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
Short
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.)
(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.)
(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.
October
10, 2008
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Banco
Latinoamericano de Exportaciones, S.A.
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By:
/s/ Pedro Toll
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Name:
Pedro Toll
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Title:
Deputy Manager
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BLADEX
REPORTS THIRD QUARTER NET INCOME OF $14.0 MILLION, VERSUS
$14.8
MILLION IN THE THIRD QUARTER 2007
YEAR
TO DATE NET INCOME WAS $59.4 MILLION,
$2.8
MILLION HIGHER THAN THE SAME PERIOD 2007
YEAR
TO DATE “ROE” OF 12.6%, UNCHANGED FROM THE SAME PERIOD
LAST
YEAR
Panama
City, Republic of Panama, October 8, 2008
–
Banco
Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (“Bladex” or the “Bank”)
announced today its results for the third quarter ended September 30,
2008.
Third
Quarter’s Results were driven by:
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-
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Commercial
Division’s net operating income
(1)
for the quarter was $16.7 million, representing a 29% increase compared
to
the second quarter 2008, and an increase of 55% compared to the third
quarter 2007.
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-
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Although
the year to date return of Bladex’s investment in our Asset Management
Division was 11.6%, its net operating loss for the third quarter
was $2.2
million, a decrease of $12.3 million when compared to the second
quarter
2008, and a decrease of $5.9 million compared to the third quarter
2007.
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Treasury
Division’s net operating loss was $0.7 million, compared to a $3.0 million
gain in the second quarter 2008, and compared to a $0.8 million gain
in
the third quarter 2007, due to the carry cost of strong liquidity
and the
absence of gains on the sale of securities during the third quarter
2008.
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-
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The
combined effect of these factors was a net income for the third quarter
of
$14.0 million, a decline of $12.3 million compared to the second
quarter
2008, and compared to the third quarter 2007, net income decreased
by $0.8
million.
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As
of September 30, 2008, the Bank had no credits in non-accrual or
past due
status.
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As
of September 30, 2008, liquidity
(2)
stood at $469 million, representing an increase of $96 million, or
26%
from the previous quarter. Tier 1 capital ratio stood at 18.4%, compared
to 19.0% in the prior quarter.
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Mr.
Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
quarter’s results:
“Bladex’s
performance during the third quarter reflected business conducted in an
environment that was tougher than usual, but for which the Bank was well
prepared.
Most
importantly, during the third quarter 2008, the Commercial Division performed
at
record levels. As strong as the Commercial Division’s performance was, however,
it could not fully offset the impact of diminished performance in the Asset
Management Division.
On
a
year to date basis, Bladex remains ahead of its results for 2007, which
validates the benefits of its diversified business model.
Under
current market conditions, liquidity management, always one of our strengths,
has become paramount. Starting in August, 2007, we established stringent
guidelines in anticipation of a deteriorating market. The placement of a $245
million oversubscribed syndicated term loan facility on August
8
th
,
2008, was part of the plan we put in effect. Once conditions deteriorated
starting in mid September, we slowed our portfolio growth to quickly build
a
comfortable $469 million liquidity position, none of which is deposited in
any
of the institutions that have gone bankrupt in recent weeks.
Asset
quality, which Bladex has been monitoring with special care ever since a
slowdown in the U.S. economy became a possibility, remains solid. While Bladex
has noted some pressure developing on the absolute levels of EBITDA in some
industries as commodity prices come off their record levels, debt coverage
ratios remain sound.
As
we
have stated before, Bladex does not own, nor has it ever owned, any of the
asset
classes that have come to be generally known as "toxic debt" in the
industry.
As
of
the end of the third quarter, Bladex Asset Management had invested 99.9% of
its
funds under management in U.S. treasuries. Bladex’s share of trading
losses
(3)
incurred
during the quarter was $1.1 million, not an inconsequential amount, but a
relatively modest one in the context of the $15.5 million trading
gains
(3)
realized year to date.
Regarding
other indicators, expenses during the quarter decreased $1.5 million, or 13%,
loan loss reserve coverage strengthened to 2%, and Tier 1 capitalization stood
at a strong 18.4%.
This
was a quarter where Bladex’s strengths in terms of its sound strategy, effective
business model, skilled and experienced management, and a strong brand came
to
the forefront. It was also a period during which Bladex’s ability to support
Latin America’s trade flows in times of market stress once again proved Bladex’s
strategic importance to companies, governments, and people in our
Region."
