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: October 18, 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 THIRD QUARTER 2019 OF $20.4 MILLION, OR $0.52 PER SHARE;
YEAR
TO DATE PROFIT OF $64.0 MILLION, OR $1.62 PER SHARE
PANAMA
CITY, REPUBLIC OF PANAMA, October 18, 2019
Banco Latinoamericano de Comercio Exterior,
S.A. (NYSE: BLX, “Bladex”, or “the Bank”), a Panama-based multinational bank originally established
by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the region,
today announced its results for the third quarter (“3Q19”) and nine months (“9M19”) ended September 30,
2019.
The consolidated financial information
in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board (“IASB”).
FINANCIAL
SNAPSHOT
(US$
million, except percentages and per share
amounts)
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9M19
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9M18
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3Q19
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2Q19
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3Q18
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Key
Income Statement Highlights
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Net
Interest Income ("NII")
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$
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82.6
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|
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$
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81.8
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$
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26.7
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$
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27.9
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$
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27.3
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Fees
and commissions, net
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$
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10.3
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$
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11.8
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$
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2.8
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$
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5.1
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$
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3.7
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Total
revenues
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$
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95.2
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$
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93.5
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$
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29.5
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$
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33.6
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$
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30.1
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Impairment
loss on financial instruments
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$
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(2.4
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)
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$
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(58.8
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)
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$
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(0.6
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)
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$
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(0.8
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)
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$
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(55.1
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)
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Gain
(impairment loss) on non-financial assets
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$
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0.5
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$
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(7.7
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)
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$
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0.5
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|
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$
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0.0
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|
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$
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(4.8
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)
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Operating
expenses
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$
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(29.4
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)
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$
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(36.5
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)
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$
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(9.0
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)
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$
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(10.6
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)
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$
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(10.9
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)
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Profit
(loss) for the period
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$
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64.0
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$
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(9.6
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)
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$
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20.4
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$
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22.3
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$
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(40.7
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)
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Profitability
Ratios
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Earnings
per Share ("EPS") (1)
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$
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1.62
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$
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(0.24
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)
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$
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0.52
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$
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0.56
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|
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$
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(1.03
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)
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Return
on Average Equity (“ROAE”) (2)
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|
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8.5
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%
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|
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-1.2
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%
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8.0
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%
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|
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9.0
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%
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|
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-15.5
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%
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Return
on Average Assets (“ROAA”)
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1.36
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%
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-0.20
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%
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1.34
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%
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1.43
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%
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-2.58
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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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1.74
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%
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1.77
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%
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|
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1.81
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%
|
|
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1.74
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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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1.26
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%
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1.19
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%
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1.22
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%
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|
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1.20
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%
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Efficiency
Ratio (5)
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30.9
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%
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39.1
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%
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30.4
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%
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|
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31.4
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%
|
|
|
36.0
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%
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Assets,
Capital, Liquidity & Credit Quality
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Commercial
Portfolio (6)
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$
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6,217
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$
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6,305
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$
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6,217
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$
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6,209
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|
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$
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6,305
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Investment
Portfolio
|
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$
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85
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|
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$
|
93
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|
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$
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85
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|
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$
|
88
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|
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$
|
93
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Total
assets
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$
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6,681
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$
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6,561
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$
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6,681
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$
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6,576
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$
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6,561
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Total
equity
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$
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1,009
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$
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989
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$
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1,009
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$
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1,003
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$
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989
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Market
capitalization (7)
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$
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790
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$
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827
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$
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790
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$
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825
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$
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827
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Tier
1 Basel III Capital Ratio (8)
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|
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21.1
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%
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17.8
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%
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21.1
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%
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20.4
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%
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|
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17.8
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%
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Total
assets / Total equity (times)
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6.6
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6.6
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6.6
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6.6
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6.6
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Liquid
Assets / Total Assets (9)
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14.4
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%
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11.7
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%
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14.4
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%
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12.8
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%
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|
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11.7
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%
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Credit-impaired
loans to Loan Portfolio (10)
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1.11
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%
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|
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2.08
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%
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|
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1.11
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%
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1.16
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%
|
|
|
2.08
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%
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Total
allowance for losses to Commercial Portfolio (11)
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|
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1.67
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%
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|
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2.26
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%
|
|
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1.67
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%
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|
|
1.70
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%
|
|
|
2.26
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%
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Total
allowance for losses to credit-impaired loans (times) (11)
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|
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1.7
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|
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1.2
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|
|
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1.7
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|
|
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1.6
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|
|
|
1.2
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3Q19 & 9M19 Highlights
·
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Bladex’s
quarterly profit of $20.4 million in 3Q19 was 150% higher YoY, attributable to lower
impairment losses on financial instruments and other assets, along with lower operating
expenses. The 8% profit decrease QoQ was mainly driven by lower structuring and syndication
fees as well as Net Interest Income (“NII”).
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·
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Profit
for the 9M19 was $64.0 million, compared to a $9.6 million loss for 9M18, primarily resulting
from lower impairment losses, improved performance in top line revenues (+2% YoY) and
lower operating expenses (-20% YoY).
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·
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NII totaled
$26.7 million for the 3Q19 (-5% QoQ; -2% YoY), with Net Interest Margin (“NIM”) of 1.77% (-4bps QoQ; +3bps YoY).
Quarterly decrease was mainly due to the Bank’s asset-liability interest rate gap position and lower average lending
volumes. NII and NIM for 9M19 reached $82.6 million and 1.77%, respectively, a 1% and 3bps increase YoY.
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·
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Fees and commissions
income totaled $2.8 million in 3Q19 and $10.3 million for the 9M19. Quarterly decreases were primarily related to the uneven nature
of the syndication business. The 13% decrease YoY was the result of lower fee income from the letters of credit business.
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·
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Efficiency
Ratio improved to 30% in 3Q19 (-1pt. QoQ; -6pts. YoY) and 31% for 9M19 (-8pts. YoY), as operating expenses decreased to $9.0
million in 3Q19 (-15% QoQ; -17% YoY) and to $29.4 million in 9M19 (-20% YoY). The reduction YoY was mainly due to lower
salaries and other personnel-related expenses, together with other cost savings.
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·
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3Q19 and 9M19 annualized
Return on Average Equity (“ROAE”) were 8.0% and 8.5%, respectively. The Bank’s capitalization remained solid
with a Tier 1 Basel III Capital Ratio of 21.1%, on higher asset quality allocation and a shift to a lower country risk mix exposure
in our Commercial Portfolio.
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·
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Credit-impaired
Loans, also referred to as Non-Performing Loans or NPL, decreased to $61.8 million at the end of 3Q19, representing 1.1% of total
Loan Portfolio balances. 3Q19 NPL levels compare to $64.7 million, or 1.2% of total Loan Portfolio at the end of 2Q19, and to $119.0
million, or 2.1%, at the end of 3Q18. Total allowance for credit losses increased to 1.7 times NPL balances for 3Q19.
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·
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End-of-period Commercial
Portfolio balances remained stable QoQ at $6.2 billion at the end of 3Q19 (-1% YoY). Average balances were $6.0 billion for the
9M19 (stable YoY) and $5.9 million for the 3Q19 (-2% QoQ and YoY).
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CEO’s Comments
Mr. N. Gabriel Tolchinsky, Bladex’s
Chief Executive Officer said, “The global economy in 2019 is on course for its weakest year of growth since the financial
crisis, weighed down by tensions that have significantly slowed international trade. Given this macroeconomic context, we are,
once again, downgrading our economic and trade growth expectations for Latin America, for both 2019 and 2020.
Today, we are expecting 0.2%
economic growth for the Region - down from 0.6% at the end of the second quarter. Trade is expected to grow just 1.0% - down from
2.6% growth we were expecting at the end of the second quarter. But these tepid growth prospects mask significant disparities in
economic performance between countries. Large countries like Mexico and Argentina are experiencing uncertainty that has some of
its roots in lower foreign investment flows which are a key driver of economic growth. On the other hand, countries like Colombia
and Brazil are experiencing a pick-up in consumer demand that is supporting their economies despite low commodity prices and weak
international trade. In other words, slow or no growth in the developed world, which have resulted from protectionist measures
on trade, and commodity prices, are having an uneven impact on the Region. Some countries are better prepared to withstand the
prevailing environment.
Against this backdrop, we
continue to analyze the risk/reward function at the country level, to adjust our portfolio accordingly and to maintain a vigilant
credit underwriting posture.
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·
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Our credit portfolio
is robust, with a slight decrease in credit impaired loans and a reduction in our watch list category.
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|
·
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Our credit reserve
coverage and Tier I capital ratio remain strong.
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|
·
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Our book of business
is solid, we are identifying new prospects, increasing share of wallet with our existing clients and structuring value-added transactions.
|
|
·
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Our pipeline
of syndicated and structured transactions tied to Latin American integration is also solid and should help us continue to increase
our medium-term loan portfolio.
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|
·
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On the cost side,
our recurrent expenses continue to decline.
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The management of Bladex -
as well as its Board of Directors - remains cautiously optimistic for our business for the remainder of 2019.”
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 September 30, 2019, Commercial
Portfolio balance totaled $6.2 billion, stable compared to $6.2 billion as of June 30, 2019, and a 1% decrease compared to $6.3
billion as of September 30, 2018. Average Commercial Portfolio balances were $6.0 billion for the 9M19 (stable YoY), and $5.9 billion
for the 3Q19, which resulted in a 2% decrease QoQ and YoY.
The Bank’s traditional
client base of financial institutions represented 55% of the total Commercial Portfolio at the end of 3Q19, compared to 56% a quarter
ago and 52% a year ago. The portfolio continued to be well diversified across corporate sectors, with total oil and gas exposure
(integrated & downstream) at 12% of the total Commercial Portfolio at the end of 3Q19, down from 14% a year ago, and the remaining
sectors at 5% or lower.
As of September 30, 2019, 76%
of the Commercial Portfolio was scheduled to mature within a year, of which 53% represented trade finance transactions, compared
to 79% and 56%, respectively, a quarter ago, and 75% and 60%, respectively, a year ago.
