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.
July 21,
2010
|
FOREIGN
TRADE BANK OF LATIN AMERICA, INC.
|
|
|
|
By:
/s/ Pedro Toll
|
|
|
|
Name:
Pedro Toll
|
|
Title: General
Manager
|
BLADEX
REPORTS SECOND QUARTER 2010 NET INCOME OF $1.7 MILLION; $0.05 PER
SHARE.
PANAMA
CITY, July 21, 2010
– Banco Latinoamericano de Comercio Exterior, S.A.
(NYSE: BLX, “Bladex”, or “the Bank”) announced today its results for the second
quarter ended June 30,
2010.
Second
Quarter Business Highlights
|
·
|
Net
Income
(*)
for the second quarter 2010 amounted to $1.7 million, compared to $10.1
million in the first quarter 2010, and $10.5 million in the second quarter
2009; the decline was driven by trading losses in the Asset Management
Division.
|
|
|
During
the quarter, the Commercial Portfolio grew $305 million, or
9%. Year-to-date, the commercial portfolio has grown $436
million, or 14%. Compared to June 30, 2009, the portfolio has
expanded 24%.
|
|
|
Net
interest income in the second quarter 2010 was $17.2 million, a 6%
increase over the previous period. Fees and commissions grew
17% during the quarter, reaching $2.8 million. On a year-to
date-basis, fees and commissions have grown
78%.
|
|
|
The
Bank's weighted average cost of funds decreased 17bps, or 12%, compared to
the first quarter 2010, and 125bps, or 50%, compared to the second quarter
2009. As of June 30, 2010 deposit balances increased 11% over
the previous quarter and 20%
year-on-year.
|
|
|
Portfolio
quality continued to improve, as non-accrual loans declined 12% compared
to the previous quarter to $45
million.
|
|
·
|
Second
quarter 2010 operating expenses were $10.0 million, the same level as the
first quarter 2010, and 16% higher than the second quarter 2009, as
average commercial portfolio balances grew 21%
year-on-year.
|
|
|
The
Commercial Division recorded a $2.4 million, or 23%, increase in operating
income during the quarter, as business grew across all customer segments
and the new offices in Porto Alegre and Monterrey came on
line. The Treasury Division reported a Net Loss
(*)
in the second quarter of $2.8 million, unchanged from the previous
period. While the Division has no open interest or currency
positions, the results were driven by unrealized net losses on the
valuations of hedging instruments used, and by valuations of the $51
million securities trading
portfolio.
|
|
|
The
Asset Management Division reported a Net Loss in the second quarter 2010
of $9.4 million, compa
red to a Net Loss of
$1.4 million in the first quarter 2010, and Net Income of $2.5 million in
the second quarter 2009. T
he loss in the second quarter
2010 was related to trading losses in the Investment Fund, as volatility
and Latin American market correlations with European markets peaked during
the quarter.
|
|
·
|
The
Bank’s Tier 1 capital ratio as of June 30, 2010 was 23.4%, compared to
24.6% as of March 31, 2010, and 21.1% as of June 30, 2009, while the
leverage ratio as of these dates was 6.6x, 5.8x, and 6.3x,
respectively.
|
(*)
Net
income or loss attributable to Bladex (“Net Income”, or “Net
Loss”).
CEO's
Comments
Mr. Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
Bank’s results: “Bladex’s second quarter results demonstrate the Bank’s ability
to leverage the Region’s recovering trade flows, expand its operation and grow
the core business. Unfortunately, trading losses in the Asset
Management Division masked the substantial progress made in just about all other
aspects of Bladex’s business.
Bladex
posted strong results in its core business, with an expanding commercial
portfolio and strong fee generation. Trade flows continue to expand,
economies are in generally good shape, and investment levels across most of the
Region are rising. Working off this favorable environment, Bladex
continues to expand its client base and develop new markets. The Bank
has opened two new representative offices and just received Board approval to
open the next. As a result, the commercial portfolio grew 9% during
the quarter, bringing year-to-date growth to 14%, and growth during the previous
twelve months to 24%. Disbursements in the second quarter were $1.6
billion, 25% ahead of the previous period. Fees and commissions are
running 78% ahead of last year.
Bladex’s
cost of funds has continued to decline and is now 142 bps less than this time
last year. Crucially, credit quality, already nearing the Bank’s
historical standards, continues to improve. The Bank’s capitalization
remains strong (Tier 1 of 23.4%), deposits are growing, and liquidity is
ample. Expenses are running higher than last year, but are doing so
because of a good reason: Bladex is investing in the growth of the
Commercial Division.
The
trading losses within the Asset Management Division stemmed from an unusually
strong correlation that developed between Latin American positions and some EU
sovereign risk, particularly while the Greek crisis was in full swing in April
and May. The Asset Management Division is reviewing its trading
strategy in light of this new reality, and the Bank expects the Division to
return to its usual performance levels as markets stabilize.
With all of the Bank's other indicators showing clear progress, management
will continue to focus its efforts on the execution of Bladex’s medium-term plan
designed to achieve scale, stability and attractive returns," Mr. Rivera
concluded.
RESULTS
BY BUSINESS SEGMENT
COMMERCIAL
DIVISION
The
Commercial Division
incorporates the Bank’s core business of financial intermediation and fee
generation activities. Net Income includes net interest income from
loans, fee income, net allocated operating expenses, the reversal (provision)
for loan and off-balance sheet credit losses, and any impairment on assets.
(US$
million)
|
|
6M10
|
|
|
6M09
|
|
|
2Q10
|
|
|
1Q10
|
|
|
2Q09
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
32.2
|
|
|
$
|
33.9
|
|
|
$
|
17.0
|
|
|
$
|
15.2
|
|
|
$
|
17.0
|
|
Non-interest
operating income
(1)
|
|
|
4.9
|
|
|
|
3.3
|
|
|
|
2.7
|
|
|
|
2.2
|
|
|
|
0.8
|
|
Net operating
revenues
(2)
|
|
|
37.1
|
|
|
|
37.2
|
|
|
|
19.7
|
|
|
|
17.4
|
|
|
|
17.8
|
|
Operating
expenses
|
|
|
(13.7
|
)
|
|
|
(11.8
|
)
|
|
|
(6.7
|
)
|
|
|
(6.8
|
)
|
|
|
(5.1
|
)
|
Net operating income
(3)
|
|
|
23.4
|
|
|
|
25.4
|
|
|
|
13.0
|
|
|
|
10.6
|
|
|
|
12.7
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.4
|
|
|
|
(14.3
|
)
|
|
|
0.9
|
|
|
|
3.5
|
|
|
|
(9.1
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
0.0
|
|
Net
Income
|
|
$
|
28.0
|
|
|
$
|
11.0
|
|
|
$
|
13.9
|
|
|
$
|
14.3
|
|
|
$
|
3.6
|
|
Quarterly and Year-on-Year
Growth
The
Commercial Division continued to accelerate portfolio growth in the second
quarter as market demand strengthened, reaching $3.5 billion in period-end
balances, a 9% increase from the previous quarter and a 24% increase from the
second quarter 2009.
2Q10
vs. 1Q10
The
Division’s Net Income in the second quarter 2010 amounted to $13.9 million,
compared to $14.3 million in the first quarter 2010, which benefitted from
higher provision reversals. Net operating income in the second
quarter 2010 amounted to $13.0 million, compared to $10.6 million in the first
quarter 2010. The $2.4 million quarterly increase in operating income
was the result of the combined effects of: (i) a $1.8 million
increase in net interest income due to higher average loan portfolio balances
(+7%), mainly driven by demand from corporations, (ii) a $0.5 million increase
in non-interest operating income, mostly attributable to increased commission
income from the letter of credit business, and (iii) $0.1 million in lower
operating expenses during the quarter.
2Q10 vs.
2Q09
The
Division’s Net Income in the second quarter 2010 increased $10.3 million
compared to the second quarter 2009, mainly as a result of improving credit
quality, and thus, decreased reserve requirements. Net Operating
income increased $0.3 million compared to the second quarter 2009, mainly due to
an 11% increase in non-interest income from fees and commissions, partially
offset by increased operating expenses. The effects of a greater
average portfolio base on net interest income were largely offset by a
year-on-year decline in market rates.
6M10 vs.
6M09
The
Division’s accumulated Net Income increased $17.0 million (155%) versus the same
period in 2009, mainly as a result of lower credit reserve requirements as
portfolio quality improved, and higher non-interest operating income, partially
offset by lower net interest income. Net operating income declined
$2.0 million versus the six months ended June 30, 2009 as a result of: (i) a
$1.7 million decrease in net interest income mostly attributable to lower
average lending rates (160 bps), of which 157 bps corresponded to a reduction in
market interest rates, partially offset by lower average cost of funds (-142
bps) and by the income effects of the increase in average loan portfolio
balances (+11%); (ii) a $1.6 million increase in commissions and fees from
letters of credit and guarantees, and (iii) a $1.9 million increase in operating
expenses as the Division expanded its activities.
The
following graph illustrates the trend in quarterly weighted average lending
spreads as liquidity and credit quality stabilized:
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 $3.5
billion as of June 30, 2010, a 9% increase over the balances as of March 31,
2010, and 24% over the balance as of June 30, 2009. Similarly, on an
average basis, the commercial portfolio increased 6% in the second quarter 2010
compared to the previous quarter, and 21% from the second quarter
2009.
The
commercial portfolio continues to mainly be short-term and trade-related in
nature. $2.7 billion, or 77%, of the commercial portfolio matures
within one year. Trade financing operations represent 60% of the portfolio,
while the remaining balance consists primarily of lending to banks and
exporters. Refer to Exhibit X for information relating to the Bank’s
commercial portfolio distribution by country and Exhibit XII for the Bank’s
distribution of credit disbursements by country.
TREASURY
DIVISION
The
Treasury Division
incorporates the Bank’s
liquidity management and investment securities activities. Net Income
is presented net of allocated operating expenses, and includes net interest
income on Treasury activities and net other income (loss) relating to Treasury
activities
(12)
.
(US$
million)
|
|
6M10
|
|
|
6M09
|
|
|
2Q10
|
|
|
1Q10
|
|
|
2Q09
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss)
|
|
$
|
1.1
|
|
|
$
|
0.3
|
|
|
$
|
0.6
|
|
|
$
|
0.5
|
|
|
$
|
0.8
|
|
Non-interest
operating income (loss)
(1)
|
|
|
(2.4
|
)
|
|
|
9.6
|
|
|
|
(1.4
|
)
|
|
|
(1.1
|
)
|
|
|
5.8
|
|
Net operating
revenues
(2)
|
|
|
(1.3
|
)
|
|
|
9.9
|
|
|
|
(0.8
|
)
|
|
|
(0.6
|
)
|
|
|
6.6
|
|
Operating
expenses
|
|
|
(4.2
|
)
|
|
|
(4.5
|
)
|
|
|
(2.0
|
)
|
|
|
(2.2
|
)
|
|
|
(2.2
|
)
|
Net operating income
(loss)
(3,
12)
|
|
|
(5.5
|
)
|
|
|
5.4
|
|
|
|
(2.8
|
)
|
|
|
(2.8
|
)
|
|
|
4.4
|
|
Net
Income (Loss)
|
|
$
|
(5.5
|
)
|
|
$
|
5.4
|
|
|
$
|
(2.8
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
4.4
|
|
Quarterly and Year-on-Year
Variation
The
Treasury Division continued to leverage diversified funding sources to lower
funding costs during the quarter as deposits and borrowings increased, while
maintaining the level of its securities portfolio compared to the previous
quarter.
