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, thereto
duly authorized.
October
22, 2007
|
|
|
|
Banco
Latinoamericano de Exportaciones, S.A.
|
|
|
|
|
By:
|
/s/ Pedro
Toll
|
|
Name:
Pedro Toll
Title:
Deputy Manager
|
FOR
IMMEDIATE RELEASE
Bladex
Reports Third Quarter Net Income of $14.8 million, 32% higher than last year,
and
Year-to-date Net Income of $56.6 million, 54% higher than last year;
liquidity
strengthens
Financial
Highlights
Third
Quarter 2007 vs. Third Quarter 2006:
|
·
|
Net
income increased 32% to $14.8 million, and Operating Income
(1)
increased 76% to $15.2 million.
|
|
·
|
The
commercial portfolio grew 19% to $4.0
billion.
|
Third
Quarter 2007 vs. Second Quarter 2007:
|
·
|
The
5% increase in net interest income during the quarter was offset
by lower
trading gains on proprietary asset management, resulting in net income
for
the quarter of $14.8 million, 45% lower than the $27.0 million reported
in
the second quarter.
|
|
·
|
The
average commercial portfolio rose 5% to $4.0 billion, on disbursements
of
$2.1 billion, the highest level since the fourth quarter of 2005.
|
|
·
|
The
Bank’s liquidity ratio (liquid assets / total assets) strengthened from
5.4% to 7.3%; deposits grew 5% to $1.4 billion. Overall, cost of
funds
decreased by 1 bp.
|
|
·
|
The
loan portfolio's weighted average lending spreads over Libor increased
6
bps; average lending spreads over Libor on new loans disbursed during
the
quarter increased 19 bps.
|
|
·
|
As
of September 30, 2007, the Bank had zero credits in non-accruing
or past
due status.
|
Nine
Months of 2007 vs. Nine Months of 2006:
|
·
|
Net
income amounted to $56.6 million, an increase of
54%.
|
|
·
|
Operating
income was $55.4 million, an increase of 120%, driven by the Commercial
Division’s net interest income, which increased 27%, and Treasury
Division’s net revenues, which rose 803%.
|
|
·
|
The
Bank’s efficiency ratio improved from 44% to
32%.
|
|
·
|
Annualized
operating ROE improved from 5.8% to
12.3%
|
|
·
|
The
net interest revenue component of total revenues decreased from 94%
to
63%.
|
(1)
Operating income refers to net income, excluding reversals (provisions) for
credit losses, and impairment on assets.
Panama
City, Republic of Panama, October 22, 2007
-
Banco
Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (“Bladex” or the “Bank”)
announced today its results for the third quarter ended September 30, 2007.
The
table
below depicts selected key financial figures and ratios for the periods
indicated (the Bank’s financial statements are prepared in accordance with U.S.
GAAP, and all figures are stated in U.S. dollars):
Key
Financial Figures
(US$
million, except percentages and per share amounts)
|
|
9M06
|
|
9M07
|
|
|
3Q06
|
|
2Q07
|
|
3Q07
|
|
Net
interest income
|
|
$
|
42.1
|
|
$
|
51.4
|
|
|
$
|
15.6
|
|
$
|
16.7
|
|
$
|
17.6
|
|
Operating
income by business segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
25.1
|
|
$
|
30.8
|
|
|
$
|
9.7
|
|
$
|
10.1
|
|
$
|
10.8
|
|
Treasury
Division
|
|
$
|
0.1
|
|
$
|
24.6
|
|
|
$
|
(1.1
|
)
|
$
|
16.1
|
|
$
|
4.5
|
|
Operating
income
|
|
$
|
25.2
|
|
$
|
55.4
|
|
|
$
|
8.7
|
|
$
|
26.1
|
|
$
|
15.2
|
|
Net
income
|
|
$
|
36.8
|
|
$
|
56.6
|
|
|
$
|
11.2
|
|
$
|
27.0
|
|
$
|
14.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS
(1)
|
|
$
|
0.99
|
|
$
|
1.56
|
|
|
$
|
0.31
|
|
$
|
0.74
|
|
$
|
0.41
|
|
Book
value per common share
|
|
$
|
15.55
|
|
$
|
16.89
|
|
|
$
|
15.55
|
|
$
|
16.68
|
|
$
|
16.89
|
|
Return
on average equity (“ROE”) p.a.
|
|
|
8.4
|
%
|
|
12.6
|
%
|
|
|
7.9
|
%
|
|
18.0
|
%
|
|
9.6
|
%
|
Tier
1 capital ratio
|
|
|
27.3
|
%
|
|
21.4
|
%
|
|
|
27.3
|
%
|
|
21.2
|
%
|
|
21.6
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.72
|
%
|
|
|
1.78
|
%
|
|
1.70
|
%
|
|
1.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid
Assets
(2)
/
Total Assets
|
|
|
4.6
|
%
|
|
7.3
|
%
|
|
|
4.6
|
%
|
|
5.4
|
%
|
|
7.3
|
%
|
Liquid
Assets
(2)
/
Total Deposits
|
|
|
14.6
|
%
|
|
22.3
|
%
|
|
|
14.6
|
%
|
|
16.3
|
%
|
|
22.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
3,521
|
|
$
|
4,454
|
|
|
$
|
3,521
|
|
$
|
4,205
|
|
$
|
4,454
|
|
Total
stockholders’ equity
|
|
$
|
565
|
|
$
|
614
|
|
|
$
|
565
|
|
$
|
606
|
|
$
|
614
|
|
(1)
|
Earnings
per share calculations are based on the average number of shares
outstanding during each period.
|
(2)
|
Excludes
cash balances in the proprietary asset management portfolio.
|
Comments
from the Chief Executive Officer
Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
quarter's results:
"Bladex
is benefiting from underlying fundamentals in our markets that remain strong.
Trade in Latin America continues growing at a healthy pace, with industry and
financial trends in the Region reflecting generally improving macroeconomic
conditions.
Bladex's
financial performance during the third quarter represents, in my opinion, the
strength of the Bank’s business model and franchise. Despite, working in the
midst of significant volatility in many sectors of the financial markets, Bladex
was able to achieve solid results across most of our businesses.
The
Commercial Division capitalized on increasing lending spreads, rising credit
demand, an expanded client base, and solid portfolio quality, to post a 7%
quarterly improvement in operating income, placing it 23% ahead of 2006
year-to-date results. While it is too early to discern a trend, competitive
pressures in the Region’s offshore credit business have generally eased, while
pricing levels have improved.
The
Treasury Division, coming off a record second quarter, returned to a more
normalized performance level, contributing 29% of the quarter's operating
income. Significantly, in spite of market dislocations, the trading results
from
Bladex’s proprietary asset management activities were satisfactory. With four
consecutive quarters of positive trading results, we believe the medium-term
economics of the business have been established.
Significantly
as well, in light of both market conditions and strong loan growth, the Bank
further strengthened its ample liquidity position while maintaining stability
in
the cost of its funding. We intend to carry an especially strong liquidity
position as long as volatile conditions in the market warrant it.
While
we
are satisfied with the success of the expansion and diversification of the
Bank’s client base, as well as with the results of transforming the Treasury
Division into a revenue center, we remain dissatisfied with both the trend
and
absolute level of fee income. While Bladex has plans to offset the decline
in
the letter of credit and guarantee business, we foresee the fees charged on
third party asset management, a business line we intend to deploy in the coming
months, as providing the most significant short-term source of incremental
fees.
In
summary terms, with net income through the end of the third quarter running
54%
ahead of 2006, Bladex believes that it possesses the market and management
momentum needed to continue executing on all aspects of its strategy." Mr.
Rivera, concluded.
CONSOLIDATED
RESULTS OF OPERATIONS
Net
Income
Net
income for the third quarter of 2007 amounted to $14.8 million, an increase
of
32% from a year ago, and 45% below the level of the previous quarter. The
decreased net income figure in the third quarter, with respect to the second
quarter, reflects lower gains in the Bank’s Treasury Division, which offset
increased net interest income from the Commercial Division.
Year-to-date,
net income amounted to $56.6 million, up 54% from the $36.8 million reported
during the same period of 2006. This result reflects a 120% increase in
operating income, which was driven by the combination of higher gains on the
Bank’s proprietary asset management activities, a 22% increase in net interest
income (mostly from the Commercial Division), and higher gains on the sale
of
the available for sale portfolio.
The
following graphs illustrate the percentage distribution of the Bank’s operating
revenues for the periods indicated:
(1)
|
Operating
revenues refers to net income excluding operating expenses, reversals
(provisions) for credit losses, and impairment on
assets.
|
NET
INTEREST INCOME AND MARGINS
The
table
below shows the Bank’s net interest income and net interest margin for the
periods indicated:
(In
US$
million, except percentages)
|
|
9M06
|
|
9M07
|
|
|
3Q06
|
|
2Q07
|
|
|
3Q07
|
|
Net
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing
portfolio
|
|
$
|
34.7
|
|
$
|
46.4
|
|
|
$
|
13.1
|
|
$
|
15.4
|
|
|
$
|
16.2
|
|
Non-accruing
portfolio
|
|
|
2.0
|
|
|
0.0
|
|
|
|
0.4
|
|
|
0.0
|
|
|
|
0.0
|
|
Commercial
Division
|
|
$
|
36.7
|
|
$
|
46.4
|
|
|
$
|
13.6
|
|
$
|
15.4
|
|
|
$
|
16.2
|
|
Treasury
Division
|
|
|
5.4
|
|
|
5.0
|
|
|
|
2.0
|
|
|
1.4
|
|
|
|
1.4
|
|
Consolidated
|
|
$
|
42.1
|
|
$
|
51.4
|
|
|
$
|
15.6
|
|
$
|
16.7
|
|
|
$
|
17.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin
(1)
|
|
|
1.76
|
%
|
|
1.72
|
%
|
|
|
1.78
|
%
|
|
1.70
|
%
|
|
|
1.65
|
%
|
(1)
|
Net
interest income divided by average balance of interest-earning assets.
|
3Q07
vs. 2Q07
Net
interest income for the third quarter of 2007 reached $17.6 million, an increase
of 5%, driven by higher average balances in the loan portfolio and increased
weighted average lending spreads over Libor (6 bps).
