SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report of
Foreign Private Issuer
Pursuant
to Rule 13a-16 Or 15d-16
under 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, thereunto duly
authorized.
April 22,
2009
Banco
Latinoamericano de Exportaciones, S.A.
|
|
By:
/s/ Pedro Toll
|
|
Name:
Pedro Toll
|
Title:
Deputy Manager
|
BLADEX
REPORTS FIRST QUARTER NET INCOME OF $16.7 MILLION, OR $0.46 PER
SHARE. NET INCOME, OPERATING INCOME, CAPITALIZATION, CREDIT RESERVE
COVERAGE, DEPOSITS, LOAN DISBURSEMENTS, FEES AND LENDING MARGINS
STRENGTHEN.
PANAMA CITY, April 22, 2009
–
Banco Latinoamericano de Exportaciones (NYSE: BLX, “Bladex”, or “the Bank”)
announced today its results for the first quarter ended March 31,
2009.
Business
Highlights
|
·
|
Net
income amounted to $16.7 million in the first quarter 2009, compared to a
net loss of $4.3 million in the fourth quarter 2008, and compared to a net
income of $19.2 million gain during the first quarter
2008.
|
|
·
|
Net
operating income
(1)
for the first quarter 2009 amounted to $22.3 million, compared to a net
operating loss of $4.5 million in the fourth quarter 2008, and compared to
a $19.2 million in net operating income in the first quarter
2008.
|
|
·
|
Net
interest income in the first quarter 2009 amounted to $15.4 million, an
increase of $0.7 million, or 5% from fourth quarter 2008, mainly due to
increased lending spreads.
|
|
·
|
Deposits
as of March 31, 2009 increased $47 million (4%) from the fourth quarter,
2008.
|
|
·
|
The
Bank’s Tier 1 capital ratio as of March 31, 2009 stood at 21.7%, compared
to 20.4% as of December 31, 2008, and compared to 20.4% as of March 31,
2008. The Bank’s leverage ratio as of these dates was 6.8x,
7.6x and 8.3x, respectively. The Bank’s equity consists entirely of common
shares.
|
|
·
|
As
of March 31, 2009, the Bank reported zero past due credits in its
portfolio. The ratio of the allowance for credit losses to the
commercial portfolio strengthened to 3.2%, compared to 2.8% as of December
31, 2008, and 2.0% as of March 31,
2008.
|
|
·
|
Commercial Division’s net
operating income for the first quarter 2009 was $12.8 million, a decrease
of $1.0 million from the fourth quarter 2008, and $2.2 million from the
first quarter 2008, mostly due to a lower average loan portfolio balance,
partially offset by wider lending
margins.
|
|
·
|
Asset
Management Division’s net operating income for the quarter increased to
$8.5 million, compared to $1.3 million in the fourth quarter 2008, and
compared to $3.1 million in the first quarter 2008, mostly driven by
trading gains in the Investment
Fund.
|
|
·
|
Treasury
Division reported net operating income of $1.0 million, compared to a net
operating loss of $19.6 million in the fourth quarter 2008, and compared
to a net operating income of $1.0 million in the first quarter 2008,
mostly due to the appreciation of trading
securities.
|
CEO's
Comments
Mr. Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
Bank's results: "The results for the quarter confirm Bladex's ability to operate
profitably and soundly in the midst of unusual volatility in the financial
markets, and a generally weakening global economic environment. The
results also confirm the benefits of the diversified business model that the
Bank has built during the last four years, incorporating a wide variety of
clients and industries, while combining a balanced and prudent mix of credit and
market risk.
In Latin
America, the effects of the financial crisis have been felt later than in other
regions of the world. While the Region was well prepared to face economic
adversity, Bladex believes that, in many of the Bank’s markets, the full impact
of lessened demand and tighter credit availability has yet to be felt, and are
managing the Bank accordingly.
The
Bank’s short term goals are to protect Bladex's financial fundamentals and,
equally important, preserve resources and flexibility so that once economic
growth resumes, the Bank can make full use of the new opportunities. In-line
with these goals, and working within an environment of gradually improving
credit demand, liquidity, asset appreciation, lending margins, the Bank's
financial indicators were strengthened further during the first quarter.
Furthermore, the Bank’s operating expense base run-rate was reduced, and
the collection of potentially vulnerable credit exposures was continued, with
reserve coverage strengthening in-line with increasing risk levels in the
Region. Finally, the Board of Directors set a new dividend level,
commensurate with the heightened uncertainty and volatility levels in the
markets. With these measures in place, Bladex finds itself in a
privileged position within its areas of expertise to execute the actions best
suited for its business going forward.
Strategically,
the results of the April 15 Shareholders Meeting, during which shareholders of
all Classes approved a set of changes to the Bank's Articles of Incorporation,
will prove very important to the Bank's long-term ability to fuel growth and
maximize shareholder value. While the impact of the changes is likely to
be felt only in the medium-to-long term as conditions in the markets stabilize,
they provide the Bank with the flexibility needed to remain a leader within the
financial industry."
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)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
19.8
|
|
|
$
|
18.6
|
|
|
$
|
17.0
|
|
Non-interest operating
income
(2)
|
|
|
1.8
|
|
|
|
1.4
|
|
|
|
2.5
|
|
Net operating revenues
(3)
|
|
$
|
21.6
|
|
|
$
|
20.0
|
|
|
$
|
19.5
|
|
Operating
expenses
|
|
|
(6.5
|
)
|
|
|
(6.2
|
)
|
|
|
(6.7
|
)
|
Net
Operating Income
|
|
$
|
15.0
|
|
|
$
|
13.8
|
|
|
$
|
12.8
|
|
Net
operating income for the first quarter 2009 amounted to $12.8 million, compared
to $13.8 million in the fourth quarter 2008, and compared to $15.0 million in
the first quarter 2008. The $1.0 million, or 7%, decrease during the
quarter was primarily due to decreased average loan balances ($553 million, or
17%), as the Bank collected on potentially vulnerable exposures and
concentrations, and imposed stricter credit standards, partially offset by
increasing lending margins on the loan portfolio. Credit
disbursements during the first quarter were $831 million, 21% higher than in the
fourth quarter 2008, and 58% below the level in the first quarter
2008.
Weighted
average lending spreads
(4)
increased 33 bps, or 17%, during the first quarter 2009, and 97 bps, or 78%
higher than during the previous year same period. Weighted average
lending spreads on new disbursements during the first quarter 2009 increased 28
bps versus the previous quarter.
The
following graph illustrates the trend in quarterly lending spreads:
The
average commercial portfolio decreased 15% from the fourth quarter 2008,
reflecting collections of potentially vulnerable exposures, and/or
concentrations. (Please refer to Exhibit X for the Bank’s
distribution of credit disbursements by country.)
The
commercial portfolio includes loans, letters of credit, country risk guarantees
and loan commitments pertaining to the Bank’s client-oriented intermediation
activities, and continues to be short-term and trade-related in nature, with
62%, or $1,743 million, maturing on or before December 31,
2009. Trade financing operations represent 64% of the
exposure. See Exhibit VIII for information related to the Bank’s
commercial portfolio distribution by country.
As of
March 31, 2009, the Bank had zero credits in non-accruing or past-due
status.
The
Treasury Division
incorporates the Bank’s liquidity management and investment securities
activities. Net operating income is presented net of allocated
operating expenses, and includes net interest income on treasury activities and
net other income (expense) related to treasury activities
(12)
.
(US$
million)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
2.3
|
|
|
$
|
(3.0
|
)
|
|
$
|
(0.6
|
)
|
Non-interest operating
income (loss)
(2)
|
|
|
0.2
|
|
|
|
(14.4
|
)
|
|
|
3.8
|
|
Net operating revenues
(3)
|
|
|
2.4
|
|
|
|
(17.5
|
)
|
|
|
3.2
|
|
Operating
expenses
|
|
|
(1.4
|
)
|
|
|
(2.1
|
)
|
|
|
(2.2
|
)
|
Net
Operating Income (Loss)
|
|
$
|
1.0
|
|
|
$
|
(19.6
|
)
|
|
$
|
1.0
|
|
Treasury
Division's net operating income for the first quarter of 2009 was $1.0 million,
compared to a net operating loss of $19.6 million in the fourth quarter 2008,
and net operating income of $1.0 million during the first quarter
2008.
The first
quarter’s net operating income of $1.0 million reflects the combined effects of
$3.2 million in gains from trading securities due to the appreciation of the
underlying instruments, $1.7 million in gains on derivative and hedging
instruments associated with the trading securities, and a $1.1 million foreign
currency exchange loss.
The
portfolio of securities available for sale as of March 31, 2009 totaled $590
million, representing a 3% decrease from December 31, 2008, and a 15% decrease
from March 31, 2008. The portfolio consisted entirely of readily
quoted Latin American securities, 82% of which were sovereign and state owned
risk in nature (please refer to Exhibit IX for a per country distribution of the
treasury portfolio).
Liquid
assets
(11)
reached $563 million as of March 31, 2009, compared to $826 million as of
December 31, 2008, and compared to $482 million as of March 31,
2008. As of March 31, 2009, deposit balances totaled $1,216 million,
$47 million, or 4% higher than December 31, 2008, and $140 million, and 10%
lower than March 31, 2008.
The
Asset Management
Division
incorporates
the Bank’s asset management activities.
The Division’s Investment
Fund follows a Latin America focused macro strategy, utilizing a combination of
products (foreign exchange, equity indices, interest rate swaps, and credit
derivative products) to establish long and short positions in the
markets. As of March 31, 2009, Bladex owned 96.89% of the
Fund.
