SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of
Foreign Private Issuer
Pursuant
to Rule 13a-16 Or 15d-16 Of The
Securities
Exchange Act of 1934
Long
form
of Press Release
BANCO
LATINOAMERICANO DE EXPORTACIONES, S.A.
(Exact
name of Registrant as specified in its Charter)
LATIN
AMERICAN EXPORT BANK
(Translation
of Registrant’s name into English)
Calle
50
y Aquilino de la Guardia
P.O.
Box
0819-08730
El
Dorado, Panama City
Republic
of Panama
(Address
of Registrant’s Principal Executive Offices)
(Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.)
Form
20-F
x
Form
40-F
o
(Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing information to the Commission pursuant
to
Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)
Yes
o
No
x
(If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b). 82__.)
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.
February 19, 2008
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Banco
Latinoamericano de Exportaciones, S.A.
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By:
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/s/
Pedro Toll
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Name:
Pedro Toll
Title:
Deputy Manager
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FOR
IMMEDIATE RELEASE
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% from prior quarter;
Asset
quality remains strong; liquidity strengthens.
Financial
Highlights
Full
Year 2007 vs. Full Year 2006:
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·
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Net
income amounted to $72.2 million, an increase of
25%.
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·
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Operating
income
(1)
amounted to $71.2 million, an increase of
81%.
|
|
·
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The
Commercial Division’s operating income increased 25%, to $42.3 million,
driven by increased net interest income.
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·
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The
Treasury Division’s operating income increased 84%, driven by higher net
gains on the sale of securities available for sale.
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|
·
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Bladex
Asset Management’s (“BAM”) operating income increased $18.6 million,
driven by trading gains.
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·
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The
Bank’s efficiency ratio improved from 42% to 34%.
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Fourth
Quarter 2007 vs. Third Quarter 2007:
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·
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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.
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·
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The
average commercial portfolio rose 6% to $4.2 billion.
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·
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The
Bank’s liquidity ratio (liquid assets / total assets) strengthened from
7.3% to 8.4%; deposits rose 1% to $1.5 billion.
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·
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As
of December 31, 2007, the Bank had zero credits in non-accruing or
past
due status.
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Fourth
Quarter 2007 vs. Fourth Quarter 2006:
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·
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Operating
income increased 12%, driven primarily by increased net interest
income
and non-interest operating income, which offset higher operating
expenses.
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·
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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.
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|
·
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The loan portfolio grew 25% to $
3.7
billion.
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(1)
Operating income refers to net income, excluding reversals (provisions) for
credit losses, and recoveries (impairment), on assets.
Panama
City, Republic of Panama, February 19, 2008
-
Banco
Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (“Bladex” or the “Bank”)
announced today its results for the fourth quarter ended December 31, 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)
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2006
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2007
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4Q06
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3Q07
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|
4Q07
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Net
interest income
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$
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58.8
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|
$
|
70.6
|
|
$
|
16.7
|
|
$
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17.6
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|
$
|
19.1
|
|
Operating
income by business segment:
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Commercial
Division
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$
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33.7
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$
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42.3
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$
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8.6
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$
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10.8
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$
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11.4
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Treasury
Division
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$
|
5.6
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$
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10.3
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$
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0.6
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$
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0.8
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$
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2.8
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Bladex
Asset Management
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$
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0.0
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$
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18.6
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$
|
4.9
|
|
$
|
3.7
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|
$
|
1.5
|
|
Operating
income
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|
$
|
39.3
|
|
$
|
71.2
|
|
$
|
14.1
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|
$
|
15.2
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|
$
|
15.8
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|
Net
income
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|
$
|
57.9
|
|
$
|
72.2
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|
$
|
21.1
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|
$
|
14.8
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|
$
|
15.5
|
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|
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EPS
(1)
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$
|
1.56
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|
$
|
1.99
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|
$
|
0.58
|
|
$
|
0.41
|
|
$
|
0.43
|
|
Book
value per common share
|
|
$
|
16.07
|
|
$
|
16.83
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$
|
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
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%
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24.4
|
%
|
|
21.6
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%
|
|
20.9
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%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.71
|
%
|
|
1.76
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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
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%
|
|
27.4
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%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
assets
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$
|
3,978
|
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$
|
4,791
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$
|
3,978
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|
$
|
4,454
|
|
$
|
4,791
|
|
Total
stockholders’ equity
|
|
$
|
584
|
|
$
|
612
|
|
$
|
584
|
|
$
|
614
|
|
$
|
612
|
|
|
(1)
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Earnings
per share calculations are based on the average number of shares
outstanding during each period.
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(2)
|
Excludes
cash balances in the proprietary asset management portfolio.
|
The
following graphs illustrate Operating Income and the Return on Average
Stockholders’ Equity trends from 2005 through 2007:
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 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.
CONSOLIDATED
RESULTS OF OPERATIONS
Net
Income
Yearly
Variation
For
2007,
net income amounted to $72.2 million, up $14.3 million, or 25% from the $57.9
million reported in 2006. This result reflects a $31.9 million, or 81%, increase
in operating income, which was mainly driven by the combination of a $11.7
million, or 20%, increase in net interest income (mostly from the Commercial
Division), $23.0 million in higher gains at Bladex Asset Management (“BAM”), and
$6.6 million on gains on sales in the available for sale investment
portfolio.
The
following graphs illustrate the percentage distribution of the Bank’s net
income:
Net
Income Distribution
The
following graphs illustrate the percentage distribution of the Bank’s operating
revenues:
Operating
Revenues
(1)
Distribution
|
(1)
|
Operating
revenues refers to net income excluding operating expenses, reversals
(provisions) for credit losses, and recoveries (impairment), on
assets.
|
Quarterly
Variation
Net
income for the fourth quarter 2007 amounted to $15.5 million, an increase of
$0.7 million, or 5%, from the third quarter 2007, and 26% below the level of
the
fourth quarter 2006. The increased net income figure in the fourth quarter
with
respect to the third quarter was mostly attributed to an increase in the
Commercial Division’s net interest income, in addition to the Treasury
Division’s higher net gains on the sale of securities available for sale. These
results were partially offset by an increase in operating expenses, and smaller
trading gains in Bladex Asset Management (“BAM”) operations.
The
26%
decrease in net income in the fourth quarter 2007 compared to the fourth quarter
2006 mostly reflects a one-time recovery on impaired assets that took place
in
2006, as well as higher generic provisions for credit losses, both of which
offset the 12% increase in operating income.
The
following graphs illustrate the percentage distribution of the Bank’s net
income:
Net
Income Distribution
NET
INTEREST INCOME AND MARGINS
The
table
below shows the Bank’s net interest income and net interest margin for the
periods indicated:
(In
US$ million, except percentages)
|
|
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|
|
|
|
|
|
|
|
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
Net
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing
portfolio
|
|
$
|
49.0
|
|
$
|
64.1
|
|
$
|
14.3
|
|
$
|
16.2
|
|
$
|
17.7
|
|
Non-accruing
portfolio
|
|
|
2.0
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
Commercial
Division
|
|
$
|
50.9
|
|
$
|
64.1
|
|
$
|
14.3
|
|
$
|
16.2
|
|
$
|
17.7
|
|
Treasury
Division
|
|
|
6.9
|
|
|
6.2
|
|
|
1.6
|
|
|
1.7
|
|
|
2.1
|
|
Bladex
Asset Management
|
|
|
1.0
|
|
|
0.2
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
(0.7
|
)
|
Consolidated
|
|
$
|
58.8
|
|
$
|
70.6
|
|
$
|
16.7
|
|
$
|
17.6
|
|
$
|
19.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin
(1)
|
|
|
1.76
|
%
|
|
1.71
|
%
|
|
1.76
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
(1)
Net interest income divided by average balance of interest-earning assets.
2007
vs. 2006
Net
interest income for 2007 totaled $70.6 million, up $11.7 million, or 20%, from
2006. The increase in net interest income was the result of higher average
balances in the loan portfolio (24%), and increased weighted average lending
spreads over Libor.
4Q07
vs. 3Q07
Net
interest income for the fourth quarter 2007 reached $19.1 million, an increase
of 9%, driven by higher average balances in the loan portfolio, and by increased
weighted average lending spreads over Libor, which led to an increase in the
net
interest margin (“NIM”).
FEES
AND COMMISSIONS
The
following table provides a breakdown of fees and commissions for the periods
indicated:
(In
US$
thousands)
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
Letters
of credit
|
|
$
|
4,121
|
|
$
|
2,842
|
|
$
|
1,208
|
|
$
|
625
|
|
$
|
895
|
|
Guarantees
|
|
|
1,419
|
|
|
1,088
|
|
|
245
|
|
|
268
|
|
|
322
|
|
Loans
|
|
|
556
|
|
|
836
|
|
|
167
|
|
|
187
|
|
|
194
|
|
Other
(1)
|
|
|
297
|
|
|
789
|
|
|
101
|
|
|
93
|
|
|
171
|
|
Fees
and commissions, net
|
|
$
|
6,393
|
|
$
|
5,555
|
|
$
|
1,722
|
|
$
|
1,173
|
|
$
|
1,582
|
|
(1)
Net
of
commission expenses.
