Bladex Reports First Quarter Net Income of $19.2 Million, Representing an Increase of 29% and 24% from the First Quarter 2007 an
April 15 2008 - 5:31PM
PR Newswire (US)
PANAMA CITY, April 15 /PRNewswire-FirstCall/ -- Banco
Latinoamericano de Exportaciones, S.A. (NYSE:BLX) ("Bladex" or the
"Bank") announced today its results for the first quarter ended
March 31, 2008, with net operating revenue of $28.4 million and net
income of $19.2 million; annualized return on average equity was
12.6%, and Tier 1 capitalization stood at 19.6%. Business
Highlights - Net operating revenue(1) of $28.4 million, an increase
of 32% from the first quarter 2007 and 8% from the fourth quarter
2007, reflecting strong growth in the Bank's intermediation
business. - Net income of $19.2 million, an increase of 29%
compared to the first quarter 2007, and 24% from the fourth quarter
2007. - Return on average equity ("ROE") of 12.6%, an increase of
24% from the first quarter 2007, and 27% from the fourth quarter
2007. - Commercial Division's net operating income(2) of $14.7
million, an increase of 45% from the first quarter 2007 and 28%
from the fourth quarter 2007. Commercial portfolio growth was solid
and diverse, as reflected in an 18% increase in the average
portfolio from a year ago. - Treasury Division's net operating
income of $1.0 million, a decrease of $1.6 million compared to the
first quarter 2007, and $1.9 million from the fourth quarter 2007,
due to lower gains on sale of securities available for sale. During
the quarter, the Bank increased its available for sale portfolio
with $227 million of high quality Latin American floating rate
securities, reflecting the current price volatility impact in the
other comprehensive income account. - Asset Management Division's
net operating income of $3.6 million, an increase of 165% from the
first quarter 2007, and 138% from the fourth quarter 2007, driven
by trading gains. - As of March 31, 2008, the Bank had zero credits
in non-accruing or past due status. The Bank's liquidity ratio(3)
strengthened to 9.7% from 7.1% in the first quarter 2007, and 8.4%
in the fourth quarter 2007. During the quarter, the Bank contracted
a $200 million medium-term loan facility from China Development
Bank. - The Bank's efficiency ratio(4) improved to 32% from 35% in
the first quarter 2007, and from 40% in the fourth quarter 2007.
Mr. Jaime Rivera, Bladex's Chief Executive Officer, stated the
following regarding quarter's results: "We are aware of the
difficult market conditions that are prevailing in some segments of
the financial industry. From Bladex's perspective, however, the
shifting markets have given rise to attractive revenue
opportunities that we have been able to exploit thanks to the
strength of our financial condition, our expertise, and the
expanded reach of our product suite. From a strategic perspective,
the current environment has highlighted the value of our franchise
as one of the pieces that support Latin America's growing trade
flows. "As we continue moving forward, we will retain our focus on
a solid portfolio, ample liquidity, growing profitability, and
further diversification of our revenue sources." KEY FINANCIAL
FIGURES AND RATIOS (US$ million, except percentages and per share
amounts) 1Q07 4Q07 1Q08 Net Interest Income $17.1 $19.1 $21.1 Net
Operating Income by business segment: Commercial Division $10.1
$11.4 $14.7 Treasury Division $2.6 $2.8 $1.0 Asset Management
Division $1.3 $1.5 $3.6 Net Operating Income $14.0 $15.8 $19.2 Net
Income $14.8 $15.5 $19.2 Net Income per Share(5) $0.41 $0.43 $0.53
Book Value per common share $16.24 $16.83 $16.73 Return on Average
Equity ("ROE") 10.2% 9.9% 12.6% Operating Return on Average Equity
(Operating ROE) 9.7% 10.1% 13.2% Return on Average Assets ("ROA")
1.5% 1.3% 1.6% Net Interest Margin 1.82% 1.69% 1.77% Tier 1
Capital(6) $590 $612 $608 Total Capital(7) $623 $649 $647
Risk-Weighted Assets $2,641 $2,927 $3,112 Tier 1 Capital Ratio(6)
22.3% 20.9% 19.6% Total Capital Ratio (7) 23.6% 22.2% 20.8%
Stockholders' Equity to Total Assets 13.8% 12.8% 12.0% Liquid
Assets / Total Assets 7.1% 8.4% 9.7% Liquid Assets / Total Deposits
22.0% 27.4% 36.3% Non-Accruing Loans to Total Loans, net 0.0% 0.0%
0.0% Allowance for Loan Losses to Total Loan Portfolio 1.7% 1.9%
1.9% Allowance for Losses on Off-Balance Sheet Credit Risk to Total
Contingencies 4.7% 2.5% 3.5% Total Assets $4,274 $4,791 $5,090
FOOTNOTES: (1) Net Operating Revenue refers to net interest income
plus non-interest operating income. (2) Net Operating Income refers
to net interest income plus non-interest operating income minus
operating expenses. (3) Liquidity ratio refers to liquid assets as
a percentage of total assets. Liquid assets represent cash and due
from banks and exclude cash balances in the Asset Management
division. (4) Efficiency ratio refers to consolidated operating
expenses as a percentage of net operating revenues. Excluding the
Asset Management Division's net revenues and expenses, the
efficiency ratio is 35%, 43% and 38% for first quarter 2008, fourth
quarter 2007 and first quarter 2007, respectively. (5) Net Income
per Share calculations are based on the average number of shares
outstanding during each period. (6) Tier 1 Capital refers to total
stockholders' equity. Tier 1 Capital ratio refers to Tier 1 Capital
as a percentage of risk weighted assets. Risk-weighted assets are
calculated based on US Federal Reserve Board and Basel I capital
adequacy guidelines. (7) Total Capital refers to total
stockholders' equity plus Tier 2 Capital based on US Federal
Reserve Board and Basel I capital adequacy guidelines. Total
Capital ratio refers to Total Capital as a percentage of risk
weighted assets. 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 March 31, 2008, Bladex had disbursed accumulated
credits of over $154 billion. Conference Call Information There
will be a conference call to discuss the Bank's quarterly results
on Wednesday, April 16, 2008, at 11:00 a.m., New York City time
(Eastern Time). For those interested in participating, please dial
(800) 311-9401 in the United States or, if outside the United
States, (334) 323-7224. Participants should use conference ID#
8034, 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 April 22, 2008. Please dial (877)
919-4059 or (334) 323-7226, and follow the instructions. The
Conference ID# for the replayed call is 65669442. For more
information, please access http://www.bladex.com/ or contact: Mr.
Jaime Celorio 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: 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: DATASOURCE: Bladex
CONTACT: Jaime Celorio, Chief Financial Officer, Bladex,
+1-507-210-8563, or fax +1-507-269-6333, ; or Melanie Carpenter or
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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