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
¨
(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
¨
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.
July
28,
2008
Banco
Latinoamericano de Exportaciones, S.A.
|
By:
|
/s/
Pedro Toll
|
|
|
|
Name: Pedro
Toll
|
|
Title: Deputy Manager
|
BLADEX
REPORTS SECOND QUARTER NET INCOME OF $26.3 MILLION
COMPARED
WITH $19.2 MILLION FOR THE PRIOR QUARTER.
ROE
WAS 16.7%, COMPARED TO 12.6% IN THE FIRST QUARTER.
Panama
City, Republic of Panama, July 28, 2008
–
Banco
Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (“Bladex” or the “Bank”)
announced today its results for the second quarter ended June 30,
2008.
Second
Quarter Business Highlights
|
-
|
Net
income of $26.3 million, an increase of 37% compared to the first
quarter
2008, and 3% lower than the second quarter 2007, principally due
to lower
trading gains.
|
|
-
|
Net
operating revenue
(1)
of
$36.4 million, an increase of 28% from the first quarter 2008, and
unchanged from the second quarter 2007, reflecting strong growth
in the
Bank’s intermediation business.
|
|
-
|
Return
on average equity (“ROE”) of 16.7%, compared to 12.6% in the first quarter
2008, and 18.0% in the second quarter 2007.
|
|
-
|
Commercial
Division’s net operating income
(2)
was $12.9 million, versus $14.7 million in the previous quarter.
Net
interest income on lending spreads
(3)
increased 27% as a result of higher lending spreads
(4)
(27 bps, or 22%), and a 4% growth on the average commercial portfolio.
|
|
-
|
Treasury
Division’s net operating income was $3.0 million, an increase of $2.0
million compared to the first quarter 2008, and a decrease of $1.1
million
from the second quarter 2007 due to lower gains on the sale of securities.
|
|
-
|
Asset
Management Division’s net operating income was $10.1 million, an increase
of $6.5 million from the first quarter 2008, and a decrease of $1.9
million from the second quarter 2007, driven by trading gains.
|
|
-
|
As
of June 30, 2008, the Bank had zero credit in non-accrual or past
due
status.
|
|
-
|
As
of June 30, 2008, liquidity
(5)
stood at $372 million, representing 7% of total assets. During the
quarter, deposits increased $379 million (28%) to $1,736
million.
|
|
-
|
The
Bank’s efficiency ratio
(6)
was 29%, compared to 32% in the first quarter 2008, and 28% in the
second
quarter 2007. Tier 1 capital ratio stood at
19%.
|
Mr.
Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
quarter’s results: “
We
are very pleased with the results for the quarter which were solid across all
business lines. This performance demonstrates once more Bladex’s ability
to take advantage of a Latin American market that continues to grow, and
a business franchise that continues to strengthen.
In
broad terms, while we are mindful of both the stress placed on large segments
of
the financial industry and the implications for the economy as a whole, the
current scenario has resulted in opportunities for the Region, which Bladex
is
uniquely well positioned to realize.
Consistent
with this favorable scenario, the Bank’s intermediation business continues
to grow, with lending margins widening at an accelerating rate and fee revenue
building momentum. Bladex’s Asset Management Division posted another
quarter of solid results, and concerns regarding credit quality within Bladex’s
portfolio remain a non-issue. On the liability side, the Bank’s deposit
base increased at the faster pace that we have seen in years, and our liquidity
position remains strong.
As
satisfied as Bladex is with the current results, we place great importance
on
the permanent nature of our improving market share, which we believe will
continue to
benefit
the Bank through the next phase of the credit cycle.”
RESULTS
BY BUSINESS SEGMENT
The
Commercial Division
incorporates the Bank’s financial intermediation and fee generation activities.
Net operating income includes net interest income from loans, fee income, and
net allocated operating expenses.
(US$
million)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
Net
interest income on lending spreads
(3)
|
|
$
|
7.3
|
|
$
|
10.6
|
|
$
|
13.5
|
|
Net
interest income on allocated capital
(7)
|
|
|
8.1
|
|
|
8.8
|
|
|
5.4
|
|
Net
Interest Income
|
|
$
|
15.4
|
|
$
|
19.4
|
|
$
|
18.9
|
|
Non-interest
operating income
(8)
|
|
|
1.4
|
|
|
1.8
|
|
|
1.9
|
|
Net
operating revenues
|
|
$
|
16.8
|
|
$
|
21.2
|
|
$
|
20.8
|
|
Operating
expenses
|
|
|
(6.7
|
)
|
|
(6.5
|
)
|
|
(7.9
|
)
|
Net
Operating Income
|
|
$
|
10.1
|
|
$
|
14.7
|
|
$
|
12.9
|
|
Net
operating income for the second quarter 2008 reached $12.9 million, representing
an increase of 28%, compared to second quarter 2007, and a decrease of 12%
from
the first quarter 2008. With respect to the previous quarter, weighted average
lending spreads increased 27 bps (22%), while the average commercial portfolio
growth was 4%. Combining these factors resulted in a $2.9 million, or 27% growth
in net interest income on lending spreads. These increases were offset by $3.4
million in lower yields on allocated capital due to lower market interest rates.
Weighted
average lending spreads on new disbursements were 1.93%, a 41 bps, or 27%,
increase with respect to the previous quarter.
The
following graph illustrates lending spreads’ quarterly trend:
The
average commercial portfolio grew 4% during the quarter and 15% during the
last
year. End of period growth during the quarter was 8%.
The
commercial portfolio includes letters of credit, country risk guarantees and
loan commitments pertaining to the Bank’s traditional intermediation
activities.
See
Exhibit X for information related to the Bank’s commercial portfolio
distribution by country.
During
the second quarter 2008, the Bank disbursed credits amounting to $2 billion,
unchanged when compared to the previous quarter. Please refer to Exhibit XII
for
the Bank’s distribution of credit disbursements by country.
As
of
June 30, 2008, the corporate market segment represented 55% of the Bank’s total
commercial portfolio, compared to 53% as of March 31, 2008, and 49% a year
ago.
The
commercial portfolio as a whole continues to be short-term and trade-related
in
nature, with 70% of credits maturing within one year, and 66% representing
trade
financing operations.
As
of
June 30, 2008, the Bank had zero credits in non-accruing or past-due status.
The
Treasury
Division
incorporates
the Bank’s investment securities activities. Net operating income is presented
net of allocated operating expenses, and includes net interest income on
investment securities, and net gains on sale of securities available for
sale.
(US$
million)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
1.1
|
|
$
|
2.2
|
|
$
|
2.1
|
|
Non-interest
operating income
(8)
|
|
|
3.9
|
|
|
0.2
|
|
|
2.7
|
|
Net
operating revenues
|
|
$
|
5.1
|
|
$
|
2.3
|
|
$
|
4.7
|
|
Operating
expenses
|
|
|
(1.0
|
)
|
|
(1.4
|
)
|
|
(1.8
|
)
|
Net
Operating Income
|
|
$
|
4.1
|
|
$
|
1.0
|
|
$
|
3.0
|
|
Net
operating income totaled $3.0 million, representing an increase of $2.0 million
from the first quarter 2008, and a decrease of $1.1 million from the second
quarter 2007. These variations mostly reflected different levels of gains on
sales of securities in the referenced quarters.
The
quarter-end securities available for sale portfolio totaled $737 million,
representing an increase of 6% from March 31, 2008. As of June 30, 2008, the
securities portfolio represented 14% 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).
In
its
available for sale portfolio, and in order to hedge the instruments’ interest
rate risk, the Bank enters into interest rate swap agreements to convert them
from fixed interest to floating rate instruments. The available for sale
portfolio is marked-to-market, and the impact thereof is recorded in capital
through the other comprehensive income account (please refer to Exhibit I).
As
of
June 30, 2008, deposit balances totaled $1,736 million, a $379 million (28%)
increase compared to the previous quarter, and $356 million (26%) higher than
the second quarter 2007, mostly reflecting $240 million in new deposits from
central banks.
The
Asset
Management Division
incorporates
the Bank’s asset management activities. Net operating income is presented net of
allocated operating expenses, and includes net interest income on trading assets
and investment in mutual funds, as well as trading gains and other related
income (loss).
(US$
million)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Asset
Management Division:
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
0.2
|
|
$
|
(0.4
|
)
|
$
|
(0.8
|
)
|
Non-interest
operating income
(8)
|
|
|
14.3
|
|
|
5.4
|
|
|
11.7
|
|
Net
operating revenues
|
|
$
|
14.5
|
|
$
|
4.9
|
|
$
|
10.8
|
|
Operating
expenses
|
|
|
(2.5
|
)
|
|
(1.3
|
)
|
|
(0.8
|
)
|
Net
Operating Income
|
|
$
|
12.0
|
|
$
|
3.6
|
|
$
|
10.1
|
|
Net
operating income in the second quarter 2008 totaled $10.1 million, representing
an increase of 182% compared to the previous quarter, and a 16% decrease from
the second quarter 2007, driven by trading gains.