For
2007,
fees and commissions decreased 13%, or $838 thousand, mostly due to lower letter
of credit and guarantees activity during the first part of the year.
Fees
and
commissions for the fourth quarter 2007 increased 35%, or $409 thousand,
compared to the third quarter 2007, mostly due to the increased commission
income from increased letter of credit and guarantees activity during the latter
part of the year.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
As
of
December 31, 2007, the Bank had zero credits in non-accruing or past-due status.
The Bank has no exposure to the sub-prime or mortgage segments in any market,
nor does it carry any mono-line insurance risk. In addition, contingent
liabilities consist mainly of letters of credit, country risk guarantees and
loan commitments pertaining to the Bank’s traditional intermediation activities.
As
of
December 31, 2007, the allowance for credit losses amounted $83.4 million,
an
increase of $0.3 million from September 30, 2007, reflecting a $3.0 million
decrease in the generic allowance for loan losses, and a $3.2 million increase
in the generic reserve for off-balance sheet credits.
The
$3.0
million decrease in the allowance for loan losses was the result of both changes
in the trade mix of the loan portfolio and in the overall country risk profile.
The $3.2 million increase in the reserve for losses on off-balance credits
mostly reflects increased letter of credit exposure in higher risk markets.
As
of
December 31, 2007, the ratio of the allowance for credit losses to the
commercial portfolio was 1.9%, compared to 2.1% from September 30, 2007, and
2.2% as of December 31, 2006.
The
following table depicts information regarding the allowance for credit losses,
for the dates indicated:
(In
US$
million)
|
|
31DEC06
|
|
31MAR07
|
|
30JUN07
|
|
30SEP07
|
|
31DEC07
|
|
Allowance
for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
beginning of period
|
|
$
|
49.8
|
|
$
|
51.3
|
|
$
|
56.6
|
|
$
|
69.0
|
|
$
|
72.6
|
|
Provisions
|
|
|
1.5
|
|
|
5.4
|
|
|
6.2
|
|
|
3.4
|
|
|
(3.0
|
)
|
Recoveries
|
|
|
0.0
|
|
|
0.0
|
|
|
6.2
|
|
|
0.3
|
|
|
0.0
|
|
End
of period balance
|
|
$
|
51.3
|
|
$
|
56.6
|
|
$
|
69.0
|
|
$
|
72.6
|
|
$
|
69.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for losses on off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
30.1
|
|
$
|
27.2
|
|
$
|
21.0
|
|
$
|
13.5
|
|
|
10.5
|
|
Provisions
(reversals)
|
|
|
(2.9
|
)
|
|
(6.2
|
)
|
|
(7.6
|
)
|
|
(3.0
|
)
|
|
3.2
|
|
End
of period balance
|
|
$
|
27.2
|
|
$
|
21.0
|
|
$
|
13.5
|
|
$
|
10.5
|
|
$
|
13.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses
|
|
$
|
78.5
|
|
$
|
77.6
|
|
$
|
82.4
|
|
$
|
83.1
|
|
$
|
83.4
|
|
OPERATING
EXPENSES AND EFFICIENCY LEVEL
The
following table shows a breakdown of the operating expenses’ components for the
periods indicated:
(In US$
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
Salaries
and other employee expenses
|
|
$
|
16,826
|
|
$
|
22,049
|
|
$
|
5,806
|
|
$
|
4,865
|
|
$
|
6,687
|
|
Depreciation
and amortization
|
|
|
1,406
|
|
|
2,556
|
|
|
547
|
|
|
621
|
|
|
668
|
|
Professional
services
|
|
|
2,671
|
|
|
3,562
|
|
|
699
|
|
|
593
|
|
|
1,006
|
|
Maintenance
and repairs
|
|
|
1,000
|
|
|
1,188
|
|
|
175
|
|
|
249
|
|
|
370
|
|
Other
operating expenses
|
|
|
7,026
|
|
|
7,673
|
|
|
2,034
|
|
|
2,326
|
|
|
1,796
|
|
Total
Operating Expenses
|
|
$
|
28,929
|
|
$
|
37,027
|
|
$
|
9,261
|
|
$
|
8,652
|
|
$
|
10,527
|
|
2007
vs. 2006
Operating
expenses increased by $8.1 million, or 28%, principally due to:
|
1.
|
$5.2
million increase in salaries and other employee expenses driven mostly
by:
|
|
a.
|
$3.0
million increase in performance-based variable compensation for the
Bank's
proprietary asset management team;
|
|
b.
|
$0.7
million related to senior management’s stock compensation plan;
|
|
c.
|
$0.6
million associated with a one-time accrual of employee vacation provision;
and a
|
|
d.
|
$0.9
million increase in performance-based variable compensation provision
for
business lines other than proprietary asset management.
|
|
2.
|
$1.3
million increase in maintenance and depreciation expenses related
to the
new technology platform;
|
|
3.
|
$0.9
million increase in professional services, mostly due to legal expenses
and the renewal of the Bank’s EMTN Program; and
a
|
|
4.
|
$0.6
million increase in expenses related to marketing and business travel.
|
Year-over-year,
efficiency levels improved once again as revenue growth exceeded expense growth:
4Q07
vs. 3Q07
The
$1.9
million increase in operating expenses was mostly driven by higher stock option
compensation for the Bank’s senior management, a one-time accrual employee
vacation provision and higher legal expenses. These were partially offset by
a
one-time decrease in ‘other’ operating expenses.
PERFORMANCE
AND CAPITAL RATIOS
The
following table shows capital amounts and ratios at the dates indicated:
(US$
million, except percentages)
|
|
|
|
|
|
|
|
|
|
31DEC06
|
|
30SEP07
|
|
31DEC07
|
|
Tier
1 Capital
|
|
$
|
584
|
|
$
|
614
|
|
$
|
612
|
|
Total
Capital
|
|
$
|
614
|
|
$
|
650
|
|
$
|
649
|
|
Risk-weighted
assets
|
|
$
|
2,388
|
|
$
|
2,850
|
|
$
|
2,927
|
|
Tier
1 Capital Ratio
(*)
|
|
|
24.4
|
%
|
|
21.6
|
%
|
|
20.9
|
%
|
Total
Capital Ratio
(*)
|
|
|
25.7
|
%
|
|
22.8
|
%
|
|
22.2
|
%
|
Leverage
ratio (capital / total assets)
|
|
|
14.7
|
%
|
|
13.8
|
%
|
|
12.8
|
%
|
(*)
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 assets, operating
return on average stockholders’ equity, and return on average stockholders’
equity for the periods indicated:
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
ROA
(return on average assets)
|
|
|
1.7
|
%
|
|
1.7
|
%
|
|
2.2
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
Operating
ROE (operating return on average stockholders’ equity)
|
|
|
6.8
|
%
|
|
11.7
|
%
|
|
9.7
|
%
|
|
9.9
|
%
|
|
10.1
|
%
|
ROE
(return on average stockholders’ equity)
|
|
|
10.0
|
%
|
|
11.9
|
%
|
|
14.5
|
%
|
|
9.6
|
%
|
|
9.9
|
%
|
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, net of allocated operating expenses.
The
following table shows the Operating income components of the Commercial Division
for the periods indicated:
(US$
million)
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
50.9
|
|
$
|
64.1
|
|
$
|
14.3
|
|
$
|
16.2
|
|
$
|
17.7
|
|
Non-interest
operating income
|
|
|
6.4
|
|
|
5.3
|
|
|
1.7
|
|
|
1.1
|
|
|
1.5
|
|
Operating
revenues
|
|
$
|
57.4
|
|
$
|
69.5
|
|
$
|
16.0
|
|
$
|
17.4
|
|
$
|
19.2
|
|
Operating
expenses
|
|
|
(23.7
|
)
|
|
(27.2
|
)
|
|
(7.4
|
)
|
|
(6.6
|
)
|
|
(7.7
|
)
|
Operating
income
|
|
$
|
33.7
|
|
$
|
42.3
|
|
$
|
8.6
|
|
$
|
10.8
|
|
$
|
11.4
|
|
Yearly
Variation
For
2007,
the Commercial Division’s operating income amounted to $42.3 million, an
increase of 25% compared to 2006, reflecting a 26% increase in net interest
income, the result of a 24% increase in the average loan portfolio and higher
weighted average lending spreads over Libor. Excluding the impact of 2006
net
revenues from the impaired portfolio, operating income increased 35%. The
Bank
no longer carries any impaired credits on its books, and thus, did not
recognized revenues from such assets in 2007.
Quarterly
Variation
Operating
income from the Commercial Division for the fourth quarter 2007 reached $11.4
million, a 6% increase compared to the third quarter 2007. This increase
was
primarily attributed to a 9% increase in net interest income, driven by a
6%
increase in the average loan portfolio and by higher weighted average lending
spreads over Libor. Compared to the fourth quarter 2006, operating income
from
the Commercial Division increased 33%, primarily due to a 24% increase in
net
interest income, driven by higher average loan balances and lending spreads.
