UNITED
STATES
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 COMERCIO EXTERIOR, S.A.
(Exact
name of Registrant as specified in its Charter)
FOREIGN
TRADE BANK OF LATIN AMERICA, INC.
(Translation
of Registrant’s name into English)
Calle 50
y Aquilino de la Guardia
P.O. Box
0819-08730
Panama
City, Republic of Panama
(Address
of Registrant’s Principal Executive Offices)
(Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.)
Form 20-F
x
Form
40-F
o
(Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing information to the Commission pursuant to
Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)
Yes
o
No
x
(If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b). 82__.)
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereto duly
authorized.
October
29, 2009
FOREIGN
TRADE BANK OF LATIN AMERICA, INC.
|
|
|
|
|
By:
/s/
Pedro Toll
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|
|
|
Name:
Pedro Toll
|
|
Title:
General
Manager
|
BLADEX
REPORTS THIRD QUARTER NET INCOME OF $15.8 MILLION, OR $0.43
PER
SHARE
PANAMA CITY, October 29, 2009
– Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the
Bank”) announced today its results for the third quarter ended September 30,
2009.
Business
Highlights
|
·
|
Net
income amounted to $15.8 million in the third quarter 2009, compared to
$10.5 million in the second quarter 2009, and $14.0 million in the third
quarter 2008. Net interest margin increased to 1.76% in the third quarter
2009, from 1.62% in the previous quarter and 1.61% in the third quarter
2008.
|
|
·
|
The
Commercial Division’s net income for the third quarter 2009 was $11.8
million, compared to $3.6 million in the second quarter 2009, and $16.8
million in the third quarter 2008. The increase from the previous quarter
was mainly driven by more stable margins, lower provisions for credit
losses, and increased commission income from the letter of credit
business. Credit disbursements in the third quarter reached
$1.1 billion, 3% higher than the second quarter 2009 and 30% below the
third quarter 2008. The commercial portfolio rose 1% during the
third quarter 2009 to $2.9 billion, compared to $4.2 billion at the end of
the third quarter 2008.
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|
·
|
Driven
by lower non-interest operating income generated from the securities
portfolios, the Treasury Division reported net income for the third
quarter 2009 of $1.2 million, compared to net income of $4.4 million in
the previous quarter and a net loss of $0.7 million in the third quarter
2008.
|
|
·
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The
Asset Management Division’s net income for the third quarter 2009 was $2.8
million, compared to $2.5 million in the second quarter 2009, and a net
loss of $2.1 million in the third quarter 2008. The quarterly
increase was due to higher trading gains in the Investment Fund, partially
offset by a greater participation of minority
interests.
|
|
·
|
During
the third quarter 2009, the book value per common share increased 3% to
$18.23. The Bank’s Tier 1 capital ratio as of September 30,
2009 was 24.6%, compared to 21.1% as of June 30, 2009, and 18.3% as of
September 30, 2008, while the leverage ratio as of these dates was 5.6x,
6.3x and 8.7x, respectively. The Other Comprehensive Income
account (“OCI”) recorded an improvement of $12 million (57%) versus the
previous quarter and $35 million (80%) versus the third quarter 2008. The
Bank’s equity consists entirely of common
shares.
|
|
·
|
The
ratio of the allowance for credit losses to the commercial portfolio
remained stable at 3.5%, the same level reported in the second quarter
2009, and 2.0% as of September 30, 2008. During the third
quarter 2009, the Bank recorded $2.0 million in specific loan loss
reserves, compared to the $12.0 million recorded in the second quarter
2009, and none in the third quarter
2008.
|
CEO's Comments
"Bladex
is satisfied with its third quarter results and encouraged by the underlying
trends in the markets. Financially, the quarter was well-balanced,
with all business units performing well. In the Commercial Division,
margins remained attractive, commission income increased, portfolio balances
grew for the first time since the onset of the crisis, while credit provisions
eased. In the Treasury Division, liquidity remained ample, as the
Bank successfully tapped Asian interbank funding markets, while reaping the
benefits of improving prices within the securities
portfolios. Notably, results in the Asset Management Division were
consistent with the solid track record realized since the Fund’s inception.
Trade
flows in Latin America, while still markedly below levels of a year ago, are
beginning to show a gradual improvement, consistent with the situation
internationally. With Bladex facing less competitive pressures and a
growing client franchise, the Bank expects to benefit from these trends as they
become more significant, particularly given that Bladex possesses the capital
and funding needed to absorb additional credit demand. Furthermore,
credit risk levels are showing signs of gradual improvement, as companies
benefit from a generally less challenging economic climate, a trend that will
afford Bladex greater flexibility in terms of credit decisions, thus gradually
easing the pressure on provision levels. Trends in the Asset
Management Division are also encouraging as the Fund steadily builds its assets
under management.
As Latin
American markets regain some stability Bladex is focused on identifying new
opportunities and deploying the resources to exploit them. Companies
throughout the Region have, as a result of the crisis, become more
internationally oriented, demanding coordinated trade services throughout Latin
America. This new reality represents a tremendous opportunity for
Bladex, given the Bank’s status as one of the very few regional wholesale
banking franchises in Latin America. Bladex looks forward to continued progress
in the coming quarters.”
RESULTS
BY BUSINESS SEGMENT
Commercial
Division
The
Commercial Division
incorporates the Bank’s core business from financial intermediation and fee
generation activities. Net income includes net interest income from
loans, fee income, net allocated operating expenses, the reversal (provision)
for loan and off-balance sheet credit losses, and any impairment on
assets.
(US$
million)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
50.7
|
|
|
$
|
59.4
|
|
|
$
|
16.7
|
|
|
$
|
17.0
|
|
|
$
|
20.7
|
|
Non-interest
operating income
(1)
|
|
|
4.8
|
|
|
|
6.4
|
|
|
|
1.6
|
|
|
|
0.8
|
|
|
|
2.7
|
|
Net
operating revenues
(2)
|
|
|
55.5
|
|
|
|
65.8
|
|
|
|
18.3
|
|
|
|
17.8
|
|
|
|
23.4
|
|
Operating
expenses
|
|
|
(17.1
|
)
|
|
|
(21.3
|
)
|
|
|
(5.3
|
)
|
|
|
(5.1
|
)
|
|
|
(6.8
|
)
|
Net
operating income
(3)
|
|
|
38.4
|
|
|
|
44.5
|
|
|
|
13.0
|
|
|
|
12.6
|
|
|
|
16.6
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
(15.4
|
)
|
|
|
0.9
|
|
|
|
(1.2
|
)
|
|
|
(9.1
|
)
|
|
|
0.2
|
|
Impairment
on assets
|
|
|
(0.1
|
)
|
|
|
(0.3
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Net
Income
|
|
$
|
22.9
|
|
|
$
|
45.1
|
|
|
$
|
11.8
|
|
|
$
|
3.6
|
|
|
$
|
16.8
|
|
Net
income for the third quarter 2009 amounted to $11.8 million, compared to $3.6
million in the previous quarter and $16.8 million in the third quarter
2008. The $8.2 million increase in net income during the third
quarter 2009 mostly reflects: (i) $7.9 million in lower provisions for credit
losses, (ii) a $0.8 million increase in non-interest operating income as a
result of increased commission income from the letter of credit business, (iii)
a $0.3 million decrease in net interest income, and (iv) a $0.2 million increase
in other operating expenses.
During
the third quarter 2009, the Commercial Division’s net interest income reached
$16.7 million, a $0.3 million decrease from the second quarter 2009, resulting
from lower average balances of the loan portfolio (-2%), partially offset by
higher weighted average lending spreads
(4)
on the
loan portfolio (+31 bps).
Credit
disbursements in the third quarter 2009 totaled $1,058 million, 3% higher than
the second quarter 2009, and 30% below the level in the third quarter 2008,
reflecting lower regional trade flows and the Bank´s prudent credit risk
approach. Refer to Exhibit XII for the Bank’s distribution of credit
disbursements by country.
The
following graph illustrates the trend in quarterly weighted average lending
spreads:
The
commercial portfolio includes loans, letters of credit, country risk guarantees
and loan commitments pertaining to the Bank’s client-oriented intermediation
activities. The Bank’s commercial portfolio balance reached $2.9
billion as of September 30, 2009, a 1% increase over the balance as of the
quarter ended June 30, 2009, and 32% below the balance as of the end of the
third quarter 2008. Similarly, on an average basis, the commercial
portfolio increased 1% in the third quarter 2009 in comparison to the previous
quarter with an average portfolio balance of $2.7 billion, 39% below the average
during the third quarter 2008. The decreased balances since the third quarter
2008 reflect the Bank’s prudent management of credit risk to vulnerable
industries in the wake of the financial crisis.
The
commercial portfolio continues to be short-term and trade-related in
nature. $1.9 billion, or 67% of the commercial portfolio matures
within one year. Trade financing operations represent 60% of the
portfolio. Refer to Exhibit X for information relating to the Bank’s
commercial portfolio distribution by country.
Treasury
Division
The
Treasury Division
incorporates the Bank’s
liquidity management and investment securities activities. Net income
is presented net of allocated operating expenses, and includes net interest
income on treasury activities and net other income (expense) relating to
treasury activities
(12)
.
(US$
million)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
1.6
|
|
|
$
|
6.0
|
|
|
$
|
1.3
|
|
|
$
|
0.8
|
|
|
$
|
1.7
|
|
Non-interest
operating income (loss)
(1)
|
|
|
11.2
|
|
|
|
2.0
|
|
|
|
1.6
|
|
|
|
5.8
|
|
|
|
(0.8
|
)
|
Net
operating revenues
(2)
|
|
|
12.8
|
|
|
|
8.0
|
|
|
|
2.9
|
|
|
|
6.7
|
|
|
|
0.8
|
|
Operating
expenses
|
|
|
(6.2
|
)
|
|
|
(4.8
|
)
|
|
|
(1.8
|
)
|
|
|
(2.2
|
)
|
|
|
(1.6
|
)
|
Net
operating income (loss)
(3,
12)
|
|
|
6.6
|
|
|
|
3.3
|
|
|
|
1.2
|
|
|
|
4.4
|
|
|
|
(0.7
|
)
|
Net
Income (loss)
|
|
$
|
6.6
|
|
|
$
|
3.3
|
|
|
$
|
1.2
|
|
|
$
|
4.4
|
|
|
$
|
(0.7
|
)
|
The
Treasury Division's net income for the third quarter 2009 was $1.2 million,
compared to net income of $4.4 million in the second quarter 2009, and a net
loss of $0.7 million during the third quarter 2008. The $3.2 million
net income decrease in the third quarter 2009 versus the previous quarter was
the result of: (i) a $4.2 million decrease in non-interest operating income,
mainly reflecting lower gains from trading securities, (ii) a $0.5 million
increase in net interest income, and (iii) a $0.5 million decrease in operating
expenses.
