
|
|
|
6.0
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%
|
|
|
9.0
|
%
|
|
|
8.6
|
%
|
|
|
6.4
|
%
|
Return on Average Assets (“ROAA”)
|
|
|
1.37
|
%
|
|
|
0.99
|
%
|
|
|
1.43
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%
|
|
|
1.31
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%
|
|
|
1.07
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%
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Net Interest Margin ("NIM")
(3)
|
|
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1.77
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%
|
|
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1.75
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%
|
|
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1.81
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%
|
|
|
1.74
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%
|
|
|
1.81
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%
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Net Interest Spread ("NIS")
(4)
|
|
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1.19
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%
|
|
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1.29
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%
|
|
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1.22
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%
|
|
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1.16
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%
|
|
|
1.31
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%
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Efficiency Ratio
(5)
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|
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31.1
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%
|
|
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40.5
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%
|
|
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31.4
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%
|
|
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30.8
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%
|
|
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34.8
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%
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Assets, Capital, Liquidity & Credit Quality
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|
|
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|
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|
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|
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|
|
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|
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Commercial Portfolio
(6)
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$
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6,209
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|
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$
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6,054
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$
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6,209
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|
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$
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6,006
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|
|
$
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6,054
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Investment Portfolio
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$
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88
|
|
|
$
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94
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|
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$
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88
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|
|
$
|
90
|
|
|
$
|
94
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|
Total assets
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$
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6,576
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|
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$
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6,331
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|
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$
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6,576
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|
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$
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6,450
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|
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$
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6,331
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Total equity
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$
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1,003
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$
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1,047
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$
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1,003
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$
|
997
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|
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$
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1,047
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Market capitalization
(7)
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$
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825
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$
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975
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$
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825
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|
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$
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788
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|
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$
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975
|
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Tier 1 Basel III Capital Ratio
(8)
|
|
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20.4
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%
|
|
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20.0
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%
|
|
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20.4
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%
|
|
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20.1
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%
|
|
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20.0
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%
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Total assets / Total equity (times)
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|
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6.6
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6.0
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6.6
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|
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6.5
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|
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6.0
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Liquid Assets / Total Assets
(9)
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|
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12.8
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%
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|
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10.3
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%
|
|
|
12.8
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%
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|
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11.9
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%
|
|
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10.3
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%
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Credit-impaired loans to Loan Portfolio
(10)
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|
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1.16
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%
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|
|
0.98
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%
|
|
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1.16
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%
|
|
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1.18
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%
|
|
|
0.98
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%
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Total allowance for losses to Commercial Portfolio
(11)
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|
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1.70
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%
|
|
|
1.44
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%
|
|
|
1.70
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%
|
|
|
1.75
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%
|
|
|
1.44
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%
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Total allowance for losses to credit-impaired loans (times)
(11)
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|
|
1.6
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|
|
|
1.6
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|
|
|
1.6
|
|
|
|
1.6
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|
|
|
1.6
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2Q19 & 6M19 Highlights
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·
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Bladex reported a profit of $22.3 million
in 2Q19, a 34% increase YoY as a result of the Bank’s improved top line revenues, decreased impairment losses and lower operating
expenses. The 5% profit improvement QoQ was mainly driven by higher fees and commissions, while maintaining a stable Net Interest
Income (“NII”).
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·
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The Bank’s profits for the 6M19
of $43.5 million resulted on a 40% yearly increase mostly attributable to higher top line revenues and improved efficiency, along
with lower impairment losses on financial instruments and other assets.
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·
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NII of $27.9 million for the 2Q19 remained
stable QoQ, with Net Interest Margin (“NIM”) of 1.81% (+7 bps), on lower average funding costs and a better mix of
interest-earning assets. NII and NIM for 6M19 reached $56.0 million and 1.77%, a 3% and 2 bps increase YoY, respectively, mainly
on the net positive effect from the repricing of higher average LIBOR-based market rates.
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·
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Fees and commissions income totaled $5.1
million in 2Q19 (+118% QoQ; +2% YoY), reaching to $7.5 million for the 6M19 (-8% YoY). The Bank successfully closed two syndicated
transactions during 2Q19, while the letters of credit kept a steady pace of quarterly fee income.
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·
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Operating expenses decreased 20% YoY to
$20.4 million in 6M19, mainly due to lower variable compensation expenses and restructuring charges. 2Q19 operating expenses were
$10.6 million, +7% QoQ due to business-related expenses, and -7% YoY on lower salaries and other expenses. Efficiency Ratio stood
at 31% for both the 2Q19 (stable QoQ; -4 pts YoY) and 6M19 (-10 pts YoY).
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·
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2Q19 and 6M19 annualized Return on Average
Equity (“ROAE”) increased to 9.0% and 8.8%, respectively, while the Bank’s capitalization remained solid with
a Tier 1 Basel III Capital Ratio at 20.4%.
|
|
·
|
Credit-impaired Loans, also referred as
Non-Performing Loans or NPLs, remained stable QoQ at $64.7 million, representing 1.16% of total Loan Portfolio balances, a 2 bps
decrease QoQ on higher lending balances at the end of 2Q19. This compares to $54.3 million, or 0.98%, at the end of 2Q18. The total
allowance for losses remained at 1.6 times NPL balances for each period.
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|
·
|
End-of-period Commercial Portfolio balances
increased 3% QoQ and YoY to reach $6.2 billion at the end of 2Q19. Average balances were $6.0 billion for the 2Q19 (-1% QoQ; +3%
YoY) and 6M19 (+2% YoY).
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CEO’s Comments
Mr. N. Gabriel Tolchinsky, Bladex’s
Chief Executive Officer said, “
In the second quarter the Federal Reserve began to set the stage for lower interest rates
in the second half of the year. The prospect of lower rates inverted the US dollar yield curve – a harbinger of economic
recession, which usually weakens the US dollar. Nevertheless, further growth deceleration in both Europe and China continues to
make the US dollar attractive, thereby reducing fund flows to emerging markets in general, and Latin America, in particular.
With lower fund flows to Latin America,
sagging investment in key countries has become a drag on the Region´s economic growth. Bladex´s growth expectation
for 2019 is now closer to the 1% range for Latin America. Our adjustments to economic growth are primarily driven by lower investment,
the prospect of diminishing trade volumes, the weight of lower growth rates from developed markets, as well as political uncertainty
in key countries.
As such, we continue to believe that
the current macroeconomic context offers no room for complacency, and we adjust our portfolio accordingly. To summarize, Bladex
continues to perform in the following areas:
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·
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Originating new loans at higher lending
spreads than maturities and with a solid pipeline of syndicated and structured transactions.
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|
·
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Increasing deposits, particularly from
our Class A shareholders, improving our cost of funds.
|
|
·
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Keeping expenses under control.
|
|
·
|
Maintaining our credit impaired loans
unchanged.
|
|
·
|
Improving our credit reserve coverage
and strong Tier I capital ratio.
|
Against this backdrop, the management
of Bladex - as well as its Board of Directors - are cautiously optimistic for the second half of 2019 and look for a continuation
of the profitability path we embarked on in the last two quarters.
”
RESULTS BY BUSINESS SEGMENT
The Bank’s activities are managed
and executed in two business segments, Commercial and Treasury. The business segment results are determined based on the Bank’s
managerial accounting process as defined by IFRS 8 – Operating Segments, which assigns consolidated statement of financial
positions, revenue and expense items to each business segment on a systemic basis.
COMMERCIAL BUSINESS SEGMENT
The Commercial Business Segment encompasses
the Bank’s core business of financial intermediation and fee generation activities developed to cater to corporations, financial
institutions and investors in Latin America. The extensive array of products and services include the origination of bilateral
short- and medium-term loans, structured and syndicated credits, loan commitments, letter of credit contingencies such as issued
and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk, and other assets consisting of
customers’ liabilities under acceptances. Profits from the Commercial Business Segment include (i) net interest income from
loans; (ii) fees and commissions from the issuance, confirmation and negotiation of letters of credit, guarantees and loan commitments,
and through loan structuring and syndication activities; (iii) gain on the sale of loans generated through loan intermediation
activities, such as sales in the secondary market and distribution in the primary market; (iv) recovery (impairment loss) on financial
instruments, such as loans at amortized cost and loan commitments and financial guarantee contracts, as well as impairment loss
in other non-financial assets; and (v) direct and allocated operating expenses.
As of June 30, 2019, Commercial Portfolio
balance totaled $6.2 billion, up 3% compared to $6.0 billion as of March 31, 2019, and June 30, 2018. Average Commercial Portfolio
balances were $6.0 billion for the 2Q19 (-1% QoQ; +3% YoY) and 6M19 (+2% YoY).
The Bank’s traditional client base
of financial institutions represented 56% of the total Commercial Portfolio at the end of 2Q19, compared to 55% a quarter ago and
47% a year ago. The portfolio is well diversified across corporate sectors, with total oil and gas exposure (integrated & downstream)
down to a combined total of 11% of the total Commercial Portfolio at the end of 2Q19, from 16% a year ago, and the remaining sectors
at 5% or lower.
As of June 30, 2019, trade finance transactions
remained QoQ at 56% of the short-term Commercial Portfolio, but down from 67% a year ago. 79% of the Commercial Portfolio was scheduled
to mature within a year, up from 77% a quarter ago and down from 81% a year ago.
Geographically, the Bank’s largest
country exposure remained in Brazil, which decreased to 16% of the total Commercial Portfolio, from 18% a quarter ago and 17% a
year ago, of which 85% was with financial institutions at the end of 2Q19. Due to the Bank’s short-term nature of the portfolio,
it was able to reduce its exposure in Argentina to 6% of the total Commercial Portfolio from 9% a quarter and year ago, while the
Bank increased its lending origination in Chile, taking advantage of good risk/return opportunities, to reach 8% of the total Commercial
Portfolio, up from 4% a quarter ago and 3% a year ago. Mexico and Colombia remain the second and third largest country exposures,
with 14% and 11% of the total Commercial Portfolio, respectively.
The following graphs illustrate the geographic
distribution of the Bank’s Commercial Portfolio, highlighting the portfolio´s risk diversification by country and across
industry segments:
Refer to Exhibit IX for additional information
relating to the Bank’s Commercial Portfolio distribution by country, and Exhibit XI for the Bank’s distribution of
loan disbursements by country.
