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.
October
13, 2010
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FOREIGN
TRADE BANK OF LATIN AMERICA, INC.
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By:
/s/ Pedro Toll
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Name:
Pedro Toll
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Title: General
Manager
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BLADEX
REPORTS THIRD QUARTER 2010 NET INCOME OF $15.0 MILLION; $0.41
PER
SHARE.
PANAMA CITY, October 12, 2010
– Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the
Bank”) announced today its results for the third quarter ended September 30,
2010.
Third
Quarter Business Highlights
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·
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Net
Income
(*)
for the third quarter 2010 amounted to $15.0 million, compared to $1.7
million in the second quarter 2010, and $15.8 million in the third quarter
2009. 93% of the Bank’s Net Income was the result of the
Commercial Division’s strong quarterly performance, contributing Net
Income of $13.9
million.
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During
the quarter, the Commercial Portfolio grew $607 million, or 17%, to reach
a balance of approximately $4.2 billion. Year-on-year, the
Commercial Portfolio has grown $1.3 billion, or
44%.
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Net
interest income in the third quarter 2010 was $20.0 million, a 16%
increase over the previous period. Fees and commissions
amounted to $2.0 million, a decrease of $0.8 million compared to the
previous quarter. On a year-to-date-basis, fees and commissions
have grown 66%, amounting to $7.2
million.
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Net
interest margin stood at 1.73% in the third quarter 2010, compared to
1.67% in the previous quarter, and 1.76% in the third quarter
2009.
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With
the Bank´s portfolio growth driven mainly by demand from established
banking and corporate clients, portfolio quality continued to improve, as
non-accrual loans declined 27% compared to the previous quarter to $33
million.
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The
Asset Management Unit reported Net Income of $2.6 million in the third
quarter 2010, compa
red to a Net Loss of
$9.4 million in the second quarter 2010, and Net Income of $2.8 million in
the third quarter 2009. T
he gain in the third quarter
2010 was mainly related to gains on investments in the Investment
Fund.
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The
Bank’s Tier 1 capital ratio as of September 30, 2010 was 20.6%, compared
to 23.4% as of June 30, 2010, and 24.6% as of September 30, 2009, while
the leverage ratio as of these dates was 7.1x, 6.6x, and 5.6x,
respectively.
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(*)
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:
"Solid as this quarter's results were, Bladex is particularly encouraged
by the underlying trends, which support the Bank’s overriding objective of
increasing profitability through balance sheet growth and higher income levels
in the core business.
The
Commercial Portfolio’s 17% growth in the quarter and 44% growth over the last
year is a reflection of both the strength of the Region's trade flows recovery,
and crucially, Bladex's ability to leverage an increasing share of this business
across a variety of industries throughout the Region. During the
third quarter, Bladex experienced a 50% expansion of loan disbursements in both
the corporate and financial institution segments, with total disbursements
exceeding $1.7 billion. Loan disbursements in Bladex’s new middle
market corporate segment, though still small in absolute terms, grew at an
impressive 76% to $109 million. Due to rapid portfolio growth mainly
fueled by segments and companies familiar to Bladex, credit quality has remained
sound as the portfolio expands. Bladex firmly believes that
supporting this kind of quality growth is the best manner in which to deploy the
Bank’s capital.
On the
liability side of the business, the 23% quarterly growth in deposit balances
drove the total to $1.9 billion, the highest level on record, and 52% higher
than a year ago, providing the Bank with an attractively priced funding source,
which has largely offset thinner lending spreads that have come with improving
risk levels.
While
down in the third quarter, commission income is 66% above the total of a year
ago, a growing trend that Bladex expects to continue, fueled by the Bank’s
expanding client base.
Results
in the Asset Management Unit have improved, and are now largely in-line with the
historical track record since the Unit initiated operations 4 years ago. As
explained below, the Unit has taken measures to reduce the volatility of Bladex
Capital Growth Fund. Bladex remains committed to the Asset Management business
in light of what it views as the Bank’s competitive
advantages.
As a
combined result of these trends, the $15.0 million in quarterly Net Income was
of high quality and well-diversified in nature, reflective of the composition
that the Bank seeks as it steadily expands its business. The Bank's increased
dividend announced today is meant to allow shareholders to share in Bladex’s
growth as the Bank continues executing its strategy.”, Mr. Rivera
concluded.
RESULTS
BY BUSINESS SEGMENT
COMMERCIAL
DIVISION
The
Commercial Division
incorporates the Bank’s core business of financial intermediation and fee
generation activities. Net Income includes net interest income from
loans, fee income, net allocated operating expenses, the reversal (provision)
for loan and off-balance sheet credit losses, and any impairment on assets.
(US$ million)
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9M10
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9M09
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3Q10
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2Q10
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3Q09
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Commercial
Division:
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Net
interest income
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$
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51.3
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$
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50.7
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$
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19.1
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$
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17.0
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$
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16.7
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Non-interest
operating income
(1)
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7.0
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4.8
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2.1
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2.7
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1.6
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Net
operating revenues
(2)
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58.3
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55.5
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21.2
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19.7
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18.3
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Operating
expenses
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(20.8
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)
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(17.1
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)
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(7.2
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)
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(6.7
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)
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(5.3
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)
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Net
operating income
(3)
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37.5
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38.4
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14.0
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13.0
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13.0
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Reversal
(provision) for loan and off-balance sheet credit losses,
net
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4.3
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(15.4
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)
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(0.1
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)
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0.9
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(1.2
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)
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Impairment
of assets, net of recoveries
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0.2
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(0.1
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)
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0.0
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0.0
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0.0
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Net Income
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$
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42.0
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$
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22.9
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$
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13.9
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$
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13.9
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$
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11.8
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The
Commercial Division continued to accelerate portfolio growth in the third
quarter as market demand strengthened, reaching $4.2 billion in period-end
balances, a 17% increase from the previous quarter and a 44% increase from the
third quarter 2009.
3Q10 vs.
2Q10
The
Division’s Net Income in the third quarter 2010 amounted to $13.9 million, the
same level as the second quarter 2010. Net Operating Income in the
third quarter 2010 amounted to $14.0 million, compared to $13.0 million in the
second quarter 2010. The $1.0 million quarterly increase in operating
income was the result of the combined effects of: (i) a $2.1 million
increase in net interest income due to higher average loan portfolio balances
(+17%), mainly driven by greater demand from large corporations, (ii) a $0.6
million decrease in non-interest operating income, mostly attributable to
decreased commission income from letter of credit transactions, and (iii) a $0.5
million increase in operating expenses as two new offices initiated
operations.
3Q10 vs.
3Q09
The
Division’s Net Income in the third quarter 2010 increased $2.1 million compared
to the third quarter 2009, mainly as a result of improved credit quality, and
thus, decreased reserve requirements. Net Operating Income increased
$1.0 million compared to the third quarter 2009, mainly due to a 14% increase in
net interest income, and a 31% increase in non-interest income from fees and
commissions, both partially offset by increased operating expenses related to
the deployment of a larger sales force and new offices. The effects
of a greater average portfolio base on net interest income were partially offset
by a year-on-year decline in market interest rates.
9M10 vs.
9M09
The
Division’s cumulated Net Income in the first nine months in 2010 increased $19.1
million (+83%) versus the same period in 2009, mainly as a result of lower
credit reserve requirements as portfolio quality improved, and higher net
interest income and non-interest operating income from increased commercial
portfolio balances were both partially offset by higher operating
expenses.
The
Division’s Net Operating Income declined $0.9 million versus the first nine
months ended September 30, 2009 as a result of: (i) a $0.6 million increase in
net interest income mostly attributable to the income effects of higher average
loan portfolio balances (+20%), (ii) a $2.2 million increase in commissions and
fees from letters of credit and guarantees, and (iii) a $3.7 million increase in
operating expenses as the Division expanded its sales force and local presence
in various markets.
The
following graph illustrates the trend in weighted average lending spreads as
liquidity and credit quality stabilize following the 2008/2009 financial
crisis:
The
Commercial Portfolio includes the book value of loans, acceptances, and
contingencies (including letters of credit, stand-by letters of credit, and
guarantees covering commercial and country risks and credit
commitments). The Bank’s Commercial Portfolio balance reached $4.2
billion as of September 30, 2010, a 17% increase over the balance as of June 30,
2010, and 44% above the balance as of September 30, 2009. The
increase was largely attributable to increased demand from the Bank´s
established client base of financial institutions and large
corporations. During the third quarter 2010, the Bank disbursed
nearly $1.8 billion in new loans, an increase of $0.6 billion, (+54%), compared
to the previous quarter. $109 million in disbursements were made to the middle
market segment, representing a 76% increase over the previous
quarter.
The
following graph presents the average commercial portfolio outstanding, as of the
following periods:
On an
average basis, the Commercial Portfolio increased 16% in the third quarter 2010
compared to the previous quarter, and 39% from the third quarter
2009.
The
Commercial Portfolio continues to be mainly short-term and trade-related in
nature. $3.0 billion, or 71%, of the commercial portfolio matures
within one year. Trade financing operations represent 57% of the portfolio,
while the remaining balance consists primarily of lending to banks and
exporters. Refer to Exhibit X for information relating to the Bank’s
Commercial Portfolio distribution by country and Exhibit XII for the Bank’s
distribution of credit disbursements by country.
TREASURY
DIVISION
The
Treasury Division
incorporates the Bank’s
liquidity management and investment securities activities. Net Income
is presented net of allocated operating expenses, and includes net interest
income on Treasury activities and net other income (loss) relating to Treasury
activities
(12)
.
(US$ million)
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9M10
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9M09
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3Q10
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2Q10
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3Q09
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Treasury
Division:
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Net
interest income
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$
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2.1
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$
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1.6
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$
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1.1
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$
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0.6
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$
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1.3
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Non-interest
operating income (loss)
(1)
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(2.8
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)
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11.2
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(0.4
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)
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(1.4
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)
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1.6
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Net
operating revenues
(2)
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(0.7
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)
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12.8
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|
0.7
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(0.8
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)
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2.9
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|
Operating
expenses
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|
(6.4
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)
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|
(6.2
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)
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(2.2
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)
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(2.0
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)
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(1.7
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)
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Net
operating income (loss)
(3,
12)
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|
(7.1
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)
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6.6
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(1.5
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)
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(2.8
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)
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1.2
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Net Income (Loss)
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$
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(7.1
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)
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$
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6.6
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$
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(1.5
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)
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$
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(2.8
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)
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$
|
1.2
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The Bank
has returned to historical liquidity levels. Liquid assets
(8)
decreased to $336 million as of September 30, 2010, following large
disbursements in the quarter, compared to $593 million as of June 30, 2010, and
$431 million as of September 30, 2009.
The
Trading Portfolio as of September 30, 2010 stood at $51 million, the same level
as of June 30, 2010, and compared to $50 million as of September 30,
2009.
The
Securities Available for Sale Portfolio as of September 30, 2010 amounted to
$527 million, compared to $457 million as of June 30, 2010, and $461 million as
of September 30, 2009. The Available for Sale Portfolio as of
September 30, 2010 consisted entirely of readily quoted Latin American
securities, 81% 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 ($5) million in the third quarter 2010, compared to ($11) million
in the second quarter 2010, as increased market valuations of the Securities
Portfolio were partially offset by lower valuations of hedging instruments
associated with the securities.
Funding
costs continued to improve as weighted average funding costs for the third
quarter 2010 amounted to 1.22%, a decrease of 4 bps, or 3%, compared to the
second quarter 2010, and a decrease of 94 bps, or 44%, compared to the third
quarter 2009. Period-end deposit balances increased 23% over the
previous quarter, and 52% year-on-year, to reach $1.9 billion, the highest level
on record. Borrowings and securities sold under repurchase agreements
increased 5% over the third quarter 2010 to $2.2 billion, a 28% year-on-year
increase.