As
of
December 31, 2007, the Bank’s commercial portfolio totaled $4.3 billion, up 6%
from September 30, 2007, and up 18% from December 31, 2006.
The
Bank’s average commercial portfolio for the fourth quarter 2007 was $4.2
billion, 6% 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 fourth quarter 2007, the Bank disbursed $1.9 billion. Please refer to
Exhibit XII for the Bank’s distribution of credit disbursements by country.
As
of
December 31, 2007, the corporate market segment represented 49% of the Bank’s
total commercial portfolio, compared to 50% as of September 30, 2007, and
45% a
year ago. On December 31, 2007, 68% of the corporate portfolio represented
trade
financing.
The
commercial portfolio as a whole continues to be short-term and trade-related
in
nature, with 69% maturing within one year, and 63% representing trade financing
operations.
Treasury
Division
The
Treasury Division incorporates the Bank’s investment securities activity.
Operating income from the Treasury Division is presented net of allocated
operating expenses, and includes net interest income on investment securities,
gains and losses on derivatives and hedging activities, as well as the sale
of
securities and foreign currency exchange transactions.
The
following table shows the Operating income components of the Treasury Division
for the periods indicated:
(US$
million)
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
6.9
|
|
$
|
6.2
|
|
$
|
1.6
|
|
$
|
1.7
|
|
$
|
2.1
|
|
Non-interest
operating income
|
|
|
2.1
|
|
|
8.5
|
|
|
0.0
|
|
|
0.0
|
|
|
2.2
|
|
Operating
revenues
|
|
$
|
9.0
|
|
$
|
14.7
|
|
$
|
1.7
|
|
$
|
1.7
|
|
$
|
4.3
|
|
Operating
expenses
|
|
|
(3.4
|
)
|
|
(4.3
|
)
|
|
(1.1
|
)
|
|
(0.9
|
)
|
|
(1.5
|
)
|
Operating
income
|
|
$
|
5.6
|
|
$
|
10.3
|
|
$
|
0.6
|
|
$
|
0.8
|
|
$
|
2.8
|
|
Yearly
Variation
For
2007,
the Treasury Division’s operating income amounted to $10.3 million, compared to
$5.6 million in 2006, driven by higher gains in the available for sale
portfolio.
Quarterly
Variation
During
the fourth quarter 2007, operating income from the Treasury Division amounted
to
$2.8 million, compared to $0.8 million in the third quarter 2007. The $2.1
million quarterly increase was mostly due to higher gains on the sale of
securities available for sale.
Compared
to the fourth quarter 2006, operating income from the Treasury Division
increased by $2.3 million, mostly due to increased net interest income and
higher gains on the sale of securities available for sale.
Bladex
Asset Management
Bladex
Asset Management (“BAM”) incorporates the Bank’s proprietary asset management
activities. Operating income from BAM is presented net of allocated operating
expenses, and includes net interest income on trading securities, as well
as
trading gains and losses.
(US$
million)
|
|
2006
|
|
2007
|
|
4Q06
|
|
3Q07
|
|
4Q07
|
|
Bladex
Asset Management:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
1.0
|
|
|
0.2
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
(0.7
|
)
|
Non-interest
operating income
|
|
|
0.9
|
|
|
23.9
|
|
|
4.8
|
|
|
5.1
|
|
|
3.5
|
|
Operating
revenues
|
|
$
|
1.9
|
|
$
|
24.1
|
|
$
|
5.7
|
|
$
|
4.8
|
|
$
|
2.8
|
|
Operating
expenses
|
|
|
(1.9
|
)
|
|
(5.5
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|
(1.3
|
)
|
Operating
income
|
|
$
|
0.0
|
|
$
|
18.6
|
|
$
|
4.9
|
|
$
|
3.7
|
|
$
|
1.5
|
|
Yearly
Variation
For
2007,
BAM’s operating income amounted to $18.6 million, reflecting higher gains from
asset management activities.
Quarterly
Variation
During
the fourth quarter 2007, operating income from BAM amounted to $1.5 million,
compared to $3.7 million in the third quarter 2007. The $2.2 million quarterly
decrease in operating income was mostly due to lower trading gains on the
Bank’s
proprietary asset management activity.
Compared
to the fourth quarter 2006, operating income from BAM decreased $3.4 million
(69%), mostly due to decreased net interest income, lower trading gains,
and
increased operating expenses mostly related to performance based variable
compensation for the asset management team.
Securities
Portfolio, Deposits and Liquidity
The
securities portfolio (including investment securities available for sale,
securities held to maturity and trading securities) totaled $521 million,
a 2%
increase from September 30, 2007. As of December 31, 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).
The
available for sale portfolio includes all interest rate swaps converting
the
underlying instruments to floating rate in order to avoid interest rate risk.
Furthermore, the available for sale portfolio is mark-to-market and the impact
is reflected on the capital through the other comprehensive income account.
As
of
December 31, 2007, deposit balances were $1.5 billion, a $14 million (1%)
increase over the previous quarter, and $406 million (38%) higher than on
December 31, 2006.
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 7.3% to 8.4% (the Bank excludes cash balances at its
proprietary asset management activity from its liquidity management and ratios).
OTHER
EVENTS
|
Fourth
Quarter - Common Dividend Payment:
On
January 17, 2008, the Bank paid a regular quarterly dividend of
US$0.22
per share pertaining to the fourth quarter to stockholders of record
as of
January 7, 2008.
|
|
Bladex’s
ratings upgraded to “Baa2” by Moody’s:
On
December 21, 2007, Moody’s Investor Services upgraded the Company’s long
term foreign currency deposit, debt and issuer ratings to Baa2
from Baa3
and raised the Bank’s financial strength ratings to C- from D+.
|
|
New
Chief Financial Officer Appointment:
Effective
February 22, 2008, the Bank appointed Mr. Jaime Celorio as its
Chief
Financial Officer, replacing Mr. Carlos Yap, who is retiring from
the
company after 27 years of distinguished service. Mr. Celorio will
be
responsible for the Bank’s financial management, as well as for the
interaction with rating agencies, the sell-side community, and
investors.
Mr. Celorio was previously Chief Financial Officer and Chief
Administrative Officer for Merrill Lynch Mexico S.A. de C.V.
|
Contact
Information:
Mr.
Jaime
Celorio
Chief
Financial Officer
Tel:
(507) 210-8630
Fax:
(507) 269-6333
e-mail
address: jcelorio@bladex.com
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 December 31,
2007,
Bladex had disbursed accumulated credits of over $152 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Wednesday,
February 20, 2008, at 11:00 a.m., New York City time (Eastern Time). For
those
interested in participating, please dial (888) 335-5539 in the United States
or,
if outside the United States, (973) 582-2857. Participants should use conference
ID# 33441861, and dial in five minutes before the call is set to begin. There
will also be a live audio webcast of the conference at
www.bladex.com
.
The
conference call will become available for review on Conference Replay one
hour
after its conclusion, and will remain available through February 27, 2008.
Please dial (800) 642-1687 or (706) 645-9291, and follow the instructions.
The
Conference ID# for the replayed call is 33441861.
For
more
information, please access
www.bladex.com
or
contact:
Mr.
Carlos Yap
Chief
Financial Officer
Bladex
Calle
50
y Aquilino de la Guardia
P.O.