Geographically, the Bank’s
largest country exposure remained in Brazil at 17% of the total Commercial Portfolio, compared to 16% and 19% a quarter and year
ago, respectively, of which 85% was with financial institutions at the end of 3Q19 and 2Q19 compared to 65% a year ago. Mexico
remained the second largest country exposure, with 14% of the total Commercial Portfolio, stable QoQ and YoY. Exposure in Argentina
was further reduced to 4% of the total Commercial Portfolio at the end of 3Q19, compared to 6% a quarter ago and 9% a year ago.
The Bank continued improving the quality of its credit origination, focusing its growth in top rated countries in the Region, where
it was able to take advantage of good risk/return opportunities, such as in Chile and Colombia, which increased to 11% and 13%
of the total Commercial Portfolio, respectively, up from 8% and 11% a quarter ago, and 3% and 12% a year ago. In addition, exposure
to other top rated countries outside of Latin America, which relates to transactions carried out in the Region, was also increased
to 5% of total portfolio at the end of the 3Q19.
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)
|
|
9M19
|
|
|
9M18
|
|
|
YoY (%)
|
|
|
3Q19
|
|
|
2Q19
|
|
|
3Q18
|
|
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QoQ (%)
|
|
|
YoY (%)
|
|
Commercial Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
82.3
|
|
|
$
|
81.4
|
|
|
|
1
|
%
|
|
$
|
26.9
|
|
|
$
|
27.6
|
|
|
$
|
26.4
|
|
|
|
-2
|
%
|
|
|
2
|
%
|
Other income
|
|
|
11.5
|
|
|
|
12.2
|
|
|
|
-6
|
%
|
|
|
3.4
|
|
|
|
5.5
|
|
|
|
4.3
|
|
|
|
-38
|
%
|
|
|
-20
|
%
|
Total revenues
|
|
|
93.8
|
|
|
|
93.7
|
|
|
|
0
|
%
|
|
|
30.4
|
|
|
|
33.1
|
|
|
|
30.7
|
|
|
|
-8
|
%
|
|
|
-1
|
%
|
Impairment loss on financial instruments
|
|
|
(2.7
|
)
|
|
|
(58.9
|
)
|
|
|
95
|
%
|
|
|
(0.9
|
)
|
|
|
(0.8
|
)
|
|
|
(55.1
|
)
|
|
|
-20
|
%
|
|
|
98
|
%
|
Gain (impairment loss) on non-financial assets
|
|
|
0.5
|
|
|
|
(3.7
|
)
|
|
|
114
|
%
|
|
|
0.5
|
|
|
|
0.0
|
|
|
|
(0.8
|
)
|
|
|
n.m.
|
|
|
|
163
|
%
|
Operating expenses
|
|
|
(22.5
|
)
|
|
|
(28.1
|
)
|
|
|
20
|
%
|
|
|
(7.0
|
)
|
|
|
(8.1
|
)
|
|
|
(8.6
|
)
|
|
|
14
|
%
|
|
|
18
|
%
|
Profit for the segment
|
|
$
|
69.2
|
|
|
$
|
3.0
|
|
|
|
2211
|
%
|
|
$
|
22.9
|
|
|
$
|
24.2
|
|
|
$
|
(33.8
|
)
|
|
|
-5
|
%
|
|
|
168
|
%
|
"n.m." means not
meaningful.
2019 Third Quarter and Year-to-Date
Commercial Business Segment’s results were $22.9 million (-5% QoQ; +168% YoY) and $69.2 million (up from $3 million a year
ago), respectively. The quarterly Profit reduction was mainly attributable to lower fee income derived from the uneven syndication
business and from lower NII on decreased average lending volumes, partially offset by a 14% decrease in operating expenses. Lower
impairment losses on financial instruments and other assets, together with the reduction in operating expenses, mostly resulted
in YoY Profit increases compared to the 3Q18 and 9M18.
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), release (impairment
loss) on financial instruments, and direct and allocated operating expenses.
Liquidity balances totaled $963
million at the end of 3Q19, up from $843 million at the end of 2Q19 and $765 million at the end of 3Q18, of which 99% were deposits
placed with the Federal Reserve Bank of New York. As of these quarter-end dates, liquidity balances to total assets represented
14.4%, 12.8% and 11.7%, respectively, while the liquidity balances to total deposits ratio was 33.8%, 28.0% and 27.5%, respectively.
The Investment Portfolio balances
totaled $85 million as of September 30, 2019, down from $88 million as of June 30, 2019, and $93 million as of September 30, 2018.
As of these dates, the Investment Portfolio accounted for 1% of total assets, mostly consisting of readily-quoted Latin American
securities, and of which 71% represented sovereign or state-owned risk at the end of the 3Q19, compared to 78% a quarter ago and
77% a year ago (refer to Exhibit X for a per-country risk distribution of the Investment Portfolio).
On the funding side, deposit
balances totaled $2.9 billion at the end of 3Q19, compared to $3.0 billion a quarter ago, and compared to $2.8 billion a year ago.
As of these dates, deposits represented 52%, 55% and 51% of total funding sources, respectively. The majority of the deposits are
placed by central banks or designees (i.e.: Class A shareholders of the Bank), representing 62%, 64% and 74% of total deposits
at the same dates, respectively. Short- and medium-term borrowings and debt totaled $2.6 billion, which represented a 9% QoQ increase
and an 1% YoY decrease, on the bond issuance in the Mexican capital markets during the quarter. Weighted average funding costs
reached 3.09% in 3Q19 and 3.24% in 9M19, down 19bps from the previous quarter on lower average LIBOR-based market rates, and up
20bps from 3Q18 and 62bps from 9M18, mainly reflecting the yearly increase on LIBOR-based market rates.
(US$
million)
|
|
|
9M19
|
|
|
|
9M18
|
|
|
|
YoY
(%)
|
|
|
|
3Q19
|
|
|
|
2Q19
|
|
|
|
3Q18
|
|
|
|
QoQ
(%)
|
|
|
|
YoY
(%)
|
|
Treasury
Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
|
-10
|
%
|
|
$
|
(0.3
|
)
|
|
$
|
0.4
|
|
|
$
|
0.9
|
|
|
|
-178
|
%
|
|
|
-133
|
%
|
Other
income (expense)
|
|
|
1.1
|
|
|
|
(0.5
|
)
|
|
|
311
|
%
|
|
|
(0.6
|
)
|
|
|
0.2
|
|
|
|
(1.4
|
)
|
|
|
-407
|
%
|
|
|
62
|
%
|
Total
revenues
|
|
|
1.4
|
|
|
|
(0.2
|
)
|
|
|
n.m.
|
|
|
|
(0.8
|
)
|
|
|
0.5
|
|
|
|
(0.6
|
)
|
|
|
-255
|
%
|
|
|
-40
|
%
|
Release
(impairment loss) on financial instruments
|
|
|
0.3
|
|
|
|
0.0
|
|
|
|
568
|
%
|
|
|
0.3
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
n.m.
|
|
|
|
n.m.
|
|
Operating
expenses
|
|
|
(6.9
|
)
|
|
|
(8.4
|
)
|
|
|
17
|
%
|
|
|
(2.0
|
)
|
|
|
(2.4
|
)
|
|
|
(2.3
|
)
|
|
|
18
|
%
|
|
|
14
|
%
|
Loss
for the segment
|
|
$
|
(5.2
|
)
|
|
$
|
(8.5
|
)
|
|
|
39
|
%
|
|
$
|
(2.5
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(2.9
|
)
|
|
|
-31
|
%
|
|
|
14
|
%
|
"n.m." means not meaningful.
Third Quarter and
Year-to-Date 2019 Treasury Business Segment’s losses were $2.5 million (-31% QoQ; +14% YoY) and $5.2 million (+39%
YoY), respectively. The quarterly decrease was mainly associated to lower other income related to the Bank’s results on
its hedging positions and to lower NII from the impact of decreasing LIBOR-based market rates on the Bank’s
asset-liability interest rate gap position. The improvements YoY were mainly associated to releases in the provisions on
financial instruments and improve other income, reflecting the results on the Bank’s hedging positions and YTD gain on
sale of financial instruments. In addition, operating expenses continued its reduction trend on a quarterly and Year-to-Date
basis.
NET INTEREST INCOME AND MARGINS
(US$
million, except percentages)
|
|
|
9M19
|
|
|
|
9M18
|
|
|
|
YoY
(%)
|
|
|
|
3Q19
|
|
|
|
2Q19
|
|
|
|
3Q18
|
|
|
|
QoQ
(%)
|
|
|
|
YoY
(%)
|
|
Net
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
209.6
|
|
|
$
|
184.4
|
|
|
|
14
|
%
|
|
$
|
65.5
|
|
|
$
|
70.5
|
|
|
$
|
65.0
|
|
|
|
-7
|
%
|
|
|
1
|
%
|
Interest
expense
|
|
|
(127.0
|
)
|
|
|
(102.6
|
)
|
|
|
-24
|
%
|
|
|
(38.9
|
)
|
|
|
(42.6
|
)
|
|
|
(37.7
|
)
|
|
|
9
|
%
|
|
|
-3
|
%
|
Net
Interest Income ("NII")
|
|
$
|
82.6
|
|
|
$
|
81.8
|
|
|
|
1
|
%
|
|
$
|
26.7
|
|
|
$
|
27.9
|
|
|
$
|
27.3
|
|
|
|
-5
|
%
|
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin ("NIM")
|
|
|
1.77
|
%
|
|
|
1.74
|
%
|
|
|
2
|
%
|
|
|
1.77
|
%
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
|
|
-2
|
%
|
|
|
1
|
%
|
NII for the 3Q19 totaled $26.7
million (-5% QoQ; -2% YoY), with NIM of 1.77% (-4bps QoQ; +3bps YoY). Quarterly decrease was mainly related to the impact of decreasing
LIBOR-based market rates on the Bank’s asset-liability interest rate gap position and lower average lending volumes.
NII and NIM for 9M19 reached
$82.6 million and 1.77%, respectively. The 1% and 3bps increase YoY, respectively, were mainly attributable to the net positive
effect of increasing average LIBOR-based market rates throughout the period with respect to the year before, as the Bank’s
narrow interest rate gap structure benefitted from the short-term nature of its loan portfolio, which allows an agile pass through
of increasing rates in its liabilities to its asset base. This net positive effect was partially offset by decreased average liability
deposit balances, impacting overall funding costs.