The
trading portfolio as of June 30, 2010 reached $51 million, the same level as of
March 31, 2010, and a $114 million decrease from June 30, 2009. The
securities available for sale portfolio as of June 30, 2010 remained at $457
million, the same level as of March 31, 2010, and a $151 million decrease
compared to June 30, 2009. The year-on-year decrease reflects
the sale of $147 million in book value of the securities portfolio in
2009.
Period-end
deposit balances increased 11% over the previous quarter, and 20% year-on-year,
to reach $1.5 billion, the highest level since third quarter
2008. Borrowings and securities sold under repurchase agreements
increased 16% over the first quarter 2010 to $2.0 billion, a 1% year-on-year
increase, as the leverage ratio reached 6.6x in the second quarter 2010,
compared to 5.8x in the previous quarter, and 6.3x in the same period
2009.
2Q10 vs.
1Q10
In the
second quarter 2010, the Treasury Division posted a Net Loss of $2.8 million,
compared to the same result in the first quarter 2010. Net operating
revenues were $0.2 million lower, mainly due to a $0.3 million decrease in
non-interest operating income mainly from net losses on valuations of hedging
instruments, partially offset by increased interest income, and decreased
operating expenses.
2Q10 vs.
2Q09
The
Treasury Division posted a Net Loss of $2.8 million in the second quarter 2010
compared to a Net Income of $4.4 million in the second quarter 2009 due to a
$7.2 million variance in non-interest operating income as a result of unrealized
losses on trading securities.
6M10 vs.
6M09
The
Treasury Division reported a Net Loss of $5.5 million during the first six
months of 2010, compared to a $5.4 million Net Income in the first six months of
2009. The $10.9 million decrease in this period was primarily driven
by a $12.0 million variance in non-interest operating income mainly attributable
to a year-on-year reduction in gains on trading securities.
The
available for sale portfolio as of June 30, 2010 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 stood at (-$11 million) in the second quarter 2010, compared to (-$6
million) in the first quarter 2010, as lower valuations on related hedging
instruments (-$6 million) offset increased market valuations of the securities
portfolio (+$1 million) (refer to Exhibit I).
Liquid
assets
(11)
increased to $593 million as of June 30, 2010, compared to $328 million as of
March 31, 2010, and $456 million as of June 30, 2009, in preparation for credit
disbursements and retirements of borrowings scheduled early in the current
quarter.
The Bank
made increased use of repurchase agreement obligations in the second quarter
2010, and increased overall borrowing levels to support asset growth as funding
costs continue to improve. Weighted average funding costs for the
second quarter 2010 amounted to 1.26%, a decrease of 17 bps, or 12%, compared to
the first quarter 2010, and a decrease of 125 bps, or 50%, compared to the
second quarter 2009.
ASSET
MANAGEMENT DIVISION
The Asset
Management Division
incorporates the Bank’s
asset management activities.
The Division’s Investment
Fund follows primarily a Latin America macro strategy, utilizing a combination
of products (foreign exchange, equity indices, interest rate swaps, and credit
derivative products) to establish long and short positions in the
markets.
The
Division’s Net Income includes net interest income on the Investment Fund, as
well as net gains (losses) from Investment Fund trading, other related income
(loss), allocated operating expenses, and the Net Income attributable to
redeemable non-controlling interest.
(US$
million)
|
|
6M10
|
|
|
6M09
|
|
|
2Q10
|
|
|
1Q10
|
|
|
2Q09
|
|
Asset
Management Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss)
|
|
$
|
0.2
|
|
|
$
|
(2.0
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
0.6
|
|
|
$
|
(1.0
|
)
|
Non-interest
operating income (loss)
(1)
|
|
|
(11.4
|
)
|
|
|
16.6
|
|
|
|
(10.1
|
)
|
|
|
(1.3
|
)
|
|
|
4.9
|
|
Net operating
revenues
(2)
|
|
|
(11.2
|
)
|
|
|
14.6
|
|
|
|
(10.5
|
)
|
|
|
(0.7
|
)
|
|
|
3.9
|
|
Operating
expenses
|
|
|
(2.3
|
)
|
|
|
(3.5
|
)
|
|
|
(1.3
|
)
|
|
|
(1.0
|
)
|
|
|
(1.3
|
)
|
Net operating income
(loss)
(3)
|
|
|
(13.5
|
)
|
|
|
11.1
|
|
|
|
(11.8
|
)
|
|
|
(1.7
|
)
|
|
|
2.6
|
|
Net
income (loss)
|
|
|
(13.5
|
)
|
|
|
11.1
|
|
|
|
(11.8
|
)
|
|
|
(1.7
|
)
|
|
|
2.6
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.8
|
)
|
|
|
0.4
|
|
|
|
(2.4
|
)
|
|
|
(0.3
|
)
|
|
|
0.1
|
|
Net
Income (Loss)
|
|
$
|
(10.7
|
)
|
|
$
|
10.7
|
|
|
$
|
(9.4
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
2.5
|
|
2Q10 vs.
1Q10
The Asset
Management Division recorded a Net Loss in the second quarter 2010 of $9.4
million, compared to a Net Loss of $1.4 million in the first quarter in 2010.
The $8.0 million decrease was mainly due to a $8.8 million decrease in
non-interest operating income attributable to losses from Investment Fund
trading, partially offset by net income attributable to the redeemable
non-controlling interest.
2Q10 vs.
2Q09
The
Division posted a Net Loss of $9.4 million in the second quarter 2010, compared
to a $2.5 million gain in the second quarter 2009 as a result of losses from
Investment Fund trading, offset by net loss attributable to the redeemable
non-controlling interest.
6M10 vs.
6M09
The
Division posted a Net Loss during the first six months of 2010 of $10.7 million
compared to Net Income of $10.7 million in the first six months of
2009. The $21.4 million year-over-year variance was due to the
combined effects of: (i) a $2.2 million increase in net interest
income, (ii) a $28.0 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
June 30, 2010, the Investment Fund’s asset value totaled $193 million, compared
to $205 million as of March 31, 2010 and $166 million as of June 30,
2009. For the same dates, Bladex´s ownership of the Bladex Offshore
Feeder Fund was 79.0%, compared to 78.79% as of March 31, 2010, and 95.32% as of
June 30, 2009, respectively, with remaining balances owned by third party
investors.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
The
following table illustrates the consolidated results of operations of the Bank
for the periods indicated below:
(US$
million, except percentages and per share amounts)
|
|
6M10
|
|
|
6M09
|
|
|
2Q10
|
|
|
1Q10
|
|
|
2Q09
|
|
Net
Interest Income
|
|
$
|
33.5
|
|
|
$
|
32.2
|
|
|
$
|
17.2
|
|
|
$
|
16.3
|
|
|
$
|
16.8
|
|
Net
Operating Income (Loss) by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
23.4
|
|
|
$
|
25.4
|
|
|
$
|
13.0
|
|
|
$
|
10.6
|
|
|
$
|
12.7
|
|
Treasury
Division
|
|
$
|
(5.5
|
)
|
|
$
|
5.4
|
|
|
$
|
(2.8
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
4.4
|
|
Asset
Management Division
|
|
$
|
(13.5
|
)
|
|
$
|
11.1
|
|
|
$
|
(11.8
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
2.6
|
|
Net
Operating Income
|
|
$
|
4.4
|
|
|
$
|
41.9
|
|
|
$
|
(1.6
|
)
|
|
$
|
6.1
|
|
|
$
|
19.7
|
|
Net
income
|
|
$
|
9.0
|
|
|
$
|
27.6
|
|
|
$
|
(0.7
|
)
|
|
$
|
9.8
|
|
|
$
|
10.6
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
$
|
(2.8
|
)
|
|
$
|
0.4
|
|
|
$
|
(2.4
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
0.1
|
|
Net
Income attributable to Bladex
|
|
$
|
11.8
|
|
|
$
|
27.2
|
|
|
$
|
1.7
|
|
|
$
|
10.1
|
|
|
$
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Share
(5)
|
|
$
|
0.32
|
|
|
$
|
0.75
|
|
|
$
|
0.05
|
|
|
$
|
0.28
|
|
|
$
|
0.29
|
|
Book
Value per common share (period end)
|
|
$
|
18.35
|
|
|
$
|
17.61
|
|
|
$
|
18.35
|
|
|
$
|
18.59
|
|
|
$
|
17.61
|
|
Return
on Average Equity (“ROE”)
|
|
|
3.5
|
%
|
|
|
8.9
|
%
|
|
|
1.0
|
%
|
|
|
6.1
|
%
|
|
|
6.6
|
%
|
Operating Return on
Average Equity ("Operating ROE")
(6)
|
|
|
1.3
|
%
|
|
|
13.8
|
%
|
|
|
-1.0
|
%
|
|
|
3.7
|
%
|
|
|
12.4
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
0.6
|
%
|
|
|
1.3
|
%
|
|
|
0.2
|
%
|
|
|
1.1
|
%
|
|
|
1.0
|
%
|
Net
Interest Margin
|
|
|
1.69
|
%
|
|
|
1.56
|
%
|
|
|
1.67
|
%
|
|
|
1.71
|
%
|
|
|
1.62
|
%
|
Efficiency Ratio
(7)
|
|
|
82
|
%
|
|
|
32
|
%
|
|
|
120
|
%
|
|
|
62
|
%
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital
(8)
|
|
$
|
680
|
|
|
$
|
662
|
|
|
$
|
680
|
|
|
$
|
684
|
|
|
$
|
662
|
|
Total Capital
(9)
|
|
$
|
716
|
|
|
$
|
701
|
|
|
$
|
716
|
|
|
$
|
718
|
|
|
$
|
701
|
|
Risk-Weighted
Assets
|
|
$
|
2,899
|
|
|
$
|
3,129
|
|
|
$
|
2,899
|
|
|
$
|
2,779
|
|
|
$
|
3,129
|
|
Tier 1 Capital Ratio
(8)
|
|
|
23.4
|
%
|
|
|
21.1
|
%
|
|
|
23.4
|
%
|
|
|
24.6
|
%
|
|
|
21.1
|
%
|
Total Capital Ratio
(9)
|
|
|
24.7
|
%
|
|
|
22.4
|
%
|
|
|
24.7
|
%
|
|
|
25.8
|
%
|
|
|
22.4
|
%
|
Stockholders’
Equity
|
|
$
|
673
|
|
|
$
|
643
|
|
|
$
|
673
|
|
|
$
|
681
|
|
|
$
|
643
|
|
Stockholders’
Equity to Total Assets
|
|
|
15.2
|
%
|
|
|
15.8
|
%
|
|
|
15.2
|
%
|
|
|
17.2
|
%
|
|
|
15.8
|
%
|
Other
Comprehensive Income Account ("OCI")
|
|
$
|
(11
|
)
|
|
$
|
(21
|
)
|
|
$
|
(11
|
)
|
|
$
|
(6
|
)
|
|
$
|
(21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage (times)
(10)
|
|
|
6.6
|
|
|
|
6.3
|
|
|
|
6.6
|
|
|
|
5.8
|
|
|
|
6.3
|
|
Liquid Assets / Total
Assets
(11)
|
|
|
13.5
|
%
|
|
|
11.2
|
%
|
|
|
13.5
|
%
|
|
|
8.3
|
%
|
|
|
11.2
|
%
|
Liquid
Assets / Total Deposits
|
|
|
39.4
|
%
|
|
|
36.2
|
%
|
|
|
39.4
|
%
|
|
|
24.2
|
%
|
|
|
36.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
1.5
|
%
|
|
|
0.0
|
%
|
|
|
1.5
|
%
|
|
|
1.8
|
%
|
|
|
0.0
|
%
|
Allowance
for Credit Losses to Commercial Portfolio
|
|
|
2.7
|
%
|
|
|
3.5
|
%
|
|
|
2.7
|
%
|
|
|
3.0
|
%
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
4,412
|
|
|
$
|
4,067
|
|
|
$
|
4,412
|
|
|
$
|
3,962
|
|
|
$
|
4,067
|
|
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)
|
|
|
6M10
|
|
|
|
6M09
|
|
|
|
2Q10
|
|
|
|
1Q10
|
|
|
|
2Q09
|
|
Net
Interest Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
32.2
|
|
|
$
|
33.9
|
|
|
$
|
17.0
|
|
|
$
|
15.2
|
|
|
$
|
17.0
|
|
Treasury
Division
|
|
|
1.1
|
|
|
|
0.3
|
|
|
|
0.6
|
|
|
|
0.5
|
|
|
|
0.8
|
|
Asset
Management Division
|
|
|
0.2
|
|
|
|
(2.0
|
)
|
|
|
(0.4
|
)
|
|
|
0.6
|
|
|
|
(1.0
|
)
|
Consolidated
|
|
$
|
33.5
|
|
|
$
|
32.2
|
|
|
$
|
17.2
|
|
|
$
|
16.3
|
|
|
$
|
16.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin
*
|
|
|
1.69
|
%
|
|
|
1.56
|
%
|
|
|
1.67
|
%
|
|
|
1.71
|
%
|
|
|
1.62
|
%
|
|
*
Net interest income divided by average balance of interest-earning
assets.
|
2Q10 vs.