In
April
2008, Bladex Offshore Feeder Fund (the "Fund") registered with the Cayman
Islands Monetary Authority under the Cayman Islands Mutual Funds Law. On
May 1, 2008, the Fund began receiving third party investments. In May
2008, Bladex also began accounting for the Fund and its related companies in
accordance with the specialized accounting guidance in the AICPA Audit and
Accounting Guide,
Audits
of Investment Companies.
As
of
June 30, 2008, investment in mutual funds totaled $144 million compared to
the
Fund’s net asset value of $133 million and $122 million, as of March 31, 2008
and June 30, 2007, respectively.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
(US$
million, except percentages and per share amounts)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Net
Interest Income
|
|
$
|
16.7
|
|
$
|
21.1
|
|
$
|
20.1
|
|
Net
Operating Income by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
10.1
|
|
$
|
14.7
|
|
$
|
12.9
|
|
Treasury
Division
|
|
$
|
4.1
|
|
$
|
1.0
|
|
$
|
3.0
|
|
Asset
Management Division
|
|
$
|
12.0
|
|
$
|
3.6
|
|
$
|
10.1
|
|
Net
Operating Income
|
|
$
|
26.1
|
|
$
|
19.2
|
|
$
|
25.9
|
|
Net
Income
|
|
$
|
27.0
|
|
$
|
19.2
|
|
$
|
26.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income per Share
(9)
|
|
$
|
0.74
|
|
$
|
0.53
|
|
$
|
0.72
|
|
Book
Value per common share (period end)
|
|
$
|
16.68
|
|
$
|
16.73
|
|
$
|
17.74
|
|
Return
on Average Equity (“ROE”)
|
|
|
18.0
|
%
|
|
12.6
|
%
|
|
16.7
|
%
|
Operating
Return on Average Equity ("Operating ROE")
|
|
|
17.4
|
%
|
|
12.6
|
%
|
|
16.5
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
2.7
|
%
|
|
1.6
|
%
|
|
2.0
|
%
|
Net
Interest Margin
|
|
|
1.70
|
%
|
|
1.77
|
%
|
|
1.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1 Capital
(10)
|
|
$
|
606
|
|
$
|
608
|
|
$
|
645
|
|
Total
Capital
(11)
|
|
$
|
642
|
|
$
|
647
|
|
$
|
688
|
|
Risk-Weighted
Assets
|
|
$
|
2,862
|
|
$
|
3,112
|
|
$
|
3,392
|
|
Tier
1 Capital Ratio
(10)
|
|
|
21.2
|
%
|
|
19.6
|
%
|
|
19.0
|
%
|
Total
Capital Ratio
(11)
|
|
|
22.4
|
%
|
|
20.8
|
%
|
|
20.3
|
%
|
Stockholders’
Equity to Total Assets
|
|
|
14.4
|
%
|
|
12.0
|
%
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Liquid
Assets / Total Assets
(5)
|
|
|
7.6
|
%
|
|
9.7
|
%
|
|
6.9
|
%
|
Liquid
Assets / Total Deposits
|
|
|
23.2
|
%
|
|
36.3
|
%
|
|
21.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
Allowance
for Loan Losses to Total Loan Portfolio
|
|
|
2.0
|
%
|
|
1.9
|
%
|
|
1.7
|
%
|
Allowance
for Losses on Off-Balance Sheet Credit Risk to Total
Contingencies
|
|
|
2.6
|
%
|
|
3.5
|
%
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
4,205
|
|
$
|
5,090
|
|
$
|
5,407
|
|
The following graphs illustrate Net Operating Income and
the
Return on Average Stockholders’ Equity trends from 2005 through 2008:
NET
INTEREST INCOME AND MARGINS
(In US$ million, except percentages)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Net
Interest Income
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
15.4
|
|
$
|
19.4
|
|
$
|
18.9
|
|
Treasury
Division
|
|
|
1.1
|
|
|
2.2
|
|
|
2.1
|
|
Asset
Management Division
|
|
|
0.2
|
|
|
(0.4
|
)
|
|
(0.8
|
)
|
Consolidated
|
|
$
|
16.7
|
|
$
|
21.1
|
|
$
|
20.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin
*
|
|
|
1.70
|
%
|
|
1.77
|
%
|
|
1.56
|
%
|
*
Net
interest income divided by average balance of interest-earning
assets.
Net
interest income during the second quarter 2008 reached $20.1 million, a decrease
of 5% compared to the previous quarter driven by lower yield on the Bank’s
available capital as market interest rates decreased. This factor was partially
offset by a larger average loan portfolio and wider lending
spreads.
The
$3.4
million, or 20%, increase in net interest income compared to the second quarter
of 2007 mostly reflects an increased average loan portfolio, and higher lending
spreads, partly offset by a lower yield on the Bank’s available
capital.
FEES
AND COMMISSIONS
(US$
million)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Letters
of credit
|
|
$
|
0.7
|
|
$
|
1.0
|
|
$
|
1.2
|
|
Guarantees
|
|
|
0.2
|
|
|
0.4
|
|
|
0.3
|
|
Loans
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
Other
*
|
|
|
0.4
|
|
|
0.2
|
|
|
0.6
|
|
Fees
and Commissions, net
|
|
$
|
1.5
|
|
$
|
1.8
|
|
$
|
2.4
|
|
*
Net of
commission expenses
Fees
and
commissions in the second quarter 2008 increased 35%, or $0.6 million, compared
to the previous quarter, and 59%, or $0.9 million, from a year ago mostly due
to
the increased commission income from letters of credit, and management fee
related to the Asset Management Division.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
(In
US$ million)
|
|
30-Jun-07
|
|
30-Sep-07
|
|
31-Dec-07
|
|
31-Mar-08
|
|
30-Jun-08
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
56.6
|
|
$
|
69.0
|
|
$
|
72.6
|
|
$
|
69.6
|
|
$
|
69.9
|
|
Provisions
(reversals)
|
|
|
6.2
|
|
|
3.4
|
|
|
(3.0
|
)
|
|
0.0
|
|
|
(3.2
|
)
|
Recoveries
|
|
|
6.2
|
|
|
0.3
|
|
|
0.0
|
|
|
0.2
|
|
|
3.1
|
|
End
of period balance
|
|
$
|
69.0
|
|
$
|
72.6
|
|
$
|
69.6
|
|
$
|
69.9
|
|
$
|
69.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
21.0
|
|
$
|
13.5
|
|
$
|
10.5
|
|
$
|
13.7
|
|
$
|
13.7
|
|
Provisions
(reversals)
|
|
|
(7.6
|
)
|
|
(3.0
|
)
|
|
3.2
|
|
|
0.0
|
|
|
2.5
|
|
End
of period balance
|
|
$
|
13.5
|
|
$
|
10.5
|
|
$
|
13.7
|
|
$
|
13.7
|
|
$
|
16.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Allowance for Credit Losses
|
|
$
|
82.5
|
|
$
|
83.1
|
|
$
|
83.4
|
|
$
|
83.6
|
|
$
|
86.0
|
|
The
allowance for credit losses amounted $86.0 million, an increase of 3% from
March
31, 2008. The ratio of the allowance for credit losses to the commercial
portfolio was 1.9%, compared to 2.0% as of March 31, 2008 and 2.1% as of June
30, 2007.
OPERATING
EXPENSES AND EFFICIENCY LEVEL
(US$
million)
|
|
2Q07
|
|
1Q08
|
|
2Q08
|
|
Salaries
and other employee expenses
|
|
$
|
6.2
|
|
$
|
5.5
|
|
$
|
5.0
|
|
Depreciation, amortization and impairment
|
|
|
0.6
|
|
|
0.7
|
|
|
1.6
|
|
Professional
services
|
|
|
1.2
|
|
|
0.7
|
|
|
1.2
|
|
Maintenance
and repairs
|
|
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
Other
operating expenses
|
|
|
1.9
|
|
|
2.0
|
|
|
2.2
|
|
Total
Operating Expenses
|
|
$
|
10.3
|
|
$
|
9.2
|
|
$
|
10.5
|
|
The
Bank’s efficiency ratio was 29% in the second quarter 2008, compared to 32% in
the first quarter 2008 and 28% in the second quarter 2007.
Total
operating expenses for the second quarter 2008 were $10.5 million, an increase
of $1.2 million compared to the previous quarter, mainly due to a write-off
related to an information technology application reported in depreciation,
amortization and impairment expenses.
OTHER
EVENTS
§
|
Common
Dividend Payment:
On
July 15, 2008, the Bank’s Board of Directors declared regular quarterly
dividend of US$0.22 per share corresponding to the second quarter
2008 to
stockholders of record as of July 21, 2008, payable on July 31,
2008.
|
§
|
Asset
Management Division:
On
July 10, 2008, Bladex announced the incorporation of Mr. Tulio P.
