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
¨
(Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing information to the Commission pursuant to
Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)
Yes
¨
No
x
(If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b). 82__.)
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereto duly
authorized.
April 20,
2010
FOREIGN
TRADE BANK OF LATIN AMERICA, INC.
|
|
By:
/s/ Pedro Toll
|
|
Name:
Pedro Toll
|
Title: General
Manager
|
BLADEX
REPORTS FIRST QUARTER 2010 NET INCOME OF $10.1 MILLION; $0.28 PER
SHARE.
PANAMA CITY, April 20, 2010
–
Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the
Bank”) announced today its results for the first quarter ended March 31,
2010.
First
Quarter Business Highlights
|
·
|
Net
Income
(*)
for the first quarter 2010 amounted to $10.1 million, compared to $11.9
million in the fourth quarter 2009, and $16.7 million in the first quarter
2009. Net interest margin reached 1.71% in the first quarter
2010, up from 1.60% in the fourth quarter 2009, and 1.50% in the first
quarter 2009. First quarter 2010 operating expenses increased
1% over the fourth quarter 2009, and decreased 10% from the first quarter
2009.
|
|
·
|
The
Commercial Division’s Net Income for the first quarter 2010 amounted to
$14.2 million, mainly driven by portfolio growth and the impact of an
improved risk profile on provisions, compared to $11.8 million in the
fourth quarter 2009, and $7.5 million in the first quarter
2009. The average commercial portfolio balances stood at $3.1
billion, an increase of 5% from the fourth quarter 2009, and a 3% increase
compared to the first quarter 2009. Disbursements during the
first quarter 2010 reached $1,254 million, a 3% increase over the previous
quarter, and a 51% increase from the first quarter
2009.
|
|
·
|
The
Treasury Division reported a Net Loss in the first quarter 2010 of $2.8
million, compared to a Net Loss of $0.5 million in the fourth quarter
2009, and $1.0 million in Net Income in the first quarter
2009. The first quarter 2010 loss was mostly attributable to
net losses on the valuation of hedging instruments stemming from the
downward trend in market interest rates. The Bank´s weighted average
funding costs decreased 18% quarter-on-quarter to
1.43%.
|
|
·
|
The
Asset Management Division reported a Net Loss in the first quarter 2010 of
$1.4 million, compared to Net Income of $0.6 million in the fourth quarter
2009, and Net Income of $8.2 million in the first quarter
2009. The loss in the first quarter 2010 was mostly the result
of a $1.5 million trading losses in the Investment
Fund.
|
|
·
|
The
book value per common share increased 1% compared to the previous quarter
to $18.59 in the first quarter 2010, up 13% compared to the first quarter
2009. The Bank’s Tier 1 capital ratio as of March 31,
2010 was 24.6%, compared to 25.8% as of December 31, 2009, and 21.7% as of
March 31, 2009, while the leverage ratio as of these dates was 5.8x, 5.7x,
and 6.8x, respectively. The Bank’s equity consists entirely of
common shares.
|
(*)
Net income attributable to
Bladex (“Net Income”).
CEO's Comments
"The
environment Bladex faced during the first quarter continued to reflect the
combined impact of a gradual recovery in economic growth rates and the Region’s
credit, improved liquidity levels and lower cost of funds, and risk levels that
appear to have stabilized. Within this scenario, Bladex was quite
pleased to see that, for the first time in four years, the seasonably weak
January through March period recorded an expansion in average portfolio
balances.
The
careful re-leveraging of the Bank, based on a prudent expansion of Bladex’s
franchise to service the increasing numbers of Latin American companies doing
business regionally, remains at the core of what the Bank has planned for 2010.
In doing so, Bladex is operating with the benefit of a very strong
capitalization that allows ample room for growth, along with an expanding
Commercial Division team and footprint, developing opportunities in market
niches where the Bank’s competitive position is especially strong. The results
of these efforts will take some time to fully bear fruit but, judging from the
progress achieved in the previous three months, the trends are encouraging
indeed. A larger portfolio will result in higher revenues, decreased
concentrations and improved ROE levels.
The
Treasury and Asset Management divisions struggled a bit during the
quarter. From a medium term perspective, however, Bladex remains
confident about their performance. The Asset Management Division has operated
profitably in 12 out of 16 quarters since its inception in 2006, and has
contributed a net of more than $43 million in Net Income to the Bank’s
results. Most importantly for the long term, the Fund’s balances
under management continue to gradually increase. For its part, the Treasury
Division’s results for the quarter were impacted by the valuation of interest
rate swaps used to hedge the interest rate risk of the Bank's securities
portfolio, a cost Bladex considers well worth paying.
In
conclusion, Bladex possesses all of the elements needed to execute the strategy
for the remainder of 2010, while we continue positioning the Bank for
significantly improved results and value over the next few years."
RESULTS
BY BUSINESS SEGMENT
COMMERCIAL
DIVISION
The
Commercial Division
incorporates the Bank’s core business from financial intermediation and fee
generation activities. Net Income includes net interest income from
loans, fee income, net allocated operating expenses, the reversal (provision)
for loan and off-balance sheet credit losses, and any impairment on
assets.
(US$ million)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
15.2
|
|
|
$
|
15.5
|
|
|
$
|
17.0
|
|
Non-interest
operating income
(1)
|
|
|
2.2
|
|
|
|
2.1
|
|
|
|
2.5
|
|
Net
operating revenues
(2)
|
|
|
17.4
|
|
|
|
17.6
|
|
|
|
19.5
|
|
Operating
expenses
|
|
|
(6.8
|
)
|
|
|
(6.3
|
)
|
|
|
(6.7
|
)
|
Net
operating income
(3)
|
|
|
10.6
|
|
|
|
11.2
|
|
|
|
12.8
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
3.5
|
|
|
|
0.6
|
|
|
|
(5.2
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.0
|
)
|
|
|
(0.1
|
)
|
Net Income
|
|
$
|
14.2
|
|
|
$
|
11.8
|
|
|
$
|
7.5
|
|
1Q10
vs. 4Q09
The
Commercial Division continued to accelerate portfolio growth in the first
quarter 2010 and to further deploy its sales force as market demand improved,
reaching $3.2 billion in period-end balances, a 4% increase over the previous
quarter. The Division’s Net Income in the first quarter 2010 amounted
to $14.2 million, a $2.4 million increase from the previous quarter, mainly as
the result of an improved risk profile favorably impacting generic reserve
requirements. Net operating income in the first quarter 2010 amounted to $10.6
million compared to $11.2 million in the fourth quarter 2009. The
$0.6 million decrease in operating income was the result of the combined effects
of: (i) a $0.3 million decrease in net interest income due to lower weighted
average lending spreads on the average loan portfolio (-17 bps) and lower market
interest rates, partially offset by increased average loan portfolio balances
(+4%), mainly driven by demand from corporations; (ii) a $0.6 million increase
in operating expenses reflecting higher average headcount and marketing
expenses; and (iii) a $0.1 million increase in non-interest operating income,
mostly attributable to increased commission income from the letter of credit
business.
1Q10
vs. 1Q09
Net
Income increased $6.7 million versus the same quarter a year ago, mainly from
lower loan loss reserve requirements. Net operating income from the Commercial
Division declined $2.2 million versus the first quarter 2009 as a result of: (i)
a $1.8 million decrease in net interest income mostly attributable to lower
market interest rates, which partially offset both the increase in average loan
portfolio balances (+3%) and the increase in the average lending spreads on the
loan portfolio (+14 bps); (ii) a $0.2 million increase in operating expenses,
and (iii) a $0.3 million decrease in commissions and fees.
The
following graph illustrates the trend in quarterly weighted average lending
spreads as liquidity returns to the markets:
The
commercial portfolio 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) pertaining to the Bank’s client-oriented intermediation
activities. The Bank’s commercial portfolio balance reached $3.2
billion as of March 31, 2010, a 4% increase over the balance as of December 31,
2009, and 15% over the balance as of March 31, 2009. Similarly, on an
average basis, the commercial portfolio increased 5% in the first quarter 2010
compared to the previous quarter, and 3% from the first quarter 2009. From its
lows during the second quarter of 2009, the average commercial portfolio
balances have grown 14% to $3.1 billion in the first quarter 2010.
The
commercial portfolio continues to be short-term and trade-related in
nature. $2.3 billion, or 71%, of the commercial portfolio matures
within one year. Trade financing operations represent 62% of the portfolio,
while the remaining balance consists primarily of lending to banks and
exporters. Refer to Exhibit VIII for information relating to the
Bank’s commercial portfolio distribution by country and Exhibit X for the Bank’s
distribution of credit disbursements by country.
TREASURY
DIVISION
The
Treasury Division
incorporates the Bank’s
liquidity management and investment securities activities. Net Income
is presented net of allocated operating expenses, and includes net interest
income on Treasury activities and net other income (loss) relating to treasury
activities
(12)
.
