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.
April
15,
2008
Banco
Latinoamericano de Exportaciones, S.A.
By:
|
/s/
Pedro Toll
|
|
|
Name:
Pedro Toll
|
Title:
Deputy Manager
|
Bladex
reports First Quarter Net Income of $19.2 million, representing an increase
of
29% and 24% from the first quarter 2007 and the fourth quarter 2007,
respectively.
|
·
|
Panama
City, Republic of Panama, April 15, 2008
-
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.
|
|
-
|
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 $200
million medium-term loan facility from China Development Bank.
|
|
-
|
The
Bank’s efficiency ratio
(4)
improved to 32% from 35% in the first quarter 2007, and from 40%
in the
fourth quarter 2007.
|
Mr.
Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding
quarter’s results:
"We
are
aware of the difficult market conditions that are prevailing in some segments
of
the financial industry. From Bladex's perspective, however, the shifting markets
have given rise to attractive revenue opportunities that we have been able
to
exploit thanks to the strength of our financial condition, our expertise, and
the expanded reach of our product suite. From a strategic perspective, the
current environment has highlighted the value of our franchise as one of the
pieces that support Latin America's growing trade flows.
As
we
continue moving forward; we will retain our focus on a solid portfolio, ample
liquidity, growing profitability, and further diversification of our revenue
sources. "
RESULTS
BY BUSINESS SEGMENT
The
Commercial Division
incorporates the Bank’s financial intermediation and fee generation activities.
Net operating income includes net interest income from loans, fee income, and
net allocated operating expenses.
(US$
million)
|
|
1Q07
|
|
4Q07
|
|
1Q08
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
14.8
|
|
$
|
17.7
|
|
$
|
19.4
|
|
Non-interest
operating income
(5)
|
|
|
1.3
|
|
|
1.5
|
|
|
1.8
|
|
Net
operating revenues
|
|
$
|
16.1
|
|
$
|
19.2
|
|
$
|
21.2
|
|
Operating
expenses
|
|
|
(6.0
|
)
|
|
(7.7
|
)
|
|
(6.5
|
)
|
Net
operating income
|
|
$
|
10.1
|
|
$
|
11.4
|
|
$
|
14.7
|
|
Net
operating income for the first quarter 2008 reached $14.7 million, representing
an increase of 29% and 45%, compared to the fourth quarter 2007 and the first
quarter 2007, respectively.
Portfolio
growth was solid and consistent during the first quarter 2008, reflecting an
increase in the average portfolio of 18% from a year ago.
The
commercial portfolio includes letters of credit, country risk guarantees and
loan commitments pertaining to the Bank’s traditional intermediation
activities.
See
Exhibit VIII for information related to the Bank’s commercial portfolio
distribution by country.
During
the first quarter 2008, the Bank disbursed credits amounting to $2 billion.
Please refer to Exhibit X for the Bank’s distribution of credit disbursements by
country.
As
of
March 31, 2008, the corporate market segment represented 53% of the Bank’s total
commercial portfolio, compared to 49% as of December 31, 2007, and 48% a year
ago.
The
commercial portfolio as a whole continues to be short-term and trade-related
in
nature, with 68% of credits maturing within one year, and 65% representing
trade
financing operations.
As
of
March 31, 2008, the Bank had zero credits in non-accruing or past-due status.
The Bank has no exposure to the sub-prime or mortgage segments in any market,
nor does it carry any mono-line insurance risk.
The
Treasury
Division
incorporates
the Bank’s investment securities activities. Net operating income is presented
net of allocated operating expenses, and includes net interest income on
investment securities, gains and losses on the sale of securities, as well
as on
derivatives and hedging activities and on foreign currency exchange
transactions.
(US$
million)
|
|
1Q07
|
|
4Q07
|
|
1Q08
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
1.3
|
|
$
|
2.1
|
|
$
|
2.2
|
|
Non-interest
operating income
|
|
|
2.2
|
|
|
2.2
|
|
|
0.2
|
|
Net
operating revenues
|
|
$
|
3.5
|
|
$
|
4.3
|
|
$
|
2.4
|
|
Operating
expenses
|
|
|
(1.0
|
)
|
|
(1.5
|
)
|
|
(1.4
|
)
|
Net
operating income
|
|
$
|
2.6
|
|
$
|
2.8
|
|
$
|
1.0
|
|
Net
operating income of $1.0 million represents a decrease of $1.9 million from
the
fourth quarter 2007 and, of $1.6 million from the first quarter 2007, driven
by
gains on sales of securities in the referenced quarters.
The
securities available for sale portfolio totaled $695 million, representing
an
increase of 48% from December 31, 2007. As of March 31, 2008, the securities
portfolio represented 14% of the Bank’s total credit portfolio, and consisted of
Latin American securities (please refer to Exhibit IX for a per country
distribution of the investment securities in the available for sale
portfolio).
In
its
available for sale portfolio, and in order to eliminate interest rate risk,
the
Bank avails itself of interest rate swaps to convert the interest basis of
the
underlying instruments to floating rate. The available for sale portfolio is
marked-to-market, and the impact is accounted for in the capital account through
the other comprehensive income account (please refer to Exhibit I), reflecting
an effect in the order of 1% in the Bank’s strong Tier 1 ratio.
During
the quarter, the
the
Bank
continued to take advantage of the extraordinary volatility in the Region's
fixed income market. The Bank increased its available for sale portfolio
with $227 million of floating rate securities at an attractive intermediation
spread in order to eventually sell once prices improve, a strategy which has
been successfully executed in the last two years.
As
of
March 31, 2008, liability deposit balances were $1,357 million, a $105 million
(7%) decrease compared to the previous quarter, and $23 million (2%) lower
than
the first quarter 2007.
In
response to market conditions, the Bank continued to strengthen its liquidity
position during the quarter, as reflected in the liquidity ratio, which
increased to 9.7% from 7.1% a year ago.
During
the first quarter 2008 Bladex continued diversifying its funding sources,
allowing for loan growth, while maintaining a conservatively managed asset
and
liability position at all maturities. Along these lines, during the quarter
the
Bank contracted a $200 million medium-term loan facility from China Development
Bank, under the umbrella of the Cooperation Agreement between both
institutions.
The
Asset
Management Division
incorporates
the Bank’s proprietary asset management activities. Net operating income is
presented net of allocated operating expenses, and includes net interest income
on trading securities, as well as trading gains and losses.