Capital
preservation is one of the Fund’s driving objectives, with a trading strategy
emphasizing high liquidity, moderate volatility, and low leverage.
The
Division’s Net Operating Income is presented net of allocated operating
expenses, and includes net interest income on Investment Fund, as well as net
gains (losses) from Investment Fund trading, and other related income
(loss).
(US$
million)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
Asset
Management Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
(0.9
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(1.0
|
)
|
Non-interest operating income
(loss)
(2)
|
|
|
5.4
|
|
|
|
3.6
|
|
|
|
11.7
|
|
Net operating revenues
(3)
|
|
$
|
4.5
|
|
|
$
|
2.7
|
|
|
$
|
10.7
|
|
Operating
expenses
|
|
|
(1.3
|
)
|
|
|
(1.4
|
)
|
|
|
(2.2
|
)
|
Net
Operating Income (Loss)
|
|
$
|
3.1
|
|
|
$
|
1.3
|
|
|
$
|
8.5
|
|
Net
operating income in the first quarter 2009 totaled $8.5 million, compared to net
operating income of $1.3 million in the prior quarter, and compared to net
operating income of $3.1 million in the first quarter 2008. The
increase in the first quarter 2009 when compared to the fourth quarter 2008 was
due to increased trading gains.
As of
March 31, 2009, the Investment Fund’s balance totaled $160 million, compared to
$151 million as of December 31, 2008, and compared to $133 million as of March
31, 2008, when balances under management included $65 million in funds placed
with the Bank.
As of
March 31, 2009 return of the Investment Fund was 5.74%.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
(US$
million, except percentages and per share amounts)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income
|
|
$
|
21.1
|
|
|
$
|
14.7
|
|
|
$
|
15.4
|
|
Net
Operating Income (Loss) by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
15.0
|
|
|
$
|
13.8
|
|
|
$
|
12.8
|
|
Treasury
Division
|
|
$
|
1.0
|
|
|
$
|
(19.6
|
)
|
|
$
|
1.0
|
|
Asset
Management Division
|
|
$
|
3.1
|
|
|
$
|
1.3
|
|
|
$
|
8.5
|
|
Net
Operating Income (Loss)
|
|
$
|
19.2
|
|
|
$
|
(4.5
|
)
|
|
$
|
22.3
|
|
Net
Income (Loss)
|
|
$
|
19.2
|
|
|
$
|
(4.3
|
)
|
|
$
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) per
Share
(5)
|
|
$
|
0.53
|
|
|
$
|
(0.12
|
)
|
|
$
|
0.46
|
|
Book
Value per common share (period end)
|
|
$
|
16.73
|
|
|
$
|
15.77
|
|
|
$
|
16.50
|
|
Return
on Average Equity (“ROE”)
|
|
|
12.6
|
%
|
|
|
-3.0
|
%
|
|
|
11.4
|
%
|
Operating Return on Average
Equity ("Operating ROE")
(6)
|
|
|
12.6
|
%
|
|
|
-3.1
|
%
|
|
|
15.2
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
1.6
|
%
|
|
|
-0.4
|
%
|
|
|
1.6
|
%
|
Net
Interest Margin
|
|
|
1.77
|
%
|
|
|
1.24
|
%
|
|
|
1.50
|
%
|
Efficiency Ratio
(7)
|
|
|
32
|
%
|
|
|
186
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital
(8)
|
|
$
|
629
|
|
|
$
|
640
|
|
|
$
|
655
|
|
Total Capital
(9)
|
|
$
|
668
|
|
|
$
|
680
|
|
|
$
|
693
|
|
Risk-Weighted
Assets
|
|
$
|
3,089
|
|
|
$
|
3,144
|
|
|
$
|
3,014
|
|
Tier 1 Capital Ratio
(8)
|
|
|
20.4
|
%
|
|
|
20.4
|
%
|
|
|
21.7
|
%
|
Total Capital Ratio
(9)
|
|
|
21.6
|
%
|
|
|
21.6
|
%
|
|
|
23.0
|
%
|
Stockholders’
Equity
|
|
$
|
608
|
|
|
$
|
574
|
|
|
$
|
601
|
|
Stockholders’
Equity to Total Assets
|
|
|
12.0
|
%
|
|
|
13.2
|
%
|
|
|
14.6
|
%
|
Other
Comprehensive Income Account ("OCI")
|
|
|
(25
|
)
|
|
|
(72
|
)
|
|
|
(57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage (times)
(10)
|
|
|
8.3
|
|
|
|
7.6
|
|
|
|
6.8
|
|
Liquid Assets / Total Assets
(11)
|
|
|
9.5
|
%
|
|
|
18.9
|
%
|
|
|
13.7
|
%
|
Liquid
Assets / Total Deposits
|
|
|
35.5
|
%
|
|
|
70.6
|
%
|
|
|
46.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
Allowance
for Credit Losses to Commercial Portfolio
|
|
|
2.0
|
%
|
|
|
2.8
|
%
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
5,059
|
|
|
$
|
4,363
|
|
|
$
|
4,108
|
|
The
following graphs illustrate the trends in Net Operating Income and Return on
Average Stockholders’ Equity for the periods indicated:
NET
INTEREST INCOME AND MARGINS
(In
US$ million, except percentages)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
Net
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
19.8
|
|
|
$
|
18.6
|
|
|
$
|
17.0
|
|
Treasury
Division
|
|
|
2.3
|
|
|
|
(3.0
|
)
|
|
|
(0.6
|
)
|
Asset
Management Division
|
|
|
(0.9
|
)
|
|
|
(0.9
|
)
|
|
|
(1.0
|
)
|
Consolidated
|
|
$
|
21.1
|
|
|
$
|
14.7
|
|
|
$
|
15.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
*
|
|
|
1.77
|
%
|
|
|
1.24
|
%
|
|
|
1.50
|
%
|
*
Net interest income divided by average balance of interest-earning
assets.
For the
first quarter 2009, net interest income amounted to $15.4 million, an increase
of $0.7 million, or 5% from fourth quarter 2008, reflecting mostly increased
lending spreads, despite lower average loan volumes. The $5.7
million, or 27% decrease in net interest income in the first quarter 2009,
compared to the first quarter 2008, was mainly due to decreased average loan
portfolio balances.
FEES
AND COMMISSIONS
(US$
million)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
Letters
of credit
|
|
$
|
1.0
|
|
|
$
|
0.8
|
|
|
$
|
1.5
|
|
Guarantees
|
|
|
0.4
|
|
|
|
0.2
|
|
|
|
0.5
|
|
Loans
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.1
|
|
Other*
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
0.1
|
|
Fees
and Commissions, net
|
|
$
|
1.8
|
|
|
$
|
1.3
|
|
|
$
|
2.2
|
|
*
Net of commission expenses
During
the first quarter 2009, fees and commissions increased $0.9 million, or 71%,
mostly due to increased letter of credit activity. The $2.2 million
in fees was $0.4 million or 20% higher than the first quarter,
2008.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
(In
US$ million)
|
|
31-Mar-08
|
|
|
30-Jun-08
|
|
|
30-Sep-08
|
|
|
31-Dec-08
|
|
|
31-Mar-09
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
69.6
|
|
|
$
|
69.9
|
|
|
$
|
69.8
|
|
|
$
|
69.1
|
|
|
$
|
54.6
|
|
Provisions
(reversals)
|
|
|
0.0
|
|
|
|
(3.2
|
)
|
|
|
(0.8
|
)
|
|
|
(14.5
|
)
|
|
|
25.8
|
|
Recoveries,
net of charge-offs
|
|
|
0.2
|
|
|
|
3.1
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.1
|
|
End
of period balance
|
|
$
|
69.9
|
|
|
$
|
69.8
|
|
|
$
|
69.1
|
|
|
$
|
54.6
|
|
|
$
|
80.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
13.7
|
|
|
$
|
13.7
|
|
|
$
|
16.2
|
|
|
$
|
16.9
|
|
|
$
|
30.7
|
|
Provisions
(reversals)
|
|
|
0.0
|
|
|
|
2.5
|
|
|
|
0.7
|
|
|
|
13.8
|
|
|
|
(20.6
|
)
|
End
of period balance
|
|
$
|
13.7
|
|
|
$
|
16.2
|
|
|
$
|
16.9
|
|
|
$
|
30.7
|
|
|
$
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Allowance for Credit Losses
|
|
$
|
83.6
|
|
|
$
|
86.0
|
|
|
$
|
86.0
|
|
|
$
|
85.4
|
|
|
$
|
90.7
|
|
The
allowance for credit losses amounted to $90.7 million. The ratio of
the allowance for credit losses to the commercial portfolio was 3.2%, compared
to 2.8% in December 31, 2008, and compared to 2.0% as of March 31,
2008. The change reflects the impact of increasing risk levels in the
Region on the Bank’s credit provision model.
OPERATING
EXPENSES
(US$ million)
|
|
|
1Q08
|
|
|
|
4Q08
|
|
|
|
1Q09
|
|
Salaries
and other employee expenses
|
|
$
|
5.5
|
|
|
$
|
4.5
|
|
|
$
|
6.2
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0.7
|
|
Professional
services
|
|
|
0.7
|
|
|
|
1.3
|
|
|
|
0.7
|
|
Maintenance
and repairs
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.3
|
|
Expenses
from the investment fund
|
|
|
0.0
|
|
|
|
0.4
|
|
|
|
1.5
|
|
Other
operating expenses
|
|
|
2.0
|
|
|
|
2.5
|
|
|
|
1.8
|
|
Total
Operating Expenses
|
|
$
|
9.2
|
|
|
$
|
9.7
|
|
|
$
|
11.1
|
|
Operating
expenses during the first quarter 2009 amounted to $11.1
million. Excluding both the cost of one-time severance payments
related to a headcount reduction in February 2009, and increasing
performance-based variable compensation in the Asset Management Division,
expenses decreased 13% when compared to the fourth quarter 2008, and 6% when
compared to the first quarter 2008.