(US$ million)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss)
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
(0.6
|
)
|
Non-interest
operating income (loss)
(1)
|
|
|
(1.1
|
)
|
|
|
0.7
|
|
|
|
3.8
|
|
Net
operating revenues
(2)
|
|
|
(0.6
|
)
|
|
|
1.2
|
|
|
|
3.2
|
|
Operating
expenses
|
|
|
(2.2
|
)
|
|
|
(1.7
|
)
|
|
|
(2.2
|
)
|
Net
operating income (loss)
(3,
12)
|
|
|
(2.8
|
)
|
|
|
(0.5
|
)
|
|
|
1.0
|
|
Net Income (Loss)
|
|
$
|
(2.8
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
1.0
|
|
1Q10
vs. 4Q09
In the
first quarter 2010, the Treasury Division posted a Net Loss of $2.8 million
compared to a Net Loss of $0.5 million during the fourth quarter
2009. The $2.3 million decrease is mostly attributable to a $1.8
million decrease in non-interest operating income, mainly from net losses on
valuations of hedging instruments (interest rate swaps related to the Bank´s
securities portfolio) as market interest rates continued on a downward
trend.
1Q10
vs. 1Q09
The
Treasury Division reported a Net Loss of $2.8 million in first quarter 2010,
compared to Net Income of $1.0 million in the first quarter 2009. The
$3.8 million decrease was primarily driven by a $4.9 million variance in
non-interest operating income (loss) attributable to a year-on-year reduction in
average trading securities balances, and losses on valuations of related hedging
instruments.
The
trading portfolio as of March 31, 2010 amounted to $51 million, up $1 million,
or 2%, from December 31, 2009, and $159 million as of March 31,
2009. The securities available for sale portfolio as of March 31,
2010 remained at $457 million, the same level as of December 31, 2009 and $590
million as of March 31, 2009. The year-on-year decrease reflects the
sale of $147 million in book value of the securities portfolio during
2009.
The
available for sale portfolio as of March 31, 2010 consisted entirely of readily
quoted Latin American securities, 79.9% of which were sovereign and state-owned
risk in nature (refer to Exhibit IX 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 remained stable at (-$6 million) in the first quarter 2010, as increased
market valuations of the securities portfolio were offset by lower valuations on
related hedging instruments (refer to Exhibit I).
Liquid
assets
(11)
decreased to $328 million as of March 31, 2010, compared to $402 million as of
December 31, 2009, and $563 million as of March 31, 2009. The Bank
continues its approach of gradually reducing liquidity balances to historically
prevalent levels as funding markets allow.
The Bank
made minor adjustments to its repurchase agreement obligation levels, which
remain low, and overall bank borrowings levels, as its funding costs continue to
improve. Weighted average funding costs for the first quarter 2010
amounted to 1.43%, a decrease of 32 bps, or 18%, compared to the fourth quarter
2009, and a decrease of 157 bps, or 52%, compared to the first quarter
2009.
ASSET
MANAGEMENT DIVISION
The Asset
Management Division
incorporates the Bank’s
asset management activities.
The Division’s Investment
Fund follows primarily a Latin America macro strategy, utilizing a combination
of products (foreign exchange, equity indices, interest rate swaps, and credit
derivative products) to establish long and short positions in the
markets.
The
Division’s Net Income includes net interest income on the Investment Fund, as
well as net gains (losses) from Investment Fund trading, other related income
(loss), allocated operating expenses, and the Net Income attributable to the
redeemable non-controlling interest.
(US$ million)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Asset
Management Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss)
|
|
$
|
0.6
|
|
|
$
|
(0.8
|
)
|
|
$
|
(1.0
|
)
|
Non-interest
operating income (loss)
(1)
|
|
|
(1.3
|
)
|
|
|
3.5
|
|
|
|
11.7
|
|
Net
operating revenues
(2)
|
|
|
(0.7
|
)
|
|
|
2.7
|
|
|
|
10.7
|
|
Operating
expenses
|
|
|
(1.0
|
)
|
|
|
(1.9
|
)
|
|
|
(2.2
|
)
|
Net
operating income (loss)
(3)
|
|
|
(1.7
|
)
|
|
|
0.8
|
|
|
|
8.5
|
|
Net
income (loss)
|
|
|
(1.7
|
)
|
|
|
0.8
|
|
|
|
8.5
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(0.3
|
)
|
|
|
0.2
|
|
|
|
0.3
|
|
Net Income (Loss)
|
|
$
|
(1.4
|
)
|
|
$
|
0.6
|
|
|
$
|
8.2
|
|
1Q10
vs. 4Q09
The Asset
Management Division recorded a Net Loss in the first quarter 2010 of $1.4
million, compared to Net Income of $0.6 million in the fourth quarter and Net
Income of $8.2 million in the first quarter 2009. The $2.0 million
decrease in Net Income in the quarter was mainly due to a $4.8 million decrease
in non-interest operating income attributable to lower gains from Investment
Fund trading.
1Q10
vs. 1Q09
The $9.6
million decrease in Net Income in the first quarter 2010 compared to first
quarter 2009, was due to the combined effects of: (i) a $1.6 million
increase in net interest income, (ii) a $13.0 million decrease in non-interest
operating income attributable to losses from Investment Fund trading, (iii) a
$1.2 million decrease in operating expenses from lower provisions for variable
compensation tied to the performance of the Investment Fund.
As of
March 31, 2010, the Investment Fund’s asset value totaled $205 million, compared
to $198 million as of December 31, 2009 and $160 million as of March 31, 2009,
as third party interest continues to increase. For the same dates,
Bladex´s ownership of the Bladex Offshore Feeder Fund was 78.79%, 82.34% and
96.89%, respectively, with remaining balances owned by third party
investors.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
The
following table illustrates the consolidated results of operations of the Bank
for the periods indicated below:
(US$ million, except percentages and per share
amounts)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Net
Interest Income
|
|
$
|
16.3
|
|
|
$
|
15.2
|
|
|
$
|
15.4
|
|
Net
Operating Income (Loss) by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
10.6
|
|
|
$
|
11.2
|
|
|
$
|
12.8
|
|
Treasury
Division
|
|
$
|
(2.8
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
1.0
|
|
Asset
Management Division
|
|
$
|
(1.7
|
)
|
|
$
|
0.8
|
|
|
$
|
8.5
|
|
Net
Operating Income
|
|
$
|
6.1
|
|
|
$
|
11.6
|
|
|
$
|
22.3
|
|
Net
income
|
|
$
|
9.8
|
|
|
$
|
12.1
|
|
|
$
|
17.0
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
$
|
(0.3
|
)
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
Net
Income attributable to Bladex
|
|
$
|
10.1
|
|
|
$
|
11.9
|
|
|
$
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income per Share
(5)
|
|
$
|
0.28
|
|
|
$
|
0.33
|
|
|
$
|
0.46
|
|
Book
Value per common share (period end)
|
|
$
|
18.59
|
|
|
$
|
18.49
|
|
|
$
|
16.50
|
|
Return
on Average Equity (“ROE”)
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
|
|
11.4
|
%
|
Operating
Return on Average Equity ("Operating ROE")
(6)
|
|
|
3.7
|
%
|
|
|
6.9
|
%
|
|
|
15.2
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
|
|
1.6
|
%
|
Net
Interest Margin
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.50
|
%
|
Efficiency
Ratio
(7)
|
|
|
62
|
%
|
|
|
46
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1 Capital
(8)
|
|
$
|
684
|
|
|
$
|
679
|
|
|
$
|
655
|
|
Total
Capital
(9)
|
|
$
|
718
|
|
|
$
|
712
|
|
|
$
|
693
|
|
Risk-Weighted
Assets
|
|
$
|
2,779
|
|
|
$
|
2,633
|
|
|
$
|
3,014
|
|
Tier
1 Capital Ratio
(8)
|
|
|
24.6
|
%
|
|
|
25.8
|
%
|
|
|
21.7
|
%
|
Total
Capital Ratio
(9)
|
|
|
25.8
|
%
|
|
|
27.0
|
%
|
|
|
23.0
|
%
|
Stockholders’
Equity
|
|
$
|
681
|
|
|
$
|
676
|
|
|
$
|
601
|
|
Stockholders’
Equity to Total Assets
|
|
|
17.2
|
%
|
|
|
17.4
|
%
|
|
|
14.6
|
%
|
Other
Comprehensive Income Account ("OCI")
|
|
$
|
(6
|
)
|
|
$
|
(6
|
)
|
|
$
|
(57
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
(times)
(10)
|
|
|
5.8
|
|
|
|
5.7
|
|
|
|
6.8
|
|
Liquid
Assets / Total Assets
(11)
|
|
|
8.3
|
%
|
|
|
10.4
|
%
|
|
|
13.7
|
%
|
Liquid
Assets / Total Deposits
|
|
|
24.2
|
%
|
|
|
32.0
|
%
|
|
|
46.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
1.8
|
%
|
|
|
1.8
|
%
|
|
|
0.0
|
%
|
Allowance
for Credit Losses to Commercial Portfolio
|
|
|
3.0
|
%
|
|
|
3.2
|
%
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
3,962
|
|
|
$
|
3,879
|
|
|
$
|
4,108
|
|
The
following graphs illustrate the trends in Net Income and Return on Average
Stockholders’ Equity and Tier 1 Capital for the periods indicated:
NET
INTEREST INCOME AND MARGINS
(US$ million, except
percentages)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Net
Interest Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
15.2
|
|
|
$
|
15.5
|
|
|
$
|
17.0
|
|
Treasury
Division
|
|
|
0.5
|
|
|
|
0.5
|
|
|
|
(0.6
|
)
|
Asset
Management Division
|
|
|
0.6
|
|
|
|
(0.8
|
)
|
|
|
(1.0
|
)
|
Consolidated
|
|
$
|
16.3
|
|
|
$
|
15.2
|
|
|
$
|
15.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
*
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.50
|
%
|
* Net
interest income divided by average balance of interest-earning
assets.