3Q10 vs.
2Q10
In the
third quarter 2010, the Treasury Division posted a Net Loss of $1.5 million,
compared to a Net Loss of $2.8 million in the second quarter
2010. Third quarter net operating revenues were $1.5 million higher
compared to the second quarter, mainly due to higher net interest income from
increased average portfolio balances, and the improved net effect of valuations
of trading securities, foreign currency exposures and related hedging
instruments.
3Q10 vs.
3Q09
The
Treasury Division posted a Net Loss of $1.5 million in the third quarter 2010
compared to Net Income of $1.2 million in the third quarter 2009 due to a $2.0
million decrease in non-interest operating income as a result of gains from the
sale of securities realized in 2009, a $0.2 million decrease in net interest
income from lower average securities portfolio balances, and a $0.5 million
increase in operating expenses.
9M10 vs.
9M09
The
Treasury Division reported a Net Loss of $7.1 million during the first nine
months of 2010, compared to $6.6 million in Net Income during the same period
2009. The $13.7 million decrease in this period was primarily driven
by a variance in non-interest operating income mainly attributable to a
year-on-year reduction in gains on trading securities.
ASSET
MANAGEMENT UNIT
The Asset
Management Unit
incorporates the Bank’s
asset management activities.
The Unit’s Investment Fund
follows primarily a Latin America macro strategy, utilizing a combination of
products (foreign exchange, equity indices, interest rate swaps, and sovereign
credit products) to establish long and short positions in the
markets.
The
Unit’s Net Income includes net interest income on the Investment Fund, as well
as net gains (losses) from investments, other related income (loss), allocated
operating expenses, and the Net Income attributable to redeemable
non-controlling interest.
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|
9M10
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|
|
|
9M09
|
|
|
|
3Q10
|
|
|
|
2Q10
|
|
|
|
3Q09
|
|
Asset
Management Unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income (loss)
|
|
$
|
0.1
|
|
|
$
|
(2.7
|
)
|
|
$
|
(0.2
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)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.7
|
)
|
Non-interest
operating income (loss)
(1)
|
|
|
(7.2
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)
|
|
|
22.1
|
|
|
|
4.3
|
|
|
|
(10.1
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)
|
|
|
5.5
|
|
Net
operating revenues
(2)
|
|
|
(7.1
|
)
|
|
|
19.4
|
|
|
|
4.1
|
|
|
|
(10.5
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)
|
|
|
4.8
|
|
Operating
expenses
|
|
|
(3.2
|
)
|
|
|
(5.0
|
)
|
|
|
(1.0
|
)
|
|
|
(1.3
|
)
|
|
|
(1.5
|
)
|
Net
operating income (loss)
(3)
|
|
|
(10.3
|
)
|
|
|
14.4
|
|
|
|
3.1
|
|
|
|
(11.8
|
)
|
|
|
3.3
|
|
Net
income (loss)
|
|
|
(10.3
|
)
|
|
|
14.4
|
|
|
|
3.1
|
|
|
|
(11.8
|
)
|
|
|
3.3
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.3
|
)
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
(2.4
|
)
|
|
|
0.5
|
|
Net Income (Loss)
|
|
$
|
(8.0
|
)
|
|
$
|
13.5
|
|
|
$
|
2.6
|
|
|
$
|
(9.4
|
)
|
|
$
|
2.8
|
|
3Q10 vs.
2Q10
The Asset
Management Unit recorded Net Income in the third quarter 2010 of $2.6 million,
compared to a Net Loss of $9.4 million in the second quarter 2010. The $12.0
million quarterly increase was mainly due to a $14.4 million increase in
non-interest operating income attributable to gains from investments in the
Investment Fund, partially offset by net income attributable to redeemable
non-controlling interest.
3Q10 vs.
3Q09
The Unit
posted Net Income of $2.6 million in the third quarter 2010, compared to $2.8
million in Net Income in the third quarter 2009 as a result of lower gains from
investments in the Investment Fund.
9M10 vs.
9M09
The Unit
posted a Net Loss during the first nine months 2010 of $8.0 million compared to
Net Income of $13.5 million in the first nine months 2009. The $21.5
million year-over-year variance was due to the combined effects
of: (i) a $2.8 million increase in net interest income, (ii) a $29.3
million decrease in non-interest operating income attributable to losses from
investments in the Investment Fund, (iii) a $1.8 million decrease in operating
expenses from lower provisions for variable compensation tied to the performance
of the Investment Fund.
As of
September 30, 2010, the Investment Fund’s asset value totaled $181 million,
compared to $193 million as of June 30, 2010 and $189 million as of September
30, 2009. For the same dates, Bladex’s ownership of the Bladex
Offshore Feeder Fund was 85.82% as of September 30, 2010, compared to 78.79% as
of June 30, 2010, and 85.53% as of September 30, 2009, respectively, with
remaining balances owned by third party investors.
Bladex
considers its asset management subsidiary important for its long-term strategy.
The plan for marketing the Fund to potential investors benefits from natural
synergies at Bladex, as well as the Bank’s long standing relationships with
institutional investors throughout the world. The Asset Management
Unit has reviewed the Investment Fund´s risk parameters with a goal of reducing
volatility. Bladex is comfortable with its investment levels of
approximately $150 million and will redeem any gains above that level going
forward.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
The
following table illustrates the consolidated results of operations of the Bank
for the periods indicated below:
(US$
million, except percentages and per share
amounts)
|
|
|
9M10
|
|
|
|
9M09
|
|
|
|
3Q10
|
|
|
|
2Q10
|
|
|
|
3Q09
|
|
Net
Interest Income
|
|
$
|
53.5
|
|
|
$
|
49.6
|
|
|
$
|
20.0
|
|
|
$
|
17.2
|
|
|
$
|
17.4
|
|
Net
Operating Income (Loss) by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
37.5
|
|
|
$
|
38.4
|
|
|
$
|
14.0
|
|
|
$
|
13.0
|
|
|
$
|
13.0
|
|
Treasury
Division
|
|
$
|
(7.1
|
)
|
|
$
|
6.6
|
|
|
$
|
(1.5
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
1.2
|
|
Asset
Management Unit
|
|
$
|
(10.3
|
)
|
|
$
|
14.4
|
|
|
$
|
3.1
|
|
|
$
|
(11.8
|
)
|
|
$
|
3.3
|
|
Net
Operating Income (loss)
|
|
$
|
20.1
|
|
|
$
|
59.3
|
|
|
$
|
15.6
|
|
|
$
|
(1.6
|
)
|
|
$
|
17.5
|
|
Net
income (loss)
|
|
$
|
24.6
|
|
|
$
|
43.8
|
|
|
$
|
15.5
|
|
|
$
|
(0.7
|
)
|
|
$
|
16.3
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
$
|
(2.3
|
)
|
|
$
|
0.9
|
|
|
$
|
0.5
|
|
|
$
|
(2.4
|
)
|
|
$
|
0.5
|
|
Net
Income attributable to Bladex
|
|
$
|
26.9
|
|
|
$
|
42.9
|
|
|
$
|
15.0
|
|
|
$
|
1.7
|
|
|
$
|
15.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Share
(5)
|
|
$
|
0.73
|
|
|
$
|
1.18
|
|
|
$
|
0.41
|
|
|
$
|
0.05
|
|
|
$
|
0.43
|
|
Book
Value per common share (period end)
|
|
$
|
18.77
|
|
|
$
|
18.23
|
|
|
$
|
18.77
|
|
|
$
|
18.35
|
|
|
$
|
18.23
|
|
Return
on Average Equity (“ROE”)
|
|
|
5.3
|
%
|
|
|
9.1
|
%
|
|
|
8.7
|
%
|
|
|
1.0
|
%
|
|
|
9.5
|
%
|
Operating Return on
Average Equity ("Operating ROE")
(6)
|
|
|
3.9
|
%
|
|
|
12.6
|
%
|
|
|
9.0
|
%
|
|
|
-1.0
|
%
|
|
|
10.6
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
0.9
|
%
|
|
|
1.4
|
%
|
|
|
1.3
|
%
|
|
|
0.2
|
%
|
|
|
1.6
|
%
|
Net
Interest Margin
|
|
|
1.70
|
%
|
|
|
1.63
|
%
|
|
|
1.73
|
%
|
|
|
1.67
|
%
|
|
|
1.76
|
%
|
Efficiency Ratio
(7)
|
|
|
60
|
%
|
|
|
32
|
%
|
|
|
40
|
%
|
|
|
120
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets / Total
Assets
(8)
|
|
|
6.9
|
%
|
|
|
11.6
|
%
|
|
|
6.9
|
%
|
|
|
13.5
|
%
|
|
|
11.6
|
%
|
Liquid
Assets / Total Deposits
|
|
|
18.1
|
%
|
|
|
35.3
|
%
|
|
|
18.1
|
%
|
|
|
39.4
|
%
|
|
|
35.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
0.9
|
%
|
|
|
1.4
|
%
|
|
|
0.9
|
%
|
|
|
1.5
|
%
|
|
|
1.4
|
%
|
Allowance
for Credit Losses to Commercial Portfolio
|
|
|
2.3
|
%
|
|
|
3.5
|
%
|
|
|
2.3
|
%
|
|
|
2.7
|
%
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
4,861
|
|
|
$
|
3,723
|
|
|
$
|
4,861
|
|
|
$
|
4,412
|
|
|
$
|
3,723
|
|
NET
INTEREST INCOME AND MARGINS
(US$ million, except
percentages)
|
|
|
9M10
|
|
|
|
9M09
|
|
|
|
3Q10
|
|
|
|
2Q10
|
|
|
|
3Q09
|
|
Net
Interest Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
51.3
|
|
|
$
|
50.7
|
|
|
$
|
19.1
|
|
|
$
|
17.0
|
|
|
$
|
16.7
|
|
Treasury
Division
|
|
|
2.1
|
|
|
|
1.6
|
|
|
|
1.1
|
|
|
|
0.6
|
|
|
|
1.3
|
|
Asset
Management Unit
|
|
|
0.1
|
|
|
|
(2.7
|
)
|
|
|
(0.2
|
)
|
|
|
(0.4
|
)
|
|
|
(0.7
|
)
|
Consolidated
|
|
$
|
53.5
|
|
|
$
|
49.6
|
|
|
$
|
20.0
|
|
|
$
|
17.2
|
|
|
$
|
17.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin
*
|
|
|
1.70
|
%
|
|
|
1.63
|
%
|
|
|
1.73
|
%
|
|
|
1.67
|
%
|
|
|
1.76
|
%
|
* Net
interest income divided by average balance of interest-earning
assets.
Net
interest margin stood at 1.73% in the third quarter 2010, compared to 1.67% in
the second quarter 2010, and 1.76% in the third quarter 2009.
3Q10 vs.
2Q10
In the
third quarter 2010, net interest income amounted to $20.0 million, an increase
of $2.8 million, or 16%, compared to $17.2 million in the second quarter
2010. The quarterly increase primarily reflects:
|
(i)
|
Higher
average interest earning assets balances, primarily average loan portfolio
balances, which increased $506 million, or 17%, compared to the second
quarter 2010, which resulted in an overall increase of $4.1 million in
interest income, partially offset by a $0.1 million increase in interest
expense, due to higher average balances in deposits, borrowings and
placements.
|
|
(ii)
|
Lower
average interest rates for the Bank’s loans and liabilities, which
resulted in a $1.2 million decrease in net interest income. The
average yield paid on interest-bearing liabilities decreased 4 bps to
1.22% during the quarter, while the average yield on interest-earning
assets increased 5 bps to 2.70% compared to the second quarter 2010,
mainly attributable to average yield increases in liquid assets and
securities.
|
3Q10 vs.