OTHER
EVENTS
§
|
Annual Shareholders’
Meeting:
Bladex’s Annual Shareholders’ Meeting took
place on April 15, 2009, in Panama City, Panama. At this
meeting, shareholders:
|
|
1.
|
Approved
the Bank’s audited financial statements for the fiscal year ended December
31, 2008;
|
|
2.
|
Appointed
Deloitte as the Bank’s independent auditor for the fiscal year ended
December 31, 2009;
|
|
3.
|
Elected
Mr. Will C. Wood as Director representing Class “E” shareholders, and Mr.
Gonzalo Menéndez Duque and Mr. Jaime Rivera as Directors representing all
Classes, and
|
|
4.
|
Approved
four (4) strategic amendments to the Bank’s Articles of Incorporation
related to:
|
|
A.
|
Changing
the Bank’s name to Banco Latinoamericano de Comercio Exterior
(Bladex)
|
|
B.
|
Updating
the definition of the Bank’s business
purpose
|
|
C.
|
Granting
the Board of Directors authority to issue preferred
shares
|
|
D.
|
Authorizing
a new class of common shares aimed at strategic government shareholders
outside Latin America.
|
§
|
At
a Board session following the Annual Shareholders’ meeting, the Directors
re-appointed Mr. Gonzalo Menéndez Duque as Chairman of the
Board.
|
§
|
Quarterly Dividend Payment:
On April 20, 2009, the Bank announced a quarterly common dividend
payment of US$0.15 per share related to the first quarter 2009. The
dividend will be paid on May 7, 2009, to stockholders’ registered as of
April 27, 2009 the record date.
|
Note:
Various numbers
and percentages set forth in this press release have been rounded and,
accordingly, may not total exactly.
Footnotes:
|
(1)
|
Net
Operating Income (Loss) refers to net interest income plus non-interest
operating income, minus operating
expenses.
|
|
(2)
|
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:
|
Commercial
Division: Net fees and commissions and Net related other income
(expense).
Treasury
Division: net gain (loss) on sale of securities available-for-sale, impact of
derivative hedging instruments, gain (loss) on foreign currency exchange,
and gain (loss) on trading securities.
Asset
Management Division: Gain from Investment Fund trading and related other income
(expense).
|
(3)
|
Net
Operating Revenues refers to net interest income plus non-interest
operating income.
|
|
(4)
|
Lending
spreads are calculated as loan portfolio weighted average lending spread,
net of weighted average Libor-based cost rate, excluding loan
commissions.
|
|
(5)
|
Net
Income per Share calculations are based on the average number of shares
outstanding during each
period.
|
|
(6)
|
Operating
ROE: Annualized net operating income divided by average stockholders’
equity.
|
|
(7)
|
Efficiency
ratio refers to consolidated operating expenses as a percentage of net
operating revenues.
|
|
(8)
|
Tier
1 Capital is calculated according to the US Federal Reserve Board, and
Basel I capital adequacy guidelines, and is equivalent to stockholders’
equity excluding the OCI effect of the available for sale
portfolio. Tier 1 Capital ratio is calculated as a percentage
of risk weighted assets. Risk-weighted assets are, in turn,
also calculated based on US Federal Reserve Board, and Basel I capital
adequacy guidelines.
|
|
(9)
|
Total
Capital refers to Tier 1 Capital 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.
|
|
(10)
|
Leverage
corresponds to assets divided by stockholders’
equity.
|
|
(11)
|
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 regulatory
deposits.
|
|
(12)
|
Treasury
Division’s net operating income includes: (i) interest income from
interest bearing deposits with banks, investment securities and trading
assets, net of allocated cost of funds; (ii) other income (expense) from
derivative financial instrument and hedging; (iii) net gain (loss) from
trading securities; (iv) net gain (loss) on sale of securities available
for sale; (v) gain (loss) on foreign currency exchange; and (vi) allocated
operating expenses.
|
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 the 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 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, 2009, Bladex had disbursed accumulated
credits of approximately $159 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Thursday,
April 23, 2009 at 10:00 a.m. New York City time (Eastern Time). For those
interested in participating, please dial (800) 311-9401 in the United States or,
if outside the United States, (334) 323-7224. Participants should use
conference ID# 8034, and dial in five minutes before the call is set to
begin. There will also be a live audio web cast of the conference at
www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through June 23, 2009.
Please dial (877) 919-4059 or (334) 323-7226, and follow the instructions.
The Conference ID# for the replayed call is 53121836.
For more
information, please access
www.bladex.com
or contact:
Mr. Jaime
Celorio
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
P.O. Box:
0819-08730
Panama
City, Panama
Tel:
(507) 210-8630
Fax:
(507) 269-6333
E-mail
address: jcelorio@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82 Wall
Street, Suite 805
New York,
NY 10005
Tel:
(212) 406-3690
E-mail
address:
bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT THE END
OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(C) - (B)
|
|
|
|
|
|
(C) - (A)
|
|
|
|
|
|
|
March
31, 2008
|
|
|
Dec.
31, 2008
|
|
|
March
31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
488
|
|
|
$
|
901
|
|
|
$
|
605
|
|
|
$
|
(295
|
)
|
|
|
(33
|
)%
|
|
$
|
117
|
|
|
|
24
|
%
|
Trading
assets
|
|
|
0
|
|
|
|
45
|
|
|
|
159
|
|
|
|
114
|
|
|
|
254
|
|
|
|
159
|
|
|
n.m.
|
(*)
|
Securities
available for sale
|
|
|
695
|
|
|
|
608
|
|
|
|
590
|
|
|
|
(18
|
)
|
|
|
(3
|
)
|
|
|
(105
|
)
|
|
|
(15
|
)
|
Securities
held to maturity
|
|
|
0
|
|
|
|
28
|
|
|
|
0
|
|
|
|
(28
|
)
|
|
|
(100
|
)
|
|
|
0
|
|
|
n.m.
|
(*)
|
Investment
fund
|
|
|
69
|
|
|
|
151
|
|
|
|
160
|
|
|
|
9
|
|
|
|
6
|
|
|
|
91
|
|
|
|
133
|
|
Loans
|
|
|
3,775
|
|
|
|
2,619
|
|
|
|
2,624
|
|
|
|
5
|
|
|
|
0
|
|
|
|
(1,151
|
)
|
|
|
(30
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(70
|
)
|
|
|
(55
|
)
|
|
|
(81
|
)
|
|
|
(26
|
)
|
|
|
47
|
|
|
|
(11
|
)
|
|
|
15
|
|
Unearned
income and deferred fees
|
|
|
(7
|
)
|
|
|
(5
|
)
|
|
|
(4
|
)
|
|
|
1
|
|
|
|
(17
|
)
|
|
|
3
|
|
|
|
(41
|
)
|
Loans,
net
|
|
|
3,698
|
|
|
|
2,559
|
|
|
|
2,539
|
|
|
|
(20
|
)
|
|
|
(1
|
)
|
|
|
(1,159
|
)
|
|
|
(31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
35
|
|
|
|
1
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(83
|
)
|
|
|
(34
|
)
|
|
|
(99
|
)
|
Premises
and equipment, net
|
|
|
10
|
|
|
|
8
|
|
|
|
7
|
|
|
|
(1
|
)
|
|
|
(7
|
)
|
|
|
(2
|
)
|
|
|
(23
|
)
|
Accrued
interest receivable
|
|
|
52
|
|
|
|
46
|
|
|
|
37
|
|
|
|
(9
|
)
|
|
|
(20
|
)
|
|
|
(15
|
)
|
|
|
(28
|
)
|
Derivative
financial instruments used for hedging - receivable
|
|
|
4
|
|
|
|
8
|
|
|
|
2
|
|
|
|
(6
|
)
|
|
|
(78
|
)
|
|
|
(2
|
)
|
|
|
(58
|
)
|
Other
assets
|
|
|
9
|
|
|
|
7
|
|
|
|
7
|
|
|
|
(0
|
)
|
|
|
(2
|
)
|
|
|
(2
|
)
|
|
|
(20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
5,059
|
|
|
$
|
4,363
|
|
|
$
|
4,108
|
|
|
$
|
(255
|
)
|
|
|
(6
|
)%
|
|
$
|
(952
|
)
|
|
|
(19
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
94
|
|
|
$
|
113
|
|
|
$
|
56
|
|
|
$
|
(57
|
)
|
|
|
(51
|
)%
|
|
$
|
(39
|
)
|
|
|
(41
|
)%
|
Time
|
|
|
1,263
|
|
|
|
1,056
|
|
|
|
1,161
|
|
|
|
105
|
|
|
|
10
|
|
|
|
(102
|
)
|
|
|
(8
|
)
|
Total
Deposits
|
|
|
1,357
|
|
|
|
1,169
|
|
|
|
1,216
|
|
|
|
47
|
|
|
|
4
|
|
|
|
(140
|
)
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
0
|
|
|
|
14
|
|
|
|
14
|
|
|
|
(0
|
)
|
|
|
(1
|
)
|
|
|
14
|
|
|
|
295
|
|
Securities
sold under repurchase agreements
|
|
|
529
|
|
|
|
474
|
|
|
|
393
|
|
|
|
(81
|
)
|
|
|
(17
|
)
|
|
|
(136
|
)
|
|
|
(26
|
)
|
Short-term
borrowings
|
|
|
1,204
|
|
|
|
739
|
|
|
|
608
|
|
|
|
(130
|
)
|
|
|
(18
|
)
|
|
|
(595
|
)
|
|
|
(49
|
)
|
Borrowings
and long-term debt
|
|
|
1,220
|
|
|
|
1,205
|
|
|
|
1,152
|
|
|
|
(53
|
)
|
|
|
(4
|
)
|
|
|
(68
|
)
|
|
|
(6
|
)
|
Acceptances
outstanding
|
|
|
35
|
|
|
|
1
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(83
|
)
|
|
|
(34
|
)
|
|
|
(99
|
)
|
Accrued
interest payable
|
|
|
35
|
|
|
|
33
|
|
|
|
16
|
|
|
|
(17
|
)
|
|
|
(52
|
)
|
|
|
(20
|
)
|
|
|
(56
|
)
|
Derivative
financial instruments used for hedging - payable
|
|
|
34
|
|
|
|
92
|
|
|
|
82
|
|
|
|
(9
|
)
|
|
|
(10
|
)
|
|
|
49
|
|
|
|
144
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
14
|
|
|
|
31
|
|
|
|
10
|
|
|
|
(21
|
)
|
|
|
(67
|
)
|
|
|
(4
|
)
|
|
|
(27
|
)
|
Other
liabilities
|
|
|
24
|
|
|
|
26
|
|
|
|
9
|
|
|
|
(16
|
)
|
|
|
(63
|
)
|
|
|
(15
|
)
|
|
|
(60
|
)
|
TOTAL
LIABILITIES
|
|
$
|
4,451
|
|
|
$
|
3,784
|
|
|
$
|
3,502
|
|
|
$
|
(282
|
)
|
|
|
(7
|
)%
|
|
$
|
(949
|
)
|
|
|
(21
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in the investment fund
|
|
|
0
|
|
|
|
5
|
|
|
|
5
|
|
|
|
0
|
|
|
|
6
|
|
|
|
5
|
|
|
n.m.