(US$
million)
|
|
1Q07
|
|
4Q07
|
|
1Q08
|
|
Asset
Management Division:
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
0.9
|
|
$
|
(0.7
|
)
|
$
|
(0.4
|
)
|
Non-interest
operating income
|
|
|
1.0
|
|
|
3.5
|
|
|
5.4
|
|
Net
operating revenues
|
|
$
|
1.9
|
|
$
|
2.8
|
|
$
|
5.0
|
|
Operating
expenses
|
|
|
(0.6
|
)
|
|
(1.3
|
)
|
|
(1.3
|
)
|
Net
operating income
|
|
$
|
1.3
|
|
$
|
1.5
|
|
$
|
3.6
|
|
Net
operating income in the first quarter 2008 totaled $3.6 million, representing
an
increase of 165% compared to first quarter 2007, and a 138% increase from the
previous quarter, driven by trading gains.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
(US$
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
(6)
|
|
$
|
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
(7)
|
|
$
|
590
|
|
$
|
612
|
|
$
|
608
|
|
Total
Capital
(8)
|
|
$
|
623
|
|
$
|
649
|
|
$
|
647
|
|
Risk-Weighted
Assets
|
|
$
|
2,641
|
|
$
|
2,927
|
|
$
|
3,112
|
|
Tier
1 Capital Ratio
(7)
|
|
|
22.3
|
%
|
|
20.9
|
%
|
|
19.6
|
%
|
Total
Capital Ratio
(8)
|
|
|
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
|
|
The
following graphs illustrate Operating Income and the Return on Average
Stockholders’ Equity trends from 2005 through 2008:
NET
INTEREST INCOME AND MARGINS
(In
US$ million, except percentages)
|
|
1Q07
|
|
4Q07
|
|
1Q08
|
|
Net
Interest Income
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
|
|
|
|
|
|
|
|
|
Accruing
Portfolio
|
|
$
|
14.8
|
|
$
|
17.7
|
|
$
|
19.4
|
|
Non-accruing
portfolio
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
Commercial
Division
|
|
$
|
14.8
|
|
$
|
17.7
|
|
$
|
19.4
|
|
Treasury
Division
|
|
|
1.3
|
|
|
2.1
|
|
|
2.2
|
|
Asset
Management Division
|
|
|
0.9
|
|
|
(0.7
|
)
|
|
(0.4
|
)
|
Consolidated
|
|
$
|
17.1
|
|
$
|
19.1
|
|
$
|
21.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin
*
|
|
|
1.82
|
%
|
|
1.69
|
%
|
|
1.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
*
Net
interest income divided by average balance of interest-earning assets.
|
Net
interest income in the first quarter 2008 reached $21.1 million, an increase
of
10%, driven by increased weighted average lending spreads, which led to an
increase in the net interest margin (“NIM”), and by higher average balances in
the loan portfolio.
The
$4.0
million, or 24%, increase in net interest income compared to a year ago reflects
mostly increased average loan portfolio, as well as higher weighted average
lending spreads.
FEES
AND COMMISSIONS
(In
US$ million)
|
|
1Q07
|
|
4Q07
|
|
1Q08
|
|
Letters
of credit
|
|
$
|
0.7
|
|
$
|
0.9
|
|
$
|
1.0
|
|
Guarantees
|
|
|
0.2
|
|
|
0.3
|
|
|
0.4
|
|
Loans
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
Other
*
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
Fees
and commissions, net
|
|
$
|
1.3
|
|
$
|
1.6
|
|
$
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Net of commission expenses.
|
Fees
and
commissions in the first quarter 2008 increased 14%, or $0.2 million, compared
to the previous quarter, and 41%, or $0.5 million from a year ago, mostly due
to
the increased commission income from letters of credits and guarantees.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
The
allowance for credit losses represented $83.6 million, mostly unchanged from
December 31, 2007. The ratio for the allowance for credit losses to the
commercial portfolio was 2.0%, compared to 2.0% as of December 31, 2007 and
2.1%
as of March 31, 2007. The loan portfolio coverage remained at 1.9% as of March
31, 2008, compared to December 31, 2007, while the off-balance sheet credit
risk
coverage increased from 2.5% in December 31, 2007 to 3.5% in March 31, 2008
due
to changes in the mix of the contingencies portfolio..
(In
US$ million)
|
|
31MAR07
|
|
30JUN07
|
|
30SEP07
|
|
31DEC07
|
|
31MAR08
|
|
Allowance
for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
beginning of period
|
|
$
|
51.3
|
|
$
|
56.6
|
|
$
|
69.0
|
|
$
|
72.6
|
|
$
|
69.6
|
|
Provisions
|
|
|
5.4
|
|
|
6.2
|
|
|
3.4
|
|
|
(3.0
|
)
|
|
0.0
|
|
Recoveries
|
|
|
0.0
|
|
|
6.2
|
|
|
0.3
|
|
|
0.0
|
|
|
0.3
|
|
End
of period balance
|
|
$
|
56.6
|
|
$
|
69.0
|
|
$
|
72.6
|
|
$
|
69.6
|
|
$
|
69.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for losses on off-balance sheet credit risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
27.2
|
|
$
|
21.0
|
|
$
|
13.5
|
|
$
|
10.5
|
|
$
|
13.7
|
|
Provisions
(reversals)
|
|
|
(6.2
|
)
|
|
(7.6
|
)
|
|
(3.0
|
)
|
|
3.2
|
|
|
0.0
|
|
End
of period balance
|
|
$
|
21.0
|
|
$
|
13.5
|
|
$
|
10.5
|
|
$
|
13.7
|
|
$
|
13.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
allowance for credit losses
|
|
$
|
77.6
|
|
$
|
82.4
|
|
$
|
83.1
|
|
$
|
83.4
|
|
$
|
83.6
|
|
OPERATING
EXPENSES AND EFFICIENCY LEVEL
(US$
million)
|
|
1Q07
|
|
4Q07
|
|
1Q08
|
|
Salaries
and other employee expenses
|
|
$
|
4.3
|
|
$
|
6.7
|
|
$
|
5.5
|
|
Depreciation
and amortization
|
|
|
0.6
|
|
|
0.7
|
|
|
0.7
|
|
Professional
services
|
|
|
0.7
|
|
|
1.0
|
|
|
0.7
|
|
Maintenance
and repairs
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
Other
operating expenses
|
|
|
1.7
|
|
|
1.8
|
|
|
2.0
|
|
Total
Operating Expenses
|
|
$
|
7.6
|
|
$
|
10.5
|
|
$
|
9.2
|
|
The
Bank’s efficiency ratio improved to 32% from 35% in the first quarter 2007 and
from 40% in the fourth quarter 2007.
Total
operating expenses for the first quarter 2008 were $9.2 million, representing
a
decrease of $1.3 million compared to the previous quarter due to lower variable
compensation, and an increase of $1.6 million compared to a year ago, mainly
due
to new hires to support business growth.
OTHER
EVENTS
§
|
First
Quarter - Common Dividend Payment:
On
April 4, 2008, the Bank paid a regular quarterly dividend of US$0.22
per
share corresponding to the first quarter 2008 to stockholders of
record as
of March 25, 2008.
|
§
|
Annual
Shareholders’ Meeting:
Bladex’s
Annual Shareholders’ Meeting took place on April 15, 2008, in Panama City,
Panama. At this meeting,
shareholders:
|
|
o
|
Approved
the Bank’s financial statements for the fiscal year ended December 31,
2007;
|
|
o
|
Appointed
Deloitte as the Bank’s independent auditors for the fiscal year ended
December 31, 2008;
|
|
o
|
Elected
Mr. Mario Covo as Director representing Class “E” shareholders;
and
|
|
o
|
Elected
Mr. Guillermo Güémez and Mr. Roberto Feletti as Directors representing
Class “A” shareholders.
|
§
|
President
- Board of Directors:
At
a Board of Directors meeting immediately following the annual
shareholders´meeting, Directors appointed Mr. Gonzalo Menéndez-Duque as
President of the Board.
|
Note:
Various
numbers and percentages set forth in this press release have been rounded and,
accordingly, may not total exactly.