1Q10
vs. 4Q09
In the
first quarter 2010, net interest income amounted to $16.3 million, an increase
of $1.1 million, or 7%, from the fourth quarter 2009. The quarterly
increase in net interest income was mainly contributed by the Asset Management
Division from its activities in the Investment Fund, while in the Commercial
Division, net interest income decreased as lower weighted average lending
spreads on the average loan portfolio were partially offset by the effects of
higher average loan portfolio balances.
Net
interest margin stood at 1.71% in the first quarter 2010, compared to 1.60% in
the fourth quarter 2009, and 1.50% in the first quarter 2009.
FEES
AND COMMISSIONS
(US$ million)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Letters
of credit
|
|
$
|
2.1
|
|
|
$
|
1.8
|
|
|
$
|
1.5
|
|
Guarantees
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.5
|
|
Loans
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.1
|
|
Third
party investor (BAM)
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
0.0
|
|
Other*
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.1
|
|
Fees and Commissions, net
|
|
$
|
2.4
|
|
|
$
|
2.4
|
|
|
$
|
2.2
|
|
*
Net of commission expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q10
vs. 4Q09 and vs. 1Q09
Fees and
commissions amounted to $2.4 million, marginally higher compared to the fourth
quarter 2009, and compared to $2.2 million in the first quarter
2009. The $0.2 million year-on-year increase was mainly due to
increased commission income from the letter of credit business, as well as
higher commission income from third party investors in the Asset Management
Division.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
(In US$ million)
|
|
31-Mar-09
|
|
|
30-Jun-09
|
|
|
30-Sep-09
|
|
|
31-Dec-09
|
|
|
31-Mar-10
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
54.6
|
|
|
$
|
80.6
|
|
|
$
|
90.2
|
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
Provisions
(reversals)
|
|
|
25.8
|
|
|
|
8.9
|
|
|
|
(0.4
|
)
|
|
|
(16.1
|
)
|
|
|
0.1
|
|
Recoveries,
net of charge-offs
|
|
|
0.1
|
|
|
|
0.8
|
|
|
|
0.0
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
End
of period balance
|
|
$
|
80.6
|
|
|
$
|
90.2
|
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
30.7
|
|
|
$
|
10.1
|
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
Provisions
(reversals)
|
|
|
(20.6
|
)
|
|
|
0.2
|
|
|
|
1.5
|
|
|
|
15.5
|
|
|
|
(3.7
|
)
|
End
of period balance
|
|
$
|
10.1
|
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance for Credit
Losses
|
|
$
|
90.7
|
|
|
$
|
100.5
|
|
|
$
|
101.7
|
|
|
$
|
101.0
|
|
|
$
|
97.6
|
|
During
the first quarter 2010, the allowance for credit losses decreased $3.5 million,
reflecting the combination of: (i) a $0.3 million increase in specific loan loss
reserves, (ii) a $0.2 million reduction in generic loan loss reserves driven by
changes in the portfolio mix, and (iii) a $3.6 million decrease in generic
off-balance sheet credit risk reserves reflecting changes in the portfolio
composition of acceptances and contingencies (mostly letters of credit) and
their impact on the overall risk profile. Subsequent to the first quarter 2010
close, an additional $3.1 million specific reserve requirement was established,
with the overall number and balances of non-performing loans in the Bank’s loan
portfolio remaining unchanged.
The ratio
of the allowance for credit losses to the commercial portfolio stood at 3.0% as
of March 31, 2010, compared to 3.2% as of December 31, 2009, and 3.2% as of
March 31, 2009.
OPERATING
EXPENSES
(US$ million)
|
|
1Q10
|
|
|
4Q09
|
|
|
1Q09
|
|
Salaries
and other employee expenses
|
|
$
|
5.4
|
|
|
$
|
5.1
|
|
|
$
|
6.2
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0.7
|
|
Professional
services
|
|
|
1.1
|
|
|
|
0.8
|
|
|
|
0.7
|
|
Maintenance
and repairs
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.3
|
|
Expenses
from the investment fund
|
|
|
0.3
|
|
|
|
0.8
|
|
|
|
1.5
|
|
Other
operating expenses
|
|
|
2.2
|
|
|
|
2.1
|
|
|
|
1.8
|
|
Total Operating Expenses
|
|
$
|
10.0
|
|
|
$
|
9.9
|
|
|
$
|
11.1
|
|
The
Bank’s efficiency ratio was 62% in the first quarter 2010, compared to 46% in
the fourth quarter, and 33% in the first quarter 2009, mainly as the result of
the decrease in net operating revenues, primarily from the Treasury and Asset
Management Divisions, during the quarter.
Operating
expenses increased $0.1 million, or 1%, from the fourth quarter 2009 to $10.0
million during the first quarter 2010, and decreased $1.1 million compared to
the $11.1 million reported in the first quarter 2009. The quarterly
increase is mainly attributable to salaries and other employee expenses relating
to higher average headcount, and professional services as the Bank´s market
activities increased, partially offset by lower performance-related expenses
from the Investment Fund.
OTHER
EVENTS
§
|
Annual Shareholders’
Meeting:
Bladex’s Annual Shareholders’ Meeting took
place on April 14, 2010, in Panama City, Panama. At the meeting, Mr.
João Carlos de Nobrega Pecego was elected as Director representing Class A
shareholders, and Mr. Herminio Blanco, Mr. William Dick Hayes and Ms.
Maria da Graça França were re-elected as Directors representing the
Class E shareholders. In addition, shareholders approved the Bank’s
audited financial statements for the fiscal year ended December 31, 2009,
and the appointment of Deloitte as the Bank’s registered independent
public accounting firm for the fiscal year ending December 31, 2010,
pursuant to the recommendation made by the Audit and Compliance Committee
to the shareholders. The Board of Directors re-appointed Mr. Gonzalo
Menéndez Duque as Chairman of the
Board.
|
§
|
Quarterly Dividend Payment:
On April 15, 2010, the Bank announced a quarterly common dividend
payment of US$0.15 per share related to the first quarter 2010. The
dividend will be payable on May 6, 2010, to stockholders registered as of
the April 26, 2010 record date.
|
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 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 Basel I capital adequacy
guidelines.
|
|
(9)
|
Total
Capital refers to Tier 1 Capital plus Tier 2 Capital, based on 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, 2010, Bladex had disbursed accumulated
credits of approximately $163 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Wednesday,
April 21, 2010 at 11:00 a.m. New York City time (Eastern Time). For those
interested in participating, please dial (800) 311-9401 in the United States or,
if outside the United States, (334) 323-7224. Participants should use
conference ID# 8034, and dial in five minutes before the call is set to
begin. There will also be a live audio web cast of the conference at
http://www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through June 22,
2010. Please dial (877) 919-4059 or (334) 323-7226, and follow the
instructions. The conference ID# for the replayed call is
49698537. For more information, please access http://www.bladex.com
or contact:
Mr.
Christopher Schech
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
Panama
City, Panama
Tel:
(507) 210-8630
E-mail
address: cschech@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82 Wall
Street, Suite 805, New York, NY 10005
Tel:
(212) 406-3690
E-mail
address: bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A)
- (B)
|
|
|
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
March
31, 2010
|
|
|
December
31, 2009
|
|
|
March
31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
349
|
|
|
$
|
425
|
|
|
$
|
605
|
|
|
$
|
(76
|
)
|
|
|
(18
|
)%
|
|
$
|
(256
|
)
|
|
|
(42
|
)%
|
Trading
assets
|
|
|
51
|
|
|
|
50
|
|
|
|
159
|
|
|
|
1
|
|
|
|
2
|
|
|
|
(108
|
)
|
|
|
(68
|
)
|
Securities
available-for-sale
|
|
|
457
|
|
|
|
457
|
|
|
|
590
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(133
|
)
|
|
|
(23
|
)
|
Investment
fund
|
|
|
205
|
|
|
|
198
|
|
|
|
160
|
|
|
|
7
|
|
|
|
4
|
|
|
|
45
|
|
|
|
28
|
|
Loans
|
|
|
2,935
|
|
|
|
2,779
|
|
|
|
2,624
|
|
|
|
156
|
|
|
|
6
|
|
|
|
311
|
|
|
|
12
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(74
|
)
|
|
|
(74
|
)
|
|
|
(81
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
7
|
|
|
|
(9
|
)
|
Unearned
income and deferred fees
|
|
|
(3
|
)
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
|
1
|
|
|
|
(25
|
)
|
|
|
1
|
|
|
|
(25
|
)
|
Loans,
net
|
|
|
2,858
|
|
|
|
2,701
|
|
|
|
2,539
|
|
|
|
157
|
|
|
|
6
|
|
|
|
319
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
0
|
|
|
|
2
|
|
|
|
0
|
|
|
|
(2
|
)
|
|
|
(100
|
)
|
|
|
0
|
|
|
n.m.