Box:
0819-08730
Panama
City, Panama
Tel:
(507) 210-8563
Fax:
(507) 269-6333
e-mail
address: cyap@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82
Wall
Street, Suite 805
New
York,
NY 10005
Tel:
(212) 406-3690
e-mail
address: bladex@i-advize.com
CONSOLIDATED
BALANCE SHEETS
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
(C)
- (B)
|
|
|
|
(C)
- (A)
|
|
|
|
|
|
Dec
31, 2006
|
|
Sep
30, 2007
|
|
Dec
31, 2007
|
|
CHANGE
|
|
%
|
|
CHANGE
|
|
%
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
332
|
|
$
|
441
|
|
$
|
478
|
|
$
|
37
|
|
|
8
|
%
|
$
|
145
|
|
|
44
|
%
|
Trading
assets
|
|
|
130
|
|
|
50
|
|
|
53
|
|
|
3
|
|
|
5
|
|
|
(77
|
)
|
|
(60
|
)
|
Securities
available for sale
|
|
|
346
|
|
|
469
|
|
|
468
|
|
|
(0
|
)
|
|
(0
|
)
|
|
122
|
|
|
35
|
|
Securities
held to maturity
|
|
|
125
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(125
|
)
|
|
(100
|
)
|
Loans
|
|
|
2,981
|
|
|
3,495
|
|
|
3,732
|
|
|
237
|
|
|
7
|
|
|
751
|
|
|
25
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(51
|
)
|
|
(73
|
)
|
|
(70
|
)
|
|
3
|
|
|
(4
|
)
|
|
(18
|
)
|
|
36
|
|
Unearned
income and deferred loan fees
|
|
|
(4
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
(0
|
)
|
|
7
|
|
|
(2
|
)
|
|
35
|
|
Loans,
net
|
|
|
2,925
|
|
|
3,416
|
|
|
3,656
|
|
|
240
|
|
|
7
|
|
|
731
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
46
|
|
|
4
|
|
|
9
|
|
|
5
|
|
|
136
|
|
|
(37
|
)
|
|
(80
|
)
|
Premises
and equipment, net
|
|
|
11
|
|
|
10
|
|
|
10
|
|
|
0
|
|
|
3
|
|
|
(1
|
)
|
|
(9
|
)
|
Accrued
interest receivable
|
|
|
55
|
|
|
53
|
|
|
63
|
|
|
10
|
|
|
19
|
|
|
8
|
|
|
14
|
|
Other
assets
|
|
|
7
|
|
|
11
|
|
|
54
|
|
|
42
|
|
|
380
|
|
|
46
|
|
|
636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,978
|
|
$
|
4,454
|
|
$
|
4,791
|
|
$
|
337
|
|
|
8
|
%
|
$
|
812
|
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
132
|
|
$
|
93
|
|
$
|
111
|
|
$
|
18
|
|
|
20
|
%
|
|
($21
|
)
|
|
(16
|
)
|
Time
|
|
|
924
|
|
|
1,355
|
|
|
1,351
|
|
|
(4
|
)
|
|
(0
|
)
|
|
427
|
|
|
46
|
|
Total
Deposits
|
|
|
1,056
|
|
|
1,448
|
|
|
1,462
|
|
|
14
|
|
|
1
|
|
|
406
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
55
|
|
|
11
|
|
|
91
|
|
|
80
|
|
|
747
|
|
|
36
|
|
|
66
|
|
Securities
sold under repurchase agreements
|
|
|
438
|
|
|
364
|
|
|
283
|
|
|
(81
|
)
|
|
(22
|
)
|
|
(155
|
)
|
|
(35
|
)
|
Short-term
borrowings
|
|
|
1,157
|
|
|
966
|
|
|
1,221
|
|
|
255
|
|
|
26
|
|
|
64
|
|
|
6
|
|
Long-term
debt and borrowings
|
|
|
559
|
|
|
937
|
|
|
1,010
|
|
|
74
|
|
|
8
|
|
|
451
|
|
|
81
|
|
Acceptances
outstanding
|
|
|
46
|
|
|
4
|
|
|
9
|
|
|
5
|
|
|
136
|
|
|
(37
|
)
|
|
(80
|
)
|
Accrued
interest payable
|
|
|
28
|
|
|
38
|
|
|
39
|
|
|
1
|
|
|
3
|
|
|
11
|
|
|
38
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
27
|
|
|
10
|
|
|
14
|
|
|
3
|
|
|
31
|
|
|
(13
|
)
|
|
(50
|
)
|
Other
liabilities
|
|
|
27
|
|
|
61
|
|
|
48
|
|
|
(13
|
)
|
|
(21
|
)
|
|
21
|
|
|
76
|
|
TOTAL
LIABILITIES
|
|
$
|
3,394
|
|
$
|
3,839
|
|
$
|
4,178
|
|
$
|
339
|
|
|
9
|
%
|
$
|
784
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
205
|
|
|
238
|
|
|
245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive income (loss)
|
|
|
3
|
|
|
(0
|
)
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
stock
|
|
|
(135
|
)
|
|
(134
|
)
|
|
(134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
584
|
|
$
|
614
|
|
$
|
612
|
|
|
($2
|
)
|
|
(0
|
)%
|
$
|
28
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,978
|
|
$
|
4,454
|
|
$
|
4,791
|
|
$
|
337
|
|
|
8
|
%
|
$
|
812
|
|
|
20
|
%
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE THREE
MONTHS
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
(C)
- (B)
|
|
|
|
(C)
- (A)
|
|
|
|
|
|
Dec
31, 2006
|
|
Sep
30, 2007
|
|
Dec
31, 2007
|
|
CHANGE
|
|
%
|
|
CHANGE
|
|
%
|
|
|
|
(In
US$ thousand, except per share data)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
63,016
|
|
$
|
68,641
|
|
$
|
71,992
|
|
$
|
3,350
|
|
|
5
|
%
|
$
|
8,976
|
|
|
14
|
%
|
Interest
expense
|
|
|
(46,278
|
)
|
|
(51,020
|
)
|
|
(52,864
|
)
|
|
(1,845
|
)
|
|
4
|
|
|
(6,586
|
)
|
|
14
|
|
NET
INTEREST INCOME
|
|
|
16,738
|
|
|
17,622
|
|
|
19,127
|
|
|
1,506
|
|
|
9
|
|
|
2,390
|
|
|
14
|
|
Reversal
(provision) for loan losses
|
|
|
(1,526
|
)
|
|
(3,384
|
)
|
|
2,980
|
|
|
6,364
|
|
|
(188
|
)
|
|
4,506
|
|
|
(295
|
)
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
15,212
|
|
|
14,237
|
|
|
22,107
|
|
|
7,870
|
|
|
55
|
|
|
6,895
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
2,949
|
|
|
2,964
|
|
|
(3,235
|
)
|
|
(6,198
|
)
|
|
(209
|
)
|
|
(6,183
|
)
|
|
(210
|
)
|
Fees
and commissions, net
|
|
|
1,722
|
|
|
1,173
|
|
|
1,582
|
|
|
409
|
|
|
35
|
|
|
(140
|
)
|
|
(8
|
)
|
Derivatives
and hedging activities
|
|
|
115
|
|
|
(294
|
)
|
|
(212
|
)
|
|
82
|
|
|
(28
|
)
|
|
(327
|
)
|
|
(284
|
)
|
Recoveries
on assets
|
|
|
5,551
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
nm
|
(*)
|
|
(5,551
|
)
|
|
(100
|
)
|
Trading
gains
|
|
|
4,849
|
|
|
5,104
|
|
|
3,475
|
|
|
(1,628
|
)
|
|
(32
|
)
|
|
(1,373
|
)
|
|
28
|
|
Net
gains on sale of securities available for sale
|
|
|
0
|
|
|
288
|
|
|
2,226
|
|
|
1,937
|
|
|
672
|
|
|
2,226
|
|
|
nm
|
(*)
|
Gain
(loss) on foreign currency exchange
|
|
|
(67
|
)
|
|
(9
|
)
|
|
181
|
|
|
190
|
|
|
(2,006
|
)
|
|
248
|
|
|
369
|
|
Other
income (expense), net
|
|
|
0
|
|
|
17
|
|
|
(64
|
)
|
|
(81
|
)
|
|
(481
|
)
|
|
(64
|
)
|
|
nm
|
(*
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
15,118
|
|
|
9,242
|
|
|
3,954
|
|
|
(5,289
|
)
|
|
(57
|
)
|
|
(11,165
|
)
|
|
(74
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(5,806
|
)
|
|
(4,865
|
)
|
|
(6,687
|
)
|
|
(1,822
|
)
|
|
37
|
|
|
(881
|
)
|
|
15
|
|
Depreciation
and amortization of premises and equipment
|
|
|
(547
|
)
|
|
(621
|
)
|
|
(668
|
)
|
|
(48
|
)
|
|
8
|
|
|
(122
|
)
|
|
22
|
|
Professional
services
|
|
|
(699
|
)
|
|
(593
|
)
|
|
(1,006
|
)
|
|
(413
|
)
|
|
70
|
|
|
(307
|
)
|
|
44
|
|
Maintenance
and repairs
|
|
|
(175
|
)
|
|
(249
|
)
|
|
(370
|
)
|
|
(121
|
)
|
|
49
|
|
|
(195
|
)
|
|
111
|
|
Other
operating expenses
|
|
|
(2,034
|
)
|
|
(2,326
|
)
|
|
(1,796
|
)
|
|
530
|
|
|
(23
|
)
|
|
238
|
|
|
(12
|
)
|
TOTAL
OPERATING EXPENSES
|
|
|
(9,261
|
)
|
|
(8,652
|
)
|
|
(10,527
|
)
|
|
(1,875
|
)
|
|
22
|
|
|
(1,266
|
)
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
21,070
|
|
$
|
14,827
|
|
$
|
15,534
|
|
$
|
707
|
|
|
5
|
%
|
|
($5,536
|
)
|
|
(26
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.58
|
|
|
0.41
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.57
|
|
|
0.41
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,329
|
|
|
36,363
|
|
|
36,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares
|
|
|
36,853
|
|
|
36,411
|
|
|
36,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
2.2
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
14.5
|
%
|
|
9.6
|
%
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
0.76
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.96
|
%
|
|
0.80
|
%
|
|
0.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m."
means not meaningful.
