Bladex Reports Net Income of US$8.0 Million for the Second Quarter of 2005
August 10 2005 - 10:00AM
PR Newswire (US)
Second Quarter 2005 Financial Highlights PANAMA CITY, Aug. 10
/PRNewswire-FirstCall/ -- Banco Latinoamericano de Exportaciones,
S.A. (NYSE:BLX) ("Bladex" or "the Bank") announced today its
results for the second quarter ended June 30, 2005. The table below
depicts selected key figures and ratios for the periods indicated
(the Bank's financial statements are prepared in accordance with
U.S. GAAP, and all figures are stated in U.S. dollars): Key
Financial Figures 6M04 6M05 2Q04 1Q05 2Q05 Net Income (US$ million)
$54.1 $48.2 $24.3 $40.1 $8.0 EPS (*) $1.37 $1.24 $0.62 $1.03 $0.21
Return on Average Equity 18.0% 15.2% 15.8% 24.4% 5.3% Tier 1
Capital Ratio 41.2% 46.5% 41.2% 41.6% 46.5% Net Interest Margin
1.70% 1.63% 1.72% 1.66% 1.60% (*) Earnings per share calculations
are based on the average number of shares outstanding during each
period. Comments from the Chief Executive Officer Jaime Rivera, CEO
of Bladex stated the following regarding the quarter's results:
"The second quarter marked the first period during the last two
years in which provision entries did not play a major role in
shaping our results. Therefore, our results were driven largely by
the execution of our commercial strategy and current market
dynamics. This quarter, our ability to generate new business
continued to strengthen. Disbursements exceeded US$1.4 billion, up
28.0%, while the trade portfolio balance grew by nearly 3%, in
spite of US$70 million in pre-payments, which for the first time
became a factor in this segment of our business. We believe that
these pre-payments reflect the same underlying macroeconomic
reality that continues to exert pressure on lending margins and
fees: an unprecedented level of U.S. Dollar liquidity, which is
bringing about a de-leveraging of corporate balance sheets. In-line
with our plan announced earlier in the year, part of our short-term
response to market conditions relies on the use of our balance
sheet strength to secure funding on the best possible terms to
support the growth of our operating income over the coming
quarters. Along these lines, we recently accessed the debt capital
markets for the first time since 2001, under some of the best
conditions in the Bank's recent history. Our successful US$235
million bank syndication was consistent with this approach. From a
Latin American market perspective, the quarter saw levels of
uncertainty generally on the rise. While most of this was expected
as we enter a period of elections in a number of countries in our
region, this volatility evidences the region's continuing
vulnerability to shifts in macroeconomic and political
fundamentals. Bladex has assessed the changing business and risk
scenarios, and has made adjustments as necessary. For the balance
of the year, we remain committed to executing our medium-term
strategy: focusing on profitable growth in our intermediation
activities, while developing new sources of revenue and improving
efficiency." 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,
anticipated operating income in future periods, the improvement in
the financial strength of the Bank and the progress the Bank is
making. 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: the
possibility that the Bank will need to renegotiate, restructure or
write-off certain of its Argentine loans; the possibility of
pre-payments; the anticipated growth of the Bank's trade finance
portfolio; the continuation of the Bank's preferred creditor
status; the effects of increased interest rates on the Bank's
financial condition; the implementation of the Bank's strategies
and initiatives, including its revenue diversification strategy;
the pending applications in the United States to open a
representative office in Miami, Florida; the adequacy of the Bank's
allowance for credit losses to address the likely impact of the
Argentine crisis and other credit risks on the Bank's loan
portfolio; the necessity of making additional provisions for 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;
and the adequacy of the Bank's sources of liquidity to cover large
deposit withdrawals. 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 June 30, 2005, Bladex had disbursed
accumulated credits of over US$131 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
i-advize Corporate Communications, Inc. Melanie Carpenter / Peter
Majeski Tel: (212) 406-3690, e-mail: There will be a conference
call to discuss the Bank's quarterly results on Thursday August 11,
2005 at 11:00 a.m. New York City time. For those interested in
participating, please dial (800) 310-8725 in the United States or,
if outside the United States, (312) 461-9409. Participants should
give the conference ID# 1024535 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 August 17, 2005. Please dial (888)
203-1112 or (719) 457-0820 and follow the instructions. The
Conference ID# for the replayed call is 1024535. DATASOURCE: Banco
Latinoamericano de Exportaciones, S.A. CONTACT: Carlos Yap, Senior
Vice President, Finance, +507-210-8581, ; or Investor Relations -
Melanie Carpenter or Peter Majeski, i-advize Corporate
Communications, Inc., +1-212-406-3690, Web site:
http://www.blx.com/
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