The
Division’s total non-interest operating income in the third quarter 2009 was
$2.5 million, partially offset by a $0.9 million net loss on foreign currency
exchange. The portfolio of trading assets decreased $115 million, or 70%, versus
the previous quarter to reach $50 million as of September 30, 2009, compared to
none recorded as of September 30, 2008. The sale of trading assets resulted in
net gains of $2.0 million in the third quarter 2009. The portfolio of securities
available for sale as of September 30, 2009 totaled $461 million, representing a
decrease of 24% from June 30, 2009 and a decrease of 40% from September 30,
2008. The decrease corresponds to the sale of $147 million in book
value of the securities portfolio, which generated net gains of $0.5 million in
the third quarter 2009. The available for sale portfolio as of September 30,
2009 consisted entirely of readily quoted Latin American securities, 80% of
which were sovereign and state-owned risk in nature (refer to Exhibit XI for a
per country distribution of the treasury portfolio). The available
for sale portfolio is marked to market, with the impact recorded in
stockholders’ equity through the Other Comprehensive Income Account (“OCI”)
which, for the third quarter 2009, recorded a $12 million improvement in value,
reflecting mostly the increased market valuation of the securities portfolio
(refer to Exhibit I.)
Liquid
assets
(11)
decreased to $431 million as of September 30, 2009, compared to $456 million as
of June 30, 2009, and $461 million as of September 30, 2008. The Bank is
gradually reducing liquidity balances to historically prevalent levels as the
funding markets improve.
The Bank
is reducing its repurchase agreement obligations and selectively replacing bank
borrowings. Weighted average funding costs for the third quarter 2009
amounted to 2.16%, a decrease of 35 bps, or 14%, compared to the second quarter
2009, and a decrease of 138 bps, or 39%, compared to the third quarter
2008.
Asset
Management Division
The Asset
Management Division
incorporates the Bank’s
asset management activities.
The Division’s Investment
Fund follows primarily a Latin America macro strategy, utilizing a combination
of products (foreign exchange, equity indices, interest rate swaps, and credit
derivative products) to establish long and short positions in the
markets.
The
Division’s net income includes net interest income on the Investment Fund, as
well as net gains (losses) from Investment Fund trading, other related income
(loss), allocated operating expenses, and the participation of minority interest
in gains of the Investment Fund.
(US$
million)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Asset
Management Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest loss
|
|
$
|
(2.7
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(0.7
|
)
|
Non-interest
operating income (loss)
(1)
|
|
|
22.1
|
|
|
|
17.8
|
|
|
|
5.5
|
|
|
|
4.9
|
|
|
|
(1.1
|
)
|
Net
operating revenues
(2)
|
|
|
19.4
|
|
|
|
15.4
|
|
|
|
4.7
|
|
|
|
3.9
|
|
|
|
(1.8
|
)
|
Operating
expenses
|
|
|
(5.0
|
)
|
|
|
(4.3
|
)
|
|
|
(1.5
|
)
|
|
|
(1.3
|
)
|
|
|
(0.3
|
)
|
Net
operating income (loss)
(3)
|
|
|
14.4
|
|
|
|
11.2
|
|
|
|
3.3
|
|
|
|
2.6
|
|
|
|
(2.1
|
)
|
Participation
of the minority interest in gains of the investment fund
|
|
|
(0.9
|
)
|
|
|
(0.1
|
)
|
|
|
(0.5
|
)
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
Net
Income (loss)
|
|
$
|
13.5
|
|
|
$
|
11.1
|
|
|
$
|
2.8
|
|
|
$
|
2.5
|
|
|
$
|
(2.1
|
)
|
Net
income in the third quarter 2009 totaled $2.8 million, compared to net income of
$2.5 million in the prior quarter and a net loss of $2.1 million in the third
quarter 2008. The $0.3 million net income increase in the quarter was
mainly due to $0.6 million increase in non-interest operating income attributed
to higher net gains from Investment Fund trading.
As of
September 30, 2009, the Investment Fund’s asset value totaled $189 million,
compared to $166 million as of June 30, 2009, and $150 million as of September
30, 2008.
As of
September 30, 2009, Bladex owned 85.53% of Bladex Offshore Feeder Fund, with the
balance owned by third party investors, compared to 95.32% in ownership as of
June 30, 2009, and 95.92% in ownership as of September 30, 2008.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
The
following table illustrates the consolidated results of operations of the Bank
for the periods indicated below:
(US$
million, except percentages and per share amounts)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Net
Interest Income
|
|
$
|
49.6
|
|
|
$
|
63.1
|
|
|
$
|
17.4
|
|
|
$
|
16.8
|
|
|
$
|
21.8
|
|
Net
Operating Income (Loss) by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
38.4
|
|
|
$
|
44.5
|
|
|
$
|
13.0
|
|
|
$
|
12.6
|
|
|
$
|
16.6
|
|
Treasury
Division
|
|
$
|
6.6
|
|
|
$
|
3.3
|
|
|
$
|
1.2
|
|
|
$
|
4.4
|
|
|
$
|
(0.7
|
)
|
Asset
Management Division
|
|
$
|
14.4
|
|
|
$
|
11.2
|
|
|
$
|
3.3
|
|
|
$
|
2.6
|
|
|
$
|
(2.1
|
)
|
Net
Operating Income
|
|
$
|
59.4
|
|
|
$
|
59.0
|
|
|
$
|
17.4
|
|
|
$
|
19.7
|
|
|
$
|
13.8
|
|
Net
Income
|
|
$
|
42.9
|
|
|
$
|
59.4
|
|
|
$
|
15.8
|
|
|
$
|
10.5
|
|
|
$
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income per Share
(5)
|
|
$
|
1.18
|
|
|
$
|
1.63
|
|
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
$
|
0.38
|
|
Book
Value per common share (period end)
|
|
$
|
18.23
|
|
|
$
|
16.87
|
|
|
$
|
18.23
|
|
|
$
|
17.61
|
|
|
$
|
16.87
|
|
Return
on Average Equity (“ROE”)
|
|
|
9.1
|
%
|
|
|
12.6
|
%
|
|
|
9.5
|
%
|
|
|
6.6
|
%
|
|
|
8.6
|
%
|
Operating
Return on Average Equity ("Operating ROE")
(6)
|
|
|
12.6
|
%
|
|
|
12.5
|
%
|
|
|
10.6
|
%
|
|
|
12.4
|
%
|
|
|
8.5
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
1.4
|
%
|
|
|
1.5
|
%
|
|
|
1.6
|
%
|
|
|
1.0
|
%
|
|
|
1.0
|
%
|
Net
Interest Margin
|
|
|
1.63
|
%
|
|
|
1.64
|
%
|
|
|
1.76
|
%
|
|
|
1.62
|
%
|
|
|
1.61
|
%
|
Efficiency
Ratio
(7)
|
|
|
32
|
%
|
|
|
34
|
%
|
|
|
33
|
%
|
|
|
30
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1 Capital
(8)
|
|
$
|
671
|
|
|
$
|
654
|
|
|
$
|
671
|
|
|
$
|
662
|
|
|
$
|
654
|
|
Total
Capital
(9)
|
|
$
|
706
|
|
|
$
|
699
|
|
|
$
|
706
|
|
|
$
|
701
|
|
|
$
|
699
|
|
Risk-Weighted
Assets
|
|
$
|
2,732
|
|
|
$
|
3,573
|
|
|
$
|
2,732
|
|
|
$
|
3,129
|
|
|
$
|
3,573
|
|
Tier
1 Capital Ratio
(8)
|
|
|
24.6
|
%
|
|
|
18.3
|
%
|
|
|
24.6
|
%
|
|
|
21.1
|
%
|
|
|
18.3
|
%
|
Total
Capital Ratio
(9)
|
|
|
25.8
|
%
|
|
|
19.5
|
%
|
|
|
25.8
|
%
|
|
|
22.4
|
%
|
|
|
19.5
|
%
|
Stockholders’
Equity
|
|
$
|
666
|
|
|
$
|
614
|
|
|
$
|
666
|
|
|
$
|
643
|
|
|
$
|
614
|
|
Stockholders’
Equity to Total Assets
|
|
|
17.9
|
%
|
|
|
11.5
|
%
|
|
|
17.9
|
%
|
|
|
15.8
|
%
|
|
|
11.5
|
%
|
Other
Comprehensive Income Account ("OCI")
|
|
|
(9
|
)
|
|
|
(44
|
)
|
|
|
(9
|
)
|
|
|
(21
|
)
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
(times)
(10)
|
|
|
5.6
|
|
|
|
8.7
|
|
|
|
5.6
|
|
|
|
6.3
|
|
|
|
8.7
|
|
Liquid
Assets / Total Assets
(11)
|
|
|
11.6
|
%
|
|
|
8.6
|
%
|
|
|
11.6
|
%
|
|
|
11.2
|
%
|
|
|
8.6
|
%
|
Liquid
Assets / Total Deposits
|
|
|
35.3
|
%
|
|
|
29.7
|
%
|
|
|
35.3
|
%
|
|
|
36.2
|
%
|
|
|
29.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
1.4
|
%
|
|
|
0.0
|
%
|
|
|
1.4
|
%
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
Allowance
for Credit Losses to Commercial Portfolio
|
|
|
3.5
|
%
|
|
|
2.0
|
%
|
|
|
3.5
|
%
|
|
|
3.5
|
%
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
3,723
|
|
|
$
|
5,351
|
|
|
$
|
3,723
|
|
|
$
|
4,067
|
|
|
$
|
5,351
|
|
The following graphs illustrate the trends in Net Income and Return on
Average Stockholders’ Equity for the periods indicated:
NET
INTEREST INCOME AND MARGINS
(US$
million, except percentages)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Net
Interest Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
50.7
|
|
|
$
|
59.4
|
|
|
$
|
16.7
|
|
|
$
|
17.0
|
|
|
$
|
20.7
|
|
Treasury
Division
|
|
|
1.6
|
|
|
|
6.0
|
|
|
|
1.3
|
|
|
|
0.8
|
|
|
|
1.7
|
|
Asset
Management Division
|
|
|
(2.7
|
)
|
|
|
(2.3
|
)
|
|
|
(0.7
|
)
|
|
|
(1.0
|
)
|
|
|
(0.7
|
)
|
Consolidated
|
|
$
|
49.6
|
|
|
$
|
63.1
|
|
|
$
|
17.4
|
|
|
$
|
16.8
|
|
|
$
|
21.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin
*
|
|
|
1.63
|
%
|
|
|
1.64
|
%
|
|
|
1.76
|
%
|
|
|
1.62
|
%
|
|
|
1.61
|
%
|
* Net
interest income divided by average balance of interest-earning
assets.
For the
third quarter 2009, net interest income amounted to $17.4 million, an increase
of $0.6 million, or 3%, from the second quarter 2009, mostly reflecting
increased lending spreads, offset by a slight reduction in average loan
balances. The $4.4 million, or 20% decrease in net interest income in
the third quarter 2009, compared to the third quarter 2008, was mainly due to
decreased average loan balances.