(US$ million)
|
|
6M19
|
|
|
6M18
|
|
|
YoY (%)
|
|
|
2Q19
|
|
|
1Q19
|
|
|
2Q18
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Commercial Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
55.4
|
|
|
$
|
55.0
|
|
|
|
1
|
%
|
|
$
|
27.6
|
|
|
$
|
27.8
|
|
|
$
|
27.8
|
|
|
|
-1
|
%
|
|
|
-1
|
%
|
Other income
|
|
|
8.1
|
|
|
|
8.0
|
|
|
|
2
|
%
|
|
|
5.5
|
|
|
|
2.6
|
|
|
|
5.4
|
|
|
|
113
|
%
|
|
|
2
|
%
|
Total revenues
|
|
|
63.5
|
|
|
|
62.9
|
|
|
|
1
|
%
|
|
|
33.1
|
|
|
|
30.4
|
|
|
|
33.3
|
|
|
|
9
|
%
|
|
|
-1
|
%
|
Impairment loss on financial instruments
|
|
|
(1.7
|
)
|
|
|
(3.7
|
)
|
|
|
53
|
%
|
|
|
(0.8
|
)
|
|
|
(1.0
|
)
|
|
|
(1.8
|
)
|
|
|
20
|
%
|
|
|
57
|
%
|
Impairment loss on non-financial assets
|
|
|
0.0
|
|
|
|
(2.9
|
)
|
|
|
100
|
%
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(2.9
|
)
|
|
|
n.m.
|
|
|
|
100
|
%
|
Operating expenses
|
|
|
(15.5
|
)
|
|
|
(19.6
|
)
|
|
|
21
|
%
|
|
|
(8.1
|
)
|
|
|
(7.3
|
)
|
|
|
(8.8
|
)
|
|
|
-11
|
%
|
|
|
7
|
%
|
Profit for the segment
|
|
$
|
46.3
|
|
|
$
|
36.7
|
|
|
|
26
|
%
|
|
$
|
24.2
|
|
|
$
|
22.1
|
|
|
$
|
19.8
|
|
|
|
9
|
%
|
|
|
22
|
%
|
"n.m." means not meaningful.
2019 Second Quarter and Half-Year Commercial
Business Segment’s results were $24.2 million (+9% QoQ; +22% YoY) and $46.3 million (+26% YoY), respectively. These results
were mainly driven by higher fee income derived from the successful closing of two syndicated transactions during the 2Q19, along
with reduced impairment losses and lower operating expenses YoY.
TREASURY BUSINESS SEGMENT
The Treasury Business Segment focuses on
managing the Bank’s investment portfolio and the overall structure of its assets and liabilities to achieve more efficient
funding and liquidity positions for the Bank, mitigating the traditional financial risks associated with its balance sheet, such
as interest rate, liquidity, price and currency risks. Interest-earning assets managed by the Treasury Business Segment include
liquidity positions (cash and cash equivalents), and security instruments related to the investment management activities, consisting
of securities at fair value through other comprehensive income (“OCI”) and investment securities at amortized cost
(“Investment Portfolio”). The Treasury Business Segment also manages the Bank’s interest-bearing liabilities,
which constitute its funding sources, mainly deposits, short- and long-term borrowings and debt.
Profit from the Treasury Business Segment
includes net interest income derived from the above mentioned treasury assets and liabilities and related net other income (net
results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at fair value
through profit or loss, gain (loss) per financial instruments at fair value through OCI, and other income), recovery (impairment
loss) on financial instruments, and direct and allocated operating expenses.
Liquidity balances totaled $843 million
at the end of 2Q19, of which 99% were deposits placed with the Federal Reserve Bank of New York, compared to $771 million, or 99%
of liquid assets, at the end of 1Q19, and to $649 million, or 97% of liquid assets, at the end of 2Q18. As of these quarter-end
dates, liquidity balances to total assets represented 12.8%, 11.9% and 10.3%, respectively, while the liquidity balances to total
deposits ratio was 28.0% at the end of 2Q19 and 1Q19, and 21.7% at the end of 2Q18.
The Investment Portfolio balances totaled
$88 million as of June 30, 2019, compared to $90 million as of March 31, 2019, and compared to $94 million as of June 30, 2018.
As of these dates, this portfolio accounted for only 1% of total assets, mostly consisting of readily-quoted Latin American securities,
and of which 78% represented sovereign or state-owned risk at the end of the 2Q19, compared to 76% a quarter ago and compared to
77% a year ago (refer to Exhibit X for a per-country risk distribution of the Investment Portfolio).
On the funding side, deposit balances were
above $3.0 billion at the end of 2Q19, a 10% increase from a quarter ago, and a 1% increase from a year ago. Deposits represented
55% of total funding sources at the end of 2Q19, compared to 52% and 57%, in 1Q19 and 2Q18, respectively. The majority of the deposits
are placed by central banks or designees (i.e.: Class A shareholders of the Bank), representing 64% of total deposits at the end
of 2Q19 and 1Q19, compared to 73% a year ago. Short- and medium-term borrowings and debt totaled $2.4 billion, which represented
a 4% QoQ decrease and an 8% YoY increase, as bond issuances in the Mexican and Tokyo capital markets matured during the quarter,
partially offset by a new debt issuance in Japanese Yen. Weighted average funding costs reached 3.28% in 2Q19 and 3.32% in 6M19,
down 7 bps from the previous quarter on lower average LIBOR-based market rates and funding spreads, but up 63 bps from 2Q18 and
84 bps from 6M18, mainly reflecting a yearly increase on LIBOR-based market rates.
(US$ million)
|
|
6M19
|
|
|
6M18
|
|
|
YoY (%)
|
|
|
2Q19
|
|
|
1Q19
|
|
|
2Q18
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Treasury Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
0.6
|
|
|
$
|
(0.5
|
)
|
|
|
223
|
%
|
|
$
|
0.4
|
|
|
$
|
0.2
|
|
|
$
|
0.0
|
|
|
|
52
|
%
|
|
|
745
|
%
|
Other income (expense)
|
|
|
1.6
|
|
|
|
0.9
|
|
|
|
76
|
%
|
|
|
0.2
|
|
|
|
1.5
|
|
|
|
(0.7
|
)
|
|
|
-88
|
%
|
|
|
127
|
%
|
Total revenues
|
|
|
2.2
|
|
|
|
0.5
|
|
|
|
390
|
%
|
|
|
0.5
|
|
|
|
1.7
|
|
|
|
(0.6
|
)
|
|
|
n.m.
|
|
|
|
185
|
%
|
Recovery on financial instruments
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
-119
|
%
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
-235
|
%
|
|
|
-259
|
%
|
Operating expenses
|
|
|
(5.0
|
)
|
|
|
(6.1
|
)
|
|
|
19
|
%
|
|
|
(2.4
|
)
|
|
|
(2.6
|
)
|
|
|
(2.6
|
)
|
|
|
7
|
%
|
|
|
6
|
%
|
Loss for the segment
|
|
$
|
(2.8
|
)
|
|
$
|
(5.6
|
)
|
|
|
51
|
%
|
|
$
|
(1.9
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(3.2
|
)
|
|
|
-121
|
%
|
|
|
40
|
%
|
"n.m." means not meaningful.
Second Quarter and Half-Year 2019 Treasury
Business Segment’s losses were $1.9 million (-121% QoQ; +40% YoY) and $2.8 million (+51% YoY), respectively. The quarterly
decrease was mainly associated to lower other income primarily related to the Bank’s results on its hedging positions. Year-to-date
annual improvements were primarily associated to the net positive effect of the Bank’s interest rate GAP position in net
interest income, in addition to higher other income reflecting the gain on sale of financial instruments and results on the Bank’s
hedging positions, and to lower operating expenses.
NET INTEREST INCOME AND MARGINS
(US$ million, except percentages)
|
|
6M19
|
|
|
6M18
|
|
|
YoY (%)
|
|
|
2Q19
|
|
|
1Q19
|
|
|
2Q18
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
144.1
|
|
|
$
|
119.4
|
|
|
|
21
|
%
|
|
$
|
70.5
|
|
|
$
|
73.6
|
|
|
$
|
61.9
|
|
|
|
-4
|
%
|
|
|
14
|
%
|
Interest expense
|
|
|
(88.1
|
)
|
|
|
(64.9
|
)
|
|
|
-36
|
%
|
|
|
(42.6
|
)
|
|
|
(45.5
|
)
|
|
|
(34.0
|
)
|
|
|
6
|
%
|
|
|
-25
|
%
|
Net Interest Income
|
|
$
|
56.0
|
|
|
$
|
54.5
|
|
|
|
3
|
%
|
|
$
|
27.9
|
|
|
$
|
28.0
|
|
|
$
|
27.9
|
|
|
|
0
|
%
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
|
|
|
1.77
|
%
|
|
|
1.75
|
%
|
|
|
2
|
%
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
|
|
1.81
|
%
|
|
|
4
|
%
|
|
|
0
|
%
|
NII for the 2Q19 was stable QoQ at $27.9
million, with NIM up 7 bps QoQ to 1.81% in 2Q19 driven by lower average funding costs with a higher average liability deposit base,
and the interest-earning assets improved mix as low-yielding liquidity balances declined. NII and NIM were flat YoY.
NII and NIM for 6M19 reached $56.0 million
and 1.77%, a 3% and 2 bps increase YoY, respectively, mainly on the net positive effect from the repricing of higher average LIBOR-based
market rates, as the Bank maintained a narrow interest rate gap structure benefitted from the short-term nature of its loan portfolio,
which allows an agile pass through of the LIBOR-based rates repricing to its asset base.
FEES AND COMMISSIONS
Fees and Commissions, net, includes the
fee income associated with letters of credit and other contingent credits, such as guarantees and credit commitments, as well as
fee income derived from loan structuring and syndication activities, together with loan intermediation and distribution activities
in the primary market.
(US$ million)
|
|
6M19
|
|
|
6M18
|
|
|
YoY (%)
|
|
|
2Q19
|
|
|
1Q19
|
|
|
2Q18
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Letters of credit and other contingent credits
|
|
|
5.1
|
|
|
|
6.1
|
|
|
|
-17
|
%
|
|
|
2.7
|
|
|
|
2.4
|
|
|
|
3.0
|
|
|
|
13
|
%
|
|
|
-11
|
%
|
Loan structuring and distribution fees
|
|
|
2.4
|
|
|
|
2.0
|
|
|
|
19
|
%
|
|
|
2.4
|
|
|
|
0.0
|
|
|
|
2.0
|
|
|
|
n.m.
|
|
|
|
22
|
%
|
Fees and Commissions, net
|
|
$
|
7.5
|
|
|
$
|
8.1
|
|
|
|
-8
|
%
|
|
$
|
5.1
|
|
|
$
|
2.4
|
|
|
$
|
5.0
|
|
|
|
118
|
%
|
|
|
2
|
%
|
"n.m." means not meaningful.
Second Quarter and Half-Year 2019 Fees
and Commissions income totaled $5.1 million and $7.5 million, respectively. The successful closing of two syndicated transactions
during the 2Q19 more than doubled quarterly Fees and Commission income from a quarter ago, which also represented a 2% YoY increase.
Quarterly fee income from the letters of credit business reverted the seasonally lower start of the year with a 13% growth QoQ.
PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR LOANS, LOAN COMMITMENTS
AND FINANCIAL GUARANTEE CONTRACT LOSSES
(US$ million, except percentages)
|
|
30-Jun-19
|
|
|
31-Mar-19
|
|
|
31-Dec-18
|
|
|
30-Sep-18
|
|
|
30-Jun-18
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of the period
|
|
$
|
102.3
|
|
|
$
|
100.8
|
|
|
$
|
139.3
|
|
|
$
|
85.8
|
|
|
$
|
82.7
|
|
Provisions (reversals)
|
|
|
0.9
|
|
|
|
1.6
|
|
|
|
(1.3
|
)
|
|
|
53.6
|
|
|
$
|
7.6
|
|
Write-offs, net of recoveries
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(37.2
|
)
|
|
|
0.0
|
|
|
|
(4.5
|
)
|
End of period balance
|
|
$
|
103.3
|
|
|
$
|
102.3
|
|
|
$
|
100.8
|
|
|
$
|
139.3
|
|
|
$
|
85.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan commitments and financial guarantee contract losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of the period
|
|
$
|
2.7
|
|
|
$
|
3.3
|
|
|
$
|
3.2
|
|
|
$
|
1.7
|
|
|
$
|
7.4
|
|
Provisions (reversals)
|
|
|
(0.1
|
)
|
|
|
(0.6
|
)
|
|
|
0.1
|
|
|
|
1.6
|
|
|
|
(5.8
|
)
|
End of period balance
|
|
$
|
2.6
|
|
|
$
|
2.7
|
|
|
$
|
3.3
|
|
|
$
|
3.2
|
|
|
$
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for losses (loans and loan commitments and financial guarantee contract losses)
|
|
$
|
105.8
|
|
|
$
|
105.0
|
|
|
$
|
104.1
|
|
|
$
|
142.5
|
|
|
$
|
87.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for losses to Commercial Portfolio
|
|
|
1.70
|
%
|
|
|
1.75
|
%
|
|
|
1.65
|
%
|
|
|
2.26
|
%
|
|
|
1.44
|
%
|
Credit-impaired loans to Loan Portfolio
|
|
|
1.16
|
%
|
|
|
1.18
|
%
|
|
|
1.12
|
%
|
|
|
2.08
|
%
|
|
|
0.98
|
%
|
Total allowance for losses to credit-impaired loans (times)
|
|
|
1.6
|
|
|
|
1.6
|
|
|
|
1.6
|
|
|
|
1.2
|
|
|
|
1.6
|
|
The total allowance for credit losses on
the Commercial Portfolio totaled $105.8 million at June 30, 2019, or 1.70% of the portfolio, compared to $105.0 million, or 1.75%,
respectively, a quarter ago, and compared to $87.4 million, or 1.44%, respectively, a year ago. The $0.8 million QoQ increase was
primarily associated to Commercial Portfolio’s growth at the end of the 2Q19, and higher individually assessed allocation
based on lifetime expected credit losses, partially offset by prepaid and reduced exposures on lifetime collectively assessed provision.
Credit-impaired loan balances remained
unchanged QoQ at $64.7 million, representing 1.16% of total Loan Portfolio balances, a 2 bps decrease QoQ on higher lending balances
at the end of 2Q19. This also compares to credit-impaired loans of $54.3 million, or 0.98% of total Loan Portfolio at the end of
2Q18. As of each reporting period, the total allowance for losses represented 1.6 times the credit-impaired loans balances.
OPERATING EXPENSES
|
|
6M19
|
|
|
6M18
|
|
|
YoY (%)
|
|
|
2Q19
|
|
|
1Q19
|
|
|
2Q18
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
12.1
|
|
|
|
16.2
|
|
|
|
-25
|
%
|
|
|
5.8
|
|
|
|
6.3
|
|
|
|
6.1
|
|
|
|
-8
|
%
|
|
|
-4
|
%
|
Depreciation of equipment and leasehold improvements
|
|
|
1.4
|
|
|
|
0.6
|
|
|
|
117
|
%
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0.3
|
|
|
|
2
|
%
|
|
|
121
|
%
|
Amortization of intangible assets
|
|
|
0.4
|
|
|
|
0.7
|
|
|
|
-47
|
%
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
16
|
%
|
|
|
-43
|
%
|
Other expenses
|
|
|
6.5
|
|
|
|
8.2
|
|
|
|
-20
|
%
|
|
|
3.8
|
|
|
|
2.7
|
|
|
|
4.6
|
|
|
|
41
|
%
|
|
|
-17
|
%
|
Total Operating Expenses
|
|
$
|
20.4
|
|
|
$
|
25.7
|
|
|
|
-20
|
%
|
|
$
|
10.6
|
|
|
$
|
9.9
|
|
|
$
|
11.4
|
|
|
|
7
|
%
|
|
|
-7
|
%
|
Efficiency Ratio
|
|
|
31.1
|
%
|
|
|
40.5
|
%
|
|
|
-23
|
%
|
|
|
31.4
|
%
|
|
|
30.8
|
%
|
|
|
34.8
|
%
|
|
|
2
|
%
|
|
|
-10
|
%
|
Operating Expenses totaled $20.4 million
in 6M19, 20% lower YoY, mainly from lower variable compensation expense and expenses related to personnel restructuring in 2018,
as well as from the resulting lower salary expense base. 2Q19 operating expenses were $10.6 million, up 7% QoQ mostly explained
by higher business-related expenses compared to a seasonally low first quarter and down 7% YoY on lower salaries and other expenses.
Efficiency Ratio stood at 31% for both
the 2Q19 (stable QoQ; -4 pts YoY) and 6M19 (-10 pts YoY).
CAPITAL RATIOS AND CAPITAL MANAGEMENT
The following table shows capital amounts
and ratios as of the dates indicated:
(US$ million, except percentages and shares outstanding)
|
|
30-Jun-19
|
|
|
31-Mar-19
|
|
|
30-Jun-18
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Tier 1 Capital
(8)
|
|
$
|
1,002
|
|
|
$
|
997
|
|
|
$
|
1,048
|
|
|
|
1
|
%
|
|
|
-4
|
%
|
Risk-Weighted Assets Basel III
(8)
|
|
$
|
4,902
|
|
|
$
|
4,963
|
|
|
$
|
5,233
|
|
|
|
-1
|
%
|
|
|
-6
|
%
|
Tier 1 Basel III Capital Ratio
(8)
|
|
|
20.4
|
%
|
|
|
20.1
|
%
|
|
|
20.0
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
Total equity
|
|
$
|
1,003
|
|
|
$
|
997
|
|
|
$
|
1,047
|
|
|
|
1
|
%
|
|
|
-4
|
%
|
Total equity to total assets
|
|
|
15.2
|
%
|
|
|
15.5
|
%
|
|
|
16.5
|
%
|
|
|
-1
|
%
|
|
|
-8
|
%
|
Accumulated other comprehensive income (loss) ("OCI")
|
|
$
|
(3
|
)
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
|
-268
|
%
|
|
|
-225
|
%
|
Total assets / Total equity (times)
|
|
|
6.6
|
|
|
|
6.5
|
|
|
|
6.0
|
|
|
|
1
|
%
|
|
|
9
|
%
|
Shares outstanding (in thousand)
|
|
|
39,602
|
|
|
|
39,544
|
|
|
|
39,638
|
|
|
|
0
|
%
|
|
|
0
|
%
|
The Bank’s equity consists entirely
of issued and fully paid ordinary common stock, with 39.6 million common shares outstanding as of June 30, 2019. At the same date,
the Bank’s ratio of total assets to total equity was 6.6 times, and the Tier 1 Basel III Capital Ratio stood at 20.4%, with
year-on-year decreased level of risk-weighted assets by 6% on the shift of the Commercial Portfolio’s mix composition towards
improved country risk exposures, more than offsetting lower year-on-year total equity balances on impairment losses accounted for
in 2018.
RECENT EVENTS
|
§
|
Quarterly dividend payment:
The
Bank’s Board of Directors (the “Board”) approved a quarterly common dividend of $0.385 per share corresponding
to the second quarter 2019. The dividend will be paid on August 14, 2019, to shareholders registered as of July 30, 2019.
|
|
§
|
Other Corporate actions:
|
|
i.
|
Due to the passing of its Director and Chairman, Mr. Gonzalo Menendez Duque on June 29, 2019, the
Board appointed Mr. Miguel Heras Castro, as the new Chairman on July 16, 2019. Mr. Heras has been serving as Director of the Bank,
representing Class E shareholders, since 2015 and is a member of the Finance and Business Committee, the Compliance and Anti-Money
Laundering Committee and the Risk Policy and Assessment Committee, of which he became the Chairman in 2017.
|
|
ii.
|
With the aim of furthering Board’s independence, in line with best market and corporate governance
practices, Mr. N. Gabriel Tolchinsky has stepped down as Director of the Bank, representing All Classes of shareholders, on July
16, 2019 and will continue to serve the Bank in his capacity as Chief Executive Officer.
|
|
iii.
|
The Board has appointed Ms. Isela Costantini as new Director, representing All Classes of shareholders,
replacing Mr. Tolchinsky in this capacity for the remainder of the term, which expires on April 2021. Ms. Costantini’s appointment
follows a thorough selection process conducted by the Compensation Committee of the Board, which started last year, involving several
other candidates.
|
|
§
|
Ratings updates:
On July 3, 2019,
Fitch Ratings affirmed the Bladex’s long- and short-term foreign currency Issuer Default Rating (“IDR”) at “BBB+/F2”,
respectively. The outlook was revised to “Negative” from “Stable” on Fitch Ratings’ view that the
Bank’s profile could potentially be affected by the ongoing strategic initiatives to contain the challenging conditions in
its main markets and products.
|
|
§
|
Annual Shareholders’ Meeting
Results:
At the Annual Shareholders’ Meeting held on April 17, 2019, in Panama City, Panama, shareholders:
|
|
i.
|
Approved the Bank’s audited consolidated financial statements for the fiscal year ended December
31, 2018.
|
|
ii.
|
Ratified the appointment of KPMG as the Bank’s independent registered public accounting firm
for the fiscal year ending December 31, 2019.
|
|
iii.
|
Re-elected Mr. João Carlos de Nóbrega Pecego as Director representing Class “A”
shares of the Bank’s common stock, and Messrs. Ricardo Manuel Arango, Herminio A. Blanco and Roland Holst as Directors representing
Class “E” shares of the Bank’s common stock.
|
|
iv.
|
Approved, on an advisory basis, the compensation of the Bank’s executive officers.
|
Notes:
-
Numbers
and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.
-
QoQ
and YoY refer to quarter-on-quarter and year-on-year variations, respectively.