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
(US$
million, except percentages and per share amounts)
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3Q07
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2Q08
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3Q08
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Net
Interest Income
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$
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17.6
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$
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20.1
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$
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21.3
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Net
Operating Income (Loss) by Business Segment:
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Commercial
Division
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$
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10.8
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$
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12.9
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$
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16.7
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Treasury
Division
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$
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0.8
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$
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3.0
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$
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(0.7
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)
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Asset
Management Division
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$
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3.7
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$
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10.1
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$
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(2.2
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)
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Net
Operating Income
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$
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15.2
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$
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25.9
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$
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13.8
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Net
Income
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$
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14.8
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$
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26.3
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$
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14.0
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Net
Income per Share
(9)
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$
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0.41
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$
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0.72
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$
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0.38
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Book
Value per common share (period end)
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$
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16.89
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$
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17.74
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$
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16.87
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Return
on Average Equity (“ROE
”
)
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9.6
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%
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16.7
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%
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8.6
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%
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Operating
Return on Average Equity ("Operating ROE")
(10)
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9.9
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%
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16.5
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%
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8.5
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%
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Return
on Average Assets (
“
ROA
”
)
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1.4
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%
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2.0
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%
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1.0
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%
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Net
Interest Margin
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1.65
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%
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1.56
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%
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1.62
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%
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Tier
1 Capital
(11)
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$
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641
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$
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645
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$
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614
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Total
Capital
(12)
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$
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650
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$
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688
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$
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656
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Risk-weighted
Assets
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$
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2,850
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$
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3,392
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$
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3,341
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Tier
1 Capital Ratio
(11)
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21.6
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%
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19.0
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%
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18.4
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%
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Total
Capital Ratio
(12)
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22.8
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%
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20.3
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%
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19.6
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%
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Stockholders
’
Equity to Total Assets
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13.8
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%
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11.9
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%
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11.5
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%
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Liquid
Assets/ Total Assets
(2)
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7.3
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%
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6.9
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%
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8.8
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%
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Liquid
Assets/ Total Deposits
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22.3
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%
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21.5
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%
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30.2
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%
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Non-Accruing
Loans to Total Loans, net
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0.0
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%
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0.0
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%
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0.0
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%
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Allowance
for Loan Losses to Total Loan Portfolio
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2.1
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%
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1.7
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%
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1.8
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%
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Allowance
for Losses on Off-Balance Sheet Credit Risk to Total
Contingencies
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2.0
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%
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4.0
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%
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4.5
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%
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Total
Assets
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$
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4,454
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$
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5,407
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$
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5,345
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Footnotes:
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(1)
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Net
Operating Income (Loss) refers to net interest income plus non-interest
operating income, minus operating
expenses.
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(2)
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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 pledged deposits and cash balances in the Asset
Management Division.
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(3)
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Includes
trading gains (losses) and net gains (losses) on investment fund.
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(4)
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Net
interest income on lending spreads refers to interest income on weighted
average net lending spreads of average loan portfolio, plus loan
commissions.
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(5)
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Net
interest income on allocated capital is calculated based on capital
assigned to support the loan
portfolio.
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(6)
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Non-interest
operating income (loss) 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:
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Commercial
Division: Net fees and commissions and Net related other income (expense).
Treasury
Division: net gains on sale of securities available for sale, impact of
derivative hedging instruments, and gain (losses) on foreign currency exchange.
Asset
Management Division: Net trading gains, net gains (losses) on investment fund
and related other income (expense).
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(7)
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Net
Operating Revenue refers to net interest income plus non-interest
operating income.
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(8)
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Lending
spreads are calculated as loan portfolio weighted average lending
spread
divided by weighted average Libor-based cost rate, excluding loan
commissions.
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(9)
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Net
Income per Share calculations are based on the average number of
shares
outstanding during each period.
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(10)
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Operating
ROE: Annualized net operating income divided by average stockholders’
equity.
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(11)
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Tier
1 Capital is equivalent to stockholders’ equity. Tier 1 Capital ratio is
calculated as a percentage of risk weighted assets. In turn, risk-weighted
assets are calculated based on US Federal Reserve Board and Basel
I
capital adequacy guidelines.
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(12)
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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.
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(13)
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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 was 34%, 38% and 39% for third
quarter
2008, second quarter 2008, and third quarter 2007, respectively.
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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 September 30,
2008, Bladex had disbursed accumulated credits of over $157
billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Thursday,
October 9, 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 December 9, 2008.
Please dial (877) 919-4059 or (334) 323-7226, and follow the instructions.
The Conference ID# for the replayed call is 56208326.
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
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