Vera to
Bladex Asset Management (BAM). Mr. Vera joins the Division as Chief
Strategist and Head of Client Relations, and will be responsible
for
identifying and analyzing opportunities in the Latin American investment
space. Prior to Bladex, Mr. Vera worked with Merrill Lynch as a Managing
Director, Chief Global Emerging Market Macro and Debt
Strategist.
|
Ratings
Assigned:
On
July
7, 2008, Fitch Ratings assigned the following ratings to Bladex: Foreign
Currency Long-Term Issuer Default Rating (IDR) – ‘BBB’, Foreign Currency
Short-Term IDR – ‘F-2, Individual Rating – ‘C’, Support Rating – ‘5’, Support
Floor – ‘NF’. The outlook is stable.
§
|
Ratings
Upgrade:
On
May 13, 2008, Standard & Poor’s Rating Services upgraded Bladex’s
long-term issuer credit rating to ‘BBB’ from ‘BBB-‘ and its short-term
issuer credit rating to ‘A-2’ from ‘A-3’. The outlook is
stable.
|
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)
Net
interest income on lending spreads refers to interest income on weighted average
net lending spreads of average loan portfolio, plus loan
commissions.
(4)
Lending spreads refer to loan portfolio weighted average lending spread over
weighted average Libor-based cost rate, excluding loan commission.
(5)
Liquidity ratio refers to liquid assets as a percentage of total assets. Liquid
assets consist of investment-grade ‘A’ securities, and cash and due from banks,
excluding cash balances in the Asset Management Division.
(6)
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 38%, 34% and 35% for second quarter 2008,
first quarter 2008 and second quarter 2007, respectively.
(7)
Net
interest income on allocated capital is calculated based on capital assigned
to
support the loan portfolio.
(8)
Non-interest operating income refers to net other income (expense) excluding
reversals (provisions) for credit losses and recoveries (impairment) on assets.
By business segment, non-interest operating income includes:
Commercial
Division: fees and commissions net and related other income (expense),
net.
Treasury
Division: net gains on sale of securities available for sale, activities of
hedging derivative instruments and gain (loss) on foreign currency
expense.
Asset
Management Division: trading gains and related other income (expense),
net.
(9)
Net
Income per Share calculations are based on the average number of shares
outstanding during each period.
(10)
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.
(11)
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.
(12)
Operating ROE: Annualized net operating income divided by average stockholders’
equity.
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 and Asset Management 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/decreasing 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 June 30, 2008,
Bladex had disbursed accumulated credits of over $156 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Tuesday,
July 29, 2008, at 11:00 a.m., New York City time (Eastern Time). For those
interested in participating, please dial (800) 311-9401 in the United States
or,
if outside the United States, (334) 323-7224. Participants should use conference
ID# 8034, and dial in five minutes before the call is set to begin. There will
also be a live audio web cast of the conference at
www.bladex.com
.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through September 28, 2008.
Please dial (877) 919-4059 or (334) 323-7226, and follow the instructions.
The
Conference ID# for the replayed call is 42697683.
For
more
information, please access
www.bladex.com
or
contact:
Mr.
Jaime
Celorio
Chief
Financial Officer
Bladex
Calle
50
y Aquilino de la Guardia
P.O.
Box:
0819-08730
Panama
City, Panama
Tel:
(507) 210-8563
Fax:
(507) 269-6333
E-mail
address: jcelorio@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82
Wall
Street, Suite 805
New
York,
NY 10005
Tel:
(212) 406-3690
E-mail
address:
bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
(C) - (B)
|
|
|
|
(C) - (A)
|
|
|
|
|
|
Jun. 30, 2007
|
|
Mar. 31, 2008
|
|
Jun. 30, 2008
|
|
CHANGE
|
|
%
|
|
CHANGE
|
|
%
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
326
|
|
$
|
539
|
|
$
|
349
|
|
$
|
(190
|
)
|
|
(35
|
)%
|
$
|
23
|
|
|
7
|
%
|
Trading
assets
|
|
|
143
|
|
|
29
|
|
|
0
|
|
|
(29
|
)
|
|
(100
|
)
|
|
(143
|
)
|
|
(100
|
)
|
Securities
available for sale
|
|
|
168
|
|
|
695
|
|
|
737
|
|
|
41
|
|
|
6
|
|
|
568
|
|
|
338
|
|
Securities
held to maturity
|
|
|
0
|
|
|
0
|
|
|
29
|
|
|
29
|
|
|
0
|
|
|
29
|
|
|
n.m.
|
(*)
|
Investment
in mutual funds
|
|
|
0
|
|
|
0
|
|
|
144
|
|
|
144
|
|
|
0
|
|
|
144
|
|
|
n.m.
|
(*)
|
Loans
|
|
|
3,415
|
|
|
3,775
|
|
|
4,105
|
|
|
330
|
|
|
9
|
|
|
689
|
|
|
20
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(69
|
)
|
|
(70
|
)
|
|
(70
|
)
|
|
0
|
|
|
(0
|
)
|
|
(1
|
)
|
|
1
|
|
Unearned
income and deferred loan fees
|
|
|
(4
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
0
|
|
|
(6
|
)
|
|
(2
|
)
|
|
51
|
|
Loans,
net
|
|
|
3,342
|
|
|
3,698
|
|
|
4,029
|
|
|
330
|
|
|
9
|
|
|
686
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
21
|
|
|
35
|
|
|
31
|
|
|
(3
|
)
|
|
(9
|
)
|
|
11
|
|
|
52
|
|
Premises
and equipment, net
|
|
|
10
|
|
|
10
|
|
|
8
|
|
|
(2
|
)
|
|
(16
|
)
|
|
(1
|
)
|
|
(15
|
)
|
Accrued
interest receivable
|
|
|
52
|
|
|
52
|
|
|
59
|
|
|
7
|
|
|
14
|
|
|
7
|
|
|
14
|
|
Other
assets
|
|
|
144
|
|
|
32
|
|
|
21
|
|
|
(11
|
)
|
|
(35
|
)
|
|
(123
|
)
|
|
(85
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,205
|
|
$
|
5,090
|
|
$
|
5,407
|
|
$
|
317
|
|
|
6
|
%
|
$
|
1,202
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
109
|
|
$
|
94
|
|
$
|
104
|
|
$
|
9
|
|
|
10
|
%
|
$
|
(5
|
)
|
|
(5
|
)
|
Time
|
|
|
1,272
|
|
|
1,263
|
|
|
1,633
|
|
|
370
|
|
|
29
|
|
|
361
|
|
|
28
|
|
Total
Deposits
|
|
|
1,381
|
|
|
1,357
|
|
|
1,736
|
|
|
379
|
|
|
28
|
|
|
356
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
178
|
|
|
23
|
|
|
0
|
|
|
(23
|
)
|
|
(100
|
)
|
|
(178
|
)
|
|
(100
|
)
|
Securities
sold under repurchase agreements
|
|
|
113
|
|
|
529
|
|
|
458
|
|
|
(70
|
)
|
|
(13
|
)
|
|
345
|
|
|
306
|
|
Short-term
borrowings
|
|
|
945
|
|
|
1,204
|
|
|
1,230
|
|
|
26
|
|
|
2
|
|
|
285
|
|
|
30
|
|
Long-term
debt and borrowings
|
|
|
813
|
|
|
1,220
|
|
|
1,202
|
|
|
(18
|
)
|
|
(1
|
)
|
|
389
|
|
|
48
|
|
Acceptances
outstanding
|
|
|
21
|
|
|
35
|
|
|
31
|
|
|
(3
|
)
|
|
(9
|
)
|
|
11
|
|
|
52
|
|
Accrued
interest payable
|
|
|
36
|
|
|
36
|
|
|
43
|
|
|
7
|
|
|
20
|
|
|
7
|
|
|
20
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
13
|
|
|
14
|
|
|
16
|
|
|
3
|
|
|
18
|
|
|
3
|
|
|
21
|
|
Other
liabilities
|
|
|
99
|
|
|
65
|
|
|
44
|
|
|
(20
|
)
|
|
(31
|
)
|
|
(55
|
)
|
|
(55
|
)
|
TOTAL
LIABILITIES
|
|
$
|
3,599
|
|
$
|
4,482
|
|
$
|
4,762
|
|
$
|
281
|
|
|
6
|
%
|
$
|
1,164
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
reserves
|
|
|
95
|
|
|
95
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained
earnings
|
|
|
231
|
|
|
257
|
|
|
274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
other comprehensive income (loss)
|
|
|
(1
|
)
|
|
(25
|
)
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
stock
|
|
|
(134
|
)
|
|
(134
|
)
|
|
(134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
606
|
|
$
|
608
|
|
$
|
645
|
|
$
|
37
|
|
|
6
|
%
|
$
|
39
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,205
|
|
$
|
5,090
|
|
$
|
5,407
|
|
$
|
317
|
|
|
6
|
%
|
$
|
1,202
|
|
|
29
|
%
|
(*) "n.m."
means not meaningful.