3Q09
Net
interest income when compared to the third quarter 2009, increased $2.6 million,
or 15%. This increase reflects primarily the following:
|
(i)
|
Higher
average interest earning assets balances, primarily average loan portfolio
balances, which increased $964 million, or 39%, compared to the third
quarter 2009, resulted in an increase of $6.1 million in interest
income. Average volumes of interest bearing liabilities
increased $629 million, resulting in a $0.9 million decrease in net
interest income.
|
|
(ii)
|
A
$2.6 million decrease in net interest income as result of the combined
effects of a 75 bps reduction in average yield on interest-earning assets,
partially offset by a 94 bps decrease in average yield paid on
interest-bearing liabilities, both mostly attributable to lower interbank
market
rates.
|
9M10 vs.
9M09
Net
interest income amounted to $53.5 million in the first nine months 2010,
compared to $49.6 million during the first nine months 2009. The $3.9
million, or 8%, increase of net interest income during the period primarily
reflects:
|
(i)
|
Higher
average interest earning assets balances, primarily average loan portfolio
balances, which resulted in a $8.9 million overall increase in interest
income, partially offset by a $0.5 million increase in interest expense
associated with an increase in average interest bearing liability
balances.
|
|
(ii)
|
Lower
average interest rates on the Bank’s assets and liabilities, which
resulted in a $4.5 million decrease in net interest income. The
average yield paid on interest-bearing liabilities decreased 128 bps to
1.29% during the first nine months 2010, while the average yield on
interest-earning assets decreased 97 bps during the same
period.
|
Net
interest margin stood at 1.70% in the first nine months 2010, compared to 1.63%
in the first nine months 2009.
FEES
AND COMMISSIONS
(US$
million)
|
|
|
9M10
|
|
|
|
9M09
|
|
|
|
3Q10
|
|
|
|
2Q10
|
|
|
|
3Q09
|
|
Letters
of credit
|
|
$
|
6.4
|
|
|
$
|
3.2
|
|
|
$
|
1.7
|
|
|
$
|
2.5
|
|
|
$
|
1.2
|
|
Guarantees
|
|
|
0.1
|
|
|
|
0.9
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.2
|
|
Loans
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.0
|
|
Third
party investor (BAM)
|
|
|
0.4
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.0
|
|
Other*
|
|
|
0.1
|
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Fees
and Commissions, net
|
|
$
|
7.2
|
|
|
$
|
4.5
|
|
|
$
|
2.0
|
|
|
$
|
2.8
|
|
|
$
|
1.5
|
|
*
Net of commission expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and
commissions amounted to $2.0 million in the third quarter 2010, $0.8 million
lower than the second quarter 2010, and $0.6 million higher compared to the
third quarter 2009. The quarterly decrease in the third quarter 2010
was mostly in the letter of credit business.
The $0.6
million increase in commission income from the letter of credit business in the
third quarter 2010 compared to the third quarter 2009 was mainly the result of
an increase in average letter of credit balances as general trade activity grew
in a more favorable economic environment.
During
the first nine months 2010, commission income amounted to $7.2 million, compared
$4.5 million in the first nine months 2009, mainly as a result of increased
letter of credit business.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
(In US$ million)
|
|
30-Sep-09
|
|
|
31-Dec-09
|
|
|
31-Mar-10
|
|
|
30-Jun-10
|
|
|
30-Sep-10
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
90.2
|
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
|
$
|
81.3
|
|
Provisions
(reversals)
|
|
|
(0.4
|
)
|
|
|
(16.1
|
)
|
|
|
0.1
|
|
|
|
8.7
|
|
|
|
(12.6
|
)
|
Recoveries,
net of charge-offs
|
|
|
0.0
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
(1.4
|
)
|
|
|
(0.0
|
)
|
End
of period balance
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
|
$
|
81.3
|
|
|
$
|
68.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
10.3
|
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
|
$
|
14.0
|
|
Provisions
(reversals)
|
|
|
1.5
|
|
|
|
15.5
|
|
|
|
(3.7
|
)
|
|
|
(9.6
|
)
|
|
|
12.7
|
|
End
of period balance
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
|
$
|
14.0
|
|
|
$
|
26.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance for Credit
Losses
|
|
$
|
101.7
|
|
|
$
|
101.0
|
|
|
$
|
97.6
|
|
|
$
|
95.3
|
|
|
$
|
95.4
|
|
The
increase in provisions for loan and off-balance sheet credit losses during the
quarter resulted from increased allowances due to commercial portfolio growth,
largely offset by lower reserve requirements related to an improving risk
profile.
As of
September 30, 2010, the non-accrual portfolio amounted to $32.9 million,
compared to $45.3 million as of June 30, 2010, and $35.8 million as of September
30, 2009.
The ratio
of the allowance for credit losses to the Commercial Portfolio stood at 2.3% as
of September 30, 2010, compared to 2.7% as of June 30, 2010, and 3.5% as of
September 30, 2009, while the non-accruing loans to loan portfolio ratio stood
at 0.9%, 1.5%, and 1.4%, respectively, as of these dates.
OPERATING
EXPENSES
(US$ million)
|
|
|
9M10
|
|
|
|
9M09
|
|
|
|
3Q10
|
|
|
|
2Q10
|
|
|
|
3Q09
|
|
Salaries
and other employee expenses
|
|
$
|
16.4
|
|
|
$
|
15.1
|
|
|
$
|
5.5
|
|
|
$
|
5.5
|
|
|
$
|
4.7
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
1.9
|
|
|
|
2.0
|
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
0.6
|
|
Professional
services
|
|
|
4.0
|
|
|
|
2.4
|
|
|
|
1.7
|
|
|
|
1.2
|
|
|
|
0.8
|
|
Maintenance
and repairs
|
|
|
1.1
|
|
|
|
0.8
|
|
|
|
0.4
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Expenses
from the investment fund
|
|
|
0.7
|
|
|
|
2.7
|
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
0.6
|
|
Other
operating expenses
|
|
|
6.3
|
|
|
|
5.3
|
|
|
|
1.9
|
|
|
|
2.1
|
|
|
|
1.6
|
|
Total Operating Expenses
|
|
$
|
30.4
|
|
|
$
|
28.3
|
|
|
$
|
10.4
|
|
|
$
|
10.0
|
|
|
$
|
8.5
|
|
Quarterly
Variation
Operating
expenses in the third quarter 2010 totaled $10.4 million, a $0.4 million, or 3%,
increase from the second quarter 2010, and an increase of $1.8 million, or 21%,
with respect to the third quarter 2009. The year-on-year increase was
mostly attributable to increased salary and other employee expenses associated
with a higher average employee headcount in the Commercial Division and in the
risk management area, and expenses related to the initiation of operations at
the Bank’s new offices in Porto Alegre, Brazil and Monterrey, Mexico, as well as
higher professional fees related to capital market issuance
programs. During the third quarter 2010, the operating expenses to
average assets ratio improved 7 basis points to 0.91%, compared to 0.98% in the
previous quarter.
9M10 vs.
9M09
During
the first nine months 2010, operating expenses amounted to $30.4 million,
compared to $28.3 million during the same period 2009. The $2.1
million, or 8%, increase in operating expenses during this period was
attributable to the net effect of higher salary and other employee expenses
associated with higher average headcount and professional fees associated with
the expansion of the Commercial Division and the risk management area, partially
offset by lower performance–related expenses from the Investment
Fund.
The
Bank’s efficiency ratio as of September 30, 2010 was 60%, compared to 32% as of
September 30, 2009, mainly as the result of a $37.3 million decrease in net
operating revenues in the Asset Management Unit and Treasury Division during the
period.
As of
September 30, 2010, the Bank’s operating expenses to average assets ratio stood
at 0.91%, compared to 0.93% as of September 30, 2009.
CAPITAL
RATIOS AND CAPITAL MANAGEMENT
The
following graphs illustrate the trends in Net Income and Return on Average
Stockholders’ Equity and Tier 1 Capital and ROA evolution for the periods
indicated:
The
following table shows capital amounts and ratios at the dates
indicated:
|
|
|
9M10
|
|
|
|
9M09
|
|
|
|
3Q10
|
|
|
|
2Q10
|
|
|
|
3Q09
|
|
Tier
1 Capital
(9)
|
|
$
|
690
|
|
|
$
|
671
|
|
|
$
|
690
|
|
|
$
|
680
|
|
|
$
|
671
|
|
Total
Capital
(10)
|
|
$
|
732
|
|
|
$
|
706
|
|
|
$
|
732
|
|
|
$
|
716
|
|
|
$
|
706
|
|
Risk-Weighted
Assets
|
|
$
|
3,352
|
|
|
$
|
2,732
|
|
|
$
|
3,352
|
|
|
$
|
2,899
|
|
|
$
|
2,732
|
|
Tier
1 Capital Ratio
|
|
|
20.6
|
%
|
|
|
24.6
|
%
|
|
|
20.6
|
%
|
|
|
23.4
|
%
|
|
|
24.6
|
%
|
Total
Capital Ratio
|
|
|
21.8
|
%
|
|
|
25.8
|
%
|
|
|
21.8
|
%
|
|
|
24.7
|
%
|
|
|
25.8
|
%
|
Stockholders’
Equity
|
|
$
|
689
|
|
|
$
|
666
|
|
|
$
|
689
|
|
|
$
|
673
|
|
|
$
|
666
|
|
Stockholders’
Equity to Total Assets
|
|
|
14.2
|
%
|
|
|
17.9
|
%
|
|
|
14.2
|
%
|
|
|
15.2
|
%
|
|
|
17.9
|
%
|
Other
Comprehensive Income Account ("OCI")
|
|
$
|
(5
|
)
|
|
$
|
(9
|
)
|
|
$
|
(5
|
)
|
|
$
|
(11
|
)
|
|
$
|
(9
|
)
|
Leverage (times)
(11)
|
|
|
7.1
|
|
|
|
5.6
|
|
|
|
7.1
|
|
|
|
6.6
|
|
|
|
5.6
|
|
As of
September 30, 2010, the Bank’s Tier 1 capital ratio amounted to 20.6% compared
to 23.4% as of September 30, 2010 and 24.6% as of September 30, 2009. The
reduction in the Bank’s Tier 1 Capital ratio was due to the $452 million
increase in risk-weighted assets in the quarter. The Bank’s leverage
stood at 7.1x, 6.6x, and 5.6x, respectively, as of these dates.
The
Bank’s common shares outstanding amounted to 36.7 million as of September 30,
2010 compared to same amount as of June 30, 2010.
During
the Board of Directors’ meeting of October 12, 2010, the Bank’s Board reaffirmed
its commitment to a dividend policy that reflects the Bank´s growing core
business. In line with this policy, a quarterly common dividend of $0.17 per
share related to the third quarter 2010 was declared. The dividend is
payable on November 1, 2010 to stockholders registered as of October 22,
2010.