|
(*)
|
Premises
and equipment, net
|
|
|
7
|
|
|
|
8
|
|
|
|
7
|
|
|
|
(1
|
)
|
|
|
(13
|
)
|
|
|
0
|
|
|
|
0
|
|
Accrued
interest receivable
|
|
|
22
|
|
|
|
26
|
|
|
|
37
|
|
|
|
(4
|
)
|
|
|
(15
|
)
|
|
|
(15
|
)
|
|
|
(41
|
)
|
Derivative
financial instruments used for hedging - receivable
|
|
|
0
|
|
|
|
1
|
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
(100
|
)
|
|
|
(2
|
)
|
|
|
(100
|
)
|
Other
assets
|
|
|
12
|
|
|
|
12
|
|
|
|
7
|
|
|
|
0
|
|
|
|
0
|
|
|
|
5
|
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,962
|
|
|
$
|
3,879
|
|
|
$
|
4,108
|
|
|
$
|
83
|
|
|
|
2
|
%
|
|
$
|
(146
|
)
|
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
37
|
|
|
$
|
51
|
|
|
$
|
56
|
|
|
$
|
(14
|
)
|
|
|
(27
|
)%
|
|
$
|
(19
|
)
|
|
|
(34
|
)%
|
Time
|
|
|
1,318
|
|
|
|
1,205
|
|
|
|
1,161
|
|
|
|
113
|
|
|
|
9
|
|
|
|
157
|
|
|
|
14
|
|
Total
Deposits
|
|
|
1,355
|
|
|
|
1,256
|
|
|
|
1,216
|
|
|
|
99
|
|
|
|
8
|
|
|
|
139
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
5
|
|
|
|
3
|
|
|
|
14
|
|
|
|
2
|
|
|
|
67
|
|
|
|
(9
|
)
|
|
|
(64
|
)
|
Securities
sold under repurchase agreements
|
|
|
95
|
|
|
|
71
|
|
|
|
393
|
|
|
|
24
|
|
|
|
34
|
|
|
|
(298
|
)
|
|
|
(76
|
)
|
Short-term
borrowings
|
|
|
282
|
|
|
|
328
|
|
|
|
608
|
|
|
|
(46
|
)
|
|
|
(14
|
)
|
|
|
(326
|
)
|
|
|
(54
|
)
|
Borrowings
and long-term debt
|
|
|
1,394
|
|
|
|
1,390
|
|
|
|
1,152
|
|
|
|
4
|
|
|
|
0
|
|
|
|
242
|
|
|
|
21
|
|
Acceptances
outstanding
|
|
|
0
|
|
|
|
2
|
|
|
|
0
|
|
|
|
(2
|
)
|
|
|
(100
|
)
|
|
|
0
|
|
|
n.m.
|
(*)
|
Accrued
interest payable
|
|
|
10
|
|
|
|
11
|
|
|
|
16
|
|
|
|
(1
|
)
|
|
|
(9
|
)
|
|
|
(6
|
)
|
|
|
(38
|
)
|
Derivative
financial instruments used for hedging - payable
|
|
|
58
|
|
|
|
65
|
|
|
|
82
|
|
|
|
(7
|
)
|
|
|
(11
|
)
|
|
|
(24
|
)
|
|
|
(29
|
)
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
24
|
|
|
|
27
|
|
|
|
10
|
|
|
|
(3
|
)
|
|
|
(11
|
)
|
|
|
14
|
|
|
|
140
|
|
Other
liabilities
|
|
|
15
|
|
|
|
14
|
|
|
|
9
|
|
|
|
1
|
|
|
|
7
|
|
|
|
6
|
|
|
|
67
|
|
TOTAL
LIABILITIES
|
|
$
|
3,238
|
|
|
$
|
3,168
|
|
|
$
|
3,502
|
|
|
$
|
70
|
|
|
|
2
|
%
|
|
$
|
(264
|
)
|
|
|
(8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
43
|
|
|
|
35
|
|
|
|
5
|
|
|
|
8
|
|
|
|
23
|
|
|
|
38
|
|
|
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 excess of assigned value of common
stock
|
|
|
134
|
|
|
|
135
|
|
|
|
136
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
(1
|
)
|
Capital
reserves
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained
earnings
|
|
|
306
|
|
|
|
301
|
|
|
|
280
|
|
|
|
5
|
|
|
|
2
|
|
|
|
26
|
|
|
|
9
|
|
Accumulated
other comprehensive loss
|
|
|
(6
|
)
|
|
|
(6
|
)
|
|
|
(57
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
51
|
|
|
|
(89
|
)
|
Treasury
stock
|
|
|
(128
|
)
|
|
|
(130
|
)
|
|
|
(133
|
)
|
|
|
2
|
|
|
|
(2
|
)
|
|
|
5
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
681
|
|
|
$
|
676
|
|
|
$
|
601
|
|
|
$
|
5
|
|
|
|
1
|
%
|
|
$
|
80
|
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,962
|
|
|
$
|
3,879
|
|
|
$
|
4,108
|
|
|
$
|
83
|
|
|
|
2
|
%
|
|
$
|
(146
|
)
|
|
|
(4
|
)%
|
(*)
"n.m." means not
meaningful.
EXHIBIT
II
CONSOLIDATED
STATEMENTS OF INCOME
(In US$
thousand, except per share amounts and ratios)
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A)
- (B)
|
|
|
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
March
31, 2010
|
|
|
December
31, 2009
|
|
|
March
31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
27,019
|
|
|
$
|
28,256
|
|
|
$
|
41,033
|
|
|
$
|
(1,237
|
)
|
|
|
(4
|
)%
|
|
$
|
(14,014
|
)
|
|
|
(34
|
)%
|
Interest
expense
|
|
|
(10,733
|
)
|
|
|
(13,073
|
)
|
|
|
(25,605
|
)
|
|
|
2,340
|
|
|
|
(18
|
)
|
|
|
14,872
|
|
|
|
(58
|
)
|
NET
INTEREST INCOME
|
|
|
16,286
|
|
|
|
15,183
|
|
|
|
15,428
|
|
|
|
1,103
|
|
|
|
7
|
|
|
|
858
|
|
|
|
6
|
|
Reversal
(provision) for loan losses
|
|
|
(159
|
)
|
|
|
16,063
|
|
|
|
(25,831
|
)
|
|
|
(16,222
|
)
|
|
|
(101
|
)
|
|
|
25,672
|
|
|
|
(99
|
)
|
NET
INTEREST INCOME, AFTER REVERSAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(PROVISION)
FOR LOAN LOSSES
|
|
|
16,127
|
|
|
|
31,246
|
|
|
|
(10,403
|
)
|
|
|
(15,119
|
)
|
|
|
(48
|
)
|
|
|
26,530
|
|
|
|
(255
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
3,626
|
|
|
|
(15,456
|
)
|
|
|
20,645
|
|
|
|
19,082
|
|
|
|
(123
|
)
|
|
|
(17,019
|
)
|
|
|
(82
|
)
|
Fees
and commissions, net
|
|
|
2,382
|
|
|
|
2,369
|
|
|
|
2,167
|
|
|
|
13
|
|
|
|
1
|
|
|
|
215
|
|
|
|
10
|
|
Derivative
financial instrument and hedging
|
|
|
(953
|
)
|
|
|
(507
|
)
|
|
|
1,670
|
|
|
|
(446
|
)
|
|
|
88
|
|
|
|
(2,623
|
)
|
|
|
(157
|
)
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
(27
|
)
|
|
|
(94
|
)
|
|
|
260
|
|
|
|
(963
|
)
|
|
|
327
|
|
|
|
(348
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(1,500
|
)
|
|
|
2,906
|
|
|
|
11,696
|
|
|
|
(4,406
|
)
|
|
|
(152
|
)
|
|
|
(13,196
|
)
|
|
|
(113
|
)
|
Net
gain (loss) from trading securities
|
|
|
(1,479
|
)
|
|
|
(638
|
)
|
|
|
3,161
|
|
|
|
(841
|
)
|
|
|
132
|
|
|
|
(4,640
|
)
|
|
|
(147
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
1,312
|
|
|
|
1,830
|
|
|
|
(1,079
|
)
|
|
|
(518
|
)
|
|
|
(28
|
)
|
|
|
2,391
|
|
|
|
(222
|
)
|
Other
income (expense), net
|
|
|
71
|
|
|
|
322
|
|
|
|
359
|
|
|
|
(251
|
)
|
|
|
(78
|
)
|
|
|
(288
|
)
|
|
|
(80
|
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
3,692
|
|
|
|
(9,202
|
)
|
|
|
38,525
|
|
|
|
12,894
|
|
|
|
(140
|
)
|
|
|
(34,833
|
)
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(5,409
|
)
|
|
|
(5,131
|
)
|
|
|
(6,193
|
)
|
|
|
(278
|
)
|
|
|
5
|
|
|
|
784
|
|
|
|
(13
|
)
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(676
|
)
|
|
|
(647
|
)
|
|
|
(683
|
)
|
|
|
(29
|
)
|
|
|
4
|
|
|
|
7
|
|
|
|
(1
|
)
|
Professional
services
|
|
|
(1,107
|
)
|
|
|
(834
|
)
|
|
|
(704
|
)
|
|
|
(273
|
)
|
|
|
33
|
|
|
|
(403
|
)
|
|
|
57
|
|
Maintenance
and repairs
|
|
|
(347
|
)
|
|
|
(345
|
)
|
|
|
(261
|
)
|
|
|
(2
|
)
|
|
|
1
|
|
|
|
(86
|
)
|
|
|
33
|
|
Expenses
from the investment fund
|
|
|
(257
|
)
|
|
|
(800
|
)
|
|
|
(1,548
|
)
|
|
|
543
|
|
|
|
(68
|
)
|
|
|
1,291
|
|
|
|
(83
|
)
|
Other
operating expenses
|
|
|
(2,247
|
)
|
|
|
(2,139
|
)
|
|
|
(1,757
|
)
|
|
|
(108
|
)
|
|
|
5
|
|
|
|
(490
|
)
|
|
|
28
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(10,043
|
)
|
|
|
(9,897
|
)
|
|
|
(11,146
|
)
|
|
|
(146
|
)
|
|
|
1
|
|
|
|
1,103
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
9,776
|
|
|
$
|
12,148
|
|
|
$
|
16,976
|
|
|
$
|
(2,372
|
)
|
|
|
(20
|
)
|
|
$
|
(7,200
|
)
|
|
|
(42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(320
|
)
|
|
|
233
|
|
|
|
269
|
|
|
|
(553
|
)
|
|
|
(237
|
)
|
|
|
(589
|
)
|
|
|
(219
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