EXHIBIT
II
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
(B)
|
|
(C)
|
|
(C) - (B)
|
|
|
|
(C) - (A)
|
|
|
|
|
|
Jun. 30, 2007
|
|
Mar. 31, 2008
|
|
Jun. 30, 2008
|
|
CHANGE
|
|
%
|
|
CHANGE
|
|
%
|
|
|
|
(In US$ thousand, except per share data)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
63,243
|
|
$
|
67,850
|
|
$
|
60,629
|
|
$
|
(7,221
|
)
|
|
(11
|
)%
|
$
|
(2,614
|
)
|
|
(4
|
)%
|
Interest
expense
|
|
|
(46,497
|
)
|
|
(46,733
|
)
|
|
(40,513
|
)
|
|
6,220
|
|
|
(13
|
)
|
|
5,984
|
|
|
(13
|
)
|
NET
INTEREST INCOME
|
|
|
16,745
|
|
|
21,118
|
|
|
20,116
|
|
|
(1,002
|
)
|
|
(5
|
)
|
|
3,370
|
|
|
20
|
|
Reversal
(provision) for loan losses
|
|
|
(6,235
|
)
|
|
0
|
|
|
3,204
|
|
|
3,204
|
|
|
n.m.
|
(*)
|
|
9,439
|
|
|
(151
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
10,510
|
|
|
21,118
|
|
|
23,319
|
|
|
2,202
|
|
|
10
|
|
|
12,809
|
|
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
7,581
|
|
|
0
|
|
|
(2,513
|
)
|
|
(2,513
|
)
|
|
n.m.
|
(*)
|
|
(10,094
|
)
|
|
(133
|
)
|
Fees
and commissions, net
|
|
|
1,525
|
|
|
1,799
|
|
|
2,421
|
|
|
622
|
|
|
35
|
|
|
896
|
|
|
59
|
|
Activities
of hedging derivatives instruments
|
|
|
1
|
|
|
(52
|
)
|
|
(27
|
)
|
|
25
|
|
|
(49
|
)
|
|
(28
|
)
|
|
(2,747
|
)
|
Recoveries
(impairment), on assets
|
|
|
(500
|
)
|
|
0
|
|
|
(339
|
)
|
|
(339
|
)
|
|
n.m.
|
(*)
|
|
161
|
|
|
(32
|
)
|
Trading
gains
|
|
|
14,278
|
|
|
5,350
|
|
|
216
|
|
|
(5,134
|
)
|
|
(96
|
)
|
|
(14,062
|
)
|
|
(98
|
)
|
Net
gains on sale of securities available for sale
|
|
|
3,906
|
|
|
0
|
|
|
2,095
|
|
|
2,095
|
|
|
n.m.
|
(*)
|
|
(1,812
|
)
|
|
(46
|
)
|
Net
gains on mutual funds
|
|
|
0
|
|
|
0
|
|
|
10,960
|
|
|
10,960
|
|
|
n.m.
|
(*)
|
|
10,960
|
|
|
n.m.
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(56
|
)
|
|
184
|
|
|
554
|
|
|
370
|
|
|
201
|
|
|
610
|
|
|
(1,084
|
)
|
Other
income (expense), net
|
|
|
0
|
|
|
40
|
|
|
30
|
|
|
(11
|
)
|
|
(27
|
)
|
|
30
|
|
|
27,385
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
26,734
|
|
|
7,321
|
|
|
13,396
|
|
|
6,075
|
|
|
83
|
|
|
(13,338
|
)
|
|
(50
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(6,234
|
)
|
|
(5,530
|
)
|
|
(4,970
|
)
|
|
560
|
|
|
(10
|
)
|
|
1,264
|
|
|
(20
|
)
|
Depreciation,
amortization and impairment
|
|
|
(639
|
)
|
|
(682
|
)
|
|
(1,648
|
)
|
|
(966
|
)
|
|
142
|
|
|
(1,008
|
)
|
|
158
|
|
Professional
services
|
|
|
(1,223
|
)
|
|
(737
|
)
|
|
(1,241
|
)
|
|
(504
|
)
|
|
68
|
|
|
(19
|
)
|
|
2
|
|
Maintenance
and repairs
|
|
|
(279
|
)
|
|
(300
|
)
|
|
(365
|
)
|
|
(64
|
)
|
|
21
|
|
|
(86
|
)
|
|
31
|
|
Other
operating expenses
|
|
|
(1,887
|
)
|
|
(1,988
|
)
|
|
(2,228
|
)
|
|
(240
|
)
|
|
12
|
|
|
(341
|
)
|
|
18
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(10,262
|
)
|
|
(9,237
|
)
|
|
(10,452
|
)
|
|
(1,215
|
)
|
|
13
|
|
|
(190
|
)
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
26,983
|
|
$
|
19,202
|
|
$
|
26,264
|
|
$
|
7,062
|
|
|
37
|
%
|
$
|
(719
|
)
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.74
|
|
|
0.53
|
|
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.73
|
|
|
0.53
|
|
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,335
|
|
|
36,370
|
|
|
36,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares
|
|
|
37,062
|
|
|
36,370
|
|
|
36,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
2.7
|
%
|
|
1.6
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
18.0
|
%
|
|
12.6
|
%
|
|
16.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.70
|
%
|
|
1.77
|
%
|
|
1.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
0.76
|
%
|
|
1.14
|
%
|
|
1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
1.01
|
%
|
|
0.76
|
%
|
|
0.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m."
means not meaningful.
EXHIBIT
III
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
|
FOR THE SIX MONTHS ENDED JUNE 30,
|
|
|
|
2007
|
|
2008
|
|
(In
US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
Net
interest income
|
|
$
|
33,821
|
|
$
|
41,233
|
|
Fees
and commissions, net
|
|
|
2,800
|
|
|
4,220
|
|
Reversal
of provision for loan and off-balance sheet credit losses,
net
|
|
|
2,150
|
|
|
690
|
|
Activities
of hedging derivatives instruments
|
|
|
(483
|
)
|
|
(78
|
)
|
Recoveries
(impairment), on assets
|
|
|
(500
|
)
|
|
(339
|
)
|
Trading
gains
|
|
|
15,286
|
|
|
5,566
|
|
Net
gains on sale of securities available for sale
|
|
|
6,605
|
|
|
2,095
|
|
Net
gains on mutual funds
|
|
|
0
|
|
|
10,960
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(56
|
)
|
|
738
|
|
Other
income (expense), net
|
|
|
41
|
|
|
70
|
|
Operating
expenses
|
|
|
(17,847
|
)
|
|
(19,688
|
)
|
NET
INCOME
|
|
$
|
41,817
|
|
$
|
45,466
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
311
|
|
|
766
|
|
Loans,
net
|
|
|
3,342
|
|
|
4,029
|
|
Total
assets
|
|
|
4,205
|
|
|
5,407
|
|
Deposits
|
|
|
1,381
|
|
|
1,736
|
|
Trading
liabilities
|
|
|
178
|
|
|
0
|
|
Securities
sold under repurchase agreements
|
|
|
113
|
|
|
458
|
|
Short-term
borrowings
|
|
|
945
|
|
|
1,230
|
|
Long-term
debt and borrowings
|
|
|
813
|
|
|
1,202
|
|
Total
liabilities
|
|
|
3,599
|
|
|
4,762
|
|
Stockholders'
equity
|
|
|
606
|
|
|
645
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
1.15
|
|
|
1.25
|
|
Diluted
earnings per share
|
|
|
1.13
|
|
|
1.25
|
|
Book
value (period average)
|
|
|
16.39
|
|
|
17.10
|
|
Book
value (period end)
|
|
|
16.68
|
|
|
17.74
|
|
(In
US$ thousand):
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,332
|
|
|
36,370
|
|
Average
diluted shares
|
|
|
36,853
|
|
|
36,397
|
|
Basic
shares period end
|
|
|
36,348
|
|
|
36,371
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
2.1
|
%
|
|
1.8
|
%
|
Return
on average stockholders' equity
|
|
|
14.2
|
%
|
|
14.7
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.67
|
%
|
Net
interest spread
|
|
|
0.82
|
%
|
|
1.12
|
%
|
Operating
expenses to total average assets
|
|
|
0.91
|
%
|
|
0.78
|
%
|
|
|
|
|
|
|
|
|
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
|
%
|
|
-0.1
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
2.0
|
%
|
|
1.7
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
2.6
|
%
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
14.4
|
%
|
|
11.9
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
21.2
|
%
|
|
19.0
|
%
|
Total
capital to risk-weighted assets
|
|
|
22.4
|
%
|
|
20.3
|
%
|
(1)
Loan
portfolio is presented net of unearned income and deferred loan fees.