FEES AND COMMISSIONS
Fees and Commissions, net, includes
the fee income associated with letters of credit and the fee income derived from loan structuring and syndication activities, together
with loan intermediation and distribution activities in the primary market, and other commissions, mostly from other contingent
credits, such as guarantees and credit commitments, net of fee expenses.
(US$ million)
|
|
|
9M19
|
|
|
|
9M18
|
|
|
|
YoY
(%)
|
|
|
|
3Q19
|
|
|
|
2Q19
|
|
|
|
3Q18
|
|
|
|
QoQ
(%)
|
|
|
|
YoY
(%)
|
|
Letters of credit fees
|
|
|
6.9
|
|
|
|
8.3
|
|
|
|
-17
|
%
|
|
|
2.3
|
|
|
|
2.4
|
|
|
|
2.5
|
|
|
|
-4
|
%
|
|
|
-7
|
%
|
Loan structuring and distribution fees
|
|
|
2.9
|
|
|
|
2.9
|
|
|
|
-1
|
%
|
|
|
0.5
|
|
|
|
2.4
|
|
|
|
0.9
|
|
|
|
-80
|
%
|
|
|
-48
|
%
|
Other commissions, net
|
|
|
0.5
|
|
|
|
0.5
|
|
|
|
-4
|
%
|
|
|
0.0
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
-99
|
%
|
|
|
-99
|
%
|
Fees and Commissions, net
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
|
-13
|
%
|
|
$
|
2.8
|
|
|
$
|
5.1
|
|
|
$
|
3.7
|
|
|
|
-45
|
%
|
|
|
-24
|
%
|
Third Quarter and Year-to-Date
2019 Fees and Commissions income totaled $2.8 million and $10.3 million, respectively. The quarterly decreases of 45% QoQ and 24%
YoY were primarily related to the uneven syndication business, with one syndicated transaction closed in 3Q19, versus two a quarter
ago and one a year ago. The 13% decrease YoY was mostly impacted by lower fee income from the letters of credit business.
PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR LOANS,
LOAN COMMITMENTS AND FINANCIAL GUARANTEE CONTRACT LOSSES
(US$
million, except percentages)
|
|
30-Sep-19
|
|
|
30-Jun-19
|
|
|
31-Mar-19
|
|
|
31-Dec-18
|
|
|
30-Sep-18
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of the period
|
|
$
|
103.3
|
|
|
$
|
102.3
|
|
|
$
|
100.8
|
|
|
$
|
139.3
|
|
|
$
|
85.8
|
|
Provisions (reversals)
|
|
|
0.5
|
|
|
|
0.9
|
|
|
|
1.6
|
|
|
|
(1.3
|
)
|
|
$
|
53.6
|
|
Write-offs, net of recoveries
|
|
|
(2.4
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(37.2
|
)
|
|
|
0.0
|
|
End of period balance
|
|
$
|
101.4
|
|
|
$
|
103.3
|
|
|
$
|
102.3
|
|
|
$
|
100.8
|
|
|
$
|
139.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
commitments and financial guarantee contract losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
the period
|
|
$
|
2.6
|
|
|
$
|
2.7
|
|
|
$
|
3.3
|
|
|
$
|
3.2
|
|
|
$
|
1.7
|
|
Provisions (reversals)
|
|
|
0.1
|
|
|
|
(0.1
|
)
|
|
|
(0.6
|
)
|
|
|
0.1
|
|
|
|
1.6
|
|
End of period balance
|
|
$
|
2.7
|
|
|
$
|
2.6
|
|
|
$
|
2.7
|
|
|
$
|
3.3
|
|
|
$
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
losses (loans and loan commitments and financial guarantee contract losses)
|
|
$
|
104.1
|
|
|
$
|
105.8
|
|
|
$
|
105.0
|
|
|
$
|
104.1
|
|
|
$
|
142.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for
losses to Commercial Portfolio
|
|
|
1.67
|
%
|
|
|
1.70
|
%
|
|
|
1.75
|
%
|
|
|
1.65
|
%
|
|
|
2.26
|
%
|
Credit-impaired loans
to Loan Portfolio
|
|
|
1.11
|
%
|
|
|
1.16
|
%
|
|
|
1.18
|
%
|
|
|
1.12
|
%
|
|
|
2.08
|
%
|
Total allowance for
losses to credit-impaired loans (times)
|
|
|
1.7
|
|
|
|
1.6
|
|
|
|
1.6
|
|
|
|
1.6
|
|
|
|
1.2
|
|
The total allowance for credit
losses on the Commercial Portfolio totaled $104.1 million, or 1.67% of the portfolio at September 30, 2019, compared to $105.8
million, or 1.70%, respectively, a quarter ago, and compared to $142.5 million, or 2.26%, respectively, a year ago. The $1.7 million
QoQ decrease was mostly associated to the write-off of an NPL against its individually allocated allowances for expected credit
losses, partially offset by higher net provision requirements driven by the collectively assessed allocation segment (IFRS Stage
2) based on lifetime expected credit losses.
Credit-impaired Loans, also referred
as Non-Performing Loans or NPL, decreased to $61.8 million at the end of 3Q19, representing 1.1% of total Loan Portfolio balances.
The lower levels of NPL compare to $64.7 million, or 1.2% of total Loan Portfolio at the end of 2Q19, and $119.0 million, or 2.1%,
at the end of 3Q18. Total allowance for losses increased at 1.7 times NPL balances for 3Q19 versus 1.6 times in 2Q19 and 1.2 times
in 3Q18.
OPERATING EXPENSES
|
|
|
9M19
|
|
|
|
9M18
|
|
|
|
YoY
(%)
|
|
|
|
3Q19
|
|
|
|
2Q19
|
|
|
|
3Q18
|
|
|
|
QoQ
(%)
|
|
|
|
YoY
(%)
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
17.8
|
|
|
|
21.4
|
|
|
|
-17
|
%
|
|
|
5.7
|
|
|
|
5.8
|
|
|
|
5.2
|
|
|
|
-3
|
%
|
|
|
8
|
%
|
Depreciation of equipment and leasehold improvements
|
|
|
2.1
|
|
|
|
1.0
|
|
|
|
122
|
%
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0.3
|
|
|
|
3
|
%
|
|
|
130
|
%
|
Amortization of intangible assets
|
|
|
0.5
|
|
|
|
1.0
|
|
|
|
-49
|
%
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
-16
|
%
|
|
|
-52
|
%
|
Other expenses
|
|
|
9.0
|
|
|
|
13.2
|
|
|
|
-32
|
%
|
|
|
2.4
|
|
|
|
3.8
|
|
|
|
5.0
|
|
|
|
-36
|
%
|
|
|
-51
|
%
|
Total Operating Expenses
|
|
$
|
29.4
|
|
|
$
|
36.5
|
|
|
|
-20
|
%
|
|
$
|
9.0
|
|
|
$
|
10.6
|
|
|
$
|
10.9
|
|
|
|
-15
|
%
|
|
|
-17
|
%
|
Efficiency Ratio
|
|
|
30.9
|
%
|
|
|
39.1
|
%
|
|
|
-21
|
%
|
|
|
30.4
|
%
|
|
|
31.4
|
%
|
|
|
36.0
|
%
|
|
|
-3
|
%
|
|
|
-16
|
%
|
Operating expenses decreased
to $9.0 million in 3Q19 and $29.4 million in 9M19. The quarterly decreases of 15% QoQ and 17% YoY were mainly associated to lower
other operating and miscellaneous expenses. The 20% reduction YoY for 9M19 was mainly due to lower salary and employee-related
expenses resulting from personnel restructuring in 2018, together with other cost savings.
Efficiency Ratio improved to
30% in 3Q19 (-1pt. QoQ; -6pts. YoY) and 31% in 9M19 (-9pts. YoY), on lower levels of operating expenses and higher YTD total revenues.
CAPITAL RATIOS AND CAPITAL MANAGEMENT
The following table shows capital
amounts and ratios as of the dates indicated:
(US$ million,
except percentages and shares outstanding)
|
|
30-Sep-19
|
|
|
30-Jun-19
|
|
|
30-Sep-18
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
Tier
1 Capital (8)
|
|
$
|
1,009
|
|
|
$
|
1,002
|
|
|
$
|
990
|
|
|
|
1
|
%
|
|
|
2
|
%
|
Risk-Weighted
Assets Basel III (8)
|
|
$
|
4,780
|
|
|
$
|
4,902
|
|
|
$
|
5,574
|
|
|
|
-2
|
%
|
|
|
-14
|
%
|
Tier
1 Basel III Capital Ratio (8)
|
|
|
21.1
|
%
|
|
|
20.4
|
%
|
|
|
17.8
|
%
|
|
|
3
|
%
|
|
|
19
|
%
|
Total equity
|
|
$
|
1,009
|
|
|
$
|
1,003
|
|
|
$
|
989
|
|
|
|
1
|
%
|
|
|
2
|
%
|
Total equity to total
assets
|
|
|
15.1
|
%
|
|
|
15.2
|
%
|
|
|
15.1
|
%
|
|
|
-1
|
%
|
|
|
0
|
%
|
Accumulated other comprehensive
income (loss) ("OCI")
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
2
|
|
|
|
33
|
%
|
|
|
-211
|
%
|
Total assets / Total equity
(times)
|
|
|
6.6
|
|
|
|
6.6
|
|
|
|
6.6
|
|
|
|
1
|
%
|
|
|
0
|
%
|
Shares
outstanding (in thousand)
|
|
|
39,602
|
|
|
|
39,602
|
|
|
|
39,539
|
|
|
|
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 September 30, 2019.
At the same date, the Bank’s ratio of total assets to total equity remained stable at 6.6 times, and the Tier 1 Basel III
Capital Ratio increased to 21.1%, as risk-weighted assets decreased by 2% QoQ and 14% YoY on higher asset quality allocation and
the shift of the Commercial Portfolio’s mix composition towards improved country risk exposures.
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 third quarter 2019. The cash dividend will be paid on November 19, 2019, to shareholders registered
as of October 29, 2019.
|
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
(“NII”) 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 NPL. 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, and the United States of America, and a Representative License in Peru, 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, October 18, 2019 at 11:00 a.m. New York City time (Eastern 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: 66717091.