|
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
|
FOR
THE YEAR ENDED DECEMBER 31,
|
|
|
|
2006
|
|
2007
|
|
(In
US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
Net
interest income
|
|
$
|
58,837
|
|
$
|
70,571
|
|
Fees
and commissions, net
|
|
|
6,393
|
|
|
5,555
|
|
Reversal
of provision for loan and off-balance sheet credit losses,
net
|
|
|
13,045
|
|
|
1,475
|
|
Derivatives
and hedging activities
|
|
|
(225
|
)
|
|
(989
|
)
|
Recoveries
(impairment), on assets
|
|
|
5,551
|
|
|
(500
|
)
|
Trading
gains
|
|
|
879
|
|
|
23,865
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
9,119
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(253
|
)
|
|
115
|
|
Other
income (expense), net
|
|
|
36
|
|
|
(7
|
)
|
Operating
expenses
|
|
|
(28,929
|
)
|
|
(37,027
|
)
|
NET
INCOME
|
|
$
|
57,902
|
|
$
|
72,177
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
601
|
|
|
521
|
|
Loans,
net
|
|
|
2,925
|
|
|
3,656
|
|
Total
assets
|
|
|
3,978
|
|
|
4,791
|
|
Deposits
|
|
|
1,056
|
|
|
1,462
|
|
Trading
liabilities
|
|
|
55
|
|
|
91
|
|
Securities
sold under repurchase agreements
|
|
|
438
|
|
|
283
|
|
Short-term
borrowings
|
|
|
1,157
|
|
|
1,221
|
|
Long-term
debt and borrowings
|
|
|
559
|
|
|
1,010
|
|
Total
liabilities
|
|
|
3,394
|
|
|
4,178
|
|
Stockholders'
equity
|
|
|
584
|
|
|
612
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
1.56
|
|
|
1.99
|
|
Diluted
earnings per share
|
|
|
1.54
|
|
|
1.98
|
|
Book
value (period average)
|
|
|
15.68
|
|
|
16.67
|
|
Book
value (period end)
|
|
|
16.07
|
|
|
16.83
|
|
(In
US$ thousand):
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
37,065
|
|
|
36,349
|
|
Average
diluted shares
|
|
|
37,572
|
|
|
36,414
|
|
Basic
shares period end
|
|
|
36,329
|
|
|
36,370
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.7
|
%
|
|
1.7
|
%
|
Return
on average stockholders' equity
|
|
|
10.0
|
%
|
|
11.9
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.71
|
%
|
Net
interest spread
|
|
|
0.70
|
%
|
|
0.80
|
%
|
Operating
expenses to total average assets
|
|
|
0.85
|
%
|
|
0.88
|
%
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
0.0
|
%
|
|
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)
|
|
|
1.72
|
%
|
|
1.87
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
4.18
|
%
|
|
2.48
|
%
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
14.7
|
%
|
|
12.8
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
24.4
|
%
|
|
20.9
|
%
|
Total
capital to risk-weighted assets
|
|
|
25.7
|
%
|
|
22.2
|
%
|
(1)
|
Loan
portfolio is presented net of unearned income and deferred loan
fees
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE YEAR
|
|
|
|
|
|
|
|
ENDED
DECEMBER 31,
|
|
|
|
|
|
|
|
2006
|
|
2007
|
|
CHANGE
|
|
%
|
|
(In
US$ thousand)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
203,350
|
|
$
|
264,869
|
|
$
|
61,519
|
|
|
30
|
%
|
Interest
expense
|
|
|
(144,513
|
)
|
|
(194,299
|
)
|
|
(49,786
|
)
|
|
34
|
|
NET
INTEREST INCOME
|
|
|
58,837
|
|
|
70,571
|
|
|
11,734
|
|
|
20
|
|
Provision
for loan losses
|
|
|
(11,846
|
)
|
|
(11,994
|
)
|
|
(148
|
)
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
46,991
|
|
|
58,577
|
|
|
11,586
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
24,891
|
|
|
13,468
|
|
|
(11,423
|
)
|
|
(46
|
)
|
Fees
and commissions, net
|
|
|
6,393
|
|
|
5,555
|
|
|
(838
|
)
|
|
(13
|
)
|
Derivatives
and hedging activities
|
|
|
(225
|
)
|
|
(989
|
)
|
|
(764
|
)
|
|
340
|
|
Recoveries
(impairment), on assets
|
|
|
5,551
|
|
|
(500
|
)
|
|
(6,051
|
)
|
|
(109
|
)
|
Trading
gains
|
|
|
879
|
|
|
23,865
|
|
|
22,986
|
|
|
2,615
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
9,119
|
|
|
6,551
|
|
|
255
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(253
|
)
|
|
115
|
|
|
369
|
|
|
(146
|
)
|
Other
income (expense), net
|
|
|
36
|
|
|
(7
|
)
|
|
(42
|
)
|
|
(118
|
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
39,840
|
|
|
50,628
|
|
|
10,788
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(16,826
|
)
|
|
(22,049
|
)
|
|
(5,223
|
)
|
|
31
|
|
Depreciation
and amortization of premises and equipment
|
|
|
(1,406
|
)
|
|
(2,556
|
)
|
|
(1,149
|
)
|
|
82
|
|
Professional
services
|
|
|
(2,671
|
)
|
|
(3,562
|
)
|
|
(891
|
)
|
|
33
|
|
Maintenance
and repairs
|
|
|
(1,000
|
)
|
|
(1,188
|
)
|
|
(189
|
)
|
|
19
|
|
Other
operating expenses
|
|
|
(7,026
|
)
|
|
(7,673
|
)
|
|
(646
|
)
|
|
9
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(28,929
|
)
|
|
(37,027
|
)
|
|
(8,098
|
)
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
57,902
|
|
$
|
72,177
|
|
$
|
14,276
|
|
|
25
|
%
|
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE THREE MONTHS ENDED,
|
|
|
|
December
31, 2006
|
|
September
30, 2007
|
|
|
|
December
31, 2007
|
|
|
|
AVERAGE
|
|
|
|
AVG.
|
|
AVERAGE
|
|
|
|
AVG.
|
|
|
|
AVERAGE
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
$
|
151
|
|
$
|
1.9
|
|
|
5.01
|
%
|
$
|
372
|
|
$
|
5.0
|
|
|
5.24
|
%
|
|
|
$
|
416
|
|
$
|
5.0
|
|
|
4.67
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,026
|
|
|
49.2
|
|
|
6.37
|
|
|
3,433
|
|
|
57.4
|
|
|
6.54
|
|
|
|
|
3,638
|
|
|
60.2
|
|
|
6.47
|
|
Impaired
loans
|
|
|
1
|
|
|
0.0
|
|
|
8.05
|
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
|
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
128
|
|
|
4.9
|
|
|
15.10
|
|
|
68
|
|
|
0.7
|
|
|
4.15
|
|
|
|
|
35
|
|
|
0.5
|
|
|
5.24
|
|
Investment
securities
|
|
|
463
|
|
|
6.9
|
|
|
5.84
|
|
|
353
|
|
|
5.6
|
|
|
6.18
|
|
|
|
|
406
|
|
|
6.4
|
|
|
6.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,768
|
|
$
|
63.0
|
|
|
6.54
|
%
|
$
|
4,226
|
|
$
|
68.6
|
|
|
6.36
|
%
|
|
|
$
|
4,494
|
|
$
|
72.0
|
|
|
6.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
93
|
|
|
|
|
|
|
|
|
83
|
|
|
|
|
|
|
|
|
|
|
103
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(50
|
)
|
|
|
|
|
|
|
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
(73
|
)
|
|
|
|
|
|
|
Other
assets
|
|
|
27
|
|
|
|
|
|
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,839
|
|
|
|
|
|
|
|
$
|
4,304
|
|
|
|
|
|
|
|
|
|
$
|
4,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,092
|
|
$
|
14.9
|
|
|
5.33
|
%
|
$
|
1,416
|
|
$
|
19.4
|
|
|
5.36
|
%
|
|
|
$
|
1,368
|
|
$
|
17.6
|
|
|
5.05
|
%
|
Trading
liabilities
|
|
|
72
|
|
|
3.6
|
|
|
19.35
|
|
|
44
|
|
|
0.9
|
|
|
7.99
|
|
|
|
|
47
|
|
|
1.0
|
|
|
7.86
|
|
Securities
sold under repurchase agreement and short-term
borrowings
|
|
|
1,465
|
|
|
20.4
|
|
|
5.44
|
|
|
1,211
|
|
|
17.0
|
|
|
5.50
|
|
|
|
|
1,391
|
|
|
19.0
|
|
|
5.34
|
|
Long-term
debt and borrowings
|
|
|
503
|
|
|
7.5
|
|
|
5.82
|
|
|
879
|
|
|
13.7
|
|
|
6.10
|
|
|
|
|
1,002
|
|
|
15.3
|
|
|
5.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,132
|
|
$
|
46.3
|
|
|
5.78
|
%
|
$
|
3,550
|
|
$
|
51.0
|
|
|
5.62
|
%
|
|
|
$
|
3,808
|
|
$
|
52.9
|
|
|
5.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
132
|
|
|
|
|
|
|
|
$
|
142
|
|
|
|
|
|
|
|
|
|
$
|
150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,264
|
|
|
|
|
|
|
|
|
3,692
|
|
|
|
|
|
|
|
|
|
|
3,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
575
|
|
|
|
|
|
|
|
|
612
|
|
|
|
|
|
|
|
|
|
|
620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,839
|
|
|
|
|
|
|
|
$
|
4,304
|
|
|
|
|
|
|
|
|
|
$
|
4,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.76
|
%
|
|
|
|
|
|
|
|
0.73
|
%
|
|
|
|
|
|
|
|
|
|
0.84
|
%
|
NET
INTEREST INCOME AND NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
MARGIN
|
|
|
|
|
$
|
16.7
|
|
|
1.76
|
%
|
|
|
|
$
|
17.6
|
|
|
1.65
|
%
|
|
|
|
|
|
$
|
19.1
|
|
|
1.69
|
%
|
(*)
|
"n.m."