1Q10
In the
second quarter 2010, net interest income amounted to $17.2 million, an increase
of $0.9 million, or 6% compared to $16.3 million in the first quarter
2010. The quarterly increase primarily reflects:
|
(i)
|
Higher
average loan portfolio balances, which increased $192 million, or 7%,
compared to the first quarter 2010, which resulted in an overall increase
of $1.7 million in interest income, partially offset by a $0.6 million
increase in interest expense, due to higher average balances in securities
sold under repurchase agreements and short-term borrowings. The
net positive effect of higher average volumes in interest-assets and
interest-bearing liabilities was $1.1
million.
|
|
(ii)
|
Lower
average interest rates for the Bank’s assets and liabilities resulted in a
$0.2 million decrease in net interest income. The average yield
paid on interest-bearing liabilities decreased 17 bps to 1.26% during the
quarter due to lower interbank market rates as well as lower borrowings
spreads, while the average yield on interest-earning assets decreased 14
bps to 2.65% during the second quarter 2010 compared to the first quarter
2010, mainly attributable to the Investment
Fund.
|
2Q10 vs.
2Q09
Net
interest income when compared to the second quarter 2009, increased $0.4
million, or 2%. This increase reflects primarily the
following:
|
(i)
|
Higher
average loan portfolio balances, which increased $417 million, or 16%,
compared to the second quarter 2009, resulted in an overall increase of
$1.4 million in interest income. Average volumes of interest bearing
liabilities, decreased $98 million, mainly due to the reduction of
securities sold under repurchase agreements and short-term borrowings,
which entirely offset the effect of increased deposits and long-term
borrowings and debt. The net effect of average volumes variances in
interest-assets and interest-bearing liabilities was $1.4
million.
|
|
(ii)
|
Lower
average interest rates for the Bank’s assets and liabilities resulted in a
$1.0 million decrease in net interest income. The average yield
paid on interest-bearing liabilities decreased 125 bps, while the average
yield on interest-earning assets decreased 100 bps, both mostly
attributable to lower interbank market
rates.
|
Net
interest margin stood at 1.67% in the second quarter 2010, compared to 1.71% in
the first quarter 2010, and 1.62% in the second quarter 2009.
6M10 vs.
6M09
Net
interest income amounted to $33.5 million in the first six months of 2010,
compared to $32.2 million during the first six months of 2009. The
$1.3 million, or 4%, increase of net interest income during the period primarily
reflects:
|
(i)
|
Higher
average loan portfolio balances, which increased $276 million, or 11%,
from $2.6 billion in the first six months of 2009 to $2.9 billion in the
first six months of 2010, resulting in a $2.7 million overall increase in
net interest income, and a $0.7 million decrease in interest expense
associated primarily with a decrease of securities sold under repurchase
agreements and short-term borrowings, which decreased from $1.0 billion in
the first six months of 2009 compared to $0.4 billion in the first six
months of 2010. The net effect of average volume variances in
interest-bearing assets and liabilities was a $3.4 million increase in net
interest income.
|
|
(ii)
|
Lower
average interest rates for the Bank’s assets and liabilities resulted in a
$2.1 million decrease in net interest income. The average yield
paid on interest-bearing liabilities decreased 142 bps to 1.34% during the
first six months of 2010, from 2.76% in the first six months of 2009,
mainly due to lower interbank market rates, while the average yield on
interest-earning assets decreased 108 bps, to 2.72% in the first six
months of 2010 (from 3.79% in the first six months of 2009), also mainly
attributable to lower interbank market
rates.
|
Net
interest margin stood at 1.69% in the first six months of 2010, compared to
1.56% in the first six months of 2009.
FEES
AND COMMISSIONS
(US$
million)
|
|
6M10
|
|
|
6M09
|
|
|
2Q10
|
|
|
1Q10
|
|
|
2Q09
|
|
Letters
of credit
|
|
$
|
4.6
|
|
|
$
|
1.9
|
|
|
$
|
2.5
|
|
|
$
|
2.1
|
|
|
$
|
0.4
|
|
Guarantees
|
|
|
0.1
|
|
|
|
0.7
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.2
|
|
Loans
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Third
party investor (BAM)
|
|
|
0.3
|
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.0
|
|
Other*
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.1
|
|
Fees
and Commissions, net
|
|
$
|
5.2
|
|
|
$
|
2.9
|
|
|
$
|
2.8
|
|
|
$
|
2.4
|
|
|
$
|
0.7
|
|
*
Net of commission expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and
commissions amounted to $2.8 million, $0.4 million higher than the first quarter
2010, and $2.1 million higher compared to the second quarter
2009. Both variances were mainly due to increased commission income
from the letter of credit business as the result of the combined effects
of:
|
(i)
|
The
impact of a quarter-on-quarter decrease in average letter of credit
balances (-$0.1 million), while margin improvements in the same period
contributed $0.5 million; and
|
|
(ii)
|
The
impact of a year-on-year increase in average letter of credit balances,
$0.8 million, while margin improvements contributed $1.3
million.
|
During
the first six months of 2010, commission income amounted to $5.2 million,
compared $2.9 million in the six months of 2009, resulting in a $2.3 million
increase in commission income, mainly from the letter of credit
business.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
(In
US$ million)
|
|
30-Jun-09
|
|
|
30-Sep-09
|
|
|
31-Dec-09
|
|
|
31-Mar-10
|
|
|
30-Jun-10
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
80.6
|
|
|
$
|
90.2
|
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
Provisions
(reversals)
|
|
|
8.9
|
|
|
|
(0.4
|
)
|
|
|
(16.1
|
)
|
|
|
0.1
|
|
|
|
8.7
|
|
Recoveries,
net of charge-offs
|
|
|
0.8
|
|
|
|
0.0
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
(1.4
|
)
|
End
of period balance
|
|
$
|
90.2
|
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
|
$
|
81.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
10.1
|
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
Provisions
(reversals)
|
|
|
0.2
|
|
|
|
1.5
|
|
|
|
15.5
|
|
|
|
(3.7
|
)
|
|
|
(9.6
|
)
|
End
of period balance
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
|
$
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Allowance for Credit Losses
|
|
$
|
100.5
|
|
|
$
|
101.7
|
|
|
$
|
101.0
|
|
|
$
|
97.6
|
|
|
$
|
95.3
|
|
During
the second quarter 2010, the allowance for credit losses decreased $2.3 million,
reflecting the $7.3 million increase in the allowance for loan losses, and a
$9.6 million decrease in the reserve for losses on off-balance sheet credit
risk.
|
(i)
|
Allowance
for loan losses
: The $7.3 million increase in the
allowance for loan losses reflect the combination of: (i) a $5.8 million
provision in generic loan loss reserves driven primarily by higher
balances in the loan portfolio, (ii) a $2.9 million increase in specific
loan loss reserves, and (iii) a $2.1 million charge-off net of $0.7
million in recoveries pertaining to prior-period
losses.
|
|
(ii)
|
Reserve
for losses on off-balance sheet credit risk
: The $9.6
million decrease in the reserves for losses on off-balance sheet credit
risk reflects changes in the overall risk profile of the portfolio
composition.
|
As of
June 30, 2010, the non-accrual portfolio amounted to $45.3 million, compared to
$51.3 million as of March 31, 2010, a decline of 12%. No new
non-accrual loans were recorded in the second quarter 2010. The $6.0
million decrease was due to the settlement of a loan resulting in a partial
charge-off, and the release of the associated specific reserve.
The net
reversal for loan and off-balance sheet credit losses of $0.9 million during the
quarter was $2.6 million lower than the previous quarter, as overall lower
generic reserve requirements, net of recoveries, were partially offset by
increased reserves from loan growth and specific reserve
requirements.
The ratio
of the allowance for credit losses to the commercial portfolio stood at 2.7% as
of June 30, 2010, compared to 3.0% as of March 31, 2010, and 3.5% as of June 30,
2009, while the non-accruing loan ratio stood at 1.5%, 1.8%, and 0%,
respectively.
OPERATING
EXPENSES
(US$
million)
|
|
6M10
|
|
|
6M09
|
|
|
2Q10
|
|
|
1Q10
|
|
|
2Q09
|
|
Salaries
and other employee expenses
|
|
$
|
10.9
|
|
|
$
|
10.4
|
|
|
$
|
5.5
|
|
|
$
|
5.4
|
|
|
$
|
4.2
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
1.3
|
|
|
|
1.4
|
|
|
|
0.6
|
|
|
|
0.7
|
|
|
|
0.7
|
|
Professional
services
|
|
|
2.3
|
|
|
|
1.7
|
|
|
|
1.2
|
|
|
|
1.1
|
|
|
|
1.0
|
|
Maintenance
and repairs
|
|
|
0.7
|
|
|
|
0.5
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Expenses
from the investment fund
|
|
|
0.5
|
|
|
|
2.1
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.6
|
|
Other
operating expenses
|
|
|
4.4
|
|
|
|
3.6
|
|
|
|
2.1
|
|
|
|
2.2
|
|
|
|
1.9
|
|
Total
Operating Expenses
|
|
$
|
20.1
|
|
|
$
|
19.8
|
|
|
$
|
10.0
|
|
|
$
|
10.0
|
|
|
$
|
8.6
|
|
Quarterly
Variation
Operating
expenses in the second quarter 2010 totaled $10.0 million, the same level as the
first quarter 2010, and an increase of $1.4 million, or 16%, with respect to the
second quarter 2009. The year-on-year increase in operating expenses
was mostly attributable to increased salaries and other employee expenses
associated with a higher average employee headcount, and the start of the Bank’s
new offices in Porto Alegre, Brazil and Monterrey, Mexico.
6M10 vs.
6M09
During
the first half of 2010, operating expenses amounted to $20.1 million, compared
to $19.8 million during the same period in 2009. The $0.3 million, or
2%, increase in operating expenses during this period was attributable to the
net effect of higher salaries and other employee expenses from higher average
headcount and professional fees associated with the expansion of the Commercial
Division’s activities, partially offset by lower performance–related expenses
from the Investment Fund.