FEES
AND COMMISSIONS
(US$
million)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Letters
of credit
|
|
$
|
3.2
|
|
|
$
|
4.0
|
|
|
$
|
1.2
|
|
|
$
|
0.4
|
|
|
$
|
1.7
|
|
Guarantees
|
|
|
0.9
|
|
|
|
0.9
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
Loans
|
|
|
0.2
|
|
|
|
0.5
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.1
|
|
Other*
|
|
|
0.3
|
|
|
|
0.7
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
Fees
and Commissions, net
|
|
$
|
4.5
|
|
|
$
|
6.1
|
|
|
$
|
1.5
|
|
|
$
|
0.7
|
|
|
$
|
2.2
|
|
*
Net of commission expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compared
to the previous quarter, fees and commissions in the third quarter 2009
increased $0.8 million to $1.5 million mostly due to increased letter of credit
activity, but $0.7 million lower than the third quarter 2008, reflecting lower
general trade flows in the Region.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
|
|
30-Sep-08
|
|
|
31-Dic-08
|
|
|
31-Mar-09
|
|
|
30-Jun-09
|
|
|
30-Sep-09
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
69.8
|
|
|
$
|
69.1
|
|
|
$
|
54.6
|
|
|
$
|
80.6
|
|
|
$
|
90.2
|
|
Provisions
(reversals)
|
|
|
(0.8
|
)
|
|
|
(14.5
|
)
|
|
|
25.8
|
|
|
|
8.9
|
|
|
|
(0.4
|
)
|
Recoveries,
net of charge-offs
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.8
|
|
|
|
0.0
|
|
End
of period balance
|
|
$
|
69.1
|
|
|
$
|
54.6
|
|
|
$
|
80.6
|
|
|
$
|
90.2
|
|
|
$
|
89.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
16.2
|
|
|
$
|
16.9
|
|
|
$
|
30.7
|
|
|
$
|
10.1
|
|
|
$
|
10.3
|
|
Provisions
(reversals)
|
|
|
0.7
|
|
|
|
13.8
|
|
|
|
(20.6
|
)
|
|
|
0.2
|
|
|
|
1.5
|
|
End
of period balance
|
|
$
|
16.9
|
|
|
$
|
30.7
|
|
|
$
|
10.1
|
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Allowance for Credit Losses
|
|
$
|
86.0
|
|
|
$
|
85.4
|
|
|
$
|
90.7
|
|
|
$
|
100.5
|
|
|
$
|
101.7
|
|
During
the third quarter 2009, the allowance for credit losses increased by a net
amount of $1.2 million, reflecting: a (i) $2.0 million increase in specific
reserves assigned to loans in the restructuring process that have been placed in
non-accrual status, (ii) a $2.4 million reduction in generic loan loss reserves
driven by decreased loan exposure within the portfolio, and (iii) a $1.5 million
increase in generic off-balance sheet credit risk reserves reflecting the
increased portfolio balances of acceptances and contingencies (mostly letters of
credit).
The ratio
of the allowance for credit losses to the commercial portfolio as of September
30, 2009 remained at the previous quarter’s level of 3.5%, compared to 2.0% as
of September 30, 2008.
OPERATING
EXPENSES
(US$
million)
|
|
9M09
|
|
|
9M08
|
|
|
3Q09
|
|
|
2Q09
|
|
|
3Q08
|
|
Salaries
and other employee expenses
|
|
$
|
15.1
|
|
|
$
|
15.7
|
|
|
$
|
4.7
|
|
|
$
|
4.2
|
|
|
$
|
5.2
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
2.0
|
|
|
|
3.1
|
|
|
|
0.6
|
|
|
|
0.7
|
|
|
|
0.7
|
|
Professional
services
|
|
|
2.4
|
|
|
|
2.4
|
|
|
|
0.8
|
|
|
|
1.0
|
|
|
|
0.6
|
|
Maintenance
and repairs
|
|
|
0.8
|
|
|
|
1.0
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Expenses
from the investment fund
|
|
|
2.7
|
|
|
|
1.7
|
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
(0.3
|
)
|
Other
operating expenses
|
|
|
5.3
|
|
|
|
6.3
|
|
|
|
1.6
|
|
|
|
1.9
|
|
|
|
2.2
|
|
Total
Operating Expenses
|
|
$
|
28.3
|
|
|
$
|
30.3
|
|
|
$
|
8.5
|
|
|
$
|
8.6
|
|
|
$
|
8.7
|
|
The
Bank’s efficiency ratio was 33% in the third quarter 2009, compared to 30% in
the second quarter 2009, and 39% in the third quarter 2008.
Operating
expenses during the third quarter 2009 decreased to $8.5 million, compared to
$8.6 million in the second quarter 2009, and $8.7 million in the third quarter
2008. The quarter-on-quarter decrease was mainly the result of lower
expenditures for professional services and other operating expenses, which more
than offset an increase in salaries and other employee expenses.
OTHER
EVENTS
§
|
Quarterly Dividend Payment:
On October 14, 2009, the Bank announced a quarterly common dividend
payment of US$0.15 per share related to the third quarter 2009. The
dividend will be paid on November 2, 2009, to stockholders registered as
of the October 23, 2009 record
date.
|
§
|
Closing of Two-Year Syndicated
Loan:
On September 16, 2009, the Bank announced the successful
closing of a $100 million two-year syndicated loan structured and placed
through Mizuho Corporate Bank, Ltd. and China Development Bank
Corporation, which enhances the diversification of the Bank’s financing
sources, while further developing the Bank’s presence in the Asian
markets.
|
§
|
Ratings Affirmed:
On
September 14, 2009, Fitch Ratings affirmed the Bank’s credit rating at
BBB; with a “Stable”
Outlook.
|
§
|
New Executive Officers joining
the Bank’s Management Team:
The Bank appointed Mr. Christopher
Schech as Chief Financial Officer and Mr. Gustavo Díaz as the Bank’s
Controller.
|
|
o
|
Mr.
Schech joined Bladex after working for Volvo Financial Services in Europe
and GE Capital on assignments in Latin America, Asia and the United
States. Mr. Schech is responsible for the Bank’s financial
management, as well as the interaction with rating agencies, shareholders,
and investors.
|
|
o
|
Mr.
Gustavo Díaz joined Bladex from Banco Centroamericano de Integración
Económica (BCIE) in Honduras. He previously worked for Corporación
Financiera del Valle in Colombia, and KPMG Peat Marwick in Chile and
Colombia. Mr. Díaz is responsible for the Bank’s internal audit
and compliance functions.
|
Note:
Various numbers and
percentages set forth in this press release have been rounded and, accordingly,
may not total exactly.
Footnotes:
|
(1)
|
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).
|
(2)
|
Net
Operating Revenues refers to net interest income plus non-interest
operating income.
|
|
(3)
|
Net
Operating Income (Loss) refers to net interest income plus non-interest
operating income, minus operating
expenses.
|
|
(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 September 30, 2009, Bladex had disbursed
accumulated credits of approximately $161 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Friday,
October 30, 2009 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
http://www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through December 29,
2009. Please dial (877) 919-4059 or (334) 323-7226, and follow the
instructions. The Conference ID# for the replayed call is
96623186. For more information, please access http://www.bladex.com
or contact:
Mr.
Christopher Schech
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
Panama
City, Panama
Tel:
(507) 210-8630
E-mail
address: cschech@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)
|
|
|
(A)
- (B)
|
|
|
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
September
30, 2009
|
|
|
June
30, 2009
|
|
|
September
30, 2008
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
460
|
|
|
$
|
485
|
|
|
$
|
445
|
|
|
$
|
(25
|
)
|
|
|
(5
|
)%
|
|
$
|
15
|
|
|
|
3
|
%
|
Trading
assets
|
|
|
50
|
|
|
|
165
|
|
|
|
0
|
|
|
|
(115
|
)
|
|
|
(70
|
)
|
|
|
50
|
|
|
n.m.
|
(*)
|
Securities
available for sale
|
|
|
461
|
|
|
|
608
|
|
|
|
774
|
|
|
|
(147
|
)
|
|
|
(24
|
)
|
|
|
(313
|
)
|
|
|
(40
|
)
|
Securities
held to maturity
|
|
|
0
|
|
|
|
0
|
|
|
|
29
|
|
|
|
0
|
|
|
n.m.
|
(*)
|
|
|
(29
|
)
|
|
|
(100
|
)
|
Investment
fund
|
|
|
189
|
|
|
|
166
|
|
|
|
150
|
|
|
|
23
|
|
|
|
14
|
|
|
|
39
|
|
|
|
26
|
|
Loans
|
|
|
2,608
|
|
|
|
2,682
|
|
|
|
3,868
|
|
|
|
(74
|
)
|
|
|
(3
|
)
|
|
|
(1,260
|
)
|
|
|
(33
|
)
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(90
|
)
|
|
|
(90
|
)
|
|
|
(69
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(21
|
)
|
|
|
30
|
|
Unearned
income and deferred fees
|
|
|
(5
|
)
|
|
|
(4
|
)
|
|
|
(6
|
)
|
|
|
(1
|
)
|
|
|
25
|
|
|
|
1
|
|
|
|
(17
|
)
|
Loans,
net
|
|
|
2,513
|
|
|
|
2,587
|
|
|
|
3,793
|
|
|
|
(74
|
)
|
|
|
(3
|
)
|
|
|
(1,280
|
)
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
5
|
|
|
|
0
|
|
|
|
90
|
|
|
|
5
|
|
|
n.m.
|
(*)
|
|
|
(85
|
)
|
|
|
(94
|
)
|
Premises
and equipment, net
|
|
|
7
|
|
|
|
8
|
|
|
|
8
|
|
|
|
(1
|
)
|
|
|
(13
|
)
|
|
|
(1
|
)
|
|
|
(13
|
)
|
Accrued
interest receivable
|
|
|
25
|
|
|
|
41
|
|
|
|
53
|
|
|
|
(16
|
)
|
|
|
(39
|
)
|
|
|
(28
|
)
|
|
|
(53
|
)
|
Derivative
financial instruments used for hedging - receivable
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Other
assets
|
|
|
11
|
|
|
|
7
|
|
|
|
9
|
|
|
|
4
|
|
|
|
57
|
|
|
|
2
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,723
|
|
|
$
|
4,067
|
|
|
$
|
5,351
|
|
|
$
|
(344
|
)
|
|
|
(8
|
)%
|
|
$
|
(1,628
|
)
|
|
|
(30
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
36
|
|
|
$
|
156
|
|
|
$
|
96
|
|
|
$
|
(120
|
)
|
|
|
(77
|
)%
|
|
$
|
(60
|
)
|
|
|
(63
|
)%
|
Time
|
|
|
1,186
|
|
|
|
1,104
|
|
|
|
1,455
|
|
|
|
82
|
|
|
|
7
|
|
|
|
(269
|
)
|
|
|
(18
|
)
|
Total
Deposits
|
|
|
1,221
|
|
|
|
1,261
|
|
|
|
1,551
|
|
|
|
(40
|
)
|
|
|
(3
|
)
|
|
|
(330
|
)
|
|
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
3
|
|
|
|
11
|
|
|
|
0
|
|
|
|
(8
|
)
|
|
|
(73
|
)
|
|
|
3
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreements
|
|
|
86
|
|
|
|
312
|
|
|
|
652
|
|
|
|
(226
|
)
|
|
|
(72
|
)
|
|
|
(566
|
)
|
|
|
(87
|
)
|
Short-term
borrowings
|
|
|
306
|
|
|
|
598
|
|
|
|
1,022
|
|
|
|
(292
|
)
|
|
|
(49
|
)
|
|
|
(716
|
)
|
|
|
(70
|
)
|
Borrowings
and long-term debt
|
|
|
1,298
|
|
|
|
1,128
|
|
|
|
1,296
|
|
|
|
170
|
|
|
|
15
|
|
|
|
2
|
|
|
|
0
|
|
Acceptances
outstanding
|
|
|
5
|
|
|
|
0
|
|
|
|
90
|
|
|
|
5
|
|
|
n.m.