10,096
|
|
|
$
|
11,915
|
|
|
$
|
16,707
|
|
|
$
|
(1,819
|
)
|
|
|
(15
|
)%
|
|
$
|
(6,611
|
)
|
|
|
(40
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.28
|
|
|
|
0.33
|
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.28
|
|
|
|
0.32
|
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,560
|
|
|
|
36,546
|
|
|
|
36,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
|
|
36,715
|
|
|
|
36,727
|
|
|
|
36,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
1.37
|
%
|
|
|
1.18
|
%
|
|
|
0.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
1.06
|
%
|
|
|
1.05
|
%
|
|
|
1.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
|
|
|
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
EXHIBIT
III
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
March 31, 2010
|
|
|
March 31, 2009
|
|
|
|
(In
US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
16,286
|
|
|
$
|
15,428
|
|
Fees
and commissions, net
|
|
|
2,382
|
|
|
|
2,167
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
3,467
|
|
|
|
(5,186
|
)
|
Derivative
financial instrument and hedging
|
|
|
(953
|
)
|
|
|
1,670
|
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
(94
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(1,500
|
)
|
|
|
11,696
|
|
Net
gain (loss) from trading securities
|
|
|
(1,479
|
)
|
|
|
3,161
|
|
Gain
(loss) on foreign currency exchange
|
|
|
1,312
|
|
|
|
(1,079
|
)
|
Other
income (expense), net
|
|
|
71
|
|
|
|
359
|
|
Operating
expenses
|
|
|
(10,043
|
)
|
|
|
(11,146
|
)
|
Net
Income
|
|
$
|
9,776
|
|
|
|
16,976
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(320
|
)
|
|
|
269
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
10,096
|
|
|
$
|
16,707
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
508
|
|
|
|
749
|
|
Investment
fund
|
|
|
205
|
|
|
|
160
|
|
Loans,
net
|
|
|
2,858
|
|
|
|
2,539
|
|
Total
assets
|
|
|
3,962
|
|
|
|
4,108
|
|
Deposits
|
|
|
1,355
|
|
|
|
1,216
|
|
Securities
sold under repurchase agreements
|
|
|
95
|
|
|
|
393
|
|
Short-term
borrowings
|
|
|
282
|
|
|
|
608
|
|
Borrowings
and long-term debt
|
|
|
1,394
|
|
|
|
1,152
|
|
Total
liabilities
|
|
|
3,238
|
|
|
|
3,502
|
|
Stockholders'
equity
|
|
|
681
|
|
|
|
601
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.28
|
|
|
|
0.46
|
|
Diluted
earnings per share
|
|
|
0.28
|
|
|
|
0.46
|
|
Book
value (period average)
|
|
|
18.34
|
|
|
|
16.28
|
|
Book
value (period end)
|
|
|
18.59
|
|
|
|
16.50
|
|
|
|
|
|
|
|
|
|
|
(In
thousand):
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,560
|
|
|
|
36,416
|
|
Weighted
average diluted shares
|
|
|
36,715
|
|
|
|
36,464
|
|
Basic
shares period end
|
|
|
36,620
|
|
|
|
36,422
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.1
|
%
|
|
|
1.6
|
%
|
Return
on average stockholders' equity
|
|
|
6.1
|
%
|
|
|
11.4
|
%
|
Net
interest margin
|
|
|
1.71
|
%
|
|
|
1.50
|
%
|
Net
interest spread
|
|
|
1.37
|
%
|
|
|
0.94
|
%
|
Operating
expenses to total average assets
|
|
|
1.06
|
%
|
|
|
1.08
|
%
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
1.8
|
%
|
|
|
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)
|
|
|
2.5
|
%
|
|
|
3.1
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
7.8
|
%
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
17.2
|
%
|
|
|
14.6
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
24.6
|
%
|
|
|
21.7
|
%
|
Total
capital to risk-weighted assets
|
|
|
25.8
|
%
|
|
|
23.0
|
%
|
(1)
Loan
portfolio is presented net of unearned income and deferred loan
fees.
EXHIBIT
IV
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE THREE MONTHS ENDED,
|
|
|
|
March
31, 2010
|
|
|
December
31, 2009
|
|
|
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
|
|
$
|
394
|
|
|
$
|
0.2
|
|
|
|
0.19
|
%
|
|
$
|
405
|
|
|
$
|
0.2
|
|
|
|
0.20
|
%
|
|
$
|
729
|
|
|
$
|
0.4
|
|
|
|
0.20
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,717
|
|
|
|
21.7
|
|
|
|
3.20
|
|
|
|
2,624
|
|
|
|
23.6
|
|
|
|
3.52
|
|
|
|
2,633
|
|
|
|
32.6
|
|
|
|
4.95
|
|
Non-accrual
loans
|
|
|
51
|
|
|
|
1.1
|
|
|
|
8.62
|
|
|
|
43
|
|
|
|
0.8
|
|
|
|
6.94
|
|
|
|
0
|
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
50
|
|
|
|
0.8
|
|
|
|
6.22
|
|
|
|
50
|
|
|
|
0.8
|
|
|
|
6.10
|
|
|
|
49
|
|
|
|
0.5
|
|
|
|
4.38
|
|
Investment
securities
|
|
|
458
|
|
|
|
2.0
|
|
|
|
1.75
|
|
|
|
459
|
|
|
|
2.5
|
|
|
|
2.14
|
|
|
|
602
|
|
|
|
6.7
|
|
|
|
4.47
|
|
Investment
fund
|
|
|
200
|
|
|
|
1.2
|
|
|
|
2.42
|
|
|
|
195
|
|
|
|
0.4
|
|
|
|
0.72
|
|
|
|
154
|
|
|
|
0.8
|
|
|
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
3,869
|
|
|
$
|
27.0
|
|
|
|
2.79
|
%
|
|
$
|
3,777
|
|
|
$
|
28.3
|
|
|
|
2.93
|
%
|
|
$
|
4,167
|
|
|
$
|
41.0
|
|
|
|
3.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
53
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(74
|
)
|
|
|
|
|
|
|
|
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
|
|
(55
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,853
|
|
|
|
|
|
|
|
|
|
|
$
|
3,736
|
|
|
|
|
|
|
|
|
|
|
$
|
4,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,316
|
|
|
$
|
2.2
|
|
|
|
0.66
|
%
|
|
$
|
1,242
|
|
|
$
|
2.3
|
|
|
|
0.74
|
%
|
|
$
|
1,199
|
|
|
$
|
3.1
|
|
|
|
1.04
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
3
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
13
|
|
|
|
0.0
|
|
|
|
0.00
|
%
|
Investment
fund
|
|
|
0
|
|
|
|
0.2
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.6
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.9
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and
Short-term
borrowings
|
|
|
299
|
|
|
|
1.0
|
|
|
|
1.28
|
|
|
|
384
|
|
|
|
0.8
|
|
|
|
0.82
|
|
|
|
1,028
|
|
|
|
8.7
|
|
|
|
3.37
|
|
Borrowings
and long term debt
|
|
|
1,394
|
|
|
|
7.4
|
|
|
|
2.13
|
|
|
|
1,296
|
|
|
|
9.3
|
|
|
|
2.82
|
|
|
|
1,170
|
|
|
|
12.9
|
|
|
|
4.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,013
|
|
|
$
|
10.7
|
|
|
|
1.43
|
%
|
|
$
|
2,924
|
|
|
$
|
13.1
|
|
|
|
1.75
|
%
|
|
$
|
3,410
|
|
|
$
|
25.6
|
|
|
|
3.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
130
|
|
|
|
|
|
|
|
|
|
|
$
|
110
|
|
|
|
|
|
|
|
|
|
|
$
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,143
|
|
|
|
|
|
|
|
|
|
|
|
3,034
|
|
|
|
|
|
|
|
|
|
|
|
3,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
670
|
|
|
|
|
|
|
|
|
|
|
|
669
|
|
|
|
|
|
|
|
|
|
|
|
593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,853
|
|
|
|
|
|
|
|
|
|
|
$
|
3,736
|
|
|
|
|
|
|
|
|
|
|
$
|
4,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.37
|
%
|
|
|
|
|
|
|
|
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
0.94
|
%
|
NET
INTEREST INCOME AND NET
INTEREST MARGIN
|
|
|
|
|
|
$
|
16.3
|
|
|
|
1.71
|
%
|
|
|
|
|
|
$
|
15.2
|
|
|
|
1.60
|
%
|
|
|
|
|
|
$
|
15.4
|
|
|
|
1.50
|
%
|
(*)
"n.m." means not
meaningful.