Footnotes:
|
1)
|
Earnings per Share (“EPS”) calculation is based on the average number of shares outstanding
during each period.
|
|
2)
|
ROAE refers to return on average stockholders’ equity which is calculated on the basis of
unaudited daily average balances.
|
|
3)
|
NIM refers to net interest margin which constitutes to net interest income divided by the average
balance of interest-earning assets.
|
|
4)
|
NIS refers to net interest spread which constitutes the average yield earned on interest-earning
assets, less the average yield paid on interest-bearing liabilities.
|
|
5)
|
Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
|
|
6)
|
The Bank’s “Commercial Portfolio” includes gross loans (or the “Loan Portfolio”),
loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit,
guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances.
|
|
7)
|
Market capitalization corresponds to total outstanding common shares multiplied by market close
price at the end of each corresponding period.
|
|
8)
|
Tier 1 Capital is calculated according to Basel III capital adequacy guidelines, and is equivalent
to stockholders’ equity excluding certain effects such as the OCI effect of the financial instruments at fair value through
OCI. Tier 1 Capital ratio is calculated as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel
III capital adequacy guidelines.
|
|
9)
|
Liquid assets refer to total cash and cash equivalents, consisting of cash and due from banks,
and interest-bearing deposits in banks, excluding pledged deposits and margin calls. Liquidity ratio refers to liquid assets as
a percentage of total assets.
|
|
10)
|
Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs. Loan Portfolio
refers to gross loans, excluding interest receivable, the allowance for loan losses, and unearned interest and deferred fees.
|
|
11)
|
Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments
and financial guarantee contract losses.
|
SAFE HARBOR STATEMENT
This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this press release include the growth of the credit portfolio, including the trade portfolio, the increase in the number of the Bank’s corporate clients, the trend of lending spreads, changes in activities engaged in by the Bank that are derived from the Bank’s client base, anticipated operating results and return on equity in future periods, including income derived from the Treasury Business Segment, and changes in the financial and performance strength of the Bank. These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the anticipated changes in the Bank’s credit portfolio; the continuation of the Bank’s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank’s allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
|
ABOUT BLADEX
Bladex, a multinational bank originally
established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and
economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico,
Peru, and the United States of America, supporting the regional expansion and servicing its customer base, which includes financial
institutions and corporations.
Bladex is listed on the NYSE in the United
States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing
23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public
listing.
CONFERENCE CALL INFORMATION
There will be a conference call to discuss
the Bank’s quarterly results on Friday, July 19, 2019 at 11:00 a.m. New York City time (Eastern Standard Time). For those
interested in participating, please dial (800) 311-9401 in the United States or, if outside the United States, (334) 323-7224.
Participants should use conference ID# 8034, and dial in five minutes before the call is set to begin. There will also be a live
audio webcast of the conference at
http://www.bladex.com
. The webcast presentation will be available for viewing and downloads
on
http://www.bladex.com
.
The conference call will become available
for review on Conference Replay one hour after its conclusion, and will remain available for 60 days. Please dial (877) 919-4059
or (334) 323-0140, and follow the instructions. The replay passcode is: 62357689.
For more information, please access
http://www.bladex.com
or contact:
Mrs. Ana Graciela de Méndez
Chief Financial Officer
Tel: +507 210-8563
E-mail address:
amendez@bladex.com
EXHIBIT I
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
|
|
AT THE END
OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A) - (B)
|
|
|
|
|
|
(A) - (C)
|
|
|
|
|
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
869,500
|
|
|
$
|
803,549
|
|
|
$
|
683,523
|
|
|
$
|
65,951
|
|
|
|
8
|
%
|
|
$
|
185,977
|
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities and other financial assets, net
|
|
|
104,080
|
|
|
|
106,549
|
|
|
|
101,237
|
|
|
|
(2,469
|
)
|
|
|
(2
|
)
|
|
|
2,843
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
5,570,574
|
|
|
|
5,479,172
|
|
|
|
5,555,254
|
|
|
|
91,402
|
|
|
|
2
|
|
|
|
15,320
|
|
|
|
0
|
|
Interest receivable
|
|
|
44,982
|
|
|
|
47,826
|
|
|
|
36,839
|
|
|
|
(2,844
|
)
|
|
|
(6
|
)
|
|
|
8,143
|
|
|
|
22
|
|
Allowance for loan losses
|
|
|
(103,283
|
)
|
|
|
(102,346
|
)
|
|
|
(85,711
|
)
|
|
|
(937
|
)
|
|
|
(1
|
)
|
|
|
(17,572
|
)
|
|
|
(21
|
)
|
Unearned interest and deferred
fees
|
|
|
(15,062
|
)
|
|
|
(14,938
|
)
|
|
|
(6,660
|
)
|
|
|
(124
|
)
|
|
|
(1
|
)
|
|
|
(8,402
|
)
|
|
|
(126
|
)
|
Loans, net
|
|
|
5,497,211
|
|
|
|
5,409,714
|
|
|
|
5,499,722
|
|
|
|
87,497
|
|
|
|
2
|
|
|
|
(2,511
|
)
|
|
|
(0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers' liabilities under acceptances
|
|
|
71,091
|
|
|
|
97,805
|
|
|
|
13,656
|
|
|
|
(26,714
|
)
|
|
|
(27
|
)
|
|
|
57,435
|
|
|
|
421
|
|
Derivative financial instruments assets
|
|
|
1,397
|
|
|
|
2,102
|
|
|
|
6,379
|
|
|
|
(705
|
)
|
|
|
(34
|
)
|
|
|
(4,982
|
)
|
|
|
(78
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
22,513
|
|
|
|
23,158
|
|
|
|
6,958
|
|
|
|
(645
|
)
|
|
|
(3
|
)
|
|
|
15,555
|
|
|
|
224
|
|
Intangibles, net
|
|
|
1,417
|
|
|
|
1,469
|
|
|
|
4,790
|
|
|
|
(52
|
)
|
|
|
(4
|
)
|
|
|
(3,373
|
)
|
|
|
(70
|
)
|
Investment properties
|
|
|
0
|
|
|
|
0
|
|
|
|
3,971
|
|
|
|
0
|
|
|
|
n.m.
|
(*)
|
|
|
(3,971
|
)
|
|
|
(100
|
)
|
Other assets
|
|
|
8,345
|
|
|
|
5,996
|
|
|
|
10,838
|
|
|
|
2,349
|
|
|
|
39
|
|
|
|
(2,493
|
)
|
|
|
(23
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
6,575,554
|
|
|
$
|
6,450,342
|
|
|
$
|
6,331,074
|
|
|
$
|
125,212
|
|
|
|
2
|
%
|
|
$
|
244,480
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
69,655
|
|
|
$
|
21,937
|
|
|
$
|
20,001
|
|
|
$
|
47,718
|
|
|
|
218
|
%
|
|
$
|
49,654
|
|
|
|
248
|
%
|
Time deposits
|
|
|
2,944,833
|
|
|
|
2,725,637
|
|
|
|
2,969,001
|
|
|
|
219,196
|
|
|
|
8
|
|
|
|
(24,168
|
)
|
|
|
(1
|
)
|
|
|
|
3,014,488
|
|
|
|
2,747,574
|
|
|
|
2,989,002
|
|
|
|
266,914
|
|
|
|
10
|
|
|
|
25,486
|
|
|
|
1
|
|
Interest payable
|
|
|
8,078
|
|
|
|
10,399
|
|
|
|
8,956
|
|
|
|
(2,321
|
)
|
|
|
(22
|
)
|
|
|
(878
|
)
|
|
|
(10
|
)
|
Total deposits
|
|
|
3,022,566
|
|
|
|
2,757,973
|
|
|
|
2,997,958
|
|
|
|
264,593
|
|
|
|
10
|
|
|
|
24,608
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under repurchase agreement
|
|
|
28,231
|
|
|
|
28,232
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(0
|
)
|
|
|
28,231
|
|
|
|
n.m.
|
(*)
|
Borrowings and debt, net
|
|
|
2,405,151
|
|
|
|
2,513,208
|
|
|
|
2,218,142
|
|
|
|
(108,057
|
)
|
|
|
(4
|
)
|
|
|
187,009
|
|
|
|
8
|
|
Interest payable
|
|
|
9,948
|
|
|
|
12,296
|
|
|
|
6,997
|
|
|
|
(2,348
|
)
|
|
|
(19
|
)
|
|
|
2,951
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers' liabilities under acceptances
|
|
|
71,091
|
|
|
|
97,805
|
|
|
|
13,656
|
|
|
|
(26,714
|
)
|
|
|
(27
|
)
|
|
|
57,435
|
|
|
|
421
|
|
Derivative financial instruments liability
|
|
|
20,801
|
|
|
|
29,262
|
|
|
|
30,064
|
|
|
|
(8,461
|
)
|
|
|
(29
|
)
|
|
|
(9,263
|
)
|
|
|
(31
|
)
|
Allowance for loan commitments and financial guarantee contract
losses
|
|
|
2,554
|
|
|
|
2,702
|
|
|
|
1,652
|
|
|
|
(148
|
)
|
|
|
(5
|
)
|
|
|
902
|
|
|
|
55
|
|
Other liabilities
|
|
|
12,697
|
|
|
|
11,930
|
|
|
|
15,226
|
|
|
|
767
|
|
|
|
6
|
|
|
|
(2,529
|
)
|
|
|
(17
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
5,573,039
|
|
|
$
|
5,453,408
|
|
|
$
|
5,283,695
|
|
|
$
|
119,631
|
|
|
|
2
|
%
|
|
$
|
289,344
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
$
|
279,980
|
|
|
$
|
279,980
|
|
|
$
|
279,980
|
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
Treasury stock
|
|
|
(59,669
|
)
|
|
|
(60,947
|
)
|
|
|
(58,635
|
)
|
|
|
1,278
|
|
|
|
2
|
|
|
|
(1,034
|
)
|
|
|
(2
|
)
|
Additional paid-in capital in excess of assigned value of common
stock
|
|
|
119,477
|
|
|
|
120,318
|
|
|
|
119,059
|
|
|
|
(841
|
)
|
|
|
(1
|
)
|
|
|
418
|
|
|
|
0
|
|
Capital reserves
|
|
|
95,210
|
|
|
|
95,210
|
|
|
|
95,210
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Regulatory reserves
|
|
|
136,019
|
|
|
|
136,019
|
|
|
|
123,957
|
|
|
|
0
|
|
|
|
0
|
|
|
|
12,062
|
|
|
|
10
|
|
Retained earnings
|
|
|
434,111
|
|
|
|
427,064
|
|
|
|
485,724
|
|
|
|
7,047
|
|
|
|
2
|
|
|
|
(51,613
|
)
|
|
|
(11
|
)
|
Other comprehensive income
|
|
|
(2,613
|
)
|
|
|
(710
|
)
|
|
|
2,084
|
|
|
|
(1,903
|
)
|
|
|
(268
|
)
|
|
|
(4,697
|
)
|
|
|
(225
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
1,002,515
|
|
|
$
|
996,934
|
|
|
$
|
1,047,379
|
|
|
$
|
5,581
|
|
|
|
1
|
%
|
|
$
|
(44,864
|
)
|
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
$
|
6,575,554
|
|
|
$
|
6,450,342
|
|
|
$
|
6,331,074
|
|
|
$
|
125,212
|
|
|
|
2
|
%
|
|
$
|
244,480
|
|
|
|
4
|
%
|
|
(*)
|
"n.m." means
not meaningful.
