Bladex Reports Full Year 2007 Net Income of $72.2 million, up 25% from 2006 and Fourth Quarter Net Income of $15.5 million, up 5
February 19 2008 - 9:30AM
PR Newswire (US)
PANAMA CITY, Feb. 19 /PRNewswire-FirstCall/ -- Banco
Latinoamericano de Exportaciones, S.A. (NYSE:BLX) ("Bladex" or the
"Bank") announced today its results for the fourth quarter ended
December 31, 2007. Financial Highlights Full Year 2007 vs. Full
Year 2006: -- Net income amounted to $72.2 million, an increase of
25%. -- Operating income(1) amounted to $71.2 million, an increase
of 81%. -- The Commercial Division's operating income increased
25%, to $42.3 million, driven by increased net interest income. --
The Treasury Division's operating income increased 84%, driven by
higher net gains on the sale of securities available for sale. --
Bladex Asset Management's ("BAM") operating income increased $18.6
million, driven by trading gains. -- The Bank's efficiency ratio
improved from 42% to 34%. Fourth Quarter 2007 vs. Third Quarter
2007: -- Net income stood at $15.5 million, increasing 5%.
Operating income amounted to $15.8 million, increasing 4%, driven
by 9% in higher net interest income. -- The average commercial
portfolio rose 6% to $4.2 billion. -- The Bank's liquidity ratio
(liquid assets / total assets) strengthened from 7.3% to 8.4%;
deposits rose 1% to $1.5 billion. -- As of December 31, 2007, the
Bank had zero credits in non-accruing or past due status. Fourth
Quarter 2007 vs. Fourth Quarter 2006: -- Operating income increased
12%, driven primarily by increased net interest income and
non-interest operating income, which offset higher operating
expenses. -- Net income declined 26%, because of the impact of a
one-time $5.6 million recovery on impaired assets that took place
in the fourth quarter 2006. -- The loan portfolio grew 25% to $ 3.7
billion. (1) Operating income refers to net income, excluding
reversals (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) 2006 2007 4Q06
3Q07 4Q07 Net interest income $58.8 $70.6 $16.7 $17.6 $19.1
Operating income by business segment: Commercial Division $33.7
$42.3 $8.6 $10.8 $11.4 Treasury Division $5.6 $10.3 $0.6 $0.8 $2.8
Bladex Asset Management $0.0 $18.6 $4.9 $3.7 $1.5 Operating income
$39.3 $71.2 $14.1 $15.2 $15.8 Net income $57.9 $72.2 $21.1 $14.8
$15.5 EPS(1) $1.56 $1.99 $0.58 $0.41 $0.43 Book value per common
share $16.07 $16.83 $16.07 $16.89 $16.83 Return on average equity
("ROE") p.a. 10.0% 11.9% 14.5% 9.6% 9.9% Tier 1 capital ratio 24.4%
20.9% 24.4% 21.6% 20.9% Net interest margin 1.76% 1.71% 1.76% 1.65%
1.69% Liquid Assets(2)/ Total Assets 10.0% 8.4% 10.0% 7.3% 8.4%
Liquid Assets(2)/ Total Deposits 37.7% 27.4% 37.7% 22.3% 27.4%
Total assets $3,978 $4,791 $3,978 $4,454 $4,791 Total stockholders'
equity $584 $612 $584 $614 $612 (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 quarterly and year end results: "The Bank's
performance during the fourth quarter, and during 2007 as a whole,
was a proxy for the steady, quality growth pattern established by
Bladex during the last four years. "During 2007, we achieved steady
growth and solid returns across all of our business lines. The
operating contribution of the Commercial Division increased 25%,
the second consecutive year of double digit growth rates. The
Commercial Division remains at the heart of the Bank's business,
responsible for 59% of the year's operating results. "Our Treasury
Division had a successful year as well, contributing 15% of
operating income. In addition, we were able to strengthen liquidity
and improve the diversification and relative cost of our funding.
"Bladex's proprietary asset management operations had what, in our
opinion, can be objectively described as a banner year, with
returns over NAV amounting to 23.34%. "These results prove that our
business model combines the strength and stability of our credit
risk-driven core business with higher-return, market- risk oriented
activities. "After a four year period of ample liquidity and lax
credit standards in the markets (to which Bladex never subscribed,
as evidenced by our pristine portfolio), we are experiencing a
steady improvement in our intermediation margins. In addition,
current circumstances in the markets, while increasing the levels
of volatility, provide Bladex with attractive opportunities.
"Events in the financial markets during the last few months compel
me to state unequivocally that Bladex is not afflicted with any of
the types of problems impacting some segments of the international
financial industry. The Bank's accounting records and information
are simple, clear, transparent, and reflective of the entirety of
our business. "Regarding our plans moving forward, further, steady
improvement in ROE, while continuing to strengthen the Bank's
growing core business, will remain the driving force behind the
management of the company. We will continue optimizing our
business, convinced that our valuation will reflect the unique
value of our franchise," Mr. Rivera concluded. 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 December 31, 2007, Bladex had disbursed
accumulated credits of over $152 billion. Bladex is listed on the
New York Stock Exchange. Further investor information can be found
at http://www.bladex.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: New Chief Financial
Officer contact information: Mr. Jaime Celorio New Chief Financial
Officer Tel: (507) 210-8630 Fax: (507) 269-6333 e-mail address:
Conference Call Information There will be a conference call to
discuss the Bank's quarterly results on Wednesday, February 20,
2008, 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# 33441861, 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.bladex.com/. The
conference call will become available for review on Conference
Replay one hour after its conclusion, and will remain available
through February 27, 2008. Please dial (800) 642-1687 or (706)
645-9291, and follow the instructions. The Conference ID# for the
replayed call is 33441861. DATASOURCE: Banco Latinoamericano de
Exportaciones, S.A. CONTACT: Mr. Carlos Yap, Chief Financial
Officer, +011-507-210-8563, , or Mr. Jaime Celorio, New Chief
Financial Officer, +011-507- 210-8630, +011-507-269-6333, , both of
Bladex; or Mrs. Melanie Carpenter or Mr. Peter Majeski, both of
i-advize Corporate Communications, Inc., +1-212-406-3690, , for
Bladex Web site: http://www.blx.com/ http://www.bladex.com/
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