The
5 bps
decrease in the net interest margin (“NIM”) was driven by the carrying cost of
higher cash balances, which offset increased lending spreads in the loan
portfolio.
9M07
vs. 9M06
Net
interest income for the nine months of 2007 totaled $51.4 million, up $9.3
million, or 22%, from the same period of 2006. The increase in net interest
income was the result of higher average balances in the loan portfolio (25%),
and increased weighted average lending spreads over Libor (15 bps).
During
the period, NIM decreased 4 bps, mainly a result of higher leveraging of the
balance sheet, and interest income on non-accrual loans received on a cash
basis
during 2006, the combination of which offset the impact of higher lending
spreads during the period.
FEES
AND COMMISSIONS
The
following table provides a breakdown of fees and commissions for the periods
indicated:
(In
US$
thousands)
|
|
9M06
|
|
9M07
|
|
3Q06
|
|
2Q07
|
|
3Q07
|
|
Letters
of credit
|
|
$
|
2,912
|
|
$
|
1,947
|
|
$
|
1,116
|
|
$
|
669
|
|
$
|
625
|
|
Guarantees
|
|
|
1,174
|
|
|
765
|
|
|
405
|
|
|
250
|
|
|
268
|
|
Loans
|
|
|
389
|
|
|
642
|
|
|
180
|
|
|
222
|
|
|
187
|
|
Other
(1)
|
|
|
196
|
|
|
618
|
|
|
88
|
|
|
385
|
|
|
93
|
|
Fees
and commissions, net
|
|
$
|
4,671
|
|
$
|
3,973
|
|
$
|
1,790
|
|
$
|
1,525
|
|
$
|
1,173
|
|
(1)
|
Net
of commission expenses.
|
Net
fees
and commissions for the third quarter of 2007 decreased 23%, or $352 thousand,
compared to the second quarter of 2007, mostly due to lower service fees. In
addition, letter of credit fees decrease in-line with lower exposure in higher
risk countries.
For
the
first nine months of 2007 compared to the same period of 2006, net fees and
commissions decreased 15%, or $698 thousand, mostly due to lower letter of
credit and guarantees activity, partially offset by increased loan fees and
other services activities.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
As
of
September 30, 2007, the Bank had zero credits in non-accruing or past-due
status.
As
of
September 30, 2007, the allowance for credit losses amounted $83.1 million,
a
$0.7 million increase when compared to the $82.4 million reported as of June
30,
2007. The $0.7 million quarterly increase reflects a $3.6 million increase
in
the allowance for loan losses, along with a $3.0 million decrease in the reserve
for off-balance sheet credits.
The
$3.6
million increase in the allowance for loan losses reflects a $3.4 million
provision charge due to increased loan balances, partially offset by a $0.3
million recovery on a previously charged-off loan. The $3.0 million decrease
in
the reserve for losses on off-balance credits mostly reflects decreased letter
of credit exposure in higher risk countries.
As
of
September 30, 2007, the ratio of the allowance for credit losses to the
commercial portfolio was 2.1%, unchanged from June 30, 2007, and compared to
2.4% as of September 30, 2006.
The
following table depicts information about the allowance for credit losses,
for
the dates indicated:
(In
US$
million)
|
|
30SEP06
|
|
31DEC06
|
|
31MAR07
|
|
30JUN07
|
|
30SEP07
|
|
Allowance
for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
At
beginning of period
|
|
$
|
45.2
|
|
$
|
49.8
|
|
$
|
51.3
|
|
$
|
56.6
|
|
$
|
69.0
|
|
Provisions
|
|
|
4.6
|
|
|
1.5
|
|
|
5.4
|
|
|
6.2
|
|
|
3.4
|
|
Recoveries
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
|
6.2
|
|
|
0.3
|
|
End
of period balance
|
|
$
|
49.8
|
|
$
|
51.3
|
|
$
|
56.6
|
|
$
|
69.0
|
|
$
|
72.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for losses on off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the year
|
|
$
|
37.3
|
|
$
|
30.1
|
|
$
|
27.2
|
|
$
|
21.0
|
|
$
|
13.5
|
|
Provisions
(reversals)
|
|
|
(7.2
|
)
|
|
(2.9
|
)
|
|
(6.2
|
)
|
|
(7.6
|
)
|
|
(3.0
|
)
|
End
of period balance
|
|
$
|
30.1
|
|
$
|
27.2
|
|
$
|
21.0
|
|
$
|
13.5
|
|
$
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses
|
|
$
|
79.9
|
|
$
|
78.5
|
|
$
|
77.6
|
|
$
|
82.4
|
|
$
|
83.1
|
|
OPERATING
EXPENSES AND EFFICIENCY LEVEL
The
following table shows a breakdown of the operating expenses’ components for the
periods indicated:
(In
US$
thousands)
|
|
9M06
|
|
9M07
|
|
3Q06
|
|
2Q07
|
|
3Q07
|
|
Salaries
and other employee expenses
|
|
$
|
11,020
|
|
$
|
15,362
|
|
$
|
3,995
|
|
$
|
6,234
|
|
$
|
4,865
|
|
Depreciation
|
|
|
860
|
|
|
1,887
|
|
|
464
|
|
|
639
|
|
|
621
|
|
Professional
services
|
|
|
1,971
|
|
|
2,556
|
|
|
502
|
|
|
1,223
|
|
|
593
|
|
Maintenance
and repairs
|
|
|
824
|
|
|
818
|
|
|
350
|
|
|
279
|
|
|
249
|
|
Other
operating expenses
|
|
|
4,993
|
|
|
5,877
|
|
|
1,709
|
|
|
1,887
|
|
|
2,326
|
|
Total
Operating Expenses
|
|
$
|
19,668
|
|
$
|
26,500
|
|
$
|
7,020
|
|
$
|
10,262
|
|
$
|
8,652
|
|
3Q07
vs. 2Q07
The
$1.6
million decrease in operating expenses was driven mostly by a $1.4 million
decrease in the variable compensation provision related to the Bank’s
proprietary asset management activities, and a $0.6 million decrease in
professional services due to lower legal expenses, partially offset by a $0.4
million increase in other operating expenses.
9M07
vs. 9M06
Operating
expenses increased by $6.8 million, or 35%, principally due to:
1)
|
$2.7
million increase in deferred variable compensation of the Bank's
proprietary asset management team, in line with the solid performance
of
this business line;
|
2)
|
$1.0
million increase in depreciation expenses related to the new technology
platform;
|
3)
|
$0.9
million in new hirings to support business
growth;
|
4)
|
$0.7
million additional performance-based variable compensation provision
for
business lines other than proprietary asset
management;
|
5)
|
$0.6
million increase in professional services mostly due to legal expenses
and
the renewal of the Bank’s EMTN
Program;
|
6)
|
$0.5
million increase in restricted stock based compensation for the Board
of
Directors; and
|
7)
|
$0.4
million increase in business travel expenses and
marketing.
|
PERFORMANCE
AND CAPITAL RATIOS
The
following table shows capital amounts and ratios at the dates indicated:
(US$
million, except percentages)
|
|
30SEP06
|
|
30JUN07
|
|
30SEP07
|
|
Tier
1 Capital
|
|
$
|
565
|
|
$
|
606
|
|
$
|
614
|
|
Total
Capital
|
|
$
|
591
|
|
$
|
642
|
|
$
|
650
|
|
Risk-weighted
assets
|
|
$
|
2,072
|
|
$
|
2,862
|
|
$
|
2,850
|
|
Tier
1 Capital Ratio
(*)
|
|
|
27.3
|
%
|
|
21.2
|
%
|
|
21.6
|
%
|
Total
Capital Ratio
(*)
|
|
|
28.5
|
%
|
|
22.4
|
%
|
|
22.8
|
%
|
Leverage
ratio (capital / total assets)
|
|
|
16.0
|
%
|
|
14.4
|
%
|
|
13.8
|
%
|
(*)
|
Ratios
are calculated based on U.S. Federal Reserve Board and Basel I capital
adequacy guidelines.
|
The
following table sets forth the annualized return on average stockholders’ equity
and the return on average assets for the periods indicated:
|
|
9M06
|
|
9M07
|
|
3Q06
|
|
2Q07
|
|
|
3Q07
|
|
ROE
(return on average stockholders’ equity)
|
|
|
8.4
|
%
|
|
12.6
|
%
|
|
7.9
|
%
|
|
18.0
|
%
|
|
|
9.6
|
%
|
ROA
(return on average assets)
|
|
|
1.5
|
%
|
|
1.9
|
%
|
|
1.3
|
%
|
|
2.7
|
%
|
|
|
1.4
|
%
|
BUSINESS
SEGMENT ANALYSIS
Commercial
Division
The
Commercial Division incorporates the Bank’s financial intermediation and fee
generation activities. Operating income from the Commercial Division includes
net interest income from loans, fee income, and allocated operating expenses.