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
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A) - (B)
|
|
|
|
|
|
(A) - (C)
|
|
|
|
|
|
|
September 30, 2019
|
|
|
June 30,
2019
|
|
|
September 30, 2018
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
981,484
|
|
|
$
|
869,500
|
|
|
$
|
792,952
|
|
|
$
|
111,984
|
|
|
|
13
|
%
|
|
$
|
188,532
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities and other financial assets, net
|
|
|
96,958
|
|
|
|
104,080
|
|
|
|
99,441
|
|
|
|
(7,122
|
)
|
|
|
(7
|
)
|
|
|
(2,483
|
)
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
5,554,259
|
|
|
|
5,570,574
|
|
|
|
5,724,518
|
|
|
|
(16,315
|
)
|
|
|
(0
|
)
|
|
|
(170,259
|
)
|
|
|
(3
|
)
|
Interest receivable
|
|
|
40,031
|
|
|
|
44,982
|
|
|
|
44,426
|
|
|
|
(4,951
|
)
|
|
|
(11
|
)
|
|
|
(4,395
|
)
|
|
|
(10
|
)
|
Allowance for loan losses
|
|
|
(101,425
|
)
|
|
|
(103,283
|
)
|
|
|
(139,318
|
)
|
|
|
1,858
|
|
|
|
2
|
|
|
|
37,893
|
|
|
|
27
|
|
Unearned interest and deferred fees
|
|
|
(13,715
|
)
|
|
|
(15,062
|
)
|
|
|
(7,357
|
)
|
|
|
1,347
|
|
|
|
9
|
|
|
|
(6,358
|
)
|
|
|
(86
|
)
|
Loans, net
|
|
|
5,479,150
|
|
|
|
5,497,211
|
|
|
|
5,622,269
|
|
|
|
(18,061
|
)
|
|
|
(0
|
)
|
|
|
(143,119
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers' liabilities under acceptances
|
|
|
86,407
|
|
|
|
71,091
|
|
|
|
24,232
|
|
|
|
15,316
|
|
|
|
22
|
|
|
|
62,175
|
|
|
|
257
|
|
Derivative financial instruments - assets
|
|
|
3,730
|
|
|
|
1,397
|
|
|
|
3,391
|
|
|
|
2,333
|
|
|
|
167
|
|
|
|
339
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment and leasehold improvements, net
|
|
|
22,569
|
|
|
|
22,513
|
|
|
|
6,692
|
|
|
|
56
|
|
|
|
0
|
|
|
|
15,877
|
|
|
|
237
|
|
Intangibles, net
|
|
|
1,474
|
|
|
|
1,417
|
|
|
|
1,798
|
|
|
|
57
|
|
|
|
4
|
|
|
|
(324
|
)
|
|
|
(18
|
)
|
Investment properties
|
|
|
0
|
|
|
|
0
|
|
|
|
2,289
|
|
|
|
0
|
|
|
|
n.m.
|
(*)
|
|
|
(2,289
|
)
|
|
|
(100
|
)
|
Other assets
|
|
|
9,420
|
|
|
|
8,345
|
|
|
|
7,694
|
|
|
|
1,075
|
|
|
|
13
|
|
|
|
1,726
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
6,681,192
|
|
|
$
|
6,575,554
|
|
|
$
|
6,560,758
|
|
|
$
|
105,638
|
|
|
|
2
|
%
|
|
$
|
120,434
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
145,530
|
|
|
$
|
69,655
|
|
|
$
|
78,131
|
|
|
$
|
75,875
|
|
|
|
109
|
%
|
|
$
|
67,399
|
|
|
|
86
|
%
|
Time deposits
|
|
|
2,705,940
|
|
|
|
2,944,833
|
|
|
|
2,699,404
|
|
|
|
(238,893
|
)
|
|
|
(8
|
)
|
|
|
6,536
|
|
|
|
0
|
|
|
|
|
2,851,470
|
|
|
|
3,014,488
|
|
|
|
2,777,535
|
|
|
|
(163,018
|
)
|
|
|
(5
|
)
|
|
|
73,935
|
|
|
|
3
|
|
Interest payable
|
|
|
6,813
|
|
|
|
8,078
|
|
|
|
10,765
|
|
|
|
(1,265
|
)
|
|
|
(16
|
)
|
|
|
(3,952
|
)
|
|
|
(37
|
)
|
Total deposits
|
|
|
2,858,283
|
|
|
|
3,022,566
|
|
|
|
2,788,300
|
|
|
|
(164,283
|
)
|
|
|
(5
|
)
|
|
|
69,983
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under repurchase agreements
|
|
|
56,065
|
|
|
|
28,231
|
|
|
|
39,767
|
|
|
|
27,834
|
|
|
|
99
|
|
|
|
16,298
|
|
|
|
41
|
|
Borrowings and debt, net
|
|
|
2,626,040
|
|
|
|
2,405,151
|
|
|
|
2,661,555
|
|
|
|
220,889
|
|
|
|
9
|
|
|
|
(35,515
|
)
|
|
|
(1
|
)
|
Interest payable
|
|
|
13,589
|
|
|
|
9,948
|
|
|
|
23,427
|
|
|
|
3,641
|
|
|
|
37
|
|
|
|
(9,838
|
)
|
|
|
(42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers' liabilities under acceptances
|
|
|
86,407
|
|
|
|
71,091
|
|
|
|
24,232
|
|
|
|
15,316
|
|
|
|
22
|
|
|
|
62,175
|
|
|
|
257
|
|
Derivative financial instruments - liabilities
|
|
|
13,398
|
|
|
|
20,801
|
|
|
|
26,394
|
|
|
|
(7,403
|
)
|
|
|
(36
|
)
|
|
|
(12,996
|
)
|
|
|
(49
|
)
|
Allowance for loan commitments and financial guarantee contract losses
|
|
|
2,675
|
|
|
|
2,554
|
|
|
|
3,219
|
|
|
|
121
|
|
|
|
5
|
|
|
|
(544
|
)
|
|
|
(17
|
)
|
Other liabilities
|
|
|
15,634
|
|
|
|
12,697
|
|
|
|
4,913
|
|
|
|
2,937
|
|
|
|
23
|
|
|
|
10,721
|
|
|
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
$
|
5,672,091
|
|
|
$
|
5,573,039
|
|
|
$
|
5,571,807
|
|
|
$
|
99,052
|
|
|
|
2
|
%
|
|
$
|
100,284
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
$
|
279,980
|
|
|
$
|
279,980
|
|
|
$
|
279,980
|
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
Treasury stock
|
|
|
(59,669
|
)
|
|
|
(59,669
|
)
|
|
|
(61,076
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
1,407
|
|
|
|
2
|
|
Additional paid-in capital in excess of value assigned of common stock
|
|
|
119,920
|
|
|
|
119,477
|
|
|
|
119,523
|
|
|
|
443
|
|
|
|
0
|
|
|
|
397
|
|
|
|
0
|
|
Capital reserves
|
|
|
95,210
|
|
|
|
95,210
|
|
|
|
95,210
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Regulatory reserves
|
|
|
136,019
|
|
|
|
136,019
|
|
|
|
108,781
|
|
|
|
0
|
|
|
|
0
|
|
|
|
27,238
|
|
|
|
25
|
|
Retained earnings
|
|
|
439,385
|
|
|
|
434,111
|
|
|
|
444,959
|
|
|
|
5,274
|
|
|
|
1
|
|
|
|
(5,574
|
)
|
|
|
(1
|
)
|
Other comprehensive income (loss)
|
|
|
(1,744
|
)
|
|
|
(2,613
|
)
|
|
|
1,574
|
|
|
|
869
|
|
|
|
33
|
|
|
|
(3,318
|
)
|
|
|
(211
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
1,009,101
|
|
|
$
|
1,002,515
|
|
|
$
|
988,951
|
|
|
$
|
6,586
|
|
|
|
1
|
%
|
|
$
|
20,150
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
6,681,192
|
|
|
$
|
6,575,554
|
|
|
$
|
6,560,758
|
|
|
$
|
105,638
|
|
|
|
2
|
%
|
|
$
|
120,434
|
|
|
|
2
|
%
|
|
(*)
|
"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)
|
|
|
|
|
|
|
September 30, 2019
|
|
|
June 30, 2019
|
|
|
September 30, 2018
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
65,514
|
|
|
$
|
70,530
|
|
|
$
|
65,020
|
|
|
$
|
(5,016
|
)
|
|
|
(7
|
)%
|
|
$
|
494
|
|
|
|
1
|
%
|
Interest expense
|
|
|
(38,856
|
)
|
|
|
(42,599
|
)
|
|
|
(37,724
|
)
|
|
|
3,743
|
|
|
|
9
|
|
|
|
(1,132
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
26,658
|
|
|
|
27,931
|
|
|
|
27,296
|
|
|
|
(1,273
|
)
|
|
|
(5
|
)
|
|
|
(638
|
)
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
2,815
|
|
|
|
5,128
|
|
|
|
3,692
|
|
|
|
(2,313
|
)
|
|
|
(45
|
)
|
|
|
(877
|
)
|
|
|
(24
|
)
|
Gain (loss) on financial instruments, net
|
|
|
(169
|
)
|
|
|
63
|
|
|
|
(1,445
|
)
|
|
|
(232
|
)
|
|
|
(368
|
)
|
|
|
1,276
|
|
|
|
88
|
|
Other income, net
|
|
|
217
|
|
|
|
512
|
|
|
|
564
|
|
|
|
(295
|
)
|
|
|
(58
|
)
|
|
|
(347
|
)
|
|
|
(62
|
)
|
Total other income, net
|
|
|
2,863
|
|
|
|
5,703
|
|
|
|
2,811
|
|
|
|
(2,840
|
)
|
|
|
(50
|
)
|
|
|
52
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
29,521
|
|
|
|
33,634
|
|
|
|
30,107
|
|
|
|
(4,113
|
)
|
|
|
(12
|
)
|
|
|
(586
|
)
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on financial instruments
|
|
|
(612
|
)
|
|
|
(811
|
)
|
|
|
(55,134
|
)
|
|
|
199
|
|
|
|
25
|
|
|
|
54,522
|
|
|
|
99
|
|
Gain (impairment loss) on non-financial assets
|
|
|
500
|
|
|
|
0
|
|
|
|
(4,841
|
)
|
|
|
500
|
|
|
|
n.m.