OTHER
EVENTS
§
|
“Bladex Day” event at the New
York Stock Exchange Euronext (“NYSE”):
Bladex will host
its Third Quarter 2010 (3Q10) Conference Call during the “Bladex Day”
event at the NYSE on Wednesday, October 13, 2010. “Bladex Day”
will be held from 12:00pm to 2:00pm (New York City time) Eastern time,
with the 3Q10 Conference Call commencing at 12:30pm. The event
will feature presentations by senior members of the Bank, followed by a
Q&A session.
|
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 Unit: 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.
|
|
(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)
|
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.
|
|
(9)
|
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.
|
|
(10)
|
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.
|
|
(11)
|
Leverage
corresponds to assets divided by stockholders’
equity.
|
|
(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 Unit, the
improvement in the financial and performance strength of the Bank and the
progress the Bank is making. These forward-looking statements
reflect the expectations of the Bank’s management and are based on
currently available data; however, actual experience with respect to these
factors is subject to future events and uncertainties, which could
materially impact the Bank’s expectations. Among the factors
that can cause actual performance and results to differ materially are as
follows: the anticipated growth of the Bank’s credit portfolio; the
continuation of the Bank’s preferred creditor status; the impact of
increasing/decreasing interest rates and of the macroeconomic environment
in the Region on the Bank’s financial condition; the execution of the
Bank’s strategies and initiatives, including its revenue diversification
strategy; the adequacy of the Bank’s allowance for credit losses; the need
for additional provisions for credit losses; the Bank’s ability to achieve
future growth, to reduce its liquidity levels and increase its leverage;
the Bank’s ability to maintain its investment-grade credit ratings; the
availability and mix of future sources of funding for the Bank’s lending
operations; potential trading losses; the possibility of fraud; and the
adequacy of the Bank’s sources of liquidity to replace deposit
withdrawals.
|
|
About
Bladex
Bladex is
a supranational bank originally established by the Central Banks of Latin
American and Caribbean countries to support trade finance in the
Region. Based in Panama, its shareholders include central banks and
state-owned entities in 23 countries in the Region, as well as Latin American
and international commercial banks, along with institutional and retail
investors. Through September 30, 2010, Bladex had disbursed
accumulated credits of approximately $167 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Wednesday,
October 13, 2010 at 12:30 p.m. New York City time (Eastern Time). For
those interested in participating, please dial (800) 311-9401 in the United
States or, if outside the United States, (334) 323-7224. Participants
should use conference ID# 8034, and dial in five minutes before the call is set
to begin. There will also be a live audio web cast of the conference at
http://www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through December 13,
2010. Please dial (877) 919-4059 or (334) 323-7226, and follow the
instructions. The conference ID# for the replayed call is
44126421. For more information, please access http://
www.bladex.com
or contact:
Mr.
Christopher Schech
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
Panama
City, Panama
Tel:
(507) 210-8630
E-mail
address: cschech@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82 Wall
Street, Suite 805, New York, NY 10005
Tel:
(212) 406-3694
E-mail
address:
bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A)
- (B)
|
|
|
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
September
30, 2010
|
|
|
June
30, 2010
|
|
|
September
30, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
363
|
|
|
$
|
620
|
|
|
$
|
460
|
|
|
$
|
(257
|
)
|
|
|
(41
|
)%
|
|
$
|
(97
|
)
|
|
|
(21
|
)%
|
Trading
assets
|
|
|
51
|
|
|
|
51
|
|
|
|
50
|
|
|
|
0
|
|
|
|
0
|
|
|
|
1
|
|
|
|
2
|
|
Securities
available-for-sale
|
|
|
527
|
|
|
|
457
|
|
|
|
461
|
|
|
|
70
|
|
|
|
15
|
|
|
|
66
|
|
|
|
14
|
|
Securities
held-to-maturity
|
|
|
20
|
|
|
|
13
|
|
|
|
0
|
|
|
|
7
|
|
|
|
54
|
|
|
|
20
|
|
|
n.m.
|
(*)
|
Investment
fund
|
|
|
181
|
|
|
|
193
|
|
|
|
189
|
|
|
|
(12
|
)
|
|
|
(6
|
)
|
|
|
(8
|
)
|
|
|
(4
|
)
|
Loans
|
|
|
3,747
|
|
|
|
3,100
|
|
|
|
2,608
|
|
|
|
647
|
|
|
|
21
|
|
|
|
1,139
|
|
|
|
44
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(69
|
)
|
|
|
(81
|
)
|
|
|
(90
|
)
|
|
|
12
|
|
|
|
(15
|
)
|
|
|
21
|
|
|
|
(23
|
)
|
Unearned
income and deferred fees
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
|
(5
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
1
|
|
|
|
(20
|
)
|
Loans,
net
|
|
|
3,674
|
|
|
|
3,015
|
|
|
|
2,513
|
|
|
|
659
|
|
|
|
22
|
|
|
|
1,161
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
0
|
|
|
|
20
|
|
|
|
5
|
|
|
|
(20
|
)
|
|
|
(100
|
)
|
|
|
(5
|
)
|
|
|
(100
|
)
|
Premises
and equipment, net
|
|
|
7
|
|
|
|
7
|
|
|
|
7
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Accrued
interest receivable
|
|
|
26
|
|
|
|
27
|
|
|
|
25
|
|
|
|
(1
|
)
|
|
|
(4
|
)
|
|
|
1
|
|
|
|
4
|
|
Derivative
financial instruments used for hedging - receivable
|
|
|
3
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
|
200
|
|
|
|
2
|
|
|
|
200
|
|
Other
assets
|
|
|
10
|
|
|
|
10
|
|
|
|
11
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,861
|
|
|
$
|
4,412
|
|
|
$
|
3,723
|
|
|
$
|
449
|
|
|
|
10
|
%
|
|
$
|
1,138
|
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
29
|
|
|
$
|
23
|
|
|
$
|
36
|
|
|
$
|
6
|
|
|
|
26
|
%
|
|
$
|
(7
|
)
|
|
|
(19
|
)%
|
Time
|
|
|
1,831
|
|
|
|
1,484
|
|
|
|
1,186
|
|
|
|
347
|
|
|
|
23
|
|
|
|
645
|
|
|
|
54
|
|
Total
Deposits
|
|
|
1,861
|
|
|
|
1,507
|
|
|
|
1,221
|
|
|
|
354
|
|
|
|
23
|
|
|
|
640
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
5
|
|
|
|
4
|
|
|
|
3
|
|
|
|
1
|
|
|
|
25
|
|
|
|
2
|
|
|
|
67
|
|
Securities
sold under repurchase agreements
|
|
|
338
|
|
|
|
246
|
|
|
|
86
|
|
|
|
92
|
|
|
|
37
|
|
|
|
252
|
|
|
|
293
|
|
Short-term
borrowings
|
|
|
790
|
|
|
|
434
|
|
|
|
306
|
|
|
|
356
|
|
|
|
82
|
|
|
|
484
|
|
|
|
158
|
|
Borrowings
and long-term debt
|
|
|
1,028
|
|
|
|
1,370
|
|
|
|
1,298
|
|
|
|
(342
|
)
|
|
|
(25
|
)
|
|
|
(270
|
)
|
|
|
(21
|
)
|
Acceptances
outstanding
|
|
|
0
|
|
|
|
20
|
|
|
|
5
|
|
|
|
(20
|
)
|
|
|
(100
|
)
|
|
|
(5
|
)
|
|
|
(100
|
)
|
Accrued
interest payable
|
|
|
9
|
|
|
|
8
|
|
|
|
13
|
|
|
|
1
|
|
|
|
13
|
|
|
|
(4
|
)
|
|
|
(31
|
)
|
Derivative
financial instruments used for hedging - payable
|
|
|
70
|
|
|
|
73
|
|
|
|
70
|
|
|
|
(3
|
)
|
|
|
(4
|
)
|
|
|
0
|
|
|
|
0
|
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
27
|
|
|
|
14
|
|
|
|
12
|
|
|
|
13
|
|
|
|
93
|
|
|
|
15
|
|
|
|
125
|
|
Other
liabilities
|
|
|
18
|
|
|
|
24
|
|
|
|
15
|
|
|
|
(6
|
)
|
|
|
(25
|
)
|
|
|
3
|
|
|
|
20
|
|
TOTAL
LIABILITIES
|
|
$
|
4,146
|
|
|
$
|
3,699
|
|
|
$
|
3,030
|
|
|
$
|
447
|
|
|
|
12
|
%
|
|
$
|
1,116
|
|
|
|
37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
26
|
|
|
|
41
|
|
|
|
27
|
|
|
|
(15
|
)
|
|
|
(37
|
)
|
|
|
(1
|
)
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
134
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Capital
reserves
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained
earnings
|
|
|
312
|
|
|
|
302
|
|
|
|
295
|
|
|
|
10
|
|
|
|
3
|
|
|
|
17
|
|
|
|
6
|
|
Accumulated
other comprehensive loss
|
|
|
(5
|
)
|
|
|
(11
|
)
|
|
|
(9
|
)
|
|
|
6
|
|
|
|
(55
|
)
|
|
|
4
|
|
|
|
(44
|
)
|
Treasury
stock
|
|
|
(126
|
)
|
|
|
(127
|
)
|
|
|
(130
|
)
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
4
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
689
|
|
|
$
|
673
|
|
|
$
|
666
|
|
|
$
|
16
|
|
|
|
2
|
%
|
|
$
|
23
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY.
|
|
$
|
4,861
|
|
|
$
|
4,412
|
|
|
$
|
3,723
|
|
|
$
|
449
|
|
|
|
10
|
%
|
|
$
|
1,138
|
|
|
|
31
|
%
|
(*)
"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)
|
|
|
|
|
|
|
September 30, 2010
|
|
|
June 30, 2010
|
|
|
September 30, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
31,559
|
|
|
$
|
27,697
|
|
|
$
|
34,423
|
|
|
$
|
3,862
|
|
|
|
14
|
%
|
|
$
|
(2,864
|
)
|
|
|
(8
|
)%
|
Interest
expense
|
|
|
(11,561
|
)
|
|
|
(10,500
|
)
|
|
|
(17,070
|
)
|
|
|
(1,061
|
)
|
|
|
10
|
|
|
|
5,509
|
|
|
|
(32
|
)
|
NET
INTEREST INCOME
|
|
|
19,998
|
|
|
|
17,197
|
|
|
|
17,353
|
|
|
|
2,801
|
|
|
|
16
|
|
|
|
2,645
|
|
|
|
15
|
|
Reversal
(provision) for loan losses
|
|
|
12,567
|
|
|
|
(8,723
|
)
|
|
|
380
|
|
|
|
21,290
|
|
|
|
(244
|
)
|
|
|
12,187
|
|
|
|
3,207
|
|
NET
INTEREST INCOME, AFTER REVERSAL (PROVISION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
32,565
|
|
|
|
8,474
|
|
|
|
17,733
|
|
|
|
24,091
|
|
|
|
284
|
|
|
|
14,832
|
|
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
(12,661
|
)
|
|
|
9,618
|
|
|
|
(1,549
|
)
|
|
|
(22,279
|
)
|
|
|
(232
|
)
|
|
|
(11,112
|
)
|
|
|
717
|
|
Fees
and commissions, net
|
|
|
2,045
|
|
|
|
2,797
|
|
|
|
1,463
|
|
|
|
(752
|
)
|
|
|
(27
|
)
|
|
|
582
|
|
|
|
40
|
|
Derivative
financial instrument and hedging
|
|
|
(36
|
)
|
|
|
(340
|
)
|
|
|
(1,105
|
)
|
|
|
304
|
|
|
|
(89
|
)
|
|
|
1,069
|
|
|
|
(97
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
4,179
|
|
|
|
(10,343
|
)
|
|
|
5,478
|
|
|
|
14,522
|
|
|
|
(140
|
)
|
|
|
(1,299
|
)
|
|
|
(24
|
)
|
Net
gain (loss) from trading securities
|
|
|
(1,115
|
)
|
|
|
(502
|
)
|
|
|
2,936
|
|
|
|
(613
|
)
|
|
|
122
|
|
|
|
(4,051
|
)
|
|
|
(138
|
)
|
Net
gain on sale of securities available-for-sale
|
|
|
0
|
|
|
|
0
|
|
|
|
546
|
|
|
|
0
|
|
|
n.m.