|
(*)
|
|
|
(85
|
)
|
|
|
(94
|
)
|
Accrued
interest payable
|
|
|
13
|
|
|
|
17
|
|
|
|
36
|
|
|
|
(4
|
)
|
|
|
(24
|
)
|
|
|
(23
|
)
|
|
|
(64
|
)
|
Derivative
financial instruments used for hedging - payable
|
|
|
70
|
|
|
|
69
|
|
|
|
41
|
|
|
|
1
|
|
|
|
1
|
|
|
|
29
|
|
|
|
71
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
12
|
|
|
|
10
|
|
|
|
17
|
|
|
|
2
|
|
|
|
20
|
|
|
|
(5
|
)
|
|
|
(29
|
)
|
Other
liabilities
|
|
|
15
|
|
|
|
10
|
|
|
|
25
|
|
|
|
5
|
|
|
|
50
|
|
|
|
(10
|
)
|
|
|
(40
|
)
|
TOTAL
LIABILITIES
|
|
$
|
3,030
|
|
|
$
|
3,416
|
|
|
$
|
4,731
|
|
|
$
|
(386
|
)
|
|
|
(11
|
)%
|
|
$
|
(1,701
|
)
|
|
|
(36
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in the investment fund
|
|
|
27
|
|
|
|
8
|
|
|
|
6
|
|
|
|
19
|
|
|
|
238
|
|
|
|
21
|
|
|
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
134
|
|
|
|
135
|
|
|
|
135
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Capital
reserves
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained
earnings
|
|
|
295
|
|
|
|
285
|
|
|
|
281
|
|
|
|
10
|
|
|
|
4
|
|
|
|
14
|
|
|
|
5
|
|
Accumulated
other comprehensive loss
|
|
|
(9
|
)
|
|
|
(21
|
)
|
|
|
(44
|
)
|
|
|
12
|
|
|
|
(57
|
)
|
|
|
35
|
|
|
|
(80
|
)
|
Treasury
stock
|
|
|
(130
|
)
|
|
|
(131
|
)
|
|
|
(133
|
)
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
3
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
666
|
|
|
$
|
643
|
|
|
$
|
614
|
|
|
$
|
23
|
|
|
|
4
|
%
|
|
$
|
52
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,723
|
|
|
$
|
4,067
|
|
|
$
|
5,351
|
|
|
$
|
(344
|
)
|
|
|
(8
|
)%
|
|
$
|
(1,628
|
)
|
|
|
(30
|
)%
|
(*)
"n.m." means not
meaningful.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A)
- (B)
|
|
|
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
September
30, 2009
|
|
|
June
30, 2009
|
|
|
September
30, 2008
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In
US$ thousand, except per share amounts and ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
34,423
|
|
|
$
|
38,252
|
|
|
$
|
63,853
|
|
|
$
|
(3,829
|
)
|
|
|
(10
|
)%
|
|
$
|
(29,430
|
)
|
|
|
(46
|
)%
|
Interest
expense
|
|
|
(17,070
|
)
|
|
|
(21,464
|
)
|
|
|
(42,093
|
)
|
|
|
4,394
|
|
|
|
(20
|
)
|
|
|
25,023
|
|
|
|
(59
|
)
|
NET
INTEREST INCOME
|
|
|
17,353
|
|
|
|
16,788
|
|
|
|
21,760
|
|
|
|
565
|
|
|
|
3
|
|
|
|
(4,407
|
)
|
|
|
(20
|
)
|
Reversal
(provision) for loan losses
|
|
|
380
|
|
|
|
(8,905
|
)
|
|
|
842
|
|
|
|
9,285
|
|
|
|
(104
|
)
|
|
|
(462
|
)
|
|
|
(55
|
)
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
17,733
|
|
|
|
7,883
|
|
|
|
22,602
|
|
|
|
9,850
|
|
|
|
125
|
|
|
|
(4,869
|
)
|
|
|
(22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for losses on off-balance sheet credit risk
|
|
|
(1,549
|
)
|
|
|
(177
|
)
|
|
|
(654
|
)
|
|
|
(1,372
|
)
|
|
|
775
|
|
|
|
(895
|
)
|
|
|
137
|
|
Fees
and commissions, net
|
|
|
1,463
|
|
|
|
734
|
|
|
|
2,222
|
|
|
|
729
|
|
|
|
99
|
|
|
|
(759
|
)
|
|
|
(34
|
)
|
Derivative
financial instrument and hedging.
|
|
|
(1,105
|
)
|
|
|
(2,591
|
)
|
|
|
41
|
|
|
|
1,486
|
|
|
|
(57
|
)
|
|
|
(1,146
|
)
|
|
n.m.
|
(*)
|
Net
gain (loss) from investment fund trading
|
|
|
5,478
|
|
|
|
4,918
|
|
|
|
(1,083
|
)
|
|
|
560
|
|
|
|
11
|
|
|
|
6,561
|
|
|
|
(606
|
)
|
Net
gain (loss) from trading securities
|
|
|
2,936
|
|
|
|
7,653
|
|
|
|
(23
|
)
|
|
|
(4,717
|
)
|
|
|
(62
|
)
|
|
|
2,959
|
|
|
n.m.
|
(*)
|
Net
gain on sale of securities available-for-sale
|
|
|
546
|
|
|
|
0
|
|
|
|
0
|
|
|
|
546
|
|
|
n.m.
|
(*)
|
|
|
546
|
|
|
n.m.
|
(*)
|
Gain
(loss) on foreign currency exchange
|
|
|
(843
|
)
|
|
|
705
|
|
|
|
(895
|
)
|
|
|
(1,548
|
)
|
|
|
(220
|
)
|
|
|
52
|
|
|
|
(6
|
)
|
Other
income, net
|
|
|
138
|
|
|
|
93
|
|
|
|
481
|
|
|
|
45
|
|
|
|
48
|
|
|
|
(343
|
)
|
|
|
(71
|
)
|
NET
OTHER INCOME.
|
|
|
7,064
|
|
|
|
11,336
|
|
|
|
91
|
|
|
|
(4,272
|
)
|
|
|
(38
|
)
|
|
|
6,973
|
|
|
|
7,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(4,652
|
)
|
|
|
(4,225
|
)
|
|
|
(5,247
|
)
|
|
|
(427
|
)
|
|
|
10
|
|
|
|
595
|
|
|
|
(11
|
)
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(644
|
)
|
|
|
(697
|
)
|
|
|
(724
|
)
|
|
|
53
|
|
|
|
(8
|
)
|
|
|
80
|
|
|
|
(11
|
)
|
Professional
services
|
|
|
(751
|
)
|
|
|
(972
|
)
|
|
|
(584
|
)
|
|
|
221
|
|
|
|
(23
|
)
|
|
|
(167
|
)
|
|
|
29
|
|
Maintenance
and repairs
|
|
|
(253
|
)
|
|
|
(266
|
)
|
|
|
(340
|
)
|
|
|
13
|
|
|
|
(5
|
)
|
|
|
87
|
|
|
|
(26
|
)
|
Expenses
from the investment fund.
|
|
|
(601
|
)
|
|
|
(571
|
)
|
|
|
301
|
|
|
|
(30
|
)
|
|
|
5
|
|
|
|
(902
|
)
|
|
|
(300
|
)
|
Other
operating expenses
|
|
|
(1,637
|
)
|
|
|
(1,891
|
)
|
|
|
(2,155
|
)
|
|
|
254
|
|
|
|
(13
|
)
|
|
|
518
|
|
|
|
(24
|
)
|
TOTAL
OPERATING EXPENSES
|
|
|
(8,537
|
)
|
|
|
(8,622
|
)
|
|
|
(8,749
|
)
|
|
|
85
|
|
|
|
(1
|
)
|
|
|
212
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE PARTICIPATION OF THE MINORITY INTEREST
IN GAINS OF THE
INVESTMENT FUND
|
|
$
|
16,260
|
|
|
$
|
10,597
|
|
|
$
|
13,944
|
|
|
$
|
5,663
|
|
|
|
53
|
|
|
$
|
2,316
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
(507
|
)
|
|
|
(109
|
)
|
|
|
24
|
|
|
|
(398
|
)
|
|
|
365
|
|
|
|
(531
|
)
|
|
n.m.
|
(*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
15,753
|
|
|
$
|
10,488
|
|
|
$
|
13,968
|
|
|
$
|
5,265
|
|
|
|
50
|
%
|
|
$
|
1,785
|
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
0.43
|
|
|
|
0.29
|
|
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.43
|
|
|
|
0.29
|
|
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,539
|
|
|
|
36,471
|
|
|
|
36,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
diluted shares
|
|
|
36,804
|
|
|
|
36,669
|
|
|
|
36,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.6
|
%
|
|
|
1.0
|
%
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
9.5
|
%
|
|
|
6.6
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.76
|
%
|
|
|
1.62
|
%
|
|
|
1.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
1.28
|
%
|
|
|
1.14
|
%
|
|
|
1.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.88
|
%
|
|
|
0.84
|
%
|
|
|
0.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m." means not
meaningful.