|
(*)
|
|
|
5,341
|
|
|
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
(5,651
|
)
|
|
|
(5,829
|
)
|
|
|
(5,213
|
)
|
|
|
178
|
|
|
|
3
|
|
|
|
(438
|
)
|
|
|
(8
|
)
|
Depreciation of equipment and leasehold improvements
|
|
|
(724
|
)
|
|
|
(705
|
)
|
|
|
(315
|
)
|
|
|
(19
|
)
|
|
|
(3
|
)
|
|
|
(409
|
)
|
|
|
(130
|
)
|
Amortization of intangible assets
|
|
|
(160
|
)
|
|
|
(191
|
)
|
|
|
(336
|
)
|
|
|
31
|
|
|
|
16
|
|
|
|
176
|
|
|
|
52
|
|
Other expenses
|
|
|
(2,434
|
)
|
|
|
(3,826
|
)
|
|
|
(4,987
|
)
|
|
|
1,392
|
|
|
|
36
|
|
|
|
2,553
|
|
|
|
51
|
|
Total operating expenses
|
|
|
(8,969
|
)
|
|
|
(10,551
|
)
|
|
|
(10,851
|
)
|
|
|
1,582
|
|
|
|
15
|
|
|
|
1,882
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
$
|
20,440
|
|
|
$
|
22,272
|
|
|
$
|
(40,719
|
)
|
|
$
|
(1,832
|
)
|
|
|
(8
|
)%
|
|
$
|
61,159
|
|
|
|
150
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.52
|
|
|
$
|
0.56
|
|
|
$
|
(1.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.52
|
|
|
$
|
0.56
|
|
|
$
|
(1.03
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value (period average)
|
|
$
|
25.52
|
|
|
$
|
25.21
|
|
|
$
|
26.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value (period end)
|
|
$
|
25.48
|
|
|
$
|
25.31
|
|
|
$
|
25.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares
|
|
|
39,602
|
|
|
|
39,553
|
|
|
|
39,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
|
|
|
39,602
|
|
|
|
39,553
|
|
|
|
39,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares period end
|
|
|
39,602
|
|
|
|
39,602
|
|
|
|
39,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.34
|
%
|
|
|
1.43
|
%
|
|
|
-2.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
8.0
|
%
|
|
|
9.0
|
%
|
|
|
-15.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
1.77
|
%
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
1.19
|
%
|
|
|
1.22
|
%
|
|
|
1.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
|
30.4
|
%
|
|
|
31.4
|
%
|
|
|
36.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses to total average assets
|
|
|
0.59
|
%
|
|
|
0.68
|
%
|
|
|
0.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
|
"n.m." means not meaningful.
|
EXHIBIT III
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
|
|
FOR THE NINE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(A) - (B)
|
|
|
|
|
|
|
September
30, 2019
|
|
|
September 30, 2018
|
|
|
CHANGE
|
|
|
%
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
209,598
|
|
|
$
|
184,376
|
|
|
$
|
25,222
|
|
|
|
14
|
%
|
Interest expense
|
|
|
(126,989
|
)
|
|
|
(102,601
|
)
|
|
|
(24,388
|
)
|
|
|
(24
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
82,609
|
|
|
|
81,775
|
|
|
|
834
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
10,293
|
|
|
|
11,783
|
|
|
|
(1,490
|
)
|
|
|
(13
|
)
|
Gain (loss) on financial instruments, net
|
|
|
650
|
|
|
|
(1,262
|
)
|
|
|
1,912
|
|
|
|
152
|
|
Other income, net
|
|
|
1,674
|
|
|
|
1,209
|
|
|
|
465
|
|
|
|
38
|
|
Total other income, net
|
|
|
12,617
|
|
|
|
11,730
|
|
|
|
887
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
95,226
|
|
|
|
93,505
|
|
|
|
1,721
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on financial instruments
|
|
|
(2,365
|
)
|
|
|
(58,836
|
)
|
|
|
56,471
|
|
|
|
96
|
|
Gain (impairment loss) on non-financial assets
|
|
|
500
|
|
|
|
(7,729
|
)
|
|
|
8,229
|
|
|
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
(17,791
|
)
|
|
|
(21,390
|
)
|
|
|
3,599
|
|
|
|
17
|
|
Depreciation of equipment and leasehold improvements
|
|
|
(2,120
|
)
|
|
|
(957
|
)
|
|
|
(1,163
|
)
|
|
|
(122
|
)
|
Amortization of intangible assets
|
|
|
(515
|
)
|
|
|
(1,011
|
)
|
|
|
496
|
|
|
|
49
|
|
Other expenses
|
|
|
(8,978
|
)
|
|
|
(13,177
|
)
|
|
|
4,199
|
|
|
|
32
|
|
Total operating expenses
|
|
|
(29,404
|
)
|
|
|
(36,535
|
)
|
|
|
7,131
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss) for the period
|
|
$
|
63,957
|
|
|
$
|
(9,595
|
)
|
|
$
|
73,552
|
|
|
|
767
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
1.62
|
|
|
$
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
1.62
|
|
|
$
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
Book value (period average)
|
|
$
|
25.40
|
|
|
$
|
26.41
|
|
|
|
|
|
|
|
|
|
Book value (period end)
|
|
$
|
25.48
|
|
|
$
|
25.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares
|
|
|
39,566
|
|
|
|
39,544
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
|
|
|
39,566
|
|
|
|
39,544
|
|
|
|
|
|
|
|
|
|
Basic shares period end
|
|
|
39,602
|
|
|
|
39,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.36
|
%
|
|
|
-0.20
|
%
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
8.5
|
%
|
|
|
-1.2
|
%
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
1.77
|
%
|
|
|
1.74
|
%
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
1.19
|
%
|
|
|
1.26
|
%
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
|
30.9
|
%
|
|
|
39.1
|
%
|
|
|
|
|
|
|
|
|
Operating expenses to total average assets
|
|
|
0.63
|
%
|
|
|
0.77
|
%
|
|
|
|
|
|
|
|
|
EXHIBIT IV
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
September
30, 2019
|
|
|
June
30, 2019
|
|
|
September
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
|
|
$
|
658,220
|
|
|
|
3,757
|
|
|
|
2.23
|
%
|
|
$
|
678,793
|
|
|
|
4,181
|
|
|
|
2.44
|
%
|
|
$
|
608,989
|
|
|
$
|
3,129
|
|
|
|
2.01
|
%
|
Securities
at fair value through OCI
|
|
|
12,143
|
|
|
|
110
|
|
|
|
3.56
|
|
|
|
16,159
|
|
|
|
155
|
|
|
|
3.79
|
|
|
|
15,728
|
|
|
|
150
|
|
|
|
3.73
|
|
Securities
at amortized cost (1)
|
|
|
73,351
|
|
|
|
653
|
|
|
|
3.48
|
|
|
|
72,231
|
|
|
|
634
|
|
|
|
3.47
|
|
|
|
77,939
|
|
|
|
599
|
|
|
|
3.01
|
|
Loans,
net of unearned interest
|
|
|
5,247,195
|
|
|
|
60,994
|
|
|
|
4.55
|
|
|
|
5,424,563
|
|
|
|
65,560
|
|
|
|
4.78
|
|
|
|
5,517,471
|
|
|
|
61,142
|
|
|
|
4.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
5,990,909
|
|
|
$
|
65,514
|
|
|
|
4.28
|
%
|
|
$
|
6,191,745
|
|
|
$
|
70,530
|
|
|
|
4.51
|
%
|
|
$
|
6,220,127
|
|
|
$
|
65,020
|
|
|
|
4.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for expected credit losses on loans
|
|
|
(99,476
|
)
|
|
|
|
|
|
|
|
|
|
|
(102,002
|
)
|
|
|
|
|
|
|
|
|
|
|
(84,958
|
)
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
167,755
|
|
|
|
|
|
|
|
|
|
|
|
152,828
|
|
|
|
|
|
|
|
|
|
|
|
119,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
6,059,188
|
|
|
|
|
|
|
|
|
|
|
$
|
6,242,572
|
|
|
|
|
|
|
|
|
|
|
$
|
6,254,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,692,159
|
|
|
$
|
16,692
|
|
|
|
2.43
|
%
|
|
|
2,820,686
|
|
|
$
|
18,896
|
|
|
|
2.65
|
%
|
|
$
|
2,904,153
|
|
|
$
|
16,767
|
|
|
|
2.26
|
%
|
Securities
sold under repurchase agreement and short-term borrowings and debt