The
following table shows Operating income components of the Commercial Division
for
the periods indicated:
(US$
million)
|
|
9M06
|
|
9M07
|
|
|
3Q06
|
|
2Q07
|
|
3Q07
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
36.7
|
|
$
|
46.4
|
|
|
$
|
13.6
|
|
$
|
15.4
|
|
$
|
16.2
|
|
Non-interest
operating income
|
|
|
4.7
|
|
|
3.9
|
|
|
|
1.8
|
|
|
1.4
|
|
|
1.1
|
|
Operating
revenues
|
|
$
|
41.1
|
|
$
|
50.3
|
|
|
$
|
15.4
|
|
$
|
16.8
|
|
$
|
17.4
|
|
Operating
expenses
|
|
|
(16.3
|
)
|
|
(19.5
|
)
|
|
|
(5.6
|
)
|
|
(6.7
|
)
|
|
(6.6
|
)
|
Operating
income
|
|
$
|
25.1
|
|
$
|
30.8
|
|
|
$
|
9.7
|
|
$
|
10.1
|
|
$
|
10.8
|
|
Quarterly
Variation
Operating
income from the Commercial Division for the third quarter of 2007 reached $10.8
million, a 7% increase compared to the second quarter of 2007. This increase
was
primarily attributed to a 6% increase in net interest income driven by a 3%
increase in the average loan portfolio and higher weighted average lending
spreads over Libor (6 bps). Compared to the third quarter of 2006, operating
income from the Commercial Division increased 10%, primarily due to a 20%
increase in net interest income, driven by higher average loan balances and
lending spreads.
Nine
Month Variation
For
the
first nine months of 2007, the Commercial Division’s operating income amounted
to $30.8 million, an increase of 23% compared to the same period of 2006,
reflecting a 25% increase in the average loan portfolio. Excluding the impact
of
net revenues from the 2006 impaired portfolio, operating income increased 32%.
The Bank no longer carries any impaired credits on its books, and thus, has
not
recognized revenues from such assets in 2007.
As
of
September 30, 2007, the Bank’s commercial portfolio totaled $4.0 billion, up 2%
from June 30, 2007, and up 19% from September 30, 2006.
The
Bank’s average commercial portfolio for the third quarter of 2007 was $4.0
billion, 5% higher than the prior quarter. The following graph shows the average
commercial portfolio for the periods indicated:
See
Exhibit X for information related to the Bank’s commercial portfolio
distribution by country.
During
the third quarter of 2007, the Bank disbursed $2.1 billion, the highest amount
of quarterly disbursements since the fourth quarter of 2005. Please refer to
Exhibit XII for the Bank’s distribution of credit disbursements by country.
As
of
September 30, 2007, the corporate market segment represented 50% of the Bank’s
total commercial portfolio, compared to 49% as of June 30, 2007, and 40% a
year
ago. On September 30, 2007, 71% of the corporate portfolio represented trade
financing.
The
commercial portfolio as a whole continues to be short-term and trade-related
in
nature, with 70% maturing within one year, and 66% representing trade financing
operations.
Treasury
Division
The
Treasury Division incorporates the Bank’s investment securities, as well as
proprietary asset management activities. Operating income from the Treasury
Division is presented net of allocated operating expenses, and includes net
interest income on securities, gains and losses on derivatives and hedging
activities, securities sales and trading, and foreign exchange transactions.
The
following table shows Operating income components of the Treasury Division
for
the periods indicated:
(US$
million)
|
|
9M06
|
|
9M07
|
|
|
3Q06
|
|
2Q07
|
|
3Q07
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
5.4
|
|
$
|
5.0
|
|
|
$
|
2.0
|
|
$
|
1.4
|
|
$
|
1.4
|
|
Non-interest
operating income
|
|
|
(1.9
|
)
|
|
26.6
|
|
|
|
(1.7
|
)
|
|
18.2
|
|
|
5.1
|
|
Operating
revenues
|
|
$
|
3.5
|
|
$
|
31.6
|
|
|
$
|
0.3
|
|
$
|
19.6
|
|
$
|
6.5
|
|
Operating
expenses
|
|
|
(3.4
|
)
|
|
(7.0
|
)
|
|
|
(1.4
|
)
|
|
(3.5
|
)
|
|
(2.0
|
)
|
Operating
income
|
|
$
|
0.1
|
|
$
|
24.6
|
|
|
$
|
(1.1
|
)
|
$
|
16.1
|
|
$
|
4.5
|
|
Quarterly
Variation
During
the third quarter of 2007, operating income from the Treasury Division amounted
to $4.5 million, compared to $16.1 million in the second quarter of 2007. The
$11.6 million quarterly decrease in operating income was due to lower trading
gains on the Bank’s proprietary asset management activity, and to lower gains on
the sale of securities available for sale. The Treasury Division’s net interest
income was unchanged from the previous quarter.
Compared
to the third quarter of 2006, operating income from the Treasury Division
increased $5.6 million (521%), mostly due to trading gains on asset management
activities.
Nine
Month Variation
For
the
first nine months of 2007, the Treasury Division’s operating income amounted to
$24.6 million, compared to $0.1 million for the same period of 2006, reflecting
higher gains from asset management activities and from sales in the available
for sale portfolio.
Securities
Portfolio, Deposits and Liquidity
The
securities portfolio (including investment securities available for sale,
securities held to maturity and trading securities) totaled $519 million, a
67%
increase from June 30, 2007. As of September 30, 2007, the securities portfolio
represented 11% of the Bank’s total credit portfolio, and consisted of Latin
American securities (please refer to Exhibit XI for a per country distribution
of the investment securities in the available for sale portfolio).
As
of
September 30, 2007, deposit balances were $1.4 billion, a $68 million (5%)
increase over the previous quarter, and $345 million (31%) higher than on
September 30, 2006. The increases reflect mostly higher deposits from central
banks in the Region. The increase in the deposit balances, along with marginally
lower weighted average spreads over Libor costs on borrowings, contributed
to a
1 bp decrease in the overall cost of funds during the quarter.
In
response to market conditions, the Bank strengthened its liquidity during the
quarter, as reflected in the liquidity ratio (liquid assets / total assets),
which increased from 5.4% to 7.3% (the Bank excludes cash balances at its
proprietary asset management activity from its liquidity management and ratios).
OTHER
EVENTS
|
Memorandum
of Understanding with FIMBank p.l.c.:
On
August 9, 2007 the Bank signed a memorandum of understanding with
FIMBank
p.l.c. to establish a joint venture company that will offer full
factoring
services to companies, banks and other financial institutions in
Latin
America, with a focus on both international and domestic markets.
The
factoring business offers an attractive growth opportunity in Latin
America for Bladex and FIMBank as companies seek to translate discount
receivables into improved cash flows.
|
|
Quarterly
Common Dividend Payment:
On
October 5, 2007 the Bank paid a regular quarterly dividend of US$0.22
per
share pertaining to the third quarter to stockholders of record as
of
September 25, 2007.
|
Note:
Various
numbers and percentages set forth in this press release have been rounded and,
accordingly, may not total exactly.
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 September 30,
2007, Bladex had disbursed accumulated credits of over $150
billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Monday,
October 22, 2007, at 11:00 a.m., New York City time (Eastern Time). For those
interested in participating, please dial (888) 335-5539 in the United States
or,
if outside the United States, (973) 582-2857. Participants should use conference
ID# 9261663, and dial in five minutes before the call is set to begin. There
will also be a live audio webcast of the conference at
www.blx.com
.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through October 29, 2007. Please
dial (877) 519-4471 or (973) 341-3080, and follow the instructions. The
Conference ID# for the replayed call is 9261663.
For
more
information, please access
www.blx.com
or
contact:
Mr.
Carlos Yap S.
Chief
Financial Officer
Bladex
Calle
50
y Aquilino de la Guardia
P.O.
Box:
0819-08730
Panama
City, Panama
Tel:
(507) 210-8563
Fax:
(507) 269-6333
e-mail
address:
cyap@blx.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82
Wall
Street, Suite 805
New
York,
NY 10005
Tel:
(212) 406-3690
e-mail
address:
bladex@i-advize.com
CONSOLIDATED
BALANCE SHEETS
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30,
2006
|
|
Jun.
30,
2007
|
|
Sep.