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)
Non-interest operating income refers to net other income (expense) excluding
reversals (provisions) for credit losses and recoveries (impairment) on
assets.
(6)
Net
Income per Share calculations are based on the average number of shares
outstanding during each period.
(7)
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.
(8)
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 $154 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Wednesday,
April 16, 2008, at 11:00 a.m., New York City time (Eastern Time). For those
interested in participating, please dial (800) 311-9401 in the United States
or,
if outside the United States, (334) 323-7224. Participants should use conference
ID# 8034, and dial in five minutes before the call is set to begin. There will
also be a live audio webcast of the conference at
www.bladex.com
.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through April 22, 2008. Please
dial
(877)
919-4059 or (334) 323-7226
,
and
follow the instructions. The Conference ID# for the replayed call is
65669442.
For
more
information, please access
www.bladex.com
or
contact:
Mr.
Jaime
Celorio
Chief
Financial Officer
Bladex
Calle
50
y Aquilino de la Guardia
P.O.
Box:
0819-08730
Panama
City, Panama
Tel:
(507) 210-8563
Fax:
(507) 269-6333
e-mail
address: jcelorio@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82
Wall
Street, Suite 805
New
York,
NY 10005
Tel:
(212) 406-3690
e-mail
address:
bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
(C) - (B)
|
|
|
|
(C) - (A)
|
|
|
|
|
|
Mar. 31, 2007
|
|
Dec. 31, 2007
|
|
Mar. 31, 2008
|
|
CHANGE
|
|
%
|
|
CHANGE
|
|
%
|
|
|
|
(In US$ million)
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
308
|
|
$
|
478
|
|
$
|
539
|
|
$
|
61
|
|
|
13
|
%
|
$
|
231
|
|
|
75
|
%
|
Trading
assets
|
|
|
94
|
|
|
53
|
|
|
29
|
|
|
(24
|
)
|
|
(45
|
)
|
|
(65
|
)
|
|
(69
|
)
|
Securities
available for sale
|
|
|
446
|
|
|
468
|
|
|
695
|
|
|
227
|
|
|
48
|
|
|
250
|
|
|
56
|
|
Securities
held to maturity
|
|
|
80
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(80
|
)
|
|
(100
|
)
|
Loans
|
|
|
3,302
|
|
|
3,732
|
|
|
3,775
|
|
|
43
|
|
|
1
|
|
|
473
|
|
|
14
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(57
|
)
|
|
(70
|
)
|
|
(70
|
)
|
|
(0
|
)
|
|
0
|
|
|
(13
|
)
|
|
23
|
|
Unearned
income and deferred loan fees
|
|
|
(4
|
)
|
|
(6
|
)
|
|
(7
|
)
|
|
(1
|
)
|
|
11
|
|
|
(2
|
)
|
|
56
|
|
Loans,
net
|
|
|
3,241
|
|
|
3,656
|
|
|
3,698
|
|
|
42
|
|
|
1
|
|
|
457
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
6
|
|
|
9
|
|
|
35
|
|
|
26
|
|
|
281
|
|
|
29
|
|
|
469
|
|
Premises
and equipment, net
|
|
|
11
|
|
|
10
|
|
|
10
|
|
|
(1
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(9
|
)
|
Accrued
interest receivable
|
|
|
52
|
|
|
63
|
|
|
52
|
|
|
(11
|
)
|
|
(17
|
)
|
|
(0
|
)
|
|
(1
|
)
|
Other
assets
|
|
|
37
|
|
|
54
|
|
|
32
|
|
|
(21
|
)
|
|
(40
|
)
|
|
(4
|
)
|
|
(12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,274
|
|
$
|
4,791
|
|
$
|
5,090
|
|
$
|
299
|
|
|
6
|
%
|
$
|
816
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
102
|
|
$
|
111
|
|
$
|
94
|
|
$
|
(17
|
)
|
|
(15
|
)%
|
$
|
(8
|
)
|
|
(8
|
)
|
Time
|
|
|
1,278
|
|
|
1,351
|
|
|
1,263
|
|
|
(88
|
)
|
|
(7
|
)
|
|
(15
|
)
|
|
(1
|
)
|
Total
Deposits
|
|
|
1,380
|
|
|
1,462
|
|
|
1,357
|
|
|
(105
|
)
|
|
(7
|
)
|
|
(23
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
446
|
|
|
91
|
|
|
23
|
|
|
(68
|
)
|
|
(74
|
)
|
|
(423
|
)
|
|
(95
|
)
|
Securities
sold under repurchase agreements
|
|
|
949
|
|
|
283
|
|
|
529
|
|
|
245
|
|
|
87
|
|
|
(420
|
)
|
|
(44
|
)
|
Short-term
borrowings
|
|
|
732
|
|
|
1,221
|
|
|
1,204
|
|
|
(18
|
)
|
|
(1
|
)
|
|
471
|
|
|
64
|
|
Borrowings
and long-term debt
|
|
|
80
|
|
|
1,010
|
|
|
1,220
|
|
|
210
|
|
|
21
|
|
|
1,140
|
|
|
1,434
|
|
Acceptances
outstanding
|
|
|
6
|
|
|
9
|
|
|
35
|
|
|
26
|
|
|
281
|
|
|
29
|
|
|
469
|
|
Accrued
interest payable
|
|
|
34
|
|
|
39
|
|
|
36
|
|
|
(3
|
)
|
|
(8
|
)
|
|
2
|
|
|
6
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
21
|
|
|
14
|
|
|
14
|
|
|
0
|
|
|
0
|
|
|
(7
|
)
|
|
(35
|
)
|
Other
liabilities
|
|
|
36
|
|
|
48
|
|
|
65
|
|
|
17
|
|
|
35
|
|
|
28
|
|
|
78
|
|
TOTAL
LIABILITIES
|
|
$
|
3,684
|
|
$
|
4,178
|
|
$
|
4,482
|
|
$
|
303
|
|
|
7
|
%
|
$
|
798
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
212
|
|
|
245
|
|
|
257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive income (loss)
|
|
|
2
|
|
|
(10
|
)
|
|
(25
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
stock
|
|
|
(135
|
|
|
(134
|
)
|
|
(134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
590
|
|
$
|
612
|
|
$
|
608
|
|
$
|
(4
|
)
|
|
(1
|
)%
|
$
|
18
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,274
|
|
$
|
4,791
|
|
$
|
5,090
|
|
$
|
299
|
|
|
6
|
%
|
$
|
816
|
|
|
19
|
%
|
EXHIBIT
II
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
(C) - (B)
|
|
|
|
(C) - (A)
|
|
|
|
|
|
Mar. 31, 2007
|
|
Dec. 31, 2007
|
|
Mar. 31, 2008
|
|
CHANGE
|
|
%
|
|
CHANGE
|
|
%
|
|
|
|