|
(*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock, no par value, assigned value of US$6.67
|
|
|
280
|
|
|
|
280
|
|
|
|
280
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Additional
paid-in capital in exces of assigned value of common stock
|
|
|
135
|
|
|
|
136
|
|
|
|
136
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Capital
reserves
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained
earnings
|
|
|
257
|
|
|
|
268
|
|
|
|
280
|
|
|
|
11
|
|
|
|
4
|
|
|
|
23
|
|
|
|
9
|
|
Accumulated
other comprehensive loss
|
|
|
(25
|
)
|
|
|
(72
|
)
|
|
|
(57
|
)
|
|
|
15
|
|
|
|
(21
|
)
|
|
|
(32
|
)
|
|
|
129
|
|
Treasury
stock
|
|
|
(134
|
)
|
|
|
(133
|
)
|
|
|
(133
|
)
|
|
|
0
|
|
|
|
(0
|
)
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
608
|
|
|
$
|
574
|
|
|
$
|
601
|
|
|
$
|
27
|
|
|
|
5
|
%
|
|
$
|
(8
|
)
|
|
|
(1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
5,059
|
|
|
$
|
4,363
|
|
|
$
|
4,108
|
|
|
$
|
(255
|
)
|
|
|
(6
|
)%
|
|
$
|
(952
|
)
|
|
|
(19
|
)%
|
(*)
"n.m." means not
meaningful.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(C)
- (B)
|
|
|
|
|
|
(C)
- (A)
|
|
|
|
|
|
|
Mar.
31, 2008
|
|
|
Dec.
31, 2008
|
|
|
Mar.
31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In
US$ thousand, except per share amounts and ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
67,850
|
|
|
$
|
51,268
|
|
|
$
|
41,033
|
|
|
$
|
(10,235
|
)
|
|
|
(20
|
)%
|
|
$
|
(26,817
|
)
|
|
|
(40
|
)%
|
Interest
expense
|
|
|
(46,733
|
)
|
|
|
(36,547
|
)
|
|
|
(25,605
|
)
|
|
|
10,942
|
|
|
|
(30
|
)
|
|
|
21,128
|
|
|
|
(45
|
)
|
NET
INTEREST INCOME
|
|
|
21,118
|
|
|
|
14,721
|
|
|
|
15,428
|
|
|
|
707
|
|
|
|
5
|
|
|
|
(5,689
|
)
|
|
|
(27
|
)
|
Reversal
(provision) for loan losses
|
|
|
0
|
|
|
|
14,495
|
|
|
|
(25,831
|
)
|
|
|
(40,327
|
)
|
|
|
(278
|
)
|
|
|
(25,831
|
)
|
|
n.m.
|
(*)
|
NET
INTEREST INCOME (LOSS), AFTER REVERSAL (PROVISION)
FOR LOAN
LOSSES
|
|
|
21,118
|
|
|
|
29,217
|
|
|
|
(10,403
|
)
|
|
|
(39,620
|
)
|
|
|
(136
|
)
|
|
|
(31,521
|
)
|
|
|
(149
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
0
|
|
|
|
(13,830
|
)
|
|
|
20,644
|
|
|
|
34,474
|
|
|
|
(249
|
)
|
|
|
20,644
|
|
|
n.m.
|
(*)
|
Fees
and commissions, net
|
|
|
1,799
|
|
|
|
1,267
|
|
|
|
2,167
|
|
|
|
900
|
|
|
|
71
|
|
|
|
368
|
|
|
|
20
|
|
Derivative
financial instrument and hedging
|
|
|
(52
|
)
|
|
|
9,993
|
|
|
|
1,670
|
|
|
|
(8,323
|
)
|
|
|
(83
|
)
|
|
|
1,722
|
|
|
|
(3,328
|
)
|
Impairment
on assets
|
|
|
0
|
|
|
|
(428
|
)
|
|
|
(94
|
)
|
|
|
335
|
|
|
|
(78
|
)
|
|
|
(94
|
)
|
|
n.m.
|
(*)
|
Net
gain from investment fund trading
|
|
|
5,377
|
|
|
|
3,587
|
|
|
|
11,696
|
|
|
|
8,109
|
|
|
|
226
|
|
|
|
6,319
|
|
|
|
118
|
|
Net
gain (loss) from trading securities
|
|
|
(27
|
)
|
|
|
(20,994
|
)
|
|
|
3,161
|
|
|
|
24,155
|
|
|
|
(115
|
)
|
|
|
3,188
|
|
|
|
(11,957
|
)
|
Net
loss on sale of securities available-for-sale
|
|
|
0
|
|
|
|
(2,028
|
)
|
|
|
(0
|
)
|
|
|
2,028
|
|
|
|
(100
|
)
|
|
|
(0
|
)
|
|
n.m.
|
(*)
|
Gain
(loss) on foreign currency exchange
|
|
|
184
|
|
|
|
(1,439
|
)
|
|
|
(1,079
|
)
|
|
|
359
|
|
|
|
(25
|
)
|
|
|
(1,263
|
)
|
|
|
(687
|
)
|
Other
income, net
|
|
|
40
|
|
|
|
116
|
|
|
|
360
|
|
|
|
244
|
|
|
|
210
|
|
|
|
319
|
|
|
|
788
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
7,321
|
|
|
|
(23,756
|
)
|
|
|
38,525
|
|
|
|
62,282
|
|
|
|
(262
|
)
|
|
|
31,204
|
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(5,530
|
)
|
|
|
(4,481
|
)
|
|
|
(6,193
|
)
|
|
|
(1,712
|
)
|
|
|
38
|
|
|
|
(663
|
)
|
|
|
12
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(682
|
)
|
|
|
(667
|
)
|
|
|
(683
|
)
|
|
|
(16
|
)
|
|
|
2
|
|
|
|
(2
|
)
|
|
|
0
|
|
Professional
services
|
|
|
(718
|
)
|
|
|
(1,330
|
)
|
|
|
(704
|
)
|
|
|
626
|
|
|
|
(47
|
)
|
|
|
14
|
|
|
|
(2
|
)
|
Maintenance
and repairs
|
|
|
(300
|
)
|
|
|
(352
|
)
|
|
|
(261
|
)
|
|
|
91
|
|
|
|
(26
|
)
|
|
|
40
|
|
|
|
(13
|
)
|
Expenses
from the investment fund
|
|
|
(19
|
)
|
|
|
(358
|
)
|
|
|
(1,548
|
)
|
|
|
(1,190
|
)
|
|
|
333
|
|
|
|
(1,529
|
)
|
|
|
7,856
|
|
Other
operating expenses
|
|
|
(1,988
|
)
|
|
|
(2,510
|
)
|
|
|
(1,757
|
)
|
|
|
753
|
|
|
|
(30
|
)
|
|
|
231
|
|
|
|
(12
|
)
|
TOTAL
OPERATING EXPENSES
|
|
|
(9,237
|
)
|
|
|
(9,697
|
)
|
|
|
(11,146
|
)
|
|
|
(1,449
|
)
|
|
|
15
|
|
|
|
(1,909
|
)
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) BEFORE PARTICIPATION OF THE MINORITY INTEREST IN GAINS OF THE
INVESTMENT FUND
|
|
$
|
19,202
|
|
|
$
|
(4,237
|
)
|
|
$
|
16,976
|
|
|
$
|
21,213
|
|
|
|
(501
|
)
|
|
$
|
(2,226
|
)
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
0
|
|
|
|
(79
|
)
|
|
|
(269
|
)
|
|
|
(191
|
)
|
|
|
242
|
|
|
|
(269
|
)
|
|
n.m.
|
(*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
|
$
|
19,202
|
|
|
$
|
(4,316
|
)
|
|
$
|
16,707
|
|
|
$
|
21,022
|
|
|
|
(487
|
)%
|
|
$
|
(2,495
|
)
|
|
|
(13
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share
|
|
|
0.53
|
|
|
|
(0.12
|
)
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per share
|
|
|
0.53
|
|
|
|
(0.12
|
)
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,370
|
|
|
|
36,413
|
|
|
|
36,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares
|
|
|
36,423
|
|
|
|
36,474
|
|
|
|
36,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.6
|
%
|
|
|
-0.4
|
%
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
12.6
|
%
|
|
|
-3.0
|
%
|
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.77
|
%
|
|
|
1.24
|
%
|
|
|
1.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
1.09
|
%
|
|
|
0.68
|
%
|
|
|
0.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.77
|
%
|
|
|
0.81
|
%
|
|
|
1.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m." means not
meaningful.