The
Bank’s efficiency ratio as of June 30, 2010 was 82% compared to 32% as of June
30, 2009, mainly the result of a $37.0 million decrease in net operating
revenues in the Asset Management and Treasury Divisions during the
period
As of
June 30, 2010, the Bank’s operating expenses to average assets ratio amounted to
1.02%, compared to 0.96% as of June 30, 2009. During the second
quarter 2010, the operating expenses to average assets ratio improved 8 basis
points to 0.98%, compared to previous quarter’s 1.06%, as asset growth
accelerated.
OTHER
EVENTS
§
|
Quarterly
Dividend Payment:
On July 15, 2010, the Bank announced a quarterly
common dividend payment of US$0.15 per share related to the second quarter
2010. The dividend will be payable on August 4, 2010 to stockholders
registered as of the July 26, 2010 record
date.
|
§
|
Change
to the Board of Directors:
On May 11, 2010, Bladex
announced the resignation of Mr. Carlos E. Weitz as Class “A” Director on
Bladex’s Board after being appointed Advisor to the Central Bank of
Argentina. Mr. Weitz was a member of the Audit and
Compliance Committee, as well as the Nomination and Compensation
Committee. Mr. Weitz is succeeded by Mr. Esteban Alejandro
Acerbo, a Director at Banco de la Nacion Argentina. Mr. Acerbo
serves as a Class “A” Director and a member of both the Audit and
Compliance and Nomination and Compensation Committees for the remainder of
Mr. Weitz’s original term, due to expire in April, 2011.
|
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 June 30, 2010, Bladex had disbursed accumulated
credits of approximately $165 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Thursday,
July 22, 2010 at 11:00 a.m. New York City time (Eastern Time). For those
interested in participating, please dial (800) 311-9401 in the United States or,
if outside the United States, (334) 323-7224. Participants should use
conference ID# 8034, and dial in five minutes before the call is set to
begin. There will also be a live audio web cast of the conference at
http://www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through September 21,
2010. Please dial (877) 919-4059 or (334) 323-7226, and follow the
instructions. The conference ID# for the replayed call is
18275331. For more information, please access http://www.bladex.com
or contact:
Mr.
Christopher Schech
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
Panama
City, Panama
Tel:
(507) 210-8630
E-mail
address: cschech@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82 Wall
Street, Suite 805, New York, NY 10005
Tel:
(212) 406-3690
E-mail
address: bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A) - (B)
|
|
|
|
|
|
(A) - (C)
|
|
|
|
|
|
|
June 30, 2010
|
|
|
March 31, 2010
|
|
|
June 30, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
620
|
|
|
$
|
349
|
|
|
$
|
485
|
|
|
$
|
271
|
|
|
|
78
|
%
|
|
$
|
135
|
|
|
|
28
|
%
|
Trading
assets
|
|
|
51
|
|
|
|
51
|
|
|
|
165
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(114
|
)
|
|
|
(69
|
)
|
Securities
available-for-sale
|
|
|
457
|
|
|
|
457
|
|
|
|
608
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(151
|
)
|
|
|
(25
|
)
|
Securities
held-to-maturity
|
|
|
13
|
|
|
|
0
|
|
|
|
0
|
|
|
|
13
|
|
|
n.m.
|
(*)
|
|
|
13
|
|
|
n.m.
|
(*)
|
Investment
fund
|
|
|
193
|
|
|
|
205
|
|
|
|
166
|
|
|
|
(12
|
)
|
|
|
(6
|
)
|
|
|
27
|
|
|
|
16
|
|
Loans
|
|
|
3,100
|
|
|
|
2,935
|
|
|
|
2,682
|
|
|
|
165
|
|
|
|
6
|
|
|
|
418
|
|
|
|
16
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(81
|
)
|
|
|
(74
|
)
|
|
|
(90
|
)
|
|
|
(7
|
)
|
|
|
9
|
|
|
|
9
|
|
|
|
(10
|
)
|
Unearned
income and deferred fees
|
|
|
(4
|
)
|
|
|
(3
|
)
|
|
|
(4
|
)
|
|
|
(1
|
)
|
|
|
33
|
|
|
|
0
|
|
|
|
0
|
|
Loans,
net
|
|
|
3,015
|
|
|
|
2,858
|
|
|
|
2,587
|
|
|
|
157
|
|
|
|
5
|
|
|
|
428
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
20
|
|
|
|
0
|
|
|
|
0
|
|
|
|
20
|
|
|
n.m.
|
(*)
|
|
|
20
|
|
|
n.m.
|
(*)
|
Premises
and equipment, net
|
|
|
7
|
|
|
|
7
|
|
|
|
8
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(13
|
)
|
Accrued
interest receivable
|
|
|
27
|
|
|
|
22
|
|
|
|
41
|
|
|
|
5
|
|
|
|
23
|
|
|
|
(14
|
)
|
|
|
(34
|
)
|
Derivative
financial instruments used for hedging -
receivable
|
|
|
1
|
|
|
|
0
|
|
|
|
1
|
|
|
|
1
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0
|
|
Other
assets
|
|
|
10
|
|
|
|
12
|
|
|
|
7
|
|
|
|
(2
|
)
|
|
|
(17
|
)
|
|
|
3
|
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,412
|
|
|
$
|
3,962
|
|
|
$
|
4,067
|
|
|
$
|
450
|
|
|
|
11
|
%
|
|
$
|
345
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
23
|
|
|
$
|
37
|
|
|
$
|
156
|
|
|
$
|
(14
|
)
|
|
|
(38
|
)%
|
|
$
|
(133
|
)
|
|
|
(85
|
)%
|
Time
|
|
|
1,484
|
|
|
|
1,318
|
|
|
|
1,104
|
|
|
|
166
|
|
|
|
13
|
|
|
|
380
|
|
|
|
34
|
|
Total
Deposits
|
|
|
1,507
|
|
|
|
1,355
|
|
|
|
1,261
|
|
|
|
152
|
|
|
|
11
|
|
|
|
246
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
4
|
|
|
|
5
|
|
|
|
11
|
|
|
|
(1
|
)
|
|
|
(20
|
)
|
|
|
(7
|
)
|
|
|
(64
|
)
|
Securities
sold under repurchase agreements
|
|
|
246
|
|
|
|
95
|
|
|
|
312
|
|
|
|
151
|
|
|
|
159
|
|
|
|
(66
|
)
|
|
|
(21
|
)
|
Short-term
borrowings
|
|
|
434
|
|
|
|
282
|
|
|
|
598
|
|
|
|
152
|
|
|
|
54
|
|
|
|
(164
|
)
|
|
|
(27
|
)
|
Borrowings
and long-term debt
|
|
|
1,370
|
|
|
|
1,394
|
|
|
|
1,128
|
|
|
|
(24
|
)
|
|
|
(2
|
)
|
|
|
242
|
|
|
|
21
|
|
Acceptances
outstanding
|
|
|
20
|
|
|
|
0
|
|
|
|
0
|
|
|
|
20
|
|
|
n.m.
|
(*)
|
|
|
20
|
|
|
n.m.
|
(*)
|
Accrued
interest payable
|
|
|
8
|
|
|
|
10
|
|
|
|
17
|
|
|
|
(2
|
)
|
|
|
(20
|
)
|
|
|
(9
|
)
|
|
|
(53
|
)
|
Derivative
financial instruments used for hedging - payable
|
|
|
73
|
|
|
|
58
|
|
|
|
69
|
|
|
|
15
|
|
|
|
26
|
|
|
|
4
|
|
|
|
6
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
14
|
|
|
|
24
|
|
|
|
10
|
|
|
|
(10
|
)
|
|
|
(42
|
)
|
|
|
4
|
|
|
|
40
|
|
Other
liabilities
|
|
|
24
|
|
|
|
15
|
|
|
|
10
|
|
|
|
9
|
|
|
|
60
|
|
|
|
14
|
|
|
|
140
|
|
TOTAL
LIABILITIES
|
|
$
|
3,699
|
|
|
$
|
3,238
|
|
|
$
|
3,416
|
|
|
$
|
461
|
|
|
|
14
|
%
|
|
$
|
283
|
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
41
|
|
|
|
43
|
|
|
|
8
|
|
|
|
(2
|
)
|
|
|
(5
|
)
|
|
|
33
|
|
|
|
413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
134
|
|
|
|
135
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Capital
reserves
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained
earnings
|
|
|
302
|
|
|
|
306
|
|
|
|
285
|
|
|
|
(4
|
)
|
|
|
(1
|
)
|
|
|
17
|
|
|
|
6
|
|
Accumulated
other comprehensive loss
|
|
|
(11
|
)
|
|
|
(6
|
)
|
|
|
(21
|
)
|
|
|
(5
|
)
|
|
|
83
|
|
|
|
10
|
|
|
|
(48
|
)
|
Treasury
stock
|
|
|
(127
|
)
|
|
|
(128
|
)
|
|
|
(131
|
)
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
4
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
673
|
|
|
$
|
681
|
|
|
$
|
643
|
|
|
$
|
(8
|
)
|
|
|
(1
|
)%
|
|
$
|
30
|
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,412
|
|
|
$
|
3,962
|
|
|
$
|
4,067
|
|
|
$
|
450
|
|
|
|
11
|
%
|
|
$
|
345
|
|
|
|
8
|
%
|
(*)
"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)
|
|
|
|
|
|
|
June 30, 2010
|
|
|
March 31, 2010
|
|
|
June 30, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
27,697
|
|
|
$
|
27,019
|
|
|
$
|
38,252
|
|
|
$
|
678
|
|
|
|
3
|
%
|
|
$
|
(10,555
|
)
|
|
|
(28
|
)%
|
Interest
expense
|
|
|
(10,500
|
)
|
|
|
(10,733
|
)
|
|
|
(21,464
|
)
|
|
|
233
|
|
|
|
(2
|
)
|
|
|
10,964
|
|
|
|
(51
|
)
|
NET
INTEREST INCOME
|
|
|
17,197
|
|
|
|
16,286
|
|
|
|
16,788
|
|
|
|
911
|
|
|
|
6
|
|
|
|
409
|
|
|
|
2
|
|
Provision
for loan losses
|
|
|
(8,723
|
)
|
|
|
(159
|
)
|
|
|
(8,905
|
)
|
|
|
(8,564
|
)
|
|
|
5,386
|
|
|
|
182
|
|
|
|
(2
|
)
|
NET
INTEREST INCOME, AFTER REVERSAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(PROVISION)
FOR LOAN LOSSES
|
|
|
8,474
|
|
|
|
16,127
|
|
|
|
7,883
|
|
|
|
(7,653
|
)
|
|
|
(47
|
)
|
|
|
591
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
9,618
|
|
|
|
3,626
|
|
|
|
(177
|
)
|
|
|
5,992
|
|
|
|
165
|
|
|
|
9,795
|
|
|
|
(5,534
|
)
|
Fees
and commissions, net
|
|
|
2,797
|
|
|
|
2,382
|
|
|
|
734
|
|
|
|
415
|
|
|
|
17
|
|
|
|
2,063
|
|
|
|
281
|
|
Derivative
financial instrument and hedging
|
|
|
(340
|
)
|
|
|
(953
|
)
|
|
|
(2,591
|
)
|
|
|
613
|
|
|
|
(64
|
)
|
|
|
2,251
|
|
|
|
(87
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0
|
|
|
|
233
|
|
|
|
0
|
|
|
|
(233
|
)
|
|
|
(100
|
)
|
|
|
0
|
|
|
n.m.