|
(*)
|
|
|
(546
|
)
|
|
|
(100
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
722
|
|
|
|
(568
|
)
|
|
|
(843
|
)
|
|
|
1,290
|
|
|
|
(227
|
)
|
|
|
1,565
|
|
|
|
(186
|
)
|
Other
income, net
|
|
|
146
|
|
|
|
117
|
|
|
|
138
|
|
|
|
29
|
|
|
|
25
|
|
|
|
8
|
|
|
|
6
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
(6,720
|
)
|
|
|
779
|
|
|
|
7,064
|
|
|
|
(7,499
|
)
|
|
|
(963
|
)
|
|
|
(13,784
|
)
|
|
|
(195
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(5,545
|
)
|
|
|
(5,478
|
)
|
|
|
(4,652
|
)
|
|
|
(67
|
)
|
|
|
1
|
|
|
|
(893
|
)
|
|
|
19
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(622
|
)
|
|
|
(601
|
)
|
|
|
(644
|
)
|
|
|
(21
|
)
|
|
|
3
|
|
|
|
22
|
|
|
|
(3
|
)
|
Professional
services
|
|
|
(1,726
|
)
|
|
|
(1,202
|
)
|
|
|
(751
|
)
|
|
|
(524
|
)
|
|
|
44
|
|
|
|
(975
|
)
|
|
|
130
|
|
Maintenance
and repairs
|
|
|
(405
|
)
|
|
|
(347
|
)
|
|
|
(253
|
)
|
|
|
(58
|
)
|
|
|
17
|
|
|
|
(152
|
)
|
|
|
60
|
|
Expenses
from the investment fund
|
|
|
(178
|
)
|
|
|
(278
|
)
|
|
|
(601
|
)
|
|
|
100
|
|
|
|
(36
|
)
|
|
|
423
|
|
|
|
(70
|
)
|
Other
operating expenses
|
|
|
(1,894
|
)
|
|
|
(2,126
|
)
|
|
|
(1,636
|
)
|
|
|
232
|
|
|
|
(11
|
)
|
|
|
(258
|
)
|
|
|
16
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(10,370
|
)
|
|
|
(10,032
|
)
|
|
|
(8,537
|
)
|
|
|
(338
|
)
|
|
|
3
|
|
|
|
(1,833
|
)
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss)
|
|
$
|
15,475
|
|
|
$
|
(779
|
)
|
|
$
|
16,260
|
|
|
$
|
16,254
|
|
|
|
(2,087
|
)
|
|
$
|
(785
|
)
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
507
|
|
|
|
(2,442
|
)
|
|
|
507
|
|
|
|
2,949
|
|
|
|
(121
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
14,968
|
|
|
$
|
1,663
|
|
|
$
|
15,753
|
|
|
$
|
13,305
|
|
|
|
800
|
%
|
|
$
|
(785
|
)
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.41
|
|
|
|
0.05
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.41
|
|
|
|
0.05
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,679
|
|
|
|
36,648
|
|
|
|
36,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
|
|
36,814
|
|
|
|
36,808
|
|
|
|
36,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.3
|
%
|
|
|
0.2
|
%
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
8.7
|
%
|
|
|
1.0
|
%
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.73
|
%
|
|
|
1.67
|
%
|
|
|
1.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
1.48
|
%
|
|
|
1.38
|
%
|
|
|
1.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.91
|
%
|
|
|
0.98
|
%
|
|
|
0.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) "n.m."
means not meaningful.
EXHIBIT
III
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
|
FOR THE NINE MONTHS ENDED
|
|
|
|
September 30, 2010
|
|
|
September 30, 2009
|
|
|
|
(In US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
53,482
|
|
|
$
|
49,569
|
|
Fees
and commissions, net
|
|
|
7,224
|
|
|
|
4,364
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4,269
|
|
|
|
(15,437
|
)
|
Derivative
financial instrument and hedging
|
|
|
(1,330
|
)
|
|
|
(2,026
|
)
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
(94
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(7,664
|
)
|
|
|
22,092
|
|
Net
gain (loss) from trading securities
|
|
|
(3,096
|
)
|
|
|
13,751
|
|
Net
gain on sale of securities available-for-sale
|
|
|
0
|
|
|
|
546
|
|
Gain
(loss) on foreign currency exchange
|
|
|
1,466
|
|
|
|
(1,217
|
)
|
Other
income, net
|
|
|
333
|
|
|
|
590
|
|
Operating
expenses
|
|
|
(30,445
|
)
|
|
|
(28,305
|
)
|
Net
Income
|
|
$
|
24,472
|
|
|
$
|
43,833
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,255
|
)
|
|
|
885
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
26,727
|
|
|
$
|
42,948
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
598
|
|
|
|
511
|
|
Investment
fund
|
|
|
181
|
|
|
|
189
|
|
Loans,
net
|
|
|
3,674
|
|
|
|
2,513
|
|
Total
assets
|
|
|
4,861
|
|
|
|
3,723
|
|
Deposits
|
|
|
1,861
|
|
|
|
1,221
|
|
Securities
sold under repurchase agreements
|
|
|
338
|
|
|
|
86
|
|
Short-term
borrowings
|
|
|
790
|
|
|
|
306
|
|
Borrowings
and long-term debt
|
|
|
1,028
|
|
|
|
1,298
|
|
Total
liabilities
|
|
|
4,146
|
|
|
|
3,030
|
|
Stockholders'
equity
|
|
|
689
|
|
|
|
666
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.73
|
|
|
|
1.18
|
|
Diluted
earnings per share
|
|
|
0.73
|
|
|
|
1.17
|
|
Book
value (period average)
|
|
|
18.45
|
|
|
|
17.22
|
|
Book
value (period end)
|
|
|
18.77
|
|
|
|
18.23
|
|
|
|
|
|
|
|
|
|
|
(In
thousand):
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,629
|
|
|
|
36,476
|
|
Weighted
average diluted shares
|
|
|
36,773
|
|
|
|
36,649
|
|
Basic
shares period end
|
|
|
36,690
|
|
|
|
36,546
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
0.9
|
%
|
|
|
1.4
|
%
|
Return
on average stockholders' equity
|
|
|
5.3
|
%
|
|
|
9.1
|
%
|
Net
interest margin
|
|
|
1.70
|
%
|
|
|
1.63
|
%
|
Net
interest spread
|
|
|
1.42
|
%
|
|
|
1.11
|
%
|
Operating
expenses to total average assets
|
|
|
0.98
|
%
|
|
|
0.93
|
%
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
0.9
|
%
|
|
|
1.4
|
%
|
Charge
offs to total loan portfolio
(1)
|
|
|
0.1
|
%
|
|
|
0.0
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
1.8
|
%
|
|
|
3.5
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
6.6
|
%
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
14.2
|
%
|
|
|
17.9
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
20.6
|
%
|
|
|
24.6
|
%
|
Total
capital to risk-weighted assets
|
|
|
21.8
|
%
|
|
|
25.8
|
%
|
(1)
Loan
portfolio is presented net of unearned income and deferred loan
fees.
EXHIBIT
IV
CONSOLIDATED
STATEMENTS OF INCOME
|
FOR THE NINE MONTHS ENDED,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(A) - (B)
|
|
|
|
|
|
|
September 30, 2010
|
|
|
September 30, 2009
|
|
|
CHANGE
|
|
|
%
|
|
(In
US$ thousand)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
86,276
|
|
|
$
|
113,708
|
|
|
$
|
(27,432
|
)
|
|
|
(24
|
)%
|
Interest
expense
|
|
|
(32,794
|
)
|
|
|
(64,139
|
)
|
|
|
31,345
|
|
|
|
(49
|
)
|
NET
INTEREST INCOME
|
|
|
53,482
|
|
|
|
49,569
|
|
|
|
3,913
|
|
|
|
8
|
|
Reversal
(provision) for loan losses
|
|
|
3,685
|
|
|
|
(34,357
|
)
|
|
|
38,042
|
|
|
|
(111
|
)
|
NET
INTEREST INCOME, AFTER REVERSAL (PROVISION)
FOR LOAN
LOSSES
|
|
|
57,167
|
|
|
|
15,212
|
|
|
|
41,955
|
|
|
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
584
|
|
|
|
18,920
|
|
|
|
(18,336
|
)
|
|
|
(97
|
)
|
Fees
and commissions, net
|
|
|
7,224
|
|
|
|
4,364
|
|
|
|
2,860
|
|
|
|
66
|
|
Derivative
financial instrument and hedging
|
|
|
(1,330
|
)
|
|
|
(2,026
|
)
|
|
|
696
|
|
|
|
(34
|
)
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
(94
|
)
|
|
|
327
|
|
|
|
(348
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(7,664
|
)
|
|
|
22,092
|
|
|
|
(29,756
|
)
|
|
|
(135
|
)
|
Net
gain (loss) from trading securities
|
|
|
(3,096
|
)
|
|
|
13,751
|
|
|
|
(16,847
|
)
|
|
|
(123
|
)
|
Net
gain on sale of securities available-for-sale
|
|
|
0
|
|
|
|
546
|
|
|
|
(546
|
)
|
|
|
(100
|
)
|
Gain
(loss) on foreign currency exchange
|
|
|
1,466
|
|
|
|
(1,217
|
)
|
|
|
2,683
|
|
|
|
(220
|
)
|
Other
income, net
|
|
|
333
|
|
|
|
590
|
|
|
|
(257
|
)
|
|
|
(44
|
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
(2,250
|
)
|
|
|
56,926
|
|
|
|
(59,176
|
)
|
|
|
(104
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(16,432
|
)
|
|
|
(15,069
|
)
|
|
|
(1,363
|
)
|
|
|
9
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(1,899
|
)
|
|
|
(2,025
|
)
|
|
|
126
|
|
|
|
(6
|
)
|
Professional
services
|
|
|
(4,035
|
)
|
|
|
(2,427
|
)
|
|
|
(1,608
|
)
|
|
|
66
|
|
Maintenance
and repairs
|
|
|
(1,099
|
)
|
|
|
(780
|
)
|
|
|
(319
|
)
|
|
|
41
|
|
Expenses
from the investment fund
|
|
|
(713
|
)
|
|
|
(2,720
|
)
|
|
|
2,007
|
|
|
|
(74
|
)
|
Other
operating expenses
|
|
|
(6,267
|
)
|
|
|
(5,284
|
)
|
|
|
(983
|
)
|
|
|
19
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(30,445
|
)
|
|
|
(28,305
|
)
|
|
|
(2,140
|
)
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income.