(In US$ thousand, except per share data)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
60,993
|
|
$
|
71,992
|
|
$
|
67,850
|
|
$
|
(4,142
|
)
|
|
(6
|
)%
|
$
|
6,857
|
|
|
11
|
%
|
Interest
expense
|
|
|
(43,917
|
)
|
|
(52,864
|
)
|
|
(46,733
|
)
|
|
6,132
|
|
|
(12
|
)
|
|
(2,816
|
)
|
|
6
|
|
NET
INTEREST INCOME
|
|
|
17,076
|
|
|
19,127
|
|
|
21,118
|
|
|
1,990
|
|
|
10
|
|
|
4,041
|
|
|
24
|
|
Reversal
(provision) for loan losses
|
|
|
(5,354
|
)
|
|
2,980
|
|
|
0
|
|
|
(2,980
|
)
|
|
(100
|
)
|
|
5,354
|
|
|
(100
|
)
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
11,722
|
|
|
22,107
|
|
|
21,118
|
|
|
(990
|
)
|
|
(4
|
)
|
|
9,396
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
6,158
|
|
|
(3,235
|
)
|
|
0
|
|
|
3,235
|
|
|
(100
|
)
|
|
(6,158
|
)
|
|
(100
|
)
|
Fees
and commissions, net
|
|
|
1,275
|
|
|
1,582
|
|
|
1,799
|
|
|
216
|
|
|
14
|
|
|
524
|
|
|
41
|
|
Activities
of hedging derivatives instruments
|
|
|
(485
|
)
|
|
(212
|
)
|
|
(52
|
)
|
|
160
|
|
|
(76
|
)
|
|
433
|
|
|
(89
|
)
|
Trading
gains
|
|
|
1,008
|
|
|
3,475
|
|
|
5,350
|
|
|
1,875
|
|
|
54
|
|
|
4,342
|
|
|
(431
|
)
|
Net
gains on sale of securities available for sale
|
|
|
2,699
|
|
|
2,226
|
|
|
0
|
|
|
(2,226
|
)
|
|
(100
|
)
|
|
(2,699
|
)
|
|
(100
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
1
|
|
|
181
|
|
|
184
|
|
|
3
|
|
|
2
|
|
|
183
|
|
|
(35,201
|
)
|
Other
income (expense), net
|
|
|
41
|
|
|
(64
|
)
|
|
40
|
|
|
105
|
|
|
(163
|
)
|
|
(0
|
)
|
|
(1
|
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
10,697
|
|
|
3,954
|
|
|
7,321
|
|
|
3,368
|
|
|
85
|
|
|
(3,376
|
)
|
|
(32
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(4,263
|
)
|
|
(6,687
|
)
|
|
(5,530
|
)
|
|
1,157
|
|
|
(17
|
)
|
|
(1,267
|
)
|
|
30
|
|
Depreciation
and amortization of premises and equipment
|
|
|
(627
|
)
|
|
(668
|
)
|
|
(682
|
)
|
|
(13
|
)
|
|
2
|
|
|
(54
|
)
|
|
9
|
|
Professional
services
|
|
|
(740
|
)
|
|
(1,006
|
)
|
|
(737
|
)
|
|
269
|
|
|
(27
|
)
|
|
3
|
|
|
(0
|
)
|
Maintenance
and repairs
|
|
|
(291
|
)
|
|
(370
|
)
|
|
(300
|
)
|
|
70
|
|
|
(19
|
)
|
|
(10
|
)
|
|
3
|
|
Other
operating expenses
|
|
|
(1,664
|
)
|
|
(1,796
|
)
|
|
(1,988
|
)
|
|
(192
|
)
|
|
11
|
|
|
(323
|
)
|
|
19
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(7,586
|
)
|
|
(10,527
|
)
|
|
(9,237
|
)
|
|
1,290
|
|
|
(12
|
)
|
|
(1,651
|
)
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
14,834
|
|
$
|
15,534
|
|
$
|
19,202
|
|
$
|
3,668
|
|
|
24
|
%
|
$
|
4,368
|
|
|
29
|
%
|
(*)
"n.m."
means not meaningful.
EXHIBIT
III
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
|
FOR THE THREE MONTHS ENDED MARCH 31,
|
|
|
|
2007
|
|
2008
|
|
(In US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
Net
interest income
|
|
$
|
17,076
|
|
$
|
21,118
|
|
Fees
and commissions, net
|
|
|
1,275
|
|
|
1,799
|
|
Reversal
of provision for loan and off-balance sheet credit losses,
net
|
|
|
804
|
|
|
0
|
|
Activities
of hedging derivatives instruments
|
|
|
(485
|
)
|
|
(52
|
)
|
Trading
gains
|
|
|
1,008
|
|
|
5,350
|
|
Net
gains on sale of securities available for sale
|
|
|
2,699
|
|
|
0
|
|
Gain
(loss) on foreign currency exchange
|
|
|
1
|
|
|
184
|
|
Other
income (expense), net
|
|
|
41
|
|
|
40
|
|
Operating
expenses
|
|
|
(7,586
|
)
|
|
(9,237
|
)
|
NET
INCOME
|
|
$
|
14,834
|
|
$
|
19,202
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
620
|
|
|
724
|
|
Loans,
net
|
|
|
3,241
|
|
|
3,698
|
|
Total
assets
|
|
|
4,274
|
|
|
5,090
|
|
Deposits
|
|
|
1,380
|
|
|
1,357
|
|
Trading
liabilities
|
|
|
446
|
|
|
23
|
|
Securities
sold under repurchase agreements
|
|
|
949
|
|
|
529
|
|
Short-term
borrowings
|
|
|
732
|
|
|
1,204
|
|
Long-term
debt and borrowings
|
|
|
80
|
|
|
1,220
|
|
Total
liabilities
|
|
|
3,684
|
|
|
4,482
|
|
Stockholders'
equity
|
|
|
590
|
|
|
608
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.41
|
|
|
0.53
|
|
Diluted
earnings per share
|
|
|
0.40
|
|
|
0.53
|
|
Book
value (period average)
|
|
|
16.19
|
|
|
16.86
|
|
Book
value (period end)
|
|
|
16.24
|
|
|
16.73
|
|
(In
US$ thousand):
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,329
|
|
|
36,370
|
|
Average
diluted shares
|
|
|
36,853
|
|
|
36,370
|
|
Basic
shares period end
|
|
|
36,329
|
|
|
36,370
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.5
|
%
|
|
1.6
|
%
|
Return
on average stockholders' equity
|
|
|
10.2
|
%
|
|
12.6
|
%
|
Net
interest margin
|
|
|
1.82
|
%
|
|
1.77
|
%
|
Net
interest spread
|
|
|
0.88
|
%
|
|
1.14
|
%
|
Operating
expenses to total average assets
|
|
|
0.79
|
%
|
|
0.76
|
%
|
|
|
|
|
|
|
|
|
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
|
%
|
|
0.0
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
1.7
|
%
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
4.7
|
%
|
|
3.5
|
%
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
13.8
|
%
|
|
12.0
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
22.3
|
%
|
|
19.6
|
%
|
Total
capital to risk-weighted assets
|
|
|
23.6
|
%
|
|
20.8
|
%
|
(1)
Loan
portfolio is presented net of unearned income and deferred loan
fees.