|
|
|
891,872
|
|
|
|
8,361
|
|
|
|
3.67
|
|
|
|
1,030,652
|
|
|
|
9,851
|
|
|
|
3.78
|
|
|
|
934,653
|
|
|
|
7,094
|
|
|
|
2.97
|
|
Long-term
borrowings and debt, net (2)
|
|
|
1,338,207
|
|
|
|
13,803
|
|
|
|
4.04
|
|
|
|
1,284,312
|
|
|
|
13,852
|
|
|
|
4.27
|
|
|
|
1,268,857
|
|
|
|
13,863
|
|
|
|
4.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
4,922,239
|
|
|
$
|
38,856
|
|
|
|
3.09
|
%
|
|
$
|
5,135,650
|
|
|
$
|
42,599
|
|
|
|
3.28
|
%
|
|
$
|
5,107,663
|
|
|
$
|
37,724
|
|
|
|
2.89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
126,214
|
|
|
|
|
|
|
|
|
|
|
$
|
109,618
|
|
|
|
|
|
|
|
|
|
|
$
|
101,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
5,048,453
|
|
|
|
|
|
|
|
|
|
|
|
5,245,268
|
|
|
|
|
|
|
|
|
|
|
|
5,209,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
1,010,735
|
|
|
|
|
|
|
|
|
|
|
|
997,304
|
|
|
|
|
|
|
|
|
|
|
|
1,044,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
|
$
|
6,059,188
|
|
|
|
|
|
|
|
|
|
|
$
|
6,242,572
|
|
|
|
|
|
|
|
|
|
|
$
|
6,254,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.19
|
%
|
|
|
|
|
|
|
|
|
|
|
1.22
|
%
|
|
|
|
|
|
|
|
|
|
|
1.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
26,658
|
|
|
|
1.77
|
%
|
|
|
|
|
|
$
|
27,931
|
|
|
|
1.81
|
%
|
|
|
|
|
|
$
|
27,296
|
|
|
|
1.74
|
%
|
(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 NINE MONTHS ENDED
|
|
|
|
September
30, 2019
|
|
|
September
30, 2018
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
|
(In
US$ thousand)
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
737,277
|
|
|
|
13,295
|
|
|
|
2.38
|
%
|
|
$
|
683,109
|
|
|
$
|
9,293
|
|
|
|
1.79
|
%
|
Securities
at fair value through OCI
|
|
|
16,079
|
|
|
|
515
|
|
|
|
4.22
|
|
|
|
16,220
|
|
|
|
416
|
|
|
|
3.38
|
|
Securities
at amortized cost (1)
|
|
|
76,222
|
|
|
|
1,979
|
|
|
|
3.42
|
|
|
|
72,780
|
|
|
|
1,605
|
|
|
|
2.91
|
|
Loans,
net of unearned interest
|
|
|
5,406,703
|
|
|
|
193,809
|
|
|
|
4.73
|
|
|
|
5,497,234
|
|
|
|
173,062
|
|
|
|
4.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
6,236,282
|
|
|
$
|
209,598
|
|
|
|
4.43
|
%
|
|
$
|
6,269,343
|
|
|
$
|
184,376
|
|
|
|
3.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for expected credit losses on loans
|
|
|
(100,127
|
)
|
|
|
|
|
|
|
|
|
|
|
(84,378
|
)
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
151,287
|
|
|
|
|
|
|
|
|
|
|
|
122,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
6,287,442
|
|
|
|
|
|
|
|
|
|
|
$
|
6,307,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
2,724,034
|
|
|
$
|
53,281
|
|
|
|
2.58
|
%
|
|
$
|
3,084,876
|
|
|
$
|
47,160
|
|
|
|
2.02
|
%
|
Securities
sold under repurchase agreement and short-term borrowings and debt
|
|
|
1,102,044
|
|
|
|
30,411
|
|
|
|
3.64
|
|
|
|
913,032
|
|
|
|
19,962
|
|
|
|
2.88
|
|
Long-term
borrowings and debt, net (2)
|
|
|
1,337,621
|
|
|
|
43,297
|
|
|
|
4.27
|
|
|
|
1,167,928
|
|
|
|
35,479
|
|
|
|
4.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
5,163,699
|
|
|
$
|
126,989
|
|
|
|
3.24
|
%
|
|
$
|
5,165,837
|
|
|
$
|
102,601
|
|
|
|
2.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
118,927
|
|
|
|
|
|
|
|
|
|
|
$
|
97,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
5,282,626
|
|
|
|
|
|
|
|
|
|
|
|
5,262,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
1,004,816
|
|
|
|
|
|
|
|
|
|
|
|
1,044,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
|
$
|
6,287,442
|
|
|
|
|
|
|
|
|
|
|
$
|
6,307,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.19
|
%
|
|
|
|
|
|
|
|
|
|
|
1.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
82,609
|
|
|
|
1.77
|
%
|
|
|
|
|
|
$
|
81,775
|
|
|
|
1.74
|
%
|
(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)
|
|
NINE MONTHS
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
NINE MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
SEP 30/19
|
|
|
SEP 30/19
|
|
|
JUN 30/19
|
|
|
MAR 31/19
|
|
|
DEC 31/18
|
|
|
SEP 30/18
|
|
|
SEP 30/18
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
209,598
|
|
|
$
|
65,514
|
|
|
$
|
70,530
|
|
|
$
|
73,554
|
|
|
$
|
74,114
|
|
|
$
|
65,020
|
|
|
$
|
184,376
|
|
Interest expense
|
|
|
(126,989
|
)
|
|
|
(38,856
|
)
|
|
|
(42,599
|
)
|
|
|
(45,534
|
)
|
|
|
(46,146
|
)
|
|
|
(37,724
|
)
|
|
|
(102,601
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
82,609
|
|
|
|
26,658
|
|
|
|
27,931
|
|
|
|
28,020
|
|
|
|
27,968
|
|
|
|
27,296
|
|
|
|
81,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
10,293
|
|
|
|
2,815
|
|
|
|
5,128
|
|
|
|
2,350
|
|
|
|
5,402
|
|
|
|
3,692
|
|
|
|
11,783
|
|
Gain (loss) on financial instruments, net
|
|
|
650
|
|
|
|
(169
|
)
|
|
|
63
|
|
|
|
756
|
|
|
|
253
|
|
|
|
(1,445
|
)
|
|
|
(1,262
|
)
|
Other income, net
|
|
|
1,674
|
|
|
|
217
|
|
|
|
512
|
|
|
|
945
|
|
|
|
461
|
|
|
|
564
|
|
|
|
1,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income, net
|
|
|
12,617
|
|
|
|
2,863
|
|
|
|
5,703
|
|
|
|
4,051
|
|
|
|
6,116
|
|
|
|
2,811
|
|
|
|
11,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
95,226
|
|
|
|
29,521
|
|
|
|
33,634
|
|
|
|
32,071
|
|
|
|
34,084
|
|
|
|
30,107
|
|
|
|
93,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Impairment loss) release on financial instruments
|
|
|
(2,365
|
)
|
|
|
(612
|
)
|
|
|
(811
|
)
|
|
|
(942
|
)
|
|
|
1,321
|
|
|
|
(55,134
|
)
|
|
|
(58,836
|
)
|
Gain (impairment loss) on non-financial assets
|
|
|
500
|
|
|
|
500
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(2,289
|
)
|
|
|
(4,841
|
)
|
|
|
(7,729
|
)
|
Total operating expenses
|
|
|
(29,404
|
)
|
|
|
(8,969
|
)
|
|
|
(10,551
|
)
|
|
|
(9,884
|
)
|
|
|
(12,383
|
)
|
|
|
(10,851
|
)
|
|
|
(36,535
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
$
|
63,957
|
|
|
$
|
20,440
|
|
|
$
|
22,272
|
|
|
$
|
21,245
|
|
|
$
|
20,733
|
|
|
$
|
(40,719
|
)
|
|
$
|
(9,595
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
1.62
|
|
|
$
|
0.52
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
$
|
0.52
|
|
|
$
|
(1.03
|
)
|
|
$
|
(0.24
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.36
|
%
|
|
|
1.34
|
%
|
|
|
1.43
|
%
|
|
|
1.31
|
%
|
|
|
1.20
|
%
|
|
|
-2.58
|
%
|
|
|
-0.20
|
%
|
Return on average equity
|
|
|
8.5
|
%
|
|
|
8.0
|
%
|
|
|
9.0
|
%
|
|
|
8.6
|
%
|
|
|
8.3
|
%
|
|
|
-15.5
|
%
|
|
|
-1.2
|
%
|
Net interest margin
|
|
|
1.77
|
%
|
|
|
1.77
|
%
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
|
|
1.61
|
%
|
|
|
1.74
|
%
|
|
|
1.74
|
%
|
Net interest spread
|
|
|
1.19
|
%
|
|
|
1.19
|
%
|
|
|
1.22
|
%
|
|
|
1.16
|
%
|
|
|
1.08
|
%
|
|
|
1.20
|
%
|
|
|
1.26
|
%
|
Efficiency Ratio
|
|
|
30.9
|
%
|
|
|
30.4
|
%
|
|
|
31.4
|
%
|
|
|
30.8
|
%
|
|
|
36.3
|
%
|
|
|
36.0
|
%
|
|
|
39.1
|
%
|
Operating expenses to total average assets