|
(*)
|
Net
gain (loss) from investment fund trading
|
|
|
(10,343
|
)
|
|
|
(1,500
|
)
|
|
|
4,918
|
|
|
|
(8,843
|
)
|
|
|
590
|
|
|
|
(15,261
|
)
|
|
|
(310
|
)
|
Net
gain (loss) from trading securities
|
|
|
(502
|
)
|
|
|
(1,479
|
)
|
|
|
7,653
|
|
|
|
977
|
|
|
|
(66
|
)
|
|
|
(8,155
|
)
|
|
|
(107
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
(568
|
)
|
|
|
1,312
|
|
|
|
705
|
|
|
|
(1,880
|
)
|
|
|
(143
|
)
|
|
|
(1,273
|
)
|
|
|
(181
|
)
|
Other
income (expense), net
|
|
|
117
|
|
|
|
71
|
|
|
|
93
|
|
|
|
46
|
|
|
|
65
|
|
|
|
24
|
|
|
|
26
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
779
|
|
|
|
3,692
|
|
|
|
11,336
|
|
|
|
(2,913
|
)
|
|
|
(79
|
)
|
|
|
(10,557
|
)
|
|
|
(93
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(5,478
|
)
|
|
|
(5,409
|
)
|
|
|
(4,225
|
)
|
|
|
(69
|
)
|
|
|
1
|
|
|
|
(1,253
|
)
|
|
|
30
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(601
|
)
|
|
|
(676
|
)
|
|
|
(697
|
)
|
|
|
75
|
|
|
|
(11
|
)
|
|
|
96
|
|
|
|
(14
|
)
|
Professional
services
|
|
|
(1,202
|
)
|
|
|
(1,107
|
)
|
|
|
(972
|
)
|
|
|
(95
|
)
|
|
|
9
|
|
|
|
(230
|
)
|
|
|
24
|
|
Maintenance
and repairs…
|
|
|
(347
|
)
|
|
|
(347
|
)
|
|
|
(266
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(81
|
)
|
|
|
30
|
|
Expenses
from the investment fund
|
|
|
(278
|
)
|
|
|
(257
|
)
|
|
|
(571
|
)
|
|
|
(21
|
)
|
|
|
8
|
|
|
|
293
|
|
|
|
(51
|
)
|
Other
operating expenses
|
|
|
(2,126
|
)
|
|
|
(2,247
|
)
|
|
|
(1,891
|
)
|
|
|
121
|
|
|
|
(5
|
)
|
|
|
(235
|
)
|
|
|
12
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(10,032
|
)
|
|
|
(10,043
|
)
|
|
|
(8,622
|
)
|
|
|
11
|
|
|
|
(0
|
)
|
|
|
(1,410
|
)
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
(779
|
)
|
|
$
|
9,776
|
|
|
$
|
10,597
|
|
|
$
|
(10,555
|
)
|
|
|
(108
|
)
|
|
$
|
(11,376
|
)
|
|
|
(107
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,442
|
)
|
|
|
(320
|
)
|
|
|
109
|
|
|
|
(2,122
|
)
|
|
|
663
|
|
|
|
(2,551
|
)
|
|
|
(2,340
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
1,663
|
|
|
$
|
10,096
|
|
|
$
|
10,488
|
|
|
$
|
(8,433
|
)
|
|
|
(84
|
)%
|
|
$
|
(8,825
|
)
|
|
|
(84
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.05
|
|
|
|
0.28
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.05
|
|
|
|
0.28
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,648
|
|
|
|
36,560
|
|
|
|
36,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
|
|
36,808
|
|
|
|
36,715
|
|
|
|
36,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
0.2
|
%
|
|
|
1.1
|
%
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
1.0
|
%
|
|
|
6.1
|
%
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.67
|
%
|
|
|
1.71
|
%
|
|
|
1.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
1.38
|
%
|
|
|
1.37
|
%
|
|
|
1.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.98
|
%
|
|
|
1.06
|
%
|
|
|
0.84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m." means not
meaningful.
|
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
|
|
|
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
EXHIBIT III
|
|
|
FOR THE SIX MONTHS ENDED
|
|
|
|
June 30, 2010
|
|
|
June 30, 2009
|
|
|
|
(In US$ thousand, except per share amounts & ratios)
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
33,483
|
|
|
$
|
32,216
|
|
Fees
and commissions, net
|
|
|
5,178
|
|
|
|
2,901
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4,363
|
|
|
|
(14,268
|
)
|
Derivative
financial instrument and hedging
|
|
|
(1,294
|
)
|
|
|
(921
|
)
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
(94
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(11,843
|
)
|
|
|
16,614
|
|
Net
gain (loss) from trading securities
|
|
|
(1,981
|
)
|
|
|
10,815
|
|
Gain
(loss) on foreign currency exchange
|
|
|
744
|
|
|
|
(375
|
)
|
Other
income (expense), net
|
|
|
188
|
|
|
|
452
|
|
Operating
expenses
|
|
|
(20,074
|
)
|
|
|
(19,767
|
)
|
Net
Income
|
|
$
|
8,997
|
|
|
$
|
27,573
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,762
|
)
|
|
|
378
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
11,759
|
|
|
$
|
27,195
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
521
|
|
|
|
773
|
|
Investment
fund
|
|
|
193
|
|
|
|
166
|
|
Loans,
net
|
|
|
3,015
|
|
|
|
2,587
|
|
Total
assets
|
|
|
4,412
|
|
|
|
4,067
|
|
Deposits
|
|
|
1,507
|
|
|
|
1,261
|
|
Securities
sold under repurchase agreements
|
|
|
246
|
|
|
|
312
|
|
Short-term
borrowings
|
|
|
434
|
|
|
|
598
|
|
Borrowings
and long-term debt
|
|
|
1,370
|
|
|
|
1,128
|
|
Total
liabilities
|
|
|
3,699
|
|
|
|
3,416
|
|
Stockholders'
equity
|
|
|
673
|
|
|
|
643
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.32
|
|
|
|
0.75
|
|
Diluted
earnings per share
|
|
|
0.32
|
|
|
|
0.74
|
|
Book
value (period average)
|
|
|
18.37
|
|
|
|
16.86
|
|
Book
value (period end)
|
|
|
18.35
|
|
|
|
17.61
|
|
|
|
|
|
|
|
|
|
|
(In
thousand):
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,604
|
|
|
|
36,443
|
|
Weighted
average diluted shares
|
|
|
36,776
|
|
|
|
36,567
|
|
Basic
shares period end
|
|
|
36,652
|
|
|
|
36,505
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
0.6
|
%
|
|
|
1.3
|
%
|
Return
on average stockholders' equity
|
|
|
3.5
|
%
|
|
|
8.9
|
%
|
Net
interest margin
|
|
|
1.69
|
%
|
|
|
1.56
|
%
|
Net
interest spread
|
|
|
1.38
|
%
|
|
|
1.04
|
%
|
Operating
expenses to total average assets
|
|
|
1.02
|
%
|
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
1.5
|
%
|
|
|
0.0
|
%
|
Charge
offs to total loan portfolio
(1)
|
|
|
0.1
|
%
|
|
|
0.0
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
2.6
|
%
|
|
|
3.4
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
3.1
|
%
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
15.2
|
%
|
|
|
15.8
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
23.4
|
%
|
|
|
21.1
|
%
|
Total
capital to risk-weighted assets
|
|
|
24.7
|
%
|
|
|
22.4
|
%
|
(1)
Loan
portfolio is presented net of unearned income and deferred loan
fees.
EXHIBIT
IV
CONSOLIDATED
STATEMENTS OF INCOME
|
|
FOR THE SIX MONTHS ENDED,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(A) - (B)
|
|
|
|
|
|
|
June 30, 2010
|
|
|
June 30, 2009
|
|
|
CHANGE
|
|
|
%
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
54,716
|
|
|
$
|
79,285
|
|
|
$
|
(24,569
|
)
|
|
|
(31
|
)%
|
Interest
expense
|
|
|
(21,233
|
)
|
|
|
(47,069
|
)
|
|
|
25,836
|
|
|
|
(55
|
)
|
NET
INTEREST INCOME
|
|
|
33,483
|
|
|
|
32,216
|
|
|
|
1,267
|
|
|
|
4
|
|
Provision
for loan losses
|
|
|
(8,882
|
)
|
|
|
(34,737
|
)
|
|
|
25,855
|
|
|
|
(74
|
)
|
NET
INTEREST INCOME, AFTER REVERSAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(PROVISION)
FOR LOAN LOSSES
|
|
|
24,601
|
|
|
|
(2,521
|
)
|
|
|
27,122
|
|
|
|
(1,076
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
13,245
|
|
|
|
20,469
|
|
|
|
(7,224
|
)
|
|
|
(35
|
)
|
Fees
and commissions, net
|
|
|
5,178
|
|
|
|
2,901
|
|
|
|
2,277
|
|
|
|
78
|
|
Derivative
financial instrument and hedging
|
|
|
(1,294
|
)
|
|
|
(921
|
)
|
|
|
(373
|
)
|
|
|
40
|
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
(94
|
)
|
|
|
327
|
|
|
|
(348
|
)
|
Net
gain from investment fund trading
|
|
|
(11,843
|
)
|
|
|
16,614
|
|
|
|
(28,457
|
)
|
|
|
(171
|
)
|
Net
gain (loss) from trading securities
|
|
|
(1,981
|
)
|
|
|
10,815
|
|
|
|
(12,796
|
)
|
|
|
(118
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
744
|
|
|
|
(375
|
)
|
|
|
1,119
|
|
|
|
(298
|
)
|
Other
income (expense), net
|
|
|
188
|
|
|
|
452
|
|
|
|
(264
|
)
|
|
|
(58
|
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
4,470
|
|
|
|
49,861
|
|
|
|
(45,391
|
)
|
|
|
(91
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(10,887
|
)
|
|
|
(10,417
|
)
|
|
|
(470
|
)
|
|
|
5
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(1,277
|
)
|
|
|
(1,381
|
)
|
|
|
104
|
|
|
|
(8
|
)
|
Professional
services
|
|
|
(2,308
|
)
|
|
|
(1,676
|
)
|
|
|
(632
|
)
|
|
|
38
|
|
Maintenance
and repairs
|
|
|
(694
|
)
|
|
|
(527
|
)
|
|
|
(167
|
)
|
|
|
32
|
|
Expenses
from the investment fund
|
|
|
(535
|
)
|
|
|
(2,119
|
)
|
|
|
1,584
|
|
|
|
(75
|
)
|
Other
operating expenses
|
|
|
(4,373
|
)
|
|
|
(3,647
|
)
|
|
|
(726
|
)
|
|
|
20
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(20,074
|
)
|
|
|
(19,767
|
)
|
|
|
(307
|
)
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
8,997
|
|
|
$
|
27,573
|
|
|
$
|
(18,576
|
)
|
|
|
(67
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,762
|
)
|
|
|
378
|
|
|
|
(3,140
|
)
|
|
|
(831
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income attributable to Bladex
|
|
$
|
11,759
|
|
|
$
|
27,195
|
|
|
$
|
(15,436
|
)
|
|
|
(57
|
)%
|
(*)
"n.m."
means not meaningful.