EXHIBIT
IV
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE THREE MONTHS ENDED,
|
|
|
|
March 31, 2007
|
|
December 31, 2007
|
|
March 31, 2008
|
|
|
|
AVERAGE
|
|
|
|
AVG.
|
|
AVERAGE
|
|
|
|
AVG.
|
|
AVERAGE
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
|
|
(In US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
$
|
230
|
|
$
|
3.0
|
|
|
5.28
|
%
|
$
|
416
|
|
$
|
5.0
|
|
|
4.67
|
%
|
$
|
443
|
|
$
|
3.8
|
|
|
3.36
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,067
|
|
|
50.0
|
|
|
6.53
|
|
|
3,638
|
|
|
60.2
|
|
|
6.47
|
|
|
3,701
|
|
|
55.4
|
|
|
5.92
|
|
Impaired
loans
|
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
|
0
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
123
|
|
|
2.5
|
|
|
8.19
|
|
|
35
|
|
|
0.5
|
|
|
5.24
|
|
|
29
|
|
|
0.1
|
|
|
1.61
|
|
Investment
securities
|
|
|
379
|
|
|
5.4
|
|
|
5.69
|
|
|
406
|
|
|
6.4
|
|
|
6.17
|
|
|
615
|
|
|
8.6
|
|
|
5.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,798
|
|
$
|
61.0
|
|
|
6.42
|
%
|
$
|
4,494
|
|
$
|
72.0
|
|
|
6.27
|
%
|
$
|
4,787
|
|
$
|
67.9
|
|
|
5.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
98
|
|
|
|
|
|
|
|
|
103
|
|
|
|
|
|
|
|
|
108
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(51
|
)
|
|
|
|
|
|
|
|
(73
|
)
|
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
Other
assets
|
|
|
44
|
|
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,889
|
|
|
|
|
|
|
|
$
|
4,578
|
|
|
|
|
|
|
|
$
|
4,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,158
|
|
$
|
15.4
|
|
|
5.31
|
%
|
$
|
1,368
|
|
$
|
17.6
|
|
|
5.05
|
%
|
$
|
1,435
|
|
$
|
13.7
|
|
|
3.79
|
%
|
Trading
liabilities
|
|
|
58
|
|
|
1.0
|
|
|
6.61
|
|
|
47
|
|
|
1.0
|
|
|
7.86
|
|
|
45
|
|
|
0.7
|
|
|
6.20
|
|
Securities
sold under repurchase agreement and short-term
borrowings
|
|
|
1,365
|
|
|
18.7
|
|
|
5.47
|
|
|
1,391
|
|
|
19.0
|
|
|
5.34
|
|
|
1,655
|
|
|
18.8
|
|
|
4.49
|
|
Long-term
debt and borrowings
|
|
|
589
|
|
|
8.9
|
|
|
6.06
|
|
|
1,002
|
|
|
15.3
|
|
|
5.97
|
|
|
1,006
|
|
|
13.5
|
|
|
5.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,170
|
|
$
|
43.9
|
|
|
5.54
|
%
|
$
|
3,808
|
|
$
|
52.9
|
|
|
5.43
|
%
|
$
|
4,141
|
|
$
|
46.7
|
|
|
4.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
130
|
|
|
|
|
|
|
|
$
|
150
|
|
|
|
|
|
|
|
$
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,300
|
|
|
|
|
|
|
|
|
3,958
|
|
|
|
|
|
|
|
|
4,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
588
|
|
|
|
|
|
|
|
|
620
|
|
|
|
|
|
|
|
|
613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,889
|
|
|
|
|
|
|
|
$
|
4,578
|
|
|
|
|
|
|
|
$
|
4,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.88
|
%
|
|
|
|
|
|
|
|
0.84
|
%
|
|
|
|
|
|
|
|
1.14
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
$
|
17.1
|
|
|
1.82
|
%
|
|
|
|
$
|
19.1
|
|
|
1.69
|
%
|
|
|
|
$
|
21.1
|
|
|
1.77
|
%
|
(*)
"n.m."
means not meaningful.
EXHIBIT
V
CONSOLIDATED
STATEMENT OF INCOME
(In
US$
thousand, except ratios)
|
|
|
|
FOR THE THREE MONTHS ENDED
|
|
YEAR
|
|
FOR THE
THREE
MONTHS
ENDED
|
|
|
|
DEC 31/06
|
|
MAR 31/07
|
|
JUN 30/07
|
|
SEP 30/07
|
|
DEC 31/07
|
|
DEC 31/07
|
|
MAR 31/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
203,350
|
|
$
|
60,993
|
|
$
|
63,243
|
|
$
|
68,641
|
|
$
|
71,992
|
|
$
|
264,869
|
|
$
|
67,850
|
|
Interest
expense
|
|
|
(144,513
|
)
|
|
(43,917
|
)
|
|
(46,497
|
)
|
|
(51,020
|
)
|
|
(52,864
|
)
|
|
(194,299
|
)
|
|
(46,733
|
)
|
NET
INTEREST INCOME
|
|
|
58,837
|
|
|
17,076
|
|
|
16,745
|
|
|
17,622
|
|
|
19,127
|
|
|
70,571
|
|
|
21,118
|
|
Reversal
(provision) for loan losses
|
|
|
(11,846
|
)
|
|
(5,354
|
)
|
|
(6,235
|
)
|
|
(3,384
|
)
|
|
2,980
|
|
|
(11,994
|
)
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
46,991
|
|
|
11,722
|
|
|
10,510
|
|
|
14,237
|
|
|
22,107
|
|
|
58,577
|
|
|
21,118
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
24,891
|
|
|
6,158
|
|
|
7,581
|
|
|
2,964
|
|
|
(3,235
|
)
|
|
13,468
|
|
|
0
|
|
Fees
and commissions, net
|
|
|
6,393
|
|
|
1,275
|
|
|
1,525
|
|
|
1,173
|
|
|
1,582
|
|
|
5,555
|
|
|
1,799
|
|
Derivatives
and hedging activities
|
|
|
(225
|
)
|
|
(485
|
)
|
|
1
|
|
|
(294
|
)
|
|
(212
|
)
|
|
(989
|
)
|
|
(52
|
)
|
Recoveries
(impairment) on assets
|
|
|
5,551
|
|
|
0
|
|
|
(500
|
)
|
|
0
|
|
|
0
|
|
|
(500
|
)
|
|
0
|
|
Trading
gains
|
|
|
879
|
|
|
1,008
|
|
|
14,278
|
|
|
5,104
|
|
|
3,475
|
|
|
23,865
|
|
|
5,350
|
|
Net
gains on sale of securities available for sale
|
|
|
2,568
|
|
|
2,699