means not meaningful
|
EXHIBIT
VI
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE YEAR ENDED,
|
|
|
|
December
31, 2006
|
|
December
31, 2007
|
|
|
|
AVERAGE
|
|
|
|
AVG.
|
|
AVERAGE
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
|
|
(In
US$ million)
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
$
|
180
|
|
$
|
9.0
|
|
|
4.90
|
%
|
$
|
327
|
|
$
|
17.0
|
|
|
5.12
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,697
|
|
|
163.1
|
|
|
5.96
|
|
|
3,366
|
|
|
221.6
|
|
|
6.49
|
|
Impaired
loans
|
|
|
18
|
|
|
2.7
|
|
|
14.77
|
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
50
|
|
|
5.8
|
|
|
11.46
|
|
|
84
|
|
|
5.3
|
|
|
6.27
|
|
Investment
securities
|
|
|
390
|
|
|
22.8
|
|
|
5.76
|
|
|
345
|
|
|
20.9
|
|
|
5.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,336
|
|
$
|
203.3
|
|
|
6.01
|
%
|
$
|
4,122
|
|
$
|
264.9
|
|
|
6.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
90
|
|
|
|
|
|
|
|
|
90
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
(62
|
)
|
|
|
|
|
|
|
Other
assets
|
|
|
21
|
|
|
|
|
|
|
|
|
59
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,403
|
|
|
|
|
|
|
|
$
|
4,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,106
|
|
$
|
56.6
|
|
|
5.05
|
%
|
$
|
1,321
|
|
$
|
70.4
|
|
|
5.26
|
%
|
Trading
liabilities
|
|
|
35
|
|
|
4.6
|
|
|
13.17
|
|
|
59
|
|
|
4.2
|
|
|
6.98
|
|
Securities
sold under repurchase agreement and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
short-term
borrowings
|
|
|
1,044
|
|
|
55.0
|
|
|
5.20
|
|
|
1,272
|
|
|
70.3
|
|
|
5.45
|
|
Long-term
debt and borrowings
|
|
|
500
|
|
|
28.3
|
|
|
5.57
|
|
|
809
|
|
|
49.4
|
|
|
6.02
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
2,684
|
|
$
|
144.5
|
|
|
5.31
|
%
|
$
|
3,462
|
|
$
|
194.3
|
|
|
5.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
137
|
|
|
|
|
|
|
|
$
|
141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
2,821
|
|
|
|
|
|
|
|
|
3,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
581
|
|
|
|
|
|
|
|
|
606
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,403
|
|
|
|
|
|
|
|
$
|
4,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.70
|
%
|
|
|
|
|
|
|
|
0.80
|
%
|
NET
INTEREST INCOME AND NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
MARGIN
|
|
|
|
|
$
|
58.8
|
|
|
1.76
|
%
|
|
|
|
$
|
70.6
|
|
|
1.71
|
%
|
(*)
|
"n.m."
means not meaningful.
|
CONSOLIDATED
STATEMENT OF INCOME
(In
US$
thousand, except ratios)
|
|
YEAR
|
|
FOR
THE THREE MONTHS ENDED
|
|
YEAR
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
DEC
31/06
|
|
DEC
31/06
|
|
MAR
31/07
|
|
JUN
30/07
|
|
SEP
30/07
|
|
DEC
31/07
|
|
DEC
31/07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
203,350
|
|
$
|
63,016
|
|
$
|
60,993
|
|
$
|
63,243
|
|
$
|
68,641
|
|
$
|
71,992
|
|
$
|
264,869
|
|
Interest
expense
|
|
|
(144,513
|
)
|
|
(46,278
|
)
|
|
(43,917
|
)
|
|
(46,497
|
)
|
|
(51,020
|
)
|
|
(52,864
|
)
|
|
(194,299
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME
|
|
|
58,837
|
|
|
16,738
|
|
|
17,076
|
|
|
16,745
|
|
|
17,622
|
|
|
19,127
|
|
|
70,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for loan losses
|
|
|
(11,846
|
)
|
|
(1,526
|
)
|
|
(5,354
|
)
|
|
(6,235
|
)
|
|
(3,384
|
)
|
|
2,980
|
|
|
(11,994
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
46,991
|
|
|
15,212
|
|
|
11,722
|
|
|
10,510
|
|
|
14,237
|
|
|
22,107
|
|
|
58,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
24,891
|
|
|
2,949
|
|
|
6,158
|
|
|
7,581
|
|
|
2,964
|
|
|
(3,235
|
)
|
|
13,468
|
|
Fees
and commissions, net
|
|
|
6,393
|
|
|
1,722
|
|
|
1,275
|
|
|
1,525
|
|
|
1,173
|
|
|
1,582
|
|
|
5,555
|
|
Derivatives
and hedging activities
|
|
|
(225
|
)
|
|
115
|
|
|
(485
|
)
|
|
1
|
|
|
(294
|
)
|
|
(212
|
)
|
|
(989
|
)
|
Recoveries
(impairment) on assets
|
|
|
5,551
|
|
|
5,551
|
|
|
0
|
|
|
(500
|
)
|
|
0
|
|
|
0
|
|
|
(500
|
)
|
Trading
gains
|
|
|
879
|
|
|
4,849
|
|
|
1,008
|
|
|
14,278
|
|
|
5,104
|
|
|
3,475
|
|
|
23,865
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
0
|
|
|
2,699
|
|
|
3,906
|
|
|
288
|
|
|
2,226
|
|
|
9,119
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(253
|
)
|
|
(67
|
)
|
|
1
|
|
|
(56
|
)
|
|
(9
|
)
|
|
181
|
|
|
115
|
|
Other
income (expense), net
|
|
|
36
|
|
|
0
|
|
|
41
|
|
|
0
|
|
|
17
|
|
|
(64
|
)
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
39,840
|
|
|
15,118
|
|
|
10,697
|
|
|
26,734
|
|
|
9,242
|
|
|
3,954
|
|
|
50,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(28,929
|
)
|
|
(9,261
|
)
|
|
(7,586
|
)
|
|
(10,262
|
)
|
|
(8,652
|
)
|
|
(10,527
|
)
|
|
(37,027
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
57,902
|
|
$
|
21,070
|
|
$
|
14,834
|
|
$
|
26,983
|
|
$
|
14,827
|
|
$
|
15,534
|
|
$
|
72,177
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
$
|
1.56
|
|
$
|
0.58
|
|
$
|
0.41
|
|
$
|
0.74
|
|
$
|
0.41
|
|
$
|
0.43
|
|
$
|
1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.7
|
%
|
|
2.2
|
%
|
|
1.5
|
%
|
|
2.7
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
|
1.7
|
%
|
Return
on average stockholders' equity
|
|
|
10.0
|
%
|
|
14.5
|
%
|
|
10.2
|
%
|
|
18.0
|
%
|
|
9.6
|
%
|
|
9.9
|
%
|
|
11.9
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.76
|
%
|
|
1.82
|
%
|
|
1.70
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
|
1.71
|
%
|
Net
interest spread
|
|
|
0.70
|
%
|
|
0.76
|
%
|
|
0.88
|
%
|
|
0.76
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
0.80
|
%
|
Operating
expenses to average assets
|
|
|
0.85
|
%
|
|
0.96
|
%
|
|
0.79
|
%
|
|
1.01
|
%
|
|
0.80
|
%
|
|
0.91
|
%
|
|
0.88
|
%
|
BUSINESS
SEGMENT ANALYSIS
|
|
FOR
THE YEAR ENDED
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
DEC
31/06
|
|
DEC
31/07
|
|
DEC
31/06
|
|
SEP
30/07
|
|
DEC
31/07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
50.9
|
|
$
|
64.1
|
|
$
|
14.3
|
|
$