30,
2007
|
|
|
|
%
|
|
|
|
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
147
|
|
$
|
326
|
|
$
|
441
|
|
$
|
115
|
|
|
35
|
%
|
$
|
294
|
|
|
201
|
%
|
Trading
assets
|
|
|
88
|
|
|
143
|
|
|
50
|
|
|
(93
|
)
|
|
(65
|
)
|
|
(38
|
)
|
|
(43
|
)
|
Securities
available for sale
|
|
|
330
|
|
|
168
|
|
|
469
|
|
|
300
|
|
|
178
|
|
|
139
|
|
|
42
|
|
Securities
held to maturity
|
|
|
135
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(135
|
)
|
|
(100
|
)
|
Loans
|
|
|
2,794
|
|
|
3,415
|
|
|
3,495
|
|
|
79
|
|
|
2
|
|
|
701
|
|
|
25
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(50
|
)
|
|
(69
|
)
|
|
(73
|
)
|
|
(4
|
)
|
|
5
|
|
|
(23
|
)
|
|
46
|
|
Unearned
income and deferred loan fees
|
|
|
(4
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
35
|
|
|
(1
|
)
|
|
29
|
|
Loans,
net
|
|
|
2,740
|
|
|
3,342
|
|
|
3,416
|
|
|
74
|
|
|
2
|
|
|
677
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
13
|
|
|
21
|
|
|
4
|
|
|
(17
|
)
|
|
(81
|
)
|
|
(9
|
)
|
|
(71
|
)
|
Premises
and equipment, net
|
|
|
8
|
|
|
10
|
|
|
10
|
|
|
0
|
|
|
3
|
|
|
2
|
|
|
20
|
|
Accrued
interest receivable
|
|
|
49
|
|
|
52
|
|
|
53
|
|
|
1
|
|
|
2
|
|
|
4
|
|
|
8
|
|
Other
assets
|
|
|
11
|
|
|
144
|
|
|
11
|
|
|
(133
|
)
|
|
(92
|
)
|
|
(0
|
)
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,521
|
|
$
|
4,205
|
|
$
|
4,454
|
|
$
|
249
|
|
|
6
|
%
|
$
|
933
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
105
|
|
$
|
109
|
|
$
|
93
|
|
|
($16
|
)
|
|
(14
|
)%
|
|
($11
|
)
|
|
(11
|
)
|
Time
|
|
|
999
|
|
|
1,272
|
|
|
1,355
|
|
|
83
|
|
|
7
|
|
|
356
|
|
|
36
|
|
Total
Deposits
|
|
|
1,104
|
|
|
1,381
|
|
|
1,448
|
|
|
68
|
|
|
5
|
|
|
345
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
sold under repurchase agreements
|
|
|
439
|
|
|
113
|
|
|
364
|
|
|
251
|
|
|
222
|
|
|
(75
|
)
|
|
(17
|
)
|
Short-term
borrowings
|
|
|
770
|
|
|
945
|
|
|
966
|
|
|
22
|
|
|
2
|
|
|
197
|
|
|
26
|
|
Medium
and long-term debt and borrowings
|
|
|
462
|
|
|
813
|
|
|
937
|
|
|
124
|
|
|
15
|
|
|
475
|
|
|
103
|
|
Trading
liabilities
|
|
|
64
|
|
|
178
|
|
|
11
|
|
|
(167
|
)
|
|
(94
|
)
|
|
(53
|
)
|
|
(83
|
)
|
Acceptances
outstanding
|
|
|
13
|
|
|
21
|
|
|
4
|
|
|
(17
|
)
|
|
(81
|
)
|
|
(9
|
)
|
|
(71
|
)
|
Accrued
interest payable
|
|
|
32
|
|
|
36
|
|
|
38
|
|
|
2
|
|
|
6
|
|
|
6
|
|
|
20
|
|
Reserve
for losses on off-balance sheet credit risk.
|
|
|
30
|
|
|
13
|
|
|
10
|
|
|
(3
|
)
|
|
(22
|
)
|
|
(20
|
)
|
|
(65
|
)
|
Other
liabilities
|
|
|
44
|
|
|
99
|
|
|
61
|
|
|
(39
|
)
|
|
(39
|
)
|
|
17
|
|
|
39
|
|
TOTAL
LIABILITIES
|
|
$
|
2,956
|
|
$
|
3,599
|
|
$
|
3,839
|
|
$
|
241
|
|
|
7
|
%
|
$
|
883
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock, no par value, assigned value of US$6.67
|
|
|
280
|
|
|
280
|
|
|
280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
paid-in capital in exces of assigned value
|
|
|
135
|
|
|
135
|
|
|
135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
reserves
|
|
|
95
|
|
|
95
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained
earnings
|
|
|
191
|
|
|
231
|
|
|
238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive income
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
stock
|
|
|
(135
|
)
|
|
(134
|
)
|
|
(134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
565
|
|
$
|
606
|
|
$
|
614
|
|
$
|
8
|
|
|
1
|
%
|
$
|
49
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,521
|
|
$
|
4,205
|
|
$
|
4,454
|
|
$
|
249
|
|
|
6
|
%
|
$
|
933
|
|
|
26
|
%
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep.
30,
2006
|
|
Jun.
30,
2007
|
|
Sep.
30,
2007
|
|
|
|
%
|
|
|
|
%
|
|
|
|
|
|
(In
US$ thousand, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
54,268
|
|
$
|
63,243
|
|
$
|
68,641
|
|
$
|
5,399
|
|
|
9
|
%
|
$
|
14,373
|
|
|
26
|
%
|
|
|
|
Interest
expense
|
|
|
(38,687
|
)
|
|
(46,497
|
)
|
|
(51,020
|
)
|
|
(4,522
|
)
|
|
10
|
|
|
(12,333
|
)
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
|
15,582
|
|
|
16,745
|
|
|
17,622
|
|
|
876
|
|
|
5
|
|
|
2,040
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
|
|
(4,575
|
)
|
|
(6,235
|
)
|
|
(3,384
|
)
|
|
2,851
|
|
|
(46
|
)
|
|
1,191
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
11,006
|
|
|
10,510
|
|
|
14,237
|
|
|
3,727
|
|
|
35
|
|
|
3,231
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
7,158
|
|
|
7,581
|
|
|
2,964
|
|
|
(4,617
|
)
|
|
(61
|
)
|
|
(4,194
|
)
|
|
(59
|
)
|
|
|
|
Fees
and commissions, net
|
|
|
1,790
|
|
|
1,525
|
|
|
1,173
|
|
|
(352
|
)
|
|
(23
|
)
|
|
(617
|
)
|
|
(34
|
)
|
|
|
|
Derivatives
and hedging activities
|
|
|
(63
|
)
|
|
1
|
|
|
(294
|
)
|
|
(295
|
)
|
|
n.m.
|
|
|
(230
|
)
|
|
363
|
|
|
|
|
Impairment
on assets
|
|
|
0
|
|
|
(500
|
)
|
|
0
|
|
|
500
|
|
|
(100
|
)
|
|
0
|
|
|
n.m.
|
|
|
(*
|
)
|
Trading
gains
|
|
|
(1,594
|
)
|
|
14,278
|
|
|
5,104
|
|
|
(9,174
|
)
|
|
(64
|
)
|
|
6,698
|
|
|
420
|
|
|
|
|
Net
gains on sale of securities available for sale.
|
|
|
0
|
|
|
3,906
|
|
|
288
|
|
|
(3,618
|
)
|
|
(93
|
)
|
|
288
|
|
|
n.m.
|
|
|
(*
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
(57
|
)
|
|
(56
|
)
|
|
(9
|
)
|
|
47
|
|
|
(83
|
)
|
|
47
|
|
|
83
|
|
|
|
|
Other
income, net
|
|
|
30
|
|
|
0
|
|
|
17
|
|
|
17
|
|
|
n.m.
|
|
|
(13
|
)
|
|
(43
|
)
|
|
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
7,263
|
|
|
26,734
|
|
|
9,242
|
|
|
(17,492
|
)
|
|
(65
|
)
|
|
1,980
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(3,995
|
)
|
|
(6,234
|
)
|
|
(4,865
|
)
|
|
1,369
|
|
|
(22
|
)
|
|
(870
|
)
|
|
22
|
|
|
|
|
Depreciation
of premises and equipment
|
|
|
(464
|
)
|
|
(639
|
)
|
|
(621
|
)
|
|
19
|
|
|
(3
|
)
|
|
(157
|
)
|
|
34
|
|
|
|
|
Professional
services
|
|
|
(502
|
)
|
|
(1,223
|
)
|
|
(593
|
)
|
|
630
|
|
|
(52
|
)
|
|
(91
|
)
|
|
18
|
|
|
|
|
Maintenance
and repairs
|
|
|
(350
|
)
|
|
(279
|
)
|
|
(249
|
)
|
|
30
|
|
|
(11
|
)
|
|
101
|
|
|
(29
|
)
|
|
|
|
Other
operating expenses
|
|
|
(1,709
|
)
|
|
(1,887
|
)
|
|
(2,326
|
)
|
|
(439
|
)
|
|
23
|
|
|
(616
|
)
|
|
36
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(7,020
|
)
|
|
(10,262
|
)
|
|
(8,652
|
)
|
|
1,609
|
|
|
(16
|
)
|
|
(1,632
|
)
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
11,249
|
|
$
|
26,983
|
|
$
|
14,827
|
|
|
($12,156
|
)
|
|
(45
|
)%
|
$
|
3,578
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.31
|
|
|
0.74
|
|
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.31
|
|
|
0.73
|
|
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,335
|
|
|
36,335
|
|
|
36,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares
|
|
|
36,859
|
|
|
37,062
|
|
|
37,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.3
|
%
|
|
2.7
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
7.9
|
%
|
|
18.0
|
%
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.78
|
%
|
|
1.70
|
%
|
|
1.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
0.78
|
%
|
|
0.76
|
%
|
|
0.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.79
|
%
|
|
1.01
|
%
|
|
0.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
|
"n.m."
means not meaningful.