|
|
|
3,906
|
|
|
288
|
|
|
2,226
|
|
|
9,119
|
|
|
0
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(253
|
)
|
|
1
|
|
|
(56
|
)
|
|
(9
|
)
|
|
181
|
|
|
115
|
|
|
184
|
|
Other
income (expense), net
|
|
|
36
|
|
|
41
|
|
|
0
|
|
|
17
|
|
|
(64
|
)
|
|
(7
|
)
|
|
40
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
39,840
|
|
|
10,697
|
|
|
26,734
|
|
|
9,242
|
|
|
3,954
|
|
|
50,628
|
|
|
7,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(28,929
|
)
|
|
(7,586
|
)
|
|
(10,262
|
)
|
|
(8,652
|
)
|
|
(10,527
|
)
|
|
(37,027
|
)
|
|
(9,237
|
)
|
NET
INCOME
|
|
$
|
57,902
|
|
$
|
14,834
|
|
$
|
26,983
|
|
$
|
14,827
|
|
$
|
15,534
|
|
$
|
72,177
|
|
$
|
19,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
$
|
1.56
|
|
$
|
0.41
|
|
$
|
0.74
|
|
$
|
0.41
|
|
$
|
0.43
|
|
$
|
1.99
|
|
$
|
0.53
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.7
|
%
|
|
1.5
|
%
|
|
2.7
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
|
1.7
|
%
|
|
1.6
|
%
|
Return
on average stockholders' equity
|
|
|
10.0
|
%
|
|
10.2
|
%
|
|
18.0
|
%
|
|
9.6
|
%
|
|
9.9
|
%
|
|
11.9
|
%
|
|
12.6
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.82
|
%
|
|
1.70
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
|
1.71
|
%
|
|
1.77
|
%
|
Net
interest spread
|
|
|
0.70
|
%
|
|
0.88
|
%
|
|
0.76
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
0.80
|
%
|
|
1.14
|
%
|
Operating
expenses to average assets
|
|
|
0.85
|
%
|
|
0.79
|
%
|
|
1.01
|
%
|
|
0.80
|
%
|
|
0.91
|
%
|
|
0.88
|
%
|
|
0.76
|
%
|
EXHIBIT
VI
BUSINESS
SEGMENT ANALYSIS
(In
US$
million)
|
|
FOR THE YEAR ENDED
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
DEC 31/06
|
|
DEC 31/07
|
|
MAR 31/07
|
|
DEC 31/07
|
|
MAR 31/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
50.9
|
|
$
|
64.1
|
|
$
|
14.8
|
|
$
|
17.7
|
|
$
|
19.4
|
|
Non-interest
operating income
(1)
|
|
|
6.4
|
|
|
5.3
|
|
|
1.3
|
|
|
1.5
|
|
|
1.8
|
|
Operating
expenses
(2)
|
|
|
(23.7
|
)
|
|
(27.2
|
)
|
|
(6.0
|
)
|
|
(7.7
|
)
|
|
(6.5
|
)
|
Operating
income
(3)
|
|
|
33.7
|
|
|
42.3
|
|
|
10.1
|
|
|
11.4
|
|
|
14.7
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
13.0
|
|
|
1.5
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
0.0
|
|
Impairment
on assets
|
|
|
0.0
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
46.7
|
|
$
|
43.2
|
|
$
|
10.9
|
|
$
|
11.2
|
|
$
|
14.7
|
|
Commercial
interest-earning assets
(4)
|
|
|
2,715
|
|
|
3,366
|
|
|
3,067
|
|
|
3,638
|
|
|
3,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
6.9
|
|
$
|
6.2
|
|
$
|
1.3
|
|
$
|
2.1
|
|
$
|
2.2
|
|
Non-interest
operating income
(1)
|
|
|
2.1
|
|
|
8.5
|
|
|
2.2
|
|
|
2.2
|
|
|
0.2
|
|
Operating
expenses
(2)
|
|
|
(3.4
|
)
|
|
(4.3
|
)
|
|
(1.0
|
)
|
|
(1.5
|
)
|
|
(1.4
|
)
|
Operating
income
(3)
|
|
|
5.6
|
|
|
10.3
|
|
|
2.6
|
|
|
2.8
|
|
|
1.0
|
|
Recoveries
on assets, net of impairments
|
|
|
5.6
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
11.2
|
|
$
|
10.3
|
|
$
|
2.6
|
|
$
|
2.8
|
|
$
|
1.0
|
|
Treasury
interest-earning assets
(5)
|
|
|
516
|
|
|
586
|
|
|
584
|
|
|
686
|
|
|
1,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
1.0
|
|
$
|
0.2
|
|
$
|
0.9
|
|
$
|
(0.7
|
)
|
$
|
(0.4
|
)
|
Non-interest
operating income
(1)
|
|
|
0.9
|
|
|
23.9
|
|
|
1.0
|
|
|
3.5
|
|
|
5.4
|
|
Operating
expenses
(2)
|
|
|
(1.9
|
)
|
|
(5.5
|
)
|
|
(06
|
)
|
|
(1.3
|
)
|
|
(1.3
|
)
|
Operating
income
(3)
|
|
|
0.0
|
|
|
18.6
|
|
|
1.3
|
|
|
1.5
|
|
|
3.6
|
|
NET
INCOME
|
|
$
|
0.0
|
|
$
|
18.6
|
|
$
|
1.3
|
|
$
|
1.5
|
|
$
|
3.6
|
|
Asset
Management interest-earning assets
(6)
|
|
|
105
|
|
|
170
|
|
|
148
|
|
|
170
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
58.8
|
|
$
|
70.6
|
|
$
|
17.1
|
|
$
|
19.1
|
|
$
|
21.1
|
|
Non-interest
operating income
(1)
|
|
|
9.4
|
|
|
37.7
|
|
|
4.5
|
|
|
7.2
|
|
|
7.3
|
|
Operating
expenses
(2)
|
|
|
(28.9
|
)
|
|
(37.0
|
)
|
|
(7.6
|
)
|
|
(10.5
|
)
|
|
(9.2
|
)
|
Operating
income
(3)
|
|
|
39.3
|
|
|
71.2
|
|
|
14.0
|
|
|
15.8
|
|
|
19.2
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
13.0
|
|
|
1.5
|
|
|
0.8
|
|
|
(0.3
|
)
|
|
0.0
|
|
Recoveries
(impairment), on assets
|
|
|
5.6
|
|
|
(0.5
|
)
|
|
0.0
|
|
|
0.0
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
57.9
|
|
$
|
72.2
|
|
$
|
14.8
|
|
$
|
15.5
|
|
$
|
19.2
|
|
Consolidated
interest-earning assets
|
|
$
|
3,336
|
|
$
|
4,122
|
|
$
|
3,798
|
|
$
|
4,494
|
|
$
|
5,031
|
|
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 Asset Management
Division.