(Consolidated Statements of Income,
Balance Sheets, and Selected Financial Ratios)
EXHIBIT
III
|
|
FOR THE THREE MONTHS ENDED MARCH
31,
|
|
|
|
2008
|
|
|
2009
|
|
(In
US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
21,118
|
|
|
$
|
15,428
|
|
Fees
and commissions, net
|
|
|
1,799
|
|
|
|
2,167
|
|
Reversal
of provision for loan and off-balance sheet credit losses,
net
|
|
|
0
|
|
|
|
(5,187
|
)
|
Derivative
financial instrument and hedging
|
|
|
(52
|
)
|
|
|
1,670
|
|
Impairment
on assets
|
|
|
0
|
|
|
|
(94
|
)
|
Net
gains from investment fund trading
|
|
|
5,377
|
|
|
|
11,696
|
|
Net
gain (loss) from trading securities
|
|
|
(27
|
)
|
|
|
3,161
|
|
Gain
(loss) on foreign currency exchange
|
|
|
184
|
|
|
|
(1,079
|
)
|
Other
income, net
|
|
|
40
|
|
|
|
360
|
|
Operating
expenses
|
|
|
(9,237
|
)
|
|
|
(11,146
|
)
|
INCOME
BEFORE PARTICIPATION OF THE MINORITY INTEREST IN GAINS OF INVESTMENT
FUND
|
|
$
|
19,202
|
|
|
$
|
16,976
|
|
Minority
interest in the investment fund
|
|
|
0
|
|
|
|
(269
|
)
|
NET
INCOME
|
|
$
|
19,202
|
|
|
$
|
16,707
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
695
|
|
|
|
750
|
|
Investment
fund
|
|
|
69
|
|
|
|
160
|
|
Loans,
net
|
|
|
3,698
|
|
|
|
2,539
|
|
Total
assets
|
|
|
5,059
|
|
|
|
4,108
|
|
Deposits
|
|
|
1,357
|
|
|
|
1,216
|
|
Securities
sold under repurchase agreements
|
|
|
529
|
|
|
|
393
|
|
Short-term
borrowings
|
|
|
1,204
|
|
|
|
608
|
|
Borrowings
and long-term debt
|
|
|
1,220
|
|
|
|
1,152
|
|
Total
liabilities
|
|
|
4,451
|
|
|
|
3,502
|
|
Stockholders'
equity
|
|
|
608
|
|
|
|
601
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.53
|
|
|
|
0.46
|
|
Diluted
earnings per share
|
|
|
0.53
|
|
|
|
0.46
|
|
Book
value (period average)
|
|
|
16.86
|
|
|
|
16.28
|
|
Book
value (period end)
|
|
|
16.73
|
|
|
|
16.50
|
|
(In
thousand):
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,370
|
|
|
|
36,416
|
|
Average
diluted shares
|
|
|
36,423
|
|
|
|
36,464
|
|
Basic
shares period end
|
|
|
36,370
|
|
|
|
36,422
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.6
|
%
|
|
|
1.6
|
%
|
Return
on average stockholders' equity
|
|
|
12.6
|
%
|
|
|
11.4
|
%
|
Net
interest margin
|
|
|
1.77
|
%
|
|
|
1.50
|
%
|
Net
interest spread
|
|
|
1.09
|
%
|
|
|
0.94
|
%
|
Operating
expenses to total average assets
|
|
|
0.77
|
%
|
|
|
1.08
|
%
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
1.9
|
%
|
|
|
3.1
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
3.4
|
%
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
12.0
|
%
|
|
|
14.6
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
20.4
|
%
|
|
|
21.7
|
%
|
Total capital to risk-weighted
assets
|
|
|
21.6
|
%
|
|
|
23.0
|
%
|
(1)
|
Loan
portfolio is presented net of unearned income and deferred loan
fees.
|
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE THREE MONTHS ENDED,
|
|
|
|
March 31, 2008
|
|
|
December 31, 2008
|
|
|
March 31, 2009
|
|
|
|
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
|
|
$
|
352
|
|
|
$
|
2.9
|
|
|
|
3.24
|
%
|
|
$
|
571
|
|
|
$
|
0.6
|
|
|
|
0.43
|
%
|
|
$
|
729
|
|
|
$
|
0.4
|
|
|
|
0.20
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,701
|
|
|
|
55.4
|
|
|
|
5.92
|
|
|
|
3,186
|
|
|
|
43.3
|
|
|
|
5.32
|
|
|
|
2,633
|
|
|
|
32.6
|
|
|
|
4.95
|
|
Trading
assets
|
|
|
(0
|
)
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.6
|
|
|
n.m.
|
(*)
|
|
|
49
|
|
|
|
0.5
|
|
|
|
4.38
|
|
Investment
securities
|
|
|
615
|
|
|
|
8.6
|
|
|
|
5.53
|
|
|
|
803
|
|
|
|
6.1
|
|
|
|
2.98
|
|
|
|
602
|
|
|
|
6.7
|
|
|
|
4.47
|
|
Investment
fund
|
|
|
124
|
|
|
|
1.0
|
|
|
|
3.18
|
|
|
|
150
|
|
|
|
0.6
|
|
|
|
1.55
|
|
|
|
154
|
|
|
|
0.8
|
|
|
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,792
|
|
|
$
|
67.9
|
|
|
|
5.60
|
%
|
|
$
|
4,710
|
|
|
$
|
51.3
|
|
|
|
4.26
|
%
|
|
$
|
4,167
|
|
|
$
|
41.0
|
|
|
|
3.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
53
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
|
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
|
(55
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,842
|
|
|
|
|
|
|
|
|
|
|
$
|
4,750
|
|
|
|
|
|
|
|
|
|
|
$
|
4,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,435
|
|
|
$
|
13.7
|
|
|
|
3.79
|
%
|
|
$
|
1,285
|
|
|
$
|
8.1
|
|
|
|
2.46
|
%
|
|
$
|
1,199
|
|
|
$
|
3.1
|
|
|
|
1.04
|
%
|
Trading
liabilities
|
|
|
0
|
|
|
|
0.7
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.4
|
|
|
n.m.
|
(*)
|
|
|
13
|
|
|
|
0.9
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and
Short-term
borrowings
|
|
|
1,655
|
|
|
|
18.8
|
|
|
|
4.49
|
|
|
|
1,473
|
|
|
|
12.7
|
|
|
|
3.37
|
|
|
|
1,028
|
|
|
|
8.7
|
|
|
|
3.37
|
|
Borrowings
and long term debt
|
|
|
1,006
|
|
|
|
13.5
|
|
|
|
5.32
|
|
|
|
1,233
|
|
|
|
15.4
|
|
|
|
4.89
|
|
|
|
1,170
|
|
|
|
12.9
|
|
|
|
4.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
4,096
|
|
|
$
|
46.7
|
|
|
|
4.51
|
%
|
|
$
|
3,992
|
|
|
$
|
36.5
|
|
|
|
3.58
|
%
|
|
$
|
3,410
|
|
|
$
|
25.6
|
|
|
|
3.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
133
|
|
|
|
|
|
|
|
|
|
|
$
|
187
|
|
|
|
|
|
|
|
|
|
|
$
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
4,229
|
|
|
|
|
|
|
|
|
|
|
|
4,178
|
|
|
|
|
|
|
|
|
|
|
|
3,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in investment fund
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
613
|
|
|
|
|
|
|
|
|
|
|
|
566
|
|
|
|
|
|
|
|
|
|
|
|
593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,842
|
|
|
|
|
|
|
|
|
|
|
$
|
4,750
|
|
|
|
|
|
|
|
|
|
|
$
|
4,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.09
|
%
|
|
|
|
|
|
|
|
|
|
|
0.68
|
%
|
|
|
|
|
|
|
|
|
|
|
0.94
|
%
|
NET
INTEREST INCOME AND NET
INTEREST
MARGIN
|
|
|
|
|
|
$
|
21.1
|
|
|
|
1.77
|
%
|
|
|
|
|
|
$
|
14.7
|
|
|
|
1.24
|
%
|
|
|
|
|
|
$
|
15.4
|
|
|
|
1.50
|
%
|
(*)
"n.m." means not
meaningful.