EXHIBIT
IV
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE SIX MONTHS
ENDED
JUNE 30,
|
|
|
|
|
|
|
|
2007
|
|
2008
|
|
CHANGE
|
|
%
|
|
(In
US$ thousand)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
124,236
|
|
$
|
128,479
|
|
$
|
4,243
|
|
|
3
|
%
|
Interest
expense
|
|
|
(90,414
|
)
|
|
(87,246
|
)
|
|
3,169
|
|
|
(4
|
)
|
NET
INTEREST INCOME
|
|
|
33,821
|
|
|
41,233
|
|
|
7,412
|
|
|
22
|
|
Provision
for loan losses
|
|
|
(11,589
|
)
|
|
3,204
|
|
|
14,793
|
|
|
(128
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
|
|
22,232
|
|
|
44,437
|
|
|
22,205
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
13,739
|
|
|
(2,513
|
)
|
|
(16,252
|
)
|
|
(118
|
)
|
Fees
and commissions, net
|
|
|
2,800
|
|
|
4,220
|
|
|
1,420
|
|
|
51
|
|
Derivatives
and hedging activities
|
|
|
(483
|
)
|
|
(78
|
)
|
|
405
|
|
|
(84
|
)
|
Recoveries
(impairment), on assets
|
|
|
(500
|
)
|
|
(339
|
)
|
|
161
|
|
|
(32
|
)
|
Trading
gains
|
|
|
15,286
|
|
|
5,566
|
|
|
(9,720
|
)
|
|
(64
|
)
|
Net
gains on sale of securities available for sale
|
|
|
6,605
|
|
|
2,095
|
|
|
(4,511
|
)
|
|
(68
|
)
|
Net
gains on mutual funds
|
|
|
0
|
|
|
10,960
|
|
|
10,960
|
|
|
n.m.
|
(*)
|
Gain
(loss) on foreign currency exchange
|
|
|
(56
|
)
|
|
738
|
|
|
794
|
|
|
(1,422
|
)
|
Other
income (expense), net
|
|
|
41
|
|
|
70
|
|
|
29
|
|
|
72
|
|
NET
OTHER INCOME (EXPENSE
|
|
|
37,432
|
|
|
20,718
|
|
|
(16,714
|
)
|
|
(45
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(10,497
|
)
|
|
(10,499
|
)
|
|
(3
|
)
|
|
0
|
|
Depreciation,
amortization and impairment
|
|
|
(1,267
|
)
|
|
(2,329
|
)
|
|
(1,063
|
)
|
|
84
|
|
Professional
services
|
|
|
(1,963
|
)
|
|
(1,979
|
)
|
|
(16
|
)
|
|
1
|
|
Maintenance
and repairs
|
|
|
(570
|
)
|
|
(665
|
)
|
|
(96
|
)
|
|
17
|
|
Other
operating expenses
|
|
|
(3,551
|
)
|
|
(4,216
|
)
|
|
(664
|
)
|
|
19
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(17,847
|
)
|
|
(19,688
|
)
|
|
(1,841
|
)
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
41,817
|
|
$
|
45,466
|
|
$
|
3,650
|
|
|
9
|
%
|
(*)
"n.m."
means not meaningful.
EXHIBIT
V
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE THREE MONTHS ENDED,
|
|
|
|
June 30, 2007
|
|
March 31, 2008
|
|
June 30, 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
|
|
$
|
290
|
|
$
|
4.0
|
|
|
5.50
|
%
|
$
|
443
|
|
$
|
3.8
|
|
|
3.36
|
%
|
$
|
382
|
|
$
|
2.1
|
|
|
2.20
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,321
|
|
|
54.1
|
|
|
6.44
|
|
|
3,701
|
|
|
55.4
|
|
|
5.92
|
|
|
3,966
|
|
|
49.7
|
|
|
4.96
|
|
Trading
assets
|
|
|
110
|
|
|
1.6
|
|
|
5.80
|
|
|
29
|
|
|
0.1
|
|
|
1.61
|
|
|
42
|
|
|
0.0
|
|
|
0.08
|
|
Investment
securities
|
|
|
241
|
|
|
3.6
|
|
|
5.84
|
|
|
615
|
|
|
8.6
|
|
|
5.53
|
|
|
783
|
|
|
8.8
|
|
|
4.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,961
|
|
$
|
63.2
|
|
|
6.32
|
%
|
$
|
4,787
|
|
$
|
67.9
|
|
|
5.61
|
%
|
$
|
5,172
|
|
$
|
60.6
|
|
|
4.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
in mutual funds
|
|
|
0
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
75
|
|
|
|
|
|
|
|
|
108
|
|
|
|
|
|
|
|
|
80
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(56
|
)
|
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
Other
assets
|
|
|
76
|
|
|
|
|
|
|
|
|
85
|
|
|
|
|
|
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,055
|
|
|
|
|
|
|
|
$
|
4,911
|
|
|
|
|
|
|
|
$
|
5,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits.
|
|
$
|
1,341
|
|
$
|
18.1
|
|
|
5.33
|
%
|
$
|
1,435
|
|
$
|
13.7
|
|
|
3.79
|
%
|
$
|
1,601
|
|
$
|
11.7
|
|
|
2.88
|
%
|
Trading
liabilities
|
|
|
88
|
|
|
1.4
|
|
|
6.24
|
|
|
45
|
|
|
0.7
|
|
|
6.20
|
|
|
12
|
|
|
0.1
|
|
|
2.62
|
|
Securities
sold under repurchase agreement and short-term borrowings
|
|
|
1,123
|
|
|
15.6
|
|
|
5.49
|
|
|
1,655
|
|
|
18.8
|
|
|
4.49
|
|
|
1,697
|
|
|
16.0
|
|
|
3.73
|
|
Long-term
debt and borrowings
|
|
|
760
|
|
|
11.5
|
|
|
5.98
|
|
|
1,006
|
|
|
13.5
|
|
|
5.32
|
|
|
1,209
|
|
|
12.8
|
|
|
4.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,311
|
|
$
|
46.5
|
|
|
5.56
|
%
|
$
|
4,141
|
|
$
|
46.7
|
|
|
4.46
|
%
|
$
|
4,519
|
|
$
|
40.5
|
|
|
3.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
142
|
|
|
|
|
|
|
|
$
|
157
|
|
|
|
|
|
|
|
$
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,453
|
|
|
|
|
|
|
|
|
4,298
|
|
|
|
|
|
|
|
|
4,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
603
|
|
|
|
|
|
|
|
|
613
|
|
|
|
|
|
|
|
|
631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,055
|
|
|
|
|
|
|
|
$
|
4,911
|
|
|
|
|
|
|
|
$
|
5,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.76
|
%
|
|
|
|
|
|
|
|
1.14
|
%
|
|
|
|
|
|
|
|
1.09
|
%
|
NET
INTEREST INCOME AND NET INTEREST
MARGIN
|
|
|
|
|
$
|
16.7
|
|
|
1.70
|
%
|
|
|
|
$
|
21.1
|
|
|
1.77
|
%
|
|
|
|
$
|
20.1
|
|
|
1.56
|
%
|
(*)
"n.m." means not meaningful.
EXHIBIT
VI
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE SIX MONTHS ENDED,
|
|
|
|
June 30, 2007
|
|
June 30, 2008
|
|
|
|
AVERAGE
|
|
|
|
AVG.