|
CREDIT
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In
US$
million)
|
|
AT
THE END OF,
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
31MAR07
|
|
31DEC07
|
|
31MAR08
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
%
of
Total Outstanding
|
|
Amount
|
|
%
of
Total Outstanding
|
|
Amount
|
|
%
of
Total Outstanding
|
|
(C) - (B)
|
|
(C)
- (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
190
|
|
|
4.5
|
|
$
|
287
|
|
|
6.0
|
|
$
|
310
|
|
|
6.4
|
|
$
|
23
|
|
$
|
121
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
(5
|
)
|
|
(5
|
)
|
BRAZIL
|
|
|
1,698
|
|
|
40.5
|
|
|
1,728
|
|
|
36.4
|
|
|
1,714
|
|
|
35.2
|
|
|
(14
|
)
|
|
16
|
|
CHILE
|
|
|
238
|
|
|
5.7
|
|
|
53
|
|
|
1.1
|
|
|
53
|
|
|
1.1
|
|
|
(0
|
)
|
|
(185
|
)
|
COLOMBIA
|
|
|
476
|
|
|
11.4
|
|
|
530
|
|
|
11.2
|
|
|
629
|
|
|
12.9
|
|
|
99
|
|
|
153
|
|
COSTA
RICA
|
|
|
46
|
|
|
1.1
|
|
|
148
|
|
|
3.1
|
|
|
96
|
|
|
2.0
|
|
|
(52
|
)
|
|
50
|
|
DOMINICAN
REPUBLIC
|
|
|
83
|
|
|
2.0
|
|
|
105
|
|
|
2.2
|
|
|
81
|
|
|
1.7
|
|
|
(24
|
)
|
|
(2
|
)
|
ECUADOR
|
|
|
121
|
|
|
2.9
|
|
|
142
|
|
|
3.0
|
|
|
151
|
|
|
3.1
|
|
|
9
|
|
|
30
|
|
EL
SALVADOR
|
|
|
65
|
|
|
1.5
|
|
|
59
|
|
|
1.2
|
|
|
62
|
|
|
1.3
|
|
|
3
|
|
|
(2
|
)
|
GUATEMALA
|
|
|
111
|
|
|
2.6
|
|
|
102
|
|
|
2.2
|
|
|
119
|
|
|
2.4
|
|
|
17
|
|
|
9
|
|
HONDURAS
|
|
|
41
|
|
|
1.0
|
|
|
49
|
|
|
1.0
|
|
|
56
|
|
|
1.1
|
|
|
7
|
|
|
14
|
|
JAMAICA
|
|
|
42
|
|
|
1.0
|
|
|
93
|
|
|
2.0
|
|
|
70
|
|
|
1.4
|
|
|
(23
|
)
|
|
27
|
|
MEXICO
|
|
|
269
|
|
|
6.4
|
|
|
451
|
|
|
9.5
|
|
|
492
|
|
|
10.1
|
|
|
41
|
|
|
223
|
|
NICARAGUA
|
|
|
13
|
|
|
0.3
|
|
|
13
|
|
|
0.3
|
|
|
20
|
|
|
0.4
|
|
|
7
|
|
|
7
|
|
PANAMA
|
|
|
190
|
|
|
4.5
|
|
|
222
|
|
|
4.7
|
|
|
227
|
|
|
4.6
|
|
|
4
|
|
|
37
|
|
PERU
|
|
|
243
|
|
|
5.8
|
|
|
484
|
|
|
10.2
|
|
|
646
|
|
|
13.3
|
|
|
162
|
|
|
403
|
|
TRINIDAD
& TOBAGO
|
|
|
209
|
|
|
5.0
|
|
|
93
|
|
|
1.9
|
|
|
26
|
|
|
0.5
|
|
|
(67
|
)
|
|
(183
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
0
|
|
|
0.0
|
|
|
4
|
|
|
0.1
|
|
|
4
|
|
|
4
|
|
VENEZUELA
|
|
|
154
|
|
|
3.7
|
|
|
169
|
|
|
3.5
|
|
|
94
|
|
|
1.9
|
|
|
(74
|
)
|
|
(60
|
)
|
OTHER
|
|
|
1
|
|
|
0.0
|
|
|
19
|
|
|
0.4
|
|
|
25
|
|
|
0.5
|
|
|
6
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO
(1)
|
|
$
|
4,195
|
|
|
100
|
%
|
$
|
4,753
|
|
|
100
|
%
|
$
|
4,874
|
|
|
100
|
%
|
$
|
121
|
|
$
|
679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION
(2)
|
|
|
|
|
|
|
|
|
(6
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
4,190
|
|
|
|
|
$
|
4,747
|
|
|
|
|
$
|
4,867
|
|
|
|
|
$
|
121
|
|
$
|
677
|
|
(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
VIII
COMMERCIAL
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In
US$
million)
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
31MAR07
|
|
31DEC07
|
|
31MAR08
|
|
Change in Amount
|
|
|
|
Amount
|
|
% of Total
Outstanding
|
|
Amount
|
|
% of Total
Outstanding
|
|
Amount
|
|
% of Total
Outstanding
|
|
(C) - (B)
|
|
(C) - (A)
|
|
COUNTRY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
170
|
|
|
4.5
|
|
$
|
268
|
|
|
6.3
|
|
$
|
291
|
|
|
7.0
|
|
$
|
23
|
|
$
|
121
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
(5
|
)
|
|
(5
|
)
|
BRAZIL
|
|
|
1,521
|
|
|
40.6
|
|
|
1,600
|
|
|
37.4
|
|
|
1,541
|
|
|
36.9
|
|
|
(59
|
)
|
|
20
|
|
CHILE
|
|
|
197
|
|
|
5.3
|
|
|
11
|
|
|
0.3
|
|
|
10
|
|
|
0.2
|
|
|
(1
|
)
|
|
(187
|
)
|
COLOMBIA
|
|
|
377
|
|
|
10.1
|
|
|
402
|
|
|
9.4
|
|
|
394
|
|
|
9.4
|
|
|
(8
|
)
|
|
17
|
|
COSTA
RICA
|
|
|
46
|
|
|
1.2
|
|
|
148
|
|
|
3.5
|
|
|
96
|
|
|
2.3
|
|
|
(52
|
)
|
|
50
|
|
DOMINICAN
REPUBLIC
|
|
|
67
|
|
|
1.8
|
|
|
92
|
|
|
2.1
|
|
|
70
|
|
|
1.7
|
|
|
(22
|
)
|
|
3
|
|
ECUADOR
|
|
|
121
|
|
|
3.2
|
|
|
142
|
|
|
3.3
|
|
|
151
|
|
|
3.6
|
|
|
9
|
|
|
30
|
|
EL
SALVADOR
|
|
|
65
|
|
|
1.7
|
|
|
48
|
|
|
1.1
|
|
|
40
|
|
|
1.0
|
|
|
(8
|
)
|
|
(25
|
)
|
GUATEMALA
|
|
|
111
|
|
|
2.9
|
|
|
102
|
|
|
2.4
|
|
|
113
|
|
|
2.7
|
|
|
11
|
|
|
3
|
|
HONDURAS
|
|
|
41
|
|
|
1.1
|
|
|
49
|