|
16.2
|
|
$
|
17.7
|
|
Non-interest
operating income
(1)
|
|
|
6.4
|
|
|
5.3
|
|
|
1.7
|
|
|
1.1
|
|
|
1.5
|
|
Operating
expenses
(2)
|
|
|
(23.7
|
)
|
|
(27.2
|
)
|
|
(7.4
|
)
|
|
(6.6
|
)
|
|
(7.7
|
)
|
Operating
income
(3)
|
|
|
33.7
|
|
|
42.3
|
|
|
8.6
|
|
|
10.8
|
|
|
11.4
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
13.0
|
|
|
1.5
|
|
|
1.4
|
|
|
(0.4
|
)
|
|
(0.3
|
)
|
Impairment
on assets
|
|
|
0.0
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
46.7
|
|
$
|
43.2
|
|
$
|
10.0
|
|
$
|
10.3
|
|
$
|
11.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
average interest-earning assets
(4)
|
|
|
2,715
|
|
|
3,366
|
|
|
3,027
|
|
|
3,433
|
|
|
3,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
6.9
|
|
|
6.2
|
|
|
1.6
|
|
|
1.7
|
|
|
2.1
|
|
Non-interest
operating income
(1)
|
|
|
2.1
|
|
|
8.5
|
|
|
0.0
|
|
|
0.0
|
|
|
2.2
|
|
Operating
expenses
(2)
|
|
|
(3.4
|
)
|
|
(4.3
|
)
|
|
(1.1
|
)
|
|
(0.9
|
)
|
|
(1.5
|
)
|
Operating
income
(3)
|
|
|
5.6
|
|
|
10.3
|
|
|
0.6
|
|
|
0.8
|
|
|
2.8
|
|
Recoveries
on assets, net of impairments
|
|
|
5.6
|
|
|
0.0
|
|
|
5.6
|
|
|
0.0
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
11.2
|
|
$
|
10.3
|
|
$
|
6.1
|
|
$
|
0.8
|
|
$
|
2.8
|
|
Treasury
average interest-earning assets
(5)
|
|
|
516
|
|
|
586
|
|
|
566
|
|
|
623
|
|
|
686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLADEX
ASSET MANAGEMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
1.0
|
|
|
0.2
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
(0.7
|
)
|
Non-interest
operating income
(1)
|
|
|
0.9
|
|
|
23.9
|
|
|
4.8
|
|
|
5.1
|
|
|
3.5
|
|
Operating
expenses
(2)
|
|
|
(1.9
|
)
|
|
(5.5
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
|
(1.3
|
)
|
Operating
income
(3)
|
|
|
0.0
|
|
|
18.6
|
|
|
4.9
|
|
|
3.7
|
|
|
1.5
|
|
NET
INCOME
|
|
$
|
0.0
|
|
$
|
18.6
|
|
$
|
4.9
|
|
$
|
3.7
|
|
$
|
1.5
|
|
Bladex
Asset Management average interest-earning assets
(6)
|
|
|
105
|
|
|
170
|
|
|
175
|
|
|
170
|
|
|
170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
|
58.8
|
|
|
70.6
|
|
|
16.7
|
|
|
17.6
|
|
|
19.1
|
|
Non-interest
operating income
(1)
|
|
|
9.4
|
|
|
37.7
|
|
|
6.6
|
|
|
6.3
|
|
|
7.2
|
|
Operating
expenses
(2)
|
|
|
(28.9
|
)
|
|
(37.0
|
)
|
|
(9.3
|
)
|
|
(8.7
|
)
|
|
(10.5
|
)
|
Operating
income
(3)
|
|
|
39.3
|
|
|
71.2
|
|
|
14.1
|
|
|
15.2
|
|
|
15.8
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
13.0
|
|
|
1.5
|
|
|
1.4
|
|
|
(0.4
|
)
|
|
(0.3
|
)
|
Recoveries
(impairment), on assets
|
|
|
5.6
|
|
|
(0.5
|
)
|
|
5.6
|
|
|
0.0
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
57.9
|
|
$
|
72.2
|
|
$
|
21.1
|
|
$
|
14.8
|
|
$
|
15.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
average interest-earning assets
|
|
$
|
3,336
|
|
$
|
4,122
|
|
$
|
3,768
|
|
$
|
4,226
|
|
$
|
4,494
|
|
The
bank has aligned its operations into two major business segments,
based on
the nature of clients, products and on credit risk standards.
Interest
expenses are allocated based on average credits.
|
|
(1)
Non-interest operating income consists of net other income (expense),
excluding reversals of 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 of
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.
|
|
(6)
Includes cash and due from banks, interest-bearing deposits with
banks,
and trading securities of Bladex Asset Management.
|
CREDIT
PORTFOLIO
|
DISTRIBUTION
BY COUNTRY
|
(In
US$ million)
|
|
|
AT
THE END OF,
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
31
DEC 06
|
|
30
SEP 07
|
|
31
DEC 07
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
216
|
|
|
5.4
|
|
$
|
346
|
|
|
7.7
|
|
$
|
287
|
|
|
6.0
|
|
|
($59
|
)
|
$
|
71
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0
|
|
BRAZIL
|
|
|
1,663
|
|
|
41.5
|
|
|
1,817
|
|
|
40.4
|
|
|
1,728
|
|
|
36.4
|
|
|
(89
|
)
|
|
65
|
|
CHILE
|
|
|
207
|
|
|
5.2
|
|
|
113
|
|
|
2.5
|
|
|
53
|
|
|
1.1
|
|
|
(60
|
)
|
|
(154
|
)
|
COLOMBIA
|
|
|
329
|
|
|
8.2
|
|
|
457
|
|
|
10.1
|
|
|
530
|
|
|
11.2
|
|
|
74
|
|
|
201
|
|
COSTA
RICA
|
|
|
97
|
|
|
2.4
|
|
|
91
|
|
|
2.0
|
|
|
148
|
|
|
3.1
|
|
|
58
|
|
|
52
|
|
DOMINICAN
REPUBLIC
|
|
|
127
|
|
|
3.2
|
|
|
142
|
|
|
3.2
|
|
|
105
|
|
|
2.2
|
|
|
(37
|
)
|
|
(22
|
)
|
ECUADOR
|
|
|
160
|
|
|
4.0
|
|
|
78
|
|
|
1.7
|
|
|
142
|
|
|
3.0
|
|
|
64
|
|
|
(18
|
)
|
EL
SALVADOR
|
|
|
88
|
|
|
2.2
|
|
|
43
|
|
|
1.0
|
|
|
59
|
|
|
1.2
|
|
|
16
|
|
|
(29
|
)
|
GUATEMALA
|
|
|
95
|
|
|
2.4
|
|
|
94
|
|
|
2.1
|
|
|
102
|
|
|
2.2
|
|
|
8
|
|
|
7
|
|
HONDURAS
|
|
|
37
|
|
|
0.9
|
|
|
46
|
|
|
1.0
|
|
|
49
|
|
|
1.0
|
|
|
3
|
|
|
13
|
|
JAMAICA
|
|
|
49
|
|
|
1.2
|
|
|
50
|
|
|
1.1
|
|
|
93
|
|
|
2.0
|
|
|
43
|
|
|
44
|
|
MEXICO
|
|
|
283
|
|
|
7.1
|
|
|
375
|
|
|
8.3
|
|
|
451
|
|
|
9.5
|
|
|
76
|
|
|
168
|
|
NICARAGUA
|
|
|
10
|
|
|
0.3
|
|
|
17
|
|
|
0.4
|
|
|
13
|
|
|
0.3
|
|
|
(4
|
)
|
|
2
|
|
PANAMA
|
|
|
220
|
|
|
5.5
|
|
|
226
|
|
|
5.0
|
|
|
222
|
|
|
4.7
|
|
|
(4
|
)
|
|
2
|
|
PERU
|
|
|
280
|
|
|
7.0
|
|
|
331
|
|
|
7.3
|
|
|
484
|
|
|
10.2
|
|
|
153
|
|
|
203
|
|
TRINIDAD
& TOBAGO
|
|
|
104
|
|
|
2.6
|
|
|
72
|
|
|
1.6
|
|
|
93
|
|
|
1.9
|
|
|
21
|
|
|
(11
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
3
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
(3
|
)
|
|
0
|
|
VENEZUELA
|
|
|
35
|
|
|
0.9
|
|
|
192
|
|
|
4.3
|
|
|
169
|
|
|
3.5
|
|
|
(23
|
)
|
|
134
|
|
OTHER
|
|
|
1
|
|
|
0.0
|
|
|
5
|
|
|
0.1
|
|
|
19
|
|
|
0.4
|
|
|
13
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO
(1)
|
|
$
|
4,006
|
|
|
100
|
%
|
$
|
4,503
|
|
|
100
|
%
|
$
|
4,753
|
|
|
100
|
%
|
$
|
249
|
|
$
|
747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(0
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
4,001
|
|
|
|
|
$
|
4,498
|
|
|
|
|
$
|
4,747
|
|
|
|
|
$
|
249
|
|
$
|
745
|
|
(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.