|
|
$
|
24,472
|
|
|
$
|
43,833
|
|
|
$
|
(19,361
|
)
|
|
|
(44
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,255
|
)
|
|
|
885
|
|
|
|
(3,140
|
)
|
|
|
(355
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income attributable to Bladex
|
|
$
|
26,727
|
|
|
$
|
42,948
|
|
|
$
|
(16,221
|
)
|
|
|
(38
|
)%
|
EXHIBIT
V
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR
THE THREE MONTHS ENDED,
|
|
|
|
September
30, 2010
|
|
|
June
30, 2010
|
|
|
September
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
|
|
$
|
366
|
|
|
$
|
0.2
|
|
|
|
0.26
|
%
|
|
$
|
468
|
|
|
$
|
0.2
|
|
|
|
0.20
|
%
|
|
$
|
551
|
|
|
$
|
0.3
|
|
|
|
0.21
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,424
|
|
|
|
27.0
|
|
|
|
3.09
|
|
|
|
2,912
|
|
|
|
23.5
|
|
|
|
3.20
|
|
|
|
2,478
|
|
|
|
27.4
|
|
|
|
4.33
|
|
Non-accrual
loans
|
|
|
43
|
|
|
|
0.8
|
|
|
|
7.68
|
|
|
|
48
|
|
|
|
0.8
|
|
|
|
6.45
|
|
|
|
24
|
|
|
|
0.1
|
|
|
|
1.34
|
|
Trading
assets
|
|
|
51
|
|
|
|
0.8
|
|
|
|
6.03
|
|
|
|
51
|
|
|
|
0.8
|
|
|
|
6.13
|
|
|
|
145
|
|
|
|
2.7
|
|
|
|
7.30
|
|
Investment
securities
|
|
|
506
|
|
|
|
2.4
|
|
|
|
1.84
|
|
|
|
464
|
|
|
|
2.0
|
|
|
|
1.70
|
|
|
|
528
|
|
|
|
3.6
|
|
|
|
2.67
|
|
Investment
fund
|
|
|
184
|
|
|
|
0.3
|
|
|
|
0.62
|
|
|
|
198
|
|
|
|
0.4
|
|
|
|
0.73
|
|
|
|
177
|
|
|
|
0.3
|
|
|
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,573
|
|
|
$
|
31.6
|
|
|
|
2.70
|
%
|
|
$
|
4,140
|
|
|
$
|
27.7
|
|
|
|
2.65
|
%
|
|
$
|
3,905
|
|
|
$
|
34.4
|
|
|
|
3.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(81
|
)
|
|
|
|
|
|
|
|
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,543
|
|
|
|
|
|
|
|
|
|
|
$
|
4,121
|
|
|
|
|
|
|
|
|
|
|
$
|
3,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,650
|
|
|
$
|
2.3
|
|
|
|
0.53
|
%
|
|
$
|
1,395
|
|
|
$
|
1.7
|
|
|
|
0.50
|
%
|
|
$
|
1,223
|
|
|
$
|
2.7
|
|
|
|
0.87
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
10
|
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
fund
|
|
|
0
|
|
|
|
0.1
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.3
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.3
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and Short-term borrowings
|
|
|
919
|
|
|
|
2.5
|
|
|
|
1.06
|
|
|
|
506
|
|
|
|
1.3
|
|
|
|
1.04
|
|
|
|
639
|
|
|
|
4.3
|
|
|
|
2.65
|
|
Borrowings
and long term debt
|
|
|
1,144
|
|
|
|
6.7
|
|
|
|
2.30
|
|
|
|
1,380
|
|
|
|
7.1
|
|
|
|
2.04
|
|
|
|
1,213
|
|
|
|
9.7
|
|
|
|
3.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,718
|
|
|
$
|
11.6
|
|
|
|
1.22
|
%
|
|
$
|
3,284
|
|
|
$
|
10.5
|
|
|
|
1.26
|
%
|
|
$
|
3,085
|
|
|
$
|
17.1
|
|
|
|
2.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
111
|
|
|
|
|
|
|
|
|
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
|
$
|
108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,829
|
|
|
|
|
|
|
|
|
|
|
|
3,404
|
|
|
|
|
|
|
|
|
|
|
|
3,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
683
|
|
|
|
|
|
|
|
|
|
|
|
675
|
|
|
|
|
|
|
|
|
|
|
|
655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,543
|
|
|
|
|
|
|
|
|
|
|
$
|
4,121
|
|
|
|
|
|
|
|
|
|
|
$
|
3,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.48
|
%
|
|
|
|
|
|
|
|
|
|
|
1.38
|
%
|
|
|
|
|
|
|
|
|
|
|
1.28
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
20.0
|
|
|
|
1.73
|
%
|
|
|
|
|
|
$
|
17.2
|
|
|
|
1.67
|
%
|
|
|
|
|
|
$
|
17.4
|
|
|
|
1.76
|
%
|
(*)
"n.m." means not
meaningful.
EXHIBIT
VI
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE NINE MONTHS ENDED,
|
|
|
|
September 30, 2010
|
|
|
September 30, 2009
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits with banks
|
|
$
|
409
|
|
|
$
|
0.7
|
|
|
|
0.22
|
%
|
|
$
|
655
|
|
|
$
|
1.1
|
|
|
|
0.21
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,020
|
|
|
|
72.3
|
|
|
|
3.16
|
|
|
|
2,551
|
|
|
|
89.8
|
|
|
|
4.64
|
|
Non-accrual
loans
|
|
|
47
|
|
|
|
2.7
|
|
|
|
7.60
|
|
|
|
8
|
|
|
|
0.1
|
|
|
|
1.34
|
|
Trading
assets
|
|
|
51
|
|
|
|
2.3
|
|
|
|
6.13
|
|
|
|
119
|
|
|
|
6.4
|
|
|
|
7.07
|
|
Investment
securities
|
|
|
476
|
|
|
|
6.4
|
|
|
|
1.76
|
|
|
|
576
|
|
|
|
14.9
|
|
|
|
3.42
|
|
Investment
fund
|
|
|
194
|
|
|
|
1.9
|
|
|
|
1.27
|
|
|
|
165
|
|
|
|
1.4
|
|
|
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,197
|
|
|
$
|
86.3
|
|
|
|
2.71
|
%
|
|
$
|
4,073
|
|
|
$
|
113.7
|
|
|
|
3.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(77
|
)
|
|
|
|
|
|
|
|
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,175
|
|
|
|
|
|
|
|
|
|
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,455
|
|
|
$
|
6.2
|
|
|
|
0.56
|
%
|
|
$
|
1,209
|
|
|
$
|
9.2
|
|
|
|
1.00
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
11
|
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
fund
|
|
|
0
|
|
|
|
0.6
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
1.7
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and Short-term borrowings
|
|
|
577
|
|
|
|
4.8
|
|
|
|
1.10
|
|
|
|
891
|
|
|
|
20.6
|
|
|
|
3.05
|
|
Borrowings
and long term debt
|
|
|
1,305
|
|
|
|
21.2
|
|
|
|
2.15
|
|
|
|
1,179
|
|
|
|
32.6
|
|
|
|
3.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,340
|
|
|
$
|
32.8
|
|
|
|
1.29
|
%
|
|
$
|
3,291
|
|
|
$
|
64.1
|
|
|
|
2.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,461
|
|
|
|
|
|
|
|
|
|
|
|
3,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
676
|
|
|
|
|
|
|
|
|
|
|
|
628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,175
|
|
|
|
|
|
|
|
|
|
|
$
|
4,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.42
|
%
|
|
|
|
|
|
|
|
|
|
|
1.11
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
53.5
|
|
|
|
1.70
|
%
|
|
|
|
|
|
$
|
49.6
|
|
|
|
1.63
|
%
|
(*)
"n.m." means not
meaningful.
EXHIBIT
VII
CONSOLIDATED
STATEMENT OF INCOME
(In US$ thousand, except per share
amounts and ratios)
|
|
NINE MONTHS
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
NINE MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
SEP 30/10
|
|
|
SEP 30/10
|
|
|
JUN 30/10
|
|
|
MAR 31/10
|
|
|
DEC 31/09
|
|
|
SEP 30/09
|
|
|
SEP 30/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
86,276
|
|
|
$
|
31,559
|
|
|
$
|
27,697
|
|
|
$
|
27,019
|
|
|
$
|
28,256
|
|
|
$
|
34,423
|
|
|
$
|
113,708
|
|
Interest
expense
|
|
|
(32,794
|
)
|
|
|
(11,561
|
)
|
|
|
(10,500
|
)
|
|
|
(10,733
|
)
|
|
|
(13,073
|
)
|
|
|
(17,070
|
)
|
|
|
(64,139
|
)
|
NET
INTEREST INCOME
|
|
|
53,482
|
|
|
|
19,998
|
|
|
|
17,197
|
|
|
|
16,286
|
|
|
|
15,183
|
|
|
|
17,353
|
|
|
|
49,569
|
|
Reversal
(provision) for loan losses
|
|
|
3,685
|
|
|
|
12,567
|
|
|
|
(8,723
|
)
|
|
|
(159
|
)
|
|
|
16,063
|
|
|
|
380
|
|
|
|
(34,357
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
57,167
|
|
|
|
32,565
|
|
|
|
8,474
|
|
|
|
16,127
|
|
|
|
31,246
|
|
|
|
17,733
|
|
|
|
15,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
584
|
|
|
|
(12,661
|
)
|
|
|
9,618
|
|
|
|
3,626
|
|
|
|
(15,456
|
)
|
|
|
(1,549
|
)
|
|
|
18,920
|
|
Fees
and commissions, net
|
|
|
7,224
|
|
|
|
2,045
|
|
|
|
2,797
|
|
|
|
2,382
|
|
|
|
2,369
|
|
|
|
1,463
|
|
|
|
4,364
|
|
Derivative
financial instrument and hedging
|
|
|
(1,330
|
)
|
|
|
(36
|
)
|
|
|
(340
|
)
|
|
|
(953
|
)
|
|
|
(507
|
)
|
|
|
(1,105
|
)
|
|
|
(2,026
|
)
|
Impairment
of assets, net of recoveries
|
|
|
233
|
|
|
|
0
|
|
|
|
0
|
|
|
|
233
|
|
|
|
(27
|
)
|
|
|
0
|
|
|
|
(94
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(7,664
|
)
|
|
|
4,179
|
|
|
|
(10,343
|
)
|
|
|
(1,500
|
)
|
|
|
2,906
|
|
|
|
5,478
|
|
|
|
22,092
|
|
Net
gain (loss) from trading securities
|
|
|
(3,096
|
)
|
|
|
(1,115
|
)
|
|
|
(502
|
)
|
|
|
(1,479
|
)
|
|
|
(638
|
)
|
|
|
2,936
|
|
|
|
13,751
|
|
Net
gains on sale of securities available-for-sale
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
546
|
|
|
|
546
|
|
Gain
(loss) on foreign currency exchange
|
|
|
1,466
|
|
|
|
722
|
|
|
|
(568
|
)
|
|
|
1,312
|
|
|
|
1,830
|
|
|
|
(843
|
)
|
|
|
(1,217
|
)
|
Other
income, net
|
|
|
333
|
|
|
|
146
|
|
|
|
117
|
|
|
|
71
|
|
|
|
322
|
|
|
|
138
|
|
|
|
590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
(2,250
|
)
|
|
|
(6,720
|
)
|
|
|
779
|
|
|
|
3,692
|
|
|
|
(9,201
|
)
|
|
|
7,064
|
|
|
|
56,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPERATING EXPENSES:
|
|
|
(30,445
|
)
|
|
|
(10,370
|
)
|
|
|
(10,032
|
)
|
|
|
(10,043
|
)
|
|
|
(9,897
|
)
|
|
|
(8,537
|
)
|
|
|
(28,305
|
)
|
Net
Income (loss)
|
|
$
|
24,472
|
|
|
$
|
15,475
|
|
|
$
|
(779
|
)
|
|
$
|
9,776
|
|
|
$
|
12,148
|
|
|
$
|
16,260
|
|
|
$
|
43,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,255
|
)
|
|
|
507
|
|
|
|
(2,442
|
)
|
|
|
(320
|
)
|
|
|
233
|
|
|
|
507
|
|
|
|
885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
26,727
|
|
|
$
|
14,968
|
|
|
$
|
1,663
|
|
|
$
|
10,096
|
|
|
$
|
11,915
|
|
|
$
|
15,753
|
|
|
$
|
42,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$
|
0.73
|
|
|
$
|
0.41
|
|
|
$
|
0.05
|
|
|
$
|
0.28
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
1.18
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
0.9
|
%
|
|
|
1.3
|
%
|
|
|
0.2
|
%
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
|
|
1.6
|
%
|
|
|
1.4
|
%
|
Return
on average stockholders' equity
|
|
|
5.3
|
%
|
|
|
8.7
|
%
|
|
|
1.0
|
%
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
|
|
9.5
|
%
|
|
|
9.1
|
%
|
Net
interest margin
|
|
|
1.70
|
%
|
|
|
1.73
|
%
|
|
|
1.67
|
%
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.76
|
%
|
|
|
1.63
|
%
|
Net
interest spread
|
|
|
1.42
|
%
|
|
|
1.48
|
%
|
|
|
1.38
|
%
|
|
|
1.37
|
%
|
|
|
1.18
|
%
|
|
|
1.28
|
%
|
|
|
1.11
|
%
|
Operating
expenses to average assets
|
|
|
0.98
|
%
|
|
|
0.91
|
%
|
|
|
0.98
|
%
|
|
|
1.06
|
%
|
|
|
1.05
|
%
|
|
|
0.88
|
%
|
|
|
0.93
|
%
|
EXHIBIT VIII
BUSINESS
SEGMENT ANALYSIS
(In US$
million)
|
|
FOR THE NINE MONTHS ENDED
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
SEP 30/10
|
|
|
SEP 30/09
|
|
|
SEP 30/10
|
|
|
JUN 30/10
|
|
|
SEP 30/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
51.3
|
|
|
$
|
50.7
|
|
|
$
|
19.1
|
|
|
$
|
17.0
|
|
|
$
|
16.7
|
|
Non-interest operating income
(2)
|
|
|
7.0
|
|
|
|
4.8
|
|
|
|
2.1
|
|
|
|
2.7
|
|
|
|
1.6
|
|
Operating expenses
(3)
|
|
|
(20.8
|
)
|
|
|
(17.1
|
)
|
|
|
(7.2
|
)
|
|
|
(6.7
|
)
|
|
|
(5.3
|
)
|
Net operating income
(4)
|
|
|
37.5
|
|
|
|
38.4
|
|
|
|
14.0
|
|
|
|
13.0
|
|
|
|
13.0
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.3
|
|
|
|
(15.4
|
)
|
|
|
(0.1
|
)
|
|
|
0.9
|
|
|
|
(1.2
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
42.0
|
|
|
$
|
22.9
|
|
|
$
|
13.9
|
|
|
$
|
13.9
|
|
|
$
|
11.8
|
|
Average interest-earning assets
(5)
|
|
|
3,067
|
|
|
|
2,559
|
|
|
|
3,466
|
|
|
|
2,960
|
|
|
|
2,502
|
|
End-of-period interest-earning assets
(5)
|
|
|
3,742
|
|
|
|
2,603
|
|
|
|
3,742
|
|
|
|
3,096
|
|
|
|
2,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (loss)
(1)
|
|
$
|
2.1
|
|
|
$
|
1.6
|
|
|
$
|
1.1
|
|
|
$
|
0.6
|
|
|
$
|
1.3
|
|
Non-interest operating income (loss)
(2)
|
|
|
(2.8
|
)
|
|
|
11.2
|
|
|
|
(0.4
|
)
|
|
|
(1.4
|
)
|
|
|
1.6
|
|
Operating expenses
(3)
|
|
|
(6.4
|
)
|
|
|
(6.2
|
)
|
|
|
(2.2
|
)
|
|
|
(2.0
|
)
|
|
|
(1.7
|
)
|
Net operating income (loss)
(4)
|
|
|
(7.1
|
)
|
|
|
6.6
|
|
|
|
(1.5
|
)
|
|
|
(2.8
|
)
|
|
|
1.2
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX..