|
|
AVERAGE
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
BALANCE
|
|
INTEREST
|
|
RATE
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
$
|
260
|
|
$
|
7.1
|
|
|
5.41
|
%
|
$
|
412
|
|
$
|
5.9
|
|
|
2.82
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,194
|
|
|
104.1
|
|
|
6.48
|
|
|
3,833
|
|
|
105.1
|
|
|
5.42
|
|
Trading
assets
|
|
|
116
|
|
|
4.1
|
|
|
7.06
|
|
|
35
|
|
|
0.1
|
|
|
0.70
|
|
Investment
securities
|
|
|
310
|
|
|
8.9
|
|
|
5.75
|
|
|
699
|
|
|
17.4
|
|
|
4.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,880
|
|
$
|
124.2
|
|
|
6.37
|
%
|
$
|
4,980
|
|
$
|
128.5
|
|
|
5.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
in mutual funds
|
|
|
0
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
86
|
|
|
|
|
|
|
|
|
94
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(54
|
)
|
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
Other
assets
|
|
|
60
|
|
|
|
|
|
|
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,973
|
|
|
|
|
|
|
|
$
|
5,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITITES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,250
|
|
$
|
33.4
|
|
|
5.32
|
%
|
$
|
1,518
|
|
$
|
25.4
|
|
|
3.31
|
%
|
Trading
liabilities
|
|
|
73
|
|
|
2.3
|
|
|
6.38
|
|
|
28
|
|
|
0.8
|
|
|
5.45
|
|
Securities
sold under repurchase agreement and short-term borrowings
|
|
|
1,243
|
|
|
34.3
|
|
|
5.48
|
|
|
1,676
|
|
|
34.8
|
|
|
4.10
|
|
Long-term
debt and borrowings
|
|
|
675
|
|
|
20.4
|
|
|
6.01
|
|
|
1,107
|
|
|
26.3
|
|
|
4.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,241
|
|
$
|
90.4
|
|
|
5.55
|
%
|
$
|
4,330
|
|
$
|
87.2
|
|
|
3.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
136
|
|
|
|
|
|
|
|
$
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,377
|
|
|
|
|
|
|
|
|
4,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
596
|
|
|
|
|
|
|
|
|
622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,973
|
|
|
|
|
|
|
|
$
|
5,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
0.82
|
%
|
|
|
|
|
|
|
|
1.12
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
$
|
33.8
|
|
|
1.76
|
%
|
|
|
|
$
|
41.2
|
|
|
1.67
|
%
|
(*)
"n.m." means not meaningful
EXHIBIT
VII
CONSOLIDATED
STATEMENT OF INCOME
(In
US$
thousand, except ratios)
|
|
SIX MONTHS
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS
|
|
|
|
ENDED
|
|
FOR THE THREE MONTHS ENDED
|
|
ENDED
|
|
|
|
JUN 30/07
|
|
JUN 30/07
|
|
SEP 30/07
|
|
DEC 31/07
|
|
MAR 31/08
|
|
JUN 30/08
|
|
JUN 30/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
124,236
|
|
$
|
63,243
|
|
$
|
68,641
|
|
$
|
71,992
|
|
$
|
67,850
|
|
$
|
60,629
|
|
$
|
128,479
|
|
Interest
expense
|
|
|
(90,414
|
)
|
|
(46,497
|
)
|
|
(51,020
|
)
|
|
(52,864
|
)
|
|
(46,733
|
)
|
|
(40,513
|
)
|
|
(87,246
|
)
|
NET
INTEREST INCOME
|
|
|
33,821
|
|
|
16,745
|
|
|
17,622
|
|
|
19,127
|
|
|
21,118
|
|
|
20,116
|
|
|
41,233
|
|
Reversal
(provision) for loan losses
|
|
|
(11,589
|
)
|
|
(6,235
|
)
|
|
(3,384
|
)
|
|
2,980
|
|
|
0
|
|
|
3,204
|
|
|
3,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
22,232
|
|
|
10,510
|
|
|
14,237
|
|
|
22,107
|
|
|
21,118
|
|
|
23,319
|
|
|
44,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
13,739
|
|
|
7,581
|
|
|
2,964
|
|
|
(3,235
|
)
|
|
0
|
|
|
(2,513
|
)
|
|
(2,513
|
)
|
Fees
and commissions, net
|
|
|
2,800
|
|
|
1,525
|
|
|
1,173
|
|
|
1,582
|
|
|
1,799
|
|
|
2,421
|
|
|
4,220
|
|
Derivatives
and hedging activities
|
|
|
(483
|
)
|
|
1
|
|
|
(294
|
)
|
|
(212
|
)
|
|
(52
|
)
|
|
(27
|
)
|
|
(78
|
)
|
Recoveries
(impairment) on assets
|
|
|
(500
|
)
|
|
(500
|
)
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(339
|
)
|
|
(339
|
)
|
Trading
gains
|
|
|
15,286
|
|
|
14,278
|
|
|
5,104
|
|
|
3,475
|
|
|
5,350
|
|
|
216
|
|
|
5,566
|
|
Net
gains on sale of securities available for sale
|
|
|
6,605
|
|
|
3,906
|
|
|
288
|
|
|
2,226
|
|
|
0
|
|
|
2,095
|
|
|
2,095
|
|
Net
gains on mutual funds
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
10,960
|
|
|
10,960
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(56
|
)
|
|
(56
|
)
|
|
(9
|
)
|
|
181
|
|
|
184
|
|
|
554
|
|
|
738
|
|
Other
income (expense), net
|
|
|
41
|
|
|
0
|
|
|
17
|
|
|
(64
|
)
|
|
40
|
|
|
30
|
|
|
70
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
37,432
|
|
|
26,734
|
|
|
9,242
|
|
|
3,954
|
|
|
7,321
|
|
|
13,396
|
|
|
20,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(17,847
|
)
|
|
(10,262
|
)
|
|
(8,652
|
)
|
|
(10,527
|
)
|
|
(9,237
|
)
|
|
(10,452
|
)
|
|
(19,688
|
)
|
NET
INCOME
|
|
$
|
41,817
|
|
$
|
26,983
|
|
$
|
14,827
|
|
$
|
15,534
|
|
$
|
19,202
|
|
$
|
26,264
|
|
$
|
45,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
$
|
1.15
|
|
$
|
0.74
|
|
$
|
0.41
|
|
$
|
0.43
|
|
$
|
0.53
|
|
$
|
0.72
|
|
$
|
1.25
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
2.1
|
%
|
|
2.7
|
%
|
|
1.4
|
%
|
|
1.3
|
%
|
|
1.6
|
%
|
|
2.0
|
%
|
|
1.8
|
%
|
Return
on average stockholders' equity
|
|
|
14.2
|
%
|
|
18.0
|
%
|
|
9.6
|
%
|
|
9.9
|
%
|
|
12.6
|
%
|
|
16.7
|
%
|
|
14.7
|
%
|
Net
interest margin
|
|
|
1.76
|
%
|
|
1.70
|
%
|
|
1.65
|
%
|
|
1.69
|
%
|
|
1.77
|
%
|
|
1.56
|
%
|
|
1.67
|
%
|
Net
interest spread
|
|
|
0.82
|
%
|
|
0.76
|
%
|
|
0.73
|
%
|
|
0.84
|
%
|
|
1.14
|
%
|
|
1.09
|
%
|
|
1.12
|
%
|
Operating
expenses to average assets
|
|
|
0.91
|
%
|
|
1.01
|
%
|
|
0.80
|
%
|
|
0.91
|
%
|
|
0.76
|
%
|
|
0.80
|
%
|
|
0.78
|
%
|
EXHIBIT
VIII
BUSINESS
SEGMENT ANALYSIS
(In
US$
million)
|
|
FOR THE SIX MONTHS ENDED
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
JUN 30/07
|
|
JUN 30/08
|
|
JUN 30/07
|
|
MAR 31/08
|
|
JUN 30/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
(1)
|
|
$
|
30.2
|
|
$
|
38.3
|
|
$
|
15.4
|
|
$
|
19.4
|
|
$
|
18.9
|
|
Non-interest
operating income
(2)
|
|
|
2.7
|
|
|
3.7
|
|
|
1.4
|
|
|
1.8
|
|
|
1.9
|
|
Operating
expenses
(3)
|
|
|
(12.9
|
)
|
|
(14.4
|
)
|
|
(6.7
|
)
|
|
(6.5
|
)
|
|
(7.9
|
)
|
Net
operating income
(4)
|
|
|
20.1
|
|
|
27.5
|
|
|
10.1
|
|
|
14.7
|
|
|
12.9
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
2.2
|
|
|
0.7
|
|
|
1.3
|
|
|
0.0
|
|
|
0.7
|
|
Impairment
on assets
|
|
|
(0.5
|
)
|
|
(0.3
|
)
|
|
(0.5
|
)
|
|
0.0
|
|
|
(0.3
|
)
|
NET
INCOME
|
|
$
|
21.7
|
|
$
|
27.9
|
|
$
|
10.9
|
|
$
|
14.7
|
|
$
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets
(5)
|
|
|
3,194
|
|
|
3,833
|
|
|
3,321
|
|
|
3,701
|
|
|
3,966
|
|
End-of-period
interest-earning assets
(5)
|
|
|
3,411
|
|
|
4,098
|
|
|
3,411
|
|
|
3,768
|
|
|
4,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
(1)
|
|
$
|
2.5
|
|
$
|
4.2
|
|
$
|
1.1
|
|
$
|
2.2
|
|
$
|
2.1
|
|
Non-interest
operating income
(2)
|
|
|
6.2
|
|
|
2.8
|
|
|
3.9
|
|
|
0.2
|
|
|
2.7
|
|
Operating
expenses
(3)
|
|
|
(1.9
|
)
|
|
(3.1
|
)
|
|
(1.0
|
)
|
|
(1.4
|
)
|
|
(1.8
|
)
|
Net
operating income
(5)
|
|
|
6.7
|
|
|
3.9
|
|
|
4.1
|
|
|
1.0
|
|
|
3.0
|
|
NET
INCOME
|
|
$
|
6.7
|
|
$
|
3.9
|
|
$
|
4.1
|
|
$
|
1.0
|
|
$
|
3.0
|
|
Average
interest-earning assets
(6)
|
|
|
516
|
|
|
1,044
|
|
|
450
|
|
|
967
|
|
|
1,121
|
|
End-of-period
interest-earning assets
(6)
|
|
|
399
|
|
|
1,115
|
|
|
399
|
|
|
1,183
|
|
|
1,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
(1)
|
|
$
|
1.1
|
|
$
|
(1.3
|
)
|
$
|
0.2
|
|
$
|
(0.4
|
)
|
$
|
(0.8
|
)
|
Non-interest
operating income
(2)
|
|
|
15.3
|
|
|
17.0
|
|
|
14.3
|
|
|
5.4
|
|
|
11.7
|
|
Operating
expenses
(3)
|
|
|
(3.0
|
)
|
|
(2.1
|
)
|
|
(2.5
|
)
|
|
(1.3
|
)
|
|
(0.8
|
)
|
Net
operating income
(4)
|
|
|
13.4
|
|
|
13.6
|
|
|
12.0
|
|
|
3.6
|
|
|
10.1
|
|
NET
INCOME
|
|
$
|
13.4
|
|
$
|
13.6
|
|
$
|
12.0
|
|
$
|
3.6
|
|
$
|
10.1
|
|
Average
interest-earning assets
(7)
|
|
|
169
|
|
|
102
|
|
|
190
|
|
|
119
|
|
|
85
|
|
Average
investment in mutual funds
|
|
|
0
|
|
|
21
|
|
|
0
|
|
|
0
|
|
|
42
|
|
Total
average interest-earning assets and investment in mutual
funds
|
|
|
169
|
|
|
123
|
|
|
190
|
|
|
119
|
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End-of-period
interest-earning assets
(7)
|
|
|
237
|
|
|
0
|
|
|
237
|
|
|
80
|
|
|
0
|
|
End-of-period
investment in mutual funds
|
|
|
0
|
|
|
144
|
|
|
0
|
|
|
0
|
|
|
144
|
|
Total
end-of period interest-earning assets and investment in mutual
funds
|
|
|
237
|
|
|
144
|
|
|
237
|
|
|
80
|
|
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
(1)
|
|
$
|
33.8
|
|
$
|
41.2
|
|
$
|
16.7
|
|
$
|
21.1
|
|
$
|
20.1
|
|
Non-interest
operating income
(2)
|
|
|
24.2
|
|
|
23.6
|
|
|
19.7
|
|
|
7.3
|
|
|
16.2
|
|
Operating
expenses
(3)
|
|
|
(17.8
|
)
|
|
(19.7
|
)
|
|
(10.3
|
)
|
|
(9.2
|
)
|
|
(10.5
|
)
|
Net
operating income
(4)
|
|
|
40.2
|
|
|
45.1
|
|
|
26.1
|
|
|
19.2
|
|
|
25.9
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
2.2
|
|
|
0.7
|
|
|
1.3
|
|
|
0.0
|
|
|
0.7
|
|
Recoveries
(impairment), on assets
|
|
|
(0.5
|
)
|
|
(0.3
|
)
|
|
(0.5
|
)
|
|
0.0
|
|
|
(0.3
|
)
|
NET
INCOME
|
|
$
|
41.8
|
|
$
|
45.5
|
|
$
|
27.0
|
|
$
|
19.2
|
|
$
|
26.3
|
|
Average
interest-earning assets
|
|
|
3,880
|
|
|
4,980
|
|
|
3,961
|
|
|
4,787
|
|
|
5,172
|
|
End-of-period
interest-earning assets
|
|
|
4,048
|
|
|
5,213
|
|
|
4,048
|
|
|
5,031
|
|
|
5,213
|
|
The
bank
has aligned its operations into three major business segments, based on the
nature of clients, products and on credit risk standards.
