Bladex Reports Second Quarter Net Income of $27.0 million, or $0.74 per share
July 19 2007 - 9:10AM
PR Newswire (US)
PANAMA CITY, July 19 /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, 2007. Financial Highlights Second Quarter 2007 vs. First
Quarter 2007: -- Net Income grew 82% to $27.0 million, driving the
Bank's return on equity ("ROE") to 18.0% p.a. -- Operating
income(1) increased 86% to $26.1 million, reflecting higher gains
on the Bank's treasury and asset management activities, which grew
460% to $18.2 million. -- The average commercial portfolio grew 7%
to $3.8 billion. -- The Bank's efficiency ratio improved from 35%
to 28%. Second Quarter 2007 vs. Second Quarter 2006: -- Net income
grew 202%. -- Operating income increased 258%, driven by higher
gains on the Bank's treasury asset management activities, and
increased net interest income. -- The average loan portfolio
increased 31%, the average commercial portfolio grew 18%. Six
Months of 2007 vs. Six Months of 2006: -- Net Income amounted to
$41.8 million, or $1.15 per share, an increase of 63%. -- Operating
income reached $40.2 million, an increase of 143%, driven primarily
by higher gains on the Bank's proprietary asset management
activities, increased net interest income, and higher gains on
securities available for sale. (1) Operating income refers to net
income, excluding reversals of provisions for credit losses, and
recoveries (impairment) on assets. The table below depicts selected
key financial figures and ratios for the periods indicated (the
Bank's financial statements are prepared in accordance with U.S.
GAAP, and all figures are stated in U.S. dollars): Key Financial
Figures US$ million, except percentages and per share amounts) 6M06
6M07 2Q06 1Q07 2Q07 Net interest income $26.5 $33.8 $14.9 $17.1
$16.7 Operating income $16.5 $40.2 $7.3 $14.0 $26.1 Net income
$25.6 $41.8 $8.9 $14.8 $27.0 EPS (1) $0.68 $1.15 $0.24 $0.41 $0.74
Return on average equity ("ROE") p.a. 8.7% 14.2% 6.2% 10.2% 18.0%
Tier 1 capital ratio 28.9% 21.2% 28.9% 22.3% 21.2% Net interest
margin 1.75% 1.76% 1.87% 1.82% 1.70% Book value per common share
$15.29 $16.68 $15.29 $16.24 $16.68 Market price per common share
$15.63 $18.80 $15.63 $16.64 $18.80 Market Capitalization $571 $683
$571 $605 $683 Total assets $3,532 $4,205 $3,532 $4,274 $4,205
Total stockholders' equity $559 $606 $559 $590 $606 (1) Earnings
per share calculations are based on the average number of shares
outstanding during each period. Comments from the Chief Executive
Officer Jaime Rivera, Bladex's Chief Executive Officer, stated the
following regarding the quarter's results: "The second quarter saw
the efforts that we have been making along a number of fronts bear
fruit in a decisive manner. "Our Treasury Division had a banner
quarter, as Bladex was able to make good on our views on both
trends in the market and distortions in the risk reward
relationship within the Region. Importantly, the Treasury Division,
in its upgraded form, affords the Bank the tools needed to leverage
our corporate skills beyond calls on credit risk to provide us with
diversification in the form of market risk based revenue. "Our
Commercial Division put forth its fifth consecutive quarter of
operating revenue growth. Following the Bank's strategic decision
of last year, the Division has developed a growing corporate
franchise that is providing fully 46% of the group's revenues.
During the second quarter alone, its average credit balances
increased a marked 7%, while the leasing activity is playing an
increasingly important role in supporting our margins in the face
of ample market liquidity. Significantly, growth took place across
most of our markets, and as a result, portfolio diversification
improved further. Brazilian exposure, which traditionally has
represented around 45% of our commercial portfolio, is now 36%.
"With efficiency levels improving further and credit quality at
historically strong levels, year-to-date operating income, at $40.2
million, has already exceeded the $39.3 million operating income
total of the full year 2006. Significantly, annualized ROE levels
for the second quarter were 18.0%, an especially telling figure in
light of our strong 21.2% Tier 1 capitalization. "On the
institutional side of the business, the second quarter saw progress
along several fronts as well. Among some other favorable
developments, S&P upgraded the Bank's outlook to "Positive",
while Moody's upgraded our BFSR. In addition, our stock was added
to the Russell 3000(R) Index, and we signed a cooperation agreement
with China Development Bank. "For the balance of 2007, Bladex will
continue working along the path determined by our 2010 strategic
plan: a selective but consistent expansion of our client franchise,
combined with a gradual and well-executed deployment of new
services that leverage the Bank's core competencies, and aligning
our risk management methodology with Basel II standards. "Based on
our results, with a well-honed team in place, and a generally
favorable external environment, I am especially excited about the
prospects for our company". 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
Division, 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;
potential trading losses; 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 June 30, 2007, Bladex had disbursed
accumulated credits of over $148 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: (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 July 19, 2007, at 3:00 p.m., New York City
time (Eastern 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#
8901020, 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 Melanie Carpenter or Peter Majeski,
both of i-advize Corporate Communications, Inc. for Bladex,
+1-212-406-3690, Web site: http://www.blx.com/
Copyright
Banco Latinoamericano de... (NYSE:BLX)
Historical Stock Chart
From May 2024 to Jun 2024
Banco Latinoamericano de... (NYSE:BLX)
Historical Stock Chart
From Jun 2023 to Jun 2024