Bladex Reports Net Income of US$40.1 Million for the First Quarter 2005
May 05 2005 - 9:30AM
PR Newswire (US)
Bladex Reports Net Income of US$40.1 Million for the First Quarter
2005 First Quarter 2005 Financial Highlights PANAMA CITY, May 5
/PRNewswire-FirstCall/ -- Banco Latinoamericano de Exportaciones,
S.A. (NYSE:BLX) ("Bladex" or "the Bank") announced today its
results for the first quarter ended March 31, 2005. The table below
depicts selected key figures and ratios for the periods indicated
(the Bank's financial statements are prepared in accordance with
U.S. GAAP, and all figures are stated in U.S. dollars): Key Figures
1Q04 4Q04 1Q05 Net Income (US$ million) $29.8 $53.9 $40.1 EPS (*)
$0.76 $1.39 $1.03 Return on Average Equity 20.2% 33.1% 24.4% Tier 1
Capital Ratio 37.9% 42.8% 41.6% Net Interest Margin 1.69% 1.46%
1.66% (*) Earnings per share calculations are based on the average
number of shares outstanding during each period. Comments from the
Chief Executive Officer Jaime Rivera, Chief Executive Officer of
Bladex, stated, "During the first quarter we made steady progress
on a number of fronts. "The figures make it clear that the
management effort with respect to our portfolio in Argentina has
paid off handsomely. The exposure net of the allowance for credit
losses is now down to 2% of assets and 8% of equity, and we have,
for the first time since June 2002, placed an Argentine loan back
on an interest accrual basis. "Commercially, our trade portfolio
continues growing. Year-on-year, our trade portfolio grew a full
28%, more than four times the underlying economic growth rate in
the Region. More than 70% of this growth took place in the last six
months, while our new commercial team established itself. Notably,
the 3% growth during the seasonally-slow first quarter was more
than double last year's growth. "We continue increasing our number
of clients and deploying activities derived from our trade finance
client base. This quarter, for instance, the payments initiative,
where progress has been slower than anticipated, was revamped, and
we made 18 proposals to clients compared to 9 made in the six
months prior. "With the operating expense base stabilized we have
concentrated our expense reduction efforts on funding costs, where
every basis point saved brings savings of about US$200 thousand in
interest expense per year. From December 31, 2004 to March 31,
2005, our liability borrowings average margin over Libor decreased
by 4 basis points. "On another important front, we have started a
project to upgrade our technology platform. While our current
systems work well, we are aware of the advantages that a state of
the art, scalable, flexible, and integrated solution would afford
us in terms of improved client service, shorter response times,
faster product deployment, reduced operational risk, and improved
efficiency. We expect to complete the project within a year.
"Regarding capital management, a subject which our results have
brought to the forefront again, Bladex seeks to balance risk and
return considerations in order to withstand market volatility,
maintain stable access to funding sources, provide a solid base to
finance growth, promote share ownership by long-term investors and
generate competitive returns to shareholders' equity, and we will
act accordingly. In summary, we are making progress on all internal
and external fronts in a manner consistent with our strategy of
expanding our client base and our traditional trade intermediation
activities, while deploying new services that flow naturally from
this franchise." SAFE HARBOR STATEMENT This press release contains
forward-looking statements of expected future developments. The
Bank wishes to ensure that such statements are accompanied by
meaningful cautionary statements pursuant to the safe harbor
established by the Private Securities Litigation Reform Act of
1995. The forward-looking statements in this press release refer to
the growth of the trade portfolio, the increase in the number of
the Bank's clients, the increase in activities engaged in by the
Bank that are derived from the Bank's trade finance client base,
the improvement in the financial strength of the Bank and the
progress the Bank is making on all fronts. These forward-looking
statements reflect the expectations of the Bank's management and
are based on currently available data; however, actual experience
with respect to these factors is 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: a decline in the
willingness of international lenders and depositors to provide
funding to the Bank, causing a contraction of the Bank's credit
portfolio, adverse economic or political developments in the
Region, particularly in Brazil or Argentina, which could increase
the level of impaired loans in the Bank's loan portfolio and, if
sufficiently severe, result in the Bank's allowance for credit
losses being insufficient to cover losses in the portfolio,
unanticipated developments with respect to international banking
transactions (including, among other things, interest rate spreads
and competitive conditions), a change in the Bank's credit ratings,
events in Brazil or Argentina or other countries in the Region
unfolding in a manner that is detrimental to the Bank, or which
might result in adequate liquidity being unavailable to the Bank,
the Bank's operations being less profitable than anticipated, or
higher than anticipated equity capital requirements. About Bladex
Bladex is a supranational bank originally established by the
Central Banks of Latin American and Caribbean countries to promote
trade finance in the Region. Based in Panama, its shareholders
include central banks and state-owned entities in 23 countries in
the Region, as well as Latin American and international commercial
banks, along with institutional and retail investors. Through March
31, 2005, Bladex had disbursed accumulated credits of over US$130
billion. Bladex is listed on the New York Stock Exchange. Further
investor information can be found at http://www.blx.com/ A LONGER
VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION HAS BEEN
FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION,
AND CAN BE OBTAINED FROM BLADEX AT: Bladex, Head Office, Calle 50 y
Aquilino de la Guardia, Panama City, Panama Attention: Carlos Yap,
Senior Vice President, Finance Tel. No. (507) 210-8581, e-mail: ,
-or- Investor Relations Firm Melanie Carpenter / Peter Majeski
i-advize Corporate Communications, Inc. Tel: (212) 406-3690,
e-mail: There will be a conference call to discuss the Bank's
quarterly results on May 6, 2005 at 11:00 a.m. New York City time.
For those interested in participating, please dial (800)-262-1292
in the United States or, if outside the United States,
719-457-2680. Participants should give the conference ID# 6842340
to the telephone operator five minutes before the call is set to
begin. There will also be a live audio webcast of the event at
http://www.blx.com/. Bladex's conference call will become available
for review on Conference Replay one hour after the conclusion of
the conference, and will remain available through May 13, 2005.
Please dial (888) 203-1112 or (719) 457-0820 and follow the
instructions. The Conference ID# for the replayed call is 6842340.
DATASOURCE: Banco Latinoamericano de Exportaciones, S.A. CONTACT:
Carlos Yap, Senior Vice President, Finance of Bladex,
+1-507-210-8581, ; Investor Relations Firm: Melanie Carpenter or
Peter Majeski, both of i-advize Corporate Communications, Inc.,
+1-212-406-3690, , for Bladex Web site: http://www.blx.com/
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