|
EXHIBIT II
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(In US$ thousand, except per share amounts
and ratios)
|
|
FOR THE THREE
MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A) - (B)
|
|
|
|
|
|
(A) - (C)
|
|
|
|
|
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
70,530
|
|
|
$
|
73,554
|
|
|
$
|
61,919
|
|
|
$
|
(3,024
|
)
|
|
|
(4
|
)%
|
|
$
|
8,611
|
|
|
|
14
|
%
|
Interest expense
|
|
|
(42,599
|
)
|
|
|
(45,534
|
)
|
|
|
(34,030
|
)
|
|
|
2,935
|
|
|
|
6
|
|
|
|
(8,569
|
)
|
|
|
(25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
27,931
|
|
|
|
28,020
|
|
|
|
27,889
|
|
|
|
(89
|
)
|
|
|
(0
|
)
|
|
|
42
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
5,128
|
|
|
|
2,350
|
|
|
|
5,032
|
|
|
|
2,778
|
|
|
|
118
|
|
|
|
96
|
|
|
|
2
|
|
Gain (loss) on financial instruments, net
|
|
|
63
|
|
|
|
756
|
|
|
|
(796
|
)
|
|
|
(693
|
)
|
|
|
(92
|
)
|
|
|
859
|
|
|
|
108
|
|
Other income, net
|
|
|
512
|
|
|
|
945
|
|
|
|
530
|
|
|
|
(433
|
)
|
|
|
(46
|
)
|
|
|
(18
|
)
|
|
|
(3
|
)
|
Total other income, net
|
|
|
5,703
|
|
|
|
4,051
|
|
|
|
4,766
|
|
|
|
1,652
|
|
|
|
41
|
|
|
|
937
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
33,634
|
|
|
|
32,071
|
|
|
|
32,655
|
|
|
|
1,563
|
|
|
|
5
|
|
|
|
979
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on financial instruments
|
|
|
(811
|
)
|
|
|
(942
|
)
|
|
|
(1,771
|
)
|
|
|
131
|
|
|
|
14
|
|
|
|
960
|
|
|
|
54
|
|
Impairment loss on non-financial assets
|
|
|
0
|
|
|
|
0
|
|
|
|
(2,888
|
)
|
|
|
0
|
|
|
|
n.m.
|
(*)
|
|
|
2,888
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
(5,829
|
)
|
|
|
(6,311
|
)
|
|
|
(6,083
|
)
|
|
|
482
|
|
|
|
8
|
|
|
|
254
|
|
|
|
4
|
|
Depreciation of equipment and leasehold improvements
|
|
|
(705
|
)
|
|
|
(691
|
)
|
|
|
(319
|
)
|
|
|
(14
|
)
|
|
|
(2
|
)
|
|
|
(386
|
)
|
|
|
(121
|
)
|
Amortization of intangible assets
|
|
|
(191
|
)
|
|
|
(164
|
)
|
|
|
(337
|
)
|
|
|
(27
|
)
|
|
|
(16
|
)
|
|
|
146
|
|
|
|
43
|
|
Other expenses
|
|
|
(3,826
|
)
|
|
|
(2,718
|
)
|
|
|
(4,631
|
)
|
|
|
(1,108
|
)
|
|
|
(41
|
)
|
|
|
805
|
|
|
|
17
|
|
Total operating expenses
|
|
|
(10,551
|
)
|
|
|
(9,884
|
)
|
|
|
(11,370
|
)
|
|
|
(667
|
)
|
|
|
(7
|
)
|
|
|
819
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
$
|
22,272
|
|
|
$
|
21,245
|
|
|
$
|
16,626
|
|
|
$
|
1,027
|
|
|
|
5
|
%
|
|
$
|
5,646
|
|
|
|
34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value (period average)
|
|
$
|
25.21
|
|
|
$
|
25.45
|
|
|
$
|
26.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value (period end)
|
|
$
|
25.31
|
|
|
$
|
25.21
|
|
|
$
|
26.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares
|
|
|
39,553
|
|
|
|
39,542
|
|
|
|
39,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
|
|
|
39,553
|
|
|
|
39,559
|
|
|
|
39,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares period end
|
|
|
39,602
|
|
|
|
39,544
|
|
|
|
39,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.43
|
%
|
|
|
1.31
|
%
|
|
|
1.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
9.0
|
%
|
|
|
8.6
|
%
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
|
|
1.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
1.22
|
%
|
|
|
1.16
|
%
|
|
|
1.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
|
31.4
|
%
|
|
|
30.8
|
%
|
|
|
34.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses to total average assets
|
|
|
0.68
|
%
|
|
|
0.61
|
%
|
|
|
0.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
|
"n.m." means not meaningful.
|
EXHIBIT III
CONSOLIDATED STATEMENTS OF PROFIT
OR LOSS
(In US$ thousand, except per
share amounts and ratios)
|
|
FOR THE SIX MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(A) - (B)
|
|
|
|
|
|
|
June 30, 2019
|
|
|
June 30, 2018
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
144,084
|
|
|
$
|
119,356
|
|
|
$
|
24,728
|
|
|
|
21
|
%
|
Interest expense
|
|
|
(88,133
|
)
|
|
|
(64,877
|
)
|
|
|
(23,256
|
)
|
|
|
(36
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
55,951
|
|
|
|
54,479
|
|
|
|
1,472
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
7,478
|
|
|
|
8,091
|
|
|
|
(613
|
)
|
|
|
(8
|
)
|
Gain on financial instruments, net
|
|
|
819
|
|
|
|
183
|
|
|
|
636
|
|
|
|
348
|
|
Other income, net
|
|
|
1,457
|
|
|
|
645
|
|
|
|
812
|
|
|
|
126
|
|
Total other income, net
|
|
|
9,754
|
|
|
|
8,919
|
|
|
|
835
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
65,705
|
|
|
|
63,398
|
|
|
|
2,307
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on financial instruments
|
|
|
(1,753
|
)
|
|
|
(3,702
|
)
|
|
|
1,949
|
|
|
|
53
|
|
Impairment loss on non-financial assets
|
|
|
0
|
|
|
|
(2,888
|
)
|
|
|
2,888
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
(12,140
|
)
|
|
|
(16,177
|
)
|
|
|
4,037
|
|
|
|
25
|
|
Depreciation of equipment and leasehold improvements
|
|
|
(1,396
|
)
|
|
|
(642
|
)
|
|
|
(754
|
)
|
|
|
(117
|
)
|
Amortization of intangible assets
|
|
|
(355
|
)
|
|
|
(675
|
)
|
|
|
320
|
|
|
|
47
|
|
Other expenses
|
|
|
(6,544
|
)
|
|
|
(8,190
|
)
|
|
|
1,646
|
|
|
|
20
|
|
Total operating expenses
|
|
|
(20,435
|
)
|
|
|
(25,684
|
)
|
|
|
5,249
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
$
|
43,517
|
|
|
$
|
31,124
|
|
|
$
|
12,393
|
|
|
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
1.10
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
1.10
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
|
Book value (period average)
|
|
$
|
25.33
|
|
|
$
|
26.40
|
|
|
|
|
|
|
|
|
|
Book value (period end)
|
|
$
|
25.31
|
|
|
$
|
26.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares
|
|
|
39,548
|
|
|
|
39,547
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
|
|
|
39,548
|
|
|
|
39,572
|
|
|
|
|
|
|
|
|
|
Basic shares period end
|
|
|
39,602
|
|
|
|
39,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.37
|
%
|
|
|
0.99
|
%
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
8.8
|
%
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
1.77
|
%
|
|
|
1.75
|
%
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
1.19
|
%
|
|
|
1.29
|
%
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
|
31.1
|
%
|
|
|
40.5
|
%
|
|
|
|
|
|
|
|
|
Operating expenses to total average assets
|
|
|
0.64
|
%
|
|
|
0.82
|
%
|
|
|
|
|
|
|
|
|
EXHIBIT IV
CONSOLIDATED NET INTEREST INCOME
AND AVERAGE BALANCES
|
|
FOR THE THREE
MONTHS ENDED
|
|
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
678,793
|
|
|
|
4,181
|
|
|
|
2.44
|
%
|
|
$
|
877,224
|
|
|
|
5,357
|
|
|
|
2.44
|
%
|
|
$
|
689,288
|
|
|
$
|
3,225
|
|
|
|
1.85
|
%
|
Securities at fair value through OCI
|
|
|
16,159
|
|
|
|
155
|
|
|
|
3.79
|
|
|
|
20,022
|
|
|
|
250
|
|
|
|
4.99
|
|
|
|
16,291
|
|
|
|
143
|
|
|
|
3.47
|
|
Securities at amortized
cost
(1)
|
|
|
72,231
|
|
|
|
634
|
|
|
|
3.47
|
|
|
|
83,194
|
|
|
|
692
|
|
|
|
3.33
|
|
|
|
71,467
|
|
|
|
521
|
|
|
|
2.88
|
|
Loans, net of unearned interest
|
|
|
5,424,563
|
|
|
|
65,560
|
|
|
|
4.78
|
|
|
|
5,551,698
|
|
|
|
67,255
|
|
|
|
4.85
|
|
|
|
5,398,233
|
|
|
|
58,030
|
|
|
|
4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST EARNING ASSETS
|
|
$
|
6,191,745
|
|
|
$
|
70,530
|
|
|
|
4.51
|
%
|
|
$
|
6,532,138
|
|
|
$
|
73,554
|
|
|
|
4.50
|
%
|
|
$
|
6,175,279
|
|
|
$
|
61,919
|
|
|
|
3.97
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for expected credit losses on loans
|
|
|
(102,002
|
)
|
|
|
|
|
|
|
|
|
|
|
(98,896
|
)
|
|
|
|
|
|
|
|
|
|
|
(86,664
|
)
|
|
|
|
|
|
|
|
|
Non interest earning assets
|
|
|
152,828
|
|
|
|
|
|
|
|
|
|
|
|
132,896
|
|
|
|
|
|
|
|
|
|
|
|
132,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
6,242,572
|
|
|
|
|
|
|
|
|
|
|
$
|
6,566,137
|
|
|
|
|
|
|
|
|
|
|
$
|
6,220,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,820,686
|
|
|
$
|
18,896
|
|
|
|
2.65
|
%
|
|
|
2,658,892
|
|
|
$
|
17,693
|
|
|
|
2.66
|
%
|
|
$
|
3,130,345
|
|
|
$
|
16,388
|
|
|
|
2.07
|
%
|
Securities sold under repurchase agreement and short-term borrowings
and debt
|
|
|
1,030,652
|
|
|
|
9,851
|
|
|
|
3.78
|
|
|
|
1,389,071
|
|
|
|
12,079
|
|
|
|
3.48
|
|
|
|
820,052
|
|
|
|
6,293
|
|
|
|
3.04
|
|
Long-term
borrowings and debt, net
(2)
|
|
|
1,284,312
|
|
|
|
13,852
|
|
|
|
4.27
|
|
|
|
1,390,923
|
|
|
|
15,762
|
|
|
|
4.53
|
|
|
|
1,121,591
|
|
|
|
11,349
|
|
|
|
4.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST BEARING LIABILITIES
|
|
$
|
5,135,650
|
|
|
$
|
42,599
|
|
|
|
3.28
|
%
|
|
$
|
5,438,886
|
|
|
$
|
45,534
|
|
|
|
3.35
|
%
|
|
$
|
5,071,988
|
|
|
$
|
34,030
|
|
|
|
2.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest bearing liabilities and other liabilities
|
|
$
|
109,618
|
|
|
|
|
|
|
|
|
|
|
$
|
120,890
|
|
|
|
|
|
|
|
|
|
|
$
|
104,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
5,245,268
|
|
|
|
|
|
|
|
|
|
|
|
5,559,776
|
|
|
|
|
|
|
|
|
|
|
|
5,176,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
997,304
|
|
|
|
|
|
|
|
|
|
|
|
1,006,362
|
|
|
|
|
|
|
|
|
|
|
|
1,043,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
6,242,572
|
|
|
|
|
|
|
|
|
|
|
$
|
6,566,137
|
|
|
|
|
|
|
|
|
|
|
$
|
6,220,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.22
|
%
|
|
|
|
|
|
|
|
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
1.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
27,931
|
|
|
|
1.81
|
%
|
|
|
|
|
|
$
|
28,020
|
|
|
|
1.74
|
%
|
|
|
|
|
|
$
|
27,889
|
|
|
|
1.81
|
%
|
|
(1)
|
Gross of the allowance for losses relating to securities at amortized cost.