Interest
expenses are allocated based on average credits.
(1)
Interest income on interest-earning assets, net of allocated cost of
funds.
(2)
Non-interest operating income consists of net other income (expense), excluding
reversals of provisions for credit losses and impairment on assets
(3)
Operating expenses are calculated based on average credits.
(4)
Net
operating income refers to net income excluding reversals of provisions for
credit losses and impairment on assets.
(5)
Includes loans, net of unearned income and deferred loan fees.
(6)
Includes cash and due from banks, interest-bearing deposits with banks,
securities available for sale and held to maturity.
(7)
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)
30JUN07
|
|
(B)
31MAR08
|
|
(C)
30JUN08
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
% of Total
Outstanding
|
|
Amount
|
|
% of Total
Outstanding
|
|
Amount
|
|
% of Total
Outstanding
|
|
(C) - (B)
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
247
|
|
|
6.0
|
|
$
|
310
|
|
|
6.4
|
|
$
|
273
|
|
|
5.2
|
|
$
|
(37
|
)
|
$
|
27
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0
|
|
BRAZIL
|
|
|
1,467
|
|
|
35.7
|
|
|
1,714
|
|
|
35.2
|
|
|
1,801
|
|
|
34.3
|
|
|
87
|
|
|
334
|
|
CHILE
|
|
|
161
|
|
|
3.9
|
|
|
53
|
|
|
1.1
|
|
|
52
|
|
|
1.0
|
|
|
(1
|
)
|
|
(110
|
)
|
COLOMBIA
|
|
|
347
|
|
|
8.5
|
|
|
629
|
|
|
12.9
|
|
|
514
|
|
|
9.8
|
|
|
(116
|
)
|
|
166
|
|
COSTA
RICA
|
|
|
63
|
|
|
1.5
|
|
|
96
|
|
|
2.0
|
|
|
256
|
|
|
4.9
|
|
|
160
|
|
|
193
|
|
DOMINICAN
REPUBLIC
|
|
|
108
|
|
|
2.6
|
|
|
81
|
|
|
1.7
|
|
|
80
|
|
|
1.5
|
|
|
(1
|
)
|
|
(28
|
)
|
ECUADOR
|
|
|
136
|
|
|
3.3
|
|
|
151
|
|
|
3.1
|
|
|
174
|
|
|
3.3
|
|
|
23
|
|
|
37
|
|
EL
SALVADOR
|
|
|
32
|
|
|
0.8
|
|
|
62
|
|
|
1.3
|
|
|
73
|
|
|
1.4
|
|
|
11
|
|
|
41
|
|
GUATEMALA
|
|
|
102
|
|
|
2.5
|
|
|
119
|
|
|
2.4
|
|
|
175
|
|
|
3.3
|
|
|
56
|
|
|
73
|
|
HONDURAS
|
|
|
50
|
|
|
1.2
|
|
|
56
|
|
|
1.1
|
|
|
56
|
|
|
1.1
|
|
|
1
|
|
|
6
|
|
JAMAICA
|
|
|
38
|
|
|
0.9
|
|
|
70
|
|
|
1.4
|
|
|
85
|
|
|
1.6
|
|
|
15
|
|
|
47
|
|
MEXICO
|
|
|
390
|
|
|
9.5
|
|
|
492
|
|
|
10.1
|
|
|
497
|
|
|
9.5
|
|
|
5
|
|
|
107
|
|
NICARAGUA
|
|
|
12
|
|
|
0.3
|
|
|
20
|
|
|
0.4
|
|
|
5
|
|
|
0.1
|
|
|
(14
|
)
|
|
(6
|
)
|
PANAMA
|
|
|
178
|
|
|
4.3
|
|
|
227
|
|
|
4.6
|
|
|
226
|
|
|
4.3
|
|
|
(1
|
)
|
|
48
|
|
PERU
|
|
|
465
|
|
|
11.3
|
|
|
646
|
|
|
13.3
|
|
|
680
|
|
|
12.9
|
|
|
34
|
|
|
215
|
|
TRINIDAD
& TOBAGO
|
|
|
142
|
|
|
3.5
|
|
|
26
|
|
|
0.5
|
|
|
92
|
|
|
1.8
|
|
|
67
|
|
|
(49
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
4
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
(4
|
)
|
|
0
|
|
VENEZUELA
|
|
|
159
|
|
|
3.9
|
|
|
94
|
|
|
1.9
|
|
|
141
|
|
|
2.7
|
|
|
47
|
|
|
(17
|
)
|
OTHER
|
|
|
5
|
|
|
0.1
|
|
|
25
|
|
|
0.5
|
|
|
67
|
|
|
1.3
|
|
|
43
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO
(1)
|
|
$
|
4,106
|
|
|
100
|
%
|
$
|
4,874
|
|
|
100
|
%
|
$
|
5,252
|
|
|
100
|
%
|
$
|
378
|
|
$
|
1,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
(7
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
0
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND COMMISSION
|
|
$
|
4,102
|
|
|
|
|
$
|
4,867
|
|
|
|
|
$
|
5,245
|
|
|
|
|
$
|
378
|
|
$
|
1,143
|
|
(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,
|
|
|
|
|
|
(A)
30JUN07
|
|
(B)
31MAR08
|
|
(C)
30JUN08
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
% of Total
Outstanding
|
|
Amount
|
|
% of Total
Outstanding
|
|
Amount
|
|
% of Total
Outstanding
|
|
(C) - (B)
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
232
|
|
|
5.9
|
|
$
|
291
|
|
|
7.0
|
|
$
|
273
|
|
|
6.1
|
|
$
|
(17
|
)
|
$
|
41
|
|
BOLIVIA
|
|
|
5
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
5
|
|
|
0.1
|
|
|
5
|
|
|
0
|
|
BRAZIL
|
|
|
1,400
|
|
|
35.6
|
|
|
1,541
|
|
|
36.9
|
|
|
1,640
|
|
|
36.3
|
|
|
99
|
|
|
240
|
|
CHILE
|
|
|
119
|
|
|
3.0
|
|
|
10
|
|
|
0.2
|
|
|
9
|
|
|
0.2
|
|
|
(1
|
)
|
|
(110
|
)
|
COLOMBIA
|
|
|
344
|
|
|
8.7
|
|
|
394
|
|
|
9.4
|
|
|
336
|
|
|
7.4
|
|
|
(58
|
)
|
|
(8
|
)
|
COSTA
RICA
|
|
|
63
|
|
|
1.6
|
|
|
96
|
|
|
2.3
|
|
|
237
|
|
|
5.3
|
|
|
141
|
|
|
174
|
|
DOMINICAN
REPUBLIC
|
|
|
93
|
|
|
2.4
|
|
|
70
|
|
|
1.7
|
|
|
69
|
|
|
1.5
|
|
|
(1
|
)
|
|
(24
|
)
|
ECUADOR
|
|
|
136
|
|
|
3.5
|
|
|
151
|
|
|
3.6
|
|
|
174
|
|
|
3.8
|
|
|
23
|
|