|
EXHIBIT
X
|
|
COMMERCIAL
PORTFOLIO
|
DISTRIBUTION
BY COUNTRY
|
(In
US$ million)
|
|
|
|
|
AT
THE END OF,
<
/fo nt>
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
31DEC06
|
|
30SEP07
|
|
31DEC07
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
Amount
|
|
%
of Total Outstanding
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
207
|
|
|
5.7
|
|
$
|
327
|
|
|
8.1
|
|
$
|
268
|
|
|
6.3
|
|
|
($59
|
)
|
$
|
61
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0
|
|
BRAZIL
|
|
|
1,531
|
|
|
42.1
|
|
|
1,593
|
|
|
39.5
|
|
|
1,600
|
|
|
37.4
|
|
|
7
|
|
|
69
|
|
CHILE
|
|
|
176
|
|
|
4.8
|
|
|
71
|
|
|
1.8
|
|
|
11
|
|
|
0.3
|
|
|
(60
|
)
|
|
(165
|
)
|
COLOMBIA
|
|
|
231
|
|
|
6.4
|
|
|
362
|
|
|
9.0
|
|
|
402
|
|
|
9.4
|
|
|
39
|
|
|
171
|
|
COSTA
RICA
|
|
|
97
|
|
|
2.7
|
|
|
91
|
|
|
2.2
|
|
|
148
|
|
|
3.5
|
|
|
58
|
|
|
52
|
|
DOMINICAN
REPUBLIC
|
|
|
127
|
|
|
3.5
|
|
|
127
|
|
|
3.2
|
|
|
92
|
|
|
2.1
|
|
|
(36
|
)
|
|
(35
|
)
|
ECUADOR
|
|
|
160
|
|
|
4.4
|
|
|
78
|
|
|
1.9
|
|
|
142
|
|
|
3.3
|
|
|
64
|
|
|
(18
|
)
|
EL
SALVADOR
|
|
|
83
|
|
|
2.3
|
|
|
43
|
|
|
1.1
|
|
|
48
|
|
|
1.1
|
|
|
5
|
|
|
(35
|
)
|
GUATEMALA
|
|
|
95
|
|
|
2.6
|
|
|
94
|
|
|
2.3
|
|
|
102
|
|
|
2.4
|
|
|
8
|
|
|
7
|
|
HONDURAS
|
|
|
37
|
|
|
1.0
|
|
|
46
|
|
|
1.1
|
|
|
49
|
|
|
1.1
|
|
|
3
|
|
|
13
|
|
JAMAICA
|
|
|
49
|
|
|
1.3
|
|
|
50
|
|
|
1.2
|
|
|
93
|
|
|
2.2
|
|
|
43
|
|
|
44
|
|
MEXICO
|
|
|
208
|
|
|
5.7
|
|
|
359
|
|
|
8.9
|
|
|
424
|
|
|
9.9
|
|
|
65
|
|
|
216
|
|
NICARAGUA
|
|
|
10
|
|
|
0.3
|
|
|
17
|
|
|
0.4
|
|
|
13
|
|
|
0.3
|
|
|
(4
|
)
|
|
2
|
|
PANAMA
|
|
|
201
|
|
|
5.5
|
|
|
167
|
|
|
4.1
|
|
|
150
|
|
|
3.5
|
|
|
(17
|
)
|
|
(50
|
)
|
PERU
|
|
|
280
|
|
|
7.7
|
|
|
331
|
|
|
8.2
|
|
|
454
|
|
|
10.6
|
|
|
124
|
|
|
174
|
|
TRINIDAD
& TOBAGO
|
|
|
104
|
|
|
2.8
|
|
|
72
|
|
|
1.8
|
|
|
93
|
|
|
2.2
|
|
|
21
|
|
|
(11
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
3
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
(3
|
)
|
|
0
|
|
VENEZUELA
|
|
|
35
|
|
|
1.0
|
|
|
192
|
|
|
4.8
|
|
|
169
|
|
|
3.9
|
|
|
(23
|
)
|
|
134
|
|
OTHER
|
|
|
0
|
|
|
0.0
|
|
|
5
|
|
|
0.1
|
|
|
19
|
|
|
0.4
|
|
|
13
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO
(1)
|
|
$
|
3,634
|
|
|
100
|
%
|
$
|
4,032
|
|
|
100
|
%
|
$
|
4,281
|
|
|
100
|
%
|
$
|
250
|
|
$
|
647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(0
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
3,630
|
|
|
|
|
$
|
4,026
|
|
|
|
|
$
|
4,275
|
|
|
|
|
$
|
249
|
|
$
|
646
|
|
(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
|
|
Dec.
31, 2006
|
|
Sep.
30, 2007
|
|
Dec.
31, 2007
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
|
9
|
|
$
|
20
|
|
|
20
|
|
|
($0
|
)
|
$
|
10
|
|
BRAZIL
|
|
|
133
|
|
|
225
|
|
|
129
|
|
|
(96
|
)
|
|
(4
|
)
|
CHILE
|
|
|
32
|
|
|
42
|
|
|
42
|
|
|
(0
|
)
|
|
11
|
|
COLOMBIA
|
|
|
98
|
|
|
92
|
|
|
126
|
|
|
34
|
|
|
28
|
|
DOMINICAN
REPUBLIC
|
|
|
0
|
|
|
15
|
|
|
13
|
|
|
(2
|
)
|
|
13
|
|
EL
SALVADOR
|
|
|
5
|
|
|
0
|
|
|
11
|
|
|
11
|
|
|
6
|
|
MEXICO
|
|
|
50
|
|
|
17
|
|
|
27
|
|
|
10
|
|
|
(23
|
)
|
PANAMA
|
|
|
20
|
|
|
59
|
|
|
72
|
|
|
13
|
|
|
52
|
|
PERU
|
|
|
0
|
|
|
0
|
|
|
29
|
|
|
29
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
AVAILABLE FOR SALE PORTFOLIO
|
|
$
|
346
|
|
$
|
469
|
|
$
|
468
|
|
|
($0
|
)
|
$
|
122
|
|
CREDIT
DISBURSEMENTS
|
DISTRIBUTION
BY COUNTRY
|
(In
US$ million)
|
|
|
QUARTERLY
INFORMATION
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
COUNTRY
|
|
4QTR06
|
|
3QTR07
|
|
4QTR07
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
106
|
|
$
|
151
|
|
$
|
115
|
|
|
($36
|
)
|
$
|
9
|
|
BOLIVIA
|
|
|
0
|
|
|
5
|
|
|
0
|
|
|
(5
|
)
|
|
0
|
|
BRAZIL
|
|
|
435
|
|
|
690
|
|
|
297
|
|
|
(393
|
)
|
|
(137
|
)
|
CHILE
|
|
|
110
|
|
|
61
|
|
|
1
|
|
|
(60
|
)
|
|
(109
|
)
|
COLOMBIA
|
|
|
182
|
|
|
117
|
|
|
129
|
|
|
11
|
|
|
(53
|
)
|
COSTA
RICA
|
|
|
51
|
|
|
82
|
|
|
116
|
|
|
33
|
|
|
64
|
|
DOMINICAN
REPUBLIC
|
|
|
186
|
|
|
177
|
|
|
81
|
|
|
(96
|
)
|
|
(105
|
)
|
ECUADOR
|
|
|
132
|
|
|
50
|
|
|
104
|
|
|
55
|
|
|
(28
|
)
|
EL
SALVADOR
|
|
|
66
|
|
|
14
|
|
|
43
|
|
|
29
|
|
|
(23
|
)
|
GUATEMALA
|
|
|
62
|
|
|
55
|
|
|
64
|
|
|
10
|
|
|
3
|
|
HONDURAS
|
|
|
23
|
|
|
32
|
|
|
35
|
|
|
3
|
|
|
12
|
|
JAMAICA
|
|
|
44
|
|
|
61
|
|
|
129
|
|
|
69
|
|
|
86
|
|
MEXICO
|
|
|
141
|
|
|
92
|
|
|
187
|
|
|
95
|
|
|
46
|
|
NICARAGUA
|
|
|
5
|
|
|
15
|
|
|
3
|
|
|
(12
|
)
|
|
(2
|
)
|
PANAMA
|
|
|
32
|
|
|
85
|
|
|
51
|
|
|
(35
|
)
|
|
19
|
|
PERU
|
|
|
241
|
|
|
272
|
|
|
373
|
|
|
101
|
|
|
132
|
|
TRINIDAD
& TOBAGO
|
|
|
123
|
|
|
31
|
|
|
84
|
|
|
53
|
|
|
(39
|
)
|
URUGUAY
|
|
|
0
|
|
|
3
|
|
|
0
|
|
|
(3
|
)
|
|
0
|
|
VENEZUELA
|
|
|
23
|
|
|
44
|
|
|
31
|
|
|
(13
|
)
|
|
9
|
|
OTHER
|
|
|
0
|
|
|
104
|
|
|
18
|
|
|
(86
|
)
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
|
|
$
|
1,960
|
|
$
|
2,140
|
|
$
|
1,861
|
|
|
($279
|
)
|
|
($99
|
)
|
(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).
|
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