EXHIBIT
V
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE THREE MONTHS ENDED,
|
|
|
|
June
30, 2010
|
|
|
March
31, 2010
|
|
|
June
30, 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
|
|
$
|
468
|
|
|
$
|
0.2
|
|
|
|
0.20
|
%
|
|
$
|
394
|
|
|
$
|
0.2
|
|
|
|
0.19
|
%
|
|
$
|
685
|
|
|
$
|
0.4
|
|
|
|
0.23
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,912
|
|
|
|
23.5
|
|
|
|
3.20
|
|
|
|
2,717
|
|
|
|
21.7
|
|
|
|
3.20
|
|
|
|
2,543
|
|
|
|
29.8
|
|
|
|
4.64
|
|
Non-accrual
loans
|
|
|
48
|
|
|
|
0.8
|
|
|
|
6.45
|
|
|
|
51
|
|
|
|
1.1
|
|
|
|
8.62
|
|
|
|
0
|
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
51
|
|
|
|
0.8
|
|
|
|
6.13
|
|
|
|
50
|
|
|
|
0.8
|
|
|
|
6.22
|
|
|
|
161
|
|
|
|
3.1
|
|
|
|
7.67
|
|
Investment
securities
|
|
|
464
|
|
|
|
2.0
|
|
|
|
1.70
|
|
|
|
458
|
|
|
|
2.0
|
|
|
|
1.75
|
|
|
|
598
|
|
|
|
4.6
|
|
|
|
3.05
|
|
Investment
fund
|
|
|
198
|
|
|
|
0.4
|
|
|
|
0.73
|
|
|
|
200
|
|
|
|
1.2
|
|
|
|
2.42
|
|
|
|
162
|
|
|
|
0.3
|
|
|
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,140
|
|
|
$
|
27.7
|
|
|
|
2.65
|
%
|
|
$
|
3,869
|
|
|
$
|
27.0
|
|
|
|
2.79
|
%
|
|
$
|
4,150
|
|
|
$
|
38.3
|
|
|
|
3.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
|
|
(74
|
)
|
|
|
|
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,121
|
|
|
|
|
|
|
|
|
|
|
$
|
3,853
|
|
|
|
|
|
|
|
|
|
|
$
|
4,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,395
|
|
|
$
|
1.7
|
|
|
|
0.50
|
%
|
|
$
|
1,316
|
|
|
$
|
2.2
|
|
|
|
0.66
|
%
|
|
$
|
1,206
|
|
|
$
|
3.3
|
|
|
|
1.08
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
11
|
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
fund
|
|
|
0
|
|
|
|
0.3
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.2
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.5
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and Short-term borrowings
|
|
|
506
|
|
|
|
1.3
|
|
|
|
1.04
|
|
|
|
299
|
|
|
|
1.0
|
|
|
|
1.28
|
|
|
|
1,011
|
|
|
|
7.6
|
|
|
|
2.98
|
|
Borrowings
and long term debt
|
|
|
1,380
|
|
|
|
7.1
|
|
|
|
2.04
|
|
|
|
1,394
|
|
|
|
7.4
|
|
|
|
2.13
|
|
|
|
1,154
|
|
|
|
10.0
|
|
|
|
3.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,284
|
|
|
$
|
10.5
|
|
|
|
1.26
|
%
|
|
$
|
3,013
|
|
|
$
|
10.7
|
|
|
|
1.43
|
%
|
|
$
|
3,382
|
|
|
$
|
21.5
|
|
|
|
2.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
|
$
|
130
|
|
|
|
|
|
|
|
|
|
|
$
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,404
|
|
|
|
|
|
|
|
|
|
|
|
3,143
|
|
|
|
|
|
|
|
|
|
|
|
3,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
675
|
|
|
|
|
|
|
|
|
|
|
|
670
|
|
|
|
|
|
|
|
|
|
|
|
635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,121
|
|
|
|
|
|
|
|
|
|
|
$
|
3,853
|
|
|
|
|
|
|
|
|
|
|
$
|
4,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
|
|
|
|
1.37
|
%
|
|
|
|
|
|
|
|
|
|
|
1.14
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
17.2
|
|
|
|
1.67
|
%
|
|
|
|
|
|
$
|
16.3
|
|
|
|
1.71
|
%
|
|
|
|
|
|
$
|
16.8
|
|
|
|
1.62
|
%
|
(*)
|
"n.m."
means not meaningful.
|
EXHIBIT
VI
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE SIX MONTHS ENDED,
|
|
|
|
June
30, 2010
|
|
|
June
30, 2009
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits with banks
|
|
$
|
431
|
|
|
$
|
0.4
|
|
|
|
0.20
|
%
|
|
$
|
707
|
|
|
$
|
0.8
|
|
|
|
0.21
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
2,815
|
|
|
|
45.3
|
|
|
|
3.20
|
|
|
|
2,588
|
|
|
|
62.4
|
|
|
|
4.80
|
|
Non-accrual
loans
|
|
|
49
|
|
|
|
1.9
|
|
|
|
7.56
|
|
|
|
0
|
|
|
|
0.0
|
|
|
n.m.
|
(*)
|
Trading
assets
|
|
|
50
|
|
|
|
1.6
|
|
|
|
6.17
|
|
|
|
105
|
|
|
|
3.7
|
|
|
|
6.91
|
|
Investment
securities
|
|
|
461
|
|
|
|
4.0
|
|
|
|
1.72
|
|
|
|
600
|
|
|
|
11.3
|
|
|
|
3.76
|
|
Investment
fund
|
|
|
199
|
|
|
|
1.6
|
|
|
|
1.57
|
|
|
|
158
|
|
|
|
1.1
|
|
|
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,006
|
|
|
$
|
54.7
|
|
|
|
2.72
|
%
|
|
$
|
4,159
|
|
|
$
|
79.3
|
|
|
|
3.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
3,988
|
|
|
|
|
|
|
|
|
|
|
$
|
4,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,355
|
|
|
$
|
3.9
|
|
|
|
0.58
|
%
|
|
$
|
1,203
|
|
|
$
|
6.4
|
|
|
|
1.06
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
12
|
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
fund
|
|
|
0
|
|
|
|
0.5
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
1.4
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and Short-term borrowings
|
|
|
403
|
|
|
|
2.3
|
|
|
|
1.13
|
|
|
|
1,019
|
|
|
|
16.3
|
|
|
|
3.17
|
|
Borrowings
and long term debt
|
|
|
1,387
|
|
|
|
14.5
|
|
|
|
2.08
|
|
|
|
1,162
|
|
|
|
23.0
|
|
|
|
3.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,149
|
|
|
$
|
21.2
|
|
|
|
1.34
|
%
|
|
$
|
3,396
|
|
|
$
|
47.1
|
|
|
|
2.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
125
|
|
|
|
|
|
|
|
|
|
|
$
|
135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,274
|
|
|
|
|
|
|
|
|
|
|
|
3,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
673
|
|
|
|
|
|
|
|
|
|
|
|
614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
3,988
|
|
|
|
|
|
|
|
|
|
|
$
|
4,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
|
|
|
|
1.04
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
33.5
|
|
|
|
1.69
|
%
|
|
|
|
|
|
$
|
32.2
|
|
|
|
1.56
|
%
|
(*)
|
"n.m."
means not meaningful.
|
EXHIBIT
VII
CONSOLIDATED
STATEMENT OF INCOME
(In US$
thousand, except per share amounts and ratios)
|
|
SIX
MONTHS
|
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
SIX
MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
JUN
30/10
|
|
|
JUN
30/10
|
|
|
MAR
31/10
|
|
|
DEC
31/09
|
|
|
SEP
30/09
|
|
|
JUN
30/09
|
|
|
JUN
30/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
54,716
|
|
|
$
|
27,697
|
|
|
$
|
27,019
|
|
|
$
|
28,256
|
|
|
$
|
34,423
|
|
|
$
|
38,252
|
|
|
$
|
79,285
|
|
Interest
expense
|
|
|
(21,233
|
)
|
|
|
(10,500
|
)
|
|
|
(10,733
|
)
|
|
|
(13,073
|
)
|
|
|
(17,070
|
)
|
|
|
(21,464
|
)
|
|
|
(47,069
|
)
|
NET
INTEREST INCOME
|
|
|
33,483
|
|
|
|
17,197
|
|
|
|
16,286
|
|
|
|
15,183
|
|
|
|
17,353
|
|
|
|
16,788
|
|
|
|
32,216
|
|
Reversal
(provision) for loan losses
|
|
|
(8,882
|
)
|
|
|
(8,723
|
)
|
|
|
(159
|
)
|
|
|
16,063
|
|
|
|
380
|
|
|
|
(8,905
|
)
|
|
|
(34,737
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME (LOSS) AFTER REVERSAL (PROVISION) FOR LOAN
LOSSES
|
|
|
24,601
|
|
|
|
8,474
|
|
|
|
16,127
|
|
|
|
31,246
|
|
|
|
17,733
|
|
|
|
7,883
|
|
|
|
(2,521
|
)
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
13,245
|
|
|
|
9,618
|
|
|
|
3,626
|
|
|
|
(15,456
|
)
|
|
|
(1,549
|
)
|
|
|
(177
|
)
|
|
|
20,469
|
|
Fees
and commissions, net
|
|
|
5,178
|
|
|
|
2,797
|
|
|
|
2,382
|
|
|
|
2,369
|
|
|
|
1,463
|
|
|
|
734
|
|
|
|
2,901
|
|
Derivative
financial instrument and hedging
|
|
|
(1,294
|
)
|
|
|
(340
|
)
|
|
|
(953
|
)
|
|
|
(507
|
)
|
|
|
(1,105
|
)
|
|
|
(2,591
|
)
|
|
|
(921
|
)
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
0
|
|
|
|
233
|
|
|
|
(27
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(94
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(11,843
|
)
|
|
|
(10,343
|
)
|
|
|
(1,500
|
)
|
|
|
2,906
|
|
|
|
5,478
|
|
|
|
4,918
|
|
|
|
16,614
|
|
Net
gain (loss) from trading securities
|
|
|
(1,981
|
)
|
|
|
(502
|
)
|
|
|
(1,479
|
)
|
|
|
(638
|
)
|
|
|
2,936
|
|
|
|
7,653
|
|
|
|
10,815
|
|
Net
gains on sale of securities available-for-sale