EXHIBIT
V
CONSOLIDATED
STATEMENT OF INCOME
(In US$
thousand,
except
per share
amounts and ratios)
|
|
TWELVE
MONTHS
|
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
TWELVE
MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
DEC
31/09
|
|
|
MAR
31/10
|
|
|
DEC
31/09
|
|
|
SEP
30/09
|
|
|
JUN
30/09
|
|
|
MAR
31/09
|
|
|
DEC
31/08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
141,964
|
|
|
$
|
27,019
|
|
|
$
|
28,256
|
|
|
$
|
34,423
|
|
|
$
|
38,252
|
|
|
$
|
41,033
|
|
|
$
|
244,243
|
|
Interest
expense
|
|
|
(77,212
|
)
|
|
|
(10,733
|
)
|
|
|
(13,073
|
)
|
|
|
(17,070
|
)
|
|
|
(21,464
|
)
|
|
|
(25,605
|
)
|
|
|
(166,396
|
)
|
NET
INTEREST INCOME
|
|
|
64,752
|
|
|
|
16,286
|
|
|
|
15,183
|
|
|
|
17,353
|
|
|
|
16,788
|
|
|
|
15,428
|
|
|
|
77,847
|
|
Reversal
(provision) for loan losses
|
|
|
(18,293
|
)
|
|
|
(159
|
)
|
|
|
16,063
|
|
|
|
380
|
|
|
|
(8,905
|
)
|
|
|
(25,831
|
)
|
|
|
18,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME (LOSS) AFTER REVERSAL (PROVISION) FOR LOAN
LOSSES
|
|
|
46,459
|
|
|
|
16,127
|
|
|
|
31,246
|
|
|
|
17,733
|
|
|
|
7,883
|
|
|
|
(10,403
|
)
|
|
|
96,387
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
3,463
|
|
|
|
3,626
|
|
|
|
(15,456
|
)
|
|
|
(1,549
|
)
|
|
|
(177
|
)
|
|
|
20,645
|
|
|
|
(16,997
|
)
|
Fees
and commissions, net
|
|
|
6,733
|
|
|
|
2,382
|
|
|
|
2,369
|
|
|
|
1,463
|
|
|
|
734
|
|
|
|
2,167
|
|
|
|
7,252
|
|
Derivative
financial instrument and hedging
|
|
|
(2,534
|
)
|
|
|
(953
|
)
|
|
|
(507
|
)
|
|
|
(1,105
|
)
|
|
|
(2,591
|
)
|
|
|
1,670
|
|
|
|
9,956
|
|
Impairment
of assets, net of recoveries
|
|
|
(120
|
)
|
|
|
233
|
|
|
|
(27
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(94
|
)
|
|
|
(767
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
24,997
|
|
|
|
(1,500
|
)
|
|
|
2,906
|
|
|
|
5,478
|
|
|
|
4,918
|
|
|
|
11,696
|
|
|
|
21,357
|
|
Net
gain (loss) from trading securities
|
|
|
13,113
|
|
|
|
(1,479
|
)
|
|
|
(638
|
)
|
|
|
2,936
|
|
|
|
7,653
|
|
|
|
3,161
|
|
|
|
(20,998
|
)
|
Net
gains on sale of securities available-for-sale
|
|
|
546
|
|
|
|
0
|
|
|
|
0
|
|
|
|
546
|
|
|
|
0
|
|
|
|
0
|
|
|
|
67
|
|
Gain
(loss) on foreign currency exchange
|
|
|
613
|
|
|
|
1,312
|
|
|
|
1,830
|
|
|
|
(843
|
)
|
|
|
705
|
|
|
|
(1,079
|
)
|
|
|
(1,596
|
)
|
Other
income (expense), net
|
|
|
912
|
|
|
|
71
|
|
|
|
322
|
|
|
|
138
|
|
|
|
93
|
|
|
|
359
|
|
|
|
656
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
47,723
|
|
|
|
3,692
|
|
|
|
(9,202
|
)
|
|
|
7,064
|
|
|
|
11,336
|
|
|
|
38,525
|
|
|
|
(1,070
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES:
|
|
|
(38,202
|
)
|
|
|
(10,043
|
)
|
|
|
(9,897
|
)
|
|
|
(8,537
|
)
|
|
|
(8,622
|
)
|
|
|
(11,146
|
)
|
|
|
(39,990
|
)
|
Net
Income
|
|
$
|
55,980
|
|
|
$
|
9,776
|
|
|
$
|
12,148
|
|
|
$
|
16,260
|
|
|
$
|
10,597
|
|
|
$
|
16,976
|
|
|
$
|
55,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
1,118
|
|
|
|
(320
|
)
|
|
|
233
|
|
|
|
507
|
|
|
|
109
|
|
|
|
269
|
|
|
|
208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
54,862
|
|
|
$
|
10,096
|
|
|
$
|
11,915
|
|
|
$
|
15,753
|
|
|
$
|
10,488
|
|
|
$
|
16,707
|
|
|
$
|
55,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$
|
1.50
|
|
|
$
|
0.28
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
$
|
0.46
|
|
|
$
|
1.51
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.4
|
%
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
|
|
1.6
|
%
|
|
|
1.0
|
%
|
|
|
1.6
|
%
|
|
|
1.1
|
%
|
Return
on average stockholders' equity
|
|
|
8.6
|
%
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
|
|
9.5
|
%
|
|
|
6.6
|
%
|
|
|
11.4
|
%
|
|
|
9.0
|
%
|
Net
interest margin
|
|
|
1.62
|
%
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.76
|
%
|
|
|
1.62
|
%
|
|
|
1.50
|
%
|
|
|
1.55
|
%
|
Net
interest spread
|
|
|
1.12
|
%
|
|
|
1.37
|
%
|
|
|
1.18
|
%
|
|
|
1.28
|
%
|
|
|
1.14
|
%
|
|
|
0.94
|
%
|
|
|
0.98
|
%
|
Operating
expenses to average assets
|
|
|
0.96
|
%
|
|
|
1.06
|
%
|
|
|
1.05
|
%
|
|
|
0.88
|
%
|
|
|
0.84
|
%
|
|
|
1.08
|
%
|
|
|
0.79
|
%
|
BUSINESS
SEGMENT ANALYSIS
(In US$
million)
|
|
FOR
THE TWELVE MONTHS ENDED
|
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
DEC
31/09
|
|
|
DEC
31/08
|
|
|
MAR
31/10
|
|
|
DEC
31/09
|
|
|
MAR
31/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
66.2
|
|
|
$
|
78.1
|
|
|
$
|
15.2
|
|
|
$
|
15.5
|
|
|
$
|
17.0
|
|
Non-interest
operating income
(2)
|
|
|
6.9
|
|
|
|
7.8
|
|
|
|
2.2
|
|
|
|
2.1
|
|
|
|
2.5
|
|
Operating expenses
(3)
|
|
|
(23.4
|
)
|
|
|
(27.5
|
)
|
|
|
(6.9
|
)
|
|
|
(6.3
|
)
|
|
|
(6.7
|
)
|
Net operating income
(4)
|
|
|
49.7
|
|
|
|
58.4
|
|
|
|
10.6
|
|
|
|
11.2
|
|
|
|
12.8
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
(14.8
|
)
|
|
|
1.5
|
|
|
|
3.5
|
|
|
|
0.6
|
|
|
|
(5.2
|
)
|
Impairment
of assets, net of recoveries
|
|
|
(0.1
|
)
|
|
|
(0.8
|
)
|
|
|
0.2
|
|
|
|
(0.0
|
)
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
34.8
|
|
|
$
|
59.1
|
|
|
$
|
14.2
|
|
|
$
|
11.8
|
|
|
$
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets
(5)
|
|
|
2,586
|
|
|
|
3,718
|
|
|
|
2,768
|
|
|
|
2,667
|
|
|
|
2,633
|
|
End-of-period
interest-earning assets
(5)
|
|
|
2,775
|
|
|
|
2,614
|
|
|
|
2,932
|
|
|
|
2,775
|
|
|
|
2,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
(1)
|
|
$
|
2.0
|
|
|
$
|
3.0
|
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
|
$
|
(0.6
|
)
|
Non-interest
operating income (loss)
