Bladex Reports Net Income of US$11.2 Million for the Third Quarter of 2006
November 13 2006 - 9:00AM
PR Newswire (US)
PANAMA CITY, Nov. 13 /PRNewswire-FirstCall/ -- Banco
Latinoamericano de Exportaciones, S.A. (NYSE:BLX) ("Bladex" or the
"Bank") announced today its results for the third quarter ended
September 30, 2006. Financial Highlights: * Net Income for the
third quarter totaled US$11.2 million, up 26% from the second
quarter, driven by increased Operating Income (1) and a higher
reversal of provisions for credit losses. Year-to-date, Net Income
was US$36.8 million, down 42% from the previous year, due to lower
credit provision reversals, as the Bank has collected 92% of its
restructured portfolio. * Operating Income for the third quarter
totaled US$8.7 million, up 19% from the previous quarter,
reflecting increases in net interest income and fee income, as well
as improving Treasury results. Year-to-date, Operating Income was
US$25.2 million, up 27% from the same period of last year. * Fee
income for the quarter grew by 35% on a sequential basis, to US$1.7
million, and 13% year-on-year. The table below depicts selected key
financial figures and ratios for the periods indicated (the Bank's
financial statements are prepared in accordance with U.S. GAAP, and
all figures are stated in U.S. dollars): Key Financial Figures US$
million, except percentages and per share amounts) 9M05 9M06 3Q05
2Q06 3Q06 Net Interest Income $32.8 $42.1 $11.7 $14.9 $15.6
Operating Income $19.9 $25.2 $7.2 $7.3 $8.7 Net Income $63.7 $36.8
$19.9 $8.9 $11.2 EPS (2) $1.65 $0.99 $0.52 $0.24 $0.31 Return on
Average Equity 13.6% 8.4% 13.0% 6.2% 7.9% Tier 1 Capital Ratio
38.2% 27.3% 38.2% 28.9% 27.3% Net Interest Margin 1.68% 1.76% 1.78%
1.87% 1.78% Book Value per common share $16.00 $15.55 $16.00 $15.29
$15.55 (1) Operating Income refers to net income excluding
reversals of provisions for credit losses and recovery of
impairment losses on securities. (2) 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 the following
regarding the quarter's results: "The figures for the third quarter
speak for themselves; it was an all- around solid performance. More
significantly, the results confirm and strengthen the positive
trend in our financial performance, as we execute the strategy that
we outlined two years ago. Our revenue is now diversified across an
expanding suite of products and clients, geared towards a growing
corporate segment and proprietary Treasury operations. The
expansion of our intermediation business is yielding particularly
promising results, as the commercial portfolio continues to grow an
average rate of close to 20% p.a. As we grow, we continue managing
risk based on a sound and flexible portfolio, 80% of which remains
trade financing in nature, while 77% matures within the next 12
months. During the fourth quarter, we expect to book our first
cross border leasing transactions, yet another niche where we enjoy
competitive advantages in terms of origination and risk management,
and which allows Bladex to support a growing need on the part of
our clients for specialized financing. In summary, our efforts
remain focused on sustaining the growth in Operating Income and on
gaining further efficiency, with the ultimate aim of improving ROE
levels." 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 credit portfolio, including the trade portfolio,
the increase in the number of the Bank's corporate clients, the
positive trend of lending spreads, the increase in activities
engaged in by the Bank that are derived from the Bank's client
base, anticipated operating income and return on equity in future
periods, including income derived from the treasury function, the
improvement in the financial and performance 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 anticipated
growth of the Bank's credit portfolio; the continuation of the
Bank's preferred creditor status; the impact of increasing interest
rates and of improving 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 credit losses;
the need for 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; the
possibility of fraud; and the adequacy of the Bank's sources of
liquidity to replace large deposit withdrawals. About Bladex Bladex
is a supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to support 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 September 30,
2006, Bladex had disbursed accumulated credits of over US$142
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 WILL BE
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: Mr. Carlos
Yap, Chief Financial Officer Tel. No. (507) 210-8563, e-mail: ,
-or- Investor Relations Firm i-advize Corporate Communications,
Inc. Mrs. Melanie Carpenter / Mr. Peter Majeski Tel: (212)
406-3690, e-mail: Conference Call Information There will be a
conference call to discuss the Bank's quarterly results on November
14, 2006, at 11:00 a.m., New York City time. For those interested
in participating, please dial (888) 335-5539 in the United States
or, if outside the United States, (973) 582-2857. Participants
should use conference ID# 8074729, 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.blx.com/ . DATASOURCE: Banco
Latinoamericano de Exportaciones, S.A. CONTACT: Carlos Yap, Chief
Financial Officer, Bladex, +011-507-210-8563, or ; or investors,
Melanie Carpenter or Peter Majeski, both of i-advize Corporate
Communications, Inc., +1-212-406-3690, or Web site:
http://www.blx.com/
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