|
|
$
|
(7.1
|
)
|
|
$
|
6.6
|
|
|
$
|
(1.5
|
)
|
|
$
|
(2.8
|
)
|
|
$
|
1.2
|
|
Average interest-earning assets
(6)
|
|
|
935
|
|
|
|
1,349
|
|
|
|
923
|
|
|
|
982
|
|
|
|
1,225
|
|
End-of-period interest-earning assets
(6)
|
|
|
960
|
|
|
|
971
|
|
|
|
960
|
|
|
|
1,140
|
|
|
|
971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT UNIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (loss)
(1)
|
|
$
|
0.1
|
|
|
$
|
(2.7
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.7
|
)
|
Non-interest operating income (loss)
(2)
|
|
|
(7.2
|
)
|
|
|
22.1
|
|
|
|
4.3
|
|
|
|
(10.1
|
)
|
|
|
5.5
|
|
Operating expenses
(3)
|
|
|
(3.2
|
)
|
|
|
(5.0
|
)
|
|
|
(1.0
|
)
|
|
|
(1.3
|
)
|
|
|
(1.5
|
)
|
Net operating income (loss)
(4)
|
|
|
(10.3
|
)
|
|
|
14.4
|
|
|
|
3.1
|
|
|
|
(11.8
|
)
|
|
|
3.3
|
|
Net
income (loss)
|
|
|
(10.3
|
)
|
|
|
14.4
|
|
|
|
3.1
|
|
|
|
(11.8
|
)
|
|
|
3.3
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.3
|
)
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
(2.4
|
)
|
|
|
0.5
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
(8.0
|
)
|
|
$
|
13.5
|
|
|
$
|
2.6
|
|
|
$
|
(9.4
|
)
|
|
$
|
2.8
|
|
Average interest-earning assets
(7)
|
|
|
194
|
|
|
|
165
|
|
|
|
184
|
|
|
|
198
|
|
|
|
177
|
|
End-of-period interest-earning assets
(7)
|
|
|
181
|
|
|
|
189
|
|
|
|
181
|
|
|
|
193
|
|
|
|
189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
(1)
|
|
$
|
53.5
|
|
|
$
|
49.6
|
|
|
$
|
20.0
|
|
|
$
|
17.2
|
|
|
$
|
17.4
|
|
Non-interest operating income (loss)
(2)
|
|
|
(3.0
|
)
|
|
|
38.0
|
|
|
|
6.0
|
|
|
|
(8.8
|
)
|
|
|
8.6
|
|
Operating
expenses
(3)
.
|
|
|
(30.4
|
)
|
|
|
(28.3
|
)
|
|
|
(10.4
|
)
|
|
|
(10.0
|
)
|
|
|
(8.5
|
)
|
Net
operating income
(4)
|
|
|
20.1
|
|
|
|
59.3
|
|
|
|
15.6
|
|
|
|
(1.6
|
)
|
|
|
17.5
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.3
|
|
|
|
(15.4
|
)
|
|
|
(0.1
|
)
|
|
|
0.9
|
|
|
|
(1.2
|
)
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Net
income
|
|
|
24.6
|
|
|
|
43.8
|
|
|
|
15.5
|
|
|
|
(0.7
|
)
|
|
|
16.3
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.3
|
)
|
|
|
0.9
|
|
|
|
0.5
|
|
|
|
(2.4
|
)
|
|
|
0.5
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
26.9
|
|
|
$
|
42.9
|
|
|
$
|
15.0
|
|
|
$
|
1.7
|
|
|
$
|
15.8
|
|
Average
interest-earning assets
|
|
|
4,196
|
|
|
|
4,073
|
|
|
|
4,573
|
|
|
|
4,140
|
|
|
|
3,905
|
|
End-of-period
interest-earning assets
|
|
|
4,883
|
|
|
|
3,763
|
|
|
|
4,883
|
|
|
|
4,429
|
|
|
|
3,763
|
|
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)
|
|
|
|
|
|
|
30SEP10
|
|
|
30JUN10
|
|
|
30SEP09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of
Total
Outstanding
|
|
|
Amount
|
|
|
% of
Total
Outstanding
|
|
|
Amount
|
|
|
% of
Total
Outstanding
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
238
|
|
|
|
5.0
|
|
|
$
|
204
|
|
|
|
5.0
|
|
|
$
|
158
|
|
|
|
4.6
|
|
|
$
|
34
|
|
|
$
|
81
|
|
BRAZIL
|
|
|
1,648
|
|
|
|
34.7
|
|
|
|
1,623
|
|
|
|
39.9
|
|
|
|
1,393
|
|
|
|
40.9
|
|
|
|
25
|
|
|
|
255
|
|
CHILE
|
|
|
437
|
|
|
|
9.2
|
|
|
|
279
|
|
|
|
6.8
|
|
|
|
162
|
|
|
|
4.8
|
|
|
|
159
|
|
|
|
275
|
|
COLOMBIA
|
|
|
579
|
|
|
|
12.2
|
|
|
|
496
|
|
|
|
12.2
|
|
|
|
359
|
|
|
|
10.6
|
|
|
|
83
|
|
|
|
220
|
|
COSTA
RICA
|
|
|
143
|
|
|
|
3.0
|
|
|
|
133
|
|
|
|
3.3
|
|
|
|
95
|
|
|
|
2.8
|
|
|
|
9
|
|
|
|
48
|
|
DOMINICAN
REPUBLIC
|
|
|
86
|
|
|
|
1.8
|
|
|
|
80
|
|
|
|
2.0
|
|
|
|
63
|
|
|
|
1.9
|
|
|
|
6
|
|
|
|
22
|
|
ECUADOR
|
|
|
160
|
|
|
|
3.4
|
|
|
|
109
|
|
|
|
2.7
|
|
|
|
49
|
|
|
|
1.4
|
|
|
|
51
|
|
|
|
111
|
|
EL
SALVADOR
|
|
|
33
|
|
|
|
0.7
|
|
|
|
34
|
|
|
|
0.8
|
|
|
|
81
|
|
|
|
2.4
|
|
|
|
(0
|
)
|
|
|
(48
|
)
|
FRANCE
|
|
|
0
|
|
|
|
0.0
|
|
|
|
22
|
|
|
|
0.5
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
(22
|
)
|
|
|
0
|
|
GUATEMALA
|
|
|
83
|
|
|
|
1.8
|
|
|
|
91
|
|
|
|
2.2
|
|
|
|
77
|
|
|
|
2.3
|
|
|
|
(8
|
)
|
|
|
6
|
|
HONDURAS
|
|
|
35
|
|
|
|
0.7
|
|
|
|
28
|
|
|
|
0.7
|
|
|
|
22
|
|
|
|
0.6
|
|
|
|
7
|
|
|
|
14
|
|
JAMAICA
|
|
|
28
|
|
|
|
0.6
|
|
|
|
18
|
|
|
|
0.4
|
|
|
|
22
|
|
|
|
0.6
|
|
|
|
11
|
|
|
|
7
|
|
MEXICO
|
|
|
532
|
|
|
|
11.2
|
|
|
|
387
|
|
|
|
9.5
|
|
|
|
411
|
|
|
|
12.1
|
|
|
|
145
|
|
|
|
121
|
|
PANAMA
|
|
|
150
|
|
|
|
3.2
|
|
|
|
121
|
|
|
|
3.0
|
|
|
|
112
|
|
|
|
3.3
|
|
|
|
30
|
|
|
|
38
|
|
PERU
|
|
|
395
|
|
|
|
8.3
|
|
|
|
244
|
|
|
|
6.0
|
|
|
|
152
|
|
|
|
4.5
|
|
|
|
151
|
|
|
|
243
|
|
TRINIDAD
& TOBAGO
|
|
|
62
|
|
|
|
1.3
|
|
|
|
39
|
|
|
|
0.9
|
|
|
|
20
|
|
|
|
0.6
|
|
|
|
24
|
|
|
|
42
|
|
UNITED
STATES
|
|
|
0
|
|
|
|
0.0
|
|
|
|
19
|
|
|
|
0.5
|
|
|
|
5
|
|
|
|
0.1
|
|
|
|
(19
|
)
|
|
|
(5
|
)
|
URUGUAY
|
|
|
2
|
|
|
|
0.0
|
|
|
|
3
|
|
|
|
0.1
|
|
|
|
41
|
|
|
|
1.2
|
|
|
|
(1
|
)
|
|
|
(39
|
)
|
VENEZUELA
|
|
|
75
|
|
|
|
1.6
|
|
|
|
84
|
|
|
|
2.1
|
|
|
|
106
|
|
|
|
3.1
|
|
|
|
(9
|
)
|
|
|
(31
|
)
|
OTHER
|
|
|
64
|
|
|
|
1.3
|
|
|
|
58
|
|
|
|
1.4
|
|
|
|
75
|
|
|
|
2.2
|
|
|
|
6
|
|
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT
PORTFOLIO
(1)
|
|
$
|
4,751
|
|
|
|
100
|
%
|
|
$
|
4,071
|
|
|
|
100
|
%
|
|
$
|
3,402
|
|
|
|
100
|
%
|
|
$
|
681
|
|
|
$
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
(0
|
)
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED
INCOME AND
COMMISSION
|
|
$
|
4,747
|
|
|
|
|
|
|
$
|
4,067
|
|
|
|
|
|
|
$
|
3,397
|
|
|
|
|
|
|
$
|
680
|
|
|
$
|
1,350
|
|
(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)
|
|
|
|
|
|
|
30SEP10
|
|
|
30JUN10
|
|
|
30SEP09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