|
|
|
0.63
|
%
|
|
|
0.59
|
%
|
|
|
0.68
|
%
|
|
|
0.61
|
%
|
|
|
0.71
|
%
|
|
|
0.69
|
%
|
|
|
0.77
|
%
|
EXHIBIT VII
BUSINESS SEGMENT ANALYSIS
(In US$ thousand)
|
|
FOR THE NINE MONTHS ENDED
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
SEP 30/19
|
|
|
SEP 30/18
|
|
|
SEP 30/19
|
|
|
JUN 30/19
|
|
|
SEP 30/18
|
|
COMMERCIAL BUSINESS SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
82,299
|
|
|
$
|
81,431
|
|
|
$
|
26,936
|
|
|
$
|
27,576
|
|
|
$
|
26,445
|
|
Other income
|
|
|
11,537
|
|
|
$
|
12,243
|
|
|
|
3,418
|
|
|
|
5,522
|
|
|
|
4,255
|
|
Total revenues
|
|
|
93,836
|
|
|
$
|
93,674
|
|
|
|
30,354
|
|
|
|
33,098
|
|
|
|
30,700
|
|
Impairment loss on financial instruments
|
|
|
(2,679
|
)
|
|
$
|
(58,883
|
)
|
|
|
(934
|
)
|
|
|
(776
|
)
|
|
|
(55,134
|
)
|
Gain (impairment loss) on non-financial assets
|
|
|
500
|
|
|
|
(3,678
|
)
|
|
|
500
|
|
|
|
0
|
|
|
|
(790
|
)
|
Operating expenses
|
|
|
(22,459
|
)
|
|
$
|
(28,119
|
)
|
|
|
(6,998
|
)
|
|
|
(8,149
|
)
|
|
|
(8,553
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the segment
|
|
$
|
69,198
|
|
|
$
|
2,994
|
|
|
$
|
22,922
|
|
|
$
|
24,173
|
|
|
$
|
(33,777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets
|
|
|
5,577,142
|
|
|
$
|
5,654,316
|
|
|
|
5,577,142
|
|
|
|
5,582,825
|
|
|
|
5,654,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY BUSINESS SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
310
|
|
|
$
|
344
|
|
|
$
|
(278
|
)
|
|
$
|
355
|
|
|
$
|
851
|
|
Other income (expense)
|
|
|
1,080
|
|
|
$
|
(513
|
)
|
|
|
(555
|
)
|
|
|
181
|
|
|
|
(1,444
|
)
|
Total revenues
|
|
|
1,390
|
|
|
$
|
(169
|
)
|
|
|
(833
|
)
|
|
|
536
|
|
|
|
(593
|
)
|
Gain (impairment loss) on financial instruments
|
|
|
314
|
|
|
$
|
47
|
|
|
|
322
|
|
|
|
(35
|
)
|
|
|
0
|
|
Operating expenses
|
|
|
(6,945
|
)
|
|
$
|
(8,416
|
)
|
|
|
(1,971
|
)
|
|
|
(2,402
|
)
|
|
|
(2,298
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the segment
|
|
$
|
(5,241
|
)
|
|
$
|
(8,538
|
)
|
|
$
|
(2,482
|
)
|
|
$
|
(1,901
|
)
|
|
$
|
(2,891
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets
|
|
|
1,070,607
|
|
|
$
|
890,290
|
|
|
|
1,070,607
|
|
|
|
960,489
|
|
|
|
890,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
82,609
|
|
|
$
|
81,775
|
|
|
$
|
26,658
|
|
|
$
|
27,931
|
|
|
$
|
27,296
|
|
Other income
|
|
|
12,617
|
|
|
$
|
11,730
|
|
|
|
2,863
|
|
|
|
5,703
|
|
|
|
2,811
|
|
Total revenues
|
|
|
95,226
|
|
|
$
|
93,505
|
|
|
|
29,521
|
|
|
|
33,634
|
|
|
|
30,107
|
|
Impairment loss on financial instruments
|
|
|
(2,365
|
)
|
|
$
|
(58,836
|
)
|
|
|
(612
|
)
|
|
|
(811
|
)
|
|
|
(55,134
|
)
|
Gain (impairment loss) on non-financial assets
|
|
|
500
|
|
|
$
|
(3,678
|
)
|
|
|
500
|
|
|
|
0
|
|
|
|
(790
|
)
|
Operating expenses
|
|
|
(29,404
|
)
|
|
$
|
(36,535
|
)
|
|
|
(8,969
|
)
|
|
|
(10,551
|
)
|
|
|
(10,851
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total profit for reportable segments
|
|
|
63,957
|
|
|
$
|
(5,544
|
)
|
|
|
20,440
|
|
|
|
22,272
|
|
|
|
(36,668
|
)
|
Unallocated impairment loss on non-financial assets
|
|
|
0
|
|
|
$
|
(4,051
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(4,051
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
$
|
63,957
|
|
|
$
|
(9,595
|
)
|
|
$
|
20,440
|
|
|
$
|
22,272
|
|
|
$
|
(40,719
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment assets
|
|
|
6,647,749
|
|
|
|
6,544,606
|
|
|
|
6,647,749
|
|
|
|
6,543,314
|
|
|
|
6,544,606
|
|
Unallocated assets
|
|
|
33,443
|
|
|
|
16,152
|
|
|
|
33,443
|
|
|
|
32,240
|
|
|
|
16,152
|
|
Total assets
|
|
|
6,681,192
|
|
|
|
6,560,758
|
|
|
|
6,681,192
|
|
|
|
6,575,554
|
|
|
|
6,560,758
|
|
EXHIBIT VIII
CREDIT PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT THE END OF,
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
|
|
June 30, 2019
|
|
|
September
30, 2018
|
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
ARGENTINA
|
|
$
|
263
|
|
|
|
4
|
|
|
$
|
383
|
|
|
|
6
|
|
|
$
|
587
|
|
|
|
9
|
|
|
$
|
(120
|
)
|
|
$
|
(324
|
)
|
BOLIVIA
|
|
|
5
|
|
|
|
0
|
|
|
|
1
|
|
|
|
0
|
|
|
|
20
|
|
|
|
0
|
|
|
|
4
|
|
|
|
(15
|
)
|
BRAZIL
|
|
|
1,063
|
|
|
|
17
|
|
|
|
995
|
|
|
|
16
|
|
|
|
1,230
|
|
|
|
19
|
|
|
|
68
|
|
|
|
(167
|
)
|
CHILE
|
|
|
661
|
|
|
|
10
|
|
|
|
482
|
|
|
|
8
|
|
|
|
164
|
|
|
|
3
|
|
|
|
179
|
|
|
|
497
|
|
COLOMBIA
|
|
|
844
|
|
|
|
13
|
|
|
|
717
|
|
|
|
11
|
|
|
|
807
|
|
|
|
13
|
|
|
|
127
|
|
|
|
37
|
|
COSTA RICA
|
|
|
317
|
|
|
|
5
|
|
|
|
353
|
|
|
|
6
|
|
|
|
357
|
|
|
|
6
|
|
|
|
(36
|
)
|
|
|
(40
|
)
|
DOMINICAN REPUBLIC
|
|
|
213
|
|
|
|
3
|
|
|
|
416
|
|
|
|
7
|
|
|
|
290
|
|
|
|
5
|
|
|
|
(203
|
)
|
|
|
(77
|
)
|
ECUADOR
|
|
|
416
|
|
|
|
7
|
|
|
|
433
|
|
|
|
7
|
|
|
|
365
|
|
|
|
6
|
|
|
|
(17
|
)
|
|
|
51
|
|
EL SALVADOR
|
|
|
67
|
|
|
|
1
|
|
|
|
56
|
|
|
|
1
|
|
|
|
60
|
|
|
|
1
|
|
|
|
11
|
|
|
|
7
|
|
GUATEMALA
|
|
|
359
|
|
|
|
6
|
|
|
|
344
|
|
|
|
5
|
|
|
|
265
|
|
|
|
4
|
|
|
|
15
|
|
|
|
94
|
|
HONDURAS
|
|
|
113
|
|
|
|
2
|
|
|
|
85
|
|
|
|
1
|
|
|
|
88
|
|
|
|
1
|
|
|
|
28
|
|
|
|
25
|
|
JAMAICA
|
|
|
39
|
|
|
|
1
|
|
|
|
56
|
|
|
|
1
|
|
|
|
56
|
|
|
|
1
|
|
|
|
(17
|
)
|
|
|
(17
|
)
|
MEXICO
|
|
|
874
|
|
|
|
14
|
|
|
|
920
|
|
|
|
15
|
|
|
|
925
|
|
|
|
14
|
|
|
|
(46
|
)
|
|
|
(51
|
)
|
NICARAGUA
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
25
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(25
|
)
|
PANAMA
|
|
|
332
|
|
|
|
5
|
|
|
|
408
|
|
|
|
6
|
|
|
|
668
|
|
|
|
10
|
|
|
|
(76
|
)
|
|
|
(336
|
)
|
PARAGUAY
|
|
|
104
|
|
|
|
2
|
|
|
|
135
|
|
|
|
2
|
|
|
|
125
|
|
|
|
2
|
|
|
|
(31
|
)
|
|
|
(21
|
)
|
PERU
|
|
|
136
|
|
|
|
2
|
|
|
|
136
|
|
|
|
2
|
|
|
|
136
|
|
|
|
2
|
|
|
|
0
|
|
|
|
0
|
|
TRINIDAD & TOBAGO
|
|
|
190
|
|
|
|
3
|
|
|
|
200
|
|
|
|
3
|
|
|
|
119
|
|
|
|
2
|
|
|
|
(10
|
)
|
|
|
71
|
|
URUGUAY
|
|
|
0
|
|
|
|
0
|
|
|
|
23
|
|
|
|
0
|
|
|
|
2
|
|
|
|
0
|
|
|
|
(23
|
)
|
|
|
(2
|
)
|
OTHER
NON-LATAM (1)
|
|
|
306
|
|
|
|
5
|
|
|
|
154
|
|
|
|
2
|
|
|
|
109
|
|
|
|
2
|
|
|
|
152
|
|
|
|
197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT PORTFOLIO
(2)
|
|
$
|
6,302
|
|
|
|
100
|
%
|
|
$
|
6,297
|
|
|
|
100
|
%
|
|
$
|
6,398
|
|
|
|
100
|
%
|
|
$
|
5
|
|
|
$
|
(96
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INTEREST AND DEFERRED FEES
|
|
|
(14
|
)
|
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
1
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT PORTFOLIO, NET OF UNEARNED INTEREST & DEFERRED FEES
|
|
$
|
6,288
|
|
|
|
|
|
|
$
|
6,282
|
|
|
|
|
|
|
$
|
6,391
|
|
|
|
|
|
|
$
|
6
|
|
|
$
|
(103
|
)
|
|
(1)
|
Risk
in highly rated countries outside the Region, mostly in Europe and North America, related
to transactions carried out in the Region.