EXHIBIT
V
CONSOLIDATED
STATEMENT OF INCOME
(In US$
thousand, except per share amounts and ratios)
|
|
YEAR
|
|
|
FOR
THE THREE MONTHS
ENDED
|
|
|
YEAR
|
|
|
THREE
MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
ENDED
|
|
|
|
DEC
31/07
|
|
|
MAR
31/08
|
|
|
JUN
30/08
|
|
|
SEP
30/08
|
|
|
DEC
31/08
|
|
|
DEC
31/08
|
|
|
MAR
31/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
264,869
|
|
|
$
|
67,850
|
|
|
$
|
61,271
|
|
|
$
|
63,853
|
|
|
$
|
51,268
|
|
|
$
|
244,243
|
|
|
$
|
41,033
|
|
Interest
expense
|
|
|
(194,299
|
)
|
|
|
(46,733
|
)
|
|
|
(41,023
|
)
|
|
|
(42,093
|
)
|
|
|
(36,547
|
)
|
|
|
(166,396
|
)
|
|
|
(25,605
|
)
|
NET
INTEREST INCOME
|
|
|
70,571
|
|
|
|
21,118
|
|
|
|
20,248
|
|
|
|
21,760
|
|
|
|
14,721
|
|
|
|
77,847
|
|
|
|
15,428
|
|
Reversal
(provision) for loan losses
|
|
|
(11,994
|
)
|
|
|
0
|
|
|
|
3,204
|
|
|
|
842
|
|
|
|
14,495
|
|
|
|
18,540
|
|
|
|
(25,831
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
58,577
|
|
|
|
21,118
|
|
|
|
23,451
|
|
|
|
22,602
|
|
|
|
29,217
|
|
|
|
96,387
|
|
|
|
(10,403
|
)
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
13,468
|
|
|
|
0
|
|
|
|
(2,513
|
)
|
|
|
(654
|
)
|
|
|
(13,830
|
)
|
|
|
(16,997
|
)
|
|
|
20,644
|
|
Fees
and commissions, net
|
|
|
5,555
|
|
|
|
1,799
|
|
|
|
1,964
|
|
|
|
2,222
|
|
|
|
1,267
|
|
|
|
7,252
|
|
|
|
2,167
|
|
Derivative
financial instrument and hedging
|
|
|
(989
|
)
|
|
|
(52
|
)
|
|
|
(27
|
)
|
|
|
41
|
|
|
|
9,993
|
|
|
|
9,956
|
|
|
|
1,670
|
|
Impairment
on assets
|
|
|
(500
|
)
|
|
|
0
|
|
|
|
(339
|
)
|
|
|
0
|
|
|
|
(428
|
)
|
|
|
(767
|
)
|
|
|
(94
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
23,877
|
|
|
|
5,377
|
|
|
|
13,476
|
|
|
|
(1,083
|
)
|
|
|
3,587
|
|
|
|
21,357
|
|
|
|
11,696
|
|
Net
gain (loss) from trading securities
|
|
|
(12
|
)
|
|
|
(27
|
)
|
|
|
45
|
|
|
|
(23
|
)
|
|
|
(20,994
|
)
|
|
|
(20,998
|
)
|
|
|
3,161
|
|
Net
gains (loss) on sale of securities available-for-sale
|
|
|
9,119
|
|
|
|
0
|
|
|
|
2,095
|
|
|
|
0
|
|
|
|
(2,028
|
)
|
|
|
67
|
|
|
|
(0
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
115
|
|
|
|
184
|
|
|
|
554
|
|
|
|
(895
|
)
|
|
|
(1,439
|
)
|
|
|
(1,596
|
)
|
|
|
(1,079
|
)
|
Other
income (expense), net
|
|
|
(7
|
)
|
|
|
40
|
|
|
|
59
|
|
|
|
440
|
|
|
|
116
|
|
|
|
656
|
|
|
|
360
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
50,628
|
|
|
|
7,321
|
|
|
|
15,314
|
|
|
|
50
|
|
|
|
(23,756
|
)
|
|
|
(1,071
|
)
|
|
|
38,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(37,027
|
)
|
|
|
(9,237
|
)
|
|
|
(12,348
|
)
|
|
|
(8,708
|
)
|
|
|
(9,697
|
)
|
|
|
(39,990
|
)
|
|
|
(11,146
|
)
|
INCOME
(LOSS) BEFORE PARTICIPATION OF THE MINORITY INTEREST
IN GAINS
OF INVESTMENT FUND
|
|
$
|
72,177
|
|
|
$
|
19,202
|
|
|
$
|
26,417
|
|
|
$
|
13,944
|
|
|
$
|
(4,237
|
)
|
|
$
|
55,326
|
|
|
$
|
16,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
0
|
|
|
|
0
|
|
|
|
(153
|
)
|
|
|
24
|
|
|
|
(79
|
)
|
|
|
(207
|
)
|
|
|
(269
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
|
$
|
72,177
|
|
|
$
|
19,202
|
|
|
$
|
26,264
|
|
|
$
|
13,968
|
|
|
$
|
(4,316
|
)
|
|
$
|
55,119
|
|
|
$
|
16,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share
|
|
$
|
1.99
|
|
|
$
|
0.53
|
|
|
$
|
0.72
|
|
|
$
|
0.38
|
|
|
$
|
(0.12
|
)
|
|
$
|
1.51
|
|
|
$
|
0.46
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.8
|
%
|
|
|
1.6
|
%
|
|
|
2.0
|
%
|
|
|
1.0
|
%
|
|
|
-0.4
|
%
|
|
|
1.1
|
%
|
|
|
1.6
|
%
|
Return
on average stockholders' equity
|
|
|
11.9
|
%
|
|
|
12.6
|
%
|
|
|
16.7
|
%
|
|
|
8.6
|
%
|
|
|
-3.0
|
%
|
|
|
9.0
|
%
|
|
|
11.4
|
%
|
Net
interest margin
|
|
|
1.73
|
%
|
|
|
1.77
|
%
|
|
|
1.56
|
%
|
|
|
1.61
|
%
|
|
|
1.24
|
%
|
|
|
1.55
|
%
|
|
|
1.50
|
%
|
Net
interest spread
|
|
|
0.78
|
%
|
|
|
1.09
|
%
|
|
|
1.05
|
%
|
|
|
1.10
|
%
|
|
|
0.68
|
%
|
|
|
0.98
|
%
|
|
|
0.94
|
%
|
Operating
expenses to average assets
|
|
|
0.90
|
%
|
|
|
0.77
|
%
|
|
|
0.95
|
%
|
|
|
0.64
|
%
|
|
|
0.81
|
%
|
|
|
0.79
|
%
|
|
|
1.08
|
%
|
EXHIBIT
VI
BUSINESS
SEGMENT ANALYSIS
(In US$
million)
|
|
FOR THE TWELVE MONTHS ENDED
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
DEC 31/07
|
|
|
DEC 31/08
|
|
|
MAR 31/08
|
|
|
DEC 31/08
|
|
|
MAR 31/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
64.5
|
|
|
$
|
78.1
|
|
|
$
|
19.8
|
|
|
$
|
18.6
|
|
|
$
|
17.0
|
|
Non-interest
operating income
(2)
|
|
|
5.3
|
|
|
|
7.7
|
|
|
|
1.8
|
|
|
|
1.4
|
|
|
|
2.5
|
|
Operating expenses
(3)
|
|
|
(27.2
|
)
|
|
|
(27.5
|
)
|
|
|
(6.5
|
)
|
|
|
(6.2
|
)
|
|
|
(6.7
|
)
|
Net operating income
(4)
|
|
|
42.7
|
|
|
|
58.3
|
|
|
|
15.0
|
|
|
|
13.8
|
|
|
|
12.8
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
1.5
|
|
|
|
1.5
|
|
|
|
0
|
|
|
|
0.7
|
|
|
|
(5.2
|
)
|
Impairment
on assets
|
|
|
(0.5
|
)
|
|
|
(0.8
|
)
|
|
|
0
|
|
|
|
(0.4
|
)
|
|
|
(0.1
|
)
|
NET
INCOME
|
|
$
|
43.6
|
|
|
$
|
59.1
|
|
|
$
|
15.0
|
|
|
$
|
14.0
|
|
|
$
|
7.5
|
|
Average
interest-earning assets
(5)
|
|
|
3,366
|
|
|
|
3,718
|
|
|
|
3,701
|
|
|
|
3,186
|
|
|
|
2,633
|
|
End-of-period
interest-earning assets
(5)
|
|
|
3,726
|
|
|
|
2,614
|
|
|
|
3,768
|
|
|
|
2,614
|
|
|
|
2,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
5.9
|
|
|
$
|
3.0
|
|
|
$
|
2.3
|
|
|
$
|
(3.0
|
)
|
|
$
|
(0.6
|
)
|
Non-interest
operating income (loss)
(2)
|
|
|
8.4
|
|
|
|
(12.4
|
)
|
|
|
0.2
|
|
|
|
(14.4
|
)
|
|
|
3.8
|
|
Operating expenses
(3)
|
|
|
(4.4
|
)
|
|
|
(6.9
|
)
|
|
|
(1.4
|
)
|
|
|
(2.1
|
)
|
|
|
(2.2
|
)
|
Net operating income
(loss)
(4)
|
|
|
10.0
|
|
|
|
(16.3
|
)
|
|
|
1.0
|
|
|
|
(19.6
|
)
|
|
|
1.0
|
|
NET
INCOME (LOSS)
|
|
$
|
10.0
|
|
|
$
|
(16.3