|
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial Ratios)
|
|
FOR
THE NINE MONTHS ENDED SEPTEMBER 30,
|
|
|
|
2006
|
|
2007
|
|
(In
US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
Net
interest income
|
|
$
|
42,099
|
|
$
|
51,443
|
|
Fees
and commissions, net
|
|
|
4,671
|
|
|
3,973
|
|
Reversal
of provision for loan and off-balance sheet credit losses,
net
|
|
|
11,622
|
|
|
1,730
|
|
Derivatives
and hedging activities
|
|
|
(340
|
)
|
|
(777
|
)
|
Impairment
on assets
|
|
|
0
|
|
|
(500
|
)
|
Trading
gains
|
|
|
(3,970
|
)
|
|
20,389
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
6,894
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(186
|
)
|
|
(65
|
)
|
Other
income, net
|
|
|
36
|
|
|
58
|
|
Operating
expenses
|
|
|
(19,668
|
)
|
|
(26,500
|
)
|
NET
INCOME
|
|
$
|
36,832
|
|
$
|
56,644
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
553
|
|
|
519
|
|
Loans,
net
|
|
|
2,740
|
|
|
3,416
|
|
Total
assets
|
|
|
3,521
|
|
|
4,454
|
|
Deposits.
|
|
|
1,104
|
|
|
1,448
|
|
Securities
sold under repurchase agreements
|
|
|
439
|
|
|
364
|
|
Short-term
borrowings
|
|
|
770
|
|
|
966
|
|
Medium
and long-term debt and borrowings
|
|
|
462
|
|
|
937
|
|
Trading
liabilities
|
|
|
64
|
|
|
11
|
|
Total
liabilities
|
|
|
2,956
|
|
|
3,839
|
|
Stockholders'
equity
|
|
|
565
|
|
|
614
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.99
|
|
|
1.56
|
|
Diluted
earnings per share
|
|
|
0.97
|
|
|
1.53
|
|
Book
value (period average)
|
|
|
15.64
|
|
|
16.54
|
|
Book
value (period end)
|
|
|
15.55
|
|
|
16.89
|
|
|
|
|
|
|
|
|
|
(In
US$ thousand):
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
37,312
|
|
|
36,343
|
|
Average
diluted shares
|
|
|
37,814
|
|
|
37,043
|
|
Basic
shares period end
|
|
|
36,328
|
|
|
36,370
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.5
|
%
|
|
1.9
|
%
|
Return
on average stockholders' equity
|
|
|
8.4
|
%
|
|
12.6
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.72
|
%
|
Net
interest spread
|
|
|
0.69
|
%
|
|
0.79
|
%
|
Operating
expenses to total average assets
|
|
|
0.81
|
%
|
|
0.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
0.1
|
%
|
|
0.0
|
%
|
Charge
offs net of recoveries to total loan portfolio
(1)
|
|
|
0.0
|
%
|
|
-0.2
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
1.8
|
%
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
5.1
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
16.0
|
%
|
|
13.8
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
27.3
|
%
|
|
21.6
|
%
|
Total
capital to risk-weighted assets
|
|
|
28.5
|
%
|
|
22.8
|
%
|
(1)
|
Loan
portfolio is presented net of unearned income and deferred loan
fees.
|
EXHIBIT
IV
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE NINE MONTHS
|
|
|
|
|
|
|
|
|
|
ENDED
SEPTEMBER 30,
|
|
|
|
|
|
|
|
|
|
2006
|
|
2007
|
|
CHANGE
|
|
%
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
140,334
|
|
$
|
192,877
|
|
$
|
52,543
|
|
|
37
|
%
|
|
|
Interest
expense
|
|
|
(98,235
|
)
|
|
(141,434
|
)
|
|
(43,199
|
)
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
|
42,099
|
|
|
51,443
|
|
|
9,344
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
|
|
(10,320
|
)
|
|
(14,974
|
)
|
|
(4,653
|
)
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
31,779
|
|
|
36,470
|
|
|
4,691
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
21,943
|
|
|
16,703
|
|
|
(5,240
|
)
|
|
(24
|
)
|
|
|
Fees
and commissions, net
|
|
|
4,671
|
|
|
3,973
|
|
|
(698
|
)
|
|
(15
|
)
|
|
|
Derivatives
and hedging activities
|
|
|
(340
|
)
|
|
(777
|
)
|
|
(437
|
)
|
|
129
|
|
|
|
Impairment
on assets
|
|
|
0
|
|
|
(500
|
)
|
|
(500
|
)
|
|
n.m.
|
|
(*
|
)
|
Trading
gains
|
|
|
(3,970
|
)
|
|
20,389
|
|
|
24,359
|
|
|
614
|
|
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
6,894
|
|
|
4,325
|
|
|
168
|
|
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(186
|
)
|
|
(65
|
)
|
|
121
|
|
|
(65
|
)
|
|
|
Other
income, net
|
|
|
36
|
|
|
58
|
|
|
22
|
|
|
62
|
|
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
24,721
|
|
|
46,674
|
|
|
21,953
|
|
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(11,020
|
)
|
|
(15,362
|
)
|
|
(4,342
|
)
|
|
39
|
|
|
|
Depreciation
of premises and equipment
|
|
|
(860
|
)
|
|
(1,887
|
)
|
|
(1,028
|
)
|
|
120
|
|
|
|
Professional
services
|
|
|
(1,971
|
)
|
|
(2,556
|
)
|
|
(584
|
)
|
|
30
|
|
|
|
Maintenance
and repairs
|
|
|
(824
|
)
|
|
(818
|
)
|
|
6
|
|
|
(1
|
)
|
|
|
Other
operating expenses
|
|
|
(4,993
|
)
|
|
(5,877
|
)
|
|
(885
|
)
|
|
18
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(19,668
|
)
|
|
(26,500
|
)
|
|
(6,832
|
)
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
36,832
|
|
$
|
56,644
|
|
$
|
19,812
|
|
|
54
|
%
|
|
|
(*)
|
"n.m."
means not meaningful.
|
EXHIBIT
V
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
September
30, 2006
|
|
June
30, 2007
|
|
|
|
September
30, 2007
|
|
|
|
|
|
AVERAGE
BALANCE
|
|
INTEREST
|
|
AVG.
RATE
|
|
AVERAGE
BALANCE
|
|
INTEREST
|
|
AVG.
RATE
|
|
|
|
AVERAGE
BALANCE
|
|
INTEREST
|
|
AVG.
RATE
|
|
|
|
|
|
(In
US$ million)
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
$
|
200
|
|
$
|
2.7
|
|
|
5.28
|
%
|
$
|
290
|
|
$
|
4.0
|
|
|
5.50
|
%
|
|
|
|
$
|
372
|
|
$
|
5.0
|
|
|
5.24
|
%
|
|
|
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,741
|
|
|
43.7
|
|
|
6.24
|
|
|
3,321
|
|
|
54.1
|
|
|
6.44
|
|
|
|
|
|
3,433
|
|
|
57.4
|
|
|
6.54
|
|
|
|
|
Impaired
loans
|
|
|
22
|
|
|
0.7
|
|
|
12.19
|
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
|
|
(*
|
)
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
|
|
(*
|
)
|
Trading
assets
|
|
|
33
|
|
|
0.2
|
|
|
2.54
|
|
|
110
|
|
|
1.6
|
|
|
5.80
|
|
|
|
|
|
68
|
|
|
0.7
|
|
|
4.15
|
|
|
|
|
Investment
securities
|
|
|
469
|
|
|
7.0
|
|
|
5.80
|
|
|
241
|
|
|
3.6
|
|
|
5.84
|
|
|
|
|
|
353
|
|
|
5.6
|
|
|
6.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,465
|
|
$
|
54.3
|
|
|
6.13
|
%
|
$
|
3,961
|
|
$
|
63.2
|
|
|
6.32
|
%
|
|
|
|
$
|
4,226
|
|
$
|
68.6
|
|
|
6.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
79
|
|
|
|
|
|
|
|
|
75
|
|
|
|
|
|
|
|
|
|
|
|
83
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(45
|
)
|
|
|
|
|
|
|
|
(56
|
)
|
|
|
|
|
|
|
|
|
|
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
23
|
|
|
|
|
|
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,522
|
|
|
|
|
|
|
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
$
|
4,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,205
|
|
$
|
16.3
|
|
|
5.28
|
%
|
$
|
1,341
|
|
$
|
18.1
|
|
|
5.33
|
%
|
|
|
|
$
|
1,416
|
|
$
|
19.4
|
|
|
5.36
|
%
|
|
|
|
Trading
liabilities
|
|
|
31
|
|
|
0.4
|
|
|
4.52
|
|
|
88
|
|
|
1.4
|
|
|
6.24
|
|
|
|
|
|
44
|
|
|
0.9
|
|
|
7.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
sold under repurchase agreement and short-term
borrowings
|
|
|
1,132
|
|
|
15.3
|
|
|
5.30
|
|
|
1,123
|
|
|
15.6
|
|
|
5.49
|
|
|
|
|
|
1,211
|
|
|
17.0
|
|
|
5.50
|
|
|
|
|
Medium
and long-term debt and borrowings
|
|
|
465
|
|
|
6.7
|
|
|
5.65
|
|
|
760
|
|
|
11.5
|
|
|
5.98
|
|
|
|
|
|
879
|
|
|
13.7
|
|
|
6.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
2,832
|
|
$
|
38.7
|
|
|
5.34
|
%
|
$
|
3,311
|
|
$
|
46.5
|
|
|
5.56
|
%
|
|
|
|
$
|
3,550
|
|
$
|
51.0
|
|
|
5.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
126
|
|
|
|
|
|
|
|
$
|
142
|
|
|
|
|
|
|
|
|
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
2,958
|
|
|
|
|
|
|
|
|
3,453
|
|
|
|
|
|
|
|
|
|
|
|
3,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
564
|
|
|
|
|
|
|
|
|
603
|
|
|
|
|
|
|
|
|
|
|
|
612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,522
|
|
|
|
|
|
|
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
$
|
4,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.78
|
%
|
|
|
|
|
|
|
|
0.76
|
%
|
|
|
|
|
|
|
|
|
|
|
0.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
$
|
15.6
|
|
|
1.78
|
%
|
|
|
|
$
|
16.7
|
|
|
1.70
|
%
|
|
|
|
|
|
|
$
|
17.6
|
|
|
1.65
|
%
|
|
|
|
(*)
|
"n.m."
means not meaningful.
|
EXHIBIT
VI
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE NINE MONTHS ENDED,
|
|
|
|
|
|
September
30, 2006
|
|
September
30, 2007
|
|
|
|
|
|
AVERAGE
BALANCE
|
|
INTEREST
|
|
AVG.