(2)
|
|
|
12.0
|
|
|
|
(12.4
|
)
|
|
|
(1.1
|
)
|
|
|
0.7
|
|
|
|
3.8
|
|
Operating expenses
(3)
|
|
|
(7.9
|
)
|
|
|
(6.9
|
)
|
|
|
(2.2
|
)
|
|
|
(1.7
|
)
|
|
|
(2.2
|
)
|
Net operating income
(loss)
(4)
|
|
|
6.1
|
|
|
|
(16.3
|
)
|
|
|
(2.8
|
)
|
|
|
(0.5
|
)
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
6.1
|
|
|
$
|
(16.3
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets
(6)
|
|
|
1,240
|
|
|
|
1,170
|
|
|
|
902
|
|
|
|
914
|
|
|
|
1,380
|
|
End-of-period
interest-earning assets
(6)
|
|
|
932
|
|
|
|
1,582
|
|
|
|
857
|
|
|
|
932
|
|
|
|
1,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
(1)
|
|
$
|
(3.4
|
)
|
|
$
|
(3.2
|
)
|
|
$
|
0.6
|
|
|
$
|
(0.8
|
)
|
|
$
|
(1.0
|
)
|
Non-interest
operating income (loss)
(2)
|
|
|
25.4
|
|
|
|
21.3
|
|
|
|
(1.3
|
)
|
|
|
3.5
|
|
|
|
11.7
|
|
Operating expenses
(3)
|
|
|
(6.8
|
)
|
|
|
(5.6
|
)
|
|
|
(1.0
|
)
|
|
|
(1.9
|
)
|
|
|
(2.2
|
)
|
Net operating income
(loss)
(4)
|
|
|
15.2
|
|
|
|
12.5
|
|
|
|
(1.7
|
)
|
|
|
0.8
|
|
|
|
8.5
|
|
Net
income (loss)
|
|
|
15.2
|
|
|
|
12.5
|
|
|
|
(1.7
|
)
|
|
|
0.8
|
|
|
|
8.5
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
1.1
|
|
|
|
0.2
|
|
|
|
(0.3
|
)
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
14.1
|
|
|
$
|
12.3
|
|
|
$
|
(1.4
|
)
|
|
$
|
0.6
|
|
|
$
|
8.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets
(7)
|
|
|
172
|
|
|
|
138
|
|
|
|
200
|
|
|
|
195
|
|
|
|
154
|
|
End-of-period
interest-earning assets
(7)
|
|
|
198
|
|
|
|
151
|
|
|
|
205
|
|
|
|
198
|
|
|
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
64.8
|
|
|
$
|
77.9
|
|
|
$
|
16.3
|
|
|
$
|
15.2
|
|
|
$
|
15.4
|
|
Non-interest
operating income (loss)
(2)
|
|
|
44.3
|
|
|
|
16.7
|
|
|
|
(0.2
|
)
|
|
|
6.3
|
|
|
|
18.0
|
|
Operating expenses
(3)
|
|
|
(38.2
|
)
|
|
|
(40.0
|
)
|
|
|
(10.0
|
)
|
|
|
(9.9
|
)
|
|
|
(11.1
|
)
|
Net operating
income
(4)
|
|
|
70.9
|
|
|
|
54.6
|
|
|
|
6.1
|
|
|
|
11.6
|
|
|
|
22.3
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
(14.8
|
)
|
|
|
1.5
|
|
|
|
3.5
|
|
|
|
0.6
|
|
|
|
(5.2
|
)
|
Impairment
of assets, net of recoveries
|
|
|
(0.1
|
)
|
|
|
(0.8
|
)
|
|
|
0.2
|
|
|
|
(0.0
|
)
|
|
|
(0.1
|
)
|
Net
income
|
|
|
56.0
|
|
|
|
55.4
|
|
|
|
9.8
|
|
|
|
12.1
|
|
|
|
17.0
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
1.1
|
|
|
|
0.2
|
|
|
|
(0.3
|
)
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
54.9
|
|
|
$
|
55.1
|
|
|
$
|
10.1
|
|
|
$
|
11.9
|
|
|
$
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
interest-earning assets
|
|
|
3,998
|
|
|
|
5,025
|
|
|
|
3,869
|
|
|
|
3,777
|
|
|
|
4,167
|
|
End-of-period
interest-earning assets
|
|
|
3,905
|
|
|
|
4,347
|
|
|
|
3,994
|
|
|
|
3,905
|
|
|
|
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.
CREDIT
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
31MAR10
|
|
|
31DEC09
|
|
|
31MAR09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
187
|
|
|
|
5.0
|
|
|
$
|
73
|
|
|
|
2.0
|
|
|
$
|
114
|
|
|
|
3.2
|
|
|
$
|
115
|
|
|
$
|
74
|
|
BRAZIL
|
|
|
1,526
|
|
|
|
40.7
|
|
|
|
1,484
|
|
|
|
41.0
|
|
|
|
1,524
|
|
|
|
42.8
|
|
|
|
43
|
|
|
|
2
|
|
CHILE
|
|
|
281
|
|
|
|
7.5
|
|
|
|
286
|
|
|
|
7.9
|
|
|
|
50
|
|
|
|
1.4
|
|
|
|
(5
|
)
|
|
|
232
|
|
COLOMBIA
|
|
|
337
|
|
|
|
9.0
|
|
|
|
343
|
|
|
|
9.5
|
|
|
|
487
|
|
|
|
13.7
|
|
|
|
(6
|
)
|
|
|
(150
|
)
|
COSTA
RICA
|
|
|
107
|
|
|
|
2.8
|
|
|
|
107
|
|
|
|
3.0
|
|
|
|
119
|
|
|
|
3.3
|
|
|
|
(1
|
)
|
|
|
(12
|
)
|
DOMINICAN
REPUBLIC
|
|
|
75
|
|
|
|
2.0
|
|
|
|
39
|
|
|
|
1.1
|
|
|
|
57
|
|
|
|
1.6
|
|
|
|
36
|
|
|
|
18
|
|
ECUADOR
|
|
|
93
|
|
|
|
2.5
|
|
|
|
135
|
|
|
|
3.7
|
|
|
|
65
|
|
|
|
1.8
|
|
|
|
(43
|
)
|
|
|
28
|
|
EL
SALVADOR
|
|
|
48
|
|
|
|
1.3
|
|
|
|
58
|
|
|
|
1.6
|
|
|
|
118
|
|
|
|
3.3
|
|
|
|
(10
|
)
|
|
|
(70
|
)
|
GUATEMALA
|
|
|
71
|
|
|
|
1.9
|
|
|
|
86
|
|
|
|
2.4
|
|
|
|
138
|
|
|
|
3.9
|
|
|
|
(15
|
)
|
|
|
(67
|
)
|
HONDURAS
|
|
|
27
|
|
|
|
0.7
|
|
|
|
23
|
|
|
|
0.6
|
|
|
|
38
|
|
|
|
1.1
|
|
|
|
3
|
|
|
|
(12
|
)
|
JAMAICA
|
|
|
32
|
|
|
|
0.9
|
|
|
|
31
|
|
|
|
0.9
|
|
|
|
15
|
|
|
|
0.4
|
|
|
|
1
|
|
|
|
17
|
|
MEXICO
|
|
|
390
|
|
|
|
10.4
|
|
|
|
418
|
|
|
|
11.6
|
|
|
|
443
|
|
|
|
12.5
|
|
|
|
(29
|
)
|
|
|
(54
|
)
|
NICARAGUA
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
(1
|
)
|
PANAMA
|
|
|
97
|
|
|
|
2.6
|
|
|
|
85
|
|
|
|
2.4
|
|
|
|
141
|
|
|
|
4.0
|
|
|
|
12
|
|
|
|
(44
|
)
|
PERU
|
|
|
245
|
|
|
|
6.5
|
|
|
|
191
|
|
|
|
5.3
|
|
|
|
91
|
|
|
|
2.6
|
|
|
|
53
|
|
|
|
153
|
|
TRINIDAD
& TOBAGO
|
|
|
56
|
|
|
|
1.5
|
|
|
|
72
|
|
|
|
2.0
|
|
|
|
57
|
|
|
|
1.6
|
|
|
|
(15
|
)
|
|
|
(0
|
)
|
URUGUAY
|
|
|
36
|
|
|
|
1.0
|
|
|
|
46
|
|
|
|
1.3
|
|
|
|
50
|
|
|
|
1.4
|
|
|
|
(10
|
)
|
|
|
(14
|
)
|
VENEZUELA
|
|
|
94
|
|
|
|
2.5
|
|
|
|
92
|
|
|
|
2.5
|
|
|
|
7
|
|
|
|
0.2
|
|
|
|
2
|
|
|
|
87
|
|
OTHER
|
|
|
51
|
|
|
|
1.3
|
|
|
|
50
|
|
|
|
1.4
|
|
|
|
46
|
|
|
|
1.3
|
|
|
|
1
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT
PORTFOLIO
(1)
|
|
$
|
3,753
|
|
|
|
100
|
%
|
|
$
|
3,621
|
|
|
|
100
|
%
|
|
$
|
3,561
|
|
|
|
100
|
%
|
|
$
|
132
|
|
|
$
|
192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(3
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED
INCOME AND
COMMISSION
|
|
$
|
3,750
|
|
|
|
|
|
|
$
|
3,617
|
|
|
|
|
|
|
$
|
3,557
|
|
|
|
|
|
|
$
|
133
|
|
|
$
|
193
|
|
(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
VIII
COMMERCIAL
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