|
|
(2)
|
Includes lease liabilities, net of prepaid commissions.
|
Note: Interest income and/or expense includes the
effect of derivative financial instruments used for hedging.
EXHIBIT V
CONSOLIDATED NET INTEREST INCOME AND AVERAGE
BALANCES
|
|
FOR THE SIX
MONTHS ENDED
|
|
|
|
June 30,
2019
|
|
|
June 30,
2018
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
777,461
|
|
|
|
9,538
|
|
|
|
2.44
|
%
|
|
$
|
720,783
|
|
|
$
|
6,164
|
|
|
|
1.70
|
%
|
Securities at fair value through OCI
|
|
|
18,080
|
|
|
|
405
|
|
|
|
4.45
|
|
|
|
16,471
|
|
|
|
266
|
|
|
|
3.21
|
|
Securities at amortized
cost
(1)
|
|
|
77,682
|
|
|
|
1,326
|
|
|
|
3.40
|
|
|
|
70,158
|
|
|
|
1,006
|
|
|
|
2.85
|
|
Loans, net of unearned interest
|
|
|
5,487,779
|
|
|
|
132,815
|
|
|
|
4.81
|
|
|
|
5,486,946
|
|
|
|
111,920
|
|
|
|
4.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST EARNING ASSETS
|
|
$
|
6,361,002
|
|
|
$
|
144,084
|
|
|
|
4.51
|
%
|
|
$
|
6,294,358
|
|
|
$
|
119,356
|
|
|
|
3.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for expected credit losses on loans
|
|
|
(100,458
|
)
|
|
|
|
|
|
|
|
|
|
|
(84,083
|
)
|
|
|
|
|
|
|
|
|
Non interest earning assets
|
|
|
142,917
|
|
|
|
|
|
|
|
|
|
|
|
123,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
6,403,461
|
|
|
|
|
|
|
|
|
|
|
$
|
6,333,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
2,740,236
|
|
|
$
|
36,589
|
|
|
|
2.66
|
%
|
|
$
|
3,176,735
|
|
|
$
|
30,392
|
|
|
|
1.90
|
%
|
Securities sold under repurchase agreement and short-term borrowings
and debt
|
|
|
1,208,872
|
|
|
|
21,930
|
|
|
|
3.61
|
|
|
|
902,039
|
|
|
|
12,868
|
|
|
|
2.84
|
|
Long-term
borrowings and debt, net
(2)
|
|
|
1,337,323
|
|
|
|
29,614
|
|
|
|
4.40
|
|
|
|
1,116,627
|
|
|
|
21,617
|
|
|
|
3.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST BEARING LIABILITIES
|
|
$
|
5,286,430
|
|
|
$
|
88,133
|
|
|
|
3.32
|
%
|
|
$
|
5,195,401
|
|
|
$
|
64,877
|
|
|
|
2.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest bearing liabilities and other liabilities
|
|
$
|
115,223
|
|
|
|
|
|
|
|
|
|
|
$
|
94,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
5,401,653
|
|
|
|
|
|
|
|
|
|
|
|
5,290,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
1,001,808
|
|
|
|
|
|
|
|
|
|
|
|
1,043,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
6,403,461
|
|
|
|
|
|
|
|
|
|
|
$
|
6,333,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.19
|
%
|
|
|
|
|
|
|
|
|
|
|
1.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
55,951
|
|
|
|
1.77
|
%
|
|
|
|
|
|
$
|
54,479
|
|
|
|
1.75
|
%
|
|
(1)
|
Gross of the allowance for losses relating to securities at amortized cost.
|
|
(2)
|
Includes lease liabilities, net of prepaid commissions.
|
Note: Interest income and/or expense includes the
effect of derivative financial instruments used for hedging.
EXHIBIT VI
CONSOLIDATED STATEMENT OF PROFIT
OR LOSS
(In US$ thousand, except per
share amounts and ratios)
|
|
SIX MONTHS
|
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
SIX MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
JUN 30/19
|
|
|
JUN 30/19
|
|
|
MAR 31/19
|
|
|
DEC 31/18
|
|
|
SEP 30/18
|
|
|
JUN 30/18
|
|
|
JUN 30/18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
144,084
|
|
|
$
|
70,530
|
|
|
$
|
73,554
|
|
|
$
|
74,114
|
|
|
$
|
65,020
|
|
|
$
|
61,919
|
|
|
$
|
119,356
|
|
Interest expense
|
|
|
(88,133
|
)
|
|
|
(42,599
|
)
|
|
|
(45,534
|
)
|
|
|
(46,146
|
)
|
|
|
(37,724
|
)
|
|
|
(34,030
|
)
|
|
|
(64,877
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
55,951
|
|
|
|
27,931
|
|
|
|
28,020
|
|
|
|
27,968
|
|
|
|
27,296
|
|
|
|
27,889
|
|
|
|
54,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
7,478
|
|
|
|
5,128
|
|
|
|
2,350
|
|
|
|
5,402
|
|
|
|
3,692
|
|
|
|
5,032
|
|
|
|
8,091
|
|
Gain (loss) on financial instruments, net
|
|
|
819
|
|
|
|
63
|
|
|
|
756
|
|
|
|
253
|
|
|
|
(1,445
|
)
|
|
|
(796
|
)
|
|
|
183
|
|
Other income, net
|
|
|
1,457
|
|
|
|
512
|
|
|
|
945
|
|
|
|
461
|
|
|
|
564
|
|
|
|
530
|
|
|
|
645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income, net
|
|
|
9,754
|
|
|
|
5,703
|
|
|
|
4,051
|
|
|
|
6,116
|
|
|
|
2,811
|
|
|
|
4,766
|
|
|
|
8,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
65,705
|
|
|
|
33,634
|
|
|
|
32,071
|
|
|
|
34,084
|
|
|
|
30,107
|
|
|
|
32,655
|
|
|
|
63,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Impairment loss) recovery on financial instruments
|
|
|
(1,753
|
)
|
|
|
(811
|
)
|
|
|
(942
|
)
|
|
|
1,321
|
|
|
|
(55,134
|
)
|
|
|
(1,771
|
)
|
|
|
(3,702
|
)
|
Impairment loss on non-financial assets
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(2,289
|
)
|
|
|
(4,841
|
)
|
|
|
(2,888
|
)
|
|
|
(2,888
|
)
|
Total operating expenses
|
|
|
(20,435
|
)
|
|
|
(10,551
|
)
|
|
|
(9,884
|
)
|
|
|
(12,383
|
)
|
|
|
(10,851
|
)
|
|
|
(11,370
|
)
|
|
|
(25,684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the
period
|
|
$
|
43,517
|
|
|
$
|
22,272
|
|
|
$
|
21,245
|
|
|
$
|
20,733
|
|
|
$
|
(40,719
|
)
|
|
$
|
16,626
|
|
|
$
|
31,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
1.10
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
$
|
0.52
|
|
|
$
|
(1.03
|
)
|
|
$
|
0.42
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.37
|
%
|
|
|
1.43
|
%
|
|
|
1.31
|
%
|
|
|
1.20
|
%
|
|
|
-2.58
|
%
|
|
|
1.07
|
%
|
|
|
0.99
|
%
|
Return on average equity
|
|
|
8.8
|
%
|
|
|
9.0
|
%
|
|
|
8.6
|
%
|
|
|
8.3
|
%
|
|
|
-15.5
|
%
|
|
|
6.4
|
%
|
|
|
6.0
|
%
|
Net interest margin
|
|
|
1.77
|
%
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
|
|
1.61
|
%
|
|
|
1.74
|
%
|
|
|
1.81
|
%
|
|
|
1.75
|
%
|
Net interest spread
|
|
|
1.19
|
%
|
|
|
1.22
|
%
|
|
|
1.16
|
%
|
|
|
1.08
|
%
|
|
|
1.20
|
%
|
|
|
1.31
|
%
|
|
|
1.29
|
%
|
Efficiency Ratio
|
|
|
31.1
|
%
|
|
|
31.4
|
%
|
|
|
30.8
|
%
|
|
|
36.3
|
%
|
|
|
36.0
|
%
|
|
|
34.8
|
%
|
|
|
40.5
|
%
|
Operating expenses to total average assets
|
|
|
0.64
|
%
|
|
|
0.68
|
%
|
|
|
0.61
|
%
|
|
|
0.71
|
%
|
|
|
0.69
|
%
|
|
|
0.73
|
%
|
|
|
0.82
|
%
|
EXHIBIT VII
BUSINESS SEGMENT ANALYSIS
(In US$ thousand)
|
|
FOR THE SIX MONTHS ENDED
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
JUN 30/19
|
|
|
JUN 30/18
|
|
|
JUN 30/19
|
|
|
MAR 31/19
|
|
|
JUN 30/18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL BUSINESS SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