RATE
|
|
AVERAGE
BALANCE
|
|
INTEREST
|
|
AVG.
RATE
|
|
|
|
|
|
(In
US$ million)
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
$
|
190
|
|
$
|
7.0
|
|
|
4.88
|
%
|
$
|
297
|
|
$
|
12.0
|
|
|
5.34
|
%
|
|
|
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,586
|
|
|
113.9
|
|
|
5.81
|
|
|
3,275
|
|
|
161.5
|
|
|
6.50
|
|
|
|
|
Impaired
loans
|
|
|
24
|
|
|
2.7
|
|
|
14.89
|
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
|
|
(*
|
)
|
Trading
assets
|
|
|
24
|
|
|
0.9
|
|
|
4.87
|
|
|
100
|
|
|
4.9
|
|
|
6.39
|
|
|
|
|
Investment
securities
|
|
|
365
|
|
|
15.9
|
|
|
5.72
|
|
|
324
|
|
|
14.5
|
|
|
5.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,190
|
|
$
|
140.3
|
|
|
5.80
|
%
|
$
|
3,997
|
|
$
|
192.9
|
|
|
6.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
89
|
|
|
|
|
|
|
|
|
85
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(42
|
)
|
|
|
|
|
|
|
|
(59
|
)
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
19
|
|
|
|
|
|
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,256
|
|
|
|
|
|
|
|
$
|
4,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,110
|
|
$
|
41.7
|
|
|
4.96
|
%
|
$
|
1,306
|
|
$
|
52.8
|
|
|
5.33
|
%
|
|
|
|
Trading
liabilities
|
|
|
22
|
|
|
1.1
|
|
|
6.40
|
|
|
63
|
|
|
3.2
|
|
|
6.76
|
|
|
|
|
Securities
sold under repurchase agreement and short-term
borrowings
|
|
|
902
|
|
|
34.6
|
|
|
5.06
|
|
|
1,232
|
|
|
51.3
|
|
|
5.49
|
|
|
|
|
Medium
and long-term debt and borrowings
|
|
|
499
|
|
|
20.8
|
|
|
5.49
|
|
|
744
|
|
|
34.1
|
|
|
6.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
2,533
|
|
$
|
98.2
|
|
|
5.11
|
%
|
$
|
3,345
|
|
$
|
141.4
|
|
|
5.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
139
|
|
|
|
|
|
|
|
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
2,672
|
|
|
|
|
|
|
|
|
3,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
584
|
|
|
|
|
|
|
|
|
601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,256
|
|
|
|
|
|
|
|
$
|
4,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.69
|
%
|
|
|
|
|
|
|
|
0.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
$
|
42.1
|
|
|
1.76
|
%
|
|
|
|
$
|
51.4
|
|
|
1.72
|
%
|
|
|
|
(*)
|
"n.m."
means not meaningful.
|
CONSOLIDATED
STATEMENT OF INCOME
|
(In
US$ thousand, except ratios)
|
|
|
NINE
MONTHS
|
|
FOR
THE THREE MONTHS ENDED
|
|
NINE
MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
SEP
30/06
|
|
SEP
30/06
|
|
DEC
31/06
|
|
MAR
31/07
|
|
JUN
30/07
|
|
SEP
30/07
|
|
SEP
30/07
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
140,334
|
|
$
|
54,268
|
|
$
|
63,016
|
|
$
|
60,993
|
|
$
|
63,243
|
|
$
|
68,641
|
|
$
|
192,877
|
|
Interest
expense
|
|
|
(98,235
|
)
|
|
(38,687
|
)
|
|
(46,278
|
)
|
|
(43,917
|
)
|
|
(46,497
|
)
|
|
(51,020
|
)
|
|
(141,434
|
)
|
NET
INTEREST INCOME
|
|
|
42,099
|
|
|
15,582
|
|
|
16,738
|
|
|
17,076
|
|
|
16,745
|
|
|
17,622
|
|
|
51,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
|
|
(10,320
|
)
|
|
(4,575
|
)
|
|
(1,526
|
)
|
|
(5,354
|
)
|
|
(6,235
|
)
|
|
(3,384
|
)
|
|
(14,974
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES .
|
|
|
31,779
|
|
|
11,006
|
|
|
15,212
|
|
|
11,722
|
|
|
10,510
|
|
|
14,237
|
|
|
36,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
21,943
|
|
|
7,158
|
|
|
2,949
|
|
|
6,158
|
|
|
7,581
|
|
|
2,964
|
|
|
16,703
|
|
Fees
and commissions, net
|
|
|
4,671
|
|
|
1,790
|
|
|
1,722
|
|
|
1,275
|
|
|
1,525
|
|
|
1,173
|
|
|
3,973
|
|
Derivatives
and hedging activities
|
|
|
(340
|
)
|
|
(63
|
)
|
|
115
|
|
|
(485
|
)
|
|
1
|
|
|
(294
|
)
|
|
(777
|
)
|
Recoveries
(impairment) on assets
|
|
|
0
|
|
|
0
|
|
|
5,551
|
|
|
0
|
|
|
(500
|
)
|
|
0
|
|
|
(500
|
)
|
Trading
gains (losses)
|
|
|
(3,970
|
)
|
|
(1,594
|
)
|
|
4,849
|
|
|
1,008
|
|
|
14,278
|
|
|
5,104
|
|
|
20,389
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
0
|
|
|
0
|
|
|
2,699
|
|
|
3,906
|
|
|
288
|
|
|
6,894
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(186
|
)
|
|
(57
|
)
|
|
(67
|
)
|
|
1
|
|
|
(56
|
)
|
|
(9
|
)
|
|
(65
|
)
|
Other
income, net
|
|
|
36
|
|
|
30
|
|
|
0
|
|
|
41
|
|
|
0
|
|
|
17
|
|
|
58
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
24,721
|
|
|
7,263
|
|
|
15,118
|
|
|
10,697
|
|
|
26,734
|
|
|
9,242
|
|
|
46,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(19,668
|
)
|
|
(7,020
|
)
|
|
(9,261
|
)
|
|
(7,586
|
)
|
|
(10,262
|
)
|
|
(8,652
|
)
|
|
(26,500
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
36,832
|
|
$
|
11,249
|
|
$
|
21,070
|
|
$
|
14,834
|
|
$
|
26,983
|
|
$
|
14,827
|
|
$
|
56,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
$
|
0.99
|
|
$
|
0.31
|
|
$
|
0.58
|
|
$
|
0.41
|
|
$
|
0.74
|
|
$
|
0.41
|
|
$
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.5
|
%
|
|
1.3
|
%
|
|
2.2
|
%
|
|
1.5
|
%
|
|
2.7
|
%
|
|
1.4
|
%
|
|
1.9
|
%
|
Return
on average stockholders' equity
|
|
|
8.4
|
%
|
|
7.9
|
%
|
|
14.5
|
%
|
|
10.2
|
%
|
|
18.0
|
%
|
|
9.6
|
%
|
|
12.6
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.78
|
%
|
|
1.76
|
%
|
|
1.82
|
%
|
|
1.70
|
%
|
|
1.65
|
%
|
|
1.72
|
%
|
Net
interest spread
|
|
|
0.69
|
%
|
|
0.78
|
%
|
|
0.76
|
%
|
|
0.88
|
%
|
|
0.76
|
%
|
|
0.73
|
%
|
|
0.79
|
%
|
Operating
expenses to average assets
|
|
|
0.81
|
%
|
|
0.79
|
%
|
|
0.96
|
%
|
|
0.79
|
%
|
|
1.01
|
%
|
|
0.80
|
%
|
|
0.87
|
%
|
BUSINESS
SEGMENT ANALYSIS
|
(In
US$ million)
|
|
|
FOR
THE NINE MONTHS ENDED
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
SEP
30/06
|
|
SEP
30/07
|
|
SEP
30/06
|
|
JUN
30/07
|
|
SEP
30/07
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
36.7
|
|
$
|
46.4
|
|
$
|
13.6
|
|
$
|
15.4
|
|
$
|
16.2
|
|
Non-interest
operating income
(1)
|
|
|
4.7
|
|
|
3.9
|
|
|
1.8
|
|
|
1.4
|
|
|
1.1
|
|
Operating
expenses
(2)
|
|
|
(16.3
|
)
|
|
(19.5
|
)
|
|
(5.6
|
)
|
|
(6.7
|
)
|
|
(6.6
|
)
|
Operating
income
(3)
|
|
|
25.1
|
|
|
30.8
|
|
|
9.7
|
|
|
10.1
|
|
|
10.8
|
|
Reversal
of provision for loan and off-balance sheet credit losses, net
|
|
|
11.6
|
|
|
1.7
|
|
|
2.6
|
|
|
1.3
|
|
|
(0.4
|
)
|
Impairment
on assets
|
|
|
0.0
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
36.7
|
|
$