|
|
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
EXHIBIT III
|
|
|
FOR THE NINE MONTHS ENDED
|
|
|
|
September 30, 2009
|
|
|
September 30, 2008
|
|
(In
US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
49,569
|
|
|
$
|
63,126
|
|
Fees
and commissions, net
|
|
|
4,364
|
|
|
|
5,984
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
(15,437
|
)
|
|
|
878
|
|
Derivative
financial instrument and hedging
|
|
|
(2,026
|
)
|
|
|
(37
|
)
|
Impairment
on assets
|
|
|
(94
|
)
|
|
|
(339
|
)
|
Net
gain from investment fund trading
|
|
|
22,092
|
|
|
|
17,770
|
|
Net
gain (loss) from trading securities
|
|
|
13,751
|
|
|
|
(4
|
)
|
Net
gain on sale of securities available-for-sale
|
|
|
546
|
|
|
|
2,095
|
|
Loss
on foreign currency exchange
|
|
|
(1,217
|
)
|
|
|
(157
|
)
|
Other
income, net
|
|
|
590
|
|
|
|
526
|
|
Operating
expenses
|
|
|
(28,305
|
)
|
|
|
(30,279
|
)
|
INCOME
BEFORE PARTICIPATION OF THE MINORITY INTEREST IN GAINS OF THE INVESTMENT
FUND
|
|
$
|
43,833
|
|
|
|
59,563
|
|
Minority
interest in the investment fund
|
|
|
(885
|
)
|
|
|
(129
|
)
|
NET
INCOME
|
|
$
|
42,948
|
|
|
$
|
59,434
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
511
|
|
|
|
803
|
|
Investment
fund
|
|
|
189
|
|
|
|
150
|
|
Loans,
net
|
|
|
2,513
|
|
|
|
3,793
|
|
Total
assets
|
|
|
3,723
|
|
|
|
5,351
|
|
Deposits
|
|
|
1,221
|
|
|
|
1,551
|
|
Securities
sold under repurchase agreements
|
|
|
86
|
|
|
|
652
|
|
Short-term
borrowings
|
|
|
306
|
|
|
|
1,022
|
|
Borrowings
and long-term debt
|
|
|
1,298
|
|
|
|
1,296
|
|
Total
liabilities
|
|
|
3,030
|
|
|
|
4,731
|
|
Stockholders'
equity
|
|
|
666
|
|
|
|
614
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
Net
income per share
|
|
|
1.18
|
|
|
|
1.63
|
|
Diluted
earnings per share
|
|
|
1.17
|
|
|
|
1.63
|
|
Book
value (period average)
|
|
|
17.22
|
|
|
|
17.30
|
|
Book
value (period end)
|
|
|
18.23
|
|
|
|
16.87
|
|
(In
thousand):
|
|
|
|
|
|
|
|
|
Average
basic shares
|
|
|
36,476
|
|
|
|
36,379
|
|
Average
diluted shares
|
|
|
36,649
|
|
|
|
36,432
|
|
Basic
shares period end
|
|
|
36,546
|
|
|
|
36,413
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.4
|
%
|
|
|
1.5
|
%
|
Return
on average stockholders' equity
|
|
|
9.1
|
%
|
|
|
12.6
|
%
|
Net
interest margin
|
|
|
1.63
|
%
|
|
|
1.64
|
%
|
Net
interest spread
|
|
|
1.11
|
%
|
|
|
1.08
|
%
|
Operating
expenses to total average assets
|
|
|
0.93
|
%
|
|
|
0.78
|
%
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
1.4
|
%
|
|
|
0.0
|
%
|
Charge
offs net of recoveries to total loan portfolio
(1)
|
|
|
0.0
|
%
|
|
|
0.1
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
3.5
|
%
|
|
|
1.8
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
4.2
|
%
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
17.9
|
%
|
|
|
11.5
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
24.6
|
%
|
|
|
18.3
|
%
|
Total
capital to risk-weighted assets
|
|
|
25.8
|
%
|
|
|
19.5
|
%
|
(1)
Loan portfolio is presented net of unearned income and deferred loan
fees.
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR THE NINE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(A)
- (B)
|
|
|
|
|
|
|
September 30, 2009
|
|
|
September 30, 2008
|
|
|
CHANGE
|
|
|
%
|
|
(In
US$ thousand)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
113,708
|
|
|
$
|
192,975
|
|
|
$
|
(79,267
|
)
|
|
|
(41
|
)%
|
Interest
expense
|
|
|
(64,139
|
)
|
|
|
(129,849
|
)
|
|
|
65,710
|
|
|
|
(51
|
)
|
NET
INTEREST INCOME
|
|
|
49,569
|
|
|
|
63,126
|
|
|
|
(13,557
|
)
|
|
|
(21
|
)
|
Reversal
(provision) for loan losses
|
|
|
(34,357
|
)
|
|
|
4,045
|
|
|
|
(38,402
|
)
|
|
|
(949
|
)
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
15,212
|
|
|
|
67,171
|
|
|
|
(51,959
|
)
|
|
|
(77
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
18,920
|
|
|
|
(3,167
|
)
|
|
|
22,087
|
|
|
|
(697
|
)
|
Fees
and commissions, net
|
|
|
4,364
|
|
|
|
5,984
|
|
|
|
(1,620
|
)
|
|
|
(27
|
)
|
Derivative
financial instrument and hedging
|
|
|
(2,026
|
)
|
|
|
(37
|
)
|
|
|
(1,989
|
)
|
|
|
5,376
|
|
Impairment
on assets
|
|
|
(94
|
)
|
|
|
(339
|
)
|
|
|
245
|
|
|
|
(72
|
)
|
Net
gain from investment fund trading
|
|
|
22,092
|
|
|
|
17,770
|
|
|
|
4,322
|
|
|
|
24
|
|
Net
gain (loss) from trading securities
|
|
|
13,751
|
|
|
|
(4
|
)
|
|
|
13,755
|
|
|
n.m.
|
(*)
|
Net
gain on sale of securities available-for-sale
|
|
|
546
|
|
|
|
2,095
|
|
|
|
(1,549
|
)
|
|
|
(74
|
)
|
Loss
on foreign currency exchange
|
|
|
(1,217
|
)
|
|
|
(157
|
)
|
|
|
(1,060
|
)
|
|
|
675
|
|
Other
income, net
|
|
|
590
|
|
|
|
526
|
|
|
|
64
|
|
|
|
12
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
56,926
|
|
|
|
22,671
|
|
|
|
34,255
|
|
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(15,069
|
)
|
|
|
(15,746
|
)
|
|
|
677
|
|
|
|
(4
|
)
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(2,025
|
)
|
|
|
(3,053
|
)
|
|
|
1,028
|
|
|
|
(34
|
)
|
Professional
services
|
|
|
(2,427
|
)
|
|
|
(2,435
|
)
|
|
|
8
|
|
|
|
(0
|
)
|
Maintenance
and repairs
|
|
|
(780
|
)
|
|
|
(1,005
|
)
|
|
|
225
|
|
|
|
(22
|
)
|
Expenses
from the investment fund
|
|
|
(2,720
|
)
|
|
|
(1,694
|
)
|
|
|
(1,026
|
)
|
|
|
61
|
|
Other
operating expenses
|
|
|
(5,284
|
)
|
|
|
(6,346
|
)
|
|
|
1,062
|
|
|
|
(17
|
)
|
TOTAL
OPERATING EXPENSES
|
|
|
(28,305
|
)
|
|
|
(30,279
|
)
|
|
|
1,974
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE PARTICIPATION OF THE MINORITY INTEREST
IN GAINS OF THE
INVESTMENT FUND
|
|
$
|
43,833
|
|
|
$
|
59,563
|
|
|
$
|
(15,730
|
)
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
(885
|
)
|
|
|
(129
|
)
|
|
|
(756
|
)
|
|
|
586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
42,948
|
|
|
$
|
59,434
|
|
|
$
|
(16,486
|
)
|
|
|
(28
|
)%
|
(*)
"n.m." means not
meaningful.
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE THREE MONTHS ENDED,
|
|
|
|
September
30, 2009
|
|
|
June
30, 2009
|
|
|
September
30, 2008
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits with banks
|
|
$
|
551
|
|
|
$
|
0.3
|
|
|
|
0.21
|
%
|
|
$
|
685
|
|
|
$
|
0.4
|
|
|
|
0.23
|
%
|
|
$
|
394
|
|
|
$
|
2.1
|
|
|
|
2.08
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,478
|
|
|
|
27.4
|
|
|
|
4.33
|
|
|
|
2,543
|
|
|
|
29.8
|
|
|
|
4.64
|
|
|
|
4,021
|
|
|
|
51.7
|
|
|
|
5.03
|
|
Impaired
loans
|
|
|
24
|
|
|
|
0.1
|
|
|
|
1.34
|
|
|
|
0
|
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
145
|
|
|
|
2.7
|
|
|
|
7.30
|
|
|
|
161
|
|
|
|
3.1
|
|
|
|
7.67
|
|
|
|
(0
|
)
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
securities
|
|
|
528
|
|
|
|
3.6
|
|
|
|
2.67
|
|
|
|
598
|
|
|
|
4.6
|
|
|
|
3.05
|
|
|
|
821
|
|
|
|
9.0
|
|
|
|
4.27
|
|
Investment
fund
|
|
|
177
|
|
|
|
0.3
|
|
|
|
0.66
|
|
|
|
162
|
|
|
|
0.3
|
|
|
|
0.73
|
|
|
|
147
|
|
|
|
1.1
|
|
|
|
2.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,905
|
|
|
$
|
34.4
|
|
|
|
3.45
|
%
|
|
$
|
4,150
|
|
|
$
|
38.3
|
|
|
|
3.65
|
%
|
|
$
|
5,383
|
|
|
$
|
63.9
|
|
|
|
4.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
91
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,868
|
|
|
|
|
|
|
|
|
|
|
$
|
4,124
|
|
|
|
|
|
|
|
|
|
|
$
|
5,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,223
|
|
|
$
|
2.7
|
|
|
|
0.87
|
%
|
|
$
|
1,206
|
|
|
$
|
3.3
|
|
|
|
1.08
|
%
|
|
$
|
1,677
|
|
|
$
|
10.9
|
|
|
|
2.54
|
%
|
Trading
liabilities
|
|
|
10
|
|
|
|
0.3
|
|
|
|
13.13
|
|
|
|
11
|
|
|
|
0.5
|
|
|
|
18.72
|
|
|
|
0
|
|
|
|
0.6
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and
Short-term
borrowings
|
|
|
639
|
|
|
|
4.3
|
|
|
|
2.65
|
|
|
|
1,011
|
|
|
|
7.6
|
|
|
|
2.98
|
|
|
|
1,692
|
|
|
|
15.8
|
|
|
|
3.66
|
|
Borrowings
and long term debt
|
|
|
1,213
|
|
|
|
9.7
|
|
|
|
3.12
|
|
|
|
1,154
|
|
|
|
10.0
|
|
|
|
3.43
|
|
|
|
1,277
|
|
|
|
14.8
|
|
|
|
4.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,085
|
|
|
$
|
17.1
|
|
|
|
2.16
|
%
|
|
$
|
3,382
|
|
|
$
|
21.5
|
|
|
|
2.51
|
%
|
|
$
|
4,647
|
|
|
$
|
42.1
|
|
|
|
3.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
108
|
|
|
|
|
|
|
|
|
|
|
$
|
101
|
|
|
|
|
|
|
|
|
|
|
$
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,193
|
|
|
|
|
|
|
|
|
|
|
|
3,483
|
|
|
|
|
|
|
|
|
|
|
|
4,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in the investment fund
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
655
|
|
|
|
|
|
|
|
|
|
|
|
635
|
|
|
|
|
|
|
|
|
|
|
|
644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,868
|
|
|
|
|
|
|
|
|
|
|
$
|
4,124
|
|
|
|
|
|
|
|
|
|
|
$
|
5,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.28
|
%
|
|
|
|
|
|
|
|
|
|
|
1.14
|
%
|
|
|
|
|
|
|
|
|
|
|
1.10
|
%
|
NET
INTEREST INCOME AND INTEREST MARGIN
|
|
|
|
|
|
$
|
17.4
|
|
|
|
1.76
|
%
|
|
|
|
|
|
$
|
16.8
|
|
|
|
1.62
|
%
|
|
|
|
|
|
$
|
21.8
|
|
|
|
1.61
|
%
|
(*)
"n.m." means not
meaningful.