31MAR10
|
|
|
31DEC09
|
|
|
31MAR09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
187
|
|
|
|
5.8
|
|
|
$
|
73
|
|
|
|
2.3
|
|
|
$
|
114
|
|
|
|
4.0
|
|
|
$
|
115
|
|
|
$
|
74
|
|
BRAZIL
|
|
|
1,399
|
|
|
|
43.2
|
|
|
|
1,358
|
|
|
|
43.6
|
|
|
|
1,370
|
|
|
|
48.8
|
|
|
|
41
|
|
|
|
28
|
|
CHILE
|
|
|
254
|
|
|
|
7.8
|
|
|
|
258
|
|
|
|
8.3
|
|
|
|
8
|
|
|
|
0.3
|
|
|
|
(4
|
)
|
|
|
245
|
|
COLOMBIA
|
|
|
194
|
|
|
|
6.0
|
|
|
|
200
|
|
|
|
6.4
|
|
|
|
305
|
|
|
|
10.9
|
|
|
|
(6
|
)
|
|
|
(111
|
)
|
COSTA
RICA
|
|
|
107
|
|
|
|
3.3
|
|
|
|
107
|
|
|
|
3.4
|
|
|
|
101
|
|
|
|
3.6
|
|
|
|
(1
|
)
|
|
|
6
|
|
DOMINICAN
REPUBLIC
|
|
|
70
|
|
|
|
2.2
|
|
|
|
33
|
|
|
|
1.0
|
|
|
|
50
|
|
|
|
1.8
|
|
|
|
37
|
|
|
|
20
|
|
ECUADOR
|
|
|
93
|
|
|
|
2.9
|
|
|
|
135
|
|
|
|
4.4
|
|
|
|
65
|
|
|
|
2.3
|
|
|
|
(43
|
)
|
|
|
28
|
|
EL
SALVADOR
|
|
|
32
|
|
|
|
1.0
|
|
|
|
42
|
|
|
|
1.4
|
|
|
|
64
|
|
|
|
2.3
|
|
|
|
(10
|
)
|
|
|
(32
|
)
|
GUATEMALA
|
|
|
60
|
|
|
|
1.8
|
|
|
|
75
|
|
|
|
2.4
|
|
|
|
96
|
|
|
|
3.4
|
|
|
|
(15
|
)
|
|
|
(37
|
)
|
HONDURAS
|
|
|
27
|
|
|
|
0.8
|
|
|
|
23
|
|
|
|
0.8
|
|
|
|
38
|
|
|
|
1.4
|
|
|
|
3
|
|
|
|
(12
|
)
|
JAMAICA
|
|
|
32
|
|
|
|
1.0
|
|
|
|
31
|
|
|
|
1.0
|
|
|
|
15
|
|
|
|
0.5
|
|
|
|
1
|
|
|
|
17
|
|
MEXICO
|
|
|
332
|
|
|
|
10.2
|
|
|
|
362
|
|
|
|
11.6
|
|
|
|
352
|
|
|
|
12.5
|
|
|
|
(30
|
)
|
|
|
(20
|
)
|
NICARAGUA
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
(1
|
)
|
PANAMA
|
|
|
53
|
|
|
|
1.6
|
|
|
|
41
|
|
|
|
1.3
|
|
|
|
51
|
|
|
|
1.8
|
|
|
|
12
|
|
|
|
3
|
|
PERU
|
|
|
214
|
|
|
|
6.6
|
|
|
|
161
|
|
|
|
5.2
|
|
|
|
64
|
|
|
|
2.3
|
|
|
|
53
|
|
|
|
150
|
|
TRINIDAD
& TOBAGO
|
|
|
56
|
|
|
|
1.7
|
|
|
|
72
|
|
|
|
2.3
|
|
|
|
57
|
|
|
|
2.0
|
|
|
|
(15
|
)
|
|
|
(0
|
)
|
URUGUAY
|
|
|
36
|
|
|
|
1.1
|
|
|
|
46
|
|
|
|
1.5
|
|
|
|
50
|
|
|
|
1.8
|
|
|
|
(10
|
)
|
|
|
(14
|
)
|
VENEZUELA
|
|
|
94
|
|
|
|
2.9
|
|
|
|
92
|
|
|
|
3.0
|
|
|
|
7
|
|
|
|
0.3
|
|
|
|
2
|
|
|
|
87
|
|
OTHER
|
|
|
1
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO
(1)
|
|
$
|
3,241
|
|
|
|
100
|
%
|
|
$
|
3,110
|
|
|
|
100
|
%
|
|
$
|
2,808
|
|
|
|
100
|
%
|
|
$
|
131
|
|
|
$
|
433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(3
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF
UNEARNED INCOME AND
COMMISSION
|
|
$
|
3,238
|
|
|
|
|
|
|
$
|
3,107
|
|
|
|
|
|
|
$
|
2,804
|
|
|
|
|
|
|
$
|
132
|
|
|
$
|
434
|
|
(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,
|
|
|
Change in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
31MAR10
|
|
|
31DEC09
|
|
|
31MAR09
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
128
|
|
|
$
|
126
|
|
|
$
|
154
|
|
|
$
|
1
|
|
|
$
|
(26
|
)
|
CHILE
|
|
|
28
|
|
|
|
28
|
|
|
|
41
|
|
|
|
(0
|
)
|
|
|
(14
|
)
|
COLOMBIA
|
|
|
142
|
|
|
|
142
|
|
|
|
181
|
|
|
|
0
|
|
|
|
(39
|
)
|
COSTA
RICA
|
|
|
0
|
|
|
|
0
|
|
|
|
18
|
|
|
|
0
|
|
|
|
(18
|
)
|
DOMINICAN
REPUBLIC
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
(2
|
)
|
|
|
(2
|
)
|
EL
SALVADOR
|
|
|
16
|
|
|
|
16
|
|
|
|
54
|
|
|
|
0
|
|
|
|
(38
|
)
|
GUATEMALA
|
|
|
11
|
|
|
|
11
|
|
|
|
41
|
|
|
|
0
|
|
|
|
(30
|
)
|
MEXICO
|
|
|
58
|
|
|
|
57
|
|
|
|
92
|
|
|
|
1
|
|
|
|
(34
|
)
|
PANAMA
|
|
|
43
|
|
|
|
44
|
|
|
|
90
|
|
|
|
(0
|
)
|
|
|
(47
|
)
|
PERU
|
|
|
30
|
|
|
|
30
|
|
|
|
28
|
|
|
|
0
|
|
|
|
3
|
|
OTHER
|
|
|
50
|
|
|
|
50
|
|
|
|
46
|
|
|
|
1
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
TREASURY PORTOFOLIO
(1)
|
|
$
|
511
|
|
|
$
|
510
|
|
|
$
|
753
|
|
|
$
|
1
|
|
|
$
|
(241
|
)
|
(1)
|
Includes
securities available for sale, trading assets and contingent assets, which
consist of credit default swap.
|
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
QUARTERLY
INFORMATION
|
|
|
Change
in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
1QTR10
|
|
|
4QTR09
|
|
|
1QTR09
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
132
|
|
|
$
|
10
|
|
|
$
|
0
|
|
|
$
|
122
|
|
|
$
|
132
|
|
BRAZIL
|
|
|
280
|
|
|
|
331
|
|
|
|
227
|
|
|
|
(51
|
)
|
|
|
52
|
|
CHILE
|
|
|
52
|
|
|
|
157
|
|
|
|
0
|
|
|
|
(104
|
)
|
|
|
52
|
|
COLOMBIA
|
|
|
78
|
|
|
|
40
|
|
|
|
46
|
|
|
|
37
|
|
|
|
32
|
|
COSTA
RICA
|
|
|
106
|
|
|
|
125
|
|
|
|
149
|
|
|
|
(19
|
)
|
|
|
(43
|
)
|
DOMINICAN
REPUBLIC
|
|
|
92
|
|
|
|
20
|
|
|
|
41
|
|
|
|
72
|
|
|
|
51
|
|
ECUADOR
|
|
|
120
|
|
|
|
130
|
|
|
|
22
|
|
|
|
(10
|
)
|
|
|
98
|
|
EL
SALVADOR
|
|
|
5
|
|
|
|
12
|
|
|
|
5
|
|
|
|
(8
|
)
|
|
|
(0
|
)
|
GUATEMALA
|
|
|
33
|
|
|
|
49
|
|
|
|
55
|
|
|
|
(16
|
)
|
|
|
(22
|
)
|
HONDURAS
|
|
|
20
|
|
|
|
12
|
|
|
|
31
|
|
|
|
8
|
|
|
|
(11
|
)
|
JAMAICA
|
|
|
50
|
|
|
|
31
|
|
|
|
16
|
|
|
|
19
|
|
|
|
34
|
|
MEXICO
|
|
|
27
|
|
|
|
122
|
|
|
|
100
|
|
|
|
(95
|
)
|
|
|
(73
|
)
|
NICARAGUA
|
|
|
0
|
|
|
|
1
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
PANAMA
|
|
|
35
|
|
|
|
21
|
|
|
|
39
|
|
|
|
14
|
|
|
|
(4
|
)
|
PERU
|
|
|
109
|
|
|
|
41
|
|
|
|
53
|
|
|
|
68
|
|
|
|
56
|
|
TRINIDAD
& TOBAGO
|
|
|
36
|
|
|
|
52
|
|
|
|
37
|
|
|
|
(15
|
)
|
|
|
(0
|
)
|
URUGUAY
|
|
|
2
|
|
|
|
11
|
|
|
|
10
|
|
|
|
(9
|
)
|
|
|
(8
|
)
|
VENEZUELA
|
|
|
77
|
|
|
|
53
|
|
|
|
0
|
|
|
|
24
|
|
|
|
77
|
|
OTHER
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
(1)
|
|
$
|
1,254
|
|
|
$
|
1,217
|
|
|
$
|
831
|
|
|
$
|
37
|
|
|
$
|
423
|
|
(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).
|
Banco Latinoamericano de... (NYSE:BLX)
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