55,364
|
|
|
$
|
54,957
|
|
|
$
|
27,576
|
|
|
$
|
27,787
|
|
|
$
|
27,847
|
|
Other income
|
|
|
8,120
|
|
|
|
7,988
|
|
|
|
5,522
|
|
|
|
2,598
|
|
|
|
5,437
|
|
Total revenues
|
|
|
63,484
|
|
|
|
62,945
|
|
|
|
33,098
|
|
|
|
30,385
|
|
|
|
33,284
|
|
Impairment loss on financial instruments
|
|
|
(1,744
|
)
|
|
|
(3,749
|
)
|
|
|
(776
|
)
|
|
|
(968
|
)
|
|
|
(1,793
|
)
|
Impairment loss on non-financial assets
|
|
|
0
|
|
|
|
(2,888
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(2,888
|
)
|
Operating expenses
|
|
|
(15,460
|
)
|
|
|
(19,567
|
)
|
|
|
(8,149
|
)
|
|
|
(7,310
|
)
|
|
|
(8,806
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the segment
|
|
$
|
46,280
|
|
|
$
|
36,741
|
|
|
$
|
24,173
|
|
|
$
|
22,107
|
|
|
$
|
19,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets
|
|
|
5,582,825
|
|
|
|
5,522,843
|
|
|
|
5,582,825
|
|
|
|
5,522,790
|
|
|
|
5,522,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY BUSINESS SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
587
|
|
|
$
|
(478
|
)
|
|
$
|
355
|
|
|
$
|
233
|
|
|
$
|
42
|
|
Other income (expense)
|
|
|
1,634
|
|
|
|
931
|
|
|
|
181
|
|
|
|
1,453
|
|
|
|
(671
|
)
|
Total revenues
|
|
|
2,221
|
|
|
|
453
|
|
|
|
536
|
|
|
|
1,686
|
|
|
|
(629
|
)
|
Recovery on financial instruments
|
|
|
(9
|
)
|
|
|
47
|
|
|
|
(35
|
)
|
|
|
26
|
|
|
|
22
|
|
Operating expenses
|
|
|
(4,975
|
)
|
|
|
(6,117
|
)
|
|
|
(2,402
|
)
|
|
|
(2,574
|
)
|
|
|
(2,564
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the segment
|
|
$
|
(2,763
|
)
|
|
$
|
(5,617
|
)
|
|
$
|
(1,901
|
)
|
|
$
|
(862
|
)
|
|
$
|
(3,171
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets
|
|
|
960,489
|
|
|
|
785,683
|
|
|
|
960,489
|
|
|
|
896,984
|
|
|
|
785,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
55,951
|
|
|
$
|
54,479
|
|
|
$
|
27,931
|
|
|
$
|
28,020
|
|
|
$
|
27,889
|
|
Other income
|
|
|
9,754
|
|
|
|
8,919
|
|
|
|
5,703
|
|
|
|
4,051
|
|
|
|
4,766
|
|
Total revenues
|
|
|
65,705
|
|
|
|
63,398
|
|
|
|
33,634
|
|
|
|
32,071
|
|
|
|
32,655
|
|
Impairment loss on financial instruments
|
|
|
(1,753
|
)
|
|
|
(3,702
|
)
|
|
|
(811
|
)
|
|
|
(942
|
)
|
|
|
(1,771
|
)
|
Impairment loss on non-financial assets
|
|
|
0
|
|
|
|
(2,888
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(2,888
|
)
|
Operating expenses
|
|
|
(20,435
|
)
|
|
|
(25,684
|
)
|
|
|
(10,551
|
)
|
|
|
(9,884
|
)
|
|
|
(11,370
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
$
|
43,517
|
|
|
$
|
31,124
|
|
|
$
|
22,272
|
|
|
$
|
21,245
|
|
|
$
|
16,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment assets
|
|
|
6,543,314
|
|
|
|
6,308,526
|
|
|
|
6,543,314
|
|
|
|
6,419,774
|
|
|
|
6,308,526
|
|
Unallocated assets
|
|
|
32,240
|
|
|
|
22,548
|
|
|
|
32,240
|
|
|
|
30,568
|
|
|
|
22,548
|
|
Total assets
|
|
|
6,575,554
|
|
|
|
6,331,074
|
|
|
|
6,575,554
|
|
|
|
6,450,342
|
|
|
|
6,331,074
|
|
EXHIBIT VIII
CREDIT PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT
THE END OF,
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
383
|
|
|
|
6
|
|
|
$
|
570
|
|
|
|
9
|
|
|
$
|
555
|
|
|
|
9
|
|
|
$
|
(187
|
)
|
|
$
|
(172
|
)
|
BOLIVIA
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
10
|
|
|
|
0
|
|
|
|
1
|
|
|
|
(9
|
)
|
BRAZIL
|
|
|
995
|
|
|
|
16
|
|
|
|
1,089
|
|
|
|
18
|
|
|
|
1,049
|
|
|
|
17
|
|
|
|
(94
|
)
|
|
|
(54
|
)
|
CHILE
|
|
|
482
|
|
|
|
8
|
|
|
|
221
|
|
|
|
4
|
|
|
|
193
|
|
|
|
3
|
|
|
|
261
|
|
|
|
289
|
|
COLOMBIA
|
|
|
717
|
|
|
|
11
|
|
|
|
762
|
|
|
|
12
|
|
|
|
773
|
|
|
|
13
|
|
|
|
(45
|
)
|
|
|
(56
|
)
|
COSTA RICA
|
|
|
353
|
|
|
|
6
|
|
|
|
319
|
|
|
|
5
|
|
|
|
367
|
|
|
|
6
|
|
|
|
34
|
|
|
|
(14
|
)
|
DOMINICAN REPUBLIC
|
|
|
416
|
|
|
|
7
|
|
|
|
408
|
|
|
|
7
|
|
|
|
270
|
|
|
|
4
|
|
|
|
8
|
|
|
|
146
|
|
ECUADOR
|
|
|
433
|
|
|
|
7
|
|
|
|
406
|
|
|
|
7
|
|
|
|
383
|
|
|
|
6
|
|
|
|
27
|
|
|
|
50
|
|
EL SALVADOR
|
|
|
56
|
|
|
|
1
|
|
|
|
54
|
|
|
|
1
|
|
|
|
31
|
|
|
|
0
|
|
|
|
2
|
|
|
|
25
|
|
GUATEMALA
|
|
|
344
|
|
|
|
5
|
|
|
|
305
|
|
|
|
5
|
|
|
|
300
|
|
|
|
5
|
|
|
|
39
|
|
|
|
44
|
|
HONDURAS
|
|
|
85
|
|
|
|
1
|
|
|
|
42
|
|
|
|
1
|
|
|
|
79
|
|
|
|
1
|
|
|
|
43
|
|
|
|
6
|
|
JAMAICA
|
|
|
56
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
57
|
|
|
|
1
|
|
|
|
56
|
|
|
|
(1
|
)
|
MEXICO
|
|
|
920
|
|
|
|
15
|
|
|
|
912
|
|
|
|
15
|
|
|
|
906
|
|
|
|
15
|
|
|
|
8
|
|
|
|
14
|
|
NICARAGUA
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
25
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(25
|
)
|
PANAMA
|
|
|
408
|
|
|
|
6
|
|
|
|
548
|
|
|
|
9
|
|
|
|
505
|
|
|
|
8
|
|
|
|
(140
|
)
|
|
|
(97
|
)
|
PARAGUAY
|
|
|
135
|
|
|
|
2
|
|
|
|
150
|
|
|
|
2
|
|
|
|
69
|
|
|
|
1
|
|
|
|
(15
|
)
|
|
|
66
|
|
PERU
|
|
|
136
|
|
|
|
2
|
|
|
|
83
|
|
|
|
1
|
|
|
|
233
|
|
|
|
4
|
|
|
|
53
|
|
|
|
(97
|
)
|
TRINIDAD & TOBAGO
|
|
|
200
|
|
|
|
3
|
|
|
|
124
|
|
|
|
2
|
|
|
|
183
|
|
|
|
3
|
|
|
|
76
|
|
|
|
17
|
|
URUGUAY
|
|
|
23
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
58
|
|
|
|
1
|
|
|
|
23
|
|
|
|
(35
|
)
|
OTHER
NON-LATAM
(1)
|
|
|
154
|
|
|
|
2
|
|
|
|
103
|
|
|
|
2
|
|
|
|
102
|
|
|
|
2
|
|
|
|
51
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO
(2)
|
|
$
|
6,297
|
|
|
|
100
|
%
|
|
$
|
6,096
|
|
|
|
100
|
%
|
|
$
|
6,148
|
|
|
|
100
|
%
|
|
$
|
201
|
|
|
$
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INTEREST AND DEFERRED
FEES
|
|
|
(15
|
)
|
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
0
|
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT PORTFOLIO,
NET OF UNEARNED INTEREST & DEFERRED FEES
|
|
$
|
6,282
|
|
|
|
|
|
|
$
|
6,081
|
|
|
|
|
|
|
$
|
6,141
|
|
|
|
|
|
|
$
|
201
|
|
|
$
|
141
|
|
|
(1)
|
Risk in countries outside the Region, mostly in Europe and North America, related to transactions carried out in the Region
and which do not exceed individually 2% of total exposure.
|
|
(2)
|
Includes gross loans (or the “Loan Portfolio”), securities at fair value through OCI and at amortized cost, gross
of interest receivable and the allowance for expected credit losses, loan commitments and financial guarantee contracts, such as
confirmed and stand-by letters of credit, and guarantees covering commercial risk; and other assets consisting of customers’
liabilities under acceptances.