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE NINE MONTHS ENDED,
|
|
|
|
September
30, 2009
|
|
|
September
30, 2008
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits with banks
|
|
$
|
655
|
|
|
$
|
1.1
|
|
|
|
0.21
|
%
|
|
$
|
362
|
|
|
$
|
6.9
|
|
|
|
2.53
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,551
|
|
|
|
89.8
|
|
|
|
4.64
|
|
|
|
3,896
|
|
|
|
156.8
|
|
|
|
5.29
|
|
Impaired
loans
|
|
|
8
|
|
|
|
0.1
|
|
|
|
1.34
|
|
|
|
0
|
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
119
|
|
|
|
6.4
|
|
|
|
7.07
|
|
|
|
(0
|
)
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
securities
|
|
|
576
|
|
|
|
14.9
|
|
|
|
3.42
|
|
|
|
740
|
|
|
|
26.4
|
|
|
|
4.68
|
|
Investment
fund
|
|
|
165
|
|
|
|
1.4
|
|
|
|
1.13
|
|
|
|
133
|
|
|
|
2.9
|
|
|
|
2.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,073
|
|
|
$
|
113.7
|
|
|
|
3.68
|
%
|
|
$
|
5,131
|
|
|
$
|
193.0
|
|
|
|
4.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
$
|
5,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,209
|
|
|
$
|
9.2
|
|
|
|
1.00
|
%
|
|
$
|
1,572
|
|
|
$
|
36.3
|
|
|
|
3.03
|
%
|
Trading
liabilities
|
|
|
11
|
|
|
|
1.7
|
|
|
|
20.12
|
|
|
|
0
|
|
|
|
1.9
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and
Short-term
borrowings
|
|
|
891
|
|
|
|
20.6
|
|
|
|
3.05
|
|
|
|
1,681
|
|
|
|
50.6
|
|
|
|
3.95
|
|
Borrowings
and long term debt
|
|
|
1,179
|
|
|
|
32.6
|
|
|
|
3.65
|
|
|
|
1,164
|
|
|
|
41.1
|
|
|
|
4.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,291
|
|
|
$
|
64.1
|
|
|
|
2.57
|
%
|
|
$
|
4,418
|
|
|
$
|
129.8
|
|
|
|
3.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
|
$
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,417
|
|
|
|
|
|
|
|
|
|
|
|
4,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in the investment fund
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
628
|
|
|
|
|
|
|
|
|
|
|
|
629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
$
|
5,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.11
|
%
|
|
|
|
|
|
|
|
|
|
|
1.08
|
%
|
NET
INTEREST INCOME AND NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
MARGIN
|
|
|
|
|
|
$
|
49.6
|
|
|
|
1.63
|
%
|
|
|
|
|
|
$
|
63.1
|
|
|
|
1.64
|
%
|
(*)
"n.m." means not
meaningful.
EXHIBIT
VII
CONSOLIDATED
STATEMENT OF INCOME
(In US$
thousand, except per share amounts and ratios)
|
|
NINE MONTHS
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
NINE MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
SEP 30/09
|
|
|
SEP 30/09
|
|
|
JUN 30/09
|
|
|
MAR 31/09
|
|
|
DEC 31/08
|
|
|
SEP 30/08
|
|
|
SEP 30/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
113,708
|
|
|
$
|
34,423
|
|
|
$
|
38,252
|
|
|
$
|
41,033
|
|
|
$
|
51,268
|
|
|
$
|
63,853
|
|
|
$
|
192,975
|
|
Interest
expense
|
|
|
(64,139
|
)
|
|
|
(17,070
|
)
|
|
|
(21,464
|
)
|
|
|
(25,605
|
)
|
|
|
(36,547
|
)
|
|
|
(42,093
|
)
|
|
|
(129,849
|
)
|
NET
INTEREST INCOME
|
|
|
49,569
|
|
|
|
17,353
|
|
|
|
16,788
|
|
|
|
15,428
|
|
|
|
14,721
|
|
|
|
21,760
|
|
|
|
63,126
|
|
Reversal
(provision) for loan losses
|
|
|
(34,357
|
)
|
|
|
380
|
|
|
|
(8,905
|
)
|
|
|
(25,831
|
)
|
|
|
14,495
|
|
|
|
842
|
|
|
|
4,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME (LOSS) AFTER REVERSAL (PROVISION) FOR LOAN
LOSSES
|
|
|
15,212
|
|
|
|
17,733
|
|
|
|
7,883
|
|
|
|
(10,403
|
)
|
|
|
29,217
|
|
|
|
22,602
|
|
|
|
67,171
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
18,920
|
|
|
|
(1,549
|
)
|
|
|
(177
|
)
|
|
|
20,644
|
|
|
|
(13,830
|
)
|
|
|
(654
|
)
|
|
|
(3,167
|
)
|
Fees
and commissions, net
|
|
|
4,364
|
|
|
|
1,463
|
|
|
|
734
|
|
|
|
2,167
|
|
|
|
1,267
|
|
|
|
2,222
|
|
|
|
5,984
|
|
Derivative
financial instrument and hedging
|
|
|
(2,026
|
)
|
|
|
(1,105
|
)
|
|
|
(2,591
|
)
|
|
|
1,670
|
|
|
|
9,993
|
|
|
|
41
|
|
|
|
(37
|
)
|
Impairment
on assets
|
|
|
(94
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(94
|
)
|
|
|
(428
|
)
|
|
|
0
|
|
|
|
(339
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
22,092
|
|
|
|
5,478
|
|
|
|
4,918
|
|
|
|
11,696
|
|
|
|
3,587
|
|
|
|
(1,083
|
)
|
|
|
17,770
|
|
Net
gain (loss) from trading securities
|
|
|
13,751
|
|
|
|
2,936
|
|
|
|
7,653
|
|
|
|
3,161
|
|
|
|
(20,994
|
)
|
|
|
(23
|
)
|
|
|
(4
|
)
|
Net
gains (loss) on sale of securities available-for-sale
|
|
|
546
|
|
|
|
546
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(2,028
|
)
|
|
|
0
|
|
|
|
2,095
|
|
Gain
(loss) on foreign currency exchange
|
|
|
(1,217
|
)
|
|
|
(843
|
)
|
|
|
705
|
|
|
|
(1,079
|
)
|
|
|
(1,439
|
)
|
|
|
(895
|
)
|
|
|
(157
|
)
|
Other
income (expense), net
|
|
|
590
|
|
|
|
138
|
|
|
|
93
|
|
|
|
360
|
|
|
|
130
|
|
|
|
481
|
|
|
|
526
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
56,926
|
|
|
|
7,064
|
|
|
|
11,336
|
|
|
|
38,525
|
|
|
|
(23,743
|
)
|
|
|
91
|
|
|
|
22,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(28,305
|
)
|
|
|
(8,537
|
)
|
|
|
(8,622
|
)
|
|
|
(11,146
|
)
|
|
|
(9,711
|
)
|
|
|
(8,749
|
)
|
|
|
(30,279
|
)
|
INCOME
(LOSS) BEFORE PARTICIPATION OF THE MINORITY INTEREST
IN GAINS OF
INVESTMENT FUND
|
|
$
|
43,833
|
|
|
$
|
16,260
|
|
|
$
|
10,597
|
|
|
$
|
16,976
|
|
|
$
|
(4,237
|
)
|
|
$
|
13,944
|
|
|
$
|
59,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
(885
|
)
|
|
|
(507
|
)
|
|
|
(109
|
)
|
|
|
(269
|
)
|
|
|
(79
|
)
|
|
|
24
|
|
|
|
(129
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
|
$
|
42,948
|
|
|
$
|
15,753
|
|
|
$
|
10,488
|
|
|
$
|
16,707
|
|
|
$
|
(4,316
|
)
|
|
$
|
13,968
|
|
|
$
|
59,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) per share
|
|
$
|
1.18
|
|
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
$
|
0.46
|
|
|
$
|
(0.12
|
)
|
|
$
|
0.38
|
|
|
$
|
1.63
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.4
|
%
|
|
|
1.6
|
%
|
|
|
1.0
|
%
|
|
|
1.6
|
%
|
|
|
-0.4
|
%
|
|
|
1.0
|
%
|
|
|
1.5
|
%
|
Return
on average stockholders' equity
|
|
|
9.1
|
%
|
|
|
9.5
|
%
|
|
|
6.6
|
%
|
|
|
11.4
|
%
|
|
|
-3.0
|
%
|
|
|
8.6
|
%
|
|
|
12.6
|
%
|
Net
interest margin
|
|
|
1.63
|
%
|
|
|
1.76
|
%
|
|
|
1.62
|
%
|
|
|
1.50
|
%
|
|
|
1.24
|
%
|
|
|
1.61
|
%
|
|
|
1.64
|
%
|
Net
interest spread
|
|
|
1.11
|
%
|
|
|
1.28
|
%
|
|
|
1.14
|
%
|
|
|
0.94
|
%
|
|
|
0.68
|
%
|
|
|
1.10
|
%
|
|
|
1.08
|
%
|
Operating
expenses to average assets
|
|
|
0.93
|
%
|
|
|
0.88
|
%
|
|
|
0.84
|
%
|
|
|
1.08
|
%
|
|
|
0.81
|
%
|
|
|
0.64
|
%
|
|
|
0.78
|
%
|
EXHIBIT
VIII
BUSINESS
SEGMENT ANALYSIS
(In US$
million)
|
|
FOR THE NINE MONTHS ENDED
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
SEP 30/09
|
|
|
SEP 30/08
|
|
|
SEP 30/09
|
|
|
JUN 30/09
|
|
|