|
|
1.1
|
|
|
56
|
|
|
1.3
|
|
|
7
|
|
|
14
|
|
JAMAICA
|
|
|
42
|
|
|
1.1
|
|
|
93
|
|
|
2.2
|
|
|
70
|
|
|
1.7
|
|
|
(23
|
)
|
|
27
|
|
MEXICO
|
|
|
197
|
|
|
5.3
|
|
|
424
|
|
|
9.9
|
|
|
416
|
|
|
10.0
|
|
|
(8
|
)
|
|
219
|
|
NICARAGUA
|
|
|
13
|
|
|
0.3
|
|
|
13
|
|
|
0.3
|
|
|
20
|
|
|
0.5
|
|
|
7
|
|
|
7
|
|
PANAMA
|
|
|
170
|
|
|
4.5
|
|
|
150
|
|
|
3.5
|
|
|
149
|
|
|
3.6
|
|
|
(2
|
)
|
|
(21
|
)
|
PERU
|
|
|
243
|
|
|
6.5
|
|
|
454
|
|
|
10.6
|
|
|
616
|
|
|
14.8
|
|
|
162
|
|
|
373
|
|
TRINIDAD
& TOBAGO
|
|
|
209
|
|
|
5.6
|
|
|
93
|
|
|
2.2
|
|
|
26
|
|
|
0.6
|
|
|
(67
|
)
|
|
(183
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
0
|
|
|
0.0
|
|
|
4
|
|
|
0.1
|
|
|
4
|
|
|
4
|
|
VENEZUELA
|
|
|
154
|
|
|
4.1
|
|
|
169
|
|
|
3.9
|
|
|
94
|
|
|
2.3
|
|
|
(74
|
)
|
|
(60
|
)
|
OTHER
|
|
|
1
|
|
|
0.0
|
|
|
19
|
|
|
0.4
|
|
|
20
|
|
|
0.5
|
|
|
1
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO
(1)
|
|
$
|
3,749
|
|
|
100
|
%
|
$
|
4,281
|
|
|
100
|
%
|
$
|
4,176
|
|
|
100
|
%
|
$
|
(106
|
)
|
$
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
(7
|
)
|
|
|
|
|
(1
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
3,745
|
|
|
|
|
$
|
4,275
|
|
|
|
|
$
|
4,169
|
|
|
|
|
$
|
(106
|
)
|
$
|
424
|
|
(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)
|
|
|
|
|
|
|
|
Mar. 31, 2007
|
|
Dec. 31, 2007
|
|
Mar. 31, 2008
|
|
(C) - (B)
|
|
(C) - (A)
|
|
COUNTRY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
20
|
|
$
|
20
|
|
$
|
20
|
|
$
|
0
|
|
$
|
(0
|
)
|
BRAZIL
|
|
|
177
|
|
|
129
|
|
|
173
|
|
|
44
|
|
|
(4
|
)
|
CHILE
|
|
|
41
|
|
|
42
|
|
|
43
|
|
|
0
|
|
|
2
|
|
COLOMBIA
|
|
|
100
|
|
|
126
|
|
|
232
|
|
|
107
|
|
|
133
|
|
DOMINICAN
REPUBLIC
|
|
|
16
|
|
|
13
|
|
|
11
|
|
|
(2
|
)
|
|
(5
|
)
|
EL
SALVADOR
|
|
|
0
|
|
|
11
|
|
|
22
|
|
|
11
|
|
|
22
|
|
GUATEMALA
|
|
|
0
|
|
|
0
|
|
|
6
|
|
|
6
|
|
|
6
|
|
MEXICO
|
|
|
72
|
|
|
27
|
|
|
76
|
|
|
49
|
|
|
4
|
|
PANAMA
|
|
|
20
|
|
|
72
|
|
|
78
|
|
|
6
|
|
|
58
|
|
PERU
|
|
|
0
|
|
|
29
|
|
|
30
|
|
|
0
|
|
|
30
|
|
OTHER
|
|
|
0
|
|
|
0
|
|
|
5
|
|
|
5
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
AVAILABLE FOR SALE PORTFOLIO
|
|
$
|
446
|
|
$
|
468
|
|
$
|
695
|
|
$
|
227
|
|
$
|
250
|
|
EXHIBIT
X
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In
US$
million)
|
|
QUARTERLY
INFORMATION
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
|
|
|
|
|
|
1QTR07
|
|
4QTR07
|
|
1QTR08
|
|
(C) - (B)
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUNTRY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
75
|
|
$
|
115
|
|
$
|
94
|
|
$
|
(21
|
)
|
$
|
19
|
|
BOLIVIA
|
|
|
5
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(5
|
)
|
BRAZIL
|
|
|
467
|
|
|
297
|
|
|
375
|
|
|
77
|
|
|
(92
|
)
|
CHILE
|
|
|
133
|
|
|
1
|
|
|
0
|
|
|
(1
|
)
|
|
(132
|
)
|
COLOMBIA
|
|
|
247
|
|
|
129
|
|
|
156
|
|
|
28
|
|
|
(90
|
)
|
COSTA
RICA
|
|
|
43
|
|
|
116
|
|
|
113
|
|
|
(3
|
)
|
|
70
|
|
DOMINICAN
REPUBLIC
|
|
|
95
|
|
|
81
|
|
|
118
|
|
|
37
|
|
|
23
|
|
ECUADOR
|
|
|
98
|
|
|
104
|
|
|
96
|
|
|
(9
|
)
|
|
(2
|
)
|
EL
SALVADOR
|
|
|
38
|
|
|
43
|
|
|
29
|
|
|
(14
|
)
|
|
(9
|
)
|
GUATEMALA
|
|
|
66
|
|
|
64
|
|
|
61
|
|
|
(4
|
)
|
|
(5
|
)
|
HONDURAS
|
|
|
30
|
|
|
35
|
|
|
24
|
|
|
(10
|
)
|
|
(6
|
)
|
JAMAICA
|
|
|
49
|
|
|
129
|
|
|
79
|
|
|
(50
|
)
|
|
30
|
|
MEXICO
|
|
|
108
|
|
|
187
|
|
|
115
|
|
|
(72
|
)
|
|
8
|
|
NICARAGUA
|
|
|
10
|
|
|
3
|
|
|
19
|
|
|
16
|
|
|
10
|
|
PANAMA
|
|
|
18
|
|
|
51
|
|
|
33
|
|
|
(17
|
)
|
|
15
|
|
PERU
|
|
|
168
|
|
|
373
|
|
|
537
|
|
|
164
|
|
|
369
|
|
TRINIDAD
& TOBAGO
|
|
|
273
|
|
|
84
|
|
|
53
|
|
|
(31
|
)
|
|
(220
|
)
|
URUGUAY
|
|
|
0
|
|
|
0
|
|
|
4
|
|
|
4
|
|
|
4
|
|
VENEZUELA
|
|
|
149
|
|
|
31
|
|
|
86
|
|
|
55
|
|
|
(63
|
)
|
OTHER
|
|
|
1
|
|
|
18
|
|
|
7
|
|
|
(12
|
)
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
|
|
$
|
2,071
|
|
$
|
1,861
|
|
$
|
2,000
|
|
$
|
139
|
|
$
|
(71
|
)
|
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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