|
EXHIBIT IX
COMMERCIAL PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT THE END OF,
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
383
|
|
|
|
6
|
|
|
$
|
570
|
|
|
|
9
|
|
|
$
|
555
|
|
|
|
9
|
|
|
$
|
(187
|
)
|
|
$
|
(172
|
)
|
BOLIVIA
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
10
|
|
|
|
0
|
|
|
|
1
|
|
|
|
(9
|
)
|
BRAZIL
|
|
|
990
|
|
|
|
16
|
|
|
|
1,085
|
|
|
|
18
|
|
|
|
1,045
|
|
|
|
17
|
|
|
|
(95
|
)
|
|
|
(55
|
)
|
CHILE
|
|
|
477
|
|
|
|
8
|
|
|
|
216
|
|
|
|
4
|
|
|
|
188
|
|
|
|
3
|
|
|
|
261
|
|
|
|
289
|
|
COLOMBIA
|
|
|
702
|
|
|
|
11
|
|
|
|
746
|
|
|
|
12
|
|
|
|
744
|
|
|
|
12
|
|
|
|
(44
|
)
|
|
|
(42
|
)
|
COSTA RICA
|
|
|
353
|
|
|
|
6
|
|
|
|
319
|
|
|
|
5
|
|
|
|
367
|
|
|
|
6
|
|
|
|
34
|
|
|
|
(14
|
)
|
DOMINICAN REPUBLIC
|
|
|
416
|
|
|
|
7
|
|
|
|
408
|
|
|
|
7
|
|
|
|
270
|
|
|
|
4
|
|
|
|
8
|
|
|
|
146
|
|
ECUADOR
|
|
|
433
|
|
|
|
7
|
|
|
|
406
|
|
|
|
7
|
|
|
|
383
|
|
|
|
6
|
|
|
|
27
|
|
|
|
50
|
|
EL SALVADOR
|
|
|
56
|
|
|
|
1
|
|
|
|
54
|
|
|
|
1
|
|
|
|
31
|
|
|
|
1
|
|
|
|
2
|
|
|
|
25
|
|
GUATEMALA
|
|
|
344
|
|
|
|
6
|
|
|
|
305
|
|
|
|
5
|
|
|
|
300
|
|
|
|
5
|
|
|
|
39
|
|
|
|
44
|
|
HONDURAS
|
|
|
85
|
|
|
|
1
|
|
|
|
42
|
|
|
|
1
|
|
|
|
79
|
|
|
|
1
|
|
|
|
43
|
|
|
|
6
|
|
JAMAICA
|
|
|
56
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
57
|
|
|
|
1
|
|
|
|
56
|
|
|
|
(1
|
)
|
MEXICO
|
|
|
893
|
|
|
|
14
|
|
|
|
885
|
|
|
|
15
|
|
|
|
879
|
|
|
|
15
|
|
|
|
8
|
|
|
|
14
|
|
NICARAGUA
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
25
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(25
|
)
|
PANAMA
|
|
|
380
|
|
|
|
6
|
|
|
|
518
|
|
|
|
9
|
|
|
|
484
|
|
|
|
8
|
|
|
|
(138
|
)
|
|
|
(104
|
)
|
PARAGUAY
|
|
|
135
|
|
|
|
2
|
|
|
|
150
|
|
|
|
2
|
|
|
|
69
|
|
|
|
1
|
|
|
|
(15
|
)
|
|
|
66
|
|
PERU
|
|
|
136
|
|
|
|
2
|
|
|
|
83
|
|
|
|
1
|
|
|
|
233
|
|
|
|
4
|
|
|
|
53
|
|
|
|
(97
|
)
|
TRINIDAD & TOBAGO
|
|
|
192
|
|
|
|
3
|
|
|
|
116
|
|
|
|
2
|
|
|
|
175
|
|
|
|
3
|
|
|
|
76
|
|
|
|
17
|
|
URUGUAY
|
|
|
23
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
58
|
|
|
|
1
|
|
|
|
23
|
|
|
|
(35
|
)
|
OTHER
NON-LATAM
(1)
|
|
|
154
|
|
|
|
2
|
|
|
|
103
|
|
|
|
2
|
|
|
|
102
|
|
|
|
2
|
|
|
|
51
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO
(2)
|
|
$
|
6,209
|
|
|
|
100
|
%
|
|
$
|
6,006
|
|
|
|
100
|
%
|
|
$
|
6,054
|
|
|
|
100
|
%
|
|
$
|
203
|
|
|
$
|
155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INTEREST AND DEFERRED
FEES
|
|
|
(15
|
)
|
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
0
|
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PORTFOLIO,
NET OF UNEARNED INTEREST & DEFERRED FEES
|
|
$
|
6,194
|
|
|
|
|
|
|
$
|
5,991
|
|
|
|
|
|
|
$
|
6,047
|
|
|
|
|
|
|
$
|
203
|
|
|
$
|
147
|
|
|
(1)
|
Risk in countries outside the Region, mostly in Europe and North America, related to transactions carried out in the Region
and which do not exceed individually 2% of total exposure.
|
|
(2)
|
Includes gross loans (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as confirmed
and stand-by letters of credit, and guarantees covering commercial risk; and other assets consisting of customers’ liabilities
under acceptances.
|
EXHIBIT X
INVESTMENT PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT THE END OF,
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
June 30, 2019
|
|
|
March 31, 2019
|
|
|
June 30, 2018
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
5
|
|
|
|
5
|
|
|
$
|
4
|
|
|
|
5
|
|
|
$
|
4
|
|
|
|
5
|
|
|
$
|
1
|
|
|
$
|
1
|
|
CHILE
|
|
|
5
|
|
|
|
6
|
|
|
|
5
|
|
|
|
6
|
|
|
|
5
|
|
|
|
5
|
|
|
|
0
|
|
|
|
0
|
|
COLOMBIA
|
|
|
15
|
|
|
|
17
|
|
|
|
16
|
|
|
|
17
|
|
|
|
29
|
|
|
|
30
|
|
|
|
(1
|
)
|
|
|
(14
|
)
|
MEXICO
|
|
|
27
|
|
|
|
30
|
|
|
|
27
|
|
|
|
30
|
|
|
|
27
|
|
|
|
28
|
|
|
|
0
|
|
|
|
0
|
|
PANAMA
|
|
|
28
|
|
|
|
32
|
|
|
|
30
|
|
|
|
34
|
|
|
|
21
|
|
|
|
23
|
|
|
|
(2
|
)
|
|
|
7
|
|
TRINIDAD & TOBAGO
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
|
|
9
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENT PORTOFOLIO
(1)
|
|
$
|
88
|
|
|
|
100
|
%
|
|
$
|
90
|
|
|
|
100
|
%
|
|
$
|
94
|
|
|
|
100
|
%
|
|
$
|
(2
|
)
|
|
$
|
(6
|
)
|
|
(1)
|
Includes securities at fair value through OCI and at amortized cost, gross of interest receivable and the allowance for losses.
|
EXHIBIT XI
LOAN DISBURSEMENTS
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
YEAR-TO-DATE
|
|
|
QUARTERLY
|
|
|
Change in
Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(D)
|
|
|
(E)
|
|
|
|
|
|
|
|
|
|
|
COUNTRY
|
|
2019
|
|
|
2018
|
|
|
2Q19
|
|
|
1Q19
|
|
|
2Q18
|
|
|
(A) - (B)
|
|
|
(C) - (D)
|
|
|
(C) - (E)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
143
|
|
|
$
|
458
|
|
|
$
|
27
|
|
|
$
|
116
|
|
|
$
|
326
|
|
|
$
|
(315
|
)
|
|
$
|
(89
|
)
|
|
$
|
(299
|
)
|
BOLIVIA
|
|
|
0
|
|
|
|
10
|
|
|
|
0
|
|
|
|
0
|
|
|
|
10
|
|
|
|
(10
|
)
|
|
|
0
|
|
|
|
(10
|
)
|
BRAZIL
|
|
|
355
|
|
|
|
443
|
|
|
|
149
|
|
|
|
206
|
|
|
|
327
|
|
|
|
(88
|
)
|
|
|
(57
|
)
|
|
|
(178
|
)
|
CHILE
|
|
|
538
|
|
|
|
328
|
|
|
|
373
|
|
|
|
165
|
|
|
|
143
|
|
|
|
210
|
|
|
|
208
|
|
|
|
230
|
|
COLOMBIA
|
|
|
681
|
|
|
|
665
|
|
|
|
323
|
|
|
|
358
|
|
|
|
385
|
|
|
|
16
|
|
|
|
(35
|
)
|
|
|
(62
|
)
|
COSTA RICA
|
|
|
208
|
|
|
|
248
|
|
|
|
114
|
|
|
|
94
|
|
|
|
90
|
|
|
|
(40
|
)
|
|
|
20
|
|
|
|
24
|
|
DOMINICAN REPUBLIC
|
|
|
304
|
|
|
|
306
|
|
|
|
56
|
|
|
|
248
|
|
|
|
189
|
|
|
|
(2
|
)
|
|
|
(192
|
)
|
|
|
(133
|
)
|
ECUADOR
|
|
|
405
|
|
|
|
500
|
|
|
|
240
|
|
|
|
165
|
|
|
|
313
|
|
|
|
(95
|
)
|
|
|
75
|
|
|
|
(73
|
)
|
EL SALVADOR
|
|
|
55
|
|
|
|
40
|
|
|
|
20
|
|
|
|
35
|
|
|
|
19
|
|
|
|
15
|
|
|
|
(15
|
)
|
|
|
1
|
|
GUATEMALA
|
|
|
270
|
|
|
|
238
|
|
|
|
218
|
|
|
|
52
|
|
|
|
167
|
|
|
|
32
|
|
|
|
166
|
|
|
|
51
|
|
HONDURAS
|
|
|
81
|
|
|
|
56
|
|
|
|
68
|
|
|
|
13
|
|
|
|
38
|
|
|
|
25
|
|
|
|
55
|
|
|
|
30
|
|
JAMAICA
|
|
|
99
|
|
|
|
164
|
|
|
|
99
|
|
|
|
0
|
|
|
|
97
|
|
|
|
(65
|
)
|
|
|
99
|
|
|
|
2
|
|
MEXICO
|
|
|
1,774
|
|
|
|
2,557
|
|
|
|
864
|
|
|
|
910
|
|
|
|
1,146
|
|
|
|
(783
|
)
|
|
|
(46
|
)
|
|
|
(282
|
)
|
NICARAGUA
|
|
|
0
|
|
|
|
35
|
|
|
|
0
|
|
|
|
0
|
|
|
|
35
|
|
|
|
(35
|
)
|
|
|
0
|
|
|
|
(35
|
)
|
PANAMA
|
|
|
355
|
|
|
|
399
|
|
|
|
165
|
|
|
|
190
|
|
|
|
321
|
|
|
|
(44
|
)
|
|
|
(25
|
)
|
|
|
(156
|
)
|
PARAGUAY
|
|
|
91
|
|
|
|
64
|
|
|
|
62
|
|
|
|
29
|
|
|
|
36
|
|
|
|
27
|
|
|
|
33
|
|
|
|
26
|
|
PERU
|
|
|
110
|
|
|
|
703
|
|
|
|
76
|
|
|
|
34
|
|
|
|
343
|
|
|
|
(593
|
)
|
|
|
42
|
|
|
|
(267
|
)
|
TRINIDAD & TOBAGO
|
|
|
126
|
|
|
|
100
|
|
|
|
126
|
|
|
|
0
|
|
|
|
23
|
|
|
|
26
|
|
|
|
126
|
|
|
|
103
|
|
URUGUAY
|
|
|
25
|
|
|
|
8
|
|
|
|
12
|
|
|
|
13
|
|
|
|
8
|
|
|
|
17
|
|
|
|
(1
|
)
|
|
|
4
|
|
OTHER
NON-LATAM
(1)
|
|
|
71
|
|
|
|
505
|
|
|
|
46
|
|
|
|
25
|
|
|
|
262
|
|
|
|
(434
|
)
|
|
|
21
|
|
|
|
(216
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LOAN DISBURSED
(2)
|
|
$
|
5,691
|
|
|
$
|
7,827
|
|
|
$
|
3,038
|
|
|
$
|
2,653
|
|
|
$
|
4,278
|
|
|
$
|
(2,136
|
)
|
|
$
|
385
|
|
|
$
|
(1,240
|
)
|
|
(1)
|
Risk in countries outside the Region, mostly in Europe and North America, related to transactions carried out in the Region.
|
|
(2)
|
Total loan disbursed does not include loan commitments and financial guarantee contracts, nor other interest-earning assets
such as investment securities.
|