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
546
|
|
|
|
0
|
|
|
|
0
|
|
Gain
(loss) on foreign currency exchange
|
|
|
744
|
|
|
|
(568
|
)
|
|
|
1,312
|
|
|
|
1,830
|
|
|
|
(843
|
)
|
|
|
705
|
|
|
|
(375
|
)
|
Other
income (expense), net
|
|
|
188
|
|
|
|
117
|
|
|
|
71
|
|
|
|
322
|
|
|
|
138
|
|
|
|
93
|
|
|
|
452
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
4,470
|
|
|
|
779
|
|
|
|
3,692
|
|
|
|
(9,201
|
)
|
|
|
7,064
|
|
|
|
11,336
|
|
|
|
49,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES:
|
|
|
(20,074
|
)
|
|
|
(10,032
|
)
|
|
|
(10,043
|
)
|
|
|
(9,897
|
)
|
|
|
(8,537
|
)
|
|
|
(8,622
|
)
|
|
|
(19,767
|
)
|
Net
Income
|
|
$
|
8,997
|
|
|
$
|
(779
|
)
|
|
$
|
9,776
|
|
|
$
|
12,148
|
|
|
$
|
16,260
|
|
|
$
|
10,597
|
|
|
$
|
27,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,762
|
)
|
|
|
(2,442
|
)
|
|
|
(320
|
)
|
|
|
233
|
|
|
|
507
|
|
|
|
109
|
|
|
|
378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
11,759
|
|
|
$
|
1,663
|
|
|
$
|
10,096
|
|
|
$
|
11,915
|
|
|
$
|
15,753
|
|
|
$
|
10,488
|
|
|
$
|
27,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$
|
0.32
|
|
|
$
|
0.05
|
|
|
$
|
0.28
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
0.29
|
|
|
$
|
0.75
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
0.6
|
%
|
|
|
0.2
|
%
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
|
|
1.6
|
%
|
|
|
1.0
|
%
|
|
|
1.3
|
%
|
Return
on average stockholders' equity
|
|
|
3.5
|
%
|
|
|
1.0
|
%
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
|
|
9.5
|
%
|
|
|
6.6
|
%
|
|
|
8.9
|
%
|
Net
interest margin
|
|
|
1.69
|
%
|
|
|
1.67
|
%
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.76
|
%
|
|
|
1.62
|
%
|
|
|
1.56
|
%
|
Net
interest spread
|
|
|
1.38
|
%
|
|
|
1.38
|
%
|
|
|
1.37
|
%
|
|
|
1.18
|
%
|
|
|
1.28
|
%
|
|
|
1.14
|
%
|
|
|
1.04
|
%
|
Operating
expenses to average assets
|
|
|
1.02
|
%
|
|
|
0.98
|
%
|
|
|
1.06
|
%
|
|
|
1.05
|
%
|
|
|
0.88
|
%
|
|
|
0.84
|
%
|
|
|
0.96
|
%
|
EXHIBIT
VIII
BUSINESS
SEGMENT ANALYSIS
(In US$
million)
|
|
FOR
THE SIX MONTHS ENDED
|
|
|
FOR
THE THREE MONTHS ENDED
|
|
|
|
JUN
30/10
|
|
|
JUN
30/09
|
|
|
JUN
30/10
|
|
|
MAR
31/10
|
|
|
JUN
30/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
32.2
|
|
|
$
|
33.9
|
|
|
$
|
17.0
|
|
|
$
|
15.2
|
|
|
$
|
17.0
|
|
Non-interest
operating income
(2)
|
|
|
4.9
|
|
|
|
3.3
|
|
|
|
2.7
|
|
|
|
2.2
|
|
|
|
0.8
|
|
Operating expenses
(3)
|
|
|
(13.7
|
)
|
|
|
(11.8
|
)
|
|
|
(6.7
|
)
|
|
|
(6.8
|
)
|
|
|
(5.1
|
)
|
Net operating income
(4)
|
|
|
23.4
|
|
|
|
25.4
|
|
|
|
13.0
|
|
|
|
10.6
|
|
|
|
12.7
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.4
|
|
|
|
(14.3
|
)
|
|
|
0.9
|
|
|
|
3.5
|
|
|
|
(9.1
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
0.0
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
28.0
|
|
|
$
|
11.0
|
|
|
$
|
13.9
|
|
|
$
|
14.3
|
|
|
$
|
3.6
|
|
Average
interest-earning assets
(5)
|
|
|
2,864
|
|
|
|
2,588
|
|
|
|
2,960
|
|
|
|
2,768
|
|
|
|
2,543
|
|
End-of-period
interest-earning assets
(5)
|
|
|
3,096
|
|
|
|
2,677
|
|
|
|
3,096
|
|
|
|
2,932
|
|
|
|
2,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
(1)
|
|
$
|
1.1
|
|
|
$
|
0.3
|
|
|
$
|
0.6
|
|
|
$
|
0.5
|
|
|
$
|
0.8
|
|
Non-interest
operating income (loss)
(2)
|
|
|
(2.4
|
)
|
|
|
9.6
|
|
|
|
(1.4
|
)
|
|
|
(1.1
|
)
|
|
|
5.8
|
|
Operating expenses
(3)
|
|
|
(4.2
|
)
|
|
|
(4.5
|
)
|
|
|
(2.0
|
)
|
|
|
(2.2
|
)
|
|
|
(2.2
|
)
|
Net operating income
(loss)
(4)
|
|
|
(5.5
|
)
|
|
|
5.4
|
|
|
|
(2.8
|
)
|
|
|
(2.8
|
)
|
|
|
4.4
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
(5.5
|
)
|
|
$
|
5.4
|
|
|
$
|
(2.8
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
4.4
|
|
Average
interest-earning assets
(6)
|
|
|
942
|
|
|
|
1,412
|
|
|
|
982
|
|
|
|
902
|
|
|
|
1,444
|
|
End-of-period
interest-earning assets
(6)
|
|
|
1,140
|
|
|
|
1,257
|
|
|
|
1,140
|
|
|
|
857
|
|
|
|
1,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
(1)
|
|
$
|
0.2
|
|
|
$
|
(2.0
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
0.6
|
|
|
$
|
(1.0
|
)
|
Non-interest
operating income (loss)
(2)
|
|
|
(11.4
|
)
|
|
|
16.6
|
|
|
|
(10.1
|
)
|
|
|
(1.3
|
)
|
|
|
4.9
|
|
Operating expenses
(3)
|
|
|
(2.3
|
)
|
|
|
(3.5
|
)
|
|
|
(1.3
|
)
|
|
|
(1.0
|
)
|
|
|
(1.3
|
)
|
Net operating income
(loss)
(4)
|
|
|
(13.5
|
)
|
|
|
11.1
|
|
|
|
(11.8
|
)
|
|
|
(1.7
|
)
|
|
|
2.6
|
|
Net
income (loss)
|
|
|
(13.5
|
)
|
|
|
11.1
|
|
|
|
(11.8
|
)
|
|
|
(1.7
|
)
|
|
|
2.6
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.8
|
)
|
|
|
0.4
|
|
|
|
(2.4
|
)
|
|
|
(0.3
|
)
|
|
|
0.1
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
(10.7
|
)
|
|
$
|
10.7
|
|
|
$
|
(9.4
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
2.5
|
|
Average
interest-earning assets
(7)
|
|
|
199
|
|
|
|
158
|
|
|
|
198
|
|
|
|
200
|
|
|
|
162
|
|
End-of-period
interest-earning assets
(7)
|
|
|
193
|
|
|
|
166
|
|
|
|
193
|
|
|
|
205
|
|
|
|
166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
33.5
|
|
|
$
|
32.2
|
|
|
$
|
17.2
|
|
|
$
|
16.3
|
|
|
$
|
16.8
|
|
Non-interest
operating income (loss)
(2)
|
|
|
(8.9
|
)
|
|
|
29.5
|
|
|
|
(8.8
|
)
|
|
|
(0.2
|
)
|
|
|
11.5
|
|
Operating expenses
(3)
|
|
|
(20.2
|
)
|
|
|
(19.8
|
)
|
|
|
(10.0
|
)
|
|
|
(10.0
|
)
|
|
|
(8.6
|
)
|
Net operating income
(4)
|
|
|
4.4
|
|
|
|
41.9
|
|
|
|
(1.6
|
)
|
|
|
6.1
|
|
|
|
19.7
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.4
|
|
|
|
(14.3
|
)
|
|
|
0.9
|
|
|
|
3.5
|
|
|
|
(9.1
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
0.0
|
|
Net
income
|
|
|
9.0
|
|
|
|
27.6
|
|
|
|
(0.7
|
)
|
|
|
9.8
|
|
|
|
10.6
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.8
|
)
|
|
|
0.4
|
|
|
|
(2.4
|
)
|
|
|
(0.3
|
)
|
|
|
0.1
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
11.8
|
|
|
$
|
27.2
|
|
|
$
|
1.7
|
|
|
$
|
10.1
|
|
|
$
|
10.5
|
|
Average
interest-earning assets
|
|
|
4,006
|
|
|
|
4,159
|
|
|
|
4,140
|
|
|
|
3,869
|
|
|
|
4,150
|
|
End-of-period
interest-earning assets
|
|
|
4,429
|
|
|
|
4,100
|
|
|
|
4,429
|
|
|
|
3,994
|
|
|
|
4,100
|
|
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)
|
|
|
|
|
|
|
|
|
|
30JUN10
|
|
|
31MAR10
|
|
|
30JUN09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
204
|
|
|
|
5.0
|
|
|
$
|
187
|
|
|
|
5.0
|
|
|
$
|
139
|
|
|
|
3.8
|
|
|
$
|
17
|
|
|
$
|
65
|
|
BRAZIL
|
|
|
1,473
|
|
|
|
36.2
|
|
|
|
1,526
|
|
|
|
40.7
|
|
|
|
1,516
|
|
|
|
41.7
|
|
|
|
(53
|
)
|
|
|
(42
|
)
|
CHILE
|
|
|
279
|
|
|
|
6.8
|
|
|
|
281
|
|
|
|
7.5
|
|
|
|
99
|
|
|
|
2.7
|
|
|
|
(3
|
)
|
|
|
180
|
|
COLOMBIA
|
|
|
496
|
|
|
|
12.2
|
|
|
|
337
|
|
|
|
9.0
|
|
|
|
439
|
|
|
|
12.1
|
|
|
|
159
|
|
|
|
57
|
|
COSTA
RICA
|
|
|
133
|
|
|
|
3.3
|
|
|
|
107
|
|
|
|
2.8
|
|
|
|
137
|
|
|
|
3.8
|
|
|
|
27
|
|
|
|
(4
|
)
|
DOMINICAN
REPUBLIC
|
|
|
80
|
|
|
|
2.0
|
|
|
|
75
|
|
|
|
2.0
|
|
|
|
24
|
|
|
|
0.7
|
|
|
|
5
|
|
|
|
56
|
|
ECUADOR
|
|
|
109
|
|
|
|
2.7
|
|
|
|
93
|
|
|
|
2.5
|
|
|
|
70
|
|
|
|
1.9
|
|
|
|
16
|
|
|
|
40
|
|
EL
SALVADOR
|
|
|
34
|
|
|
|
0.8
|
|
|
|
48
|
|
|
|
1.3
|
|
|
|
122
|
|
|
|
3.4
|
|
|
|
(15
|
)
|
|
|
(88
|
)
|
FRANCE
|
|
|
22
|
|
|
|
0.5
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
22
|
|
|
|
22
|
|
GUATEMALA
|
|
|
91
|
|
|
|
2.2
|
|
|
|
71
|
|
|
|
1.9
|
|
|
|
127
|
|
|
|
3.5
|
|
|
|
20
|
|
|
|
(36
|
)
|
HONDURAS
|
|
|
28
|
|
|
|
0.7
|
|
|
|
27
|
|
|
|