|
)
|
|
$
|
1.0
|
|
|
$
|
(19.6
|
)
|
|
$
|
1.0
|
|
Average
interest-earning assets
(6)
|
|
|
593
|
|
|
|
1,170
|
|
|
|
967
|
|
|
|
1,374
|
|
|
|
1,380
|
|
End-of-period
interest-earning assets
(6)
|
|
|
870
|
|
|
|
1,582
|
|
|
|
1,183
|
|
|
|
1,582
|
|
|
|
1,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
0.1
|
|
|
$
|
(3.2
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(1.0
|
)
|
Non-interest
operating income (loss)
(2)
|
|
|
23.9
|
|
|
|
21.3
|
|
|
|
5.4
|
|
|
|
3.6
|
|
|
|
11.7
|
|
Operating expenses
(3)
|
|
|
(5.5
|
)
|
|
|
(5.6
|
)
|
|
|
(1.3
|
)
|
|
|
(1.4
|
)
|
|
|
(2.2
|
)
|
Net operating income
(loss)
(4)
|
|
|
18.5
|
|
|
|
12.5
|
|
|
|
3.1
|
|
|
|
1.3
|
|
|
|
8.5
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
0.0
|
|
|
|
(0.2
|
)
|
|
|
0.0
|
|
|
|
(0.1
|
)
|
|
|
(0.3
|
)
|
NET
INCOME (LOSS)
|
|
$
|
18.5
|
|
|
$
|
12.3
|
|
|
$
|
3.1
|
|
|
$
|
1.2
|
|
|
$
|
8.2
|
|
Average
interest-earning assets
(7)
|
|
|
113
|
|
|
|
138
|
|
|
|
124
|
|
|
|
150
|
|
|
|
154
|
|
End-of-period
interest-earning assets
(7)
|
|
|
82
|
|
|
|
151
|
|
|
|
68
|
|
|
|
151
|
|
|
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
70.6
|
|
|
$
|
77.8
|
|
|
$
|
21.1
|
|
|
$
|
14.7
|
|
|
$
|
15.4
|
|
Non-interest
operating income
(2)
|
|
|
37.7
|
|
|
|
16.7
|
|
|
|
7.3
|
|
|
|
(9.5
|
)
|
|
|
18.0
|
|
Operating expenses
(3)
|
|
|
(37.0
|
)
|
|
|
(40.0
|
)
|
|
|
(9.2
|
)
|
|
|
(9.7
|
)
|
|
|
(11.1
|
)
|
Net operating income
(4)
|
|
|
71.2
|
|
|
|
54.5
|
|
|
|
19.2
|
|
|
|
(4.5
|
)
|
|
|
22.3
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
1.5
|
|
|
|
1.5
|
|
|
|
0.0
|
|
|
|
0.7
|
|
|
|
(5.2
|
)
|
Impairment
on assets
|
|
|
(0.5
|
)
|
|
|
(0.8
|
)
|
|
|
0.0
|
|
|
|
(0.4
|
)
|
|
|
(0.1
|
)
|
Participation
of the minority interest in gains of the investment
|
|
|
0.0
|
|
|
|
(0.2
|
)
|
|
|
0.0
|
|
|
|
(0.1
|
)
|
|
|
(0.3
|
)
|
NET
INCOME
|
|
$
|
72.2
|
|
|
$
|
55.1
|
|
|
$
|
19.2
|
|
|
$
|
(4.3
|
)
|
|
$
|
16.7
|
|
Average
interest-earning assets
|
|
|
4,072
|
|
|
|
5,025
|
|
|
|
4,792
|
|
|
|
4,710
|
|
|
|
4,167
|
|
End-of-period
interest-earning assets
|
|
|
4,678
|
|
|
|
4,347
|
|
|
|
5,020
|
|
|
|
4,347
|
|
|
|
4,134
|
|
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, securities held to maturity, and trading
assets.
|
(7)
|
Includes
investment fund.
|
EXHIBIT
VII
CREDIT
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
31MAR08
|
|
|
31DEC08
|
|
|
31MAR09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(C) - (B)
|
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
310
|
|
|
|
6.4
|
|
|
$
|
151
|
|
|
|
4.1
|
|
|
$
|
114
|
|
|
|
3.2
|
|
|
$
|
(37
|
)
|
|
$
|
(197
|
)
|
BRAZIL
|
|
|
1,714
|
|
|
|
35.2
|
|
|
|
1,576
|
|
|
|
42.4
|
|
|
|
1,524
|
|
|
|
42.8
|
|
|
|
(52
|
)
|
|
|
(190
|
)
|
CHILE
|
|
|
53
|
|
|
|
1.1
|
|
|
|
132
|
|
|
|
3.6
|
|
|
|
50
|
|
|
|
1.4
|
|
|
|
(83
|
)
|
|
|
(3
|
)
|
COLOMBIA
|
|
|
629
|
|
|
|
12.9
|
|
|
|
453
|
|
|
|
12.2
|
|
|
|
487
|
|
|
|
13.7
|
|
|
|
34
|
|
|
|
(142
|
)
|
COSTA
RICA
|
|
|
96
|
|
|
|
2.0
|
|
|
|
85
|
|
|
|
2.3
|
|
|
|
119
|
|
|
|
3.3
|
|
|
|
33
|
|
|
|
23
|
|
DOMINICAN
REPUBLIC
|
|
|
81
|
|
|
|
1.7
|
|
|
|
69
|
|
|
|
1.9
|
|
|
|
57
|
|
|
|
1.6
|
|
|
|
(12
|
)
|
|
|
(24
|
)
|
ECUADOR
|
|
|
151
|
|
|
|
3.1
|
|
|
|
124
|
|
|
|
3.3
|
|
|
|
65
|
|
|
|
1.8
|
|
|
|
(59
|
)
|
|
|
(87
|
)
|
EL
SALVADOR
|
|
|
62
|
|
|
|
1.3
|
|
|
|
96
|
|
|
|
2.6
|
|
|
|
118
|
|
|
|
3.3
|
|
|
|
23
|
|
|
|
56
|
|
GUATEMALA
|
|
|
119
|
|
|
|
2.4
|
|
|
|
69
|
|
|
|
1.8
|
|
|
|
138
|
|
|
|
3.9
|
|
|
|
69
|
|
|
|
19
|
|
HONDURAS
|
|
|
56
|
|
|
|
1.1
|
|
|
|
45
|
|
|
|
1.2
|
|
|
|
38
|
|
|
|
1.1
|
|
|
|
(7
|
)
|
|
|
(17
|
)
|
JAMAICA
|
|
|
70
|
|
|
|
1.4
|
|
|
|
15
|
|
|
|
0.4
|
|
|
|
15
|
|
|
|
0.4
|
|
|
|
1
|
|
|
|
(54
|
)
|
MEXICO
|
|
|
492
|
|
|
|
10.1
|
|
|
|
477
|
|
|
|
12.8
|
|
|
|
443
|
|
|
|
12.5
|
|
|
|
(33
|
)
|
|
|
(49
|
)
|
NICARAGUA
|
|
|
20
|
|
|
|
0.4
|
|
|
|
4
|
|
|
|
0.1
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
(3
|
)
|
|
|
(18
|
)
|
PANAMA
|
|
|
227
|
|
|
|
4.6
|
|
|
|
148
|
|
|
|
4.0
|
|
|
|
141
|
|
|
|
4.0
|
|
|
|
(7
|
)
|
|
|
(86
|
)
|
PERU
|
|
|
646
|
|
|
|
13.3
|
|
|
|
77
|
|
|
|
2.1
|
|
|
|
91
|
|
|
|
2.6
|
|
|
|
15
|
|
|
|
(554
|
)
|
TRINIDAD
& TOBAGO
|
|
|
26
|
|
|
|
0.5
|
|
|
|
23
|
|
|
|
0.6
|
|
|
|
57
|
|
|
|
1.6
|
|
|
|
34
|
|
|
|
31
|
|
URUGUAY
|
|
|
4
|
|
|
|
0.1
|
|
|
|
45
|
|
|
|
1.2
|
|
|
|
50
|
|
|
|
1.4
|
|
|
|
5
|
|
|
|
46
|
|
VENEZUELA
|
|
|
94
|
|
|
|
1.9
|
|
|
|
62
|
|
|
|
1.7
|
|
|
|
7
|
|
|
|
0.2
|
|
|
|
(54
|
)
|
|
|
(87
|
)
|
OTHER
|
|
|
25
|
|
|
|
0.5
|
|
|
|
68
|
|
|
|
1.8
|
|
|
|
46
|
|
|
|
1.3
|
|
|
|
(21
|
)
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT
PORTFOLIO
(1)
|
|
$
|
4,874
|
|
|
|
100
|
%
|
|
$
|
3,718
|
|
|
|
100
|
%
|
|
$
|
3,561
|
|
|
|
100
|
%
|
|
$
|
(157
|
)
|
|
$
|
(1,313
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(7
|
)
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
1
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND COMMISSION
|
|
$
|
4,867
|
|
|
|
|
|
|
$
|
3,713
|
|
|
|
|
|
|
$
|
3,557
|
|
|
|
|
|
|
$
|
(157
|
)
|
|
$
|
(1,310
|
)
|
(1)
|
Includes
book value of loans, fair value of 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)
|
|
|
|
|
|
|
31MAR08
|
|
|
31DEC08
|
|
|
31MAR09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(C) - (B)
|
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
291
|
|
|
|
7.0
|
|
|
$
|
151
|
|
|
|
4.9
|
|
|
$
|
114
|
|
|
|
4.0
|
|
|
$
|
(37
|
)
|
|
$
|
(177
|
)
|
BRAZIL
|
|
|
1,541
|
|
|
|
36.9
|
|
|
|
1,441
|
|
|
|
47.0
|
|
|
|
1,370
|
|
|
|
48.8
|
|
|
|
(70
|
)
|
|
|
(171
|
)
|
CHILE
|
|
|
10
|
|
|
|
0.2