|
37
|
|
EL
SALVADOR
|
|
|
32
|
|
|
0.8
|
|
|
40
|
|
|
1.0
|
|
|
34
|
|
|
0.8
|
|
|
(6
|
)
|
|
2
|
|
GUATEMALA
|
|
|
102
|
|
|
2.6
|
|
|
113
|
|
|
2.7
|
|
|
134
|
|
|
3.0
|
|
|
20
|
|
|
32
|
|
HONDURAS
|
|
|
50
|
|
|
1.3
|
|
|
56
|
|
|
1.3
|
|
|
56
|
|
|
1.3
|
|
|
1
|
|
|
6
|
|
JAMAICA
|
|
|
38
|
|
|
1.0
|
|
|
70
|
|
|
1.7
|
|
|
85
|
|
|
1.9
|
|
|
15
|
|
|
47
|
|
MEXICO
|
|
|
379
|
|
|
9.6
|
|
|
416
|
|
|
10.0
|
|
|
420
|
|
|
9.3
|
|
|
4
|
|
|
40
|
|
NICARAGUA
|
|
|
12
|
|
|
0.3
|
|
|
20
|
|
|
0.5
|
|
|
5
|
|
|
0.1
|
|
|
(14
|
)
|
|
(6
|
)
|
PANAMA
|
|
|
158
|
|
|
4.0
|
|
|
149
|
|
|
3.6
|
|
|
149
|
|
|
3.3
|
|
|
1
|
|
|
(9
|
)
|
PERU
|
|
|
465
|
|
|
11.8
|
|
|
616
|
|
|
14.8
|
|
|
651
|
|
|
14.4
|
|
|
34
|
|
|
186
|
|
TRINIDAD
& TOBAGO
|
|
|
142
|
|
|
3.6
|
|
|
26
|
|
|
0.6
|
|
|
92
|
|
|
2.0
|
|
|
67
|
|
|
(49
|
)
|
URUGUAY
|
|
|
0
|
|
|
0.0
|
|
|
4
|
|
|
0.1
|
|
|
0
|
|
|
0.0
|
|
|
(4
|
)
|
|
0
|
|
VENEZUELA
|
|
|
159
|
|
|
4.0
|
|
|
94
|
|
|
2.3
|
|
|
141
|
|
|
3.1
|
|
|
47
|
|
|
(17
|
)
|
OTHER
|
|
|
5
|
|
|
0.1
|
|
|
20
|
|
|
0.5
|
|
|
1
|
|
|
0.0
|
|
|
(19
|
)
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO
(1)
|
|
$
|
3,935
|
|
|
100
|
%
|
$
|
4,176
|
|
|
100
|
%
|
$
|
4,512
|
|
|
100
|
%
|
$
|
336
|
|
$
|
577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INCOME AND COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
(7
|
)
|
|
|
|
|
(6
|
)
|
|
|
|
|
0
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
3,931
|
|
|
|
|
$
|
4,169
|
|
|
|
|
$
|
4,506
|
|
|
|
|
$
|
337
|
|
$
|
575
|
|
(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.
|
EXHIBIT
XI
AVAILABLE
FOR SALE PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In
US$
million)
|
|
AT
THE END OF,
|
|
|
|
|
|
COUNTRY
|
|
(A)
Jun. 30, 2007
|
|
(B)
Mar. 31, 2008
|
|
(C)
Jun. 30, 2008
|
|
(C) - (B)
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
15
|
|
$
|
20
|
|
$
|
0
|
|
$
|
(20
|
)
|
$
|
(15
|
)
|
BRAZIL
|
|
|
67
|
|
|
173
|
|
|
161
|
|
|
(12
|
)
|
|
94
|
|
CHILE
|
|
|
42
|
|
|
43
|
|
|
42
|
|
|
(0
|
)
|
|
0
|
|
COLOMBIA
|
|
|
0
|
|
|
232
|
|
|
175
|
|
|
(58
|
)
|
|
175
|
|
COSTA
RICA
|
|
|
0
|
|
|
0
|
|
|
19
|
|
|
19
|
|
|
19
|
|
DOMINICAN
REPUBLIC
|
|
|
15
|
|
|
11
|
|
|
11
|
|
|
(0
|
)
|
|
(3
|
)
|
EL
SALVADOR
|
|
|
0
|
|
|
22
|
|
|
38
|
|
|
16
|
|
|
38
|
|
GUATEMALA
|
|
|
0
|
|
|
6
|
|
|
41
|
|
|
36
|
|
|
30
|
|
MEXICO
|
|
|
11
|
|
|
76
|
|
|
77
|
|
|
2
|
|
|
58
|
|
PANAMA
|
|
|
20
|
|
|
78
|
|
|
77
|
|
|
(1
|
)
|
|
77
|
|
PERU
|
|
|
0
|
|
|
30
|
|
|
29
|
|
|
(1
|
)
|
|
29
|
|
OTHER
|
|
|
0
|
|
|
5
|
|
|
67
|
|
|
61
|
|
|
67
|
|
TOTAL
AVAILABLE FOR SALE PORTFOLIO
|
|
$
|
168
|
|
$
|
695
|
|
$
|
737
|
|
$
|
41
|
|
$
|
568
|
|
EXHIBIT
XII
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In
US$
million)
|
|
QUARTERLY INFORMATION
|
|
|
|
|
|
COUNTRY
|
|
(A)
2QTR07
|
|
(B)
1QTR08
|
|
(C)
2QTR08
|
|
(C)
- (B)
|
|
(C)
- (A)
|
|
ARGENTINA
|
|
$
|
108
|
|
$
|
94
|
|
$
|
46
|
|
$
|
(48
|
)
|
$
|
(61
|
)
|
BOLIVIA
|
|
|
0
|
|
|
0
|
|
|
5
|
|
|
5
|
|
|
5
|
|
BRAZIL
|
|
|
369
|
|
|
375
|
|
|
399
|
|
|
24
|
|
|
30
|
|
CHILE
|
|
|
73
|
|
|
0
|
|
|
0
|
|
|
(0
|
)
|
|
(73
|
)
|
COLOMBIA
|
|
|
177
|
|
|
156
|
|
|
40
|
|
|
(116
|
)
|
|
(137
|
)
|
COSTA
RICA
|
|
|
70
|
|
|
113
|
|
|
248
|
|
|
135
|
|
|
177
|
|
DOMINICAN
REPUBLIC
|
|
|
128
|
|
|
118
|
|
|
80
|
|
|
(38
|
)
|
|
(48
|
)
|
ECUADOR
|
|
|
111
|
|
|
96
|
|
|
112
|
|
|
17
|
|
|
1
|
|
EL
SALVADOR
|
|
|
20
|
|
|
29
|
|
|
26
|
|
|
(3
|
)
|
|
6
|
|
GUATEMALA
|
|
|
48
|
|
|
61
|
|
|
101
|
|
|
40
|
|
|
53
|
|
HONDURAS
|
|
|
51
|
|
|
24
|
|
|
40
|
|
|
15
|
|
|
(11
|
)
|
JAMAICA
|
|
|
45
|
|
|
79
|
|
|
99
|
|
|
20
|
|
|
54
|
|
MEXICO
|
|
|
263
|
|
|
115
|
|
|
256
|
|
|
141
|
|
|
(7
|
)
|
NICARAGUA
|
|
|
2
|
|
|
19
|
|
|
0
|
|
|
(19
|
)
|
|
(2
|
)
|
PANAMA
|
|
|
38
|
|
|
33
|
|
|
28
|
|
|
(5
|
)
|
|
(10
|
)
|
PERU
|
|
|
411
|
|
|
537
|
|
|
203
|
|
|
(334
|
)
|
|
(208
|
)
|
TRINIDAD
& TOBAGO
|
|
|
89
|
|
|
53
|
|
|
160
|
|
|
107
|
|
|
71
|
|
URUGUAY
|
|
|
0
|
|
|
4
|
|
|
3
|
|
|
(1
|
)
|
|
3
|
|
VENEZUELA
|
|
|
19
|
|
|
86
|
|
|
53
|
|
|
(33
|
)
|
|
34
|
|
OTHER
|
|
|
5
|
|
|
7
|
|
|
62
|
|
|
55
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
|
|
$
|
2,028
|
|
$
|
2,000
|
|
$
|
1,962
|
|
$
|
(38
|
)
|
$
|
(66
|
)
|
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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