|
32.1
|
|
$
|
12.3
|
|
$
|
10.9
|
|
$
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Average Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
average interest-earning assets
(4)
|
|
|
2,610
|
|
|
3,275
|
|
|
2,763
|
|
|
3,321
|
|
|
3,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
5.4
|
|
|
5.0
|
|
|
2.0
|
|
|
1.4
|
|
|
1.4
|
|
Non-interest
operating income
(1)
|
|
|
(1.9
|
)
|
|
26.6
|
|
|
(1.7
|
)
|
|
18.2
|
|
|
5.1
|
|
Operating
expenses
(2)
|
|
|
(3.4
|
)
|
|
(7.0
|
)
|
|
(1.4
|
)
|
|
(3.5
|
)
|
|
(2.0
|
)
|
Operating
income
(3)
|
|
|
0.1
|
|
|
24.6
|
|
|
(1.1
|
)
|
|
16.1
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
0.1
|
|
$
|
24.6
|
|
|
($1.1
|
)
|
$
|
16.1
|
|
$
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
Average Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
|
190
|
|
|
297
|
|
|
200
|
|
|
290
|
|
|
372
|
|
Securities
available for sale and securities held to maturity
|
|
|
365
|
|
|
324
|
|
|
469
|
|
|
241
|
|
|
353
|
|
Trading
assets
|
|
|
24
|
|
|
100
|
|
|
33
|
|
|
110
|
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
average interest-earning assets
(5)
|
|
|
580
|
|
|
722
|
|
|
702
|
|
|
640
|
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
42.1
|
|
|
51.4
|
|
|
15.6
|
|
|
16.7
|
|
|
17.6
|
|
Non-interest
operating income
(1)
|
|
|
2.8
|
|
|
30.5
|
|
|
0.1
|
|
|
19.7
|
|
|
6.3
|
|
Operating
expenses
(2)
|
|
|
(19.7
|
)
|
|
(26.5
|
)
|
|
(7.0
|
)
|
|
(10.3
|
)
|
|
(8.7
|
)
|
Operating
income
(3)
|
|
|
25.2
|
|
|
55.4
|
|
|
8.7
|
|
|
26.1
|
|
|
15.2
|
|
Reversal
of provision for loan and off-balance sheet credit losses, net
|
|
|
11.6
|
|
|
1.7
|
|
|
2.6
|
|
|
1.3
|
|
|
(0.4
|
)
|
Impairment
on assets
|
|
|
0.0
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
36.8
|
|
$
|
56.6
|
|
$
|
11.2
|
|
$
|
27.0
|
|
$
|
14.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
average interest-earning assets
|
|
$
|
3,190
|
|
$
|
3,997
|
|
$
|
3,465
|
|
$
|
3,961
|
|
$
|
4,226
|
|
The
bank has aligned its operations into two major business segments,
based on
the nature of clients, products and on credit risk standards.
|
|
The
Commercial division primarily provides foreign trade and working
capital
financing to Latin American banks and exporting corporations,
through
loans, letters of credit, and acceptances, guarantees covering commercial
and country risk, and credit commitments. This area also covers trade
related
services to its Latin American clients, such as payments and e-learning.
|
|
The
Treasury division is responsible for managing the Bank's asset and
liability position, liquidity, secondary market available for sale
portfolio,
the proprietary trading desk, and, currency and interest rate risk.
|
Interest
expenses are allocated based on average credits.
|
|
(1)
Non-interest operating income consists of net other income (expense),
excluding reversals (provisions) for credit losses and impairment
on
assets
|
|
(2)
Operating
expenses are calculated based on average credits.
|
|
(3)
Operating
income refers to net income excluding reversals (provisions) for
credit
losses and impairment on assets.
|
|
(4)
Includes loans, net of unearned income and deferred loan
fees.
|
|
(5)
Includes cash and due from banks, interest-bearing deposits with
banks,
securities available for sale and held to maturity, trading
securities.
|
CREDIT
PORTFOLIO
|
DISTRIBUTION
BY COUNTRY
|
(In
US$ million)
|
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
30
SEP 06
|
|
30
JUN 07
|
|
30
SEP 07
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
148
|
|
|
4.0
|
|
$
|
247
|
|
|
6.0
|
|
$
|
346
|
|
|
7.7
|
|
$
|
100
|
|
$
|
198
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0
|
|
BRAZIL
|
|
|
1,521
|
|
|
40.6
|
|
|
1,467
|
|
|
35.7
|
|
|
1,817
|
|
|
40.4
|
|
|
351
|
|
|
296
|
|
CHILE
|
|
|
226
|
|
|
6.0
|
|
|
161
|
|
|
3.9
|
|
|
113
|
|
|
2.5
|
|
|
(48
|
)
|
|
(113
|
)
|
COLOMBIA
|
|
|
198
|
|
|
5.3
|
|
|
347
|
|
|
8.5
|
|
|
457
|
|
|
10.1
|
|
|
110
|
|
|
259
|
|
COSTA
RICA
|
|
|
138
|
|
|
3.7
|
|
|
63
|
|
|
1.5
|
|
|
91
|
|
|
2.0
|
|
|
28
|
|
|
(47
|
)
|
DOMINICAN
REPUBLIC
|
|
|
98
|
|
|
2.6
|
|
|
108
|
|
|
2.6
|
|
|
142
|
|
|
3.2
|
|
|
34
|
|
|
44
|
|
ECUADOR
|
|
|
168
|
|
|
4.5
|
|
|
136
|
|
|
3.3
|
|
|
78
|
|
|
1.7
|
|
|
(59
|
)
|
|
(90
|
)
|
EL
SALVADOR
|
|
|
94
|
|
|
2.5
|
|
|
32
|
|
|
0.8
|
|
|
43
|
|
|
1.0
|
|
|
11
|
|
|
(51
|
)
|
GUATEMALA
|
|
|
82
|
|
|
2.2
|
|
|
102
|
|
|
2.5
|
|
|
94
|
|
|
2.1
|
|
|
(8
|
)
|
|
11
|
|
HONDURAS
|
|
|
42
|
|
|
1.1
|
|
|
50
|
|
|
1.2
|
|
|
46
|
|
|
1.0
|
|
|
(4
|
)
|
|
4
|
|
JAMAICA
|
|
|
67
|
|
|
1.8
|
|
|
38
|
|
|
0.9
|
|
|
50
|
|
|
1.1
|
|
|
12
|
|
|
(17
|
)
|
MEXICO
|
|
|
238
|
|
|
6.3
|
|
|
390
|
|
|
9.5
|
|
|
375
|
|
|
8.3
|
|
|
(15
|
)
|
|
138
|
|
NICARAGUA
|
|
|
9
|
|
|
0.2
|
|
|
12
|
|
|
0.3
|
|
|
17
|
|
|
0.4
|
|
|
5
|
|
|
8
|
|
PANAMA
|
|
|
271
|
|
|
7.2
|
|
|
178
|
|
|
4.3
|
|
|
226
|
|
|
5.0
|
|
|
49
|
|
|
(45
|
)
|
PERU
|
|
|
224
|
|
|
6.0
|
|
|
465
|
|
|
11.3
|
|
|
331
|
|
|
7.3
|
|
|
(134
|
)
|
|
107
|
|
TRINIDAD
& TOBAGO
|
|
|
147
|
|
|
3.9
|
|
|
142
|
|
|
3.5
|
|
|
72
|
|
|
1.6
|
|
|
(70
|
)
|
|
(75
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
0
|
|
|
0.0
|
|
|
3
|
|
|
0.1
|
|
|
3
|
|
|
3
|
|
VENEZUELA
|
|
|
72
|
|
|
1.9
|
|
|
159
|
|
|
3.9
|
|
|
192
|
|
|
4.3
|
|
|
33
|
|
|
119
|
|
OTHER
|
|
|
0
|
|
|
0.0
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
5
|
|
TOTAL
CREDIT PORTFOLIO (1)
|
|
$
|
3,748
|
|
|
100
|
%
|
$
|
4,106
|
|
|
100
|
%
|
$
|
4,503
|
|
|
100
|
%
|
$
|
397
|
|
$
|
755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION (2)
|
|
|
(4
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
AND COMMISSION
|
|
$
|
3,744
|
|
|
|
|
$
|
4,102
|
|
|
|
|
$
|
4,498
|
|
|
|
|
$
|
396
|
|
$
|
754
|
|
(1)
|
|
Includes
book value of loans, fair value of selected investment securities,
acceptances, and contingencies (including confirmed letters of
credit,
stand-by letters of credit, and guarantees covering commercial
and country
risks, credit default swaps and credit commitments).
|
|
|
|
|
|
(2)
|
|
Represents
unearned income and commission on loans.