0.7
|
|
|
|
21
|
|
|
|
0.6
|
|
|
|
1
|
|
|
|
7
|
|
JAMAICA
|
|
|
18
|
|
|
|
0.4
|
|
|
|
32
|
|
|
|
0.9
|
|
|
|
23
|
|
|
|
0.6
|
|
|
|
(14
|
)
|
|
|
(5
|
)
|
MEXICO
|
|
|
387
|
|
|
|
9.5
|
|
|
|
390
|
|
|
|
10.4
|
|
|
|
442
|
|
|
|
12.2
|
|
|
|
(3
|
)
|
|
|
(55
|
)
|
NETHERLANDS
|
|
|
150
|
|
|
|
3.7
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
150
|
|
|
|
150
|
|
PANAMA
|
|
|
121
|
|
|
|
3.0
|
|
|
|
97
|
|
|
|
2.6
|
|
|
|
185
|
|
|
|
5.1
|
|
|
|
24
|
|
|
|
(64
|
)
|
PERU
|
|
|
244
|
|
|
|
6.0
|
|
|
|
245
|
|
|
|
6.5
|
|
|
|
64
|
|
|
|
1.8
|
|
|
|
(0
|
)
|
|
|
180
|
|
TRINIDAD
& TOBAGO
|
|
|
39
|
|
|
|
0.9
|
|
|
|
56
|
|
|
|
1.5
|
|
|
|
59
|
|
|
|
1.6
|
|
|
|
(18
|
)
|
|
|
(20
|
)
|
UNITED
STATES
|
|
|
19
|
|
|
|
0.5
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
36
|
|
|
|
1.0
|
|
|
|
19
|
|
|
|
(17
|
)
|
URUGUAY
|
|
|
3
|
|
|
|
0.1
|
|
|
|
36
|
|
|
|
1.0
|
|
|
|
74
|
|
|
|
2.0
|
|
|
|
(33
|
)
|
|
|
(70
|
)
|
VENEZUELA
|
|
|
84
|
|
|
|
2.1
|
|
|
|
94
|
|
|
|
2.5
|
|
|
|
8
|
|
|
|
0.2
|
|
|
|
(10
|
)
|
|
|
76
|
|
OTHER
|
|
|
58
|
|
|
|
1.4
|
|
|
|
51
|
|
|
|
1.4
|
|
|
|
48
|
|
|
|
1.3
|
|
|
|
6
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT
PORTFOLIO
(1)
|
|
$
|
4,071
|
|
|
|
100
|
%
|
|
$
|
3,753
|
|
|
|
100
|
%
|
|
$
|
3,631
|
|
|
|
100
|
%
|
|
$
|
318
|
|
|
$
|
440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(1
|
)
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED
INCOME AND
COMMISSION
|
|
$
|
4,067
|
|
|
|
|
|
|
$
|
3,750
|
|
|
|
|
|
|
$
|
3,627
|
|
|
|
|
|
|
$
|
317
|
|
|
$
|
440
|
|
(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)
|
|
|
|
|
|
|
|
|
|
30JUN10
|
|
|
31MAR10
|
|
|
30JUN09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) -
(B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
204
|
|
|
|
5.8
|
|
|
$
|
187
|
|
|
|
5.8
|
|
|
$
|
139
|
|
|
|
4.9
|
|
|
$
|
17
|
|
|
$
|
65
|
|
BRAZIL
|
|
|
1,346
|
|
|
|
37.9
|
|
|
|
1,399
|
|
|
|
43.2
|
|
|
|
1,354
|
|
|
|
47.4
|
|
|
|
(53
|
)
|
|
|
(8
|
)
|
CHILE
|
|
|
251
|
|
|
|
7.1
|
|
|
|
254
|
|
|
|
7.8
|
|
|
|
73
|
|
|
|
2.5
|
|
|
|
(3
|
)
|
|
|
178
|
|
COLOMBIA
|
|
|
342
|
|
|
|
9.6
|
|
|
|
194
|
|
|
|
6.0
|
|
|
|
251
|
|
|
|
8.8
|
|
|
|
147
|
|
|
|
91
|
|
COSTA
RICA
|
|
|
133
|
|
|
|
3.8
|
|
|
|
107
|
|
|
|
3.3
|
|
|
|
119
|
|
|
|
4.2
|
|
|
|
27
|
|
|
|
14
|
|
DOMINICAN
REPUBLIC
|
|
|
75
|
|
|
|
2.1
|
|
|
|
70
|
|
|
|
2.2
|
|
|
|
16
|
|
|
|
0.6
|
|
|
|
5
|
|
|
|
59
|
|
ECUADOR
|
|
|
109
|
|
|
|
3.1
|
|
|
|
93
|
|
|
|
2.9
|
|
|
|
70
|
|
|
|
2.4
|
|
|
|
16
|
|
|
|
40
|
|
EL
SALVADOR
|
|
|
18
|
|
|
|
0.5
|
|
|
|
32
|
|
|
|
1.0
|
|
|
|
67
|
|
|
|
2.3
|
|
|
|
(14
|
)
|
|
|
(49
|
)
|
FRANCE
|
|
|
22
|
|
|
|
0.6
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
22
|
|
|
|
22
|
|
GUATEMALA
|
|
|
80
|
|
|
|
2.2
|
|
|
|
60
|
|
|
|
1.8
|
|
|
|
85
|
|
|
|
3.0
|
|
|
|
20
|
|
|
|
(5
|
)
|
HONDURAS
|
|
|
28
|
|
|
|
0.8
|
|
|
|
27
|
|
|
|
0.8
|
|
|
|
21
|
|
|
|
0.7
|
|
|
|
1
|
|
|
|
7
|
|
JAMAICA
|
|
|
18
|
|
|
|
0.5
|
|
|
|
32
|
|
|
|
1.0
|
|
|
|
23
|
|
|
|
0.8
|
|
|
|
(14
|
)
|
|
|
(5
|
)
|
MEXICO
|
|
|
329
|
|
|
|
9.3
|
|
|
|
332
|
|
|
|
10.2
|
|
|
|
345
|
|
|
|
12.1
|
|
|
|
(3
|
)
|
|
|
(16
|
)
|
NETHERLANDS
|
|
|
150
|
|
|
|
4.2
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
150
|
|
|
|
150
|
|
PANAMA
|
|
|
77
|
|
|
|
2.2
|
|
|
|
53
|
|
|
|
1.6
|
|
|
|
91
|
|
|
|
3.2
|
|
|
|
24
|
|
|
|
(14
|
)
|
PERU
|
|
|
213
|
|
|
|
6.0
|
|
|
|
214
|
|
|
|
6.6
|
|
|
|
35
|
|
|
|
1.2
|
|
|
|
(1
|
)
|
|
|
178
|
|
TRINIDAD
& TOBAGO
|
|
|
39
|
|
|
|
1.1
|
|
|
|
56
|
|
|
|
1.7
|
|
|
|
59
|
|
|
|
2.1
|
|
|
|
(18
|
)
|
|
|
(20
|
)
|
UNITED
STATES
|
|
|
19
|
|
|
|
0.5
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
26
|
|
|
|
0.9
|
|
|
|
19
|
|
|
|
(7
|
)
|
URUGUAY
|
|
|
3
|
|
|
|
0.1
|
|
|
|
36
|
|
|
|
1.1
|
|
|
|
74
|
|
|
|
2.6
|
|
|
|
(33
|
)
|
|
|
(70
|
)
|
VENEZUELA
|
|
|
84
|
|
|
|
2.4
|
|
|
|
94
|
|
|
|
2.9
|
|
|
|
8
|
|
|
|
0.3
|
|
|
|
(10
|
)
|
|
|
76
|
|
OTHER
|
|
|
7
|
|
|
|
0.2
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
6
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO
(1)
|
|
$
|
3,547
|
|
|
|
100
|
%
|
|
$
|
3,241
|
|
|
|
100
|
%
|
|
$
|
2,856
|
|
|
|
100
|
%
|
|
$
|
306
|
|
|
$
|
691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(1
|
)
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF
UNEARNED INCOME AND
COMMISSION
|
|
$
|
3,543
|
|
|
|
|
|
|
$
|
3,238
|
|
|
|
|
|
|
$
|
2,852
|
|
|
|
|
|
|
$
|
305
|
|
|
$
|
692
|
|
(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
|
|
30JUN10
|
|
|
31MAR10
|
|
|
30JUN09
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
127
|
|
|
$
|
128
|
|
|
$
|
162
|
|
|
|
0
|
|
|
$
|
(34
|
)
|
CHILE
|
|
|
28
|
|
|
|
28
|
|
|
|
26
|
|
|
|
0
|
|
|
|
2
|
|
COLOMBIA
|
|
|
154
|
|
|
|
142
|
|
|
|
188
|
|
|
|
12
|
|
|
|
(33
|
)
|
COSTA
RICA
|
|
|
0
|
|
|
|
0
|
|
|
|
18
|
|
|
|
0
|
|
|
|
(18
|
)
|
DOMINICAN
REPUBLIC
|
|
|
5
|
|
|
|
5
|
|
|
|
8
|
|
|
|
0
|
|
|
|
(3
|
)
|
EL
SALVADOR
|
|
|
16
|
|
|
|
16
|
|
|
|
55
|
|
|
|
0
|
|
|
|
(39
|
)
|
GUATEMALA
|
|
|
11
|
|
|
|
11
|
|
|
|
43
|
|
|
|
0
|
|
|
|
(31
|
)
|
MEXICO
|
|
|
58
|
|
|
|
58
|
|
|
|
97
|
|
|
|
0
|
|
|
|
(39
|
)
|
PANAMA
|
|
|
44
|
|
|
|
43
|
|
|
|
94
|
|
|
|
0
|
|
|
|
(50
|
)
|
PERU
|
|
|
31
|
|
|
|
30
|
|
|
|
29
|
|
|
|
0
|
|
|
|
2
|
|
OTHER
|
|
|
50
|
|
|
|
50
|
|
|
|
57
|
|
|
|
0
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
TREASURY PORTOFOLIO
(1)
|
|
$
|
524
|
|
|
$
|
511
|
|
|
$
|
775
|
|
|
$
|
12
|
|
|
$
|
(252
|
)
|
(1)
|
Includes
securities available for sale and held to maturity, 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
|
|
2QTR10
|
|
|
1QTR10
|
|
|
2QTR09
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
60
|
|
|
$
|
132
|
|
|
$
|
77
|
|
|
$
|
(72
|
)
|
|
$
|
(17
|
)
|
BRAZIL
|
|
|
370
|
|
|
|
280
|
|
|
|
291
|
|
|
|
90
|
|
|
|
79
|
|
CHILE
|
|
|
20
|
|
|
|
52
|
|
|
|
65
|
|
|
|
(32
|
)
|
|
|
(45
|
)
|
COLOMBIA
|
|
|
264
|
|
|
|
78
|
|
|
|
10
|
|
|
|
186
|
|
|
|
254
|
|
COSTA
RICA
|
|
|
85
|
|
|
|
106
|
|
|
|
95
|
|
|
|
(21
|
)
|
|
|
(9
|
)
|
DOMINICAN
REPUBLIC
|
|
|
39
|
|
|
|
92
|
|
|
|
1
|
|
|
|
(53
|
)
|
|
|
38
|
|
ECUADOR
|
|
|
70
|
|
|
|
120
|
|
|
|
67
|
|
|
|
(50
|
)
|
|
|
3
|
|
EL
SALVADOR
|
|
|
11
|
|
|
|
5
|
|
|
|
13
|
|
|
|
7
|
|
|
|
(1
|
)
|
FRANCE
|
|
|
22
|
|
|
|
0
|
|
|
|
0
|
|
|
|
22
|
|
|
|
22
|
|
GUATEMALA
|
|
|
46
|
|
|
|
33
|
|
|
|
48
|
|
|
|
13
|
|
|
|
(2
|
)
|
HONDURAS
|
|
|
19
|
|
|
|
20
|
|
|
|
20
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
JAMAICA
|
|
|
37
|
|
|
|
50
|
|
|
|
22
|
|
|
|
(13
|
)
|
|
|
16
|
|
MEXICO
|
|
|
66
|
|
|
|
27
|
|
|
|
89
|
|
|
|
39
|
|
|
|
(23
|
)
|
NETHERLANDS
|
|
|
150
|
|
|
|
0
|
|
|
|
0
|
|
|
|
150
|
|
|
|
150
|
|
PANAMA
|
|
|
61
|
|
|
|
35
|
|
|
|
42
|
|
|
|
26
|
|
|
|
18
|
|
PERU
|
|
|
107
|
|
|
|
109
|
|
|
|
53
|
|
|
|
(1
|
)
|
|
|
55
|
|
TRINIDAD
& TOBAGO
|
|
|
42
|
|
|
|
36
|
|
|
|
60
|
|
|
|
6
|
|
|
|
(18
|
)
|
UNITED
STATES
|
|
|
19
|
|
|
|
0
|
|
|
|
10
|
|
|
|
19
|
|
|
|
9
|
|
URUGUAY
|
|
|
0
|
|
|
|
2
|
|
|
|
34
|
|
|
|
(2
|
)
|
|
|
(34
|
)
|
VENEZUELA
|
|
|
84
|
|
|
|
77
|
|
|
|
3
|
|
|
|
7
|
|
|
|
80
|
|
OTHER
|
|
|
1
|
|
|
|
1
|
|
|
|
27
|
|
|
|
0
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
(1)
|
|
$
|
1,572
|
|
|
$
|
1,254
|
|
|
$
|
1,025
|
|
|
$
|
318
|
|
|
$
|
547
|
|
(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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