238
|
|
|
|
5.7
|
|
|
$
|
204
|
|
|
|
5.8
|
|
|
$
|
158
|
|
|
|
5.5
|
|
|
$
|
34
|
|
|
$
|
81
|
|
BRAZIL
|
|
|
1,493
|
|
|
|
35.9
|
|
|
|
1,496
|
|
|
|
42.2
|
|
|
|
1,266
|
|
|
|
43.8
|
|
|
|
(3
|
)
|
|
|
226
|
|
CHILE
|
|
|
409
|
|
|
|
9.8
|
|
|
|
251
|
|
|
|
7.1
|
|
|
|
135
|
|
|
|
4.7
|
|
|
|
158
|
|
|
|
274
|
|
COLOMBIA
|
|
|
427
|
|
|
|
10.3
|
|
|
|
342
|
|
|
|
9.6
|
|
|
|
214
|
|
|
|
7.4
|
|
|
|
85
|
|
|
|
213
|
|
COSTA
RICA
|
|
|
143
|
|
|
|
3.4
|
|
|
|
133
|
|
|
|
3.8
|
|
|
|
95
|
|
|
|
3.3
|
|
|
|
9
|
|
|
|
48
|
|
DOMINICAN
REPUBLIC
|
|
|
82
|
|
|
|
2.0
|
|
|
|
75
|
|
|
|
2.1
|
|
|
|
57
|
|
|
|
2.0
|
|
|
|
7
|
|
|
|
25
|
|
ECUADOR
|
|
|
160
|
|
|
|
3.8
|
|
|
|
109
|
|
|
|
3.1
|
|
|
|
49
|
|
|
|
1.7
|
|
|
|
51
|
|
|
|
111
|
|
EL
SALVADOR
|
|
|
18
|
|
|
|
0.4
|
|
|
|
18
|
|
|
|
0.5
|
|
|
|
65
|
|
|
|
2.2
|
|
|
|
(0
|
)
|
|
|
(47
|
)
|
FRANCE
|
|
|
0
|
|
|
|
0.0
|
|
|
|
22
|
|
|
|
0.6
|
|
|
|
0
|
|
|
|
0.0
|
|
|
|
(22
|
)
|
|
|
0
|
|
GUATEMALA
|
|
|
72
|
|
|
|
1.7
|
|
|
|
80
|
|
|
|
2.2
|
|
|
|
66
|
|
|
|
2.3
|
|
|
|
(7
|
)
|
|
|
7
|
|
HONDURAS
|
|
|
35
|
|
|
|
0.8
|
|
|
|
28
|
|
|
|
0.8
|
|
|
|
22
|
|
|
|
0.7
|
|
|
|
7
|
|
|
|
14
|
|
JAMAICA
|
|
|
28
|
|
|
|
0.7
|
|
|
|
18
|
|
|
|
0.5
|
|
|
|
22
|
|
|
|
0.7
|
|
|
|
11
|
|
|
|
7
|
|
MEXICO
|
|
|
474
|
|
|
|
11.4
|
|
|
|
329
|
|
|
|
9.3
|
|
|
|
354
|
|
|
|
12.3
|
|
|
|
145
|
|
|
|
119
|
|
PANAMA
|
|
|
69
|
|
|
|
1.7
|
|
|
|
77
|
|
|
|
2.2
|
|
|
|
68
|
|
|
|
2.4
|
|
|
|
(8
|
)
|
|
|
1
|
|
PERU
|
|
|
364
|
|
|
|
8.8
|
|
|
|
213
|
|
|
|
6.0
|
|
|
|
121
|
|
|
|
4.2
|
|
|
|
150
|
|
|
|
242
|
|
TRINIDAD
& TOBAGO
|
|
|
62
|
|
|
|
1.5
|
|
|
|
39
|
|
|
|
1.1
|
|
|
|
20
|
|
|
|
0.7
|
|
|
|
24
|
|
|
|
42
|
|
UNITED
STATES
|
|
|
0
|
|
|
|
0.0
|
|
|
|
19
|
|
|
|
0.5
|
|
|
|
5
|
|
|
|
0.2
|
|
|
|
(19
|
)
|
|
|
(5
|
)
|
URUGUAY
|
|
|
2
|
|
|
|
0.0
|
|
|
|
3
|
|
|
|
0.1
|
|
|
|
41
|
|
|
|
1.4
|
|
|
|
(1
|
)
|
|
|
(39
|
)
|
VENEZUELA
|
|
|
75
|
|
|
|
1.8
|
|
|
|
84
|
|
|
|
2.4
|
|
|
|
106
|
|
|
|
3.7
|
|
|
|
(9
|
)
|
|
|
(31
|
)
|
OTHER
|
|
|
3
|
|
|
|
0.1
|
|
|
|
7
|
|
|
|
0.2
|
|
|
|
26
|
|
|
|
0.9
|
|
|
|
(4
|
)
|
|
|
(23
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO
(1)
|
|
$
|
4,154
|
|
|
|
100
|
%
|
|
$
|
3,547
|
|
|
|
100
|
%
|
|
$
|
2,888
|
|
|
|
100
|
%
|
|
$
|
607
|
|
|
$
|
1,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|
(0
|
)
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF
UNEARNED INCOME AND
COMMISSION
|
|
$
|
4,150
|
|
|
|
|
|
|
$
|
3,543
|
|
|
|
|
|
|
$
|
2,883
|
|
|
|
|
|
|
$
|
606
|
|
|
$
|
1,266
|
|
(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
|
|
30SEP10
|
|
|
30JUN10
|
|
|
30SEP09
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
155
|
|
|
$
|
127
|
|
|
$
|
127
|
|
|
$
|
28
|
|
|
$
|
29
|
|
CHILE
|
|
|
28
|
|
|
|
28
|
|
|
|
28
|
|
|
|
1
|
|
|
|
1
|
|
COLOMBIA
|
|
|
152
|
|
|
|
154
|
|
|
|
145
|
|
|
|
(2
|
)
|
|
|
7
|
|
DOMINICAN
REPUBLIC
|
|
|
3
|
|
|
|
5
|
|
|
|
6
|
|
|
|
(2
|
)
|
|
|
(3
|
)
|
EL
SALVADOR
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
|
|
(0
|
)
|
|
|
(0
|
)
|
GUATEMALA
|
|
|
11
|
|
|
|
11
|
|
|
|
11
|
|
|
|
(0
|
)
|
|
|
(0
|
)
|
MEXICO
|
|
|
58
|
|
|
|
58
|
|
|
|
57
|
|
|
|
1
|
|
|
|
1
|
|
PANAMA
|
|
|
81
|
|
|
|
44
|
|
|
|
44
|
|
|
|
37
|
|
|
|
37
|
|
PERU
|
|
|
32
|
|
|
|
31
|
|
|
|
31
|
|
|
|
1
|
|
|
|
1
|
|
OTHER
|
|
|
61
|
|
|
|
50
|
|
|
|
49
|
|
|
|
10
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
TREASURY PORTOFOLIO
(1)
|
|
$
|
597
|
|
|
$
|
524
|
|
|
$
|
514
|
|
|
$
|
74
|
|
|
$
|
83
|
|
(1)
|
Includes
securities available for sale and held to maturity, trading assets and
contingent assets, which consist of credit default
swap.
|
EXHIBIT
XII
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
QUARTERLY INFORMATION
|
|
|
Change in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
3QTR10
|
|
|
2QTR10
|
|
|
3QTR09
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
132
|
|
|
$
|
60
|
|
|
$
|
20
|
|
|
$
|
72
|
|
|
$
|
112
|
|
BRAZIL
|
|
|
420
|
|
|
|
520
|
|
|
|
329
|
|
|
|
(100
|
)
|
|
|
91
|
|
CHILE
|
|
|
188
|
|
|
|
20
|
|
|
|
62
|
|
|
|
168
|
|
|
|
126
|
|
COLOMBIA
|
|
|
383
|
|
|
|
264
|
|
|
|
51
|
|
|
|
120
|
|
|
|
333
|
|
COSTA
RICA
|
|
|
108
|
|
|
|
85
|
|
|
|
67
|
|
|
|
23
|
|
|
|
40
|
|
DOMINICAN
REPUBLIC
|
|
|
131
|
|
|
|
39
|
|
|
|
55
|
|
|
|
92
|
|
|
|
75
|
|
ECUADOR
|
|
|
146
|
|
|
|
70
|
|
|
|
37
|
|
|
|
76
|
|
|
|
108
|
|
EL
SALVADOR
|
|
|
1
|
|
|
|
11
|
|
|
|
30
|
|
|
|
(11
|
)
|
|
|
(29
|
)
|
FRANCE
|
|
|
0
|
|
|
|
22
|
|
|
|
0
|
|
|
|
(22
|
)
|
|
|
0
|
|
GUATEMALA
|
|
|
30
|
|
|
|
46
|
|
|
|
19
|
|
|
|
(16
|
)
|
|
|
11
|
|
HONDURAS
|
|
|
21
|
|
|
|
19
|
|
|
|
17
|
|
|
|
3
|
|
|
|
5
|
|
JAMAICA
|
|
|
44
|
|
|
|
37
|
|
|
|
20
|
|
|
|
7
|
|
|
|
24
|
|
MEXICO
|
|
|
229
|
|
|
|
66
|
|
|
|
87
|
|
|
|
163
|
|
|
|
142
|
|
PANAMA
|
|
|
80
|
|
|
|
61
|
|
|
|
1
|
|
|
|
19
|
|
|
|
79
|
|
PERU
|
|
|
270
|
|
|
|
107
|
|
|
|
109
|
|
|
|
162
|
|
|
|
161
|
|
TRINIDAD
& TOBAGO
|
|
|
54
|
|
|
|
42
|
|
|
|
0
|
|
|
|
12
|
|
|
|
54
|
|
UNITED
STATES
|
|
|
27
|
|
|
|
19
|
|
|
|
5
|
|
|
|
9
|
|
|
|
22
|
|
URUGUAY
|
|
|
0
|
|
|
|
0
|
|
|
|
8
|
|
|
|
0
|
|
|
|
(8
|
)
|
VENEZUELA
|
|
|
65
|
|
|
|
84
|
|
|
|
108
|
|
|
|
(19
|
)
|
|
|
(44
|
)
|
OTHER
|
|
|
9
|
|
|
|
1
|
|
|
|
25
|
|
|
|
8
|
|
|
|
(16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
(1)
|
|
$
|
2,338
|
|
|
$
|
1,572
|
|
|
$
|
1,050
|
|
|
$
|
765
|
|
|
$
|
1,287
|
|
(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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