|
|
(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)
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
|
|
June 30, 2019
|
|
|
September 30, 2018
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
ARGENTINA
|
|
$
|
263
|
|
|
|
4
|
|
|
$
|
383
|
|
|
|
6
|
|
|
$
|
587
|
|
|
|
9
|
|
|
$
|
(120
|
)
|
|
$
|
(324
|
)
|
BOLIVIA
|
|
|
5
|
|
|
|
0
|
|
|
|
1
|
|
|
|
0
|
|
|
|
20
|
|
|
|
0
|
|
|
|
4
|
|
|
|
(15
|
)
|
BRAZIL
|
|
|
1,058
|
|
|
|
17
|
|
|
|
990
|
|
|
|
16
|
|
|
|
1,226
|
|
|
|
19
|
|
|
|
68
|
|
|
|
(168
|
)
|
CHILE
|
|
|
656
|
|
|
|
11
|
|
|
|
477
|
|
|
|
8
|
|
|
|
159
|
|
|
|
3
|
|
|
|
179
|
|
|
|
497
|
|
COLOMBIA
|
|
|
829
|
|
|
|
13
|
|
|
|
702
|
|
|
|
11
|
|
|
|
779
|
|
|
|
12
|
|
|
|
127
|
|
|
|
50
|
|
COSTA RICA
|
|
|
317
|
|
|
|
5
|
|
|
|
353
|
|
|
|
6
|
|
|
|
357
|
|
|
|
6
|
|
|
|
(36
|
)
|
|
|
(40
|
)
|
DOMINICAN REPUBLIC
|
|
|
213
|
|
|
|
3
|
|
|
|
416
|
|
|
|
7
|
|
|
|
290
|
|
|
|
5
|
|
|
|
(203
|
)
|
|
|
(77
|
)
|
ECUADOR
|
|
|
416
|
|
|
|
7
|
|
|
|
433
|
|
|
|
7
|
|
|
|
365
|
|
|
|
6
|
|
|
|
(17
|
)
|
|
|
51
|
|
EL SALVADOR
|
|
|
67
|
|
|
|
1
|
|
|
|
56
|
|
|
|
1
|
|
|
|
60
|
|
|
|
1
|
|
|
|
11
|
|
|
|
7
|
|
GUATEMALA
|
|
|
359
|
|
|
|
6
|
|
|
|
344
|
|
|
|
6
|
|
|
|
265
|
|
|
|
4
|
|
|
|
15
|
|
|
|
94
|
|
HONDURAS
|
|
|
113
|
|
|
|
2
|
|
|
|
85
|
|
|
|
1
|
|
|
|
88
|
|
|
|
1
|
|
|
|
28
|
|
|
|
25
|
|
JAMAICA
|
|
|
39
|
|
|
|
1
|
|
|
|
56
|
|
|
|
1
|
|
|
|
56
|
|
|
|
1
|
|
|
|
(17
|
)
|
|
|
(17
|
)
|
MEXICO
|
|
|
847
|
|
|
|
14
|
|
|
|
893
|
|
|
|
14
|
|
|
|
898
|
|
|
|
14
|
|
|
|
(46
|
)
|
|
|
(51
|
)
|
NICARAGUA
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
25
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(25
|
)
|
PANAMA
|
|
|
299
|
|
|
|
5
|
|
|
|
380
|
|
|
|
6
|
|
|
|
647
|
|
|
|
10
|
|
|
|
(81
|
)
|
|
|
(348
|
)
|
PARAGUAY
|
|
|
104
|
|
|
|
2
|
|
|
|
135
|
|
|
|
2
|
|
|
|
125
|
|
|
|
2
|
|
|
|
(31
|
)
|
|
|
(21
|
)
|
PERU
|
|
|
136
|
|
|
|
2
|
|
|
|
136
|
|
|
|
2
|
|
|
|
136
|
|
|
|
2
|
|
|
|
0
|
|
|
|
0
|
|
TRINIDAD & TOBAGO
|
|
|
190
|
|
|
|
3
|
|
|
|
192
|
|
|
|
3
|
|
|
|
111
|
|
|
|
2
|
|
|
|
(2
|
)
|
|
|
79
|
|
URUGUAY
|
|
|
0
|
|
|
|
0
|
|
|
|
23
|
|
|
|
0
|
|
|
|
2
|
|
|
|
0
|
|
|
|
(23
|
)
|
|
|
(2
|
)
|
OTHER
NON-LATAM (1)
|
|
|
306
|
|
|
|
5
|
|
|
|
154
|
|
|
|
2
|
|
|
|
109
|
|
|
|
2
|
|
|
|
152
|
|
|
|
197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO (2)
|
|
$
|
6,217
|
|
|
|
100
|
%
|
|
$
|
6,209
|
|
|
|
100
|
%
|
|
$
|
6,305
|
|
|
|
100
|
%
|
|
$
|
8
|
|
|
$
|
(88
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INTEREST AND DEFERRED FEES
|
|
|
(14
|
)
|
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
1
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PORTFOLIO, NET OF UNEARNED INTEREST & DEFERRED FEES
|
|
$
|
6,203
|
|
|
|
|
|
|
$
|
6,194
|
|
|
|
|
|
|
$
|
6,298
|
|
|
|
|
|
|
$
|
9
|
|
|
$
|
(95
|
)
|
|
(1)
|
Risk
in highly rated countries outside the Region, mostly in Europe and North America, related to transactions carried out in the Region.
|
|
(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)
|
|
|
|
|
|
|
|
|
|
September 30, 2019
|
|
|
June 30, 2019
|
|
|
September 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
|
|
|
$
|
5
|
|
|
|
5
|
|
|
$
|
4
|
|
|
|
5
|
|
|
$
|
0
|
|
|
$
|
1
|
|
CHILE
|
|
|
5
|
|
|
|
6
|
|
|
|
5
|
|
|
|
6
|
|
|
|
5
|
|
|
|
5
|
|
|
|
0
|
|
|
|
0
|
|
COLOMBIA
|
|
|
15
|
|
|
|
18
|
|
|
|
15
|
|
|
|
17
|
|
|
|
28
|
|
|
|
30
|
|
|
|
0
|
|
|
|
(13
|
)
|
MEXICO
|
|
|
27
|
|
|
|
32
|
|
|
|
27
|
|
|
|
30
|
|
|
|
27
|
|
|
|
29
|
|
|
|
0
|
|
|
|
0
|
|
PANAMA
|
|
|
33
|
|
|
|
39
|
|
|
|
28
|
|
|
|
32
|
|
|
|
21
|
|
|
|
23
|
|
|
|
5
|
|
|
|
12
|
|
TRINIDAD & TOBAGO
|
|
|
0
|
|
|
|
0
|
|
|
|
8
|
|
|
|
9
|
|
|
|
8
|
|
|
|
8
|
|
|
|
(8
|
)
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENT PORTOFOLIO (1)
|
|
$
|
85
|
|
|
|
100
|
%
|
|
$
|
88
|
|
|
|
100
|
%
|
|
$
|
93
|
|
|
|
100
|
%
|
|
$
|
(3
|
)
|
|
$
|
(8
|
)
|
(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
|
|
9M19
|
|
|
9M18
|
|
|
3Q19
|
|
|
2Q19
|
|
|
3Q18
|
|
|
(A) - (B)
|
|
|
(C) - (D)
|
|
|
(C) - (E)
|
|
ARGENTINA
|
|
$
|
193
|
|
|
$
|
704
|
|
|
$
|
50
|
|
|
$
|
27
|
|
|
$
|
247
|
|
|
$
|
(511
|
)
|
|
$
|
23
|
|
|
$
|
(197
|
)
|
BOLIVIA
|
|
|
5
|
|
|
|
20
|
|
|
|
5
|
|
|
|
0
|
|
|
|
10
|
|
|
|
(15
|
)
|
|
|
5
|
|
|
|
(5
|
)
|
BRAZIL
|
|
|
780
|
|
|
|
774
|
|
|
|
425
|
|
|
|
149
|
|
|
|
331
|
|
|
|
6
|
|
|
|
276
|
|
|
|
94
|
|
CHILE
|
|
|
896
|
|
|
|
369
|
|
|
|
358
|
|
|
|
373
|
|
|
|
41
|
|
|
|
527
|
|
|
|
(15
|
)
|
|
|
317
|
|
COLOMBIA
|
|
|
995
|
|
|
|
991
|
|
|
|
315
|
|
|
|
323
|
|
|
|
326
|
|
|
|
4
|
|
|
|
(8
|
)
|
|
|
(11
|
)
|
COSTA RICA
|
|
|
320
|
|
|
|
344
|
|
|
|
112
|
|
|
|
114
|
|
|
|
96
|
|
|
|
(24
|
)
|
|
|
(2
|
)
|
|
|
16
|
|
DOMINICAN REPUBLIC
|
|
|
429
|
|
|
|
430
|
|
|
|
124
|
|
|
|
56
|
|
|
|
123
|
|
|
|
(1
|
)
|
|
|
68
|
|
|
|
1
|
|
ECUADOR
|
|
|
595
|
|
|
|
726
|
|
|
|
190
|
|
|
|
240
|
|
|
|
226
|
|
|
|
(131
|
)
|
|
|
(50
|
)
|
|
|
(36
|
)
|
EL SALVADOR
|
|
|
97
|
|
|
|
89
|
|
|
|
41
|
|
|
|
20
|
|
|
|
49
|
|
|
|
8
|
|
|
|
21
|
|
|
|
(8
|
)
|
GUATEMALA
|
|
|
330
|
|
|
|
279
|
|
|
|
60
|
|
|
|
218
|
|
|
|
41
|
|
|
|
51
|
|
|
|
(158
|
)
|
|
|
19
|
|
HONDURAS
|
|
|
132
|
|
|
|
96
|
|
|
|
52
|
|
|
|
68
|
|
|
|
41
|
|
|
|
36
|
|
|
|
(16
|
)
|
|
|
11
|
|
JAMAICA
|
|
|
157
|
|
|
|
220
|
|
|
|
59
|
|
|
|
99
|
|
|
|
56
|
|
|
|
(63
|
)
|
|
|
(40
|
)
|
|
|
3
|
|
MEXICO
|
|
|
2,774
|
|
|
|
3,608
|
|
|
|
1,000
|
|
|
|
864
|
|
|
|
1,050
|
|
|
|
(834
|
)
|
|
|
136
|
|
|
|
(50
|
)
|
NICARAGUA
|
|
|
0
|
|
|
|
52
|
|
|
|
0
|
|
|
|
0
|
|
|
|
17
|
|
|
|
(52
|
)
|
|
|
0
|
|
|
|
(17
|
)
|
PANAMA
|
|
|
446
|
|
|
|
664
|
|
|
|
91
|
|
|
|
165
|
|
|
|
265
|
|
|
|
(218
|
)
|
|
|
(74
|
)
|
|
|
(174
|
)
|
PARAGUAY
|
|
|
101
|
|
|
|
126
|
|
|
|
10
|
|
|
|
62
|
|
|
|
62
|
|
|
|
(25
|
)
|
|
|
(52
|
)
|
|
|
(52
|
)
|
PERU
|
|
|
189
|
|
|
|
986
|
|
|
|
80
|
|
|
|
76
|
|
|
|
283
|
|
|
|
(797
|
)
|
|
|
4
|
|
|
|
(203
|
)
|
TRINIDAD & TOBAGO
|
|
|
126
|
|
|
|
145
|
|
|
|
0
|
|
|
|
126
|
|
|
|
45
|
|
|
|
(19
|
)
|
|
|
(126
|
)
|
|
|
(45
|
)
|
URUGUAY
|
|
|
25
|
|
|
|
10
|
|
|
|
0
|
|
|
|
12
|
|
|
|
2
|
|
|
|
15
|
|
|
|
(12
|
)
|
|
|
(2
|
)
|
OTHER
NON-LATAM (1)
|
|
|
153
|
|
|
|
523
|
|
|
|
82
|
|
|
|
46
|
|
|
|
18
|
|
|
|
(370
|
)
|
|
|
36
|
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOAN DISBURSED
(2)
|
|
$
|
8,743
|
|
|
$
|
11,156
|
|
|
$
|
3,054
|
|
|
$
|
3,038
|
|
|
$
|
3,329
|
|
|
$
|
(2,413
|
)
|
|
$
|
16
|
|
|
$
|
(275
|
)
|
(1)
Origination in highly rated 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.