|
|
|
|
92
|
|
|
|
3.0
|
|
|
|
8
|
|
|
|
0.3
|
|
|
|
(83
|
)
|
|
|
(2
|
)
|
COLOMBIA
|
|
|
394
|
|
|
|
9.4
|
|
|
|
286
|
|
|
|
9.3
|
|
|
|
305
|
|
|
|
10.9
|
|
|
|
19
|
|
|
|
(88
|
)
|
COSTA
RICA
|
|
|
96
|
|
|
|
2.3
|
|
|
|
74
|
|
|
|
2.4
|
|
|
|
101
|
|
|
|
3.6
|
|
|
|
26
|
|
|
|
5
|
|
DOMINICAN
REPUBLIC
|
|
|
70
|
|
|
|
1.7
|
|
|
|
62
|
|
|
|
2.0
|
|
|
|
50
|
|
|
|
1.8
|
|
|
|
(12
|
)
|
|
|
(20
|
)
|
ECUADOR
|
|
|
151
|
|
|
|
3.6
|
|
|
|
124
|
|
|
|
4.0
|
|
|
|
65
|
|
|
|
2.3
|
|
|
|
(59
|
)
|
|
|
(87
|
)
|
EL
SALVADOR
|
|
|
40
|
|
|
|
1.0
|
|
|
|
76
|
|
|
|
2.5
|
|
|
|
64
|
|
|
|
2.3
|
|
|
|
(12
|
)
|
|
|
24
|
|
GUATEMALA
|
|
|
113
|
|
|
|
2.7
|
|
|
|
65
|
|
|
|
2.1
|
|
|
|
96
|
|
|
|
3.4
|
|
|
|
31
|
|
|
|
(17
|
)
|
HONDURAS
|
|
|
56
|
|
|
|
1.3
|
|
|
|
45
|
|
|
|
1.5
|
|
|
|
38
|
|
|
|
1.4
|
|
|
|
(7
|
)
|
|
|
(17
|
)
|
JAMAICA
|
|
|
70
|
|
|
|
1.7
|
|
|
|
15
|
|
|
|
0.5
|
|
|
|
15
|
|
|
|
0.5
|
|
|
|
1
|
|
|
|
(54
|
)
|
MEXICO
|
|
|
416
|
|
|
|
10.0
|
|
|
|
385
|
|
|
|
12.6
|
|
|
|
352
|
|
|
|
12.5
|
|
|
|
(33
|
)
|
|
|
(65
|
)
|
NICARAGUA
|
|
|
20
|
|
|
|
0.5
|
|
|
|
4
|
|
|
|
0.1
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
(3
|
)
|
|
|
(18
|
)
|
PANAMA
|
|
|
149
|
|
|
|
3.6
|
|
|
|
63
|
|
|
|
2.0
|
|
|
|
51
|
|
|
|
1.8
|
|
|
|
(12
|
)
|
|
|
(98
|
)
|
PERU
|
|
|
616
|
|
|
|
14.8
|
|
|
|
50
|
|
|
|
1.6
|
|
|
|
64
|
|
|
|
2.3
|
|
|
|
14
|
|
|
|
(553
|
)
|
TRINIDAD
& TOBAGO
|
|
|
26
|
|
|
|
0.6
|
|
|
|
23
|
|
|
|
0.8
|
|
|
|
57
|
|
|
|
2.0
|
|
|
|
34
|
|
|
|
31
|
|
URUGUAY
|
|
|
4
|
|
|
|
0.1
|
|
|
|
45
|
|
|
|
1.5
|
|
|
|
50
|
|
|
|
1.8
|
|
|
|
5
|
|
|
|
46
|
|
VENEZUELA
|
|
|
94
|
|
|
|
2.3
|
|
|
|
62
|
|
|
|
2.0
|
|
|
|
7
|
|
|
|
0.3
|
|
|
|
(54
|
)
|
|
|
(87
|
)
|
OTHER
|
|
|
20
|
|
|
|
0.5
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
(0
|
)
|
|
|
(20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO
(1)
|
|
$
|
4,176
|
|
|
|
100
|
%
|
|
$
|
3,062
|
|
|
|
100
|
%
|
|
$
|
2,808
|
|
|
|
100
|
%
|
|
$
|
(254
|
)
|
|
$
|
(1,367
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(7
|
)
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
1
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
4,169
|
|
|
|
|
|
|
$
|
3,058
|
|
|
|
|
|
|
$
|
2,804
|
|
|
|
|
|
|
$
|
(253
|
)
|
|
$
|
(1,365
|
)
|
(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.
|
TREASURY
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
COUNTRY
|
|
31MAR08
|
|
|
31DEC08
|
|
|
31MAR09
|
|
|
(C) - (B)
|
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
20
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
(20
|
)
|
BRAZIL
|
|
|
173
|
|
|
|
135
|
|
|
|
154
|
|
|
|
19
|
|
|
|
(19
|
)
|
CHILE
|
|
|
43
|
|
|
|
41
|
|
|
|
41
|
|
|
|
0
|
|
|
|
(1
|
)
|
COLOMBIA
|
|
|
235
|
|
|
|
167
|
|
|
|
181
|
|
|
|
14
|
|
|
|
(54
|
)
|
COSTA
RICA
|
|
|
0
|
|
|
|
11
|
|
|
|
18
|
|
|
|
7
|
|
|
|
18
|
|
DOMINICAN
REPUBLIC
|
|
|
11
|
|
|
|
7
|
|
|
|
7
|
|
|
|
(0
|
)
|
|
|
(4
|
)
|
EL
SALVADOR
|
|
|
22
|
|
|
|
19
|
|
|
|
54
|
|
|
|
35
|
|
|
|
32
|
|
GUATEMALA
|
|
|
6
|
|
|
|
3
|
|
|
|
41
|
|
|
|
38
|
|
|
|
36
|
|
MEXICO
|
|
|
76
|
|
|
|
92
|
|
|
|
92
|
|
|
|
(0
|
)
|
|
|
16
|
|
PANAMA
|
|
|
78
|
|
|
|
85
|
|
|
|
90
|
|
|
|
5
|
|
|
|
12
|
|
PERU
|
|
|
30
|
|
|
|
27
|
|
|
|
28
|
|
|
|
1
|
|
|
|
(2
|
)
|
OTHER
|
|
|
5
|
|
|
|
67
|
|
|
|
46
|
|
|
|
(21
|
)
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
TREASURY PORTOFOLIO
(1)
|
|
$
|
698
|
|
|
$
|
656
|
|
|
$
|
753
|
|
|
$
|
97
|
|
|
$
|
54
|
|
(1)
|
Includes
securities available for sale, trading assets and contingent assets, which
consist of credit default swaps.
|
EXHIBIT
X
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
QUARTERLY INFORMATION
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
COUNTRY
|
|
1QTR08
|
|
|
4QTR08
|
|
|
1QTR09
|
|
|
(C) - (B)
|
|
|
(C) - (A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
94
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
(94
|
)
|
BRAZIL
|
|
|
375
|
|
|
|
142
|
|
|
|
227
|
|
|
|
85
|
|
|
|
(147
|
)
|
CHILE
|
|
|
0
|
|
|
|
83
|
|
|
|
0
|
|
|
|
(83
|
)
|
|
|
(0
|
)
|
COLOMBIA
|
|
|
156
|
|
|
|
30
|
|
|
|
46
|
|
|
|
16
|
|
|
|
(110
|
)
|
COSTA
RICA
|
|
|
113
|
|
|
|
54
|
|
|
|
149
|
|
|
|
94
|
|
|
|
36
|
|
DOMINICAN
REPUBLIC
|
|
|
118
|
|
|
|
57
|
|
|
|
41
|
|
|
|
(16
|
)
|
|
|
(77
|
)
|
ECUADOR
|
|
|
96
|
|
|
|
69
|
|
|
|
22
|
|
|
|
(46
|
)
|
|
|
(73
|
)
|
EL
SALVADOR
|
|
|
29
|
|
|
|
26
|
|
|
|
5
|
|
|
|
(21
|
)
|
|
|
(24
|
)
|
GUATEMALA
|
|
|
61
|
|
|
|
28
|
|
|
|
55
|
|
|
|
27
|
|
|
|
(6
|
)
|
HONDURAS
|
|
|
24
|
|
|
|
27
|
|
|
|
31
|
|
|
|
4
|
|
|
|
6
|
|
JAMAICA
|
|
|
79
|
|
|
|
3
|
|
|
|
16
|
|
|
|
12
|
|
|
|
(64
|
)
|
MEXICO
|
|
|
115
|
|
|
|
31
|
|
|
|
100
|
|
|
|
69
|
|
|
|
(15
|
)
|
NICARAGUA
|
|
|
19
|
|
|
|
0
|
|
|
|
1
|
|
|
|
1
|
|
|
|
(18
|
)
|
PANAMA
|
|
|
33
|
|
|
|
22
|
|
|
|
39
|
|
|
|
17
|
|
|
|
6
|
|
PERU
|
|
|
537
|
|
|
|
2
|
|
|
|
53
|
|
|
|
51
|
|
|
|
(484
|
)
|
TRINIDAD
& TOBAGO
|
|
|
53
|
|
|
|
0
|
|
|
|
37
|
|
|
|
37
|
|
|
|
(17
|
)
|
URUGUAY
|
|
|
4
|
|
|
|
5
|
|
|
|
10
|
|
|
|
5
|
|
|
|
6
|
|
VENEZUELA
|
|
|
86
|
|
|
|
48
|
|
|
|
0
|
|
|
|
(48
|
)
|
|
|
(86
|
)
|
OTHER
|
|
|
7
|
|
|
|
58
|
|
|
|
0
|
|
|
|
(58
|
)
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
(1)
|
|
$
|
2,000
|
|
|
$
|
685
|
|
|
$
|
831
|
|
|
$
|
147
|
|
|
$
|
(1,168
|
)
|
(1)
|
Includes
book value of loans, fair value of selected investment securities, and
contingencies (including confirmed letters of credit, stand-by letters of
credit, guarantees covering commercial and country risks, credit default
swaps and credit commitments).
|
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