SEP 30/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
50.7
|
|
|
$
|
59.4
|
|
|
$
|
16.7
|
|
|
$
|
17.0
|
|
|
$
|
20.7
|
|
Non-interest
operating income
(2)
|
|
|
4.8
|
|
|
|
6.4
|
|
|
|
1.6
|
|
|
|
0.8
|
|
|
|
2.7
|
|
Operating expenses
(3)
|
|
|
(17.1
|
)
|
|
|
(21.3
|
)
|
|
|
(5.3
|
)
|
|
|
(5.1
|
)
|
|
|
(6.8
|
)
|
Net operating income
(4)
|
|
|
38.4
|
|
|
|
44.5
|
|
|
|
13.0
|
|
|
|
12.6
|
|
|
|
16.6
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
(15.4
|
)
|
|
|
0.9
|
|
|
|
(1.2
|
)
|
|
|
(9.1
|
)
|
|
|
0.2
|
|
Impairment
on assets
|
|
|
(0.1
|
)
|
|
|
(0.3
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
22.9
|
|
|
$
|
45.1
|
|
|
$
|
11.8
|
|
|
$
|
3.6
|
|
|
$
|
16.8
|
|
Average
interest-earning assets
(5)
|
|
|
2,559
|
|
|
|
3,896
|
|
|
|
2,502
|
|
|
|
2,543
|
|
|
|
4,021
|
|
End-of-period
interest-earning assets
(5)
|
|
|
2,603
|
|
|
|
3,862
|
|
|
|
2,603
|
|
|
|
2,677
|
|
|
|
3,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
1.6
|
|
|
$
|
6.0
|
|
|
$
|
1.3
|
|
|
$
|
0.8
|
|
|
$
|
1.7
|
|
Non-interest
operating income (loss)
(2)
|
|
|
11.2
|
|
|
|
2.0
|
|
|
|
1.6
|
|
|
|
5.8
|
|
|
|
(0.8
|
)
|
Operating expenses
(3)
|
|
|
(6.2
|
)
|
|
|
(4.8
|
)
|
|
|
(1.8
|
)
|
|
|
(2.2
|
)
|
|
|
(1.6
|
)
|
Net operating income
(loss)
(4)
|
|
|
6.6
|
|
|
|
3.3
|
|
|
|
1.2
|
|
|
|
4.4
|
|
|
|
(0.7
|
)
|
NET
INCOME (LOSS)
|
|
$
|
6.6
|
|
|
$
|
3.3
|
|
|
$
|
1.2
|
|
|
$
|
4.4
|
|
|
$
|
(0.7
|
)
|
Average
interest-earning assets
(6)
|
|
|
1,349
|
|
|
|
1,101
|
|
|
|
1,225
|
|
|
|
1,444
|
|
|
|
1,214
|
|
End-of-period
interest-earning assets
(6)
|
|
|
971
|
|
|
|
1,248
|
|
|
|
971
|
|
|
|
1,257
|
|
|
|
1,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest loss
(1)
|
|
$
|
(2.7
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(0.7
|
)
|
Non-interest
operating income (loss)
(2)
|
|
|
22.1
|
|
|
|
17.8
|
|
|
|
5.5
|
|
|
|
4.9
|
|
|
|
(1.1
|
)
|
Operating expenses
(3)
|
|
|
(5.0
|
)
|
|
|
(4.3
|
)
|
|
|
(1.5
|
)
|
|
|
(1.3
|
)
|
|
|
(0.3
|
)
|
Net operating income
(loss)
(4)
|
|
|
14.4
|
|
|
|
11.2
|
|
|
|
3.3
|
|
|
|
2.6
|
|
|
|
(2.1
|
)
|
Participation
of the minority interest in gains of the investment fund
|
|
|
(0.9
|
)
|
|
|
(0.1
|
)
|
|
|
(0.5
|
)
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
NET
INCOME (LOSS)
|
|
$
|
13.5
|
|
|
$
|
11.1
|
|
|
$
|
2.8
|
|
|
$
|
2.5
|
|
|
$
|
(2.1
|
)
|
Average
interest-earning assets
(7)
|
|
|
165
|
|
|
|
133
|
|
|
|
177
|
|
|
|
162
|
|
|
|
148
|
|
End-of-period
interest-earning assets
(7)
|
|
|
189
|
|
|
|
150
|
|
|
|
189
|
|
|
|
166
|
|
|
|
150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
49.6
|
|
|
$
|
63.1
|
|
|
$
|
17.4
|
|
|
$
|
16.8
|
|
|
$
|
21.8
|
|
Non-interest
operating income
(2)
|
|
|
38.1
|
|
|
|
26.2
|
|
|
|
8.6
|
|
|
|
11.5
|
|
|
|
0.7
|
|
Operating expenses
(3)
|
|
|
(28.3
|
)
|
|
|
(30.3
|
)
|
|
|
(8.5
|
)
|
|
|
(8.6
|
)
|
|
|
(8.7
|
)
|
Net operating income
(4)
|
|
|
59.4
|
|
|
|
59.0
|
|
|
|
17.4
|
|
|
|
19.7
|
|
|
|
13.8
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
(15.4
|
)
|
|
|
0.9
|
|
|
|
(1.2
|
)
|
|
|
(9.1
|
)
|
|
|
0.2
|
|
Impairment
on assets
|
|
|
(0.1
|
)
|
|
|
(0.3
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Participation
of the minority interest in gains of the investment fund
|
|
|
(0.9
|
)
|
|
|
(0.1
|
)
|
|
|
(0.5
|
)
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
NET
INCOME
|
|
$
|
42.9
|
|
|
$
|
59.4
|
|
|
$
|
15.8
|
|
|
$
|
10.5
|
|
|
$
|
14.0
|
|
Average
interest-earning assets
|
|
|
4,073
|
|
|
|
5,131
|
|
|
|
3,905
|
|
|
|
4,150
|
|
|
|
5,383
|
|
End-of-period
interest-earning assets
|
|
|
3,763
|
|
|
|
5,259
|
|
|
|
3,763
|
|
|
|
4,100
|
|
|
|
5,259
|
|
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
IX
CREDIT
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
30SEP09
|
|
|
30JUN09
|
|
|
30SEP08
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
158
|
|
|
|
4.6
|
|
|
$
|
139
|
|
|
|
3.8
|
|
|
$
|
258
|
|
|
|
5.1
|
|
|
$
|
19
|
|
|
$
|
(100
|
)
|
BOLIVIA
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
5
|
|
|
|
0.1
|
|
|
|
0
|
|
|
|
(5
|
)
|
BRAZIL
|
|
|
1,393
|
|
|
|
40.9
|
|
|
|
1,516
|
|
|
|
41.7
|
|
|
|
1,785
|
|
|
|
35.5
|
|
|
|
(123
|
)
|
|
|
(392
|
)
|
CHILE
|
|
|
162
|
|
|
|
4.8
|
|
|
|
99
|
|
|
|
2.7
|
|
|
|
50
|
|
|
|
1.0
|
|
|
|
64
|
|
|
|
113
|
|
COLOMBIA
|
|
|
359
|
|
|
|
10.6
|
|
|
|
439
|
|
|
|
12.1
|
|
|
|
550
|
|
|
|
10.9
|
|
|
|
(80
|
)
|
|
|
(191
|
)
|
COSTA
RICA
|
|
|
95
|
|
|
|
2.8
|
|
|
|
137
|
|
|
|
3.8
|
|
|
|
127
|
|
|
|
2.5
|
|
|
|
(43
|
)
|
|
|
(32
|
)
|
DOMINICAN
REPUBLIC
|
|
|
63
|
|
|
|
1.9
|
|
|
|
24
|
|
|
|
0.7
|
|
|
|
92
|
|
|
|
1.8
|
|
|
|
40
|
|
|
|
(29
|
)
|
ECUADOR
|
|
|
49
|
|
|
|
1.4
|
|
|
|
70
|
|
|
|
1.9
|
|
|
|
179
|
|
|
|
3.6
|
|
|
|
(21
|
)
|
|
|
(130
|
)
|
EL
SALVADOR
|
|
|
81
|
|
|
|
2.4
|
|
|
|
122
|
|
|
|
3.4
|
|
|
|
126
|
|
|
|
2.5
|
|
|
|
(41
|
)
|
|
|
(45
|
)
|
GUATEMALA
|
|
|
77
|
|
|
|
2.3
|
|
|
|
127
|
|
|
|
3.5
|
|
|
|
127
|
|
|
|
2.5
|
|
|
|
(50
|
)
|
|
|
(50
|
)
|
HONDURAS
|
|
|
22
|
|
|
|
0.6
|
|
|
|
21
|
|
|
|
0.6
|
|
|
|
51
|
|
|
|
1.0
|
|
|
|
1
|
|
|
|
(29
|
)
|
JAMAICA
|
|
|
22
|
|
|
|
0.6
|
|
|
|
23
|
|
|
|
0.6
|
|
|
|
67
|
|
|
|
1.3
|
|
|
|
(2
|
)
|
|
|
(46
|
)
|
MEXICO
|
|
|
411
|
|
|
|
12.1
|
|
|
|
442
|
|
|
|
12.2
|
|
|
|
552
|
|
|
|
11.0
|
|
|
|
(31
|
)
|
|
|
(141
|
)
|
NICARAGUA
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
31
|
|
|
|
0.6
|
|
|
|
0
|
|
|
|
(30
|
)
|
PANAMA
|
|
|
112
|
|
|
|
3.3
|
|
|
|
185
|
|
|
|
5.1
|
|
|
|
181
|
|
|
|
3.6
|
|
|
|
(72
|
)
|
|
|
(69
|
)
|
PERU
|
|
|
152
|
|
|
|
4.5
|
|
|
|
64
|
|
|
|
1.8
|
|
|
|
463
|
|
|
|
9.2
|
|
|
|
88
|
|
|
|
(311
|
)
|
TRINIDAD
& TOBAGO
|
|
|
20
|
|
|
|
0.6
|
|
|
|
59
|
|
|
|
1.6
|
|
|
|
103
|
|
|
|
2.0
|
|
|
|
(39
|
)
|
|
|
(83
|
)
|
URUGUAY
|
|
|
41
|
|
|
|
1.2
|
|
|
|
74
|
|
|
|
2.0
|
|
|
|
65
|
|
|
|
1.3
|
|
|
|
(33
|
)
|
|
|
(24
|
)
|
VENEZUELA
|
|
|
106
|
|
|
|
3.1
|
|
|
|
8
|
|
|
|
0.2
|
|
|
|
147
|
|
|
|
2.9
|
|
|
|
97
|
|
|
|
(41
|
)
|
OTHER
|
|
|
79
|
|
|
|
2.3
|
|
|
|
83
|
|
|
|
2.3
|
|
|
|
64
|
|
|
|
1.3
|
|
|
|
(4
|
)
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT
PORTFOLIO
(1)
|
|
$
|
3,402
|
|
|
|
100
|
%
|
|
$
|
3,631
|
|
|
|
100
|
%
|
|
$
|
5,021
|
|
|
|
100
|
%
|
|
$
|
(229
|
)
|
|
$
|
(1,619
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(5
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND COMMISSION
|
|
$
|
3,397
|
|
|
|
|
|
|
$
|
3,627
|
|
|
|
|
|
|
$
|
5,015
|
|
|
|
|
|
|
$
|
(230
|
)
|
|
$
|
(1,618
|
)
|
(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 swap and credit
commitments).
|
(2)
|
Represents
unearned income and commission on
loans.