|
|
COMMERCIAL
PORTFOLIO
|
DISTRIBUTION
BY COUNTRY
|
(In
US$ million)
|
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
30
SEP 06
|
|
30
JUN 07
|
|
30
SEP 07
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
139
|
|
|
4.1
|
|
$
|
232
|
|
|
5.9
|
|
$
|
327
|
|
|
8.1
|
|
$
|
95
|
|
$
|
188
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0
|
|
BRAZIL
|
|
|
1,390
|
|
|
41.0
|
|
|
1,400
|
|
|
35.6
|
|
|
1,593
|
|
|
39.5
|
|
|
192
|
|
|
203
|
|
CHILE
|
|
|
194
|
|
|
5.7
|
|
|
119
|
|
|
3.0
|
|
|
71
|
|
|
1.8
|
|
|
(48
|
)
|
|
(123
|
)
|
COLOMBIA
|
|
|
115
|
|
|
3.4
|
|
|
344
|
|
|
8.7
|
|
|
362
|
|
|
9.0
|
|
|
18
|
|
|
248
|
|
COSTA
RICA
|
|
|
138
|
|
|
4.1
|
|
|
63
|
|
|
1.6
|
|
|
91
|
|
|
2.2
|
|
|
28
|
|
|
(47
|
)
|
DOMINICAN
REPUBLIC
|
|
|
98
|
|
|
2.9
|
|
|
93
|
|
|
2.4
|
|
|
127
|
|
|
3.2
|
|
|
34
|
|
|
30
|
|
ECUADOR
|
|
|
168
|
|
|
4.9
|
|
|
136
|
|
|
3.5
|
|
|
78
|
|
|
1.9
|
|
|
(59
|
)
|
|
(90
|
)
|
EL
SALVADOR
|
|
|
89
|
|
|
2.6
|
|
|
32
|
|
|
0.8
|
|
|
43
|
|
|
1.1
|
|
|
11
|
|
|
(46
|
)
|
GUATEMALA
|
|
|
82
|
|
|
2.4
|
|
|
102
|
|
|
2.6
|
|
|
94
|
|
|
2.3
|
|
|
(8
|
)
|
|
11
|
|
HONDURAS
|
|
|
42
|
|
|
1.2
|
|
|
50
|
|
|
1.3
|
|
|
46
|
|
|
1.1
|
|
|
(4
|
)
|
|
4
|
|
JAMAICA
|
|
|
67
|
|
|
2.0
|
|
|
38
|
|
|
1.0
|
|
|
50
|
|
|
1.2
|
|
|
12
|
|
|
(17
|
)
|
MEXICO
|
|
|
163
|
|
|
4.8
|
|
|
379
|
|
|
9.6
|
|
|
359
|
|
|
8.9
|
|
|
(20
|
)
|
|
196
|
|
NICARAGUA
|
|
|
9
|
|
|
0.3
|
|
|
12
|
|
|
0.3
|
|
|
17
|
|
|
0.4
|
|
|
5
|
|
|
8
|
|
PANAMA
|
|
|
251
|
|
|
7.4
|
|
|
158
|
|
|
4.0
|
|
|
167
|
|
|
4.1
|
|
|
9
|
|
|
(84
|
)
|
PERU
|
|
|
224
|
|
|
6.6
|
|
|
465
|
|
|
11.8
|
|
|
331
|
|
|
8.2
|
|
|
(134
|
)
|
|
107
|
|
TRINIDAD
& TOBAGO
|
|
|
147
|
|
|
4.3
|
|
|
142
|
|
|
3.6
|
|
|
72
|
|
|
1.8
|
|
|
(70
|
)
|
|
(75
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
0
|
|
|
0.0
|
|
|
3
|
|
|
0.1
|
|
|
3
|
|
|
3
|
|
VENEZUELA
|
|
|
72
|
|
|
2.1
|
|
|
159
|
|
|
4.0
|
|
|
192
|
|
|
4.8
|
|
|
33
|
|
|
119
|
|
OTHER
|
|
|
0
|
|
|
0.0
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
5
|
|
TOTAL
COMMERCIAL PORTFOLIO (1)
|
|
$
|
3,393
|
|
|
100
|
%
|
$
|
3,935
|
|
|
100
|
%
|
$
|
4,032
|
|
|
100
|
%
|
$
|
97
|
|
$
|
639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION (2)
|
|
|
(4
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
AND COMMISSION
|
|
$
|
3,388
|
|
|
|
|
$
|
3,931
|
|
|
|
|
$
|
4,026
|
|
|
|
|
$
|
95
|
|
$
|
638
|
|
(1)
|
Includes
book value of loans, acceptances, and contingencies (including
confirmed
letters of credit, stand-by letters of credit, and guarantees covering
commercial and country risks and credit commitments).
|
|
|
(2)
|
Represents
unearned income and commission on loans.
|
AVAILABLE
FOR SALE PORTFOLIO
|
DISTRIBUTION
BY COUNTRY
|
(In
US$ million)
|
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
COUNTRY
|
|
Sep.
30, 2006
|
|
Jun.
30, 2007
|
|
Sep.
30, 2007
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
9
|
|
$
|
15
|
|
$
|
20
|
|
$
|
5
|
|
$
|
10
|
|
BRAZIL
|
|
|
131
|
|
|
67
|
|
|
225
|
|
|
158
|
|
|
94
|
|
CHILE
|
|
|
32
|
|
|
42
|
|
|
42
|
|
|
0
|
|
|
11
|
|
COLOMBIA
|
|
|
83
|
|
|
0
|
|
|
92
|
|
|
92
|
|
|
8
|
|
DOMINICAN
REPUBLIC
|
|
|
0
|
|
|
15
|
|
|
15
|
|
|
0
|
|
|
15
|
|
EL
SALVADOR
|
|
|
5
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(5
|
)
|
MEXICO
|
|
|
49
|
|
|
11
|
|
|
17
|
|
|
6
|
|
|
(33
|
)
|
PANAMA
|
|
|
20
|
|
|
20
|
|
|
59
|
|
|
40
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
AVAILABLE FOR SALE PORTFOLIO
|
|
$
|
330
|
|
$
|
168
|
|
$
|
469
|
|
$
|
300
|
|
$
|
139
|
|
CREDIT
DISBURSEMENTS
|
|
DISTRIBUTION
BY COUNTRY
|
|
(In
US$ million)
|
|
|
|
QUARTERLY
INFORMATION
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
COUNTRY
|
|
3QTR06
|
|
2QTR07
|
|
3QTR07
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
102
|
|
$
|
108
|
|
$
|
151
|
|
$
|
43
|
|
$
|
49
|
|
BOLIVIA
|
|
|
5
|
|
|
0
|
|
|
5
|
|
|
5
|
|
|
0
|
|
BRAZIL
|
|
|
369
|
|
|
369
|
|
|
690
|
|
|
321
|
|
|
321
|
|
CHILE
|
|
|
55
|
|
|
73
|
|
|
61
|
|
|
(12
|
)
|
|
7
|
|
COLOMBIA
|
|
|
32
|
|
|
177
|
|
|
117
|
|
|
(59
|
)
|
|
85
|
|
COSTA
RICA
|
|
|
110
|
|
|
70
|
|
|
82
|
|
|
12
|
|
|
(28
|
)
|
DOMINICAN
REPUBLIC
|
|
|
200
|
|
|
128
|
|
|
177
|
|
|
49
|
|
|
(24
|
)
|
ECUADOR
|
|
|
146
|
|
|
111
|
|
|
50
|
|
|
(62
|
)
|
|
(96
|
)
|
EL
SALVADOR
|
|
|
27
|
|
|
20
|
|
|
14
|
|
|
(6
|
)
|
|
(14
|
)
|
GUATEMALA
|
|
|
33
|
|
|
48
|
|
|
55
|
|
|
7
|
|
|
22
|
|
HONDURAS
|
|
|
30
|
|
|
51
|
|
|
32
|
|
|
(19
|
)
|
|
2
|
|
JAMAICA
|
|
|
59
|
|
|
45
|
|
|
61
|
|
|
16
|
|
|
2
|
|
MEXICO
|
|
|
172
|
|
|
259
|
|
|
92
|
|
|
(167
|
)
|
|
(80
|
)
|
NICARAGUA
|
|
|
6
|
|
|
2
|
|
|
15
|
|
|
13
|
|
|
9
|
|
PANAMA
|
|
|
44
|
|
|
38
|
|
|
85
|
|
|
47
|
|
|
41
|
|
PERU
|
|
|
212
|
|
|
411
|
|
|
272
|
|
|
(139
|
)
|
|
60
|
|
TRINIDAD
& TOBAGO
|
|
|
218
|
|
|
89
|
|
|
31
|
|
|
(58
|
)
|
|
(187
|
)
|
URUGUAY
|
|
|
0
|
|
|
0
|
|
|
3
|
|
|
3
|
|
|
3
|
|
VENEZUELA
|
|
|
225
|
|
|
19
|
|
|
44
|
|
|
25
|
|
|
(181
|
)
|
OTHER
|
|
|
0
|
|
|
5
|
|
|
104
|
|
|
99
|
|
|
104
|
|
TOTAL
CREDIT DISBURSED
|
|
$
|
2,045
|
|
$
|
2,024
|
|
$
|
2,140
|
|
$
|
116
|
|
$
|
95
|
|
(1)
|
Includes
book value of loans, fair value of selected investment securities,
and
contingencies (including confirmed letters of credit, stand-by
letters of
credit, guarantees covering commercial and country risks, credit
default
swaps and credit
commitments).
|