|
EXHIBIT
X
COMMERCIAL
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
30SEP09
|
|
|
30JUN09
|
|
|
30SEP08
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
158
|
|
|
|
5.5
|
|
|
$
|
139
|
|
|
|
4.9
|
|
|
$
|
258
|
|
|
|
6.1
|
|
|
$
|
19
|
|
|
$
|
(100
|
)
|
BOLIVIA
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
5
|
|
|
|
0.1
|
|
|
|
0
|
|
|
|
(5
|
)
|
BRAZIL
|
|
|
1,266
|
|
|
|
43.8
|
|
|
|
1,354
|
|
|
|
47.4
|
|
|
|
1,636
|
|
|
|
38.5
|
|
|
|
(88
|
)
|
|
|
(369
|
)
|
CHILE
|
|
|
135
|
|
|
|
4.7
|
|
|
|
73
|
|
|
|
2.5
|
|
|
|
9
|
|
|
|
0.2
|
|
|
|
62
|
|
|
|
125
|
|
COLOMBIA
|
|
|
214
|
|
|
|
7.4
|
|
|
|
251
|
|
|
|
8.8
|
|
|
|
370
|
|
|
|
8.7
|
|
|
|
(37
|
)
|
|
|
(156
|
)
|
COSTA
RICA
|
|
|
95
|
|
|
|
3.3
|
|
|
|
119
|
|
|
|
4.2
|
|
|
|
109
|
|
|
|
2.6
|
|
|
|
(24
|
)
|
|
|
(14
|
)
|
DOMINICAN
REPUBLIC
|
|
|
57
|
|
|
|
2.0
|
|
|
|
16
|
|
|
|
0.6
|
|
|
|
83
|
|
|
|
2.0
|
|
|
|
41
|
|
|
|
(26
|
)
|
ECUADOR
|
|
|
49
|
|
|
|
1.7
|
|
|
|
70
|
|
|
|
2.4
|
|
|
|
179
|
|
|
|
4.2
|
|
|
|
(21
|
)
|
|
|
(130
|
)
|
EL
SALVADOR
|
|
|
65
|
|
|
|
2.2
|
|
|
|
67
|
|
|
|
2.3
|
|
|
|
67
|
|
|
|
1.6
|
|
|
|
(2
|
)
|
|
|
(2
|
)
|
GUATEMALA
|
|
|
66
|
|
|
|
2.3
|
|
|
|
85
|
|
|
|
3.0
|
|
|
|
83
|
|
|
|
2.0
|
|
|
|
(19
|
)
|
|
|
(17
|
)
|
HONDURAS
|
|
|
22
|
|
|
|
0.7
|
|
|
|
21
|
|
|
|
0.7
|
|
|
|
51
|
|
|
|
1.2
|
|
|
|
1
|
|
|
|
(29
|
)
|
JAMAICA
|
|
|
22
|
|
|
|
0.7
|
|
|
|
23
|
|
|
|
0.8
|
|
|
|
67
|
|
|
|
1.6
|
|
|
|
(2
|
)
|
|
|
(46
|
)
|
MEXICO
|
|
|
354
|
|
|
|
12.3
|
|
|
|
345
|
|
|
|
12.1
|
|
|
|
456
|
|
|
|
10.7
|
|
|
|
9
|
|
|
|
(102
|
)
|
NICARAGUA
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
31
|
|
|
|
0.7
|
|
|
|
0
|
|
|
|
(30
|
)
|
PANAMA
|
|
|
68
|
|
|
|
2.4
|
|
|
|
91
|
|
|
|
3.2
|
|
|
|
90
|
|
|
|
2.1
|
|
|
|
(23
|
)
|
|
|
(22
|
)
|
PERU
|
|
|
121
|
|
|
|
4.2
|
|
|
|
35
|
|
|
|
1.2
|
|
|
|
435
|
|
|
|
10.3
|
|
|
|
86
|
|
|
|
(314
|
)
|
TRINIDAD
& TOBAGO
|
|
|
20
|
|
|
|
0.7
|
|
|
|
59
|
|
|
|
2.1
|
|
|
|
103
|
|
|
|
2.4
|
|
|
|
(39
|
)
|
|
|
(83
|
)
|
URUGUAY
|
|
|
41
|
|
|
|
1.4
|
|
|
|
74
|
|
|
|
2.6
|
|
|
|
65
|
|
|
|
1.5
|
|
|
|
(33
|
)
|
|
|
(24
|
)
|
VENEZUELA
|
|
|
106
|
|
|
|
3.7
|
|
|
|
8
|
|
|
|
0.3
|
|
|
|
147
|
|
|
|
3.5
|
|
|
|
97
|
|
|
|
(41
|
)
|
OTHER
|
|
|
30
|
|
|
|
1.0
|
|
|
|
26
|
|
|
|
0.9
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
4
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO
(1)
|
|
$
|
2,888
|
|
|
|
100
|
%
|
|
$
|
2,856
|
|
|
|
100
|
%
|
|
$
|
4,245
|
|
|
|
100
|
%
|
|
$
|
33
|
|
|
$
|
(1,356
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(5
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND
COMMISSION
|
|
$
|
2,883
|
|
|
|
|
|
|
$
|
2,852
|
|
|
|
|
|
|
$
|
4,239
|
|
|
|
|
|
|
$
|
32
|
|
|
$
|
(1,355
|
)
|
(1)
|
Includes
book value of loans, acceptances, and contingencies (including confirmed
letters of credit, stand-by letters of credit, and guarantees covering
commercial and country risks and credit
commitments).
|
(2)
|
Represents
unearned income and commission on
loans.
|
EXHIBIT
XI
TREASURY
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT
THE END OF,
|
|
|
|
|
|
Change
in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
30SEP09
|
|
|
30JUN09
|
|
|
30SEP08
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
127
|
|
|
$
|
162
|
|
|
$
|
149
|
|
|
$
|
(35
|
)
|
|
$
|
(22
|
)
|
CHILE
|
|
|
28
|
|
|
|
26
|
|
|
|
41
|
|
|
|
2
|
|
|
|
(13
|
)
|
COLOMBIA
|
|
|
145
|
|
|
|
188
|
|
|
|
179
|
|
|
|
(42
|
)
|
|
|
(34
|
)
|
COSTA
RICA
|
|
|
0
|
|
|
|
18
|
|
|
|
18
|
|
|
|
(18
|
)
|
|
|
(18
|
)
|
DOMINICAN
REPUBLIC
|
|
|
6
|
|
|
|
8
|
|
|
|
9
|
|
|
|
(1
|
)
|
|
|
(3
|
)
|
EL
SALVADOR
|
|
|
16
|
|
|
|
55
|
|
|
|
59
|
|
|
|
(39
|
)
|
|
|
(43
|
)
|
GUATEMALA
|
|
|
11
|
|
|
|
43
|
|
|
|
44
|
|
|
|
(31
|
)
|
|
|
(32
|
)
|
MEXICO
|
|
|
57
|
|
|
|
97
|
|
|
|
96
|
|
|
|
(40
|
)
|
|
|
(39
|
)
|
PANAMA
|
|
|
44
|
|
|
|
94
|
|
|
|
91
|
|
|
|
(50
|
)
|
|
|
(47
|
)
|
PERU
|
|
|
31
|
|
|
|
29
|
|
|
|
27
|
|
|
|
2
|
|
|
|
3
|
|
OTHER
|
|
|
49
|
|
|
|
57
|
|
|
|
63
|
|
|
|
(8
|
)
|
|
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
TREASURY PORTOFOLIO
(1)
|
|
$
|
514
|
|
|
$
|
775
|
|
|
$
|
777
|
|
|
$
|
(261
|
)
|
|
$
|
(263
|
)
|
(1)
|
Includes
securities available for sale, trading assets and contingent assets, which
consist of credit default swap.
|
EXHIBIT
XII
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
QUARTERLY
INFORMATION
|
|
|
Change
in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
3QTR09
|
|
|
2QTR09
|
|
|
3QTR08
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
20
|
|
|
$
|
77
|
|
|
$
|
35
|
|
|
$
|
(57
|
)
|
|
$
|
(15
|
)
|
BRAZIL
|
|
|
329
|
|
|
|
291
|
|
|
|
413
|
|
|
|
38
|
|
|
|
(84
|
)
|
CHILE
|
|
|
62
|
|
|
|
65
|
|
|
|
0
|
|
|
|
(3
|
)
|
|
|
62
|
|
COLOMBIA
|
|
|
51
|
|
|
|
10
|
|
|
|
83
|
|
|
|
41
|
|
|
|
(32
|
)
|
COSTA
RICA
|
|
|
67
|
|
|
|
95
|
|
|
|
106
|
|
|
|
(27
|
)
|
|
|
(39
|
)
|
DOMINICAN
REPUBLIC
|
|
|
55
|
|
|
|
1
|
|
|
|
99
|
|
|
|
54
|
|
|
|
(44
|
)
|
ECUADOR
|
|
|
37
|
|
|
|
67
|
|
|
|
149
|
|
|
|
(30
|
)
|
|
|
(112
|
)
|
EL
SALVADOR
|
|
|
30
|
|
|
|
13
|
|
|
|
72
|
|
|
|
18
|
|
|
|
(42
|
)
|
GUATEMALA
|
|
|
19
|
|
|
|
48
|
|
|
|
10
|
|
|
|
(29
|
)
|
|
|
9
|
|
HONDURAS
|
|
|
17
|
|
|
|
20
|
|
|
|
11
|
|
|
|
(3
|
)
|
|
|
6
|
|
JAMAICA
|
|
|
20
|
|
|
|
22
|
|
|
|
54
|
|
|
|
(1
|
)
|
|
|
(34
|
)
|
MEXICO
|
|
|
95
|
|
|
|
89
|
|
|
|
146
|
|
|
|
6
|
|
|
|
(51
|
)
|
NICARAGUA
|
|
|
0
|
|
|
|
1
|
|
|
|
31
|
|
|
|
(1
|
)
|
|
|
(31
|
)
|
PANAMA
|
|
|
1
|
|
|
|
42
|
|
|
|
37
|
|
|
|
(41
|
)
|
|
|
(36
|
)
|
PERU
|
|
|
109
|
|
|
|
53
|
|
|
|
92
|
|
|
|
56
|
|
|
|
17
|
|
TRINIDAD
& TOBAGO
|
|
|
0
|
|
|
|
60
|
|
|
|
76
|
|
|
|
(60
|
)
|
|
|
(76
|
)
|
URUGUAY
|
|
|
8
|
|
|
|
34
|
|
|
|
75
|
|
|
|
(26
|
)
|
|
|
(68
|
)
|
VENEZUELA
|
|
|
108
|
|
|
|
3
|
|
|
|
25
|
|
|
|
105
|
|
|
|
84
|
|
OTHER
|
|
|
30
|
|
|
|
36
|
|
|
|
0
|
|
|
|
(6
|
)
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
(1)
|
|
$
|
1,058
|
|
|
$
|
1,025
|
|
|
$
|
1,515
|
|
|
$
|
33
|
|
|
$
|
(457
|
)
|
(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
swap and credit commitments).
|
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